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CS Executive Capital Markets Download free video lectures
Overview of CS Executive Capital Markets and Securities Laws Video Lectures
|CS Executive Module 2 – Capital Markets and Securities Laws-Paper 6|
|Overview of Capital Market|
|the role of securities market|
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List of CS Executive Capital Markets Download free video lectures
1) CS Executive Module 2 – Capital Markets and Securities Laws-Paper 6
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CS Executive Module 2 – Capital Markets and Securities Laws-Paper 6
CS Executive Capital Markets and Securities Laws Online videos overview:
- CS Executive Module 2 – Capital Markets and Securities Laws-Paper 6 Package Complete Video Lectures from ACE Tutorial consists of top quality video lectures of around 60 hours duration. This course is offered online.
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CS Executive Capital Markets and Securities Laws Online videos
- CS Executive Module 2 – Industrial, Labour and General Laws-Paper 7 Package Complete Video Lectures from ACE Tutorial consists of top quality video lectures of around 65 hours duration.
- This course is offered online.
- The eCourse is suitable for consumption on all kind of devices with internet connection.
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Complete Video Lecture Package on CS Executive Module 2 – Labour and General Laws – Paper 7 from Ideal Classes consists of top quality video lectures of around 36 hours duration. The full eCourse Package along with the required software is delivered on DVDs. The eCourse is suitable for consumption on Windows PC/Laptop or Android Tablet/Smartphones.
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Cs Executive Capital markets and Security laws most important questions
Part A: Capital Markets (60 Marks)
1. Overview of Capital Market
1. Briefly discuss the evolution, growth and functions of financial system in India.
Every modern economy is based on a sound financial system which helps in production, capital and economic growth by encouraging savings habits, mobilising savings from households and other segments and allocatingsavings into productive usage such as trade, commerce, manufacture etc. Financial system covers both credit and cash transactions. All financial transactions are dealt with by cash payment or issue of negotiable instruments like cheque, bills of exchanges, hundies etc. Thus a financial system is a set of institutional arrangements through which financial surpluses are mobilised from the units generating surplus income and transferring them to the others in need of them. The activities include production, distribution,
exchange and holding of financial assets/instruments of different kinds by financial institutions, banks and other intermediaries of the market. In a nutshell, financial market, financial assets, financial services and financial institutions constitute the financial system.
Various factors influence the capital market and its growth. These include level of savings in the household
sector, taxation levels, health of economy, corporate performance, industrial trends and common patterns of
living. The strength of the economy is calibrated by different economic indicators like growth in GDP (Gross Domestic Product), Agricultural production, quantum and spread of rain fall, interest rates, inflation, position on balance of payments and balance of trade, levels of foreign exchange reserves and investments and growth in capital formation. The traditional form of financing companies projects consist of internal resources and debt financing, particularly from financial institutions for modernisation, expansion and diversification. The upsurge in performance of certain large companies and the astounding increase of their share prices boost the market sentiment to divert the savings more and more into equity investments in companies. This lead to the growth of equity cult among investors to contribute resources not only for companies but even for financial institutions and banks.
2. Explain the role of securities market in economic growth.
The Securities Market, refers to the markets for those financial instruments/claims/obligations that are commonly and readily transferable by sale. The Securities Market has two inter-dependent and inseparable segments, the new issues (primary) market and the stock (secondary) market. A well functioning securities market is conducive to sustained economic growth. There have been a number of studies, starting from World Bank and IMF to various scholars, which have established robust relationship not only one way, but also the both ways, between the development in the securities market and the economic growth.
The securities market fosters economic growth to the extent that it-
(a) augments the quantities of real savings and capital formation from any given level of national income,
(b) increases net capital inflow from abroad,
(c) raises the productivity of investment by improving allocation of investible funds, and
(d) reduces the cost of capital.
3. What are the objectives of IOSCO for regulating the Securities Market?
The International Organization of Securities Commissions (IOSCO) was created in 1983 with the decision to change from an inter-American regional association (created in 1974) into a global cooperative body. In 2002, IOSCO adopted a multilateral memorandum of understanding (IOSCO MMoU) designed to facilitate
cross-border enforcement and exchange of information among international securities regulators.
There are three objectives of securities regulation –
(i) protecting investors;
(ii) ensuring that markets are fair, efficient and transparent;
(iii) reducing systemic risk
4. Enumerate the key features of depository system in India?
A depository is an organisation which holds securities (like shares, debentures, bonds, government securities,
mutual fund units etc.) of investors in electronic form at the request of the investors through a registered Depository Participant. India has adopted the Depository System for securities trading in which book entry is done electronically and no paper is involved. The physical form of securities is extinguished and shares or securities are held in an electronic form.
KEY FEATURES OF THE DEPOSITORY SYSTEM IN INDIA
1. Multi-Depository System:a competitive multi-depository National Securities Depository Limited (NSDL), and Central Depository Service Limited (CDSL)
2. Depository services through depository participants: Agents governed under Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996
4. Fungibility:Thus all securities in the same class are identical and interchangeable
5. Registered Owner/ Beneficial Owner
6. Free Transferability of shares:
2. Capital Market Instruments and Rating
1. State and explain in brief about various new capital market instruments in Indian Securities Market.
Financial Instruments that are used for raising capital resources in the capital market are known as capital
In current market scenario Companies are issuing Non-Convertible redeemable debenture to raise funds from the markets. The attraction for the instrument for both the corporate sector and the investor lies in –
(a) the investor gets a high return
(b) the issue involves lower post-tax cost of capital, and redemption with in 3 to 5 years time.
These instruments are listed on stock exchanges,which give them liquidity. Mannapuram Finance Limited, Muthoot Finance Limited, India Infoline Finance Limited etc are the example of such Companies who have raised the funds through this route
2. Give a comparative view of various types of preference shares prevalent in the market.
Per Section 43 of Companies Act, 2013 ‘‘preference share capital’’, with reference to any company limited by shares, means that part of the issued share capital of the company which carries or would carry a preferential right of dividend and repayment. They generally carry a fixed rate of dividend and redeemable after specific period of time. According to Section 55 of the Companies Act, 2013, a Company cannot issues preference shares which are irredeemable.
The following kinds of preference shares are issued by the companies:
• Cumulative preference shares
• Non-cumulative preference shares
• Convertible preference shares
• Redeemable preference shares
• Participating preference share
• Non participating preference shares
3. Dwell upon the features and advantages of convertible debentures. Distinguish between fully and partly convertible debentures.
Section 2(30) of the Companies Act, 2013 defines debentures. “Debenture” includes debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not.
The important features of a debenture are:
1. It is issued by a company as a certificate of indebtedness.
2. It usually indicates the date of redemption and also provides for the repayment of principal and payment of interest at specified date or dates.
3. It usually creates a charge on the undertaking or the assets of the company. In such a case the lenders of money to the company enjoy better protection as secured creditors, i.e. if the company does not pay interest or repay principal amount, the lenders may either directly or through the debenture trustees bring action against the company to realise their dues by sale of the assets/undertaking earmarked as security for the debt.
4. Debentures holders does not have any voting rights.
5. Compulsory payment of interest. The interest on debenture is payable irrespective of whether there are
profits made or not.
Based on convertibility, debentures can be classified under three categories:
1. Fully Convertible Debentures (FCDs)
2. Non Convertible Debentures (NCDs)
3. Partly Convertible Debentures (PCDs)
FCDs are converted into equity shares of the company with or without premium as per the terms of the issue, on the expiry of specified period or periods. If the conversion is to take place at or after eighteen months from the date of allotment but before 36 months, the conversion is optional on the part of the debenture holders in terms of SEBI ICDR Regulations. Interest will be payable on these debentures upto the date of conversion as pertransfer issue.
PCDs may consist of two kinds namely -convertible and non-convertible. The convertible portion is to be converted into equity shares at the expiry of specified period. However, the non convertible portion is redeemed at the expiry of the stipulated period. If the conversion takes place at or after 18 months, the conversion is optional at the discretion of the debenture holder
4. What is Exchange Traded Funds (ETFs)? Briefly discuss the advantages and disadvantages of ETFs.
Exchange traded funds (ETFs) are a new variety of mutual fund that was first introduced 1993. ETFs are sometimes described as more “tax efficient” than traditional equity mutual funds, since in recent years, some large ETFs have made smaller distributions of realized and taxable capital gains than most mutual funds. In short, they are similar to index mutual funds but are traded more like a stock. As their name implies, Exchange Traded Funds represent a basket of securities that are traded on an exchange. Gold ETFs are most popular among other ETFs, physical gold is kept as underlying security. As with all investment products, exchange traded funds have their share of advantages and disadvantages.
Advantages of Exchagne Traded Funds
- ETFs can be bought and sold throughout the trading day, allowing intraday trading – which is rare with mutual funds.
- Traders have the ability to short or buy ETFs on margin
- Low annual expenses rival the cheapest mutual funds.
Disadvantages of Exchange Traded Funds
- Commissions – like stocks, trading exchange traded funds are an extra cost.
- Only institutions and the extremely wealthy can deal directly with ETF. Companies must buy through a
- Unlike mutual funds, ETFs don’t necessarily trade at the net asset values of their underlying holdings, meaning an ETF could potentially trade above or below the value of the underlying portfolios.
5. Write short notes on –
(a) Sweat Equity Shares
Section 2 (88) of the Companies Act, 2013 defines “sweat equity shares” means such equity shares as are
issued by a company to its directors or employees at a discount or for consideration, other than cash, for providing their know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called. Company issue shares at a discount or for consideration other than cash to selected employees and directors as per norms approved by the Board of Directors or any committee, like compensation committee, formed for this purpose. This is based on the know how provided or intellectual property rights created and given for value additions made by such directors and employees to the company.
(b) Mortgage Backed Securities
These securities assure a fixed return which is derived from the performance of the specific assets. They are issued with a maturity period of 3 to 10 years and backed by pooled assets like mortgages, credit card receivables, etc. There is a commitment from the loan originator and/or intermediary institution to ensure a minimum yield on maturity.
Derivatives are contracts which derive their values from the value of one or more of other assets (known as
underlying assets). The derivative itself is merely a contract between two or more parties. Its value is determined by fluctuations in the underlying asset. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and market indexes. Some of the most commonly traded derivatives are futures, forward, options and swaps.
(d) Pure and Hybrid Instruments
Equity shares, preference shares and debentures/ bonds which were issued with their basic characteristics in
tact without mixing features of other classes of instruments are called Pure instruments.
Hybrid instruments are those which are created by combining the features of equity with bond, preference and equity etc. Examples of Hybrid instruments are: Convertible preference shares, Cumulative convertible preference shares, convertible debentures, non convertible debentures with equity warrants, partly convertible debentures, partly convertible debentures with Khokha (buy-back arrangement), Optionally convertible debenture, warrants convertible into debentures or shares, secured premium notes with warrants etc.
3. Credit Rating & IPO Grading
1. What do you understand by credit rating?
Credit rating, in general sense, is the evaluation of the credit worthiness of an individual or of a business concern or of an instrument of a business based on relevant factors indicating ability and willingness to pay obligations as well as net worth. Credit ratings establish a link between risk and return. An investor or any other interested person uses the rating to assess the risk-level and compares the offered rate of return with his expected rate of return
2. Explain major provisions of SEBI (Credit Rating Agencies) Regulations, 1999.
SEBI regulations for Credit Rating Agencies (CRAs) cover rating of securities only and not rating of fixed deposits, foreign exchange, country ratings, real estates etc. CRAs can be promoted by public financial institutions, scheduled commercial banks, foreign banks operating in India, foreign credit rating agencies recognised in the country of their incorporation, having at least five years experience in rating, or any company or a body corporate having continuous net worth of minimum Rs.100 crore for the previous five years. CRAs would be required to have a minimum net worth of Rs.5 crore. A CRA can not rate a security issued by its promoter. No Chairman, Director or Employee of the promoters shall be Chairman, Director or Employee of CRA or its rating committee. A CRA can not rate securities issued by any borrower, subsidiary, an associate promoter of CRA, if there are common Chairman, Directors and Employees between the CRA or its rating committee and these entities. A CRA can not rate a security issued by its associate or subsidiary if the CRA or its rating committee has a Chairman, Director or Employee who is also a Chairman, Director or Employee of any such entity. CRAs would have to carry out
periodic reviews of the ratings given during the lifetime of the rated instrument.
3. Explain general obligations of Credit Rating Agencies under Chapter III of SEBI (Credit Rating Agencies) Regulations, 1999.
Every credit rating agency is required to abide by the Code of Conduct as per SEBI Regulations:
(1) A credit rating agency in the conduct of its business should observe high standards of integrity and fairness in all its dealings with its clients.
(2) A credit rating agency should fulfill its obligations in an ethical manner.
(3) A credit rating agency should render at all times high standards of service, exercise due diligence, ensure proper care and exercise independent professional judgement. It shall wherever necessary, disclose to the clients, possible sources of conflict of duties and interests, while providing unbiased
(4) The credit rating agency should avoid any conflict of interest of any member of its rating committee
participating in the rating analysis. Any potential conflict of interest shall be disclosed to the client.
(5) A credit rating agency should not indulge in unfair competition nor they wean away client of any other
rating agency on assurance of higher rating.
(6) A credit rating agency should not make any exaggerated statement, whether oral or written, to the client
either about its qualification or its capability to render certain services or its achievements in regard to
services rendered to other clients.
(7) A credit rating agency should always endeavour to ensure that all professional dealings are effected in
a prompt and efficient manner.
(8) A credit rating agency should not divulge to other clients, press or any other party any confidential
information about its client, which has come to its knowledge, without making disclosure to the concerned
person of the rated company/client.
4. Discuss the procedure relating to inspection and investigation of the credit rating agencies.
SEBI can appoint one or more persons as inspecting officers, to undertake inspection or investigation of the books of account, records and documents of the credit rating agencies, for any of the purposes specified in the egulations. The purposes referred to in regulation should be to ascertain whether the books of account, records and documents are being maintained properly, to ascertain whether the provisions of the Act and these regulations are being complied with, to investigate into complaints received from investors, clients or any other person on any matter having a bearing on activities of the credit rating agency and in the interest of the securities market or in the interest of investors.
SEBI shall give ten days written notice to the credit rating agency before ordering an inspection or investigation. SEBI in the interest of the investors may order in writing, direct that the inspection or investigation of the affairs of the credit rating agency to be taken up without such notice.
5. Explain important uses of credit rating and factors contributing to the success of a rating system.
The main factors considered for credit rating are the overall risk profile and monitoring and collection procedures of the issuer; the quality of the assets being securitized; the process of selection of the asset pool to be securitized; the characteristics of the pool and the cash flows from it based on the past record of its behaviour. The possible credit loss and other deficiencies of the pool in terms of timing and quantum of cash flows are analyzed and the extent and nature of credit enhancement is then determined. Other important considerations in a securitization transaction are the legal and tax structure and the ability and willingness of the services and trustee to manage and maintain control on assets and payment streams from them.
6. Briefly discuss the disclosures required to be made by a Credit Rating Agency (CRA) under the Guidelines issued by SEBI for CRAs
In case of listed securities, the CRA shall also make disclosures to the stock exchanges as specified in the SEBI (Credit Ratings) Regulations, 1999. For ratings assigned and their periodic reviews, the CRA shall issue press releases which shall also be kept on their websites. Where a specific format has been prescribed, the disclosures shall be made in that format. A CRA shall make all the disclosures stipulated below on their websites:
• A CRA shall formulate and disclose its policies, methodology and procedures in detail regarding solicited
and unsolicited credit ratings;
• A CRA shall disclose in the formats prescribed about details of new credit ratings assigned during last six-months; Movement of credit rating of all outstanding securities during the last six-months;
• Movement of each credit rating;
• Movement of each credit rating from investment grade to non investment grade and vice versa and
• Movement of each credit rating that has moved by more than one notch;
• The history of credit rating of all outstanding securities;
• On annual basis, the list of defaults separately for each rating category (e.g. AAA, AA, A, BBB, BB, B, C)
This shall include the initial credit rating assigned by the CRA, month and year of initial rating, month and year of default, last credit rating assigned by the CRA before the issuer defaulted, comments of CRAs, if any.
7. What is IPO Grading? Discuss briefly the procedure for grading of IPO.
IPO grading (Initial Public Offering Grading) is a service aimed at facilitating the assessment of equity issues
offered to public. The grade assigned to any individual issue represents a relative assessment of the ‘fundamentals’ of that issue in relation to the universe of other listed equity securities in India. Such grading is assigned on a five-point point scale with a higher score indicating stronger fundamentals.
Procedure for IPO Grading
Credit Rating agencies (CRAs) registered with SEBI will carry out IPO grading.
SEBI does not play any role in the assessment made by the grading agency. The grading is intended to be an
independent and unbiased opinion of that agency. It is intended that IPO fundamentals would be graded on a five point scale from grade 5 (indicating strong fundamentals) to grade 1 (indicating poor fundamentals). The grade would read as: “Rating Agency name” IPO Grade 1 viz. CARE IPO Grade 1, CRISIL IPO Grade 1 etc.
Then follow the process outlined below.
– Seek information required for the grading from the company.
– On receipt of required information, have discussions with the company’s management and visit the company’s operating locations, if required.
– Prepare an analytical assessment report.
– Present the analysis to a committee comprising senior executives of the concerned grading agency. This committee would discuss all relevant issues and assign a grade.
– Communicate the grade to the company along with an assessment report outlining the rationale for the
4. Securities Market Intermediaries
1. Explain briefly the role and responsibilities of Registrar and Transfer Agent.
‘Registrar to an Issue’ means the person appointed by a body corporate or any person or group of persons to carry on the following activities on its or his or their behalf i.e.:
(i) collecting application for investor in respect of an issue;
(ii) keeping a proper record of applications and monies received from investors or paid to the seller of the
(iii) (a) assisting body corporate or person or group of persons in determining the basis of allotment of the
securities in consultation with the stock exchange;
(b) finalising the list of person entitled to allotment of securities;
(c) processing and despatchment of allotment letters, refund orders or certificates and other related documents in respect of the issue;
‘Share Transfer Agent’ means:
(i) any person who on behalf of any body corporate, maintains the records of holders of securities issued by
such body corporate and deals with all matters connected with the transfer and redemption of its securities;
(ii) the department or division, by whatever name called, of a body corporate performing the activities as
share transfer agents if at any time the total number of holders of its securities issued exceed one lakh.
2. Enumerate the functions of Banker to An Issue in the securities market.
Bankers to the issue, as the name suggests, carries out all the activities of ensuring that the funds are collected and transferred to the Escrow accounts. The Banks render crucial service in mobilisation of capital for companies. While one or more banks may function as Bankers to the Issue as well as collection banks, others may do the limited work of collecting the applications for securities along with the remittance in their numerous branches in different centres.
Banker to an Issue means a scheduled bank carrying on all or any of the following activities:
(i) Acceptance of application and application monies;
(ii) Acceptance of allotment or call monies;
(iii) Refund of application monies;
(iv) Payment of dividend or interest warrants.
3. What is a debenture trustee? Discuss the responsibilities of a debenture trustee.
Debenture Trustee’ means a trustee of a trust deed for securing any issue of debentures of a body corporate. Debentures, Bonds and other hybrid instruments in most cases unless otherwise specified, carry securities for the investors unlike in the case of equity and preference shares. Intermediaries such as Trustees who are generally Banks and Financial Institutions render this service to the investors for a fee payable by the company.
Role and Functions include:
– Call for periodical reports from the body corporate, i.e., issuer of debentures.
– Take possession of trust property in accordance with the provisions of the trust deed.
– Enforce security in the interest of the debenture holders.
– Ensure on a continuous basis that the property charged to the debenture is available and adequate at all times to discharge the interest and principal amount payable in respect of the debentures and that such property is free from any other encumbrances except those which are specifically agreed with the
4. What is an Investment Adviser? Briefly explain the role and functions of investment advisers in capital market..
“Investment Adviser” means any person, who for consideration, is engaged in the business of providing investment advice to clients or other persons or group of persons and includes any person who holds out himself as an investment adviser, by whatever name called. Investment advisers are those, who guide one about his or her financial dealings and investments.
Investment adviser serve as facilitators, making sure that all clients have many opportunities to express their financial concerns and issues. Basically Investment adviser give advice and provide services related to the investment management process.
5. Market Infrastructure Institutions – Stock Exchanges
1. What is a SME Exchange? What are the benefits available to accompany on listing at SME exchange?
2. Discuss the procedure for settlement of securities under rolling settlement.
3. Discuss the framework for securities lending and borrowng.
4. What is straight through processing? What are its advantages?
5. Briefly explain about Direct Market Access.
6. What is Algorithmic Trading? Enumerated the guidelines prescribed SEBI for Stock Broker in this behalf?
7. What is ‘demutualization’? Briefly discuss the important features of demutualization
6. Debt Market
1. The debt market in India comprises mainly of two segments viz., the Government securities market and the corporate securities market – Discuss.
2. Explain roll over of non-convertible portion of partly convertible debt instruments under SEBI (ICDR) Regulations, 2009.
3. Explain the Regulatory Framework of Debt Market in India.
4. Briefly discuss the role of Company Secretary as Compliance Officer in Listing of Debt Securities.
5. Give an overview of various debt market instruments in India.
7. Money Market
1. “Money market is very important segment of Indian Financial System”. Comment and discuss variou features of money market.
2. State how yield of Treasury Bill is calculated.
3. Briefly discuss the guidelines for issue of commercial paper.
4. Discuss the role and responsibilities of issuer, issuing and paying agent and credit rating agency in issuance of commercial paper.
5. Discuss various types of factoring.
6. What is Bill- rediscounting?
8. Mutual Funds
1. Discuss the various advantages, schemes and general obligations of Mutual Funds.
2. Describe various schemes of Mutual funds.
3. What are the risks involved in Mutual funds?
4. Write short notes on:
(a) Net Asset Value(NAV)
(b) Mutual Fund Cost
(c) Asset Management Company
(d) Gold Exchange Traded funds
(e) Capital Protection Oriented Schemes.
5. Briefly discuss the code of conduct to be followed by mutual funds.
6. What in Infrastructure Debt fund Scheme? Briefly explain the Eligibility criteria to launch such scheme.
7. Enumerate the salient features of Real Estate Mutual Fund Schemes.
9. Alternative Investment Fund
1. What is Alternative Investment Fund?
2. Briefly explain the different categories of Alternative Investment Fund.
3. Write Short notes on the following:
(i) Angel Fund
(ii) Investible Fund
(iii) Social Venture Fund
(iv) SME Fund
4. What is placement memorandum? Discuss briefly the contents of placement Memorandum?
5. what are the obligation of the manager under the AIF regulation?
10. Collective Investment Schemes
1. What are the obligations of Collective Investment Management Company?
2. Discuss the various restrictions on business activities of Collective Investment Management Company?
3. Enumerate the rights and obligations of trustees of collective investment schemes?
4. Discuss the circumstances under which a collective investment scheme could be wound up?
11. Resource Mobilization in International Capital Market
1. What is FCCB? Breifly explain the benefits available to the investors by investing in FCCB.
2. What do you mean by FCEB? What are the eligibility conditions for issuing FCEB?
3. Differentiate between FCCB and FCEB?
4. Describe the procedure for accessing External Commercial Borrowing through approval route?
5. Write short notes on
(a) Sponsored ADR/GDR issue
(b) Two Way Fungibility Scheme
6. What are the provisions relating to transfer/redemption of GDRs?
7. Who are eligible to access ECBs through automatic route?
12. Indian Depository Receipts
1. What is Indian Depository Receipts?
2. What are the eligibility conditions prescribed under SEBI (ICDR) Regulations, 2009 in respect of issue of Indian Depository Receipts?
3. What are the procedures for making an issue of Indian Depository Receipts under Rule 13 of the Companies (Registration of Foreign Companies) Rules, 2014?
4. What are the compliances relating to corporate governance to be complied by companies issuing Indian Depository Receipts?
5. What are the disclosures required to be made for Rights Issue of IDRs under SEBI (ICDR) Regulations, 2009?
Part B: Securities Laws
13. Regulatory Framework Governing Stock Exchanges
1. State the provisions relating to Corporatization and Demutualization of Stock Exchanges?
2. Briefly discuss the powers of stock exchange under the SCRA Act, 1956.
3. What is the remedy available to accompany if a stock exchange refuse to list its securities under SCRA Act, 1956 ?
4. Briefly explain the provision relating to continuous listing requirement under SCRR, 1957.
5. State the grounds on which a stock exchanges can delist the securities of a company under the SCRR, 1957.
14. Securities and Exchange Board of India
1. What are the prime objectives of SEBI?
2. Discuss the various powers and functions of the SEBI.
3. Explain the role of SEBI in strengthening regulatory framework and fostering investor confidence.
4. Enumerate the various penalties which can be imposed under SEBI Act, 1992 for various failures, defaults, non-disclosure and other offences.
5. Explain the procedure for Appeal to the Securities Appellate Tribunal.
6. Discuss the various powers of the Central Government under SEBI Act, 1992.
1. Briefly outline the concept of Depository system in India.
2. Enumerate the enquiry, inspection and penalties under the Depositories Act, 1996.
3. Explain in detail the power of depositories to make bye-laws under the Depositories Act, 1996.
4. Give an overview of the rights and obligations of Depositories, Participants and issuers under SEBI (Depositories and Participants) Regulations, 1996.
5. Explain in detail the Statement required to be sent to the beneficial owner by a DP under BSDA facility?
6. Write short note on:
(a) Dematerialisation charges.
(b) Models of Depository.
(c) Internal Audit of Depository Participants.
(d) Concurrent Audit.
16. Listing and Delisting of Securitiess
1. Listing of securities with stock exchange is a matter of great importance for companies and investors’. Discuss.
2. What are the timelines for submission of disclosures relating to each class of equity shares/ security issued under Clause 35?
3. Enumerate the various requirements under clause 19 of listing agreement?
4. Briefly explain the provision related to composition of Board of Director under Clause 49 of the Listing Agreement?
5. What is the duty of Compliance officer under Clause 52 of the listing agreement?
6. Distinguish between voluntary delisting of securities and compulsory delisting of securities.
7. Briefly explain the procedure for voluntary delisting only from some of the stock exchange.
17. Issue of Securities
1. What is a prospectus? Discuss broadly the disclosures to be made in prospectus.
2. Explain the various legal provisions to be complied with for further issue of capital.
3. Write a note on the work involved in making an issue of share open to the public.
4. State the Regulations relating to Issue of Bonus Shares.
5. What do you understand by Book Building? Explain briefly SEBI’s Regulations for 100% book building.
6. Explain briefly about the ASBA process. Who are the eligible investors? State.
7. What are the criteria for issue specified securities by a SME?
8. Write short notes on –
(a) Minimum subscription
(b) Anchor Investor
(c) Minimum promoters’ contribution and lock-in-period
(d) Preferential allotment
(e) Green Shoe Option
(f) Employee Stock Option Scheme
(g) Self Certified Syndicate Bank.
9. What are the conditions for making Qualified Institutions placement under SEBI ICDR Regulations?
10. What is Institutional Placement Programme (IPP)? Briefly explain the restrictions on making IPP.
18.Regulatory Framework relating to Securities Market Intermediarie
1. Explain general obligations and responsibilities of merchant banker and due diligence certificate issued by the merchant banker.
2. Discuss the role and obligation of portfolio manager.
3. Discuss the obligation of intermediaries under Prevention Money Laundering Act, 2002
4. Explain the inspection and disciplinary proceedings which can be initiated by against SEBI registered intermediaries.
5. What are actions taken by SEBI, if a Self-Regulatory Organization violates any provisions of SEBI Act or the regulation make there under.
19. Insider Trading – An Overview
1. What are the compliances to be made by a company under SEBI (Prohibition of Insider Trading) Regulations, 1992?
2. Describe the obligations cast upon the company under SEBI (Prohibition of Insider Trading) Regulations, 1992.
3. What are the Initial Disclosure Required to be made by a person under SEBI (insider Trading ) regulations, 1992?
4. What are the Penalty for insider trading under Section 15G of SEBI Act?
5. Briefly explain the duty of Compliance Officer under these regulations.
20. Takeover Code – An Overview
1. What is the meaning of Person acting in concert under SEBI (SAST) 2011 Regulations?
2. What are the conditions for making Voluntary open offer?
3. What are the provisions relating to Public announcement under the Takeover regulations?
4. Discuss about the continuous Disclosure required to be made under these regulations.
5. Briefly explain the conditions on which SEBI can grant exemption to an acquirer.
21. Investor Protection
1. Explain the investors rights and responsibilities as an individual shareholder and as a group.
2. Outline the various statutory measures initiated by MCA for investor protection.
3. What is SCORES? Briefly discuss the salient features of SCORES.
4. Explain the utilisations of Investor Protection and Education Fund established under the SEBI (Investor Protection and Education Fund) Regulations, 2009.
5. Who are eligible to make a request under the SEBI (Informal Guidances) Scheme, 2003?
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