informtion of eco

7/29/2019 Informtion of Eco

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What is a Red Herring Prospectus?Red Herring Prospectus is a prospectus, which does not have details of either price or number of shares

being offered, or the amount of issue. This means that in case price is not disclosed, the number of

shares and the upper and lower price bands are disclosed. On the other hand, an issuer can state the

issue size and the number of shares are determined later. An RHP for and FPO can be filed with the RoC

without the price band and the issuer, in such a case will notify the floor price or a price band by way of

an advertisement one day prior to the opening of the issue. In the case of book-built issues, it is a process

of price discovery and the price cannot be determined until the bidding process is completed. Hence,

such details are not shown in the Red Herring prospectus filed with ROC in terms of the provisions of the

Companies Act. Only on completion of the bidding process, the details of the final price are included in

the offer document. The offer document filed thereafter with ROC is called a prospectus.

What is Open Interest

Open Interest is the total number of outstanding contracts that are held by market participants at the end of the day.

It can also be defined as the total number of futures contracts or option contracts that have not yet been exercised

(squared off), expired, or fulfilled by delivery.

Open interest applies primarily to the futures market. Open interest, or the total number of open contracts on a security, is

often used to confirm trends and trend reversals for futures and options contracts.

Open interest measures the flow of money into the futures market. For each seller of a futures contract there must be a

buyer of that contract. Thus a seller and a buyer combine to create only one contract.

Therefore, to determine the total open interest for any given market we need only to know the totals from one side or the

other, buyers or sellers, not the sum of both.

The open interest position that is reported each day represents the increase or decrease in the number of contracts for

that day, and it is shown as a positive or negative number.

How to calculate Open Interest

Each trade completed on the exchange has an impact upon the level of open interest for that day.

For example, if both parties to the trade are initiating a new position ( one new buyer and one new seller), open interest

will increase by one contract.

If both traders are closing an existing or old position ( one old buyer and one old seller) open interest will decline by one

contract.

The third and final possibility is one old trader passing off his position to a new trader ( one old buyer sells to one new

buyer). In this case the open interest will not change.

Benefits of monitoring open interest

By monitoring the changes in the open interest figures at the end of each trading day, some conclusions about the days

activity can be drawn.

Increasing open interest means that new money is flowing into the marketplace. The result will be that the present trend (


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up, down or sideways) will continue.

Declining open interest means that the market is liquidating and implies that the prevailing price trend is coming to an

end. A knowledge of open interest can prove useful toward the end of major market moves.

A leveling off of open interest following a sustained price advance is often an early warning of the end to an uptrending or

bull market.

Open Interest - A confirming indicator

An increase in open interest along with an increase in price is said to confirm an upward trend. Similarly, an increase in

open interest along with a decrease in price confirms a downward trend. An increase or decrease in prices while open

interest remains flat or declining may indicate a possible trend reversal.

The relationship between the prevailing price trend and open interest can be summarized by the following table.

PriceOpen

InterestInterpretation

Rising Rising Market is Strong

Rising Falling Market is Weakening

Falling Rising Market is Weak

Falling Falling Market is Strengthening


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Definition

of 'Open

Interest'1. The total

number of

options and/or

futures

contracts that

are not closed

or delivered on

a particular

day.

2. The number

of buy market

orders before

the stock

market opens.

Investopedia explains 'Open Interest'1. A common misconception is that open interest is the same thing as

volume of options and futures trades. This is not correct, as

demonstrated in the following example:

-On January 1, A buys an option, which leaves an open interest and also

creates trading volume of 1.

-On January 2, C and D create trading volume of 5 and there are

also five more options left open.

-On January 3, A takes an offsetting position, open interest is reduced by

1 and trading volume is 1.

-On January 4, E simply replaces C and open interest does not change,

trading volume increases by 5.


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Aswath Damodaran is aProfessorofFinanceat theStern School of BusinessatNew York University(Kerschner

Family Chair in Finance Education), where he teachescorporate financeandequity valuation. He is best known as

author of several widely used academic and practitioner texts onValuation,Corporate Finance, andInvestment

Management. Damodaran is widely quoted on the subject of valuation, with "a great reputation as a teacher and

authority".[1]

He has written several books on equity valuation, as well on corporate finance, and investments.[2]

He is

also widely published in leading journals of finance, including The Journal of Financial and Quantitative

Analysis, TheJournal of Finance,TheJournal of Financial Economics, and theReview of Financial Studies.[3]

Prior to joining NYU, he served asvisiting lecturerat theUniversity of California, Berkeleyfrom 1984 to 1986. He was

profiled inBusiness Weekas one of the top 12 U.S.business schoolprofessors; he has also received awards for

excellence in teaching from both universities.[2]

Damodaran also teaches on theTRIUM Global Executive

MBAProgram, an alliance ofNYU Stern, theLondon School of EconomicsandHEC School of Management,[4]

and

for theMaster of Science in Global Finance (MSGF), which is a joint program between Stern and theHong Kong

University of Science and Technology.[5]

He also teaches the "Valuation" Open Enrollment program for Stern

Executive Education.[6]

He holdsM.B.A.andPh.D.degrees from theUniversity of California, Los Angeles, as well as

aB.Com.inAccountingfromMadras Universityand aMS in Managementfrom theIndian Institute of Management

Bangalore.

[2]

Fiscal Responsibility and Budget Management Act, 2003The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) was enacted by theParliament of Indiato

institutionalise financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall

management of the public funds by moving towards abalanced budget. The main purpose was to eliminate revenue

deficit[Note 1]

of the country (building revenue surplus thereafter) and bring down thefiscal deficitto a manageable 3%

of the GDP by March 2008. However, due to the2007 international financial crisis, the deadlines for the

implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given

the process of ongoing recovery,Economic Advisory Councilpublicly advised theGovernment of Indiato reconsider

reinstating the provisions of the FRBMA.

Enactment

The Fiscal Responsibility and Budget ManagementBill(FRBM Bill) was introduced in India by

the thenFinance Ministerof India, Mr.Yashwant Sinha[3]

in December, 2000. Firstly, the bill

highlighted the terrible state of government finances in India both at the Union and the state

levels under the statement of objects and reasons.[2]

Secondly, it sought to introduce the

fundamentals of fiscal discipline at the various levels of the government.The FRBM bill wasintroduced with the broad objectives of eliminating revenue deficit by 31 Mar 2006, prohibiting

government borrowings from theReserve Bank of Indiathree years after enactment of the bill,

and reducing the fiscal deficit to 2% of GDP (also by 31 Mar 2006).[2]

Further, the bill proposed

for the government to reduce liabilities to 50% of the estimated GDP by year 2011. There were

mixed reviews among economists about the provisions of the bill, with some criticising it as too
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drastic.[5]

Political debate ensued in the country. Several revisions later, it resulted in a much

relaxed and watered-down version of the bill[6]

(including postponing the date for elimination of

revenue deficit to 31 March 2008) with some experts, like Dr Saumitra Chaudhuri of ICRA

Ltd.[Note 2][7]

(and now a member ofPrime Ministers' Economic Advisory Council) commenting,

all teeth of the Fiscal Responsibility Bill have been pulled out and in the current form it will not

be able to deliver the anticipated results.[8]

This bill was approved by the Cabinet of Ministers

of the Union Government of India in February, 2003[9]

and following the dueenactmentprocess

of Parliament, it received the assent of thePresident of Indiaon 26 August

2003.[10]

Subsequently, it became effective on 5 July 2004.[4]

This would serve as the day of

commencement of this Act.

Objectives

The main objectives of the act were:[11]

1. to introduce transparent fiscal management systems in the country

2. to introduce a more equitable and manageable distribution of the country's debts over the years

3. to aim for fiscal stability for India in the long run

Additionally, the act was expected to give necessary flexibility toReserve Bank of India(RBI) for managing inflation in

India.[12]

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