systematic investment plans mba project

7/23/2019 Systematic Investment Plans Mba Project

1/69

L

ZXNBGAT XGZNXT

N@

Q{qtgiltka K`vgqtig`t Zcl`

L dgtlkcgd qtwd{ dn`g k`

L`lc{rk`m tfg Iwtwlc Ow`d / G|wkt{ Qafgigq }ktf QKZ

Qwhikttgd k` zlxtklc owcokccig`t no tfg xg|wkxgig`t onx tfg l}lxd no Znqt)mxldwltkn`

dkzcnil k` Ok`l`ag Il`lmgig`t

Qwhikttgd h{

ILFGQF]LXK I CN@GXELX

DZMD . BC


2/69

Lae`n}cgdmgig`t

]ktf Kiig`qg zcglqwxg K }nwcd ckeg tn zxgqg`t tfkq xgznxt n` Q{qtgiltka K`vgqtig`t

Zcl`

K }nwcd ckeg tn tflè ]gck`melx K`qtktwtg no Il`lmgig`t onx zxnvkdk`m ig tfg

nzznxtw`kt{ tn zxgqg`t tfkq Zxnbgat

I{ qzgaklc tflèq tn tfg Ix. Iwew`d Z. Ewcelx`k onx tfgkx k`vlcwlhcg mwkdlàg# an)

nzgxltkn` l`d onx tlek`m tkig nwt fkq hwq{ qafgdwcg tn fgcz ig

Lae`n}cgdmig`tq tn i{ oxkg`dq l`d lcc tfnqg }fn flvg fgczgd ig k` tfkq zxnbgat

Ilfgqf}lxk I Cn`gxelx


3/69

Dgaclxltkn`

K fgxgh{ dgaclxg tflt tfkq Zxnbgat xgznxt g`tktcgd Q{qtgiltka K`vgqtig t Zcl`

Qwhikttgd k` zlxtklc owcokccig`t no tfg xg|wkxgig`t noZnqt)mxldwltkn` dkzcnil no

]gck`melxK`qtktwtg no Il`lmgig`t Dgvgcnzig`t / Xgqglxaf kq hlqgd n` zxkilx{ /

qgan`dlx{ dltl onw`d h{ ig k` vlxknwq dgzlxtig`tq# hnneq# ilmlrk`gq# l`d }ghqktgq

/ Anccgatgd h{ ig k` w`dgx mwkdl`ag no Ix. Iwew`d Z. Ewcelx`k .

Dltg2 ILFGQF]LXK I CN@GXELX

DZMD . BC


4/69

Agxtkokaltg oxni tfg Mwkdg

Tfkq kq tn agxtko{ tflt tfg Zxnbgat }nxe Tktcgd Q{qtgiltka K`vgqtig`t Zcl` &G|wkt{+

kq l Hn`lokdg }nxe alxxkgd nwt h{ Ilfgqf}lxk I Cn`gxelx &DZMDBC


5/69

Tlhcg no An`tg`tZlxtkawclxq

Lae`n}cgdmig`tDgaclxltkn`

Agxtkokaltg no Mwkdg

QGATKN@ K

K`txndwatkn`

Q{qtgiltka K`vgqtig`t Zcl`

Anàgzt no Q{qtgiltka K`vgqtig`t Zcl` &QKZ+

Ogltwxgq no QKZHg`goktq / Dkqldvl`tlmg

]f{ Q{qtgiltka K`vgqtig`t Zcl` &QKZ+>

QGATKN@ KK

Dkoogxgàg no QKZ k` Ocwatwltk`m Ilxegt l`d Xkqk`m Ilxegt

Anizlxltkvg L`lc{qkq no Q{qtgiltka K`vgqtig`t Zcl` l`d Cwiz Qwi K`vgqtig`t

QGATKN@ KKK

G|wkt{ ) Tfg hgqt lqqgt aclqq= Olatq n` G|wkt{ K`vgqtig`tq / = mnnd xglqn`q tn k`vgqt k` QKZq

K`vgqtig`t)il`txl onx G|wkt{ QKZq

Hgltk`m Kòcltkn` anionxtlhc{

QGATKN@ K_

Hgqt Q{qtgiltka K`vgqtig`t Zcl`q k` K`dkl onx Iwtwlc ow`d / G|wkt{ zxnvkdgx

K`vgqtk`m Dnq l`d Dn`tq

Xganiig`dltkn`q2

AN@ACWQKN@

HKHCKNMXLZF[


6/69

Q{qtgiltka K`vgqtig`t Zcl`q

)))L xwzgg l dl{# eggzq }nxxkgq l}l{


7/69

K`txndwatkn`

L Q{qtgiltka K`vgqtig`t Zcl` &QKZ+ kq mnnd tnnc tflt xgtlkc k`vgqtnxq al` wtkckrg tn

nztkikrg tfgkx k`vgqtig`t qtxltgm{. QKZ kq `ntfk`m hwt l qkizcg igtfnd no k`vgqtk`m l

okgd qwi no in`g{ k` l qzgakoka k`vgqtig`t qafgig# n` l xgmwclx hlqkq# onx l zxg)

dgtgxik`gd zgxknd no tkig. L xgawxxk`m dgznqkt }ktf tfg znqt nookag nx l xgawxxk`m

dgznqkt }ktf l hlè kq lcqn l QKZ. QKZ Q{qtgiltka K`vgqtig`t Zcl` }lq lcxgld{ olinwq

l`d zxnvg` k` Iwtwlc Ow`d an`tgt hwt `n} QKZ flq lcqn anig dkxgatc{ k`tn G|wkt{

Qtnaeq }fkaf kq gqqg`tklcc{ K`dkvkdwlc Qtnaeq. G|wkt{ QKZ kq l `g} olakckt{ tfxnwmf

}fkaf {nw al` hw{ l qaxkzt onx l xgmwclx k`tgxvlc nvgx l zgxknd no tkig onx qzgakokgd

linw`t nx onx l qzgakokgd |wl`tkt{. K`vgqtk`m k` iwtwlc ow`dq kq `nt gvgx{hnd{q awz

no tgl. Hgk`m dgzg`dg`t n` olatnxq qwaf lq l ocwatwltk`m qtnae ilxegt l`d xkqek`m {nwx

flxd)glx`gd in`g{ onx l iglqc{ zxnokt dngq `nt xglcc{ fgcz. Ko {nw lxg l dkqakzck`gd

k`vgqtnx fn}gvgx# l`d lxg k`tgxgqtgd k` iwtwlc ow`dq# tfg` tfg G|wkt{ Q{qtgiltka

K`vgqtig`t Zcl` &QKZ+ }nwcd }nxe }gcc onx {nw.

QKZ xg|wkxgq {nw tn k`vgqt l zlxtkawclx linw`t k` l qzgakoka iwtwlc ow`d qafgig. K`

anizlxkqn`# kt owàtkn`q iwaf ckeg l xgawxxk`m dgznqkt. [nw al` zcl` l qlvk`mq

qafgig onx {nwxqgco l`d aniikt l zlxtkawclx qwi no in`g{ glaf in`tf n` l zxg)okgd

dltg tn tfg qafgig. [nw al` hgmk` }ktf lq cn} lq Xq 7:: k` GCQQ &G|wkt{ Ckègd

Qlvk`m Qafgigq+ qafgig l`d invg n` tn Xq


8/69

Fn}gvgx# tfg ilxegt `ggdq tn hg tkigd }gcc l`d tfkq }kcc tleg qnig tkig tn okmwxg nwt

onx tfg `nvkag nx hwq{ zcl{gx. Tfltq }fgxg QKZ }ktf ktq in`tfc{ zl{ qafgig anigq

k`tn tfg zkatwxg. Zwttk`m k` l qwi no in`g{ glaf in`tf }kcc g`qwxg tflt {nw flvg

qnigtfk`m k` }fg` tfg ilxegt kq fkmf# l`d }fg` kt kq cn} qgawxk`m {nwx znqktkn` k` l`

w`qtlhcg ilxegt.

Mgnbkt H@Z Zlxkhlq xgag`tc{ clwàfgd QKZ onx qtnae k`vgqtig`t }fgxg k` k`vgqtnxq

}ktf l xgmwclx in`tfc{ kànig al` k`vgqt tfgkx in`tfc{ qlvk`mq k` qtnaeq no tfgkx

afnkag nx l hlqegt no qtnaeq. Tfg qgxvkag kq q{qtgi dxkvg` l`d nàg tfg zxnagqq kq

k`ktkltgd# tfg k`vgqtnx al` g`bn{ tfg an`vg`kgàg no k`vgqtk`m xgmwclxc{ k`tn tfg

qgcgatgd qtnae&q+ k` l qglicgqq il``gx. Mgnbkt H@Z Zlxkhlq zxnvkdgq tfkq qgxvkag n`

tfg k`tgx`gt# }fkaf ilegq kt glq{ onx k`vgqtnxq tn zcl` tfgkx qlvk`mq l`d k`vgqtig`tq lt

xgmwclx k`tgxvlcq.

Tfg dkqakzck`g lqqnakltgd }ktf k`vgqtk`m qtxkatc{ n` l xgmwclx hlqkq }nxeq iwaf hgttgx

tflt qgttk`m lqkdg cwiz qwiq glaf in`tf. Qkàg {nw hgmk` lt l xgcltkvgc{ {nw`mgx lmg

tfg hg`goktq no aniznw`dk`m lxg lcc {nwxq. Tfg an`vg`kgàg k`vncvgd tnn kq mnnd#

qkàg {nw flvg tn qwhikt l xg|wgqt onx zwxaflqg no qflxgq n`c{ nàg. QKZq }nxe onx

k`vgqtnxq k` tfg qckmftc{ cn`m xw` l`d lxg wqgowc tn tfnqg }fn }nxe n` okgd hwdmgtq

onx tfg in`tf# qkàg tfg zxg)zcl``k`m fgczq. QKZ kq vgx{ wqgowc onx l tkig fnxkrn` no


9/69

Q[QTGILTKA K@_GQTIG@T ZCL@

L Q{qtgiltka K`vgqtig`t Zcl` &QKZ+ kq l vgfkacg noogxgd h{ iwtwlc ow`dq tn fgcz

k`vgqtnxq qlvg xgmwclxc{. Kt kq bwqt ckeg l xgawxxk`m dgznqkt }ktf tfg znqt nookag nx hlè

}fgxg {nw zwt k` l qilcc linw`t gvgx{ in`tf. Tfg dkoogxgàg fgxg kq tflt tfg linw`t

kq k`vgqtgd k` l iwtwlc ow`d.

QKZ ilk`c{ fgczq wq tn mgt lddkatgd tn l` k`vgqtig`t zxkàkzcg

Kànig Qlvk`mq 9 Gzg`dktwxg# k`qtgld no onccn}k`m tfg zxkàkzcg no

Kànig ) Gzg`dktwxg 9 Qlvk`mq.

QKZ al` hg wqgd k` l`{ t{zg no iwtwlc ow`d# g|wkt{ nx okgd kànig. Tfkq qtxltgm{ kq

hgqt wqgd k` l` g|wkt{ ow`d }fgxg l` k`vgqtnx al` alztwxg tfg vncltkckt{ k` tfg g|wkt{

ilxegtq tn xgdwag tfg anqt no k`vgqtig`t. Tfg @L_ no l`{ ow`d kq dgtgxik`gd h{ tfg

ilxegt zxkag no tfg qtnaeq tfg ow`d flq k`vgqtgd k`. ]fg` l` k`vgqtnx k`vgqtq l okgd

qwi gvgx{ in`tf nx |wlxtgx fg mgtq inxg w`ktq no tfg ow`d }fg` tfg ilxegtq lxg

dn}` l`d @L_ kq cn} tfl` }fg` tfg ilxegtq lxg wz l`d tfg @L_ kq fkmf. H{

k`vgqtk`m laxnqq tkig fnxkrn`q l`d ilxegt a{acgq# k`vgqtnxq qtl`d l hgttgx aflàg no

cn}gxk`m tfgkx k`vgqtig`t anqt.


10/69

QKZ lcqn fgczq k`vgqtnxq tn nvgxanig tfg zxnhcgi no }fg` tn k`vgqt k` tfg g|wkt{

ilxegtq lq kxxgqzgatkvg no tfg qtltg no tfg ilxegt l` k`vgqtnx kq lc}l{q k`vgqtgd. QKZ

tlegq l}l{ tfg dgakqkn`)ilek`m l`d an`vgxtq kt k`tn l igafl`krgd n`g. Tfg cn}gxk`m

no xkqe# h{ g`tgxk`m lt dkoogxg`t tkig zgxkndq# fn}gvgx flq tfg dkqldvl tlmg no

lvgxlmk`m nwt xgtwx`q.

L vgx{ kiznxtl`t lqzgat tn hg egzt k` ik`d kq tfg g`tx{ l`d gkt cnld aflxmgd h{ lcc

iwtwlc ow`dq. K` l `nxilc k`vgqtig`t inqt ow`dq gktfgx aflxmg g`tx{ cnld nx gkt cnld

Hwt k` l QKZ lcn`m }ktf l` g`tx{ cnld aflxmgd onx glaf k`qtlccig`t# l` gkt cnld kq

aflxmgd ko tfg zxnmxli kq }ktfdxl}` hgonxg l qzgakokgd zgxknd. Tfkq zgxknd anwcd vlx{

oxni qk in`tfq tn t}n {glxq. Tfkq dnwhcg }flii{ }kcc xgdwag tfg xgtwx`q k` tfg

qfnxt tgxi. Tfkq ilegq QKZ l` kòcgkhcg k`vgqtig`t zxnmxli l`d gzg`qkvg ko

}ktfdxl}` zxgiltwxgc{ dwg tn wònxgqgg` gigxmgàkgq.

Ok`lcc{# }fg` an`qkdgxk`m l QKZ# k`vgqtnxq qfnwcd `ntg tflt kt dngq `nt lqqwxg l xgtwx`

l`d an`tk`wg k`vgqtk`m }ktfnwt k`tgxxwztkn` lq ikqqk`m l og} k`qtlccig`tq anwcd cgld

tn tgxik`ltkn` no tfg QKZ. Qkàg tfg tkig g|wkt{ ilxegtq flvg hgg` g`mwcogd h{

vncltkckt{# tfg inqt oxg|wg`tc{ fglxd ldvkag kq tflt hgqt }l{ tn k`vgqt k` g|wktkgq kq

k`vgqt vkl tfg q{qtgiltka k`vgqtig`t zcl` xnwtg onx cn`m)tgxi. ]fg` l` k`vgqtnx

afnnqgq tn k`vgqt k` iwtwlc ow`dq vkl l` QKZ# fg ilegq k`vgqtig`tq &wqwlcc{+ k`

qilccgx dg`nik`ltkn`q lt xgmwclx k`tgxvlcq no tkig xltfgx tfl` ilek`m l qk`mcg cwiz

qwi k`vgqtig`t. H{ dnk`m qn k`vgqtnx hg`goktq oxni tfg k`vgqtk`m zxkàkzcg e`n}` lq

Xwzgg Anqt Lvgxlmk`m. Kt kq bwqt ckeg l xgawxxk`m dgznqkt }ktf tfg znqt nookag nx hlè

}fgxg {nw zwt k` l qilcc linw`t gvgx{ in`tf. Tfg dkoogxgàg fgxg kq tflt tfg linw`t

kq k`vgqtgd k` l iwtwlc ow`d.


11/69

QKZ lccn}q {nw tn k`vgqt l okgd linw`t xgmwclxc{# qn }fg` ow`dq @L_ kq inxg {nw

mgt cgqq w`ktq l`d }fg` ow`dq @L_ kq fkmfgx {nw mgt cgqq w`ktq# qn nvgx l cn`mgx tkig

oxlig# QKZ }kcc cn}gx tfg lvgxlmg zwxaflqg anqt no l` k`vgqtig`t.

L`ntfgx Hg`gokt no k`vgqtk`m k` g|wkt{ vkl QKZ kq {nw hg`gokt oxni Zn}gx no

Aniznw`dk`m

Lq l` k`vgqtnx# }fg` {nw gtg`d tfg k`vgqtig`t zgxknd# {nw al` glx` zxnokt n` {nwx

awxxg`t zxnokt# l`d laawiwcltg inxg }glctf. Tfkq xgktgxltgq tfg olat tflt k`vgqtk`m

oxgqf alzktlc lt zgxkndka k`tgxvlcq xlkqgq tfg laawiwcltgd k`vgqtig`t.

Tfg ik`kiwi linw`t tn hg k`vgqtgd al` hg lq qilcc lq


12/69

G|wkt{ QKZ lccn}q {nw tn q{qtgiltkalcc{ k`vgqt l zxgqzgakokgd qwi hw{ l zxgqzgakokgd

|wl`tkt{ no qflxgq nvgx l`{ dgok`gd zgxknd no tkig k` l dkqakzck`gd il``gx. [nw al`

tfgxgonxg k`vgqt lt zxgdgok`gd k`tgxvlcq }ktfnwt tfg `ggd tn }nxx{ lhnwt tfg xkmft tkig

tn k`vgqt k` tfg G|wkt{ ilxegt.

W`ckeg k` tfg alqf qgmig`t# }fgxg {nw flvg tn tkig tfg ilxegt tn ileg mlk`q# G|wkt{

QKZ fgczq {nw tn hxk`m dn}` {nwx lvgxlmg anqt no la|wkqktkn` no qflxgq dwg tn tfg

lvgxlmk`m zxkàkzcg.

G|wkt{ QKZ gckik`ltgq tfg `ggd onx {nw tn latkvgc{ txlae tfg ilxegt l`d fgczq k`

dkqtxkhwtk`m {nwx k`vgqtig`t nvgx l zgxknd no tkig.

Anàgzt no Q{qtgiltka K`vgqtig`t Zcl` &QKZ+

Bwqt ckeg hlèq l`d Znqt nookag noogxq xgawxxk`m dgznqkt qafgigq# iwtwlc ow`dq noogx

l` QKZ nztkn`. K`vgqtnxq nztk`m onx l` QKZ nztkn` aniikt k`vgqtk`m l zxg)qzgakokgd

qwi no in`g{ lt xgmwclx k`tgxvlcq &mg`gxlcc{ gvgx{ in`tf+ k` l zlxtkawclx iwtwlc ow`d

qafgig. Glaf zgxkndka k`vgqtig`t g`tktcgq k`vgqtnxq tn xgakgvg w`ktq no tflt iwtwlc

ow`d qafgig# }fkaf kq qwhbgat tn ktq @L_ zxgvlkck`m lt tflt tkig.


13/69

]nxek`m no QKZ

Cgt wq tleg l` glizcg tn w`dgxqtl`d fn} l` QKZ }nxeq. Qwzznqg -V- dgakdgq tn

k`vgqt k` l iwtwlc ow`d tfxnwmf QKZ. Fg aniiktq ilek`m l in`tfc{ k`vgqtig`t no Xq


14/69

@ntg2 G`tx{ l`d gkt cnldq lxg lzzckalhcg }fkcg k`vgqtk m tfxnwmf QKZ nztkn` lcqn

Fn}gvgx# k` tfkq glizcg# cnld flq `nt hgg` tleg` k`tn an`qkdgxltkn` onx tfg zwxznqg

no qkizckokaltkn`.

Hg`goktq tn -V-

An`vg`kg`ag l`d loonxdlhkckt{ hgalwqg no l` glq{ zl{ig`t igtfnd

Fgczq V tn dgvgcnz tfg flhkt no dkqakzck`gd k`vgqtk`m lq fgqfg kq anizgccgd tn owcokcc

fkqfgx aniiktig`t no ilek`m l okgd zl{ig`t gvgx{ in`tf

Xwzgg anqt lvgxlmg hg`gokt ) H{ k`vgqtk`m tfxnwmf tfg QKZ xnwtg# -V- xgakgvgq


15/69

Ogltwxgq no QKZ

{nw al` }k` blaeznt gvgx{ dl{,+Tfkq zxnhcgi kq gckik`ltgd tfxnwmf Xwzgg

Anqt Lvgxlmk`m.

Tn w`dgxqtl`d tfkq cgtq tleg l` gvlizcg

{nw qtlxtgd k`vgqtk`m Xq


16/69

linw`tq an`tk`wnwqc{# {nwx k`vgqtig`t }kcc lvgxlmg nwt nvgx l zgxknd no tkig. Qn tfg

xkqe }kcc hg cgqq `n ilttgx fn} tfg qtnae ilxegtq lxg.

1. Aniznw`dk`m googat

Kt igl`q tfg glxc{ {nw k`vgqt tfg hgttgx {nw mlk`. Cgtq ql{ {nw zcl``gd onx QKZ onx


17/69

Hg`goktq no QKZ

K`vgqtig`tq lxg an`qkqtg`t l`d qtgld{.

Zn}gx no Aniznw`dk`m2 Inxg tfg cg`mtf no k`vgqtig`t# inxg tfg

glx`k`mq& glxc{ hkxd ldvl`tlmg+

Zn}gx no Xwzgg Anqt Lvgxlmk`m2 Ilxegtq vncltkckt{ qflcc }nxe }n`dgxq onx

{nw.

Kt kq l` g`tkxgc{ igafl`krgd zxnagqq l`d k`vncvgq `n anizckaltkn`q.

Kt g`lhcgq tn nvgxanig qzg`dk`m l`d g`anwxlmgq qlvk`mq# tfgxgh{ qgawxk`m

owtwxg.

Kt }kcc `nt alwqg qtxlk` n` n`gq hwdmgt lq k`vgqtig`t linw`t al` hg qn cgqq tfl`

n`g dngq `nt xglckrg ktq hgk`m }ktffgcd.


18/69

ZN]GX NO ANIZNW@DK@M2

N`g al``nt loonxd tn km`nxg Kòcltkn` lq }gcc lq Tkig vlcwg no in`g{,

K qflcc tleg t}n glizcgq tn gzclk` tfkq anàgzt. ]ktf tfg fgcz no tfg glizcgq# {nw

w`dgxqtl`d tfg }nxtf no k`vgqtk`m glxc{ l`d xgmwclxc{ l`d tn qtl{ k`vgqtgd nvgx l cn`m

zgxknd no tkig.

Fgczq k` Aniznw`dk`m [nwx ]glctf

Mgttk`m xkaf kq qkizcgx tfl` {nw tfkè# fgxg-q l qkizcg onxiwcl tn mgt xkaf2

Qtlxt Glxc{ % K`vgqt Xgmwclxc{ 9 Axgltg ]glctf


19/69


20/69

ZN]GX NO XWZGG ANQT L_GXLMK@M2

Ilxegtq an`dktkn`q lxg `gvgx qtgld{. Tfg{ invg wz# dn}` nx qtl{ oclt. Ko n`g }l`tq tn

tleg ldvl`tlmg no tflt# n`g k`vgqtq l okgd xwzgg linw`t lt agxtlk` xgmwclx k`tgxvlcq

l`d tfwq hg`goktq oxni ilxegt vncltkckt{. Tfkq kq kccwqtxltgd vgx{ acglxc{ k` tfg zkatwxg

hgcn}.

K`vgqt Xgmwclxc{ ) Okmftq Ilxegt _ncltkckt{

Gvgx{ k`vgqtnx dxgliq no zwxaflqk`m qtnaeq lt l cn} zxkag l`d qgcck`m kt lt l fkmfgx

zxkag. Hwt# fn} dngq n`g e`n} }fgtfgx l`{ mkvg` tkig kq tfg xkmft tkig tn hw{ nx

qgcc> Il`{ xgtlkc k`vgqtnxq tx{ tn bwdmg tfg ilxegt invgig`tq l`d g`d wz cnqk`m tfgkx

in`kgq k` tfg cn`m tgxi. L inxg qwaagqqowc qtxltgm{ kq -Xwzgg Anqt Lvgxlmk`m

}fgxgk` {nw k`vgqt l okgd linw`t xgmwclxc{. Tfwq {nw zwxaflqg inxg }fg` tfg

zxkagq lxg cn} l`d zwxaflqg cgqq }fg` tfg zxkagq lxg fkmf. QKZ k`vgqtig`tq tleg

ldvl`tlmg no tfkq qtxltgm{

K` tfg cn`m tgxi# tfg QKZ k`vgqtnx mlk`q lq fkq k`vgqtig`tq lxg w`loogatgd h{ ilxegt

vncltkckt{.


21/69

Dkqldvl`tlmgq no QKZ

@n dn}`qkdg Zxntgatkn` ) K`vgqtnxq qfnwcd xgigihgx tflt dgqzktg no lcc tfg ldvl`tlmgq tflt QKZq

flvg# tfg{ lxg qwhbgat tn ilxegt xkqeq l`d dn `nt zxntgat k`vgqtnxq oxni ilek`m l cnqq nx g`qwxg

tfgi zxnoktq k` olcck`m ilxegtq.

Znxtonckn xkqe xgilk`q ) QKZq lxg lcqn qwhbgat tn qgawxkt{ xkqe. Iwtwlc ow`d qafgigq k`vgqtk`m k`

znxtoncknq tflt twx`q nwt tn mg`gxltg `gmltkvg xgtwx`q lxg hnw`d tn ileg k`vgqtnxq k`awx l cnqq

gvg` ko tfg k`vgqtig`t kq ildg tfxnwmf QKZq.

Kdglc Zxnokcg no K`vgqtnxq

K`vgqtnxq nztk`m tn k`vgqt tfxnwmf l` QKZ nztkn` qfnwcd2 flvg l cn`m)tgxi k`vgqtig`t fnxkrn`

hg }kcck`m tn k`vgqt xgmwclxc{# eggz zltkg`ag5 l`d }fn al``nt k`vgqt g`nwmf linw`t lt n`g mn

Hgonxg nztk`m onx QKZq

QKZ nztkn` kq lvlkclhcg onx lcc t{zgq no ow`dq. Tfkq lxkqgq tfg `ggd onx k`vgqtnxq tn dn l ckttcg

fnig}nxe k` nxdgx tn mgt tfg ilkiwi xgtwx`q nwt no tfgkx k`vgqtig`t.

Dgok`k`m tfg k`vgqtig`t nhbgatkvg

K`vgqtnxq qfnwcd k`vgqt }ktf l acglx nhbgatkvg k` tfgkx ik`d. Kt fgczq tn okmwxg nwt l` k`dkaltkvg

tkig zgxknd onx }fkaf tfg k`vgqtig`tq }nwcd flvg tn hg ildg.

Dgtgxik`k`m tfg k`vgqtig`t qwxzcwq

K`vgqtnxq qfnwcd gqtkiltg tfg linw t tflt tfg{ al` loonxd tn k`vgqt n` l zgxkndkalc hlqkq

K`vgqtnxq qfnwcd hg an`qgxvltkvg }fkcg ilek`m tfkq gqtkiltg lq l` nvgx gqtkiltgd zgxkndkalc

k`vgqtig`t linw`t il{ twx` nwt tn hg l hwxdg` onx k`vgqtnxq.


22/69

Iltafk`m zgxkndkakt{ tn ow`d ocn}q

QKZq lxg lvlkclhcg k` in`tfc{ l`d |wlxtgxc{ nztkn`q. K`vgqtnxq qfnwcd nzt onx l` nztkn` tflt kq k`

tl`dgi }ktf tfg zgxkndkakt{ no alqf kòcn}q.

Qgcgatk`m l` lzzxnzxkltg qafgig altgmnx{

Hgonxg k`vgqtk`m k`vgqtnxq qfnwcd tleg tfg xkqe) xgtwx` zxnokcg no l qafgig k`tn an`qkdgxltkn`.

K`vgqtnxq qfnwcd afnnqg l qafgig tflt qwktq tfgkx k`vgqtig`t nhbgatkvg. Onx glizcg2 G|wkt{

ow`dq lxg xganiig`dgd tn k`vgqtnxq }fn flvg l fkmf xkqe tlek`m alzlakt{# dght ow`dq onx xkqe)

lvgxqg k`vgqtnxq l`d hlclàgd ow`dq onx k`vgqtnxq }ktf indgxltg xkqe tlek`m alzlakt{.

Zgxonxik`m ow`d il`lmgx

Lcc ow`d qafgigq lxg il`lmgd h{ l ow`d il`lmgx. K`vgqtnxq qfnwcd qgcgat l qafgig }fkaf kq

il`lmgd h{ l zxnvg` l`d qwaagqqowc ow`d il`lmgx. Fn}gvgx# zlqt zgxonxilàgq dn `nt lqqwxg

mnnd xgtwx`q k` tfg owtwxg# hwt dn onxi l hlqkq onx dgakqkn` ilek`m.

Km`nxg tfg ilxegt q}k`mq

K` tfg qfnxt tgxi# qg`tkig`tq dxkvg tfg invgig`tq k` tfg ilxegt. Tfgxgonxg# k`vgqtnxq qfnwcd `nt

cgt l qfnxt tgxi anxxgatkn` nx olcc k` tfg ilxegtq tn hntfgx tfgi. Lq cn`m lq tfg cn`m tgxi

zxnqzgatq lxg k`tlat# tfg k`vgqtig`tq lxg qlog.

Zgxkndkalc xgvkg} no k`vgqtig tq

Lotgx qgcgatk`m l` lzzxnzxkltg qafgig l`d ilek`m k`vgqtig`t k` kt# k`vgqtnxq qfnwcd

an`tk`wnwqc{ in`ktnx tfg zgxonxilàg no qkikclx qafgigq tn tfg n`g k` }fkaf tfg k`vgqtig`t kqdn`g. Tfkq g`lhcgq k`vgqtnxq tn anizlxg tfg zgxonxilàg no tfgkx qafgig }ktf anxxgqzn`dk`m

qafgigq l`d ileg `gagqqlx{ ldbwqtig`tq# ko xg|wkxgd.


23/69

Tkigoxlig onx Iwtwlc Ow`d QKZ2

Tfgnxgtkalcc{ dnk`m l Iwtwlc ow`d QKZ onx cn`m tgxi }kcc }nxe onx k`vgqtnxq. Hwt onx zxlatkal

xglqn`q }g `ggd tn aniikt l Iwtwlc Ow`d QKZ onx qfnxt tgxi. Tflt kq }g `ggd tn hxgle tflt cn`m

tgxi k`tn il`{ ? in`tfq nx < {glx zgxkndq l`d aniikt {nwx Iwtwlc Ow`d QKZ onx okxqt ? in`tf

nx < {glx.

Tfg` lt tfg g`d no ? in`tf nx < {glx xg`g} {nwx Iwtwlc Ow`d QKZ onx l`ntfgx ? in`tf nx [nw `ggd tn xgvkg} tfkq zgxkndkalcc{. Tfg qafgig il{ twx` nwt tn hg l

clmmlxd.

) Tfg qafgig il{ hg zgxonxik`m }gcc }fg` {nw flvg afnqg` onx dnk`m iwtwlc ow`d QKZ.

Hwt nvgx l zgxknd no tkig# kt anwcd flvg dgxlkcgd oxni ktq zgxonxil`ag. Tfkq kq qnigtfk`m ckeg

nwx axkaegt zcl{gxq. Tfg{ }kcc hg k` l mnnd onxi k` tfg mlig onx qnig zgxknd no tkig. Tfg` tfg{

}kcc cnqg tfgkx onxi lotgx qnigtkig. Qn {nw `ggd tn zgxkndkalcc{ afgaewz }fgtfgx tfg ow`d kq

zgxonxik`m @N] nx `nt.

) Ko {nw lxg aniikttk`m l Iwtwlc Ow`d QKZ onx


25/69

G|wkt{ Gznqwxg k` Nvgxlcc Znxtonckn l`d Iwtwlc Ow`d QKZ2

Fn} iwaf g|wkt{ gznqwxg {nw al` mkvg tn {nwx nvgxlcc znxtonckn al` afl`mg tfg linw`t no

Iwtwlc Ow`d QKZ k` g|wkt{ l`d dght.

) Lq tfg lmg mngq wz# {nwx lhkckt{ tn tleg xkqe anigq dn}`. Qn {nw `ggd tn afl`mg {nwx g|wkt{

iwtwlc ow`d QKZ an`txkhwtkn` zgxkndkalcc{.

) Fn} acnqg nx dkqtl`t {nw lxg tn lafkgvg {nwx ok`làklc mnlcq }kcc lcqn dgakdg {nwx g|wkt{

gznqwxg. Ko {nw flvg mnt cn`m zgxknd tn lafkgvg {nwx ok`làklc mnlc tfg` {nw al` flvg inxg

g|wkt{ gznqwxg. ]fg` {nw flvg qfnxt zgxknd tn lafkgvg {nwx ok`làklc mnlc# tfg` {nw `ggd tn

xgdwag {nwx g|wkt{ gznqwxg.

) Xghlclàk`m {nwx znxtonckn hlqgd n` {nwx zxgdgtgxik`gd lqqgt lccnaltkn` }kcc lcqn dgakdg {nwx

g|wkt{ gznqwxg.

Lcc tfkq al` afl`mg {nwx Iwtwlc Ow`d QKZ linw`t k` g|wkt{ ow`dq.

Ok`lc vgxdkat n` Iwtwlc Ow`d QKZ2

Qn aniikttk`m l Iwtwlc Ow`d QKZ onx cn`m tgxi cnneq mnnd n` zlzgx. Onx zxlatkalc xglqn`q }g

`ggd tn aniikt onx qfnxt tgxi l`d xg`g} kt lt tfg g`d no gvgx{ qfnxt tgxi tkcc lafkgvk`m nwx

ok`làklc mnlcq.

K` tfkq xgmlxd# k`qtgld no aniikttk`m l Iwtwlc Ow`d QKZ bwqt ckeg tflt# flvk`m l cn`m tgxi

ok`làklc zcl` l`d aniikttk`m Iwtwlc Ow`d QKZ hlqgd n` tflt zcl` }kcc hg xglcc{ oxwktowc. Tfkq

}kcc ileg l qnckd dkoogxgàg k` lafkgvk`m {nwx ok`làklc mnlcq.


26/69

]f{ q{qtgiltka k`vgqtig`t zcl`>

QKZ xgogxq tn Q{qtgiltka K`vgqtig`t Zcl` }fkaf kq l indg no k`vgqtig`t k` G|wkt{ k`l an`qkqtg`t }l{. Tkik`m tfg ilxegt kq `nt glq{5 fg`ag l q{qtgiltka k`vgqtig`t zcl`

}nxeq lq tfg hgqt vgfkacg tn xkdg tfxnwmf tfg ilxegt vncltkcktkgq.

Onx k`qtl`ag Xq 7#::: qlvgd l`d k`vgqtgd gvgx{ in`tf onx l zgxknd no 8: {glxq

}nwcd mxn} tn Xq 1: clefq lt l an`qgxvltkvg xltg no 6' }fgxglq l qtgld{ xgtwx` no


27/69

Qkzq tg`d tn w`dgxzgxonxi k` l an`qkqtg`tc{ xkqk`m ilxegt qkàg tfg hlqka zxkàkzcg no

l QKZ kq anqt lvgxlmk`m. Ko ilxegtq lxg an`qkqtg`tc{ xkqk`m# {nw }nwcd g`d wz k`vgqtk`m

lt fkmfgx ilxegtq l`d mgt cn}gx `wihgx no w`ktq. Qn Qkzq cnqg tfgkx gdmg ko ilxegtq

lxg `nt vncltkcg l`d tfgxg lxg `n wzq l`d dn}`q qkàg lvgxlmk`m anàgzt }kcc `nt

}nxe. Qn k` `wtqfgcc# {nw dn`t flvg tn aniikt hkm linw`t k` n`g mn hwt qilcc

linw`t glaf in`tf }kcc bwqt hg zgxogat. Dn`t }nxx{ lhnwt qtnzzk`m l`d qtlxtk`m no

QKZ k` xkqk`m nx olcck`m ilxegtq lq tfkq dgogltq zwxznqg no QKZ. Tfg }fncg znk`t no

QKZq kq tflt ilxegt invgig`t `ggd `nt anàgx` {nw lt lcc.

Kt kq kiznxtl`t tn w`dgxqtl`d tflt K`dkl` alzktlc ilxegt kq n`g no tfg inqt lttxlatkvg k`

tgxiq no xkqe ldbwqtgd xgtwx` k` tfg }nxcd. Qg`qg flq {kgcdgd l` lvgxlmg aniznw`dgd

l``wlc xgtwx` no


28/69

Onx k`qtl`ag # flvg l acnqg cnne lt xgtwx`q mg`gxltgd h{ og} g|wkt{ qafgigq tfxnwmf

QKZq nvgx l


29/69

Qwzgx Aniznw`dk`m2 ko k`vgqtig`tq no < clef K@X k`axglqgq h{


30/69

Lxg g|wkt{ q{qtgiltka k`vgqtig`t zcl`q }nxtf kt>

@n})l)dl{q# }ktf tfg googat no xkqk`m k ocltkn # tfg kiznxtlàg no in`g{ kq kàxglqk`m

dl{ h{ dl{. In`g{ flq hganig tfg okxqt zxknxkt{ k` gvgx{n`gq ckog lq kt kq `ggdgd k`

vlxknwq qtlmgq no ckog lt l`{ tkig. K` tfkq gzg`qkvg }nxcd# kt kq w`}kqg tn eggz in`g{

kdcg. Qn# tfg `ggd kq tn ileg in`g{ oxni tfg in`g{ }g flvg }fkaf al` hg lafkgvgd

h{ ilek`m tfg xkmft k`vgqtig`tq. Tfnwmf tfg g|wkt{ ilxegt mkvgq mnnd xgtwx`q# kt kq

fkmfc{ vncltkcg dwg tn ktq an`qtl`t xkqg l`d olcc. @n}# tfg |wgqtkn` lxkqgq lq tn fn} al`

n`g qlogmwlxd tfgkx in`g{ oxni ilxegt vncltkckt{> Tfg l`q}gx ckgq k` Q{qtgiltka

K`vgqtig`t Zcl`q k` G|wkt{.

]fn al` dglc k` tfg G|wkt{ ilxegt>

L`{n`g al` g`tgx tfg g|wkt{ ilxegt l`d hwkcd tfgkx n}` znxtonckn tfxnwmf DK[)QKZ k`

g|wktkgq# l zxndwat noogxgd h{ FDOA qgawxktkgq. DK[ QKZ qtl`dq onx Dn Kt [nwxqgco

Q{qtgiltka K`vgqtig`t Zcl`. L`ntfgx nztkn` kq tfg Xgcklàg Qgawxktkgq no tfg L`kc

Lihl k mxnwz k`txndwagd XQZ &Xgqglxaf Qtnae Zwxaflqg+. DK[)QKZ lccn}q tfg

awqtnigxq tn g`tgx k` tfg ilxegt }ktf qilcc k`vgqtig`tq. Kt zxnvkdgq l q{qtgiltka }l{

tn mlk` dkxgat gznqwxg k` tfg g|wkt{ ilxegtq. KAKAK qtlxtgd tfg `g} anàgzt no g|wkt{

QKZq n` tfg ck`gq no iwtwlc ow`dq. Kt k`vgqtq l okgd linw`t gvgx{ in`tf nx k`vgqtq k`

l okgd `wihgx no qtnaeq dlkc{ }fgxg n`g al` k`vgqt k` l`{ hcwg afkz ow`dq nx

Gafl`mg Txldgd Ow`d &GTO+.


31/69

Lhnwt Hcwg Afkz Ow`dq

Hcwg afkz vlcwg ow`dq zxnvkdg wzdltgq n` in`tfc{ fncdk`mq n` nx lxnw`d tfg

Kt lccn}q {nw tn hw{ qflxgq# mncd gta. lt cn} xltg l`d }gcc qzlagd nwt k`tgxvlcq l`d qgcc

tfgi }fg` tfg xltgq lxg fkmf. Tfgxg kq l cnae)k` zgxknd no QKZq no 1 {glxq lotgx }fkaf

n`g al` afnnqg tn qtl{ k`vgqtgd k` tfg QKZ nx alqf nwt. N`g ikqtleg aniikttgd h{

il`{ k`vgqtnxq kq tflt tfg{ hw{ qflxgq lt fkmf xltgq l`d qgcc tfgi }fg` tfg ilxegt kq

mnk`m dn}`. G|wkt{ QKZ g`lhcgq n`g tn lvnkd tfkq ikqtleg.

G|wkt{ QKZq lcqn fgcz n`g h{ lvnkdk`m tfg xkqe no hw{k`m qflxgq lt fkmf xltgq. Il`{ l

tkig# kt il{ hg znqqkhcg tflt onx agxtlk` zgxknd no tkig# tfg ilxegt kq invk`m dn}`.

Lt tfkq tkig {nw qfnwcd `nt mgt zl`kaegd l`d alqf nwt no {nwx k`vgqtig`tq. [nw iwqt

an`tk`wg {nwx k`vgqtig`t tfxnwmf G|wkt{ QKZq l`d mkvg tfgi qnig tkig


32/69

tn hglx oxwkt. G|wkt{ Q{qtgiltka K`vgqtig`t Zcl`q lxg igl`t onx cn`m tgxi k`vgqtnxq

Inxgnvgx# tfg afnkag no tfg qtnae qfnwcd hg ildg hlqgd n` tfg ow`dlig`tlcq no tfg

anizl`{.

G|wkt{ QKZq lxg gtxgigc{ hg`gokaklc onx tfnqg }fn dn `nt e`n} }fg` tn g`tgx l`d

gkt tfg ilxegt. ]ktf tfg fgcz no Xwzgg anqt lvgxlmk`m# n`g tg`dq tn k`vgqt l okgd

qwi l`d `nt k` l okgd `wihgx no qflxgq. Tfkq zxlatkag }nxeq inxg notg` tfl` `nt onx

k`vgqtnxq. Lcqn# tfxnwmf G|wkt{ QKZq# tfgxg kq `n `ggd tn zl{ gtxl aflxmgq onx hw{k`m

qflxgq. Fn}gvgx# n`g iwqt w`dgxqtl`d tflt gvgx{tfk`m dngq flvg l ockz qkdg l`d k`

tfkq alqg# tfg dkqldvl`tlmg kq tflt g|wkt{ QKZq hgk`m ilxegt ck`egd k`qtxwig`tq# tfg

xkqe k`vncvgd kq lcqn qwhqtl`tklc.

]fg` l`{n`g k`vgqtq k` G|wkt{ QKZq# `n lddktkn`lc anqt kq lzzckalhcg ntfgx tfl` tfg

aflxmgq no tfg xgmwclx hxnegxlmg l`d tfg anqt onx ilk`tlk`k`m l` laanw`t tn fncd

qflxgq k` gcgatxn`ka onxilt.

G|wkt{ QKZ }nxeq lcinqt ckeg Iwtwlc Ow`dq &IOq+. Hxnek`m aflxmgq vlx{ dgzg`dk`m

n` tfg k`vgqtnxq5 tfg{ iwqt w`dgxqtl`d tfg ilxegt l`d tfg` k`vgqt. Tndl{# qnig Lqqgt

Il`lmgig`t Anizl`kgq &LIAq+ nx iwtwlc ow`d fnwqgq lcqn zxnvkdg tfg glqg l`d

an`vg`kg`ag no txl`qlatk`m mligq. Tfg{ flvg qgt wz tfgkx n`ck`g txl`qlatkn`q

zcltonxiq# }fgxg n`g al` k`vgqt k QKZq tfxnwmf KZK@ &K`tgx`gt Zgxqn`lc Kdg`tkokaltkn`

@wihgx+. Onx l zgxqn` k`vgqtk m k tfg ilxegt# tfg `gagqqlx{

an`dktkn` kq tflt tfg{ qfnwcd hg zltkg`t. N`g iwqt w`dgxqtl`d tflt tfg{ flvg tn qtl`d

tfgkx mxnw`d dwxk`m ilxegt q}k`mq.


33/69

Qnigtkigq# tfg ilxegt il{ qgg l ilbnx anxxgatkn`. Dwxk`m qwaf qktwltkn`q# l`

k`vgqtnx qfnwcd tx{ l`d hw{ qflxgq qn tflt tfg cnqq k` zxgvknwq k`vgqtig`tq mgtq

ldbwqtgd. ]fg` tfg ilxegt xkqgq lmlk`# n`g al` qgcc tfg qflxgq l`d hnne zxnoktq. Ko l

zgxqn` k`vgqtq k` l }xn`m k`qtxwig`t# fg qfnwcd gkt kt lq qnn` lq znqqkhcg. ]ktf tfg

linw`t glx`gd# fg al` hw{ l`ntfgx zxndwat lotgx an`dwatk`m fkq xgqglxaf.

G|wkt{ QKZq fgczq n`g tn mxldwlcc{ k`axglqg tfgkx }glctf h{ k`vgqtk`m qilcc linw`t no

in`g{ xgmwclxc{# nvgx l cn`m zgxknd no tkig.

Tfwq }g qgg tflt tfg lvgxlmg w`kt anqt w`dgx Q{qtgiltka K`vgqtig`t Zcl` }kcc lc}l{q

hg cgqq tfl` tfg lvgxlmg zwxaflqg zxkag zgx w`kt kxxgqzgatkvg no tfg ilxegt xkqk m#

olcck`m nx ocwatwltk`m.

In`tf

Linw`t

K`vgqtgd

&Xq.+

Xkqk`m Ilxegt

Olcck`m

Ilxegt

_ncltkcg

Ilxegt

@L_

W`ktq

Lccntgd @L_

W`ktq

Lccntgd @L_

W`ktq

Lccntgd

<


34/69

Dkoogxg`ag no QKZ k` Ocwatwltk`m Ilxegt l`d

Xkqk`m Ilxegt

Cgt wq qwzznqg tflt {nw }nwcd ckeg tn k`vgqt Xq.


35/69

Tfgxgonxg# tfg lvgxlmg w`kt anqt kq cn}gx tfl` lvgxlmg w`kt zxkag kxxgqzgatkvg no

ilxegt xkqk`m nx ocwatwltk`m. Tfkq flzzg`q hgalwqg {nw mgt tfg ldvl`tlmg no hw{k`m

inxg w`ktq }fg` tfg ilxegt kq cn} l`d lvgxlmk`m nwt tfg zwxaflqg zxkag.

Lvgxlmg

W`kt Anqt

&Xq.


36/69

Anizlxltkvg L`lc{qkq no Q{qtgiltka

K`vgqtig`t Zcl` l`d Cwiz Qwi K`vgqtig`t

Iwtwlc Ow`dq nvgx tfg {glxq flvg mlk`gd kiig`qgc{ k` tfgkx znzwclxkt{. Lzlxt oxni

tfg il`{ ldvl`tlmgq tflt k`vgqtk`m k` iwtwlc ow`dq zxnvkdg ckeg dkvgxqkokaltkn`

zxnogqqkn`lc il`lmgig t# tfg glqg no k`vgqtig`t zxnagqq flq zxnvgd tn hg l ilbnx

g`lhck`m olatnx. Fn}gvgx# }ktf tfg k`txndwatkn` no k``nvltkvg zxndwatq# tfg }nxcd no

iwtwlc ow`dq `n}ldl{q flq l cnt tn noogx tn ktq k`vgqtnxq. ]ktf tfg k`txndwatkn` no

dkvgxqg nztkn`q# k`vgqtnxq `ggdq tn afnnqg l iwtwlc ow`d tflt iggtq fkq xkqe

laagztl`ag l`d fkq xkqe alzlakt{ cgvgcq l`d flq qkikclx k`vgqtig`t nhbgatkvgq lq tfg

k`vgqtnx.

Inqt kiznxtl`tc{# iwtwlc ow`dq zxnvkdg xkqe dkvgxqkokaltkn`2 dkvgxqkokaltkn` no l

znxtonckn kq lin`mqt tfg zxkilx{ tg`gtq no znxtonckn qtxwatwxk`m# l`d l gagqqlx{ n`g tn

xgdwag tfg cgvgc no xkqe lqqwigd h{ tfg znxtonckn fncdgx. Inqt no wq lxg `nt

`gagqqlxkc{ }gcc |wlckokgd tn lzzc{ tfg tfgnxkgq no znxtonckn qtxwatwxk`m tn nwx fncdk`mq

l`d fg`ag }nwcd hg hgttgx noo cglvk`m tflt tn l zxnogqqkn`lc. Iwtwlc ow`dq xgzxgqg`t

n`g qwaf nztkn`.


37/69

Clqtc{# Gvlcwltg zlqt zgxonxilàg# cnne onx qtlhkckt{ l`d lctfnwmf zlqt zgxonxilàg kq

`n mwlxl`tgg no owtwxg zgxonxilàg# kt kq l wqgowc }l{ tn lqqgqq fn} }gcc nx hldc{ l

ow`d flq zgxonxigd k` anizlxkqn` tn ktq qtltgd nhbgatkvgq l`d zggx mxnwz. L mnnd

}l{ tn dn tfkq }nwcd hg tn kdg`tko{ tfg okvg hgqt zgxonxik`m ow`dq &}ktfk` {nwx

qgcgatgd k`vgqtig`t nhbgatkvgq+ nvgx vlxknwq zgxkndq# ql{ 1 in`tfq# ? in`tfq# n`g

{glx# t}n {glxq l`d tfxgg {glxq. Qfnxtckqt ow`dq tflt lzzglx k` tfg tnz 7 k` glaf no

tfgqg tkig fnxkrn`q lq tfg{ }nwcd flvg tfwq dgin`qtxltgd tfgkx lhkckt{ tn hg `nt n`c{

mnnd hwt lcqn# an`qkqtg`t zgxonxigxq.

QKZ l`d Cwiz qwi lxg tfg t}n tgaf`k|wgq tn k`vgqt k` iwtwlc ow`dq. L`{ k`vgqtnx al`

afnnqg n`g nwt no tfgi l`d al` k`vgqt tfgkx in`g{ k`tn iwtwlc ow`dq. QKZ kq

Q{qtgiltka K`vgqtig`t Zcl` }fkaf kq vgx{ fgczowc tn qlclxkgd l`d ikddcg aclqq il`

Tfg{ al` k`vgqt tfgkx qlvk`m k`tn Q{qtgiltka K`vgqtig`t Zcl` l`d al` anccgat fwmg

ow`dq onx owtwxg.

QKZ kq zlkd k` in`tfc{ nx |wlxtgxc{ lq zgx tfg qafgig. Hwt cwiz qwi kq zlkd n`c{ n`g

tkig l`d tfg }fncg txl`qlatkn` kq hlqgd n` tfkq k`vgqtk`m in`g{. Nztk`m QKZ# l`

k`vgqtnx al` k`vgqt tfgkx qlvk`m k`tn kt l`d al` qlog fkq in`g{ dnk`m tflt. QKZ kq mnnd

hgalwqg ko kt qggiq tflt ilxegt }kcc mngq dn}` k` og} dl{q qn l` k`vgqtnx al` qlogc{

}ktfdxl} fkq in`g{ l`d al` qlog fkq in`g{.


38/69

K`vgqt lq {nw Glx`,,,

L` k`dkvkdwlcq tg`dgà{ktq qn vgx{ qtxl`mg l`d hloock`m, ]g zwxaflqg g|wkzig`tq

k` hwce ko }g mgt kt lt afglzgx xltgq l`d }fg` tfg{ lxg anqtc{# }g tg`d tn zwxaflqg

cgqqgx. Hwt tfkq tg`dgà{ tlegq l xgvgxqg q}k`m }fkcg }g tlce no qlvk`mq l`d

k`vgqtig`t. K` alqg no qlvk`mq l`d k`vgqtig`t# }fg` tfg zxkagq lxg fkmf# }g zwxaflqg

qtnaeq }fkcg }g qgcc }fg` tfg zxkagq lxg vgx{ cn}. Tfkq kq l t{zkalc zlttgx` bwqtko{k`m

tfg dwlc qg`tkig`tq no mxggd l`d oglx owàtkn`k`m }fkaf cgldq wq tn dkookawctkgq

K`dkvkdwlcq qfnwcd w`dgxqtl`d l`d lzzc{ qlig cnmka tn g|wktkgq qkikclx tn hw{k`m

zxndwatq k` tfg anwxqg no l dkqanw`t qlcg.


39/69

Qlvk`mq2 Glx`k`mq Gzg`dktwxgq

Hwt tfgqg qlvk`mq lxg tleg` nvgx h{ k`ocltkn`. Inqt no wq lxg w`l}lxg }fkcg tfnqg }fn

lxg km`nxg tfg googat no k`ocltkn` }fkcg an`qkdgxk`m k`vgqtig`tq.


40/69

Fg`ag# n`g iwqt cglx` tn k`vgqt qilxtc{. Ko n`g ekaeq noo k`vgqt lt l` glxc{ qtlmg no

ckog l`d eggzq an`tk`wk`m kt lt xgmwclx k`tgxvlcq# fg al` mltfgx l qkrglhcg linw`t onx

owtwxg. Ilbnxkt{ no wq zxnaxlqtk`ltg qlvk`mq. Tfg inxg {nw znqtzn`g inxg tfg cnqq.

Qn# qlvk`mq iwqt hg no wtinqt qkm`kokal`ag k` n`gq ckog. QKZ al` olakcktltg qlvk`mq k` l

q{qtgiltka l`d fl`d{ }l{.

G|wkt{ ) Tfg hgqt lqqgt aclqq


41/69

G|wkt{ mkvgq hgqt kòcltkn` ldbwqtgd xgtwx` lin`m lcc lqqgt aclqqgq nvgx l cn`m zgxknd

no tkig

Xgtwx`q lxg n` ALMX hlqkq. Hcwg hlx xgocgatq kòcltkn` ldbwqtgd xgtwx`.

Lq tfg mxlzf qfn}q# g|wkt{ kq tfg n`c{ lqqgt aclqq }fkaf flq mkvg` znqktkvg kòcltkn`

ldbwqtgd xgtwx` no ;.==' lmlk`qt ntfgx lqqgt aclqqgq. Kt kq gvkdg`t oxni tfg mxlzf tflt

k` tfg cn`m tgxi# g|wkt{ k`vgqtig`tq flvg fgczgd nwtzgxonxiq vlxknwq ntfgx

k`vgqtig`t lvg`wgq l`d flq lcqn fgczgd hglt kòcltkn` h{ l fwmg ilxmk`.

Tfg alzktlc ilxegtq lxg tfg tl`tlckrk`m zwcqg no l`{ gan`ni{# lq tfg alzktlc ilxegt

k`dkagq tn l` gtg`t xgvglc tfg anòkdgàg no k`vgqtnxq &hntf dnigqtka lq }gcc lq

onxgkm`+ k` tfg gan`ni{. Hwt tfg zxgqg`t vncltkckt{ no tfg K`dkl` g|wkt{ ilxegtq

qtggxgd ilk`c{ h{ dght)nvgxfl`m qktwltkn` k` tfg Gwxn rn`g l`d qnvgxgkm` xltk`m

dn}`mxldg flvg dg`tgd tfg anòkdgàg no il`{ no {nw k`vgqtnxq l`d il{ flvg gvg`

qg`t qfkvgxq dn}` tfg qzk`g.

Qkàg tfg clqt zgle no tfg K`dkl` g|wkt{ ilxegtq &lttlk`gd n` @nvgihgx 7# 8:


42/69

{glx)tn)dltg &[TD+ hlqkq h{ lhnwt )88.;'5 }ktf no anwxqg l qgxkgq no k`tgxigdkltg

kizwcqg l`d anxxgatkn`. L`d zwttk`m l txldgxq flt# qnig no {nw il{ flvg lcqn

k`dwcmgd k` kiig`qg txldk`m# tfwq tx{k`m tn tkig qgxkgq no zgleq l`d txnwmfq k` tfkq

ilxegt ) l`d il{ flvg gvg` onw`d kt tn hg tfxkcck`m gzgxkg`ag. Hwt cgt wq lzzxkqg {nw

tflt l txldgx kq mnnd n`c{ w`tkc fkq clqt txldg. [nw dn`t e`n} }flt tfg owtwxg flq k`

qtnxg onx {nw ) mnnd# hld nx wmc{>

Xgigihgx tfg tfxkcc no tkik`m tfg ilxegt# al` mkvg {nw l ekae# hwt tfg ekae al` ekae

{nw nwt. ]g hgckgvg tflt }fkcg tfg ilxegtq flvg twx`gd twxhwcg`t lt zxgqg`t k` tfg clqt

n`g {glx# kt kq kiznxtl`t tn qtl{ k`vgqtgd l`d no anwxqg dn inxg vlcwg zkaek`m.


43/69

Tfg aflxt lhnvg xgvglcq tflt nvgx inxg tfl` t}n dgaldgq tfg K`dkl` g|wkt{ ilxegtq

flvg }kt`gqqgd l qgxkgq no hntf ) znqktkvg lq }gcc lq `gmltkvg gan`nika l`d zncktkalc

gvg`tq. Hwt l `ntg}nxtf{ znk`t kq tflt n`c{ tfnqg }fn flvg qfn}` tfgkx zgxqgvgxl`ag

tn qtl{ k`vgqtgd onx tfg cn`m)tgxi flvg mlk`gd dgqzktg qwaf kizwcqg l`d anxxgatkvg

zflqgq qtggxgd h{ hntf znqktkvg lq }gcc lq `gmltkvg gan`nika gvg`tq naawxxk`m laxnqq

tfg mcnhg. Ko }gxg tn k`vgqt l qwi no


44/69

= Olatq n` G|wkt{ K`vgqtig`tq / = mnnd

xglqn`q tn k`vgqt k` QKZq

Olat @n.


45/69


46/69

4. Ilxegt tkik`m hganigq kxxgcgvl`t

N`g no tfg hkmmgqt dkookawctkgq k` g|wkt{ k`vgqtk`m kq ]FG@ tn k`vgqt# lzlxt oxni tfg

ntfgx hkm |wgqtkn` ]FGXG tn k`vgqt. ]fkcg# k`vgqtk`m k` l iwtwlc ow`d qncvgq tfg

kqqwg no }fgxg tn k`vgqt# QKZ fgczq wq tn nvgxanig tfg zxnhcgi no }fg`. QKZ kq l

dkqakzck`gd k`vgqtk`m kxxgqzgatkvg no tfg qtltg no tfg ilxegt. Kt tfwq ilegq tfg ilxegt

tkik`m tntlcc{ kxxgcgvl`t. L`d tndl{ }fg` tfg ilxegtq lxg fkmf# kt il{ `nt hg zxwdg`t

tn aniikt clxmg qwiq lt n`g mn. ]ktf tfg `gt 8)1 {glxq cnnek`m mnnd oxni K`dkl`

Gan`ni{ znk`t no vkg}# n`g al` gzgat fl`dqnig xgtwx`q tfxw xgmwclx k`vgqtk`m.

7. Dngq `nt qtxlk` nwx dl{)tn)dl{ ok`l`agq

Iwtwlc Ow`dq lccn} wq tn k`vgqt vgx{ qilcc linw`tq &Xq 7:: Xq


47/69

]g mg`gxlcc{ tg`d tn k`vgqt }fg` tfg ilxegtq lxg xkqk`m. QKZ }nxeq lq l mnnd

dkqakzck`g lq kt onxagq wq tn hw{ gvg` }fg` tfg ilxegtq lxg cn}# }fkaf latwlcc{ kq tfg

hgqt tkig tn hw{.

=. Fgczq tn owcokcc nwx dxgliq

Tfg k`vgqtig`tq }g ileg lxg wctkiltgc{ onx qnig nhbgatkvgq qwaf lq tn hw{ l fnwqg#

afkcdxg q gdwaltkn`# ilxxklmg gta. L`d il`{ no tfgi xg|wkxg l fwmg n`g)tkig

k`vgqtig`t. Lq kt }nwcd wqwlcc{ `nt hg znqqkhcg xlkqg qwaf clxmg linw`tq lt qfnxt

`ntkag# }g `ggd tn hwkcd tfg anxzwq nvgx l cn`mgx zgxknd no tkig# tfxnwmf qilcc hwt

xgmwclx k`vgqtig`tq. Tfkq kq }flt QKZ kq lcc lhnwt. Qilcc k`vgqtig`tq# nvgx l zgxknd no

tkig# xgqwct k` clxmg }glctf l`d fgcz owcokcc nwx dxgliq / lqzkxltkn`q.


48/69

K`vgqtig`t)il`txl onx G|wkt{ QKZq

Tkik`m tfg ilxegtq kq `nt qnigtfk`m n`g al` lafkgvg }ktf laawxla{ qkàg g|wkt{

ilxegt kq `gvgx l qtlhcg g`vkxnìg`t. Kt kq inxg no l mwt oggck`m. Nàg al` `gvgx

qwxgc{ tkig tfg ilxegt. Ilxegtq lxg dxkvg` `nt bwqt h{ glx k`mq hwt lcqn h{

qg`tkig`tq.

QKZ }kcc }nxe hgqt ko onccn}k`m latq lxg dn`g2

Qtlxt Glxc{

K`vgqt xgmwclxc{

K`vgqt onx Cn`m tgxi

K`vgqt k` xkmft Lqqgtq

K` qwaf l qag`lxkn# l` G|wkt{ QKZ anàgzt il{ hxk`m k` iwaf `ggdgd dkqakzck`g

lin`m qilcc k`vgqtnxq tn k`vgqt xgmwclxc{ k` g|wktkgq l`d `nt tn k`vgqt cwiz qwi k`

fkmf xkqe qtnaeq }fg` ilxegtq lxg n` l` lcc)tkig fkmf. ]ktf vncltkckt{ k` g|wkt{

ilxegtq lt l` lcc)tkig fkmf # qtlxtk`m }ktf l` g|wkt{ QKZ k` l ow`dlig`tlcc{ qnw`d

qtnae il{ `nt hg l hld nztkn`. Xltfgx tfl` }lktk`m n` qkdgck`gq k` fnzg no ilxegtq

qckdk`m dn}` owxtfgx# qtlxt k`vgqtk`m q{qtgiltkalcc{ l`d dn`t dgogx {nwx k`vgqtig`t

dgakqkn`q l`{ owxtfgx.


49/69

G|wkt{

QKZq

Zxnq An`q

Ik`kikrg vncltkckt{ xkqe

Dkvgxqkokaltkn` il{ mgt

km`nxgd

@n lddktkn`lc anqt no hw{k`m qflxgq vkl QKZq

Mxgltgx ilxegt xkqe

tfl` iwtwlc ow`dq

Dn`t flvg tn k`vgqt k` cwiz)qwi

Oxwktowc onx k`vgqtig`t onx cn`m tgxi.

Mnnd }fg` k`vgqtnx dngq`t e`n} }fg` tn

g`tgx nx gkt tfg ilxegt

Lvgxlmgq nwt tfg k`vgqtig`tq nvgx tkig

Agxtlk` tfk`mq k` ckog flvg tn hg gzgxkg`agd tn hg hgckgvgd. K`onq{q Tgaf`ncnmkgq

ildg tfgkx KZN &K`ktklc Zwhcka Noogxk`m+ k`


50/69

Tn aktg l`ntfgx glizcg2 Xq


51/69

Inqt k`vgqtnxq clae tfg ok`l`aklc gzgxtkqg# tkig l`d k`ack`ltkn` xg|wkxgd onx dkxgat

k`vgqtig`t k` qtnaeq. Iwtwlc ow`dq# zlxtkawclxc{ G|wkt{ Dkvgxqkokgd Ow`dq tflt k`vgqt

zxgdnik`l`tc{ k` qtnaeq flvg mkvg` lttxlatkvg xgtwx`q tn k`vgqtnxq. Lq n` 1:):=)8:


52/69

Hgltk`m Kòcltkn` anionxtlhc{

Lvgxlmg kòcltkn` dwxk`m tfg zlqt okotgg` {glxq flq hgg` lhnwt = Zgxag`t.

G|wkt{ xgtwx`q flvg hgltg` kòcltkn` h{ l fkmfgx ilxmk` tfl` mncd nx l Hlè OD

nvgx tfg zlqt okotgg` {glxq.

]glctf Axgltkn` tfxnwmf g|wkt{ }kcc lcqn g`flàg {nwx xglc zwxaflqk`m zn}gx k`

l il``gx ntfgx lqqgtq aclqqgq }kcc hg flxd zxgqqgd tn iltaf

Tfkq kq tfg inqt kiznxtl`t xglqn` }f{ }g iwqt flvg g|wkt{ k` nwx znxtonckn.


53/69

Hgqt Q{qtgiltka K`vgqtig`t Zcl`q k` K`dkl

Iwtwlc Ow`d 1 [glxqK`vgqtig`t1?:::

7 [glxqK`vgqtig`t?::::


54/69

G|wkt{ QKZ Zxnvkdgx

G|wkt{ hxnegxlmgq qwaf lq KAKAK Dkxgat nx FDOA Qgawxktkgq noogx g|wkt{ QKZq no

vlx{k`m linw`tq# oxg|wgàkgq l`d tg`wxg. Tfg cltgqt tn k`txndwag tfkq anàgzt kq

Xgcklàg Qgawxktkgq# }fkaf clwàfgd tfg Xgmwclx Qtnae Zwxaflqg &XQZ+ zcl` clqt

}gge. . Ntfgx okxiq noogxk`m qkikclx zxndwatq kàcwdg

FDOA Qgawxktkgq

Xgcklàg Qgawxktkgq

Mgnbkt H@Z Zlxkh lq Ok`làklc Qgxvkagq

Entle Qgawxktkgq

KAKAK Qgawxktkgq

Intkclc Nq}lc Ok`làklc Qgxvkagq

[nw al` qgt l QKZ# }fkaf hw{q okgd `wihgx no qflxgq nx k`vgqt l okgd linw`t k`

g|wktkgq n` xgmwclx k`tgxvlcq. Tfg k`vgqtig`t linw`t al` hg mkvg` tfxnwmf afg|wgq nx

txl`qogxxgd n`ck`g tfxnwmf lwtniltgd gcgatxn`ka acglxlàg oxni {nwx hlè laanw`t

Tfg qflxgq lxg hnwmft lt zxgvlkck`m ilxegt xltg lt tfg tkig no QKZ. Inqt g|wkt{ QKZ

zcl`q noogx {nw tn axgltg {nwx n}` znxtonckn }ktfnwt l`{ k`vgqtig`t ckiktq. Tfgxg kq

`n alz n` gktfgx k`vgqtig`tq nx `wihgx no g|wkt{. ]ktf g|wkt{ QKZ # awqtnigxq alàfnnqg tn k`vgqt lt l qzgakokgd oxg|wgà{ dlkc{ # }ggec{ # onxt`kmftc{ nx in`tfc{ k`

qtnae no {nwx afnkag. Tfg afnkag no l ik`kiwi k`vgqtig`t linw`t kq qtkzwcltgd h{

glaf hxnegxlmg# vlx{k`m laxnqq zcl{gxq. Onx k`qtlàg# Intkclc Nq}lc zgmq tfg linw`t

lt Xq 8#:::5 onx KKOC# kt kq Xq 7#:::. Tfgxg kq# t{zkalcc{# `n agkck`m n` tfg ilkiwi

linw`t tflt al` hg k`vgqtgd glaf in`tf.


55/69

Lctgx`ltkvgc{# k`vgqtnxq afnnqk`m tfg |wl`tkt{)hlqgd nztkn` al` hw{ l qzgakoka

`wihgx no qtnaeq k` glaf txl`afg. N`c{ tfg linw`t no k`vgqtig`t {nw `ggd tn ileg

il{ vlx{ glaf tkig# dgzg`dk`m n` tfg qtnae zxkag lt tflt tkig. Qn# ql{ {nw dgakdg tn

hw{ okvg qtnaeq no Anizl`{ V glaf in`tf. Ko tfg zxkag no tfg qtnae tfkq in`tf kq Xq


56/69

FDOA Qgawxktkgq

FDOA Qgawxktkgq zxnvkdgq

DN KT [NWXQGCO Q[QTGILTKA K@_GQTIG@T ZCL@

&DK[QKZ+

DK[QKZ kq l` w`k|wg zxndwat noogxk`mq tfxnwmf FDOA Qgawxktkgq }fkaf fgczq wq tn

k`vgqt l zxgqzgakokgd |wl`tkt{ k` qtnaeqGTOq no nwx afnkag lt xgmwclx k`tgxvlcq nvgx l

zgxknd no tkig lq qgcgatgd h{ wq. DK[QKZ gckik`ltgq tfg `ggd onx wq tn latkvgc{ txlae

tfg ilxegt l`d fgczq wq tn wqg ilxegt vncltkckt{ tn hwkcd nwx znxtonckn.

Hg`goktq no D.K.[. QKZ2

Tfg zn}gx tn tleg {nwx n}` dgakqkn`q l`d hg {nwx n}` ow`d il`lmgx.

Q{qtgiltka / dkqakzck`gd il``gx no k`vgqtk`m k` g|wktkgq.

@n hwxdg` no fglv{ k vgqtig`tq lt l qk`mcg tkig.

@n cnae)k` zgxknd g`qwxgq {nw al` qgcc# zlwqg l`{tkig {nw }kqf tn.

FDOA Qgawxktkgq- gzgxt xgqglxaf tgli lt {nwx qgxvkag tn fgcz {nw qgcgat l`d hwkcd l

dkvgxqkokgd znxtonckn.

_lxkgd k`vgqtig`t nztkn`q lq zgx {nwx `ggdq l`d xkqe lzzgtktg

G|wktkgqK`vgqt k` tfg qtnaeq

}g hgckgvg k`.

K`dkagq GTOK`vgqt k` K`dkagq GTO l`dmgt xgtwx` n` k`vgqtig`tq

lt zlx }ktf tfg k`dg.

Mncd GTOK`vgqt k` Mncd GTO-q }fkaffgcz }g fgdmg l`d zcl` nwtnwx owtwxg mncd xg|wkxgig`tq.


57/69

Xgcklàg Qgawxktkgq

G|wkt{ ilxegtq al``nt hg tkigd zgxogatc{# qzgaklcc{ gigxmk`m ilxegtq ckeg nwxq

Tfwq# QTZ }nwcd lat lq l` k`vgqtig`t altlc{qt# lkik`m tn dgxkvg tfg anihk`gd

hg`goktq no qtlhkckt{ no dght lcn`m }ktf zn}gx no g|wkt{ lt tfg qlig tkig.QTZ k`vncvgq tfg zxnagqq no k`vgqtk`m cwiz qwi k` l ck|wkddght qafgig }fkaf }nwcd

mkvg olkxc{ qtlhcg xgtwx`q l`d tfg` txl`qogxxk`m l okgd linw`t tn l` g|wkt{ qafgig k`

l xgmwclx olqfkn`. Nàg tfg g|wkt{ lccnaltkn` kq dgtgxik`gd lq zgx tfg tntlc znxtonckn

an`qkdgxltkn`# g|wkt{ k`vgqtig`t al` hg lccnaltgd k` l dkqakzck`gd il``gx tfxnwmf

QTZ.Tfkq }nwcd g`lhcg tfg k`vgqtnx tn lafkgvg l hwkcdwz k` tfgkx znxtonckn no g|wktkgq

}ktf l cn} linw`t no xkqe lcn`m }ktf xgcltkvgc{ qtlhcg xgtwx`q no dght k` tfg k`tgxki

tkig zgxknd

Zxglihcg tn Xgcklàg QILXT QTGZ ) L` G`flàgd _gxqkn` no QTZ

Xgcklàg QILXT QTGZ kq l qzgaklc zxndwat ogltwxg }fkaf }nxeq n` l zxnzxkgtlx{

qakg`tkoka indgc# }fkaf lddq k`tgcckmgàg tn dkqakzck`gd# cn`m tgxi l`d q{qtgiltkak`vgqtig`t flhkt.

Tfg qakg`tkoka indgc lkiq tn k`tgmxltg tfg a{ackalc txg`d no g|wkt{ ilxegtq k` n`g

a{acg# }fkaf lcqn dgzkatq tfg k`tgx)xgcltkn` no ilaxn / ikaxn gan`nika olatnxq.

Tfg qakg`tkoka indgc an`qnckdltgq hwcc / hglx zflqgq k` n`g a{acg# }fkaf g`lhcgq tn

znxtxl{ tfg awxxg`t znqktkn`k`m no tfg ilxegt.

Tfwq# Xgcklàg QILXT QTGZ }nxeq n` l qkizcg hwt qilxt / lttxlatkvg anàgzt no

(K@_GQT INXG }fg` tfg awxxg`t qtnae ilxegt kq znqktkn`gd lt cn}gx cgvgcq

K@_GQT CGQQ }fg` awxxg`t qtnae ilxegt kq znqktkn`gd lt fkmfgx cgvgcq.


58/69

]f{ K`vgqt k` Xgcklàg QILXT QTGZ

XIO kq tfg okxqt iwtwlc ow`d fnwqg tn clwàf qwaf l qzgaklc olakckt{ }fgxg k` linw`t

no glaf txl`qogx oxni lcc ck|wkddght qafgigq tn g|wkt{ qafgigq# }nwcd hg dgtgxik`gd

n` tfg hlqkq no l cnmkalc / qakg`tkoka indgc.

Tfg qakg`tkoka indgc alztwxgq k`txk`qka vncltkckt{ k` l tgaf`k|wg }fkaf g`lhcgq tn hw{

inxg w`ktq }ktf cgqq k`vgqtig`t# lq anizlxgd tn @nxilc QTZ# onx cn`mgx zgxknd no

k`vgqtig`t. Xgkònxagq tfg zxnvg` olat tflt tfg nztkiwi }l{ no xglzk`m hg`goktq k`

l`{ ilxegt a{acg }nwcd hg tfxnwmf l dkqakzck`gd# xgmwclx l`d cn`m tgxi k`vgqtig`t

lcn`m }ktf tfg anàgzt no cn} k`vgqtig`t lt fkmfgx cgvgcq l`d fkmf k`vgqtig`t lt

cn}gx cgvgcq.Tfxnwmf tfkq `g} noogxk`m# XIO lkiq tn gizn}gx tfg k`vgqtnx }ktf tfg fkmf){kgcdk`m

xgtwx`q no g|wkt{ lcn`m }ktf qtlhcg xgtwx`q no dght# tfxnwmf l q{qtgiltka k`vgqtig`t

ckègd tn tfg ilxegt cgvgcq.

Fkqtnxkalc Xgogxgàg no Qakg`tkoka Indgc


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Tfg qakg`tkoka indgc flq hgg` tgqtgd qk`ag


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"V linw`t }nwcd hg dgakdgd h{ tfg k`vgqtnx lt tfg tkig no g`xnccig`t onx Zcl` G no

Xgcklàg QILXT QTGZ. Tfg ik`kiwi k`vgqtig`t linw`t no V k` Zcl` G }nwcd hg

Xq.1:#::: / k` iwctkzcgq no Xq.7:: tfgxglotgx. K`vgqtnxq qfnwcd acglxc{ k`dkaltg zcl`q

lq ig`tkn`gd lhnvg. Zcglqg `ntg tflt ko `n Zcl` kq ig`tkn`gd k`dkaltgd k` tfg

Lzzckaltkn` Onxi# Zcl` L qflcc hg an`qkdgxgd lq dgolwct Zcl`.

Gckmkhcg Txl`qogxnx &Ck|wkdDght+ l`d Txl`qogxgg &G|wkt{+ Qafgigq

Txl`qogxnx &Ck|wkdDght+ Qafgigq2

Xgcklàg Ocnltk`m Xltg Ow`d

Xgcklàg Ck|wkdkt{ Ow`d

Xgcklàg Ck|wkd Ow`d ) Txglqwx{ Zcl`

Xgcklàg Ck|wkd Ow`d Alqf Zcl`

Xgcklàg Igdkwi Tgxi Ow`d

Xgcklàg Qfnxt Tgxi Ow`d

Xgcklàg Mkct Qgawxktkgq Ow`d

Xgcklàg In`tfc{ Kànig Zcl`

Xgcklàg In`g{ Il`lmgx Ow`d

Xgcklàg Kànig Ow`d#

Xgcklàg Xgmwclx Qlvk`mq Ow`d ) Dght Nztkn`

Txl`qogxgg &G|wkt{+ Qafgigq2

Xgcklàg Mxn}tf Ow`d#

Xgcklàg _kqkn` Ow`d

Xgcklàg G|wkt{ Nzznxtw`ktkgq Ow`d

Xgcklàg G|wkt{ Ow`d


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Xgcklàg G|wkt{ Ldvl`tlmg Ow`d

Xgcklàg \wl`t Zcwq Ow`d

Xgcklàg Xgmwclx Qlvk`mq Ow`d ) G|wkt{ nztkn`

Xgcklàg Xgmwclx Qlvk`mq Ow`d ) Hlclàgd nztkn`

Xgcklàg @ltwxlc Xgqnwxagq Ow`d

Xgcklàg Hlèk`m Ow`d)Xgtlkc Zcl`

Xgcklàg Zflxil Ow`d

Xgcklàg Igdkl / G`tgxtlkìg`t Ow`d

Xgcklàg Dkvgxqkokgd Zn}gx Qgatnx Ow`d

Xgcklàg Kòxlqtxwatwxg Ow`d

Xgcklàg Tl Qlvgx &GCQQ+ Ow`d"

Xgcklàg Cn`m Tgxi G|wkt{ Ow`d

"K`vgqtig`t k` tfg qafgig kq qwhbgat tn tfg cnae k` zgxknd no tfxgg {glxq. ""Tfkq al`

hg txl`qogxgg qafgig n`c{ lotgx an`vgxqkn` k`tn l` nzg`)g`dgd qafgig wzn` iltwxkt{

Xgcklàg Tl Qlvgx Ow`d kq `nt l` gckmkhcg txl`qogxgg qafgig onx Zcl` Xgcklàg

Alzktlc Lqqgt Il`lmgig`t Ckiktgd &XALI+ xgqgxvgq tfg xkmft tn k`txndwag nx

}ktfdxl} l`{ no tfg lhnvg ig`tkn`gd txl`qogxnx nx txl`qogxgg qafgigq


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Xkqe Olatnx

Iwtwlc Ow`dq l`d qgawxktkgq k`vgqtig`tq lxg qwhbgat tn ilxegt xkqeq l`d tfgxg kq `n

lqqwxlàg l`d `n mwlxl`tgg tflt tfg nhbgatkvg no tfg xgqzgatkvg qafgig }kcc hg

lafkgvgd. Lq }ktf k`vgqtig`tq k` l`{ qgawxktkgq# tfg @L_ no tfg w`ktq kqqwgd w`dgx

tfg Qafgig al` mn wz nx dn}` dgzg`dk`m n` tfg olatnxq l`d onxagq loogatk`m tfg

qgawxktkgq ilxegt. Zlqt zgxonxilàg no tfg Qzn`qnxLIAIwtwlc Ow`d kq `nk`dkaltkvg no owtwxg zgxonxilàg no tfg Qafgig. Tfg `ligq no tfg qafgigq dn `nt k`

l`{ il``gx k`dkaltg gktfgx tfg |wlckt{ no tfg Qafgig# ktq owtwxg zxnqzgatq nx xgtwx`q

Tfg Qzn`qnx kq `nt xgqzn`qkhcg nx cklhcg onx l`{ cnqq xgqwctk`m oxni tfg nzgxltkn` no

tfg Qafgig hg{n`d tfgkx k`ktklc an`txkhwtkn` no Xq.< cla tn}lxdq tfg qgttk`m wz no tfg

Iwtwlc Ow`d l`d qwaf ntfgx laaxgtkn`q l`d lddktkn`q tn tfg anxzwq. Tfg @L_ no tfg

Qafgig il{ hg loogatgd# k`tgxclkd# h{ afl`mgq k` tfg ilxegt an`dktkn`q# k`tgxgqt xltgq

txldk`m vncwigq# qgttcgig`t zgxkndq l`d txl`qogx zxnagdwxgq. Tfg Iwtwlc Ow`d kq `nt

lqqwxk`m tflt kt }kcc ileg zgxkndkalc dkvkdg`d dkqtxkhwtkn`q# tfnwmf kt flq gvgx{

k`tg`tkn` no dnk`m qn. Lcc dkvkdg`d dkqtxkhwtkn`q lxg qwhbgat tn


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K`vgqtk`m Dnq l`d Dn`tq

]fg` n`g kq k`vgqtk`m k` tfg ilxegt# tfg{ qfnwcd okxqt l`lc{rg tfg ilxegt.

]fkcg k`vgqtk`m# n`g qfnwcd eggz qnig linw`t lqkdg lq l xgqgxvg.

Zgnzcg qfnwcd k`vgqt k` qilcc qwiq l`d iwqt dkvgxqko{ tfgkx k`vgqtig`tq. N`g

qfnwcd `gvgx eggz lcc gmmq k` l qk`mcg hlqegt.

K`vgqtk`m k` qilcc linw`t kq lcqn fgczowc lq tfg`# k` alqg no l cnqq# tfg linw`t

al` hg xganvgxgd glqkc{.

G|wkt{ QKZ kq l igtfnd h{ }fkaf awqtnigxq flvg tfg nztkn` tn k`vgqt tfgkx ow`dq

lt l zlxtkawclx okgd oxg|wg`a{ no tkig. Kt lccn}q q{qtgiltka k`vgqtig`t k` l

dkqakzck`gd }l{.

QKZq mg`gxltg xgtwx`q nvgx l cn`m zgxknd no tkig5 tfg{ dn `nt mkvg xgqwctq

kiigdkltgc{. N`g flq tn hg zltkg`t }fkcg k`vgqtk`m k` QKZq l`d hg zxgzlxgd tn

mkvg kt qnig tkig tn oxwatko{.

]fg` tfg ilxegt kq fkmf {nw qfnwcd hw{ cgqq `wihgx no qflxgq# l`d }fg` tfg

ilxegt kq cn} {nw qfnwcd hw{ inxg `wihgx no qflxgq. Mgt tfg hg`goktq

aniznw`dgd nvgx l zgxknd no tkig.

In`g{ qfnwcd lc}l{q hg k` xnwtgd onxi. Tfkq igl`q tflt ko {nw lxg k`vgqtk`m qnig

linw`t tfl` {nw qfnwcd lcqn mgt qnig xgtwx`q n` kt# k` ntfgx }nxdq# {nw qfnwcd lqqgqq

{nwx Xgtwx` n` K`vgqtig`t nx XNK. Tfgxg qfnwcd hg l in`g{ ckog a{acg. ]ktf G|wkt{


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Q{qtgiltka K`vgqtig`t Zcl # kt kq l awqtnigxq afnkag tn k`vgqt lt qzgakokgd

oxg|wg`akgq }fkaf il{ hg dlkc{# }ggec{ nx in`tfc{.

[nw `ggd tn vlx{ n`c{ tfg linw`t no tfg k`vgqtig`t gvgx{ tkig {nw hw{ tfg

qtnaeq# dgzg`dk`m n` tfg qtnae zxkag k` tfg ilxegt. N`g qfnwcd k`vgqt inxg }fg` tfg

ilxegt kq dn}` l`d qfnwcd qgcc kt }fg` tfg ilxegt kq wz qn tflt cgqqgx k`vgqtig`t al`

glx` {nw inxg xgtwx`q. K`vgqtig`t al` hg dn`g k` vlxknwq igl`q ckeg k` mncd# qflxgq

dght k`qtxwig`tq nx l anihk`ltkn`. Tfg linw`t tn hg k`vgqtgd al` hg txl`qogxxgd

tfxnwmf l afg|wg nx n`ck`g oxni {nwx laanw`t.


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Xganiig`dltkn`q2

K`vgqtig`t kq tfg tgaf`k|wg h{ }fkaf zgnzcg qlvg tfg in`g{ onx owtwxg l`d kàxglqg

tfgkx ckvk`m qtl`dlxd. Il`{ zgnzcg }fn dn`t e`n} l`d dn`t }l`t tn tleg inxg xkqe

h{ k`vgqtk m k` qflxgq l`d qgawxktkgq tfgxgonxg Iwtwlc Ow`dq lxg hgttgx k`qtxwig`tq tn

qlvg tfgkx in`g{ onx owtwxg l`d zxnvkdg tfgi hgttgx xgtwx`.

QKZ l`d Cwiz qwi lxg t}n tgaf`k|wgq tn k`vgqt in`g{ k` iwtwlc ow`d. Zgnzcg qfnwcd

`nt anòwqg lhnwt tfgi. Hntf lxg hgttgx tfgiqgcvgq. ]f

g` ilxegt kq wzq l`d dn}` `ltwxg kt kq hgttgx tn k`vgqt tfgkx in`g{ tfxnwmf QKZ

l`ntfgx xglqn` onx QKZ kq hgalwqg kt kq in`tfc{ k`vgqtig`t qn }fg` tfgxg lxg qlclxkgd

zgxqn` }fn }l`t tn k`vgqt in`g{ k` iwtwlc ow`d tfg` QKZ kq mnnd tgaf k|wg hgalwqg

tfg{ flvg ckiktgd qlvk`m tfltq }f{ QKZ kq mnnd onx qlclxkgd zgxqn`q.

]fg` K qwxvg{gd k` tfg ilxegt tfgxg lxg il`{ zgnzcg }fn xglcc{ dn`t e`n} }flt

latwlcc{ iwtwlc ow`d igl`q kq. K xglckrgd tflt tfgxg lxg il`{ zgxqn`q }fn dn`t k`vgqt

in`g{ k` iwtwlc ow`d tfg{ n`c{ k`vgqt k` k`qwxlàg nx okgd dgznqkt.

K }kcc qwmmgqt fgxg tflt tfgxg kq `ggd no inxg ldvgxtkqk`m tfxnwmf al`nzkgq }fkaf }kcc

fgcz tn tfnqg zgnzcg }fn }l`t tn k`vgqt k` iwtwlc ow`d l`d }kcc mgt inxg kònxiltkn`

tfxnwmf al`nzkgq.


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Qnig zgnzcg zxgogx tn k`vgqt l cwiz qwi }fg` tfg{ flvg tfg in`g{ lvlkclhcg )

zgxflzq oxni l hn`wq lt }nxe. Tfg hg`gokt kq tflt {nw lxg cgqq ckegc{ tn qzg`d tfg

in`g{ n` ntfgx tfk`mq,

Fn}gvgx# ko {nw dn `nt flvg l cwiz qwi# {nw dn`-t flvg tn qlvg wz w`tkc {nw flvg l

clxmg linw`t tn k`vgqt. [nw al` k`vgqt l xgcltkvgc{ qilcc linw`t gvgx{ in`tf tflt al`

hwkcd wz k`tn l }nxtf}fkcg `gqt gmm. Ko {nw qgt wz l in`tfc{ qlvk`mq zcl`# {nw }kc

qnn` anig tn tfk`e no {nwx xgmwclx zl{ig`t lq l` gqqg`tklc zlxt no {nwx hwdmgt

]flt-q inxg# {nw al` hg`gokt oxni l zfg`nig`n` e`n}` lq (xwzgg anqt lvgxlmk`m(

`n ilttgx fn} ilxegtq lxg zgxonxik`m2

Ko tfg ilxegt mngq wz# tfg w`ktq {nw lcxgld{ n}` }kcc k`axglqg k` vlcwg.

Ko tfg ilxegt mngq dn}`# {nwx `gt zl{ig`t }kcc hw{ inxg w`ktq


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AN@ACWQKN@

Q{qtgiltka K`vgqtig`t Zcl` &QKZ+ kq tfg }k``k`m qtxltgm{ k` zxgqg`t ilxegt qag`lxkn

Qilcc k`vgqtnx al` ileg fkq fgx k`vgqtig`t k` G|wkt{ Ow`d tfxnwmf tfg in`tfc{ nx

|wlxtgxc{ no k` iwctkzcg no 7:: k.g. 7::#


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H K H C K N M X L Z F [

}}}.in`g{an`txnc.ani

}}}.k`vgqtnzgdkl.ani

}}}.k`vgqtig`til`txl.ani

}}}.ok`}gh.ani

Hnne n` Q{qtgiltka K`vgqtig`t Zcl` H{ A`ha @gt}nxe Tv

}}}.fdoaqga.ani

}}}.xgckl`agiwtwlc.ani

K`dkl Tndl{ Ilmlrk`g

Hwqk`gqq K`dkl Ilmlrk`g
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systematic investment plans mba project

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