Listing Standards of SME stock exchanges

Listing Standards of SME stock exchanges Free Online Research Papers Listing standards of SME stock exchanges The document covers the importance of SME exchanges and discussed the listing standards of some of the famous SME stock exchanges across the world and the future of such exchanges in India Niroop G J PGP/11/097 Contents INTRODUCTION 3 Small and medium enterprise (SME) exchanges 3 AIM London 4 Highlights: 4 Key Criteria for listing 5 Mothers Exchange 6 Listing Criteria 6 Liquidity 6 Growth Enterprise Market – GEM 8 GEM Listing Requirements 8 (I) Financial Requirements: 8 (II) Acceptable Jurisdictions: 8 (III) Accounting Standards: 8 (IV) Suitability for Listing: 9 (V) Operating History and Management: 9 (VI) Minimum Market Capitalisation: 9 (VII) Market Capitalisation of Public Float: 9 (VIII) Public Float: 9 (IX) Spread of Shareholders: 10 (X) Offering Mechanism: 10 (XI) New Issue Price: 10 Listing Process for a listing application 11 JSE Alternative Exchange (AltX) 12 Expected Benefits 12 For companies: 12 For investors: 13 For the South African economy: 13 Extraordinary Support 13 Designated Advisers 13 Listing Requirements 15 Market for Alternative Investment MAI 16 Criteria for listing on MAI 16 NYSE ALTERNEXT 17 MARKET PARTICIPANTS 17 LIQUIDITY PROVIDERS 17 Role of LPs 17 New LP profiles 19 MARKET MAKERS 19 LISTING SPONSORS 21 OBLIGATIONS 21 Conditions for becoming a listing sponsor 22 KOSDAQ 23 Mixed Results 25 1. Good performance 25 2. Bad performance 27 Growth of KOSDAQ 29 LISTING STANDARDS 30 TSX Venture exchange Canada 31 The steps to list on TSX Venture Exchange 31 Filing a prospectus is a five-step process: 32 Listing Requirement 32 Listing Fees 33 Four different methods at TSX Venture Exchange 33 Direct Listing 33 IPO 33 Reverse Take-Over 33 TSX Venture Capital Pool Company Program (CPC) 34 SME Exchange in India 35 REFERENCES 35 INTRODUCTION Small and medium enterprise (SME) exchanges The objective of SME exchanges is to provide a way for smaller companies to raise capital. These companies, due to their smaller sizes, cannot raise capital from larger exchanges. The companies which would want to raise money from SME exchanges would generally range from young, venture capital-backed start-ups to well-established, mature organisations looking to expand. These small and mid-sized firms usually cannot meet the stringent requirements that are necessary for listing on bigger exchanges. SME exchanges are designed specifically for these companies. These exchanges provide a way for the small companies to get listed, and also provide an alternative investment option for the investors, who can buy the equity of smaller businesses. There are numerous reasons why small company would want to get itself listed on an SME exchange. The reasons are essentially the similar to why any company would want to go public. But, the priorities in case of the small firms are different. For example, listing on an exchange creates a heightened public profile of a small company. This is very important for most small companies getting listed on SME exchange, but not as important for a well-established company getting listed on a major exchange. Some of the reasons why a small company wants to get itself listed on an SME exchange include: To provide access to capital for growth To create a market for the company’s shares To place an objective market value on Company’s business To encourage employee commitment by making share schemes more attractive To increase the company’s ability to make acquisitions using quoted shares as currency To create a heightened public profile To enhance status with customers and suppliers There are many SME exchanges around the world. Presently, we do not have such an exchange in India. Examples of some of the popular SME exchanges around the world are – AIM London NYSE Alternext JSE Alternative Exchange South Africa Market for Alternative Investment (MAI) Thailand TSX Venture exchange Canada Mothers (Market of the high-growth and emerging stocks) Japan Gems- Hong Kong KSODAQ Korea AIM London The London Stock Exchange created AIM with the objective to offer smaller companies from any country and any industry sector ? the chance to raise capital on a market with a pragmatic and appropriate approach to regulation. AIM is designed to be a highly flexible public market offering many unique attributes both for companies and investors. Companies do not need a particular financial track record or trading history for getting listed on AIM. There is also no minimum requirement in terms of size or number of shareholders. This more flexible approach reflects the fact that AIM was designed specifically for smaller growing companies, and has helped AIM to become the leading global growth market. Highlights: No minimum size of company No minimum proportion of shares to be in public hands No trading record requirement No prior shareholder approval for the majority of transactions No restrictions on the transferability of the companys shares* No requirement to be incorporated in the United Kingdom Key Criteria for listing 1. An applicant must appoint a nominated adviser and an AIM company must retain a nominated adviser at all times. 2. An applicant must produce an admission document and other supporting documents in specified formats. 3. Where an applicant’s main activity is a business which has not been independent and earning revenue for at least two years, it must ensure that all related parties and applicable employees as at the date of admission agree not to dispose of any interest in its securities for one year from the admission of its securities. 4. Where the applicant is an investing company, a condition of its admission is that it raises a minimum of  £3 million in cash via an equity fundraising on, or immediately before admission. 5. Disclosure of developments that are not public knowledge but likely to cause substantial prize movements. 6. Disclosure of corporate transactions 7. Disclosure of half-yearly financial statements 8. Annual reports 9. Disclosure of other miscellaneous information. Mothers Exchange Mothers (Market of the high-growth and emerging stocks) was established by the Tokyo Stock Exchange on November 11, 1999. The exchange was set up in order to provide venture companies access to funds at an early stage of their development and to provide investors with more diversified investment products. Listing Criteria Liquidity 1. Applicant should make, at the time of listing, public offering of minimum 1,000 trading units of newly issued shares, or a public offering of minimum 1,000 trading units of newly issued shares and previously issued shares, of which minimum 500 trading units should be of newly issued shares. 2. Applicant should secure minimum 300 new shareholders by the initial public offering at the time of listing. 3. A market capitalization of at least JPY 1 billion at the time of listing. 4. Turnover, for the business should be recorded by the day prior to the listing application date. This is because if the business is still being planned or going through a feasibility assessment stage and yet to generate any significant revenue, it is not considered eligible for listing. 5. Financial Statements 6. Applicant is to have contracted, or has agreed to contract, with one of shareholder service agents by the time of application. 7. There should be no restrictions on transfer of stocks. 8. Applicant has agreed, or is to have agreed, to deposit their securities into a central securities depository, Japan Securities Depository Center, Inc. 9. Applicant should be able to disclose their business results appropriately and timely on quarterly basis. ? Figure below compares the listing criteria of Mothers with other sections of the Tokyo Stock exchange. ? Growth Enterprise Market – GEM GEM is an alternative stock market operated by Hong Kong Exchanges and Clearing Limited. It caters to the growth enterprises particularly those emerging ones, i.e. enterprises that have good business ideas and growth potential. Gem offers growth enterprises an avenue to raise capital. It offers investors an alternative of investing in high growth, high risk businesses and provides a fund raising venue and a strong identity to foster the development of technology industries in Hong Kong and the region. Gem promotes the development of venture capital investments. GEM Listing Requirements The following shows some of the basic requirements for listing equity securities on the Exchange. (I) Financial Requirements: A GEM new applicant must have a trading record of at least two financial years comprising: A positive cashflow generated from operating activities in the ordinary and usual course of business of at least HK$20 million in aggregate for the two financial years immediately preceding the issue of the listing document. Market cap of at least HK$100 million at the time of listing. (II) Acceptable Jurisdictions: Chapter 24 of the GEM Listing Rules provide the general framework applicable to all overseas companies seeking a listing on the Exchange. GEM Rule 24.05(1)(b) and the explanatory notes thereto set out the shareholder protection standards that are expected of an overseas company when seeking a primary listing on the Exchange. Applicants incorporated outside Hong Kong and other recognised jurisdictions seeking a primary listing on GEM are assessed on a case-by-case basis and have to demonstrate they are subject to appropriate standards of shareholder protection, which are at least equivalent to those required under Hong Kong law. (III) Accounting Standards: A new applicants accounts must be prepared in accordance with either Hong Kong Financial Reporting Standards or International Financial Reporting Standards. Banking companies must also comply with the Financial Disclosure by Locally Incorporated Authorised Institutions issued by the Hong Kong Monetary Authority. Accounts prepared in accordance with US GAAP are acceptable if the company is listed, or will be simultaneously listed, on either the New York Stock Exchange or the NASDAQ National Market (IV) Suitability for Listing: Both the issuer and its business must, in the opinion of the Exchange, be suitable for listing. An issuer or its group (other than an investment company) whose assets consist wholly or substantially of cash or short-dated securities will not normally be regarded as suitable for listing, except where the issuer or group is solely or mainly engaged in the securities brokerage business. (V) Operating History and Management: A GEM new applicant must have a trading record of at least 2 full financial years with: Substantially the same management throughout the 2 full financial years. Continuity of ownership and control throughout the full financial year immediately preceding the issue of the listing document. Exception: The Exchange may accept a shorter trading record period and waive or vary the ownership and management requirements for newly-formed project companies and natural resources exploitation companies, supported by reasons acceptable to the Exchange. (VI) Minimum Market Capitalisation: The expected market capitalisation of a new applicant at the time of listing must be at least HK$100 million. (VII) Market Capitalisation of Public Float: The expected market capitalisation at the time of listing of the securities of a new applicant which are held by the public must be at least HK$30 million. (VIII) Public Float: At least 25% of the issuers total issued share capital must at all times be held by the public. Where the issuer has one class of securities or more, the total securities of the issuer held by the public at the time of listing must be at least 25% of the issuers total issued share capital. However, the class of securities for which listing is sought must not be less that 15% of the issuers total issued share capital, having an expected market capitalisation at the time of listing of not less than HK$30 million. The Exchange may, at its discretion, accept a lower percentage of between 15% and 25% in the case of issuers with an expected market capitalisation at the time of listing of over HK$10 billion. (IX) Spread of Shareholders: The equity securities in the hands of the public should be held among at least 100 persons. Not more than 50% of the securities in public hands at the time of listing can be beneficially owned by the three largest public shareholders. (X) Offering Mechanism: A new applicant is free to decide on its offering mechanism and may list on our Exchange by way of placing only. (XI) New Issue Price: GEM Listing Rules do not impose conditions on the new issue price. However, new shares cannot be issued at a price below their nominal value. Monetary Value of Equity Securities to be Listed (HK$ million) Initial Listing Fee (HK$) Not exceeding: 100 100,000 100 to1,000 150,000 Over1,000 200,000 Listing Process for a listing application (H stands for the provisional hearing date by the Listing Division) Clear Business Days(Note 1) GEM Requirements H 25 Application for advance booking to the Exchange ? Submit the advance booking form (Appendix 5A to the GEM Listing Rules) with a timetable ? Pay the full amount of the initial listing fee ? Submit the documentary requirements under GEM Listing Rules 12.14, 12.17, 12.22 and 12.23. H Approval/ Rejection : Hearing prior to 1 July 2008 by Listing Committee Hearing date after 1 July 2008 by Listing Division Rejection Discretionary appeal to GEM Listing Committee Approval ? After notification of approval in principle but before the date of issue of the listing document, lodgement of documents with the Exchange pursuant to GEM Listing Rule 12.24 Issue of prospectus ? By no later than 11 a.m. on the intended day of authorisation of the prospectus, lodgement of documents with the Exchange pursuant to GEM Listing Rule 12.25 ? After the issue of the prospectus but before dealings commence, lodgement of documents to the Exchange pursuant to GEM Listing Rules 12.26 and 12.27 Dealings in shares commences JSE Alternative Exchange (AltX) The Alternative Exchange (AltX), a division of the JSE Limited (JSE) is the exciting parallel market focused on good quality small and medium sized high growth companies. The JSE Ltd (â€Å"JSE†) is licensed as an exchange under the Securities Services Act, 2004 and Africa’s premier exchange. It has operated as a market place for the trading of financial products for nearly 120 years. In this time, the JSE has evolved from a traditional floor based equities trading market to a modern securities exchange providing fully electronic trading, clearing and settlement in equities, financial and agricultural derivatives and other associated instruments and has extensive surveillance capabilities. The JSE is also a major provider of financial information. In everything it does, the JSE strives to be a responsible corporate citizen. AltX is designed to appeal to a diverse range of companies in all sectors including: Young and fast-growing businesses including start-ups; Family-owned businesses; Black economic empowerment companies; and Junior mining companies. AltX plays a vital role within the JSE, by providing smaller companies not yet able to list on the JSE Main Board with a clear growth path and access to capital. To be eligible for listing, a company must appoint and retain the services of a registered Designated Adviser. Expected Benefits For companies: Access to long-term investment capital for development of the business; Access to a central trading facility thereby providing liquidity; The ability to realise value through an effective price discovery mechanism; Improved image amongst suppliers, customers, staff and other stakeholders due to the prestige associated with being a listed entity; and The opportunity to use the issue of shares as consideration for an acquisition. For investors: The opportunity to diversify share portfolios by investing in a wide range of high-growth small and medium sized companies; and Increased confidence due to the knowledge that AltX is regulated by the JSE, which provides substantial investor protection. For the South African economy: Grows the economy by providing growth opportunities to small and medium sized companies; and Promotes black economic empowerment in South Africa. Extraordinary Support The AltX Team is committed to the success of the market and strives to provide extraordinary support to all stakeholders. In order to achieve the objectives of exceptional communication, ongoing education, marketing and relationship management with companies, Designated Advisers and the investment community, AltX has created the Knowledge Exchange. Knowledge Exchange initiatives include the partnership between AltX and the Department of Trade and Industry (the dti). The dti supports AltX in the belief that it will help promote black economic empowerment and encourage entrepreneurs in South Africa. Another Knowledge Exchange initiative is the AltX collaboration with the Wits Business School (WBS) and the Institute of Directors (IoD) to provide the Directors Induction Programme (DIP). DIP is a compulsory education programme for all executive and non-executive directors of AltX companies. Designated Advisers The main role of a Designated Adviser is to competently, professionally and impartially advise the applicant company on all its responsibilities during the application process and its responsibilities to maintain its status once listed. The Designated Adviser is the guardian of the listed company’s compliance with the JSE Listings Requirements and other applicable regulation as defined. The Designated Adviser must ensure that: the company complies fully with the applicable JSE and Altx Listings requirements; all relevant documentation required by the Listings Requirements has been submitted; each company brought to the JSE by the DA is suitable for listing; each pre-listing statement is compliant with the Listings Requirements and has been completed accurately and fully, without omissions and/or without misleading or false information; all directors of each company have the necessary expertise and experience, understand the nature of their responsibilities under the Listings Requirements, the Companies Act, the SRP Code and GAAP, are aware of the expectation to prepare and publish all information necessary and that Directors’ declarations need confirmation and verification; all new appointees to the board of directors of the company are fully briefed as to the nature of their responsibilities; all directors complete the Directors Induction Programme within 2 months of their appointment (if newly appointed) or upon confirmation of acceptance on Altx; the directors of each company are timeously informed of any amendment to the Listings Requirements or other regulations; all periodical financial information announcements are reviewed with the directors prior to publication to check accuracy and full disclosure; regular reviews are held of the company’s actual trading performance and financial condition to ensure appropriate disclosure of information to investors; at least one of the DAs attends all company board meetings in an advisory capacity; and all of the approved executives of the DAs attend at least 4 of the 6 annual DA forums hosted by Altx. Listing Requirements The JSE Limited Listings Requirements are published by Lexis Nexis. The table below shows some of the major listing requirements of both the JSE Main Board and AltX. Listing Requirements Main Board AltX Share Capital Rand 25 million Rand 2 million Profit history 3 Years None Pre-tax Profit R8 million N/A Shareholder spread 20% 10% Number of Shareholders 300 100 Sponsor/DA Sponsor Designated Adviser Publication in the press Compulsory Voluntary Number of transaction categories * 2 2 Special Requirements N/A Appoint Financial Directors Annual listing fee 0.04% of average market capitalisation with a minimum of R26334 and a maximum of R121700 (including VAT). R22 000 (including VAT) Education Requirements N/A All directors to attend Directors Induction Programme *Transaction Categories Category 1: Transaction > a50% of market capitalisation Category 2: Transaction < 50% of market capitalization Circular to shareholders Shareholder meeting Shareholder approval Kicks in at 25% for Main Board Announcement on SENS (Stock Exchange News Service) Company website (if applicable) AltX Website Voluntary publication in press Kicks in at 5 to 25% for Main Board Market for Alternative Investment - MAI The Market for Alternative Investment (MAI) was established by the Stock Exchange of Thailand as a fund-raising site for small and medium enterprises with high-potential to growth or newly-established companies with high market value. It is an alternative channel for capital raising. The companies with high-potential to growth and a need for fund raising can get listed on MAI. Criteria for listing on MAI MAI seeks companies with high potential to list on the market. To support investor confidence, MAI requires that companies wishing to list have a record of profitable business before offering shares to the public. Most importantly, firms must demonstrate good corporate governance, transparency and reliability. Some of the major criteria for companies getting listed on MAI are the followings: Factors Listing Criteria Status Is a public limited company or juristic person established by specific law Paid-up Capital > 20 million Baht Distribution of shares to minority shareholders > 300 small shareholders of ordinary shares and the aggregate number of shares > 20% of paid-up capital Definition of minority shareholders : Non-Strategic Shareholders Public Offering The shares must have already been granted by the Office of the Securities and Exchange Commission (SEC) > 15 % of paid-up capital Track Record Track Record > 2 years before filing an application, Net Profit in the latest year > 0 ; or Track Record > 1 year before filing an application , Market Capitalization > 1,000 million Baht Financial Condition Equity > 20 million Baht Conflict of Interest No conflict of interest according to the criteria specified in the Notification of the SEC Corporate Governance and Internal Control There shall be an internal control system according to the criteria specified in the Notification of the SEC Must appoint audit committee > 3 directors with qualification as required by SEC Management Qualifications of the management team have no prohibited characteristics and comply with what are specified by the SEC The scope of authority and duties of audit committee according to the criteria specified in the Notification of SEC Articles of Association The articles of association of the company and the subsidiary company shall consist of the complete stipulations according to the criteria specified in the Notification of the SEC Silent Period Strategic Shareholders* > 55 % of paid-up capital after IPO for 1 year. After the first six months : allow to sell shares a maximum of 25% of total locked up shares. After a year: allow to sell the rest shares Financial Statements and Auditor Financial Statements which posses the features in accordance with the criteria specified in the Notification of the SEC -The auditor of the applicant must be approved by the SEC Financial Advisor Must appoint financial advisor *Definition of Strategic Shareholders Government, state enterprises and government agencies Director, managers and the management including related persons Shareholders holding shares > 5% of paid-up capital including related person Shareholders having an agreement not be sold within the silent period NYSE ALTERNEXT NYSE Alternext is a tailor-made market for small and midsized companies seeking simplified access to the stock market. Its streamlined listing requirements and trading rules are suited to the size and business needs of small and mid-cap firms while ensuring investor transparency. NYSE Alternext was created by Euronext to meet the needs of small and midsized companies seeking simplified access to the stock market. It opened for business on 17 May 2005. NYSE Alternexts streamlined listing requirements and trading rules are suited to the size and business needs of small and mid-cap firms. The rules also ensure investor transparency. Alternext is an exchange-regulated market with a lighter regulatory regime. It is not a regulated market as defined by the Markets in Financial Instruments Directive (MiFID) of 21 April 2004. It is regulated by Euronext through a body of rules applicable to intermediaries and listed companies. MARKET PARTICIPANTS LIQUIDITY PROVIDERS Role of LPs Liquidity Providers (LPs) act as market makers in the Euronext Cash market model’s order-driven system. The role of LPs on Euronext’s market is to: protect against variations in volatility on the market; guarantee transactions at all times at the best price; boost the volume of transactions in the orderbook. In this way the Liquidity Provider is a market specialist for its stocks, and as a result is often the principal point of contact for the issuing company. The Liquidity Provider agreement for equities is combined with a liquidity contract in many cases*. This links the issuing company to a Euronext market member offering a placing, analysis and advisory service, or specializing in initial public offerings (IPOs). Liquidity Providers mainly concentrate on small and mid caps, since listed companies with large market capitalization generate greater liquidity. The criteria for liquidity provision on large-cap stocks are more restrictive and liquidity provider agreements are not permitted for any of the stocks in the Euronext 100 index. When the LP enters into a commercial agreement with Euronext to provide liquidity on any stock or exchange-traded fund (ETF or tracker), it undertakes to quote two-way bid and offer prices with a minimum volume size, gauged either by the number or the value of shares, and within a minimum price range or spread. The warrants market is traded via the dedicated product segment, NextWarrants. In this instance it is mandatory that the issuer of the warrant is also the LP for the launch of the product. The same rules apply for certificates and convertible bonds. The market in trackers, traded on the NextTrack segment of Euronext, requires a minimum one LP to launch any product. These LP contracts are specific for each national market. In the bond market LP contracts are based on the national governing rules which differ according to the method of quotation and the issuer, government or corporate. Furthermore, members can take up the option of being bid-only LPs. Members considering becoming Liquidity Providers must be members of the Euronext country in which they want to provide liquidity, and be authorized to trade in the capacity of either dealer or broker/dealer. New LP profiles The Euronext Cash Market has recently reviewed its Liquidity Provider (LP) policy and will introduce two LP profiles in the near future. This is to better reflect the activity of LPs on the Cash Market. These profiles relate to LPs on equities only. Euronext will communicate the implementation date and schedule in due course. Since the introduction of the harmonized Liquidity Provider concept in 2001, Euronext has observed some changes in the behaviour of active Liquidity Providers, with two distinct types of activity. This has enabled us to establish two distinct types of LP, classified by their activity. Profile 1: â€Å"Corporate Broker† profile In the first category are LPs whose activity is strongly related to that of mid and small caps. These LPs provide listing sponsorship, research and/or promotional services to companies throughout the listing process, in addition to the usual LP trading service once the company has listed. Due to the corporate finance nature of their activity, these LPs will be classified as ‘Corporate Broker profile’ LPs. The profile of this category remains the same as the current LP profile, and Euronext aims to have a maximum of two LPs per equity. Profile 2: â€Å"Dealer profile† The second type of LP consists of LPs that provide quotes on the more liquid equities. These LPs perform hedging and arbitrage activities and are therefore focused on blue chips, foreign shares, and multi-listed equities in the Euronext zone (often equities that function as the underlying for options). These LPs will be called ‘Dealer profile’ LPs, after their style of trading (for own account and without any client involvement). A new Liquidity Provider profile has been developed for these Dealer profile LPs, and these LPs must respect a ‘List of eligible equities for LP activity’, which will be created by Euronext. Dealer profile LPs will have adjusted requirements and trading fees. MARKET MAKERS A market maker is a participant that can trade orders directly for its own account. Market makers must be entities with trading-member status. The role of market markers is to promote market liquidity by continuously displaying indicative bid/ask spreads for minimum quantities of the stocks they have undertaken to follow. This makes it easier to trade blocks of shares, for which investors sometimes have difficulty finding a counterparty in the main market. Market making is a bilateral process involving a market maker and a financial intermediary acting for its client. Market makers undertake to quote indicative bid/ask spreads for a minimum quantity of shares of their choosing during the following time periods at least: 9:00 to 15:30 for auction traded shares 9:00 to 17:30 for continuously traded shares If they wish, market makers can also operate between 7:15 and 9:00 and also from: 15:30 to 19:00 for auction traded shares 17:30 to 19:00 for continuously traded shares LISTING SPONSORS OBLIGATIONS All Alternext-admitted companies must have a listing sponsor. The listing sponsor is a long-term financial partner that helps the company prepare for listing on Alternext and guides it throughout its life on the exchange. It assists the company in meeting its market transparency requirements and fulfilling its other obligations. The presence of the listing sponsor is intended to bolster investor confidence. Listing sponsors commit to: Guiding and helping applicants prepare for listing: ? Provide information about legal and regulatory requirements ? Prepare the information document (either a prospectus approved by the regulator or an offering ? Circular prepared under the joint responsibility of the sponsor and the company) for distribution to potential investors ? Present a full admission dossier to Euronext ? Avoid potential conflicts of interest. The listing sponsor must provide Euronext with written confirmation that the applicant complies with the listing rules. It also certifies that it has performed customary due diligence. Helping the company throughout its listing by undertaking to: ? Ensure, for at least two years, that the companies it sponsors meet their disclosure requirements ? Inform Euronext whenever a company fails to meet its disclosure requirements or, in general, its obligations as a listed company ? Act as Euronexts main point of contact for queries about the companies it sponsors. If a listing sponsor fails to meet its obligations, Euronext can discipline it by: o Issuing a warning, which is posted on the Alternext website o Striking it off the list of Alternext-approved listing sponsors. Conditions for becoming a listing sponsor A listing sponsor is a company acting as an investment services provider, audit firm, legal counsel or corporate finance specialist. Candidate listing sponsors must make a contractual commitment to Euronext and meet all the following criteria: o At least two years experience advising companies in equity finance o Successful completion of equity-related transactions involving the preparation of information documents o Suitably qualified staff The register of listing sponsors will be continually updated and posted on the Alternext website, the official channel for disclosing information about companies listed on this market. KOSDAQ KOSDAQ market has opened on July 1, 1996 to meet both the needs of investors who want high risk-return opportunities and emerging enterprises that have to finance capital for growth. Its function can be stated as follows: (1) to facilitate corporate financing for promising small and medium-sized firms and venture businesses, (2) to provide new exciting investment opportunities for investors, and (3) to help venture capital firms redeem investment capital and set up new investment funds. KOSDAQ is the Korean version of Americas NASDAQ (National Association of Securities Dealers Automated Quotation) System, which is a part of the OTC market. The U.S. OTC market is the largest segment of the U.S. secondary market in terms of the number of issues traded as well as the diversity of quality. While about 2,600 issues are traded on the New York Stock Exchange, almost 6,000 issues are actively traded on the NASDAQ market. As of last March, KOSDAQ market consists of 328 registered companies, of which 261 firms are of small and medium-sized enterprises. Among them, there are 113 venture firms and 8 mutual fund companies. Although it amounts to almost the half of Korea Stock Exchange in terms of the number of listed companies, KOSDAQs total equity market value is as little as 8.5 trillion won, just 5% of KSE. The most serious problem of KOSDAQ market is the lack of liquidity. Currently, the average daily trading volume is less than 1% of that of KSE. However, KOSDAQ market has been on a strong rally since the start of this year on the back of small investors active buying of venture business shares. Stock prices of some venture firms, including telecommunications and Internet-related corporations, are on an upward spiral. While KOSDAQ Index has risen by 75% since the beginning of this year, Venture Index an auxiliary KOSDAQ market index has been up as much as 120%. For example, shareholders of Goldbank Communications, an Internet-related venture firm, have enjoyed incredibly thirtyfold increase in stock price during the five month period, from 960 won early this year to 30,700 won in May. This kind of hot market results from the worldwide phenomenon of crazing for Internet-related shares. The U.S. stock market these days is represented by the strength of Internet-related shares such as Yahoo, Amazon, and so on. For instance, Amazon, the Internet bookstore, has earned as high as 800% increase in stock price during the past one y ear. High stock price is mainly due to the fast growth in annual sales of USD 610 million in 1998, compared to USD 148 million in 1997. But market opinions are divided as for the appropriateness of prices of these venture shares. Some people believe they are over valued, others do not. We have to realize that not all venture businesses are Midas touch. Each year as many as 400 ~ 800 venture firms are newly listed on NASDAQ, but almost the same number of companies are delisted following business failure. It applies to KOSDAQ market as well. Those who consider investing to KOSDAQ stocks should acknowledge that high expected returns are given in reward for high risks taken. On 1 July 2006, Koreas KOSDAQ market modeled after NASDAQ of the United States attains its first decade of operation. Like its sister market in New York, KOSDAQ was created to meet two demands: raising capital for venture firms and small and medium-sized enterprises (SMEs) and providing a new market for investors to put their money into companies with growth potential. KOSDAQ grew on the governments policy to foster the information and technology industry. And the tech-laden market has owed its dramatic growth to years of low interest rate that kept funneling liquidity into the market. Knowing its growth potential, investors rushed to the market, sometimes making blind investment. Speculative trading in turn overheated the market, sending stock prices spiraling upward. Bubbles that formed in the short-lived boom of 2000 have burst, leaving the market in the doldrums ever since. Today, KOSDAQ focuses more on quality growth rather than on quantity expansion. Mixed Results 1. Good performance Over the past decade, KOSDAQ has grown to be the worlds fourth largest secondary stock market in market capitalization, after NASDAQ of the US, JASDAQ of Japan and AIM of the UK. KOSDAQs market capitalization reached 59.9 trillion Won on 23 June 2006, rising 7.8 times from 7.6 trillion Won in the late 1996. Trading volume and value have grown dramatically: in the first six months of 2006, 69.28 billion shares changed hand on the market, or 2,309.3 times larger than the number of shares traded in 1996. The aggregate value of shares traded in the first six months of 2006 reached 234.5 trillion Won, or 195.4 times bigger than that of 1996. As of 23 June 2006, the number of companies listed on the market rose 2.8 times to 929, up from331 in the late 1996. The KOSDAQ market has played a valuable role as the primary provider of capital for SMEs and venture companies. From its opening to May 2006, the tech-focused KOSDAQ supplied a whopping 26.9 trillion Won in capital for SMEs and venture firms through issuance of new stocks and initial public offerings. This role has recently weakened. The amount of fund raised from KOSDAQ market each year peaked at 7.1 trillion Won in 2000. In 2003, this amount fell drastically to 23.9% of the amount of 2000. Certainly, the market has contributed to the growth of listed companies. The combined sales of companies listed on KOSDAQ reached 61.6 trillion Won in 2005, accounting for 7.6% of Koreas GDP. The number of workers they hired grew to 189,595 in 2005, up 2.3 times from the late 1999. Together with the market, the information and technology industry has risen to account for 14.5% of Koreas GDP in the first quarter of 2006. It was four times higher than 3.6% of 1995. 2. Bad performance KOSDAQs volume growth hasnt been followed by quality. To better understand the performance of KOSDAQ-listed companies, Samsung Economic Research Institute has analyzed their sustainable growth rate and multiple of intangible assets. (Sustainable growth rate refers to maximum growth rate that a firm can sustain via business and financial activities while multiple of intangible asset means the value of intangible assets divided by capital.) According to our analysis, sustainable growth rate has fallen more and more in companies listed on the KOSDAQ market. Regardless of their weak performance, stock prices rose sharply in 2005. Most KOSDAQ-listed companies can still grow bigger. In the late 2005, only 52 of the KOSDAQ-listed venture firms had generated more than 100 billion Won in sales. Some companies including the Internet-business NHN Corporation and electronics equipment maker Humax have successfully developed their business lines. Even so, their scale was much smaller than that of successful venture firms in the US. Humaxs equity capital was worth US$380 million in the late 2005, but this was less than a sixtieth of the US food provider Sysco Corporation and a twentieth of the US search engine provider Google. The financial difficulty of smaller companies with sales of less than 10 billion Won was worse than that of bigger companies. Small-scale service venture firms were hit hardest by aggravating growth potential. In 2005, sustainable growth rate of non-venture firms with sales of less than 10 billion Won decreased 31.2% and that of venture companies with sales of less than 10 billion Won fell 58.3%. The service industry had a much lower sustainable growth rate. Venture companies in the service industry with sales of less than 10 billion Won each saw their sustainable growth rate tumble by 62.2% in 2005. The non-venture service firms with sales of less than 10 billion Won each also shed their sustainable growth rate by 42.3% for the year. Nevertheless, the number of small venture firms which have existed for more than 11 years reaches 57, accounting for 70.3% of total number of small venture firms with sales of up to 10 billion Won. It means that weak performance does not necessarily lead to business closedown. Small-scale venture firms have used money raised through initial public offerings as operating funds. From 1998 to 2005, a large-scale venture firm with sales of more than 50 billion Won raised 30.6 billion Won, on average, from the KOSDAQ market. On the other hand, a small-scale venture firm with sales of less than 10 billion Won each raised a whopping 88.7 billion Won from the KOSDAQ exchange. Some small-scale venture firms are reluctant to invest the money raised from the stock market. The amount of facility investment made by non-venture firms from 1998 to 2005 is 2.2 times higher than the money they raised from KOSDAQ during the same period. Venture firms invested a mere 30% of the money they raised from the KOSDAQ market. To sum up, KOSDAQ has been a big help to SMEs and venture businesses that are not qualified to raise capital from the main KOSPI market (KOSPI stands for Korea Stock Price Index). However, its role as the primary provider of capital has weakened and health of the market has aggravated with lots of KOSDAQ-listed businesses suffering from liquidity problems. The share of companies that showed operating deficits in the KOSDAQ-listed venture firms soared from 10.3% in 1999 to 33.8% in 2005. It means that a considerable number of KOSDAQ-listed venture companies survive on the funds raised from the initial public offerings, without generating profits. The market has suffered further setbacks in the wake of a series of scandals related to accounting fraud and other irregularities, which have eroded investors confidence? Growth of KOSDAQ We submit the following four recommendations as a way of helping KOSDAQ achieve its original goal of fostering SMEs and venture businesses. Firstly, the KOSDAQ market operators should have efficient systems in place so as to remove unviable companies from the market. The nations venture business industry can further grow only when the financially troubled companies with little hope for survival are squeezed out of the market. Promoting merger and acquisition (MA) market can be a good solution. If venture capital, government capital and private equity funds flowed into the economy and restructured Koreas industries, they would be a catalyst for troubling companies to go out of the market. Secondly, KOSDAQ must enhance its transparency. If the Financial Supervisory Committee and KOSDAQ Committee closely cooperated, they can restore confidence of investors and prevent market distortion. Transparency is a prerequisite to attracting investment and fostering the stock market. KOSDAQ must also improve its investment environment. In March 2006, it introduced the KRX Research Project that connected research firms and listed companies that wanted to release analytical reports on corporate performance. It must continue this project in order to provide timely information to investors. Thirdly, the market must provide diverse securities products and promote activities of market makers who quote a buy and sell price in financial instruments hoping to make a profit on the turn or the spread between the bid and offer. Market makers can encourage promising SMEs and venture businesses to list on the market and give more convenience to investors. In order to run the new system efficiently, KOSDAQ needs to increase the number of market makers and teach listed companies and investors the concept of market makers. At the same time, it should diversify products and improve transparency of information. Finally, MA business should play a role in driving SMEs and venture businesses. Currently, mistrust of financial information has discouraged investors and institutions from pursuing MAs. Therefore, financial institutions such as banks and securities firms need to provide more accurate information on SMEs. At the same time, KOSDAQ operators should create business environment whereby a venture capital can pursue MA activities without too much hassle. LISTING STANDARDS Category KOSDAQ Market (Non-venture business) KOSDAQ Market (venture business) Equity Capital At least 3 bn Korean Won At least 1.5 bn Korean Won Years of Operation Exempt Capital status No capital impairment No capital impairment Ratio of public offering At least 10% of total issued voting stocks (if minority shareholding is less than 30%, at lest 20% of total issued voting stocks) No. of Minority Shareholders At least 500 owning at least 30% Sales Revenue N/A N/A Return on Equity At least 10% or 2 bn Korean Won At least 5% or 1 bn Korean Won (exempt if certified as venture business with high growth potential and viable technology, and obtained at least Grade A from Credit Guarantee Fund or ETRI) Net Income Must record positive ordinary income in the most immediate fiscal year. Must record positive ordinary income in the most immediate fiscal year (exempt if certified as a venture business with high growth potential and viable technology) TSX Venture exchange Canada Listing on TSX Venture Exchange is an option for emerging companies, providing access to public venture capital to facilitate their growth. Companies listed on TSX Venture Exchange are provided with the opportunity to gain a solid foothold in the public market, with the potential to work towards graduation to the senior exchange and access to larger pools of capital. Whereas listing on Toronto Stock Exchange (TSX) is the right choice for well-managed, growth-oriented companies with strong performance track records. Toronto Stock Exchange is globally recognized as one of North Americas premier stock exchanges, known for its high standards of fairness and innovative approach to trading. The steps to list on TSX Venture Exchange 1. Contact Business Development to set up an advisory meeting. 2. Prepare your internal and external advisory team (management, directors, investment dealer, legal counsel, auditor, IR professional). 3. Prepare your TSX Venture Exchange Listing Application and prospectus. 4. Submit application and supporting documentation. 5. TSX and TSX Venture Exchange review for listing approval. Filing a prospectus is a five-step process: 1. File a preliminary prospectus with TSX Venture, as well as with your home province securities commission and other provincial jurisdictions where securities will be sold. 2. Regulatory authorities review the prospectus and inform your professional advisors of any deficiencies. 3. After all deficiencies are cleared to the satisfaction of the regulators, file an amended prospectus in final form. 4. The securities commission will issue a final receipt as acceptance of the prospectus. 5. This approval allows your company to begin selling securities in the provinces where a final receipt has been issued. Listing Requirement Listing requirements for TSX Venture Exchange are sector and stage of development specific. Listing requirements depend on the basis of Property Requirement, recommended work program, Working Capital and Financial Resources, Net Tangible Assets or Revenue, Sponsorship. And these requirements vary from Sector to Sector. The following division has been made by exchange for listing purpose Mining Oil Gas Diversified Industries (includes Consumer and Industrial Products; Technology; Cleantech; Life Sciences; Research and Development; Communications and Media; Real Estate and Investments; Financial Services; Forest Products; Utilities and Pipelines) Structured Products (Includes Exchange Traded Funds (ETFs) and Closed End Funds) Capital Pool Company Program Listing Fees Original Listing Fees for TSX Venture Exchange range between CDN$5,000 and CDN$30,000, with an annual sustaining fee payable after the first year. There are also additional fees for certain transactions, such as property acquisitions, secondary public offerings and private placements. The details of Fees can be seen in excel attached. Four different methods at TSX Venture Exchange Direct Listing An issuer already listed on another stock exchange may list directly on TSX Venture Exchange if they are able to meet listing standards. As well, these issuers may be eligible for certain exemptions from regulatory and reporting requirements, provided they are listed on a stock exchange recognized by TSX, and if that stock exchange has similar listing requirements as TSX Venture. IPO IPO is normal process that is followed in all exchanges around the world. Reverse Take-Over In a reverse takeover, shareholders of the private company purchase control of the public shell company and then merge it with the private company. The publicly traded corporation is called a shell since all that exists of the original company is its organizational structure. Going public through a reverse takeover allows a privately held company to become publicly held at a lesser cost, and with less stock dilution than through an initial public offering (IPO). TSX Venture Capital Pool Company Program (CPC) The Capital Pool Company (CPC) program is a unique listing vehicle offered exclusively by TSX Venture Exchange. The program is a two-phased process, involving the following steps: Creating the CPC: Three to six individuals with an appropriate combination of business and public company experience put up a minimum of $100,000 in seed capital. These founders incorporate a shell company the Capital Pool Company (CPC) and issue shares in exchange for seed capital at a minimum price between the greater of $0.05 and 50% of the price at which subsequent shares are to be sold via prospectus. The CPC and its advisors prepare a prospectus that outlines managements intention to raise between $200,000 and $1,900,000 by selling CPC shares at typically twice the issuance price of the seed shares, and to use the proceeds to identify and evaluate potential acquisitions. Selling the shares: The CPC files the prospectus with the appropriate securities commission(s), and applies for listing on TSX Venture Exchange. The broker sells the CPC shares, pursuant to the prospectus, to at least 200 arms length shareholders, each of whom buys at least 1,000 shares. No one purchaser can purchase more than 2% of the offering, and no one purchaser together with his, her, or its associates or affiliates can purchase more than 4% of the offering. Once the distribution has been completed and closed, the CPC is listed for trading on TSX Venture Exchange. The symbol includes a .P to identify the company as a CPC. SME Exchange in India Currently, there is no exchange in India exclusively for SMEs. However, the SEBI Board has already given the go-ahead for creation of a separate SME exchange. SEBI is in the consultation process for a separate SME Exchange. However, it is unlikely that the Indian exchange will dilute any standards or relax regulations for SMEs, for protecting investor interest and also the integrity of the markets. Also, it is likely that the exchange will have a minimum ticket size for transactions so that only high networth individuals will be eligible and smaller uninformed investors won’t burn their fingers. REFERENCES highbeam.com/doc/1G1-65518982.html http://english.chosun.com/w21data/html/news/200407/200407290015.html nyse.com/equities/nysealternextequities/1204155563797.html euronext.com/landing/equitiesOP-21363-EN.html euronext.com/editorial/wide/editorial-4350-EN.html euronext.com/editorial/wide/editorial-4475-EN.html http://estock.koscom.co.kr/kosdaq_sise/kosdaq_upjisu.jsp hkgem.com altx.co.za mai.or.th/en Research Papers on Listing Standards of SME stock exchangesAnalysis of Ebay Expanding into AsiaThe Project Managment Office SystemOpen Architechture a white paperIncorporating Risk and Uncertainty Factor in CapitalBionic Assembly System: A New Concept of SelfMarketing of Lifeboy Soap A Unilever ProductPETSTEL analysis of IndiaTwilight of the UAWQuebec and CanadaDefinition of Export Quotas

Will Globalisation Lead to the End of the 'Third World' Essay

Will Globalisation Lead to the End of the 'Third World' - Essay Example Globalisation has been termed as the key to end poverty and gaining of financial stability in the countries all over the world. Globalisation can be simply termed as the increasing of relationships between culture, people and economic activities. Globalisation is characterised by more cheaper trading fees like exports and imports. In many instances globalisation is referred to as economic globalisation. Economic globalisation is the global distribution of produced goods and services. With globalisation, freedom to trade and to business has become a norm in the globe (Bhagwati, 2004). Countries are given the opportunity to trade with all other countries across the globe. It is further facilitated by the reduced fees of levies, taxes and import quotas. Prior to globalisation, the global economy was controlled by specific groups. In those days, the freedom to trade was not a norm. Business people had to pay heavy fees to governing bodies just to operate a small business. In the days of cold war, global trade was very expensive and biased. It is due to this that the global economy was growing at a very slow rate (Blomsrom & Hettne, 1984). The prices of exporting and importing products were high enough to hinder an ordinary merchant to conduct the business. This left militaries and governments as the only bodies with a comfortable run in the global market. It is during this period that many counties failed to grow economically and remained in bad economic positions up to today. However, with globalisation the economic trend of these third world countries is changing significantly. With economic and trading freedom, third world countries are striving to get an economic advantage in the global economy. Is this trend purely caused by globalisation? This paper will focus on the impacts that globalisation has brought to the third world countries. It will also look at the future of the third world countries under globalisation, and if globalisation will lead to the end of the third world. It was predicted that there would be a rapid development in Asia, Africa and Latin America. The growth would be enough to bridge the gap between the developing and developed states. According to Chew & Denemark (1996) the gap will be reduced until to the level that it would be insignificant and meaningless. This will provide a level ground of trading among all nations. These developments are said to be most beneficial to the poorest nations. In Africa, Asia and Latin America the desperation of success is growing each and every day among individuals. With the success trail made easier by globalisation, everyone in the developing nations see a future of success in them (De Beer & Swanapoel, 2000). This leads to innovation and entrepreneurship among them. If the trend of striving for success continues in the third world countries, third world countries will be no more. However, some critics argue that the development of third world countries in not due to globalisatio n but the need to get better lives. As much as the argument holds some truth, the developing global economy also has a crucial role in the success of developing countries. Globalisation has opened many opportunities for a global development. However, these opportunities are not evenly distributed because some states are being incorporated in the global economy more rapidly than the others (Burnell, 2008). This is mainly caused by the difference in governance of financial positions of the nations. With proper policies third countries have a probability of having the greater piece of the cake in the global economy. For instance, in the 1970s and 1980s Africa and Latin America implemented economic policies which focussed more on internal financial development. What followed was

Interview Assignment Essay Example | Topics and Well Written Essays - 1000 words

Interview Assignment - Essay Example Jon Stewart continued to make jokes and made a lot of hand movements and generally got on well with Robert Downey Jr. Jon Stewart is a very experienced interviewer and knew when to interject at the right moments. He used lots of facial expressions and hand movements. Sometimes he even leaned in closer to Robert Downey Jr., and this shows how relaxed he was during the interview. John Stewart used a variety of questions, but most of them were open in order to allow Robert Downey Jr. the chance to explain himself. One example was: "What countries are most wacked out about this?" This was a very open question and allowed Robert Downey Jr. the ability to list a number of different countries. Describe the interviewer’s approach to the body of the interview. Did they use a highly scheduled/structured, moderately scheduled/structured or non-scheduled/non-structured body? See Chapter 8 textbook The interviewers approach to the interviewer was very close to a non-scheduled or non-structured body. John Stewart did have a piece of paper in front of him probably with a list of questions, but some of the questions were getting away from the main topic of the conversation. Conan OBrien began in a moderately formal manner, although he did comment how gorgeous Lauren Cohan was. He then goes on to congratulate Lauren Cohan for the success of the show The Walking Dead, and this sets up a positive tone for the rest of the interview. Conan OBrien used quite a lot of body language when speaking, and sometimes he would even turn to the studio audience and put his arms outstretched looking for a reaction. Other times Conan OBrien would use his hands to express a point or help in asking a question. Lauren Cohan did not use much body language, but perhaps this is due to her personality type. Also, if she had been standing up then I am sure that she would have had more room to use her hands more when

Banking, Customer Satisfaction IDBI Bank Awareness

Banking, Customer Satisfaction IDBI Bank Awareness CHAPTER- I 1.1 Title of the study 1.2 Scope of the study 1.3 Objective of the study 1.4 Significance of study 1.5 Researcher methodology 1.1 Title of the study:- â€Å"A survey on banking products, customer satisfaction awareness of IDBI Bank† 1.2 Scope Importance of the Study Each and every project study along with its certain objectives also have scope for  future. And this scope in future gives to new researches a new need to research a  new project with a new scope. Scope of the study not only consist one or two future  business plan but sometime it also gives idea about a new business which becomes  much more profitable for the researches then the older one. Scope of the study could give the projected scenario for a new observed in my project  are not exactly having all the features of the scope which I described above but also  not lacking all the features. Research study could give an idea of network expansion for capturing more  market and customer with better services and lower cost, with out compromising  with quality. In future customer requirements could be added with the product and services for  getting an edge over competitors. Consumer behavior could also be used for the purpose of launching a new  product with extra benefits which are required by customers for their account  (saving or current ) and/or for their investments. Factors which are responsible for the performance for bank can also be used for  the modification of the strategy and product for being more profitable. 1.3 Objectives of the study:- To know the customer needs and expectations. To find out the factors which customer take into consideration in opening a account To know that up to what extent a customer is satisfied with the bank To know the customer complaints and their redressal 1.4 Significance of the study:- Every research is conducted to fulfill certain objectives and these objective in turn fulfill some purpose and are of significance for one or more then one party these research is significant for:- To the Researcher:- This study provides the researcher a practical insight of various activities and function of the bank The researcher will also be able to develop on in depth knowledge of banking sector The study is also required for the partial fulfillment of the requirement for the degree of MBA as per the curriculum To the Bank:- The study would help IDBI Bank to know the customers attitude (about awareness and satisfaction level) towards its various products. 1.5 Research Methodology:- 1) Type of Research Research is descriptive in nature 2) Universe Customer of IDBI Bank in New Delhi 3) Sampling Unit Existing customer of IDBI Bank 4) Sampling Technique Convenience method of sampling was used 5) Sample Size 200 respondents 6) Data Type Primary secondary data PRIMARY DATA The Primary data are those which are collected afresh and for the first time, and thus  happen to be original in character. SECONDARY DATA The secondary data are those which have already been collected by someone else  and which have already been passed through the statistical process. CHAPTER II 2.1 Industry Introduction 2.2 Introduction to IDBI bank: All about 2.3 Management Organization 2.4 IDBI bank business chart 2.5 IDBI bank organizational chart 2.6 Product Services 2.7 Subsidiaries of IDBI 2.8 Review of literature 2.1 Industry introduction The Indian Banking industry, which is governed by the Banking Regulation  Act of India, 1949 can be broadly classified into two major categories, non-scheduled banks and scheduled banks. Scheduled banks comprise  commercial banks and the co-operative banks. In terms of ownership,  commercial banks can be further grouped into nationalized banks, the State  Bank of India and its group banks, regional rural banks and private sector  banks (the old/ new domestic and foreign). These banks have over 67,000  branches spread across the country in every city and villages of all nook and  corners of the land. The first phase of financial reforms resulted in the nationalization of 14 major  banks in 1969 and resulted in a shift from Class banking to Mass banking. This in turn resulted in a significant growth in the geographical coverage of  banks. Every bank had to earmark a minimum percentage of their loan  portfolio to sectors identified as â€Å"priority sectors†. The manufacturing sector  also grew during the 1970s in protected environs and the banking sector was  a critical source. The next wave of reforms saw the nationalization of 6 more  commercial banks in 1980. Since then the number of scheduled commercial  banks increased four-fold and the foreign banks (numbering42), regional rural  banks and other scheduled commercial banks accounted for 5.7 percent, 3.9  percent and 12.2 percent respectively in deposits and 8.41 percent, 3.14  percent and number of bank branches increased eight-fold. And that was not  the limit of growth. After the second phase of financial sector reforms and liberalization of the  sector in the early nineties, the Public Sector Banks (PSB) s found it  extremely difficult to compete with the new private sector banks and the  foreign banks. The new private sector banks first made their appearance after  the guidelines permitting them were issued in January 1993. Eight new  private sector banks are presently in operation. These banks due to their late  start have access to state-of-the-art technology, which in turn helps them to  save on manpower costs. During the year 2000, the State Bank Of India (SBI) and its 7 associates  accounted for a 25 percent share in deposits and 28.1 percent share in credit. The 20 nationalized banks accounted for 53.2 percent of the deposits and 47.5  percent of credit during the same period. Current Scenario: The industry is currently in a transition phase. On the one hand, the PSBs,  which are the mainstay of the Indian Banking system are in the process of  shedding their flab in terms of excessive manpower, excessive non  Performing Assets (Npas) and excessive governmental equity, while on the  other hand the private sector banks are consolidating themselves through  mergers and acquisitions.   PSBs, which currently account for more than 78 percent of total banking  industry assets are saddled with NPAs (a mind-boggling Rs 830 billion in  2000), falling revenues from traditional sources, lack of modern technology  and a massive workforce while the new private sector banks are forging  ahead and rewriting the traditional banking business model by way of their  sheer innovation and service. The PSBs are of course currently working out  challenging strategies even as 20 percent of their massive employee strength  has dwindled in the wake of the successful Voluntary Retirement Schemes  (VRS) schemes. The private players however cannot match the PSBs great reach, great size  and access to low cost deposits. Therefore one of the means for them to  combat the PSBs has been through the merger and acquisition (M A) route. Over the last two years, the industry has witnessed several such instances. For instance, HDFC Banks merger with Times Bank Icici Banks acquisition  of ITC Classic, Anagram Finance and Bank of Madurai. Centurion Bank,  Indusind Bank, Bank of Punjab, Vysya Bank are said to be on the lookout. The  UTI bank- Global Trust Bank merger however opened a pandoras box and  brought about the realization that all was not well in the functioning of many  of the private sector banks. Private sector Banks have pioneered internet banking, phone banking,  anywhere banking, mobile banking, debit cards, Automatic Teller Machines  (ATMs) and combined various other services and integrated them into the  mainstream banking arena, while the PSBs are still grappling with disgruntled  employees in the aftermath of successful VRS schemes. Also, following  Indias commitment to the W To agreement in respect of the services sector,  foreign banks, including both new and the existing ones, have been permitted  to open up to 12 branches a year with effect from 1998-99 as against the  earlier stipulation of 8 branches. Tasks of government diluting their equity from 51 percent to 33 percent in  November 2000 has also opened up a new opportunity for the takeover of  even the PSBs. The FDI rules being more rationalized in Q1FY02 may also  pave the way for foreign banks taking the M A route to acquire willing Indian  partners. Meanwhile the economic and corporate sector slowdown has led to an  increasing number of banks focusing on the retail segment. Many of them are  also entering the new vistas of Insurance. Banks with their phenomenal reach  and a regular interface with the retail investor are the best placed to enter into  the insurance sector. Banks in India have been allowed to provide fee-based  insurance services without risk participation, invest in an insurance company  for providing infrastructure and services support and set up of a separate  joint- venture insurance company with risk participation. Aggregate Performance of the Banking Industry Aggregate deposits of scheduled commercial banks increased at a  compounded annual average growth rate (Cagr) of 17.8 percent during 1969-99, while bank credit expanded at a Cagr of 16.3 percent per annum. Banks  investments in government and other approved securities recorded a Cagr of  18.8 percent per annum during the same period. In FY01 the economic slowdown resulted in a Gross Domestic Product (GDP)  growth of only 6.0 percent as against the previous years 6.4 percent. The WPI  Index (a measure of inflation) increased by 7.1 percent as against 3.3 percent  in FY00. Similarly, money supply (M3) grew by around 16.2 percent as against 14.6  percent a year ago. The growth in aggregate deposits of the scheduled commercial banks at 15.4  percent in FY01 percent was lower than that of 19.3 percent in the previous  year, while the growth in credit by SCBs slowed down to 15.6 percent in FY01  against 23 percent a year ago. The industrial slowdown also affected the earnings of listed banks. The net  profits of 20 listed banks dropped by 34.43 percent in the quarter ended  March 2001. Net profits grew by 40.75 percent in the first quarter of 2000-2001, but dropped to 4.56 percent in the fourth quarter of 20002001. On the Capital Adequacy Ratio (CAR) front while most banks managed to  fulfill the norms, it was a feat achieved with its own share of difficulties. The  CAR, which at present is 9.0 percent, is likely to be hiked to 12.0 percent by  the year 2004 based on the Basle Committee recommendations. Any bank  that wishes to grow its assets needs to also shore up its capital at the same  time so that its capital as a percentage of the risk-weighted assets is  maintained at the stipulated rate. While the IPO route was a much-fancied one  in the early ‘90s, the current scenario doesnt look too attractive for bank  majors. Consequently, banks have been forced to explore other avenues to shore up  their capital base. While some are wooing foreign partners to add to the  capital others are employing the M A route. Many are also going in for right  issues at prices considerably lower than the market prices to woo the  investors. Interest Rate Scene The two years, post the East Asian crises in 1997-98 saw a climb in the global  interest rates. It was only in the later half of FY01 that the US Fed cut interest  rates. India has however remained more or less insulated. The past 2 years in  our country was characterized by a mounting intention of the Reserve Bank  Of India (RBI) to steadily reduce interest rates resulting in a narrowing  differential between global and domestic rates. The RBI has been affecting bank rate and CRR cuts at regular intervals to  improve liquidity and reduce rates. The only exception was in July 2000 when  the RBI increased the Cash Reserve Ratio (CRR) to stem the fall in the rupee  against the dollar. The steady fall in the interest rates resulted in squeezed  margins for the banks in general. Governmental Policy: After the first phase and second phase of financial reforms, in the 1980s  commercial banks began to function in a highly regulated environment, with  administered interest rate structure, quantitative restrictions on credit flows,  high reserve requirements and reservation of a significant proportion of  lendable resources for the priority and the government sectors. The  restrictive regulatory norms led to the credit rationing for the private sector  and the interest rate controls led to the unproductive use of credit and low  levels of investment and growth. The resultant ‘financial repression led to  decline in productivity and efficiency and erosion of profitability of the  banking sector in general. This was when the need to develop a sound commercial banking system was  felt. This was worked out mainly with the help of the recommendations of the  Committee on the Financial System (Chairman: Shri M. Narasimham), 1991. The resultant financial sector reforms called for interest rate flexibility for  banks, reduction in reserve requirements, and a number of structural  measures. Interest rates have thus been steadily deregulated in the past few  years with banks being free to fix their Prime Lending Rates(PLRs) and  deposit rates for most banking products. Credit market reforms included  introduction of new instruments of credit, changes in the credit delivery  system and integration of functional roles of diverse players, such as, banks,  financial institutions and non-banking financial companies (Nbfcs). Domestic Private Sector Banks were allowed to be set up, PSBs were allowed  to access the markets to shore up their Cars. Implications Of Some Recent Policy Measures: The allowing of PSBs to shed manpower and dilution of equity are moves that  will lend greater autonomy to the industry. In order to lend more depth to the  capital markets the RBI had in November 2000 also changed the capital  market exposure norms from 5 percent of banks incremental deposits of the  previous year to 5 percent of the banks total domestic credit in the previous  year. But this move did not have the desired effect, as in, while most banks  kept away almost completely from the capital markets, a few private sector  banks went overboard and exceeded limits and indulged in dubious stock  market deals. The chances of seeing banks making a comeback to the stock  markets are therefore quite unlikely in the near future. The move to increase  Foreign Direct Investment FDI limits to 49 percent from 20 percent during the  first quarter of this fiscal came as a welcome announcement to foreign  players wanting to get a foot hold in the Indian Markets by in vesting in willing  Indian partners who are starved of net worth to meet CAR norms. Ceiling for  FII investment in companies was also increased from 24.0 percent to 49.0  percent and have been included within the ambit of FDI investment. IDBI bank: all about The economic development of any country depends on the extent to which its  financial system efficiently and effectively mobilizes and allocates resources. There are a number of banks and financial institutions that perform this  function; one of them is the development bank. Development banks are  unique financial institutions that perform the special task of fostering the  development of a nation, generally not undertaken by other banks. Development banks are financial agencies that provide medium-and long-term financial assistance and act as catalytic agents in promoting balanced  development of the country. They are engaged in promotion and development  of industry, agriculture, and other key sectors. They also provide  development services that can aid in the accelerated growth of an economy. The objectives of development banks are: To serve as an agent of development in various sectors, viz. industry,  agriculture, and international trade To accelerate the growth of the economy To allocate resources to high priority areas To foster rapid industrialization, particularly in the private sector,  so as to provide employment opportunities as well as higher production   To develop entrepreneurial skills To promote the development of rural areas To finance housing, small scale industries, infrastructure, and social  utilities. 2.2 Introduction to the Bank IDBI the tenth largest development bank in the world has promoted world class institutions in India. A few of such institution built by IDBI are the National Stock Holding Corp. (NSE), the National Securities Depository Services Ltd.( NSDL ) Stock Holding Corp. of India (SHICL) etc. IDBI is a strategic investor in a plethora of institutions, which have revolutionized the Indian Financial Markets. IDBI promoted IDBI BANK to mark the formal foray of the Idbi group into commercial Banking. Idbi Bank, which began with an equity capital base of Rs. 1000 million (Rs.800 million contribute by IDBI and Rs. 200 millions by SIDBI), commenced its first branch at Indore in November 1995. The birth of Idbi bank took place after RBI issued guidelines for entry of new private sector banks in January 93. Subsequently, IDBI as promoters sought permission to establish a commercial bank and retained KPMG a management consultant of international repute to prepare the principle approval to establish Idbi bank on February 11th 1994 thereafter the bank was incorporated at Gwalior under companies act on 15th September 1994 with its registered office at Indore. The Certificate of Commencement of Business was received on 2nd December 1994. Banks registered office is in Indore and Head Office in Mumbai. One of the reason for the growth of Indian banks like ICICI and IDBI is that they have been allowed freedom to open any no. of branches in a particular city or suburb. They have also been given the freedom to open ATMs unlike in both cases the foreign banks who have been restricted in both of these areas. 2.3 Management Organisation IDBI Bank is a Board-managed organisation. The responsibility for the day-to-day  management of operations of the Bank is vested with the Chairman Managing  Director and two Deputy Managing Directors, who draw upon the support and  expertise of a cross- disciplinary Top Management Team. As on March 31, 2008, IDBI  Bank had a combined employee base of 8989, including professionals from the fields  of accountancy, management, engineering, law, computer technology, banking and  economics. Mr. Yogesh Agarwal, Chairman Managing Director Mr. Jitender Balakrishnan, Mr. O.V. Bundellu, (Deputy Managing Director) (Deputy Managing Director) OTHER BOARD OF DIRECTORS 2.4 IDBI Bank business chart 2.5 IDBI bank organizational chart 2.6 Products Services Free services Following services are provided to every type of A/C holder in general- ATMs : Besides cash withdrawals, some of the important things that you can do through the International Debit cum ATM card are : Balance Enquiry Statement Request Cheque-book Request Mini statements Cheque and Cash Deposits International usage Make purchases at 51,000 merchant establishments in India and over 10 million worldwide. Fabulous discounts and great deals at various establishments Internet Banking: Internet Banking gives you the power to access your bank account from your Personal Computer. Some of the important features of Internet Banking are : Account Balance Inquiry Transaction tracking and history Cheque status inquiry Funds transfer facilities to Own-account or third-parties Cheque book Requests Stop payment Requests FD renewal Requests Phone Banking: Just pick up your phone and access your account. The following features are available through Phone Banking : Available round the clock 24*7*365 Current Balance Inquiry Last 5 transactions inquiry Statement by fax fax-back, fax to another number, fax to registerednumber, Statement by mail Cheque status enquiry Cheque book request Balance as of a particular date Mobile Banking: The unique feature is that this facility is available across all mobile service providers. Balance enquiry Details of Last three transactions Cheque payment status Cheque book request Statement request Other services Sunday Banking Some of our branches are also open on Sundays that gives you an opportunity to complete all your banking requirements at your convenience. Locker Our branches provide lockers facility at nominal charges Who can open Account? Resident Individuals, Minors, Hindu Undivided Family (HUF), Trusts, Associations, Clubs, Societies, Foreign National residing in India can open a/c. Documents required for Account Opening: Account opening form Latest passport size photograph Self cheque or cash deposit Copy of passport In the absence of passport copy, copy of one document each from List A and List B is required: List A Voters ID card * Defense services Id/ Government ID Driving License * PAN card Photo credit card List B Latest bank account/credit card statement Latest electricity/telephone/mobile phone bill Latest copy of LIC policy or insurance premium receipt Latest copy of NSC Letter from employer certifying current mailing address Latest house lease agreement SuperSavings Account An assortment of benefits, earnings and convenience. Be it happiness in life or more time for yourself, you have always desired more  of it. So why settle for less with your savings account? The SuperSavings Account is a complete financial package that provides you  with easy access to your money and complete banking convenience too. It  offers you a whole range of options for optimal management of your money. Which means, with SuperSavings Account you not only save your money but  also make it grow. So apart from the basic benefits of a savings account, we offer you options for  faster transfer of funds, options to pay your bills or tax online and options to  grow money at attractive interest rates in the savings account. All these  features are offered for a minimum balance of Rs 5,000. Please click on the  links given below to find out more about each of these features. The SuperSavings Account is a complete financial package that provides you  with easy access to your money and complete banking convenience too. It  offers you a whole range of options for optimal management of your money. Which means, with SuperSavings Account you not only save your money but  also make it grow. Roaming Current Account A Current account for every business No two businesses are the same, which is why IDBI Bank offersfive Roaming Current Accounts Gold to suit your business needs. Based on the balance you choose to maintain in the account,  you can then choose your specific Roaming Current Account accordingly. IDBI Bank Current Accounts not only gives you the flexibility of banking  anytime, anywhere, but also allows you to save more money while doing  business across the country. Roaming Current Account from IDBI Bank comes packed with a host of  services and facilities that makes your banking convenient and hassle-free. With services such as multi-city and multi-branch banking, electronic funds   transfers, national clearing in selected cities, 247 cash withdrawals from  ATMs, Internet Banking, Phone Banking and SMS Banking, you are assured  of faster remittances and collection of funds at competitive rates. Whats  more, extended IDBI Banking hours and Sunday Banking, all this to simplify  banking for you! Features:- Make payments to your vendors in different cities without any costs. Receive payments form your customers without any charge deducted from the  amount Do all your banking right from where you are or wherever you travel Most importantly, maintain better relations with your vendors and customers. All this, only with the IDBI Bank RoamingCurrent Account. You can open a Current Account (Basic RoamingCurrent Account)with only  Rs 10,000. Keep in mind, you will have to maintain an average quarterly  balance of Rs 10,000. But this is nothing compared to a host of services and  facilities that will make your current account work more effectively and  efficiently. Open Current Accounts Following can open current A/c: Sole Proprietorship Firm Partnership firm Private and Public Limited Companies Hindu Undivided Family Trusts Societies, Clubs Associations Documents required for account opening: Sole Proprietorship Account opening form Signed declaration in the Account Opening form Passport Copy or Self-cheque along with a copy of (any one) >> Voter ID card >> Defence Id/Govt ID >> Driving License >> PAN card >> Photo credit card In addition the following forms are required Proof of existence of sole proprietorship firm (any one) >> Electricity/Telephone bill for the sole proprietorship firm >> Shop and Establishment certificate >> Proof of PAN /GIR No or Form 60 (only for cash deposits) >> Latest passport sized photograph of the sole proprietor If the address mentioned in any of the above documents is different from that stated in the account opening form, kindly submit any one of the following to confirm the present address >> Ration card >> gas connection receipt >> latest telephone bill >> latest electricity bill Partnership firm Account opening form Signed declaration in the Account Opening form Passport copies of all partners or Self-cheque along with a copy of (any one) >> Voter ID card >> Defence Id/Govt ID >> Driving License >> PAN card >> Photo credit card In addition the following forms are required Proof of existence of partnership firm (any one) >> Shop and Establishment certificate >> Copy of registration certificate >> Copy of partnership deed >> Letter of consent signed by all partners (as per banks format) Private Limited and Public Limited Companies Account opening form Copy of certificate of incorporation Names and latest passport sized photographs of the authorized signatories Certified true copy of memorandum and articles of association Certified true copy of commencement of business PAN /GIR No details or Form 60 Names, addresses of directors of the companies Certified true copy of board resolution Hindu Undivided Family Account opening form Signed declaration by Karta and Co-parcenors in the Account opening Form Names and signatures addresses of Karta and co-parcenors Names, signatures and latest passport sized photographs of authorized signatories PAN /GIR No details or Form 60 Trusts Account opening form Copy of Trust Deed Copy of the resolution of the Trustees Copy of registration certificate Names and latest passport size photographs of the authorized signatories Names, addresses of the trustees Clubs/Societies and Associations Names and signatures and latest passport sized photographs of authorized signatories Copy of rules and by-laws Copy of the resolution of members for account operation Copy of registration certificate Account Opening Form Idbi banks Business Special Current account gives a host of free services and facilities that ensure optimal utilization of funds, higher liquidity and cost savings. At he same time you dont have to keep a higher minimum balance. You need to keep an Average quarterly balance of Rs. 50,000 only to avail the free services Business Premium Bronze (Rs. 1 lac-AQB) Type of Accounts: Bronze Average Quarterly Balance (AQB):1lac Free funds transfers (per month) Cheque payable locally (in over 65 idbi bank locations) :1.5 cr Demand Draft per day (on over 65 idbi bank locations) :10 lack Demand Draft (on over 300 non-idbi bank locations) :chargeable Electronic Funds Transfers :1.5 cr Pay Orders : un limited Free cheque collection (per month) Outstation cheque collection (on idbi bank locations) :50 lac Daily cheque pick-up from your establishment* :Yes Free Inter-branch banking Any branch cash withdrawal (per day) : 1lac Any branch cash deposit (per day) : Rs 20,000 Total limit for Free transactions (per day) : 6.86 cr Cost saving to the customer per year : 16 lac Also available Basic Current Account (AQB of Rs 10,000). you get monthly statement of account, certificate of balance, seep-in from FD and Net, Phone and Mobile banking facilities all FREE Business Premium Silver (Rs. 3 lacks -AQB) Types of Accounts: Silver Ø Average Quarterly Balance (AQB):3lac Banking, Customer Satisfaction IDBI Bank Awareness Banking, Customer Satisfaction IDBI Bank Awareness CHAPTER- I 1.1 Title of the study 1.2 Scope of the study 1.3 Objective of the study 1.4 Significance of study 1.5 Researcher methodology 1.1 Title of the study:- â€Å"A survey on banking products, customer satisfaction awareness of IDBI Bank† 1.2 Scope Importance of the Study Each and every project study along with its certain objectives also have scope for  future. And this scope in future gives to new researches a new need to research a  new project with a new scope. Scope of the study not only consist one or two future  business plan but sometime it also gives idea about a new business which becomes  much more profitable for the researches then the older one. Scope of the study could give the projected scenario for a new observed in my project  are not exactly having all the features of the scope which I described above but also  not lacking all the features. Research study could give an idea of network expansion for capturing more  market and customer with better services and lower cost, with out compromising  with quality. In future customer requirements could be added with the product and services for  getting an edge over competitors. Consumer behavior could also be used for the purpose of launching a new  product with extra benefits which are required by customers for their account  (saving or current ) and/or for their investments. Factors which are responsible for the performance for bank can also be used for  the modification of the strategy and product for being more profitable. 1.3 Objectives of the study:- To know the customer needs and expectations. To find out the factors which customer take into consideration in opening a account To know that up to what extent a customer is satisfied with the bank To know the customer complaints and their redressal 1.4 Significance of the study:- Every research is conducted to fulfill certain objectives and these objective in turn fulfill some purpose and are of significance for one or more then one party these research is significant for:- To the Researcher:- This study provides the researcher a practical insight of various activities and function of the bank The researcher will also be able to develop on in depth knowledge of banking sector The study is also required for the partial fulfillment of the requirement for the degree of MBA as per the curriculum To the Bank:- The study would help IDBI Bank to know the customers attitude (about awareness and satisfaction level) towards its various products. 1.5 Research Methodology:- 1) Type of Research Research is descriptive in nature 2) Universe Customer of IDBI Bank in New Delhi 3) Sampling Unit Existing customer of IDBI Bank 4) Sampling Technique Convenience method of sampling was used 5) Sample Size 200 respondents 6) Data Type Primary secondary data PRIMARY DATA The Primary data are those which are collected afresh and for the first time, and thus  happen to be original in character. SECONDARY DATA The secondary data are those which have already been collected by someone else  and which have already been passed through the statistical process. CHAPTER II 2.1 Industry Introduction 2.2 Introduction to IDBI bank: All about 2.3 Management Organization 2.4 IDBI bank business chart 2.5 IDBI bank organizational chart 2.6 Product Services 2.7 Subsidiaries of IDBI 2.8 Review of literature 2.1 Industry introduction The Indian Banking industry, which is governed by the Banking Regulation  Act of India, 1949 can be broadly classified into two major categories, non-scheduled banks and scheduled banks. Scheduled banks comprise  commercial banks and the co-operative banks. In terms of ownership,  commercial banks can be further grouped into nationalized banks, the State  Bank of India and its group banks, regional rural banks and private sector  banks (the old/ new domestic and foreign). These banks have over 67,000  branches spread across the country in every city and villages of all nook and  corners of the land. The first phase of financial reforms resulted in the nationalization of 14 major  banks in 1969 and resulted in a shift from Class banking to Mass banking. This in turn resulted in a significant growth in the geographical coverage of  banks. Every bank had to earmark a minimum percentage of their loan  portfolio to sectors identified as â€Å"priority sectors†. The manufacturing sector  also grew during the 1970s in protected environs and the banking sector was  a critical source. The next wave of reforms saw the nationalization of 6 more  commercial banks in 1980. Since then the number of scheduled commercial  banks increased four-fold and the foreign banks (numbering42), regional rural  banks and other scheduled commercial banks accounted for 5.7 percent, 3.9  percent and 12.2 percent respectively in deposits and 8.41 percent, 3.14  percent and number of bank branches increased eight-fold. And that was not  the limit of growth. After the second phase of financial sector reforms and liberalization of the  sector in the early nineties, the Public Sector Banks (PSB) s found it  extremely difficult to compete with the new private sector banks and the  foreign banks. The new private sector banks first made their appearance after  the guidelines permitting them were issued in January 1993. Eight new  private sector banks are presently in operation. These banks due to their late  start have access to state-of-the-art technology, which in turn helps them to  save on manpower costs. During the year 2000, the State Bank Of India (SBI) and its 7 associates  accounted for a 25 percent share in deposits and 28.1 percent share in credit. The 20 nationalized banks accounted for 53.2 percent of the deposits and 47.5  percent of credit during the same period. Current Scenario: The industry is currently in a transition phase. On the one hand, the PSBs,  which are the mainstay of the Indian Banking system are in the process of  shedding their flab in terms of excessive manpower, excessive non  Performing Assets (Npas) and excessive governmental equity, while on the  other hand the private sector banks are consolidating themselves through  mergers and acquisitions.   PSBs, which currently account for more than 78 percent of total banking  industry assets are saddled with NPAs (a mind-boggling Rs 830 billion in  2000), falling revenues from traditional sources, lack of modern technology  and a massive workforce while the new private sector banks are forging  ahead and rewriting the traditional banking business model by way of their  sheer innovation and service. The PSBs are of course currently working out  challenging strategies even as 20 percent of their massive employee strength  has dwindled in the wake of the successful Voluntary Retirement Schemes  (VRS) schemes. The private players however cannot match the PSBs great reach, great size  and access to low cost deposits. Therefore one of the means for them to  combat the PSBs has been through the merger and acquisition (M A) route. Over the last two years, the industry has witnessed several such instances. For instance, HDFC Banks merger with Times Bank Icici Banks acquisition  of ITC Classic, Anagram Finance and Bank of Madurai. Centurion Bank,  Indusind Bank, Bank of Punjab, Vysya Bank are said to be on the lookout. The  UTI bank- Global Trust Bank merger however opened a pandoras box and  brought about the realization that all was not well in the functioning of many  of the private sector banks. Private sector Banks have pioneered internet banking, phone banking,  anywhere banking, mobile banking, debit cards, Automatic Teller Machines  (ATMs) and combined various other services and integrated them into the  mainstream banking arena, while the PSBs are still grappling with disgruntled  employees in the aftermath of successful VRS schemes. Also, following  Indias commitment to the W To agreement in respect of the services sector,  foreign banks, including both new and the existing ones, have been permitted  to open up to 12 branches a year with effect from 1998-99 as against the  earlier stipulation of 8 branches. Tasks of government diluting their equity from 51 percent to 33 percent in  November 2000 has also opened up a new opportunity for the takeover of  even the PSBs. The FDI rules being more rationalized in Q1FY02 may also  pave the way for foreign banks taking the M A route to acquire willing Indian  partners. Meanwhile the economic and corporate sector slowdown has led to an  increasing number of banks focusing on the retail segment. Many of them are  also entering the new vistas of Insurance. Banks with their phenomenal reach  and a regular interface with the retail investor are the best placed to enter into  the insurance sector. Banks in India have been allowed to provide fee-based  insurance services without risk participation, invest in an insurance company  for providing infrastructure and services support and set up of a separate  joint- venture insurance company with risk participation. Aggregate Performance of the Banking Industry Aggregate deposits of scheduled commercial banks increased at a  compounded annual average growth rate (Cagr) of 17.8 percent during 1969-99, while bank credit expanded at a Cagr of 16.3 percent per annum. Banks  investments in government and other approved securities recorded a Cagr of  18.8 percent per annum during the same period. In FY01 the economic slowdown resulted in a Gross Domestic Product (GDP)  growth of only 6.0 percent as against the previous years 6.4 percent. The WPI  Index (a measure of inflation) increased by 7.1 percent as against 3.3 percent  in FY00. Similarly, money supply (M3) grew by around 16.2 percent as against 14.6  percent a year ago. The growth in aggregate deposits of the scheduled commercial banks at 15.4  percent in FY01 percent was lower than that of 19.3 percent in the previous  year, while the growth in credit by SCBs slowed down to 15.6 percent in FY01  against 23 percent a year ago. The industrial slowdown also affected the earnings of listed banks. The net  profits of 20 listed banks dropped by 34.43 percent in the quarter ended  March 2001. Net profits grew by 40.75 percent in the first quarter of 2000-2001, but dropped to 4.56 percent in the fourth quarter of 20002001. On the Capital Adequacy Ratio (CAR) front while most banks managed to  fulfill the norms, it was a feat achieved with its own share of difficulties. The  CAR, which at present is 9.0 percent, is likely to be hiked to 12.0 percent by  the year 2004 based on the Basle Committee recommendations. Any bank  that wishes to grow its assets needs to also shore up its capital at the same  time so that its capital as a percentage of the risk-weighted assets is  maintained at the stipulated rate. While the IPO route was a much-fancied one  in the early ‘90s, the current scenario doesnt look too attractive for bank  majors. Consequently, banks have been forced to explore other avenues to shore up  their capital base. While some are wooing foreign partners to add to the  capital others are employing the M A route. Many are also going in for right  issues at prices considerably lower than the market prices to woo the  investors. Interest Rate Scene The two years, post the East Asian crises in 1997-98 saw a climb in the global  interest rates. It was only in the later half of FY01 that the US Fed cut interest  rates. India has however remained more or less insulated. The past 2 years in  our country was characterized by a mounting intention of the Reserve Bank  Of India (RBI) to steadily reduce interest rates resulting in a narrowing  differential between global and domestic rates. The RBI has been affecting bank rate and CRR cuts at regular intervals to  improve liquidity and reduce rates. The only exception was in July 2000 when  the RBI increased the Cash Reserve Ratio (CRR) to stem the fall in the rupee  against the dollar. The steady fall in the interest rates resulted in squeezed  margins for the banks in general. Governmental Policy: After the first phase and second phase of financial reforms, in the 1980s  commercial banks began to function in a highly regulated environment, with  administered interest rate structure, quantitative restrictions on credit flows,  high reserve requirements and reservation of a significant proportion of  lendable resources for the priority and the government sectors. The  restrictive regulatory norms led to the credit rationing for the private sector  and the interest rate controls led to the unproductive use of credit and low  levels of investment and growth. The resultant ‘financial repression led to  decline in productivity and efficiency and erosion of profitability of the  banking sector in general. This was when the need to develop a sound commercial banking system was  felt. This was worked out mainly with the help of the recommendations of the  Committee on the Financial System (Chairman: Shri M. Narasimham), 1991. The resultant financial sector reforms called for interest rate flexibility for  banks, reduction in reserve requirements, and a number of structural  measures. Interest rates have thus been steadily deregulated in the past few  years with banks being free to fix their Prime Lending Rates(PLRs) and  deposit rates for most banking products. Credit market reforms included  introduction of new instruments of credit, changes in the credit delivery  system and integration of functional roles of diverse players, such as, banks,  financial institutions and non-banking financial companies (Nbfcs). Domestic Private Sector Banks were allowed to be set up, PSBs were allowed  to access the markets to shore up their Cars. Implications Of Some Recent Policy Measures: The allowing of PSBs to shed manpower and dilution of equity are moves that  will lend greater autonomy to the industry. In order to lend more depth to the  capital markets the RBI had in November 2000 also changed the capital  market exposure norms from 5 percent of banks incremental deposits of the  previous year to 5 percent of the banks total domestic credit in the previous  year. But this move did not have the desired effect, as in, while most banks  kept away almost completely from the capital markets, a few private sector  banks went overboard and exceeded limits and indulged in dubious stock  market deals. The chances of seeing banks making a comeback to the stock  markets are therefore quite unlikely in the near future. The move to increase  Foreign Direct Investment FDI limits to 49 percent from 20 percent during the  first quarter of this fiscal came as a welcome announcement to foreign  players wanting to get a foot hold in the Indian Markets by in vesting in willing  Indian partners who are starved of net worth to meet CAR norms. Ceiling for  FII investment in companies was also increased from 24.0 percent to 49.0  percent and have been included within the ambit of FDI investment. IDBI bank: all about The economic development of any country depends on the extent to which its  financial system efficiently and effectively mobilizes and allocates resources. There are a number of banks and financial institutions that perform this  function; one of them is the development bank. Development banks are  unique financial institutions that perform the special task of fostering the  development of a nation, generally not undertaken by other banks. Development banks are financial agencies that provide medium-and long-term financial assistance and act as catalytic agents in promoting balanced  development of the country. They are engaged in promotion and development  of industry, agriculture, and other key sectors. They also provide  development services that can aid in the accelerated growth of an economy. The objectives of development banks are: To serve as an agent of development in various sectors, viz. industry,  agriculture, and international trade To accelerate the growth of the economy To allocate resources to high priority areas To foster rapid industrialization, particularly in the private sector,  so as to provide employment opportunities as well as higher production   To develop entrepreneurial skills To promote the development of rural areas To finance housing, small scale industries, infrastructure, and social  utilities. 2.2 Introduction to the Bank IDBI the tenth largest development bank in the world has promoted world class institutions in India. A few of such institution built by IDBI are the National Stock Holding Corp. (NSE), the National Securities Depository Services Ltd.( NSDL ) Stock Holding Corp. of India (SHICL) etc. IDBI is a strategic investor in a plethora of institutions, which have revolutionized the Indian Financial Markets. IDBI promoted IDBI BANK to mark the formal foray of the Idbi group into commercial Banking. Idbi Bank, which began with an equity capital base of Rs. 1000 million (Rs.800 million contribute by IDBI and Rs. 200 millions by SIDBI), commenced its first branch at Indore in November 1995. The birth of Idbi bank took place after RBI issued guidelines for entry of new private sector banks in January 93. Subsequently, IDBI as promoters sought permission to establish a commercial bank and retained KPMG a management consultant of international repute to prepare the principle approval to establish Idbi bank on February 11th 1994 thereafter the bank was incorporated at Gwalior under companies act on 15th September 1994 with its registered office at Indore. The Certificate of Commencement of Business was received on 2nd December 1994. Banks registered office is in Indore and Head Office in Mumbai. One of the reason for the growth of Indian banks like ICICI and IDBI is that they have been allowed freedom to open any no. of branches in a particular city or suburb. They have also been given the freedom to open ATMs unlike in both cases the foreign banks who have been restricted in both of these areas. 2.3 Management Organisation IDBI Bank is a Board-managed organisation. The responsibility for the day-to-day  management of operations of the Bank is vested with the Chairman Managing  Director and two Deputy Managing Directors, who draw upon the support and  expertise of a cross- disciplinary Top Management Team. As on March 31, 2008, IDBI  Bank had a combined employee base of 8989, including professionals from the fields  of accountancy, management, engineering, law, computer technology, banking and  economics. Mr. Yogesh Agarwal, Chairman Managing Director Mr. Jitender Balakrishnan, Mr. O.V. Bundellu, (Deputy Managing Director) (Deputy Managing Director) OTHER BOARD OF DIRECTORS 2.4 IDBI Bank business chart 2.5 IDBI bank organizational chart 2.6 Products Services Free services Following services are provided to every type of A/C holder in general- ATMs : Besides cash withdrawals, some of the important things that you can do through the International Debit cum ATM card are : Balance Enquiry Statement Request Cheque-book Request Mini statements Cheque and Cash Deposits International usage Make purchases at 51,000 merchant establishments in India and over 10 million worldwide. Fabulous discounts and great deals at various establishments Internet Banking: Internet Banking gives you the power to access your bank account from your Personal Computer. Some of the important features of Internet Banking are : Account Balance Inquiry Transaction tracking and history Cheque status inquiry Funds transfer facilities to Own-account or third-parties Cheque book Requests Stop payment Requests FD renewal Requests Phone Banking: Just pick up your phone and access your account. The following features are available through Phone Banking : Available round the clock 24*7*365 Current Balance Inquiry Last 5 transactions inquiry Statement by fax fax-back, fax to another number, fax to registerednumber, Statement by mail Cheque status enquiry Cheque book request Balance as of a particular date Mobile Banking: The unique feature is that this facility is available across all mobile service providers. Balance enquiry Details of Last three transactions Cheque payment status Cheque book request Statement request Other services Sunday Banking Some of our branches are also open on Sundays that gives you an opportunity to complete all your banking requirements at your convenience. Locker Our branches provide lockers facility at nominal charges Who can open Account? Resident Individuals, Minors, Hindu Undivided Family (HUF), Trusts, Associations, Clubs, Societies, Foreign National residing in India can open a/c. Documents required for Account Opening: Account opening form Latest passport size photograph Self cheque or cash deposit Copy of passport In the absence of passport copy, copy of one document each from List A and List B is required: List A Voters ID card * Defense services Id/ Government ID Driving License * PAN card Photo credit card List B Latest bank account/credit card statement Latest electricity/telephone/mobile phone bill Latest copy of LIC policy or insurance premium receipt Latest copy of NSC Letter from employer certifying current mailing address Latest house lease agreement SuperSavings Account An assortment of benefits, earnings and convenience. Be it happiness in life or more time for yourself, you have always desired more  of it. So why settle for less with your savings account? The SuperSavings Account is a complete financial package that provides you  with easy access to your money and complete banking convenience too. It  offers you a whole range of options for optimal management of your money. Which means, with SuperSavings Account you not only save your money but  also make it grow. So apart from the basic benefits of a savings account, we offer you options for  faster transfer of funds, options to pay your bills or tax online and options to  grow money at attractive interest rates in the savings account. All these  features are offered for a minimum balance of Rs 5,000. Please click on the  links given below to find out more about each of these features. The SuperSavings Account is a complete financial package that provides you  with easy access to your money and complete banking convenience too. It  offers you a whole range of options for optimal management of your money. Which means, with SuperSavings Account you not only save your money but  also make it grow. Roaming Current Account A Current account for every business No two businesses are the same, which is why IDBI Bank offersfive Roaming Current Accounts Gold to suit your business needs. Based on the balance you choose to maintain in the account,  you can then choose your specific Roaming Current Account accordingly. IDBI Bank Current Accounts not only gives you the flexibility of banking  anytime, anywhere, but also allows you to save more money while doing  business across the country. Roaming Current Account from IDBI Bank comes packed with a host of  services and facilities that makes your banking convenient and hassle-free. With services such as multi-city and multi-branch banking, electronic funds   transfers, national clearing in selected cities, 247 cash withdrawals from  ATMs, Internet Banking, Phone Banking and SMS Banking, you are assured  of faster remittances and collection of funds at competitive rates. Whats  more, extended IDBI Banking hours and Sunday Banking, all this to simplify  banking for you! Features:- Make payments to your vendors in different cities without any costs. Receive payments form your customers without any charge deducted from the  amount Do all your banking right from where you are or wherever you travel Most importantly, maintain better relations with your vendors and customers. All this, only with the IDBI Bank RoamingCurrent Account. You can open a Current Account (Basic RoamingCurrent Account)with only  Rs 10,000. Keep in mind, you will have to maintain an average quarterly  balance of Rs 10,000. But this is nothing compared to a host of services and  facilities that will make your current account work more effectively and  efficiently. Open Current Accounts Following can open current A/c: Sole Proprietorship Firm Partnership firm Private and Public Limited Companies Hindu Undivided Family Trusts Societies, Clubs Associations Documents required for account opening: Sole Proprietorship Account opening form Signed declaration in the Account Opening form Passport Copy or Self-cheque along with a copy of (any one) >> Voter ID card >> Defence Id/Govt ID >> Driving License >> PAN card >> Photo credit card In addition the following forms are required Proof of existence of sole proprietorship firm (any one) >> Electricity/Telephone bill for the sole proprietorship firm >> Shop and Establishment certificate >> Proof of PAN /GIR No or Form 60 (only for cash deposits) >> Latest passport sized photograph of the sole proprietor If the address mentioned in any of the above documents is different from that stated in the account opening form, kindly submit any one of the following to confirm the present address >> Ration card >> gas connection receipt >> latest telephone bill >> latest electricity bill Partnership firm Account opening form Signed declaration in the Account Opening form Passport copies of all partners or Self-cheque along with a copy of (any one) >> Voter ID card >> Defence Id/Govt ID >> Driving License >> PAN card >> Photo credit card In addition the following forms are required Proof of existence of partnership firm (any one) >> Shop and Establishment certificate >> Copy of registration certificate >> Copy of partnership deed >> Letter of consent signed by all partners (as per banks format) Private Limited and Public Limited Companies Account opening form Copy of certificate of incorporation Names and latest passport sized photographs of the authorized signatories Certified true copy of memorandum and articles of association Certified true copy of commencement of business PAN /GIR No details or Form 60 Names, addresses of directors of the companies Certified true copy of board resolution Hindu Undivided Family Account opening form Signed declaration by Karta and Co-parcenors in the Account opening Form Names and signatures addresses of Karta and co-parcenors Names, signatures and latest passport sized photographs of authorized signatories PAN /GIR No details or Form 60 Trusts Account opening form Copy of Trust Deed Copy of the resolution of the Trustees Copy of registration certificate Names and latest passport size photographs of the authorized signatories Names, addresses of the trustees Clubs/Societies and Associations Names and signatures and latest passport sized photographs of authorized signatories Copy of rules and by-laws Copy of the resolution of members for account operation Copy of registration certificate Account Opening Form Idbi banks Business Special Current account gives a host of free services and facilities that ensure optimal utilization of funds, higher liquidity and cost savings. At he same time you dont have to keep a higher minimum balance. 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Communication Delay in Children

Communication & Language Delay in Children Children communicate in many ways. Language and communication help us to socialise and express our needs. Babies use sounds, facial expressions and hand or arm gestures to express the way they are feeling. As they grow older their language skills gradually begin to develop and they will use more complex gestures such as pointing at objects. Language allows the child to express themselves and communicate. Alongside speech, reading, writing, drawing and signing are all important parts of a Childs language development. It is important to identify any delay in language or communication in a Child as soon as possible. Children need to be able to communicate with others in order to express their needs and develop their social skills. Delayed language or communication can have a big impact on all other areas of development and cause behavioural problems for the child born from frustration. A child who is unable to express themselves clearly may display disruptive or aggressive behaviour as they become frustrated that they are not being understood. They might be disciplined for their behaviour if their carer does not realise why they are acting up and brands them as a difficult child. This will cause the child to loose confidence and develop low self esteem. They may also become clingy to their parent or carer, be prone to tearful outbursts and have difficulty socialising with peers. A child with hearing difficulties may appear to be in their own little world and not respond when their name is called. They may also struggle to follow simple instructions or have trouble pronouncing words. Children who can not understand or hear what is being said to them will miss out on vital learning opportunities. The Childs overall wellbeing will suffer as they will feel isolated and upset. The child may withdraw from groups and not want to participate therefore missing out on learning important social skills. Delayed language and communication can also be a sign that there is something more seriously wrong with the child that may require treatment or specialist help such as a hearing impairment or learning difficulties. If the correct help or treatment is not supplied for the child in a timely fashion it will have a knock on effect that will delay their emotional, social and even physical development. It is therefore vitally important that child care practitioners are aware of the signs of communication and language delay in children and are equipped with the right tools and information to be able to help the children and their families. The practitioner needs to be calm, flexible and patient. A child with language difficulties will need extra support that should be tailored to their individual needs and plenty of positive encouragement and reinforcement to help build their confidence. The child may be able to take you to objects that they want or express their need by looking or pointing at objects. Some children may need help when playing alongside others. The Practitioner may need to stay close so that they can help them when they have trouble expressing themselves as well as teaching the children around them to be patient and help them to understand the child. A Childs language could be delayed for many reasons some of these reasons are detailed below: * Hearing impairments – This is a common reason for a delay in language development. There are many different types of impairments ranging from non-permanent conditions such as glue ear to permanent partial of full hearing loss. A child with hearing loss will often withdraw in to themselves and not want to interact with the outside world as they struggle to understand it. The cause of the loss needs to be established quickly so the child can receive the right treatment so their development does not suffer. Non-permanent conditions may be easily treated by a GP, whereas permanent conditions may require specialist help and hearing aids. The sooner treatment is supplied for a child the sooner they can progress their language and communication skills. The practitioner can support them within the setting by working alongside the parents to understand the condition. The practitioner c should provide one to one support and they may use sign language and encourage the other children to use it too. Physical conditions such as an enlarged tongue or a cleft pallet – A child suffering from this kind of physical impairment will usually have a very good understanding of what is being said to them and going on around them. The problem comes when they try to express themselves through speech. They may be unable to speak clearly and may mispronounce words. This will cause them to become frustrated and may result in aggressive behaviour. It might also cause them to feel different and be embarrass ed in front of their peers. Therefore they may withdraw from groups and not wish to participate in discussions. Some of these conditions can be treated by Doctors but others will require speech therapy and on-going support. The practitioner will need to work alongside the therapist and the parents in order to provide the best possible support for the child within the setting. * Stutters or stammers – A child suffering with a stutter or a stammer will usually have a good understanding of what is being said to them and going on around them. They struggle to express themselves clearly and find it difficult to get the words they want to say out correctly. They may hesitiate or say um a lot or repeat the same word over as they try to get out a sentence. This is often because their mind is working so quickly their mouth struggles to keep up! This is considered a normal stage in development for a child between the age of Most children grow out of this in time but for some it may develop in to a habit and a half to five years.. If a child is suffering with a stutter or stammer displays disruptive behaviour due to frustration and feels embarrassed in front of peers so they shy away from group activities or the non-fluency continues for more than 6 months they may require referral to a speech therapist. Practitioners can help the child within the setting by helping to relax the child in order to calm their speech by showing they are listening, making eye contact, nodding their head and smiling at the child. The practitioner should never finish the Childs sentences be patient and allow them plenty of time to speak. Lack of stimulation and language input –Some children to not recieve the level of interaction required with other people to allow there language and communication skills to develop. The child may be left on their own, for long periods and not taken out of the house. Their carer may not talk or interact with them unless it is necessary. In these circumstances the child misses out on all the im portant experiences and interactions that are required in order to enable their lanhuage and communication skills to develop. There are often underlying problems or concerns with children who are delayed due to this issue. There could be a problem with neglect at home or their carer may be depressed and need help. It is important that these issues are also addressed alongside the support required to assist there language development. Often these children simply require time, care and attention in order to help them progress. The practitioner can help by spending time with the child talking and interacting. They must provide plenty of positive reinforcement and encourage them to interact with others and try new experiences to develop their language skills. Picture cards and books can also be used to help them express what their needs and increase their vocabulary. * Shyness – Some children are simply very shy and do not like talking to people they are not familiar with or clam up in situations or places they are not used to. They have a very good understanding of what is being said to them and going on around them but find it difficult to speak due to shyness and anxiety. The parents may tell you that the child is a chatter box at home where they feel comfortable but the child may not say anything when they are at pre-school. The child will need plenty of encouragement and positive reinforcement from the practitioner in order to help them settle and feel at ease within the setting. The practitioner can support the child by playing alongside them, encouraging them to interact with other children and encouraging other children to interact with them. * The child is learning more than one language – Children who are learning more than one language may be slightly slower in learning to talk and communicate. This is because the child has to learn more than one language system. There are many circumstances in todays’ society where this is now the case. Children come from many different backgrounds. The child parents may speak one language at home such as Chinese which will be the childs home language but then they will be exposed to English when they are at preschool or the childs parents may use 2 languages at home. The childs mother might be French and speak French to the child whereas the Father may be English and only communicate with the mother and child in Engllish. Children learn through association and absorption therefore it is important that when within the preschool setting the practitioners only use one language to communicate with the child. This enables the child to associate that language with the setting and put what they are learning in to context. It is very important that the setting works with the childs parents to support their learning and ensure that the child has a positive view of both of the languages they are learning. The parents might like to be involved in some of the activities in the setting so that they can see what the child is learning and help to support their development. Learning difficulties such as Autism – There are many different learning difficulties that can occur in children and all will need specialist treatment that is specific to each individual child. Therefore it is important that they are identified early so that the child can receive the help and support they require in order to progress. Earl y signs of a learning disorder in children are problems pronouncing words, struggling to find the right word, difficulty rhyming, trouble learning the alphabet, numbers, colours, shapes and days of the week and find it difficult to follow directions or learn routines. Children with autism may have trouble making eye contact, appear disinterested in other people and what is going on around them, find it difficult connecting with people and have problems playing with other children. They may use an abnormal tone of voice, with an odd rhythm or pitch, they may repeat the same words over and over, respond to a question by repeating it instead of answering it and refer to themselves in the third person. Once a delay in a child communication and language skills has been identified it is important they receive the help and support required as soon as possible. Each setting should have access to a SENCO (special educational needs co-ordinator) and a EYAT (early years advisory teacher). They should be the first people to be that is contacted once a delay has been identified. They can them come in and carry out observations and assessments of the child in order to help establish the cause of the delay. They can then liase with the Childs parents and the practitioner to discuss what the next steps are and how best to support the child with their development. A referral should be considered if the child is delayed in any of the following areas: * Understanding language that is spoken to them Developing the range of speech sounds appropriate for their age * Developing the use of words and sentences appropriate for their age A referral should also be considered for those children that who are not following the normal patterns of development such as: * Children who use language inappropriately , for example phrases used in the wrong context or tha t don’t make sense. * Repeating learned chunks of language that have no meaning * Children who find it difficult to follow rules or join in with a conversation by looking, taking turns and sharing interest in a subject. Some children may need to be referred to a speech and language therapist. A speech therapist can help support children with a wide range of communication and language difficulties. Any referrals must be done with the full support and co-operation of parents. The SENCO will also be able to get help from the Early Years support team within Leicestershire. They are there to assist settings with the early identification of children with additional needs and provide support for the child and their families. Once again any referrals must be done with the full support and co-operation of the the parents. Practitioners should ensure that they include communication and language development within their planning for the setting. The setting should promote good communication and language skills and display their approach to parents so they can help support it within the home environment. There are many ways to promote good communication and language within the setting. All areas within the setting should be clearly labelled with words and pictures to help the children to understand what they are used for. Boxes within the setting should be labelled with pictures to help the child understand what is in them. Eg. A photo of lego on the box that contains the lego. Pictures and photo cards can also be used to help the children express their needs or to show you what they would like to do. Practitioners should be good role models for the children and ensure that they display good language and communication skills. They should ensure that they listen to the children patiently allowing them time to talk, make good eye contact and sensitively correct children when they use the wrong form of word. Eg â€Å"I readed my book† response from practitioner â€Å"Oh, you are reading your book†. Practitioners should ensure they use simple instructions with short sentences that the children can understand. Open questions encourage the children to think and with encouragement help them to extend their vocabulary and improve their sentence structure. There are many play opportunites that the practitioner can use to encourage good language and communication. One of the most effective ways of doing this is to talk allowed as you are playing with the children and provide a commentary on what you are doing. For example if you are playing with the lego you could say â€Å"We are building our tower up, it is getting higher and higher. Oh look the green block is on top. Ben has a square brick , it is red† As you are talking the child will learn from absorption pick up on the words and make the associations with the objects. Books can play a key part in developing in speech and communication skills. Picture books can be used to help the child learn colours, animals, and objects. Storybooks can be used to encourage language development and sentence structure. The practitioner can ask the child open questions such as â€Å"What is happening in the picture? † or â€Å"What do you think happened next? †. You could even get the child to tell you the story themselves. After reading the story with the child you could then ask them to read the story to you. Although they might not be able to read the words you can see how much they recall from the pictures and how well they listened to you. Roleplay is a brilliant way to encourage imaginative play and increase vocabulary. For instance you could role play a trip to the shops. There could be lots of new language words that you can introduce such as till, basket, shopping trolley, carrots, apples, broccoli, oranges, money, purse, bags etc. Role play is also a good way to get children to interact and communicate with each other in a fun and interesting way. Songs and rhyming are great way for getting children to listen they are also often help children to remember things. Songs and rhymes use intonation, stress and rhythm which all help with aspects of speech development as they are all skills we use when talking. Some songs also involve actions so they are a great way to help children link words with actions or even body parts Eg The song ‘ Head shoulders knees and toes’. It is important to remember that all children are individuals and therefor what works for one child may not work for another. That is why practitioners must ensure that there is a wide vareity of play opportuinites available within the setting to ensure they can cater for each childs needs. They should ensure that regular language and communication observations and assessments are carried out on all the children within to enable them to keep track of their development, plan their next steps and identify and signs of a delay as early as possible.

Deception Point Page 45

Sexton would lie. Was this truly her first instinct regarding her candidate? Yes. He would lie†¦ brilliantly. If these photos hit the media without Gabrielle's having admitted the affair, the senator would simply claim the photos were a cruel forgery. This was the age of digital photo editing; anyone who had ever been on-line had seen the flawlessly retouched spoof photographs of celebrities' heads digitally melded onto other people's bodies, often those of porn stars engaged in lewd acts. Gabrielle had already witnessed the senator's ability to look into a television camera and lie convincingly about their affair; she had no doubt he could persuade the world these photos were a lame attempt to derail his career. Sexton would lash out with indignant outrage, perhaps even insinuate that the President himself had ordered the forgery. No wonder the White House hasn't gone public. The photos, Gabrielle realized, could backfire just like the initial drudge. As vivid as the pictures seemed, they were totally inconclusive. Gabrielle felt a sudden surge of hope. The White House can't prove any of this is real! Tench's powerplay on Gabrielle had been ruthless in its simplicity: Admit your affair or watch Sexton go to jail. Suddenly it made perfect sense. The White House needed Gabrielle to admit the affair, or the photos were worthless. A sudden glimmer of confidence brightened her mood. As the train sat idling and the doors slid open, another distant door seemed to open in Gabrielle's mind, revealing an abrupt and heartening possibility. Maybe everything Tench told me about the bribery was a lie. After all, what had Gabrielle really seen? Yet again, nothing conclusive-some Xeroxed bank documents, a grainy photo of Sexton in a garage. All of it potentially counterfeit. Tench cunningly could have showed Gabrielle bogus financial records in the same sitting as the genuine sex photos, hoping Gabrielle would accept the entire package as true. It was called â€Å"authentication by association,† and politicians used it all the time to sell dubious concepts. Sexton is innocent, Gabrielle told herself. The White House was desperate, and they had decided to take a wild gamble on scaring Gabrielle into going public about the affair. They needed Gabrielle to desert Sexton publicly-scandalously. Get out while you can, Tench had told her. You have until eight o'clock tonight. The ultimate pressure sales job. All of it fits, she thought. Except one thing†¦ The only confusing piece of the puzzle was that Tench had been sending Gabrielle anti-NASA e-mails. This certainly suggested NASA really did want Sexton to solidify his anti-NASA stance so they could use it against him. Or did it? Gabrielle realized that even the e-mails had a perfectly logical explanation. What if the e-mails were not really from Tench? It was possible Tench caught a traitor on staff sending Gabrielle data, fired that person, and then stepped in and e-mailed the final message herself, calling Gabrielle in for a meeting. Tench could have pretended she leaked all the NASA data on purpose-to set Gabrielle up. The subway hydraulics hissed now in L'Enfant Plaza, the doors preparing to close. Gabrielle stared out at the platform, her mind racing. She had no idea if her suspicions were making any sense or if they were just wishful thinking, but whatever the hell was going on, she knew she had to talk to the senator right away-P.E. night or not. Clutching the envelope of photographs, Gabrielle hurried off the train just as the doors hissed shut. She had a new destination. Westbrooke Place Apartments. 51 Fight or flight. As a biologist, Tolland knew that vast physiological changes occurred when an organism sensed danger. Adrenaline flooded the cerebral cortex, jolting the heart rate and commanding the brain to make the oldest and most intuitive of all biological decisions-whether to do battle or flee. Tolland's instinct told him to flee, and yet reason reminded him he was still tethered to Norah Mangor. There was nowhere to flee anyway. The only cover for miles was the habisphere, and the attackers, whoever the hell they were, had positioned themselves high on the glacier and cut off that option. Behind him, the wide open sheet of ice fanned out into a two-mile-long plain that terminated in a sheer drop to a frigid sea. Flight in that direction meant death by exposure. The practical barriers to fleeing notwithstanding, Tolland knew he could not possibly leave the others. Norah and Corky were still out in the open, tethered to Rachel and Tolland. Tolland stayed down near Rachel as the ice pellets continued to slam into the side of the toppled equipment sled. He pillaged the strewn contents, searching for a weapon, a flare gun, a radio†¦ anything. â€Å"Run!† Rachel yelled, her breathing still strained. Then, oddly, the hailstorm of ice bullets abruptly stopped. Even in the pounding wind, the night felt suddenly calm†¦ as if a storm had let up unexpectedly. It was then, peering cautiously around the sled, that Tolland witnessed one of the most chilling sights he had ever seen. Gliding effortlessly out of the darkened perimeter into the light, three ghostly figures emerged, coasting silently in on skis. The figures wore full white weather suits. They carried no ski poles but rather large rifles that looked like no guns Tolland had ever seen. Their skis were bizarre as well, futuristic and short, more like elongated Rollerblades than skis. Calmly, as if knowing they had already won this battle, the figures coasted to a stop beside their closest victim-the unconscious Norah Mangor. Tolland rose shakily to his knees and peered over the sled at the attackers. The visitors stared back at him through eerie electronic goggles. They were apparently uninterested. At least for the moment. Delta-One felt no remorse as he stared down at the woman lying unconscious on the ice before him. He had been trained to carry out orders, not to question motives. The woman was wearing a thick, black, thermal suit and had a welt on the side of her face. Her breathing was short and labored. One of the IM ice rifles had found its mark and knocked her unconscious. Now it was time to finish the job. As Delta-One knelt down beside the oblivious woman, his teammates trained their rifles on the other targets-one on the small, unconscious man lying on the ice nearby, and one on the overturned sled where the two other victims were hiding. Although his men easily could have moved in to finish the job, the remaining three victims were unarmed and had nowhere to run. Rushing to finish them all off at once was careless. Never disperse your focus unless absolutely necessary. Face one adversary at a time. Exactly as they had been trained, the Delta Force would kill these people one at a time. The magic, however, was that they would leave no trace to suggest how they had died. Crouched beside the unconscious woman, Delta-One removed his thermal gloves and scooped up a handful of snow. Packing the snow, he opened the woman's mouth and began stuffing it down her throat. He filled her entire mouth, ramming the snow as deep as he could down her windpipe. She would be dead within three minutes. This technique, invented by the Russian mafia, was called the byelaya smert-white death. This victim would suffocate long before the snow in her throat melted. Once dead, however, her body would stay warm long enough to dissolve the blockage. Even if foul play were suspected, no murder weapon or evidence of violence would be apparent immediately. Eventually someone might figure it out, but it would buy them time. The ice bullets would fade into the environment, buried in the snow, and the welt on this woman's head would look like she'd taken a nasty spill on the ice-not surprising in these gale force winds. The other three people would be incapacitated and killed in much the same way. Then Delta-One would load all of them on the sled, drag them several hundred yards off course, reattached their belay lines and arrange the bodies. Hours from now, the four of them would be found frozen in the snow, apparent victims of overexposure and hypothermia. Those who discovered them would be puzzled what they were doing off course, but nobody would be surprised that they were dead. After all, their flares had burned out, the weather was perilous, and getting lost on the Milne Ice Shelf could bring death in a hurry.

Understanding and Using Record Data Types in Delphi

Sets are ok, arrays are great. Suppose we want to create three one-dimensional arrays for 50 members in our programming community. The first array is for names, the second for e-mails, and the third for number of uploads (components or applications) to our community. Each array (list) would have matching indexes and plenty of code to maintain all three lists in parallel. Of course, we could try with one three-dimensional array, but what about its type? We need string for names and e-mails, but an integer for the number of uploads. The way to work with such a data structure is to use Delphis record structure. TMember Record ... For example, the following declaration creates a record type called TMember, the one we could use in our case. Essentially, a record data structure can mix any of Delphis built-in types including any types you have created. Record types define fixed collections of items of different types. Each item, or field, is like a variable, consisting of a name and a type. TMember type contains three fields: a string value called Name (to hold the name of a member), a value of a string type called eMail (for one e-mail), and an integer (Cardinal) called Posts (to hold the number of submissions to our community). Once we have set up the record type, we can declare a variable to be of type TMember. TMember is now just as good variable type for variables as any of Delphis built-in types like String or Integer. Note: the TMember type declaration, does not allocate any memory for the Name, eMail, and Posts fields; To actually create an instance of TMember record we have to declare a variable of TMember type, as in the following code: Now, when we have a record, we use a dot to isolate the fields of DelphiGuide. Note: the above piece of code could be rewritten with the use of with keyword. We can now copy the values of DelphiGuide’s fields to AMember. Record Scope and Visibility Record type declared within the declaration of a form (implementation section), function, or procedure has a scope limited to the block in which it is declared. If the record is declared in the interface section of a unit it has a scope that includes any other units or programs that use the unit where the declaration occurs. An Array of Records Since TMember acts like any other Object Pascal type, we can declare an array of record variables: Note: Heres how to declare and initialize a constant array of records in Delphi. Records as Record Fields Since a record type is legitimate as any other Delphi type, we can have a field of a record be a record itself. For example, we could create ExpandedMember to keep track of what the member is submitting along with the member information. Filling out all the information needed for a single record is now somehow harder. More periods (dots) are required to access the fields of TExpandedMember. Record With Unknown Fields A record type can have a variant part (not to be confused with Variant type variable). Variant records are used, for example, when we want to create a record type that has fields for different kinds of data, but we know that we will never need to use all of the fields in a single record instance. To learn more about Variant parts in Records take a look at Delphis help files. The use of a variant record type is not type-safe and is not a recommended programming practice, particularly for beginners. However, variant records can be quite useful, if you ever find yourself in a situation to use them.