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2. bcq Aqy invyS dy zrUrI nukqyquhwfy mwpy shI kihMdy sn: pYsw pyV qy nhIN au~gdw[ hkIkq ivc ieh dUsry pYsy qy au~gdw hY[AsIN ieh purwxI khwvq vI kih skdy hW, ik hor pYsw bxwaux leI pYsy dI loV huMdI hY[ pYsyivc AijhI kwblIAq hY ik auh hor pYsw bxw skdw hY[ cMgI ^br qW ieh hY ik quhwƒ hor pYswbxwaux leI izAwdw pYsy dI loV nhIN huMdI[bcq Aqy invySAwm qOr ’qy lok Coty smyN dy lkS leI bcq krdy hn[ quhwfw pYsw cwlU Kwqy ivc bVw sur`iKAqhuMdw hY Aqy ieh QoVy bhuqy ibAwj kwrn kuJ kmw vI irhw hY[ nwl hI ieh bhuq vDIAw vI hY ikjdoN loV hovy qW qusIN k`Fxw vI skdy ho[invyS krn dw ArQ hY ik qusIN v`fy smyN dy lkS leI pYsw bcw ky iqAwrI kr rhy ho[ iesi vciksI qrHW dI izMmyvwrI nhIN ik pYsw v`Dygw hI[ sgoN ieh mwmUlI g`l hY ik invyS kIqI rkm smyNnwl kdI v`D skdI hY Aqy kdI f`ub vI skdI hY[ pr lMby smyN ivc invyS cMgI kmweI kr skdyhn blik quhwfy cwlU Kwqy qoN ikDry vDyry[bcq Aqy invyS quhwfy iv`qI lkS leI zrUrI ikauN hn?iksI iksI leI qW, bcq jW invyS Awpxy iv`qI lkS dI pUrqI leI Krcy qoN v`D suAwdlw huMdwhY[ pr invyS krn dw sB qoN v`fw kwrn iehI hY ik ieh quhwƒ vDyry pYsw kmw ky dyvy[ koeI vIibAwj jW invyS ivc vwDw quhwƒ quhwfy iv`qI lkS dy hor nyVy kr idMdw hY[ Aqy ies leI quhwƒvDyry imhnq vI nhIN krnI peI[jldI qoN jldI bcq krnI SurU kr idE Aqy qusIN loV smyN pYsy leI iqAwr hovogy, BwvyN qusINGr KrIdx leI bcq kro jW b`cy dI pVHweI leI jW iPr AwpxI syvw inivRqI leI[ vIhvyN swlqoN bcq krnI bhuq hI vDIAw rhygI[ Asr ieh sMBv nw ho sikAW qW quuhwƒ bwkI dI swrIizMdgI qMgI sihxI pY skdI hY[ CoitAW kol ieh lwB hY ik v`fI aumr dy lokW aunHW kol izAwdwsmW huMdw hY[ CotI aumr dy lokI jy ieh sMklp smJ ky lwgU kr lYx qW auh Awpxy supinAW ƒsOKI qrHW swkwr kr skdy hn Aqy Awpxw iv`qI lkS ƒ shI qrHW pRwpq kr skdy hn[iF`l dI kImqwqusIN ieh qW jwxdy hI ho ik ijMnW izAwdw smW qusIN invyS krogy, aunW hI izAwdw pYsw quhwfy h`Qivc hovygw[ pr ies dy ault pihlU ƒ vI nkwirAw nhIN jw skdw[ invyS krn dI aufIk kwrnqusIN Avsr ƒ dwA qy lgw rhy ho[ ieh kQn kihxw Awswn hY ik quhwfy kol ies vkq b`cqAqy invyS krn leI pYsw nhIN hY- “mYN blik izAwdw pYsy h`Q ivc Awaux dI aufI k krWgw[”pr ieh inrnw Swied quhwƒ quhwfI soc qoN izAwdw mihMgw pey ikaunik ienHW dohW kMmW dw qwkqdw quhwƒ AMdwzw nhIN hY[ ieh quhwƒ ies leI vI mihMgw pY skdw hY ikauNik ieMqzwr quhfyibAwj dw nPw nhIN hox dyvygw BwvyN auh G`t pYisAW qy hI ikauN nhIN hovy[Awpxy Awp ƒ hyT ilKy pRSn pu`Co:kI qusIN Awpxy hux dy Krcy ƒ 10 pRiqSq Gtw skdy ho, koeI Prk nhIN pYNdw Aqyies pYsy ƒAwpxy Biv`K leI r`K idau? Agr qusIN AwpxI AwmdnI ivcoN Biv`K dy l`kS leI 10 pRiqSq r`Kskdy ho qW auh lkS ikhVy hn? ieh iksmq qoN izAwdw izMdgI ivc iehy kMm Awauxgy[ lokW ƒ5

isrP ieh smJx dI loV hY ik “Awpxy Awp ƒ pYsw sB qoN pihlW idE” b`cq ƒ sB qoN izAwdwqrjIh idE – qW auh mihz Biv`K leI supnw nhIN bxngy sgoN hor v`D hwsl kr skxgy[BwvyN iksI dI qnKwh G`t hY jW v`D, kuJ ih`sw invyS krn leI iek pwsy r`Kx nwl iek svY-AnuSwsn cwhIdw hY[ iesI AnuSwsn nwl qusIN AwpxI G`t loV vwlIAW vsqW ƒ iPlhwl mulqvIkr skdy ho, auh pYsy ƒ bcq ky Aqy invyS kr ky auh v`fI AvDI dy lwB mwx skdy hn[bjt bxwauxwquhwfI ArQ ivvsQw dw pihlw kdm bjt bnwauxw hY[ bjt bnwauxw quhwfy pQ drSn, XojnwAqy AwmdnI dy AMqrI Aqy bwhrI pRvwh ƒ kwbU krnW huMdw hY[ ieh AwdmI dy swry sroqW dIpCwx krdw hY Aqy vrqmwn Aqy Biv`K dy swry KricAW dw ihswb lgwauNdw hY qW ik aus dyAwrQk lkSW jW audyS ƒ pUrn kr sky[ bjt dI Xojnw bnwaux vwly dw buinAwdI lkS qmwmKricAW qoN bwAd vI AwmdnI ƒ bcwauxw huMdw hY[bjt dy lwB:• _ bhuq swrIAW QwvW au~pr PwlqU KricAW aupr bjt ingwh r`Kdw hY Aqy ies ƒ sMquln ivcr`Kdw hY[• _ Acwnk pey PMfW jW KricAW dI loV dw ihswb r`Kdw hY[• _ quhwƒ AnuSwsn ’c rKdw hY[• _ syvw inivRqI auprMq as dI jIvn p`Dr ƒ auc bxwaux ’c mdd krdw hY[bjt Xojnw dy FMgkdm 1: AwpxI AwmdnI dw ihswb kro[ ies ivc quhwfI swirAW QwvW qoN hoeI AwmdnI SwimlhoxI cwhIdI hY[ ijs ivc qn^wh, bYNk dw ivAwj jW koeI vI hor invyS Swiml hoxw cwhIdw hY[kdm 2: zrUrI KricAW ƒ mu`K r`Ko[ zrUrI KricAW dI sUcI bxwau, ijs ivc Gr dw ikrwieAw,prcUn, vsqU, tYlIPon Aqy ibjlI dy ib`l Aqy pYtRol Aqy g`fI dI dyKBwl Awid Swiml hovy[hryk qy hoey Krcy ƒ igxo[kdm 3: Awpxy kul krizAW dw ihswb lwE ijs ivc aunHW au~pr l`igAW ivAwj vI SwimlkIqw jwvy[kdm 4: PwlqU dy KricAW bwry ivcwr ijs ivc quhwfIAW CutIAW, quhPy, sYr-spwtw AqyrsqrW Awid Swiml hn[kmd 5: AwpxI b`cq dw ihswb lwE[ iek dUjy, qIjy Aqy cOQy FMg dy AWkiVAW ƒ jmw krkypihly FMg jW kdm dy AWkVy jW igxqI ivcoN mnPI kr ky krnw hY[mihsUs kro ik jIvn ivc keI vwr AxikAwsIAW cIzW vwprdIAW hn[ aus vkq keI vwrquhwƒ Awpxw bjt bdlxw pYNdw hY jW aus ƒ muV inrmwx krnw pYNdw hY[ iPr vI kmI pUrI krnleI auDwr lYx qoN sMkoc kro Aqy ijMnw ho sky v`D qoN v`D Awpxy bjt aupr siQr rho[invyS aupr mudRw PYlwE dy pRBwv6

jdoN qusIN invyS krn leI Xojnw bxwauNdy hovo, aus vkq ieh bVw hI muSikl hY ik qusIN AwpxyinvyS au~pr mudRw PYlwE dy pRBwvW bwry ihswb lgw sko[ ies dI bhuq hI buinAwdI p`Dr au~pr,ienPlySn swDwrn qOr ’qy kImqW ivc cVwA Awauxw hI huMdw hY[ smW pw ky jdoN vsqW dIAWkImqW Aqy syvwvW vDdIAW hn aus vkq rupey dI kImq hyTW ho jWdI hY jW if`g jWdI hY[ikauNik aunyN pYisAW nwl jo vsq qusIN ipCly mhIinAW jW swl ivc KrIddy sI, hux aunHW ruuipAWnwl aunIN vsq KrIdxI nwmumikn ho jWdI hY[mudRw PYlwE myry invyS dy inrxy ƒ ikvyN pRBwivq krdw hY?pMj swl pihlW ijs vVw-pwE dI kImq 2 rupey huMdI sI aus dI kImq 7 rupey hY[ viDAw mu`lvsqU dI guxv`qw Aqy mwqRw krky nhIN sgoN vDI hoeI kImq sm`grI dy vDy mu`l kr ky hY jo ikmudRw PYlwE (inflation) kr ky vDI hY[ kuJ vsqW ivc bdlI hoeI kImq:vsqW kImq (2001-02) kImq (2009-10)KMf (iek iklo) 16.00 40.00Bojn iqAwr krn vwlw qyl (5 lItr) 290.00 500.00sonw (10 gRwm) 4,474.00 17, 138cWdI (iek iklo) 7,868.00 28,345.00cOl (iek iklo) 14.00 35.00pYtRol (iek lItr) 33.46 48.83fIzl (iek lItr) 19.88 36.74invySkW ƒ mudRw PYlwE dw bhuq ^qrw huMdw hY ikauNik ieh quhwfy invyS dI kImq ƒ npIV ky r`KidMdw hY[ audwhrx dy qOr ’qy: jykr qusIN iek hzwr rupeIAW 5% ivAwj qy iPks ifpoizt krdyho qW swl dy AMq qy auh rkm 1050 rupey ho jWdI hY[ jykr ausy swl mudRw PYlwE 6% ho jWdI hYqW iek hzwr dw Krcw 1060 rupey ho jWdw hY jdoNik jmw-pUMjI quhwƒ 1050 rupey idMdI hY[ iesdw mqlb ieh hY ik swl leI pUMjI invyS krn dy bwvjUd ipCly swl nwloN qusIN Gwty ’c rihMdyho ikauNik mudRw PYlwE qoN quhwfw invyS ryt G`t huMdw hY[mudRw PYlwE dy mMdy pRBwvW qoN bcx leI invySk ikhVy zrUrI kdm cu`k skdw hY?AwpxI “kumweI jW munwPy dI AslI dr” ƒ inrxwiek FMg nwl ivcwro[ mudRw PYlwE jW mihMgweIdr dy bwvjUd quhwfI kumweI dI aumId kIqI jw skdI hY[ ies dy nwl mihMgweI jW mudRw PYlwEdy mOjUdw dr qoN sqrk rih ky vI ieh bVw joiKm vwlw kMm hY ik inrxwiek ienPlySn dI kIdr Xoijq kr rhy hn[ mOjUdw invyS Aqy Biv`Kq invyS dw AwkrSx donoN hI mudRw PYlwE qyinrBr ho ky bdl jWdy hn[ ieh vI Xwd rhy ik bcq Kwqw invyS aupr mudRw PYlwE ivSySkrs^q pRBwv pYNdw hY[ jykr qusIN iksy ivSyS ivAwj dr qy inrBr krdy ho qW mudRw PYlwE(ienPlySn) dI dr vDx kwrn qusIN Gwty ivc jWdy ho[Kqrw Aqy vwpsIinvyS qy aus nwl juVy ^qry nwlo-nwl hI cldy hn[ Kqry ƒ ieauN vI pirBwiSq kIqw jw skdwhY ik invySk AwpxI swrI jW kuM sMpqI invyS leI jo lwauNdw hY aus dw nukswn vI ho skdw hY[cMgI gl ieh hY ik invyS kIqw pYsw invyS krn nwl munwPy dy rUp ’c vrdwn vI is`D ho skdwhY, ijs nwl swrI pRikirAw vwjb mlUm hox lgdI hY[7

Kqry leI buinAwdI g`l jo cyqy r`Kx Xog hY auh ieh ik jdoN sMBwvI vwpsI ’c vwDw huMdw hY qWieh vI vDdw hY[ mUl qOr qy ijMnw v`fw ^qrw hovygw, aunW hI v`fw sMBwvI Bugqwn (ieh do SbdbVy mh`qvpUrn hn “sMBwvI Bugqwn” (Potential Pay off)[ iesdI koeI grMtI nhIN huMdI[)ieQoN qk ik ‘ibnw Kqry’ (no risk) auqpwd ijvyN ik bcq Kwqw Aqy srkwrI boNfW ivc mudRwPYlwE dI dr qoN vI G`t kmweI dw fr huMdw hY[jykr vwpsI mudRw PYlwE dI dr qoN G`t hY, qW smJo ik invyS dI Aslo jV ih`l geI hY ikauNikquhwfI kumweI iBMn-iBMn invyS mwiDAmW rwhIN ijMnI vDxI cwhIdI sI, auh nhIN vDI[jdoN qusIN koeI invyS iQr krdy ho qW ieh zrUrI hY ik qusIN Awpxy Kqry jW irsk ƒ pUrn leIXog ivcwr kro[ jdoN hI qusIN iksy sMpqI jW jwiedwd ivc invyS krdy ho qW quhwƒ Awpxy invySaupr kVI nzr rKidAW mwrikt ivc kI-ikvyN vwpr irhw hY, aus dI pUrI jwxkwrI rKidAWAwpxy Awp ƒ swvDwn rKxw cwhIdw hY, qW kI nukswn qoN b`icAw jw sky[ jdoN kot kIqIAWvwpsIAW AswDwrx qOr ’qy v`D hox aus vyly ‘sMBwvI Kqry’ qy kVI nzr rKxI cwhIdI hY[ivAwj-dr-ivAwj dI qwkq Aqy pYsy dI smyN muqwbk kImqijauN ijauN qusIN AwpxI AwrQk XojnwvW aupr kMm krogy, qusIN dyKogy ik pYsyƒ sur`iKAq Aqy p`kyqOr ’qy bxwaux vwlw sB qoN SkqISwlI AOzwr ‘ivAwj-dr-ivAwj dI jwdUeI qwkq’ hY[AYlbrf AweInstweIn ny iek vwrI ikhw sI ‘ies bRihmMf dI sB qoN SkqISwlI qwkq ivAwjdr-ivAwjdI ivAwj dr hY[’ ivAwj-dr-ivAwj iek bhuq hI is`Dw ivcwr hY jo hYrwn krnvwlI Awmdn idMdw hY : jy qusIN iksy inrDwirq Awmdn vwly invyS ivc pYsw pwauNdy ho Aqy ausaupr hox vwlI Awmdn ƒ muV dubwrw invyS krdy ho qW smyN dy nwl quhwfw invyS bhuq izAwdwv`D jWdw hY[ swDwrn ivAwj dr qy qusIN kyvl mUl qy ivAwj kmwauNdy ho (mqlb auh rkm ijsƒ qusIN SurUAwq ivc invyS kIqw sI), j`d ik ivAwj-dr-ivAwj dI ivAwj dr ivc qusIN mUldy nwl-nwl aus aupr kmwey gey ivAwj qy vI ivAwj kmwauNdy ho[soco ik ivAwj-dr-ivAwj dI qwkq 12000 rupey slwnw (mqlb 1000 rupey mhIny) dy invyS ƒiek AijhI skIm dy qihq, jo 30 swlW ivc 9% dw ivAwj dr dy rhI hovy, kI kr skdI hY?3.6 l`K rupey (mUl rkm) jo ik invyS dI rkm hY, ienHy smyN ivc v`D ky 17.83 l`K rupey bxjweygI[ivAwj-dr-ivAwj AnuSwisq invyS ƒ pursikRq krdI hY Aqy lMmy smyN vwly invyS leI sB qoNv`D kwrgr siQq huMdI hY[ aupr id`qy audwhrx ivc pihly 20 swlW ivc jo rkm bxdI hY auhisrP 6.69 l`K rupey hY[ AKIrly 10 swl ivAwj-dr-ivAwj dI qwkq ivcly guxW dy pRBwv ƒdrswauNdy hn[ ijnHyN lMmy smyN leI qusIN Awpxw pYsw AxCoihAw rKogy, aus aunHI qyzI nwl v`Ddwjweygw[ ijvyN ik aupr d`sy gey invyS ƒ jykr 40 swl leI kr idqw jwvy qW auh quhwƒ 44.20l`K rupey dyvygw[ies leI ivAwj-dr-ivAwj iek Aijhw Swndwr AOzwr hY, jo quhwƒ lMmy smyN leI kIqy CotyinvySw duAwrw cMgI KwsI dOllq iek`TI ken ivc mdd krdw hY[ vDIAw hovygw jy qusIN invySkrnw CyqI SurU kr idau Ayq invyS kIqy pYsy ƒ ipAw rihx idau[ shI qrIky nwl jy ikhw jwvyqW ivAwj-dr-ivAwj hI ieko iek kwrn hY ijs kwrn quhwƒ huxy invyS krnw SurU kr dyxwcwhIdw hY[ invyS qoN bwAd, hr v`Ddy idn nwl quhwfw pYsw quhwfy leI kMm kr irhw huMdw hY Aqyquhwƒ AwrQk qOr ’qy sur`iKAq Aqy mzbUq B`ivK dyx ivc mdd krdw hY[8

audwrhn : ivAwj-dr-ivAwj dI qwkqsMqoS Aqy sunIl dosq hn Aqy 1 l`K rupey ƒ 10% pRqI swl dI dr qy invyS krnw cwhuMdy hn[pr sMqoS ƒ ivAwj-dr-ivAwj dI dr aupr Aqy sunIl ƒ swDwrn ivAwj dr qy hI AwpxyAwpxy invyS qy 10% dw ivAwj imlygwhux ivAwj-dr-ivAwj dI qwkq vyKo :swl ivAwj-dr-ivAwj dI ivAwj dr 10% swDwrn ivAwj 10%1 1,10,000.00 1,10,000.002 1,21,000.00 1,20,000.003 1,33,100.00 1,30,000.004 1,46,410.00 1,40,000.005 1,61,051.00 1,50,000.0020 6,72,750.00 3,00,000.0025 10,83,470.59 3,50,000.0030 17,44,940.23 4,00,000.001. iek swl bwAd dohw ƒ ieko ijhI rkm imlygI, mqlb 1,10,000 rupey2. pMj swl bwAd sMqoS ƒ 1,61,051 rupey imlxgy Aqy sunIl ƒ 1,50,000 rupey3. qIh swlW bwAd sMqoS ƒ 17,44,940 rupey Aqy sunIl ƒ 4,00,000 rupey imlxgy30 swlW ivc 13.4 l`K rupey dw Prk1. id`vXw ny A`j 500 rupey dw invyS 7% pRqI swl ivAwj-dr-ivAwj dI ivAwj dr nwlkIqw hY[ ieh rkm ikMnI ho jweygI?a. 5 swl ivc ?A. 10 swl ivc ?e. 20 swl ivc ?2. hux id`vXw ƒ Aijhw Kwqw imilAw hY jo 10% pRqI swl ivAwj-dr-ivAwj dr nwlAwmdn idMdw hY[ aus dI invyS kIqI 500 rupey dI rkm inmnilKq swlW ivc ikMnI hojweygI ?a. 5 swl ivc ?A. 10 swl ivc ?e. 20 swl ivc ?9

72 dw inXmhux quhwƒ pqw hY ik ivAwj-dr-ivAwj dw mqlb hY ik jdoN qusIN su`qy pey huMdy ho qW vI quhwfwpYsw hor pYsw bxw irhw huMdw hY[ ieh ikMnw SkqISwlI hY ies ƒ jwxn dw iek qrIkw hY ijs ƒ72 dw inXm kihMdy hW[ihswbdwnW Anuswr, ieh jwxn leI ik quhwfI jmW kIqI rwSI ƒ dugxw hox leI ikMnw smWl`gygw, qusIN 72 ƒ ivAwj dr nwl Bwg kr idau[ clo mMn lYNdy hW ik quhwfy dwdw-dwdI/nwnwnwnIny quhwfy jnmidn qy quhwƒ 200 rupey id`qy ijs ƒ qusIN invyS krnw cwh rhy ho[ jy qusINies rkm ƒ Aijhy Kqy ivc pwauNdy ho ijs qy quwhƒ 6% pRqI swl dI ivAwj dr imldI hY, qWquhwfI rkm ƒ 400 rupey bxn ivc ikMnw smW lgygw[72 / 6% uivAwj = 12 swlies dw mqlb, 12 swl ivc qusIN AwpxI rkm ƒ dugxw krky 400 rupet bxw lvogy[ pr kIhovy jy quhwƒ quhwfy ipqw jI iksy Aijhy Kwqy bwry d`sx ij`Qy qusI 9% pRqI swl dI ivAwj dr qykmw skdy ho?72 / 9% ivAwj = 8 swlhux quhwƒ 400 rupey 8 swlW ivc hI iml jwxgy[ ivAwj dr dy QoVy ijhy v`Dx nwl hI qusINAwpxI rkm ƒ dugxw krn dw smW 4 swl G`tw ilAw hY Aqy ies kMm leI quhwƒ Awpxy Kwqyivc koeI PwlqU rkm vI nhIN pwauNx peI, ijs nwl kMm dI r&qwr v`D jwey[pr audoN kI jy 8 swl dw ieMqzwr quhwƒ izAwdw l`gy Aqy qusIN 400 rupey 4 swlW ivc hI pwauxwcwho ? 72 dw inXm quhwƒ AwpxI rkm ƒ inSicq smyNi vc dugxw krn leI ivAwj dr bwryvI d`s skdw hY[ 4 swlW leI ieh bxygw :72 / 4 swl = 18 % ivAwj drhux qusIN dyK skdy ho ik jo ivAwj dr qusIN kmwauNdy ho, aus ivc Coty ijhy Prk nwl quhwƒkmwauNx dI gqI ivc ikMnw Prk Aw jWdw hY ijs kwrn guzrdy smyN nwl izAwdw pYsw kmwauNdyho[pYsy dI smyN Anuswr kImqijauN-ijauN smW bIqygw, quhwƒ iehsws hovygw ik 10 swl pihlW qusIN 10 rupey ivc dupihr dwKwxw KrId skdy sI pr A`j ho skdw hY ik quhwƒ aus ivc iksy sbzI dy igxy-igxwey hI AMSimlx[ ies dw mqlb ik hzwr rupey dy not dI kImq AwauNx vwly pMj swlW qoN A`j ijAwdwhovygI[ hwlwik not auhI hY, pr qusIN A`j ies pYsy nwl ijAwdw kuJ kr skdy ho ikauNik smyN dynwl 1000 rupey dI kImq mudrw pRswr dy kwrn G`t jweygI[jy iblkul swDwrn p`Dr ’qy g`l krIey qW pYsy dI smyN Anuswr kImq drswauNdI hY ik smW/vkqhI pYsw hY – quhwfy kol pey pYsy dI jo kImq hux hY auh auhI nhIN hY jo B`ivK ivc hovygI Aqyaultw vI[10

3. invyS dy v`K-v`K ivklpW ivcoN shI dI coxinvyS dy shI Aqy sB qoN vDIAW ivklp dI cox in`jI hwlwqW Aqy bwzwr dI siQqI aupr inrBrkrdI hY[ iksy iek leI shI swbq hox vwlw ivklp ho skdw hY ik dUsry dIAW zrUrqW nw pUrwkry[ shI invyS auhI hY ijs ivc iqMn cIzW Swml hox: qrlqw (Liquidity) sur`iKAw (Safety)Aqy Awmdn (Return)[qrlqw:qrlqw qoN Bwv hY ik ikMnI AswnI nwl invyS ƒ KricAW leI nkdI ivc bdilAw dw skdw hY[kuJ qrl invyS Awm izMdgI dI qOr ivc jW iksy Kws mOky aupr pYx vwlI Kws loV leI vI rKyjWdy hn[sur`iKA:ies qoN Bwv invyS dy nwl juVy hoey Kqry qoN hY[ sB qoN ^rwb siQqI auh huMdI hY ijs ivc invySkIqw igAw swrw pYsw hI fu`b jwey[ kuJ G`t dI jy g`l krIey qW auh siQqI ijs ivc Awmdn nwhovy jW G`t hovy jW Awmdn jW invyS dI bVOqrI dr G`t jwey[ mudrw pRswr vI iek sMkt hYikauNik ies nwl pYsy dI KrIdx Smqw (Purchasing Power) G`t ho jWdI hY[Awmdn:invyS qoN ijhVI Awmdn huMdI hY auh vI iek ivcwrn Xog pihlU hY[ sur`iKAw invyS nwl AwmdnBwvyN G`t hovy pr brwbr huMdI rihMdI hY Aqy joiKm vwly invyS ivc Awmdn jW qW bhuq izAwdwhovygI jW iPr hovygI hI nhIN[invyS CotI jW izAwdw AvDI leI kIqy jw skdy hn ijs leI keI pRkwr dy ivklp hn ijnHWivcoN kuJ bwry jwxkwrI id`qI jw rhI hY[ies leI ieh ikhw jw skdw hY ik invyS leI v`K-v`K pRkwr dy ivklp mOjUd hn, ijnHW ivcoNcox kIqI jw skdI hY[ Agly AiDAwey ivc AsIN Apxw iDAwn ienHW aupr kyNidrq krWgy AqykuJ dy ArQ spSt krWgy[11

4. sMpqI ivqrx nIqIsMpqI dI hr SyRxI dy Awpxy nukswn hn Aqy aus qoN Awaux vwlI Awmdn vI v`KrI-v`KrI hY[eIkivtI (auh ih`sy jW huMfIAW ijnHW auqy sUd nhIN imldw) invyS ƒ sB qoN joKm vwlw invySmMinAw jWdw hY ikauNik ies ivc jy nukswn hovy qW aus ivc leI geI pUrI pUMjI vI fu`b skdIhY[ jd ik srkwrI bWfW ivc ieh joKm nhIN hY ikauNik ies g`loN qusIN inSicq rih skdy ho iksrkwr quhwfw ibAwj dw pYsw nhIN Kwx lgI[ iehI auh QW hY ij`Qy sMpqI ivqrx (AssertAllocation) dI Aihm BUimkw hY[ sMpqI ivqrx quhwfy pYsy ƒ v`K-v`K sMpqI dIAW SRyxIAW ivclwaux dI qknIk hY jo quhwfI Awmdn Aqy joKm ƒ pcwaux dI Smqw ƒ iDAwn ivc r`KdI hY[sMpqI ivqrx vpwr dy iqMn AwDwr sqMB hn:• smW dyx dI Smqw/aumr dy ihswb nwl• joKm lYx dI Smqw• quhwfy injI hwlwqquhwfy AwrQk lkS (financial goals) quhwfI aumr, izMdgI, jIx dy qrIky Aqy pirvwrkvwieidAW aupr inrBr krdy hn[ Awpxy pYsy ƒ iksy QW lwaux vyly, ies g`l dw Kws iDAwnr`Ko ik pYsy ƒ ies qrHW lwau ik v`K-v`K QW pYsw lwau qW jo Awmdn izAwdw ho sky[Awm qOr qy aumr dy ihswb nwl ijhVw sMpqI ivqrx huMdw hY aus ivc ijhVw pYsw eIkivtI ivclwieAw jWdw hY auh invyS krn vwly dI aumr qy AwDwirq huMdw hY[ ies mwfl dw dwierw ijskQnI aupr ADwirq hY auh hY ik, “ijauN-ijauN invyS krn vwly ivAkqI dI aumr v`KdI hY,iqauN-iqauN aus dy invyS krn dw dwierw sMkIrn ho jwxw cwhIdw hY[” hwlWik ieh kQn AMguTwCwp lokW duAwrw bxwieAw igAw hY ies leI ieh isrP invyS krn vwly aupr jW aus dy inAweyaupr AwDwirq hY ik ikhVw invyS aus leI lwBkwrI rhygw[12

5. svY-icqr (Self Portrait)AwrQk qOr ’qy Asl ivc quhwfw kI ruqbw hY, ieh jwxn leI, AijhI idRStI leI sB qoNvDIAW FMg Awpxy AwrQk dsqwvyzw ƒ iek`iTAw islislyvwr suDwr ky r`Kxw hY[ AwrQkdsqwvykW dI AslI kuMjI ivsqirq Aqy pUrn sMpqI dw ihswb-ikqwb Aqy Amu`k AwdmI nwlsMbMiDq ijMmyvwrIAW hn[pCwxXog tIcy:iv`qI Xojnw ivc sB qoN mh`qvXog kdn ieh hY ik qusIN kI kMm sMpUrx krnw cwhuMdy ho, aus ƒpCwxo Aqy smJo[ Dn qW kyvl quhwfIAW ie`CwvW ƒ sMquSt krn dw iek swDn hY[ qusIN Aslivc kI cwhuMdy ho, ies g`l ƒ smJx nwl, iPr bhuq sOKw ho jWdw hY ik quwhƒ Awpxy mMqv ƒpUrw krn leI iks cIz dI zrUrq hY[sMpqI ƒ pCwxnw:jdoN tIicAW dI pCwx ho jwvy, qW iPr ieh vyKxw huMdw hY ik auhnW ƒ pUrn leI ikhVy sMpqIauplbD hn[ sMpqI ƒ SRyxIAW ’c vMfx dI loV huMdI hY Aqy aunHW dI lMbI AvDI dy mu`l leIsiQrqw dI vI[ sMpqI dIAW SRyxIAW bxw ky Aqy ausdI pCwx dI ivDI jwxn leI ieh zrUrI hYik auh kdoN ikvyN nkd pYdw kr skdy hn[ AwpxI swrI sMpqI dI sUcI bxwau ijs ivc quhwfwGr vI Swiml hY, SyArw ivc kIqw invyS, imaucUAl PMf, iPks ifpoizt Aqy bcq bYNK Kwqwivc r`KI rwSI Awid vI Swiml hY[izMmyvwrIAW dI pCwx:AwpxIAW ijMmyvwrIAW ƒ pCwxnw vI aunW hI zrUrI hY ijMnw pRwpq sMpqI ƒ pCwxnw[ AwdrSkrUp ivc vYsy quhwfIAW izMmyvwrIAW koloN sMpqI vDyry hoxI cwhIdI hY[ sMpqI v`D invyS krn dIhor v`D loV huMdI hY qW ik AwpxIAW ijMmyvwrIAW pUrIAW krn dy nwl kuJ v`D sMpqI vDy rihx qWik invyS dy mMqv nwl kuJ hor AwmdnI ’c munwPw ho sky[sMBv Biv`KI kmweI:jdoN AwpxI Biv`K dI kumwrI dw AMdwzw lgWdy hovo qW quhwƒ kuJ Kws DwrnwvW bnwaux dI loVhuMdI hY[ kuJ DwrnwvW hyT iliKq ho skdIAW hn:jykr qusIN qn^wh lYx vwly krmcwrI ho, qW ieh socnw TIk rhygw ik quhwf qn^wh dI AwmdnI8% swlwnw dI dr qy syvw inivRqI q`k vDygI[irx vwy invyS qy vwpsI dI dr 7% mMn ky cldy hW Aqy eIkivtI ieMfYks aupr 12% swlwnw qyvwpsI[* aupr khIAW vwpsI kyvl sMkyq mwqr hn[ AslI vwpsI bwzwr dI siQqI qy inrBr krdI hY[sMBvI Biv`KI Krcy:ieQy vI quhwƒ sMBwvI Dwrnw bnwauxIAW pYxgIAW ijvyN iklMmy smyN dw mudRw PYlwau dr, 5% swlwnwGrylU Aqy injI Krcy (mnorMjn, pVHweI, ivAwh Awid smyq) 8% swlwnw dI dr qy vDdy hn[(mudRw PYlwE dI dr qoN 3% izAwdw)13

Xojnw:iv`qI Xojnw dI mUl sm`isAw sMpqI/jwiedwd qoN nkdI dw Awauxw Aqy ijMmyvwrIAW dy rUp ’cnkdI dy inkws ƒ imlw ky vyKxw hY[ iv`qI Xojnw ivc tIicAW ƒ ijMmyvwrIAW dy rUp ’c ilAwjWdw hY, ieh keI prqI pRsqwv huMdw hY[ ies q`K kwrn ikauNik Awm qOr qy nkdI Krcy dI loVhuMdI hY[audwhrx:mMn ky clo ik quhwfy b`cy dI auc ividAw leI quhwfw tIcw kwPI Dn joVndw hY[kdm 1: swlW dI igxqI qYA kro jdoN qk quhwfw b`cw au~c pySyvr ividAw pRwpq krygw[kdm 2: A`j dy ividAw dy Krcy ƒ inSicq kro[ ieh igxqI Aksr pySyvr ivSy dI pVHwei dIA`j dy Krcy ƒ igx ky kIqI jWdw hY Aqy ies ƒ mudRw PYlwE dy swlwnw AMdwzn ryt dy ivruDzrb kIqw jWdw hY[kdm 3: mMn lau ik A`j ies pySyvr kors (pVHweI) dw ^rcw 1,00,000 rupey hY[ 1,00,000rupey x 1.05^12 = 1,79,585 rupey hux qoN 12 swlW dw Krcw hovygw ijs nwl 5% swlwnw mudRwPYlwE dr dI vI aumId kIqI jWdI hY[kdm 4: Aglw kdm Biv`K ivc hox vwly nkdI Krcy (out flow) dI A`j dw mu`l dw Anumwnlau[ ieh krn leI qusIN pYsy dw Biv`K ivc hox vwly mu`l/kImq ƒ Awpxy vwpsI dy Anumwinqdr nwl qksIm krogy[aupr dI igxqI Anuswr 1,00,000 rupey dI kImq 1,79,585 rupey dy brwbr hovygI[ A`j vwlIkImq ijsdI Awaux vwly smyN ivc AMdwzy nwl 8% ivAwj nwl 12 swlW ivc1,79,585/1.08^12, jo 71.315 rupey dy brwbr hovygI[ ies leI Aj quhwƒ sMpqI ivc 71,315rupey invyS krny pYxgy, auh iPr 8% swlwnw ivAwj dr nwl munwPw dyxgy ijs nwl AOsqnqusIN Awpxy b`cy dI 12 swlW qk dI pVHweI dw Krcw krogy ijs dI Aj dI kImq 1,00,000rupey hY[kdm 5: hr nkdI rkm dy jwx nwl qusIN Biv`K bwry socdy ho[ quhwƒ aus jwx vwlI rkm dIA`j dI kImq ƒ igxnw hovygw Aqy aus sMpqI bwry jwxnw hovygw jo ik aus dI Biv`K dI kImq ƒpUrn kr sky[ ieh ivDI quhwfy Biv`K dy tIicAW leI duhrwaux dI loV hY[ Awpxy Biv`K dyKricAW ƒ igxo Aqy A`j qoN hI aus leI bc` krnI SurU kr idau qW ik qusIN swirAW nwlnijTx dy Xog ho sko[14

6. bcq Aqy invyS nwl sMbMiDq vsqUAW/cIzWbYNksbYNk ifpoist iek mihPUz invyS hY ikaNik 100,000 rupey q`k dy bYNk ifpoist dI ifpoistienSorYNs AYNf krYift grYNtI skIm AwP ieMfIAw dy AMqrgq ieMnSorYNs hoeI huMdI hY[ bYNkW ƒBwrqI irzrv bYNk inXMqirq krdI hY Aqy clwaNdI hY[ gRwhk dI loV Anuswr bYNk v`K–v`KpRkwr dy ifpoist auplbd krwauNdI hY[bYNk ifpoistW ƒ qrjIh aus aupr imlx vwly pYisAW dIbjwey aus ivclI qrlqw Aqy mihPUz hox kwrn imldI hY[ bYNk ivc krvwey gey iPksfifpoist dw 75–90% lon dy rUp ivc iml skdw hY[ifpoist dIAW iksmW Aqy aunHW dIAW ivSySqwvWsyivMg bYNk AkwauNt- Awm qOr ’qy, sB qoN izAwdw lokW duAwrw vrqoN ivc ilAwey jwx vwlI cIz[- ieMtrst G`t imldw hY pr bhuq izAwdw qrl (Liquid) huMdw hY[- gRwhkW ivc bcq dI rUcI pYdw/pwauNx krn/leI bhuq v`DIAw hY[bYNk iPksf ifpoist (bYNk AYP.fI.)- ies dy AMqrgq bYNk ivc pYsw iksy inSicq AvDI leI (30 idnW qoN G`t nw hovy) AqypUrv inrDwirq ibAwj dr qy r`iKAw jWdw hY[- 6–12 mhIny dw smW AYP.fI. leI AwdrS smW huMdw hY ikauNik 6 mhInw qoN G`t AvDI dIAYP.fI. qy bYNk dw ibAwj dr G`t huMdw hY[- smW iesleI vI mh`qvpUrn hY ikauNik smyN qoN pihlW pYsw k`Fvwaux qy hwnI ho skdI hY[rIkirMg ifpoist AkwauNt (Recurring deposit account)- pUrv inrDwirq smyN leI pihlW qoN qYA kIqI geI rkm hr mhIny jmW krvweI jWdIhY[- bcq ^wqy qoN izAwdw ibAwj iMmldw hY[- iek inSicq rkm hr mhIny bcwaux ivc mddgwr swibq huMdw hY[spYSl bYNk trm ifpoist skIm (Special Bank term deposit Scheme)- ieh bYNk vloN tYks bcwaux leI clweI geI skim hY[- ieh ienkMm tYks AYkt dy sYkSn 80 sI dy AMqrgq imldI hY[- iksy vI sUcIgq bYNk ivc ies dw prpkqw smW (mYicaurItI tweIm) 5 swl hY[srkwrI skImWtYks bcwauNx dI skIm (tYks syvINg skIm)Bwrq srkwr ny keI tYks bcwaux dIAW skImW SurU kIqIAW hn, ijnHW ivcoN hn:- nYSnl syivMg srtIiPkyt (AYn.AYs.sI)- pbilk prwvIfYNt PMf (pI.pI.AYP)15

- post AwiPs skIm (pI.E.AYs)ienHW qoN ielwvw, imaucUAl PMfs duAwrw pyS kIqy eIkvItI ilMkf syivMg skIm(eI.AYl.AYs.AYs) Aqy PweInYnSl ienstIitauSn/bYNkw duAwrw pyS kIqy ienPrwstRkcr bWf vItYks bcwaux ivc mdd krdy hn[ienHW invySW qoN hox vwlI Awmdn aupr ienkMm tYks nhIN lgdw Aqy ienHW skImW dy AMqrgqkIqy gey invyS vI tYks k`tx Xog Awmdn ivcoN pUrvinrDwirq sImW q`k G`tw id`qy jWdy hn[nYSnl syivMg srtIiPkyt (AYn.AYs.sI)- tYks bcq dIAW skImW ivc kwPI pRis`D hY, pUrw swl imldw hY[- G`t qo G`t 100 rupey Aqy vDw ijnHW mrzI skdy ho[- prp`k/pUrw (mYicaur) hox dw smW 6 swl hY[- bdlI (trWsPr) kIqw jw skdw hY Aqy ies aupr krjw vI lY skdy ho[pbilk prwvIfYNt PMf (pI.pI.AYP)- ibAwj dr 8% swl- invyS G`t qoN G`t 500 rupey Aqy v`D qoN v`D 70,000 rupey- prp`k/ pUrw (mYicaur) hox dw smW 15 swl- AkwauNt Ku`lHx dy qIsry PweInYnSl swl qoN krjw ilAw jw skdw hY jW iPr pihly swlivc hI jmW krwey gey pYsy dw 25%[ krjy dI rkm izAwdw qoN izAwdw 36ienstOlmYNtW ivc moV skdy ho[- sqvyN swl qoN ies ivcoN hr swl pYsw k`FwieAw jw skdw hY (bkwieAw rwSI dw 50% qoNizAwdw nhIN)post AwiPs skIm (pI.E.AYs)- ieh ienkMm tYks bcwauNx vwlIAW v`DIAw skImW ivcoN iek hY[- ieh pUrw swl imldI hY[- post AwiPs skImW invyS dI pRkwr Aqy aus dy pUry hox dI AvDI aupr inrBr krdIAWhn, ijs ƒ hyT id`qy Anuswr vMifAw jw skdw hY:-o mwisk ifpoisto bcq ifpoisto smyN Anuswr ifpoisto rYkirMg ifpoisteIkvItI ilMkf syivMg skImW (eI.AYl.AYs.AYs)- eIkvItI PMf dw hI bhuivkisq pRqIibMb hY, hwlWik ies ivc 80 sI dy qihq tYks ivclwB imldw hY[- iqMn swlW leI smJoN ik qwly ivc rihMdw hY[- ies aupr imlx vwlw ifivfYNt vI tYks mukq huMdw hY[- ies ƒ vycx aupr loNg trm kYpItl gyn dw lwB ilAw jw skdw hY, ijs aupr kYpItlgyn tYks nhIN dyxw pYNdw[16

- G`t qoN G`t 500 rupey dw invyS hY jo Awpxy Awp guxw huMdw jWdw hY[- invyS krn vwlw bkwiedw invyS dI Xojnw ADIn kMm kr skdw hY[ienPrwstRkcr bWfs- iqMn swlW leI smJo ik qwly ivc rihMdw hY[- 20,000 rupey aupr sYkSn 88 dy AMqrgq tYks ivc Cut iml skdI hY[- pUry hox dI AvDI qoN pihlW irfkSn qy tYks ivc Cut ^qm ho jWdI hY[ikswn ivkws p~qr (ky.vI.pI)- ies skIm dy qihq invyS kIqw igAw pYsw 8 swl Aqy 7 mhIinAW ivc dugxw ho jWdwhY[- G`t qoN G`t 100 rupey qy auprI sImW mrzI Anuswr[- ieh skIm pUrw swl imldI hY[- ies skIm ADIn invyS qy qqkwl koeI tYks CUt nhIN hY[*invySk ƒ ieh slwh hY ik Fu`kvyN suqrW qoN tYks Aqy hor inXmW bwry jo vI nvW ho irhw hY ausbwry jwxkwrI zrUr pRwpq krn[bWfsbWf iek pRkwr dw krjw/auDwr hY jo KrIdx vwlw ies ƒ vycx vwly ƒ idMdw hY Aqy ies dy bdlyaus ƒ ibAwj imldw hY[ bWfs kMpnIAW, PweInynSIAl ienstIitauSnw Aqy ieQoN q`k iksrkwr duAwrw vI zwrI kIqy jw skdy hn[ KrIdx vwly ƒ vycx vwly qoN Awmdn dy qOr ’qyibAwj imldw hY Aqy pUrv-inrDwirq pUry hox dI iq`QI qy mUl rkm vI iml jWdI hY[bWfW dy pRkwrtYks qoN bcq leI bWfieh bWf iek inSicq rkm q`k dI tYks ivc CUt duAwauNdy hn jo mUl qOr ’qy srkwrI inXmWaupr inrBr krdI hY[ audwhrx:-- ienkMm tYks AYkt, 1961 dy sYkSn 88 dy AMqrgq ienPrwstRkcr bWfs[- nwbwrf/ AYn.AYc.ey.AweI/ Awr.eI.sI bWfs jo ienkMm tYks AYkt, 1961 dy sYkSn54eIsI dy AMqrgq AwauNdy hn[- Awr.bI.AweI tYks irlIP bWfsrYgulr ienkMm bWfsrYgulr ienkMm bWfs pUrv inrDwirq vk&y qy sQweI Awmdn dw jrIAw pRdwn krdI hY[audwhrx hn:-- fbl XuEr mnI bWf- stYp–Ap ientrst bWf- irtwiermYNt bWf- ienkYS bWf17

- AYjUkySn bWfs- mnI mltIplwier bWfs- fIp ifskwauNt bWfsmu`K ivSySqwvW- sI.Awr.AweI.AYs.AweI.AYl, AweI.sI.Awr.ey, sI.ey.Awr.eI, iPc Awid vrgIAWmwhrqw pRwpq krYift ryitMg AjMsIAW vloN Sumwr kIqI geI[ bWf qoN hox vwlI Awmdnaus dI krYift (sur`iKAw) ryitMg dy ihswb nwl A`gy–ip`Cy hMdI rihMdI hY[- lgwqwr Awmdn dy ihswb nwl v`DIAw hY[ bWf dy pRkwr dy ihswb nwl ies aupr ibAwjmhIny, cwr mhIny jW Cy mhIny aupr imldw hY[- bWf prweImrI jW sYikfrI dohW bwzwrW (mwriktW) ivc imldw hY[- ies dI bwzwr ivc kImq aus dy pUry hox qy imlx vwlw pYsw, c`l rhI ibAwj dr, Aqyvycx vwly dI bwzwr ivc swk aupr inrBr krdI hY[- KrIdx vwlw ienHW bWfW dy bdly bYNk qoN krzw lY skdw hY[- invyS dI G`t qoN G`t sImW 5000 rupey qoN 10000 rupey hY[- ies dI sImW 5 qoN 7 swl dI hY[- fImYt Pwrm dy qOr ’qy vI r`iKAw jw skdw hY[irx–p`qr ( fIbYncr)irx–p`qr dIAW m`K ivSySqwvW:-- inSicq ibAwj qy imlx vwlw p`qr ijs dy pUry hox dw smW A`gy ip`Cy ho skdw hY, bWfsnwl kwPI imldw juldw hY, pr ieh kMpnIAW duAwrw id`qw jWdw hY[- kMpnIAW duAwrw is`Dy qOr ’qy vI id`qw jWdw hY Aqy kdy-kdy Awp vI injI qOr ’qy ^rIdskdy ho[- SyAr bwzwr (stwk AYkscyNj) ivc sUcI b`D ho vI skdw hY Aqy nhIN vI[ jy sUcI b`Dhox qW AYs.eI.bI.AweI vloN mwnqw pRwpq krYift ryitMg AjMsIAW vloN Sumwr kIqw igAwhovy[- pUry hox dw smW izAwdw qr 3 qoN 10 swl dy ivckwr huMdw hY[irx–p`qr dIAW iksmWirx–p`qr keI pRkwr dy huMdy hn[ienHW bwry jwxkwrI ies pRkwr hY:-- nwn knvrtybl irx-p`qr (AYn.sI.fI) – swrw pYsw dyx vwly duAwrw hI rIfIm kIqwjWdw hY[- pwrSlI knvrtybl irx-p`qr (pI.sI.fI) – aus dw kuJ ih`sw dyx vwly duAwrw hI rIfImkIqw jWdw hY Aqy bwkI KrIdx vwly ƒ jwxkwrI dyky jW ibnw id`qy hI eIkvItI ivc bdlid`qw jWdw hY[- pUrI qrHW knvrtybl irx-p`qr (AYP.sI.fI) – pUry ƒ hI eIkvItI ivc bdl id`qw jWdwhY[18

kMpnI dI AYP.fImu`K ivSySqwvW:-- ieh kMpnI vloN jwrI kIqw jWdw hY[ bYNk dI AYP.fI vrgI hI huMdI hY[- kMpnI duAwrw Coty invySkW qoN pYsw auDwr lYx leI vriqAw jWdw hY[- invyS dw smW soc ky qYA krnw cwhIdw hY ikauNkI bhuqIAW AYP.fIAW prp`kqw qoN pihlWpYsy leI nhIN vrqIAW jw skdIAW[- bYNk vrgI sur`iKAw nhIN pRdwn krdy[ ies ivc jo^m huMdw hY[- ies ivc jo^m hox dy kwrn ieh bYNkw qoN izAwdw Awmdn idMdy hn[- sUcI b`D hY ik nhIN qoN sur`iKAw bwry pqw cl skdw hY[imaucUAl PMfimaucUAl PMf v`K-v`K invySkW qoN pYsw lYky aus ƒ pUMjI (stwk), bWf, CotI AvDI dI mnImwriktienstrUmYNt, isikaurtI jW sMpqI (AYsyt), jW ienHW sB ivc rlwA ky pYsw invyS krdwhY[ imaucUAl PMf dy ies rlwA ƒ aus dw portPolIau ikhw jWdw hY[ hr iek Xuint pUry PMfW dIkImq ivcoN invyS krn vwly dw ih`sw Aqy aus PMf qoN hox vwlI Awmdn ƒ drswauNdy hn[imaucUAl PMf dIAW kuJ Kws ivSySqwvW:-- proPYSnl mYnyjmYNt- pYsy ƒ PMf mYnyjr duAwrw invyS kIqw jWdw hY[- ivivDqw (fweyvrsIPIkySn) – invyS ip`Cy Xojnw dy rUp ivc ivivDqw kMm krdI hY ijsƒ ies qrHW vI ikhw jw skdw hY ik “Awpxy swry AMfy ieko tokry ivc nhIN r`Kxy cwhIdyhn[” iksy iek iSAr jW bWf ivc invyS krn dI bjwey imaucUAl PMf ivc invySkrn nwl jo^m vMifAw jWdw hY[- sMiKAw dw kImq qy pRBwv (iekwnmI AwP skyl): ikauNik imaucUAl PMf iek smyN qyizAwdw mwqrw ivc isikAortI ƒ KrIddw Aqy vycdw hY iesleI aus dI sOdy dI kImqiksy vI iek ivAkqI dI ^rIdo-Prokq qoN G`t huMdI hY[- qrlqw: iksy vI iSAr dI qrHW imaucUAl PMf ƒ vI bwzwr ivc vyc ky pYsy ivc bcilAwjw skdw hY[- swdgI/sOK: imaucUAl PMf KrIdxw bVw hI sOKw hY[ keI bYNkW ny ies kMm ivc h`QpwieAw hY Aqy invyS dI G`t qoN G`t mwqrw vI CotI hY[- invySkW ƒ aupr id`qIAW ivSySqwvW qy muV ivcwr krn qoN bwAd hI imaucUAl PMf ivcinvyS krnw cwhIdw hY[imaucUAl PMf dIAW iksmW :-hryk PMf dy invyS krn dy pUrv-inrDwirq audyS huMdy hn jo ik PMf dy sMpqI (AYsyt),invyS krn dw Kyqr (dwierw) Aqy invyS dI nIqI inrDwirq krn ƒ buxdy hn[ SurUAwqI qOr ’qyikhw jw skdw hY ik imaucUAl PMf iqMn pRkwr dy hn:-- iekvItI PMfs (stOk)- iPksf ienkMm PMfs (bWfs)- mnI-mwrikt PMfs19

swry imaucUAl PMf mUl qOr ’qy ienHW iqMnHW qoN hI bxdy hn[ ijvyN ik ijhVy iekvItI PMfqyzI nwl A`gy v`D rhIAW kMpnIAW ivc invyS kIqy jWdy hn aunHW ƒ groQ PMf ikhw jWdw hY,ijhVy iekvItI PMf Awpxy dwiery jW Kyqr ivc kMm kr rhIAW kMpnIAW ivc invyS krdy hnaunHW ƒ spySltI PMf ikhw jWdw hY[hY[imaucUAl PMf ƒ pUry hox dI iq`QI Anuswr Ku`lHy Aqy bMd PMfW ivc vI vMifAw jw skdwKulHy PMf (Aopn-AYniff PMf)- KulHY PMfW dI pUry hox dI koeI iq`QI nhIN huMdI[- invyS krn vwlw AYsyt mYnyjmYNt kMpnI (ey.AY~m.sI.), imaucUAl PMf dy d&qr jW iPraunHW dy ienvystr srivs sYNtrW jW stwk bwzwr qoN/ƒ KulHy PMf KrId Aqy vyc skdw hY[- imaucUAl PMf dI ijs kImq qy aus dy KrIdx Aqy irfmSn dw sOdw huMdw hY auh PMf dInYt AYsyt vYlIau (AYn.ey.sI.) aupr AwDwirq huMdI hY[bMd PMf (kloz-AYNf PMfs)- bMd PMf inSicq smyN leI huMdy hn[- inrDwirq kIqI pUrI hox dI iq`QI qy swrIAW iekweIAW (units) ƒ rIfIm kIqw jWdw hYAqy skIm ^qm ho jWdI hY[- iekweIAW ƒ qrlqw pRdwn krn leI aus ƒ stwk AYkscyNj ivc sUcI bD kIqw jWdwhY[- invyS krn vwly stwk AYkscyNj ivc c`l rhI kImq aupr iekweIAW ƒ ^rIdx Aqyvycx dw kMm Awp krdy hn[mnI mwrikt PMfs- QoVy smyN dI inSicq Awmdn dyx vwlI (iPksf ienkm) iekweIAW ivc invyS krdI hY[- ho skdw hY ik Awmdn G`t hovy, pr mUl sur`iKAq rihMdw hY[- b`cq Kwqy qoN bihqr pr iPksf ifpoist qoN G`t Awmdn huMdI hY, qrlqw smJOqw kIqyibnW[bWf/ienkm PMfs- mUl audyS siQrqw nwl Awmdn dyx dw hY[- mUl qOr ’qy ieh srkwrI Aqy smUhk irxW (Corporate debt) ivc invyS krdw hY[- BwvyN PMfW dI kImq ivc vwDw ho jwvy, ienHW PMfW dw mUl audyS invyS krn vwly ƒ pYsy dypRvwh (Cash Flow) sMbMDI siQrqw pRdwn krnw hY[bYlYNsf PMfs (Balanced funds)- audyS hY sur`iKAw, Awmdn Aqy pUMjI ivc vwDy dw brwbr rlwA dyxw[- ies ip`Cy ijhVI nIqI kMm kr rhI hY auh hY sQweI Awmdn Aqy iekvItI ivc joV kyinvyS krnw[iekvItI PMfs- iSAr Aqy stwk ivc invyS- ieh imaucUAl PMf dI sB qoN v`fI SRyxI hY[20

- invyS dw audyS smyN leI pUMjI ivc vwDw (kYpItl gRoQ) Aqy QoVI bhuqI Awmdn huMdw hY[- invyS dy v`K-v`K audySW kwrn v`K-v`K pRkwr dy iekvItI PMf hn[ivdyS/AMqr-rwStrI PMfs- iek AMqr-rwStrI PMf (jW ivdyS PMf) aunHW kMpnIAW dy iekvItI ivc invyS krdw hY joik Awpxy dyS qoN bwhr dy hn[sYktr PMfs- ieh ivqR dy iksy ^ws ^yqr ijvyN AwrQk, pROisauigk, svwsq Awid v`loN inSwnw im`QdwhY[ienfYks PMfs- ies qrHW dy imaucUAl PMf ivSwl mwrikt ienfYks ijvyN ik sYnsYks jW inPtI dy kwrjƒ duhrwauNdy hn[- ienfYks PMf bwzwr qoN hox vwlI Awmdn (mwrikt irtrn) ƒ hI duhrwauNdw hY AqyinvyS krn vwly ƒ G`t PIs dw lwB idMdw hY[iekvItI iSArsiSAr bwzwr lokW dw bwzwr (pbilk mwrikt) hY ij`Qy inrDwirq kImq aupr kMpnI dy iSArWdw sOdw huMdw hY; ieh auh isikaurtIAW hn jo ik stwk AYkscyNj ivc sUcI b`D hn[iSAr stwk AYkscyNj ivc sUcI b`D huMdy hn Aqy ienHW ƒ KrIidAw Aqy vyicAw jWdw hYijs nwl sYkMfrI mwrikt (bwzwr) ivc ies dy KrIdo-iProkq ivc AwswnI huMdI hY[ Bwrq dIAWmuK qOr ’qy ijhVIAW stwk AYkscyNjW hn auh hn stwk AYkscyNj muMbeI ijs ƒ bI.AYs.eI vIkihMdy hn Aqy nYSnl stwk AYkscyNj ijs ƒ AYn.AYs.eI. vI ikhw jWdw hY[ stwk AYkscyNj dwmul mMqv KrIdx Aqy vycx vwly ivc iskaurtIAW dy vwpwr ƒ sOKw bxwauNxw huMdw hY Aqy iesyqrHW auh bwzwr ivc Awpxw sQwn bxwauNdI hY[ iekvItI ivc invyS krnw joiKm BirAw huMdw hYijs kwrn hor invySW nwloN izAwdw smyN dI mMg vI krdw hY[iekvItI ivc invyS krn dy do qrIky hn :- prweImrI mwrikt qoN (lokW dy KrIdx leI pyS kIqy gey iSArW leI ArzI dy ky)- sYkMfrI mwrikt qoN (stwk AYkscyNj ivc sUcI b`D kIqy gey iSArW ƒ ^rId ky)bwzwr ƒ pihlW smJ lYx qoN bwAd, ieh jwxnw zrUrI hY ik ikvyN iksy kMpnI, iSAr Aqy shIkImq dI cox kIqI jwvy[ QoVw ijhw SoD, QoVI ivivDqw Aqy iDAwn nwl dyKx qy ieh p`kw kIqwjw skdw hY ik invyS krn vwly ƒ cMgI Awmdn hovy[ifpoistrI isstmiSArW ivc invyS krn leI ieh zrUrI hY ik “fIstIrIAlweIzySn Aw& iSArs” bwryjwxkwrI hovy ikauNik A`j kl qrkIbn hr iSAr “fImYt” kIsm dw hY[ pihlW KrIdy geyiSArW leI kwZzI srtIPIkyt jwrI kIqw jWdw sI ijs ƒ A`j kl ielYktrOink Porm ivcbdl id`qw igAw hY[ ies dy leI, ifpoistrI isstm bwry jwxkwrI zrUrI ho geI hY[ifpoistrI iek AijhI sMsQw hY jo invySkW dIAW isikaurtIAW (ijvyN, iSArs, irx-p`qr,bWfs, srkwrI isikaurtIAW, imaucUAl PMf dIAW iekweIAW Awid) aunHW dy AnuroD auprielYktroink Porm ivc rijstrf ifpoistrI pwrtIsItYNt dy vwieAw Awpxy kol r`KdI hY[ iek21

isikaurtIAW dy sONDy dI suvIDw vI muheIAw krwauNdI hY[ ies dI qulnw bYNk nwl kIqI jw skdIhY, jo aus ivc pYsw jmw krwauNx vwilAW dw pYsw r`KdI hY, jo aus ivc pYsw jmw krwaux vwilAWdw pYsw r`KdI hY[ies vyly do ifpoistrIAW hn: nYSnl isikaurtIs ifpoistrI ilmIitf (AYn.AYs.fI.AYl) AqysYntrl ifpoistrI sriviss (Bwrq) ilmIitf (sI.fI.AYs.AYl), jo ik AYs.eI.bI.AweI dy nwlrijstrf hn[iek ifpoistrI pwrIsIpYNt (fI.pI.) ifpoistrI dw eyjYNt huMdw hY vwieAw ijs dy auh invySk ƒimldw hY Aqy aus ƒ ifpoistrI dI syvw muh`eIAw krvwauNdw hY[ pbilk PweInYn SIAlienstIitauSns, SYfIaUl, kmrSl bYNks, ivdySI bYNks, jo ik BwrqI irzrv bYNk qoN mwnqwpRwpq krn qoN bwAd Bwrq ivc kMm kr rhy hn, rwjkI PweInYnSIAl korporySns, kstofIAn,stwk brokr, klIAirMg kwrporySn/klIAirMg hwauiss, AYn.bI.AYP.sIs Aqy iksy jwrIkrnnwl juVy rijstrwr jW iPr iSAr trWsPr eyjyNt jo ik AYs.eI.bI.AweI duAwrw dsIAW geIAWzrUrqW muqwbk kMm kr irhw hY ƒ fI.pI dy qOr ’qy rijstr kIqw jw skdw hY[ bYNk dIAWsyvwvW aus dI iksI SwKw qoN leIAW jw skdIAW hn jdik ifpoistrI syvwvW fI.pI qoN leIAWjw skdIAW hn[hux hr invySk ƒ stwk AYkscyNj ivc kMm krn leI jw iPr jnqw leI jwrI kIqy iSArw(pbilk eISU) ƒ KrIdx vwsqy ArzI dyx leI Awpxw bYnIPISIAl AOnr AkwauNt Kolxw zrUrIhY[ ies leI aupr d`sIAW geIAW shulqw ƒ iDAwn ivc r`Kdy hoey Awpxw bYnIPISIAl AOnr(bI.E) AkwauNt Kolx dI rwey id`qI jw skdI hY[hwlwik Coty invySkW ƒ BOiqk qOr ’qy soDy ivc mdd krn leI (v`D qoN v`D 500 iSAr, kImqBwvyN iknHI vI hovy) stwk AYkscyNj iek v`KrI iKVkI/QW idMdI hY ij`Qy auh (Coty invySk), BOiqkrUp ivc Awpxy dy h`Q ivc pey iSAr, jo ik fImYt sUcI ivc zrUrI qOr ’qy Swiml kIqy gey hnƒ vyc skdy hn[ ienHW iSArW ƒ KrIdx vwilAW leI ienHW ƒ A`gy vycx qoN pihlW fImYtkrwauxw zrUrI hY[fIpoistrI syvwvW dw lwB auTwauNx dy Pwiedy ies pRkwr hn :- isikaurtIAW ƒ r`Kx dw sOKw Aqy sur`iKq qrIkw[- isikaurtIAW ausy vyly bdlIAW jw skdIAW hn[- isikaurtIAW dy bdlx leI koeI stYNp fIautI nhIN dyxI pYNdI[- BOiqk rUp ivc imlx vwly srtIPIkytW nwl jUVy jo^m ijvyN ik ^rwb supurdgI, jwlIisikaurtIAW, dyrI, corI Awid Kqm ho jWdy hn[- isikaurtIAW ƒ bdlx nwl juVy kwZzI kMm G`t jWdy hn[- sOdy dI lwgq G`t jWdI hY[- izAwdw prySwnI ^qm ho jWdI hY ikauNik iek iSAr vI KrIidAw Aqy vyicAw jw skdwhY[- nOmInySn dI shUlq imldI hY[22

- fI.pI. ivc drj pqy ivc Awey bdlwA ƒ swrIAW kMpnIAW, ijnHW invySk kolisikaurtIAW hn ƒ ielYktronIkI d`s id`qw jWdw hY ijs nwl hryk ƒ Alg-Alg d`sxdI mihnq b`c jWdI hY[- isikaurtIAW dy sMcwr dw kMm fI.pI duAwrw kIqw jWdw hY ijs kwrn kMpnIAW nwlic`TI-p`qr ^qm ho jWdw hY[- iSArW nwl sMbMiDq bons/drwV/iek hoxw/ivlInqw Awid nwl sMbMiDq kuJ vI fImYt ^wqyivc Awpy cilAw jWdw hY[- eIkvItI Aqy irx nwl sMbMiDq iekweIAW ieko AkwauNt ivc r`KIAW jWdIAW hn[Xwd r`Kx Xog nukqy :- Bwg lYx vwlw iek Cotw invySk vI ho skdw hY Aqy iek bhuq v`fw vpwrI vI Aqy iksyvI sQwn dw rihx vwlw ho skdw hY[- kMpnIAW leI pYsw iek`Tw krn dw bhuq mh`qvpUrn zrIAw hY[- vpwr ƒ lokW nwl joV ky clwaux dw qrIkw hY jW iPr loV pYx qy lokW (pbilkmwrikt/bwzwr) ƒ iSAr vyc ky kMpnI ivc ih`sydwrI dy skdy ho[- dyS dI AwrQk ^ShwlI Aqy ivkws bwry jwxkwrI leI iSAr bwzwr ƒ mu`K sroq mMinAwjWdw hY[- stwr kImqW aupr-Q`lHy huMdIAW rihMdIAW hn jo ik bYNk ifpoistW Aqy bWfW ivc vyKx ƒnhIN imldw[- eIkvItI ivc invyS krn dy kwrnW aupr QoVy-QoVy smyN bwAd punr ivcwr kr lYxwcwhIdw hY ik auh hux vI mMnx-Xog hn[- kdy-kdwr bwzwr AwrQk ^brW aupr qrk-sMgq qrIky nwl nhIN pyS AwauNdw, BwvyNienHW ^brW dI isikaurtIAW dI kImqW aupr koeI pRBwv pY irhw hovy jW nw[- CotI AvDI ivc, bwzwr ivc AweI Acwnk qbdIlIAW kwrn iSAr Aqy horisikaurtIAW dI Skl hI ^rwb ho skdI hY, jo bwzwr dy rveIey bwry B`ivK bwxI krnwhor vI muSikl kr idMdw hY[invyS dy &ls&y- hr invyS dy joKm ƒ mwpo[- Awpxy pirvwr dIAW QoVy Aqy lMmy smyN dIAW zrUrqW bwry swP nzrIAw rKo[- invyS bwry inrxy AwpxI zrUrqW muqwbk lau[- jo skIm smJ nw Awvy aus ivc invyS nw kro[- ivSvws aupr invyS nw kro[ swry q`Q Awpxy h`Q ivc r`Ko[- Awmdn aupr l`gx vwly tYks dI jwxkwrI rKo[23

- A`KW bMd krky bwzwr dy nukiqAW Aqy APvwvW aupr ivSvws nw kro[- iksy vI cIz, jo AprikRqk qOr ’qy bhuq izAwdw jW G`t drsw rhI hovy, gVbV vwlI hoskdI hY[- iksy vI AijhI skIm ip`Cy nw jwxw ijs ivc ibAwj kmwaux dy c`kr ivc mUl hI gvwlau[- smJdwrI nwl invyS kro, vsqU dI pUrI jwxkwrI qoN bwAd[24

7. bcwA nwl sMbMiDq vsqUAWienSorYNs pwlsIAWienSorYNs, ijvyN ik nW qoN hI pqw cldw hY ik B`ivK dy nukswn qoN bcx leI krwieAw jWdw hY[hwlwik lweIP ienSorYNs sB qoN ijAwdw Awm hY pr iPr vI kuJ hor skImW vI hn jo inXimqAwmdn idMdIAW hn Aqy keI pRkwr dy nukswn dI BrpweI krdI hY[lweIP ienSorYNslweIP ienSorYNs iek krwrnwmw hY ijs dy qihq vwiedw kIqy gey mnu`K ƒ jW koeI GtnW vwprnqy aus qoN bwAd jo vI aus rkm ƒ lYx dw h`kdwr hovy, ƒ inSicq kIqI rkm dyxI pYNdI hY[ mOqhox qy, Awpxy pirvwr ƒ Awmdn dy nukswn dI pUrqI leI AwrQk qOr ’qy surkSw dyx dw iehcMgw qrIkw hY[trm lweIP ienSorYNs- Bwrq ivc pRis`DI hwsl kr rhI hY[- ienSorYNs kIqy gey ivAkqI dI mOq qy lwB leI aus duAwrw inSicq kIqy gey ienswn ƒaukw-pukw rkm id`qI jWdI hY[- pwlsIAW 5, 10, 15, 20 jW 30 swlW leI huMdI hY[- prImIAm dI rwSI hor ienSorYNs pwlsIAW qoN G`t huMdI hY[- ies dI koeI nkdI kImq nhIN huMdI hY[sMp`qI (AYNnfwaumMt) pwlsIAW- inSicq AvDI qy prImIAm imldw hY Aqy aukw-pukw rkm ienSorYNs kIqy ivAkqI dImOq qy jW pwlsI dy pUrw hox qy jo vI pihlW hovy qy imldI hY[vwriSk q`qw/pYnSn pwlsI/PMf- izMdgI dI ienSorYNs Swml nhIN krdI blik mOq q`k jW inSicq smyN leI Awmdn dIgRMtI idMdI hY[- ies ƒ lYx dw kwrn irtwiermYNt qoN bwAd vI Awmdn huMdw hY[- prImIAm dw Bugqwn jW qW ieko vwrI aukw-pukw dyky jW kuJ swlW ivc ikSqW ivc id`qwjw skdw hY[- ienSorYNs hoey ivAkqI ƒ inrDwirq kIqI geI im`qI qoN (hr mhIny, ho skdI hY, jW CymhIny qy jW iPr slwnw) inSicq rkm imlxI SurU ho jWdI hY[- jy mOq ho jwvy qW bcy hoey lwB inrDwirq kIqy ivAkqI ƒ dy id`qy jWdy hn[XUint ilMkf ienSorYNs pwlsI (XU.AYl.AweI. pI.)- XU.AYl.AweI.pI. iek pRkwr dI izMdgI dI ienSorYNs pwlsI hY jo ik Kqry qoN vI bcwauNdIhY Aqy nwl hI invyS dw vI kMm krdI hY[- iSAr bwzwr dy pRBwvSwlIAW dw XU.AYl.AweI.pI. dy pRdrSn aupr is`Dw pRBwv huMdw hY[- invyS nwl sMbMiDq Kqrw invySk ƒ hI sihxw pYNdw hY[25

- izAwdw qr ienSorYNs krn vwly iksy dy invyS krn dy mnorQ, Kqry ƒ J`lx d SmqwAqy smyN dI AvDI ƒ iDAwn ivc r`Kdy hoey keI pRkwr dy PMf pyS krdy hn[ v`K-v`KPMfW dy Kqry dI imAwr v`KrI-v`KrI huMdI hY[ PMfW qoN hox vwlI Awmdn vI v`K-v`K PMfWdI v`KrI-v`KrI huMdI hY[- v`K-v`K ienSorYNs krn vwly jo XU.AYl.AweI.pI. pyS krdy hn aus dy kImq dy mwpdMfv`Kry-v`Kry huMdy hn[ moty qOr ’qy jo aus dI PIs dw ih`sw bxdy hn aunHW ivc Swml hYprImIAminrDwrx PIs, mwrtYiltI cwrj, PMf sMBwlx dI PIs, pwlsI/pRbMD dy cwrjAqy PMf bdlx dy cwrj[nvIN (inauN) pYnSn skIm, 2009- inrDwirq Xogdwn skIm BwrqI nwgirk ijs dI aumr 18 qoN 55 swl hY leI Ku`lI hY[- koeI vI ivAkqI syvw-mukqI q`k pYnSn skIm ivc iek inSicq rwSI jmw kr skdwhY[- syvw-mukqI vyly, ivAkqI ƒ jmW ikqy pYsy ƒ Gfwaux dI iejwzq huMdI hY jW iPrienSorYNs kMpnI qoN ausy vyly swlwnw B`qw KrId skdw hY jW iPr dovy kMm kr skdw hY[swlwnw B`qy ƒ KrIdx leI G`t qoN G`t 40% ƒ iesqmwl krnw pYNdw hY jmw kIqI rwSIivcoN izAwdw qoN izAwdw 60% hI kFwieAw jw skdw hY[- swlwnw B`qw KrIdx nwl ienSorYNs kMpnI v`loN iek inSicq Bugqwn dw ivSvws ho jWdwhY[ ieh Bugqwn hr mhIny, iqMn mhINy, Cy mhIny qy jW swlwnw vI ho skdw hY[- hr ikSq ivc 500 rupey dI rwSI dw invyS krnw pYNdw hY[ hr swl ivc G`t qoN G`tcwr ikSqw dyxw zrUrI hY[ ies qoN ielwvw G`t qoN G`t 6000 rupey hr swl jmW krwauxwzrUrI huMdw hY[- ikSqW dI igxqI Aqy pYsw jmW krwaux dI auprI h`d bMdI koeI nhIN hY[- jo pYsw AYn.pI.AYs. ivc qusIN jmW krdy ho aus dI sBwl proPYSnl mYnydr krdy hn[- qusIN jy kr Awpxy PMf mYnyjr qoN sMquSt nhIN ho qW qusIN aus ƒ bdl vI skdy ho[- ies Kwqy ivcoN pYsw nhIN kFwieAw jw skdw Aqy ies ivc kIqw invyS quhwfy 60 swl dyhox q`k iek`Tw huMdw rihMdw hY[ isrP mOq hox qy, gMBIr rUp ivc ibmwr pYx qy jW iPrqusIN jy Awpxw pihlw Gr bxw jW KrId rhy ho qW hI qusIN ieh pYsw kfvw skdy ho[- Aweykr kwƒn dy sYkSn 80 sI.sI.fI. dy qihq AYn.pI.AYs. ivc invyS kIqy 1 l`K rupeyqk quhwƒ tYks ivc CUt iml skdI hY[ ieh iDAwn rhy ik ieh 1 l`K rupey dI h`dbMdIsYkSn 80 sI dI 1 l`K dI h`d bMdI qoN aupr nhIN hY[- nwl hI pI.pI.AYP dI qrHW ies ivc Awmdn dI koeI grMtI nhIN hY[ jo pYsw qusINbxwauNdy ho auh ies g`l au~qy inrBr krdw hY ik quhwfy duAwrw inrDwirq kIqw PMfmYnyjr ikMny cMgy qrIky nwl kMm krdw hY[ishq sMbMDI bImw (hYlQ ienSorYNs)ishq sMbMDI bImw pwlsIAW keI pRkwr dIAW ibmwrIAW ƒ iDAwn ivc r`KidAW quhwfw bImwkrdIAW hn Aqy nwl hI , quhwƒ loV pYx qy AwrQk surkSw dI grMtI vI pRdwn krdIAW hn[ieh quhwfI mwnisk SWqI dI rkSw krdIAW hn, ielwj nwl sMbMiDq KricAW sMbMDI icMqwvW ƒdUr krdIAW hn Aqy AwpxI SkqI ƒ hor zrUrI cIzW v`l lwaux ivc vI mdd krdIAW hn[26

Bwrq ivc keI pRkwr dy ishq Aqy icikqsw sMbMDI bImw hn[ ienHW v`loN pyS suvIDwvW AnuswrienHW ƒ Q`lHy id`qy vrgW ivc vMifAw jw skdw hY :ivAwpk ishq sMbMDI bImw kvryj: ies pRkwr dy plYn quhwfI ishq ƒ pUrI qrHW kvr krdyhn ijs ivc hspqwl dy vfy KricAW dy nwl-nwl ickqsw sMbMDI Coty-moty Krcy vI Swml kIqyjW dy hn[hspqwl sMbMDI plYn: ies qrHW dy ishq sMbMDI bImw plYn aunHW KricAW ƒ vI Awpxy klwvyivc lYNdy hn jo jykr quhwƒ hspqwl ivc BrqI hoxw pey qW K`lxy pYNdy hn[ ies SRyxI ivc,bImw kMpnI dy v`K-v`K KricAW dy Bugqwn dy qrIky Aqy h`FbMdI Awpo-AwpxI ho skdI hY[hspqwl ivc BrqI sMbMDI KricAW ƒ kvr krn dw qrIkw jW qW AdwiegI (rIieMbrsmYNt)AwDwirq ho skdw hY jW inSicq lwB vwlw ho skdw hY[ ienHW plYnW dw mu`K inSwnw bwr-bwr hoxvwly icikqsw sMbMDI KricAW ƒ Awpxy klwvy ivc lYxw huMdw hY[gMBIr ibmwrI sMbMDI Xojnw: ies pRkwr dI ishq sMbMDI bImw XojnwvW quhwƒ gMBIr ibmwrIAWijvyN ik idl dw dOrw, AMg dw bdlxw, rog dw dOrw, gurdy dw Krwb hoxw Aqy ies pRkwr dI horibmwrI leI bImw krdI hY[ ies pRkwr dy bImw Awm nw hox vwlIAW ibmwrIAW Aqy v`fyicikqsw sMbMDI v`fy KricAW leI surkSw idMdI hY[^ws SrqW muqwbk bImw: ies pRkwr dIAW XojnwvW ^ws qOr ’qy iqAwr kIqIAW jWdIAW hn[ieh mDUmyh jW kYNsr kwrn pYdw hoeIAw prySwnIAW leI ishq dw bImw huMdw hY[ ies ivcibmwrI ƒ mYnyj krn dy pRogrwm jo ik ^ws SrqW dw ih`sw hn, vI Swml ho skdy hn[27

8. auDwr lYx sMbMDI cIzW dI jwxkwrIA`j dy dOr ivc, jdoN jIx dI kImq ienHIN v`D cu`kI hY, auDwr iek Awm g`l hY[ bhuq swry lokin`jI irx, kwr irx, kuJ igrxI r`K ky ilAw irx Aqy iesy pRkwr dy keI irxW leI ArjI idMdyhn[ ieMj pRqIq huMdw hY ijvyN ik hr cIz lrI irx hY[ Aksr, AwrQk prySwnIAW bhuq v`fyauDwr kwrn hI SurU huMdIAW hn[v`K-v`K pRkwr dy irx jo auplbD hnin`jI irxin`jI irx Awm qOr ’qy aus vyly ley jWdy hn jdoN kuJ Ax socIAW loVW quhwfy swhmxy Aw jWdIAWhn jo ik ivAkqI dI aus vyly dI AwrQk phuMc qoN bwhr huMdIAW hn[ lok aus vyly AwrQkprySwnI dw iSkwr ho jWdy hn jdoN auh in`jI irx jW qW PwlqU pYsy leI jW ZYr-zrUrI cIzw ƒKrIdx leI lYNdy hn Aqy iPr aunHW ƒ pqw lgdw hY ik irx dy Bugqwn leI auh aus dI hrmhIny dI ikSq dyxo AsmrQ hn[mu`K ivSySqwvW• 14-18% pRqI swl dI au~cI ivAwj dr, au~cI PIs Aqy aus qoN vI au~cI hr mhIny dI ikSqleI iqAwr rho[• irx leI ArzI dw islislw lMmW ho skdw hY, mnzUrI Aqy pYsw imlx ivc h&qy vI l`gskdy hn jo ik pYr qy peI loV leI ivvhwrk nhIN jwpdw[• in`jI irx dIAW SrqW Aqy drw ivc kw&I &rk ho skdw hY[ qulnw kr ky inrxy lYx ivc hIsmJdwrI hY ijs nwl ieh p`kw kIqw jw skdw hY ik gRwhk ƒ AwpwqkwlIn PMfW leI loV qoNv`D nhIN dyxw peygw[• in`jI irx lYx qoN pihlW smW lau Aqy zrUrI jwxkwrI pihlW hI hwsl kr lvo[• AwpwqkwlIn zrUrqW qoN ielwvw iks hor kMm leI ies ƒ lYx dI rwey nhIN id`qI jw skdI[Gr sMbMDI irxGr sMbMDI irx hor irxw vrgw hI hY ijs ivc irx quhwfy Gr dI kImq dy AwDwr qy imldw hY[jy qusIN Awpxw pihlw Gr KrId rhy ho qW zrUrI hY ik Gr sMbMDI irx nwl juVI hr cIz dIquhwƒ jwxkwrI hovy[ ies ivc ArQivvsQw Aqy bwzwr dIAW gqIivDIAW sMbMDI keI auqwrcVHwA hn jo ik Gr sMbMDI irx aupr lwgU huMdy hn[mu`K ivSySqwvW• bYNk Gr dI kImq dw 75-80% PweInYNs krdI hY[• bYNkw ny QoVHy smyN leI GtI hoeI siQr ‘tIzr’ dr ip`Cy ijhy SurU kIqI hY[ kuJ smyN bwAdivAwj dr v`D jWdI hY Aqy prIvrqnSIl ho jWdI hY[ kwgzwqW ƒ iDAwn nwl pVHn dI loVhuMdI hY[28

• izAwdw qr Gr sMbMDI irx 3 swl jW aus qoN v`D leI imldy hn[• ies qoN pihlW pUrw Bugqwn krn aupr BwrI zurmwnw dyxw pYNdw hY[• mu`l inrDwrn dI PIs Aqy irx nwl sMbMiDq hor cwrj lukI hoeI PIs dw ih`sw huMdy hn[• jy qusIN Gr vycxw cwho qW irx dw Bugqwn ausy vyly krnw zrUrI ho jWdw hY[igrvI r`Kx dy ault (irvrs mwrtgyj)ieh ivcwr Awm igrvI r`Kx vwlI pRikirAw ijs ivc ivAkqI bYNk kol igrvI r`KI jwiedwdleI pYsw idMdw hY dy iblkul ault hY[ ies pRkwr dI pRikirAw p`CmI dySw ivc kwPI pRis`D hY[mu`K ivSySqwvW• auh bzurg nwgirk ijnHW kol Gr qW hY pr Awmdn dw koeI sQweI jrIAw nhIN hY, Aijhylok AwpxI jwiedwd ƒ bYNk jW iksy hwauisMg PweInYNs kMpnI kol igrvI r`K skdy hn[bYNk/hwauisMg PweInYNs kMpnI aus ivAkqI ƒ inXimq Bugqwn krdI hY[• cMgI cIz ieh hY ik ijhVw ivAkqI AwpxI jwiedwd ƒ ies skIm dy qihq AwpxIjwiedwd ƒ igrvI r`Kdw hY auh AwpxI pUrI izMdgI aus mkwn ivc rih vI skdw hY Aqy ausdy nwl aus ƒ loV dI rwSI vI inXimq rUp qy imldI rhygI[ mqlb ieh hY Ik jwiedwdivAkqI ƒ pYsw dvw rhI hY[• ieh ies pRkwr kMm krdI hY ik bYNk aus jwiedwd ƒ mwilk dy mrn jW mkwn C`fx qy ausƒ vycx dw pUrw h`k hY qW jo auh id`qy hoey irx ƒ vsUl sky[ irx dI rwSI lYx qoN bwAd bcIhoeI rwSI ƒ aus dy kwƒnI vwirs ƒ dy id`qw jWdw hY[BwrqI irzrv bYNk duAwrw Bwrq ivc igrvI r`Kx dy aulty qrIky sMbMDI inrdyS AqyivSySqwvW :• mkwn mwlk ijs dI aumr 60 swl qoN aupr hY, auh cuxnXog hY[• irx dI rwSI mkwn dI kImq dw v`D qoN v`D 60% huMdI hY[• irx dI imAwr 15 swl qoN v`D nhIN huMdI[• irx lYx vwlw ivAkqI AwpxI mrzI Anuswr iksy vI smyN irx dI rwSI hr mhIny, iqMnmhIny qy swlwnW jW k`TI ieko vwr lY skdw hY[• mkwn dI kImq dw punr mulWkx bYNk jw AYc.AYP.sI. duAwrw hr 5 swl ivc huMdw hY[• igrvI r`Kx dy aulty qrIky kwrn imlI rkm ƒ Awmdn nhIN sgoN irx smiJAw jwxw cwhIdwhY[• igrvI r`Kx dy aulty qrIky dI dr siQr jW pirvrqnSIl vI ho skdI hY Bwv ies dwinrDwrn irx lYx vwly ivAkqI v`loN cuxI geI ivAwj dI skIm aupr huMdw hY ijs auprbwzwr dI bdldI siQqI dw vI pRBwv pYNdw hY[29

isikaurtI dy bdly irxiSAr dy bdly irx lYx dw muK kwrn AwpxI in`jI loVHW dw iDAwn r`Kx dy nwl nwl AwpxyinvyS ƒ bcwauxw vI huMdw hY[ lok ies irx ƒ AwpxIAW CotIAW-motIAW zrUrqW dI pUrqI krnvwsqy Aqy iSArW ƒ ibnHW vycy QoVHI qrlqw ilAwaux leI vI lYNdy hn[ iSArW dy bdly irx dIslwh ausy surq ivc id`qI jw skdI hY jy qusIN kuJ mhIinAW ivc koeI pYsw Awaux dI aumId krrhy ho qy ivcwr jy quhwƒ pYsy dI loV pY jwvy[mu`K ivSySqwvW• BwrqI irzrv bYNk, bYNkW ƒ, fImYt hoey iSArW dw 75% Aqy aus qoN ielwvw (kwZzI iSArW)dw 50% irx dy rUp ivc dyx dI iejwzq idMdw hY[ hwlwik, ies sIsW ivckwr ikMnw irxdyxw hY, ieh hr bYNk Awp inrDwirq kr skdw hY Aqy krdw vI hY[• bYNkw kol pwirq kIqI hoeI iSArW dI sUcI huMdI hY Aqy ieh sUcI hryk dI v`KrI-v`KrI vI hoskdI hY[ ies ivc smyN-smyN qy bdlwv vI huMdw rihMdw hY[• imaucUAl PMfW dI iekweIAW bdly irx aunHW dI AYn.ey.vI. kImq qy AwDwirq huMdw hY[• irx dI rwSI jo quhwƒ imlygI, auh isikaurtI dI kImq, lwgU kIqw jw skx vwly mwrjn,irx ƒ moVn dI quhwfI smr`Qw Aqy hor SrqW aupr AwDwirq huMdw hY[• Awm qOr ’qy ivAwj dr 14-18% dy ivckwr huMdI hY[• PIs hryk bYNk dI AwpxI-AwpxI huMdI hY ijs ivc pRikirAw ivc ilAwaux dI PIs (1-1.5%) Aqy PweIlW dI PIs Awm qOr ’qy Swml huMdI hY[• ijnHW iSArW dI pUrI kImq id`qI jw cukI hovy isrP aunHW ƒ kbUulAw jWdw hY[• smUh, nwbwilkW, &rm, AYc.XU.AYP. Aqy AYn.Awr.AweI. dy nW qy jwrI kIqy gey pRmwx-p`qries skIm dy qihq irx lYx leI Xog nhIN mMny jWdy[# hr iek irx dy leI nvyN idSw inrdySW/pRwvDwnW ƒ jwx lvo[krYift kwrf nwl sMbMiDq rixkrYift kwrf aupr irx Awm qOr ’qy jdoN koeI cwrw nw bcy qy in`jI irx vI nw imly, ausy surqivc ilAw jWdw hY[ krYift kwrf nwl sMbMiDq irx AinSicqqw BirAw huMdw hY ijs kwrn ausdI ivAwj dr bhuq izAwdw huMdI hY[ krYift kwrf pYsw nw hox dI surq ivc vI Krcw krn dIsmrQw pRdwn krdw hY[ CotI aumr dy lok ZYr-zrUrI cIzw aupr Krcw kr ky ies ddw Zlqiesqmwl krdy hn[krYift kwrf nwl juVy irx qoN dUr rho : bhuq swry lokW ƒ krYift kwrf nwl prySwnI ho rhIhY[ G`t qoN G`t dw hI Bugqwn krn nwl ieh p`kw ho jWdw hY ik quhwfw irx lMmy smyN leI clxvwlw hY[ koiSS ieh krnI cwhIdI hY ik ijMnw izAwdw ho sky lgwqwr Awpxw irx cukwauNdy rho,ies nwl quhwƒ KuSI imlygI[30

mu`K ivSySqwvW• krYift kwrf aupr l`gx vwlI ivAwj dr hor irxW dy mukwbly Swied sB qoN v`D huMdI hY[ieh 18-36% pRqI swl dy ivckwr ho skdI hY[• ivAwj Aqy jurmwny kwrn irx v`Ddw jWdw hY jy qusIN bcI hoeI rwSI, ibnHW irx vwly smyNkwl ivc nhIN cukwauNdy ho qW aus qoN bwAd quhwƒ au~cI ivAwj dr dyxI peygI[ ies nwlkrYift kwrf nwl juVy irx dI rwSI ƒ GtwauNx ivc quhwƒ prySwnI hovygI[• krYift kwrf dI h`d G`t huMdI hY qW irx lYx vwly ies q`Q ƒ nzrAMdwj kr idMdy hn ikivAwj dI rkm mhIny-mhImy dy ihswb nwl G`t huMdI hY[ ieh ^qrnwk ho skdw hY ikauNikivAwj dr izAwdw hox kwrn pqw vI nhIN cldw Aqy Acwnk hI aus dI rwSIN mUl irx qoNvI v`D jWdI hY[• iek qoN v`D kwrf r`Kx vyly swvDwn rho Aqy krYift kwrf dyx vwilAW dy AwpxI ivkrIvDwaux dy h`QkMiFAW qoN sqrk rho jdoN auh im`Ty ipAwry ho ky quhwfI krYift kwrf dI h`d ƒvDwauNx leI purzor koiSS krdy hn[PwlqU irx qoN bcx leI kdmAwpxy irx dI h`FbMdI qYA kro• ieh pihlW hI inrDwirq kr lvo ik qusIN ikMny irx ivc rih skdy ho[ ies qoN bwAd, iehp`kw kr lau ik quhwfw Bul irx ies qoN QlHy hI rhy[• qusIN ieh vI cwh skdy ho ik hr mhIny dI qn^wh ivcoN ikMnI rkm qusIN irx ƒ lwaux leIKrc krogy[ ieh krn nwl ieh p`kw ho jwvygw ik qusIN auDwr ƒ hor nhIN vDwaugy[irx iDAwnpUrvk lau• jy quhwƒ irx lYxw hI pY jwvy qW zrUrI hY ik qusIN aus dI pUrI jwxkwrI r`Ko[ ieh smJ lauik ivAwj dy rUp ivc qusIN ikMnW pYsw idaugy Aqy Aijhy irx dyx vwy dI Bwl kro ij`Qy ivAwjdr G`t qoN G`t hovy[ ies nwl qusIN ieh p`kw kr laugy ik qusIN ivAwj dy rUp ivc PwlqUnhIN Krcogy[• swl ivc iek vwrI ieh jWc zrUr kro ik quhwƒ ijMnw ho sky aunw vDIAw irx Aqy aus dIivAwj dr iml rhI hY[lwlc ivc nw pYxw• iek vwrI qusIN ieh idKw id`qw ik qusIN irx dy Bwr ƒ sMBwl skdy ho qW keI kMpnIAW quhwƒhor irx leI koiSS krn gIAW[ kMpnIAW quhwƒ krYift kwrf dyxw cwhux gIAW Aqy ijnHW nyquhwƒ pihlW irx id`qw hY auh hor irx dyxw cwhux gIAW[• nvyN irx lYx leI ieh quhwƒ llcwaux gIAW pr qusIN kuJ vI Aijhw nhIN krnw[ irx jWkrYift syvw isrP aus vyly lau jdoN aus dI Asl ivc loV hovy[31

pYsy ƒ Awpxy Awp hI irx dy Bugqwn leI jwxw idau• keI bYNk Aqy mwlk quhwfI qn^wh ivcoN hI kuJ pYsw Awpxy Awp hI irx dy Bugqwn leI ByjidMdy hn[• ieh bhuq vDIAw qrIkw hY ijs nwl quhwfy ibl dw Awpxy Awp Bugqwn hoeI jWdw hY[ nwlhI, ikauNik qusIN AwpxI qn^wh dI auh rkm dyK nhIN rhy ho, ies leI aus dwivgocw/audryvW mihsUs nhIN krogy[32

9. syvw inivRqI XojnwienHy swl kMm krn qoN bwAd syvw inivRq hoxw Awpxy Awp ivc iek bhuq hI AnoKw Aqy nwtkIpVHwA hY[ iPr vI syvw inivRqI v`l v`Ddy kdmW leI loVINdI Xojnw jW aus aupr ivcwr nhINkIqw jWdw ijs dI auh h`kdwr hY[ hor koeI syvw inivRq hox qoN bwAd iek sOKw jIvn bIqwauxwcwhuMdy hn[ hwlwik aus leI loVINdI Xojnw kIqy ibnHW ieh mumikn nhIN hY[ mnu`K pihlW nwloNvDyry lMmI aumr Bog irhw hY, jo cMgI ^br hY pr ies dw ieh mqlb vI hY ik syvw inivRqI hormihMgI huMdI jw rhI hY[ ies leI zrUrI hY ik pihlW hI Xojnw bxw leI jwvy Aqy syvw inivRqIdI aumr dy nyVy phuMcx qy qusIN AwrQk qOr ’qy iqAwr rho[syvw inivRqI Xojnw qoN Bwv hY ik buFwpy vyly Awmdn lYx leI kuJ pYsw jW sMp`qI v`KrI r`K id`qIjwvy[ ieh syvw inivRqI dI aumr qy phuMcx qoN pihlW krn huMdw hY[Xwd r`Ko, ik quhwfw mksd Aijhy inrxy lYxw hY ijs nwl quhwfy A`j dI injI AwrQk siQqI dyAwDwr qy B`ivK dy Awpxy AwrQk mskd ƒ bhuq swrQk rUp ivc pUrw kr sko[1) CyqI SurU kro Aqy SWqI nwl syvw inivRq hovo: ijvyN ik mMn lau jy qusIN 25swl dI aumr qoNsyvw inivRqI jo qusIN 60 swl dI aumr q`k cwh rhy ho leI bcq krnw SurU krdy ho qW ies dwmqlb hovygw ik qusIN 35 swl q`k bcq kr skdy ho[ jy 25 swl dI aumr qy quhsIN hr mhIny6% ivAwj-dr-ivAwj dy ihswb nwl 1000 rupey invyS krnw SurU krdy ho qW smW pUrw hox qyquhwƒ 13,80,290 rupey imlxgy[ pr jy qusIN iehI invyS 35 swl dI aumr qoN SurU krogy qW 60swl dI aumr qy quhwƒ 6,79,580 rupey imlxgy[2) smJdwrI nwl Xojnw bxwau: syvw inivRqI qoN bwAd kuJ pYsw fwktrI KricAW Aqy AOKysmyN leI Alg r`K idau[ b`icAW dI pVHweI Aqy aunHW dy ivAwh leI iesy dOrwn pYsw jmW krlau[3) AwpxI Xojnw ƒ iDAwn ivc r`Kdy hoey smyN-smyN aus ivc loVINdy bdlwv krdy rho:AwpxIAW AwrQk XojnwvW ivc smyN-smyN qy loVINdy bdlwv krnw zrUrI huMdw hY qW jo ieh pkwkr sko ik audySW ƒ smyN isr pUrw kr sko[ nwl hI, Awpxy invyS nwl juVy joKm, aus dIkImq Aqy qrlqw ƒ smJo Aqy pUrI qrHW jwnx dI koiSS kro[4) syvw inivRqI nwl juVI bcq ivc kuJ nw kfo: syvw inivRqI qoN pihlW AwpxI bcq ƒ nwCyVo[ jy qusIN syvw inivRqI leI joVy pYsy ƒ A`j Krcogy qW Awaux vwly smyN ivc v`fw nukswnJlxw peygw[ syvw inivRqI leI jo rwSI qusIN socI hovygI aus ivc kmI ho skdI hY[30 swl pihlW syvw inivRqI dI Xojnw iks pRkwr kIqI jWdI sI aus dy pMj qrIky d`so[1.2.3.4.5.33

syvw inivRqI dI Xojnw sMbMDI ikhVIAW pMj cIzW quhwƒ krn dI loV hY[1.2.3.4.5.AwpxI syvw inivRqI leI quhwƒ ikMnw invyS krnw cwhIdw hY?mMn lYNdy hW ik rwm dI aumr 30 swl hY, aus dw mhIny dw Krcw 10,000 rupey hY qy auh 60 swldI aumr qy syvw inivRq hoxw cwhuMdw hY (lweIP AYkspYntYNsI 75 swl)[ ieh mMndy hoey ik aus dwKrxw A`j dy Krcy dw 80% hovygw, aus ƒ syvw inivRqI leI ikMnw pYsw cwhIdw hovygw Aqy Awpxysyvw inivRqI leI pUMjI eIkqr krn leI aus ƒ hr mhIny ikMnw pYsw bcwauxw cwhIdw hY?iek jut rkm Aqy mwsk invyS jwnx leI, swƒ sB qoN pihlW ieh jwnx dI loV hY ik syvwinivRqI qoN bwAd auh hr mhIny ikMnw Krcw krygw ikauNik mudrw siPRqI kwrn aus dw hr mhInydw Krcw A`j nwloN v`D hovygw[crx 1: syvw inivRqI dy vyly 5% mudrw siPRqI nwl aus dy KricAW dw mul kI hovygw?ikMny swlW bwAd qusIN syvwinivRq hox vwly hosyvw inivRqI dy smyN KricAW leIhr mhIny quhwƒ ikMnI rwSI dIloV hY[syvw inivRqI dy smyN KricAW leIhr mhIny quhwƒ ikMnI rwSI dIloV hY[5 10 15 20 25 30(12,762.82) (16,288.95) (20,789.28) (26,532.98) (33,863.55) (43,219.42)(10,210.82) (13,031.16) (16,631.43) (21,226.38) (27,090.84) (34,575.54)(loV dw 80%)not: 30 swl bwAd mudrw siPRqI kwrn vrqmwn KricAW ivc ikMnw vwDw hovygw[syvw inivRqI vyly Krcy ikauN G`t ho jWdy hn? (aupr id`qy audwhrx ivc 80% hY)1.2.3.jvwb: rwm A`j qoN 30 swl bwAd syvw inivRq hovygw,aus ihswb nwl ausdy mhIny dw Krcw43219 rupey hovygw Aqy 80% dy ihswb nwl auh bxygw 34,575 rupey[crx 2: syvw inivRqI vyly aus ƒ ikMnHy koS dI loV peygI qW jo auh Awpxy mhIny dy Krcy dI loVƒ lgwqwr AwauNdy pYsy dy pRvwh nwl pUrw kr sky[Dwrnw: koS jW invyS aupr Awmdn dI dr 7%[34

syvw inivRqhov ivc swl10,210.25rupey dy KrcleI13,031.16rupey dy KrcleI16,631.43rupey dy KrcleI21,226.38rupey dy KrcleI27,090.84rupey dy KrcleI34,575.54rupey dy KrcleI5 585,130.95 746,791.84 953,116.66 1,216,445.22 1,552,526.61 1,981,461.0810 1,117,707.64 1,426,509.65 1,820,627.96 2,323,633.90 2,965,611.10 3,784,954.7715 1,602,450.28 2,045,177.75 2,610,222.66 3,331,379.05 4,251,777.66 5,426,465.4320 2,043,655.17 2,608,279.41 3,328,898.92 4,428,612.31 5,422,425.66 6,920,541.7725 2,445,232.68 3,120,805.39 3,983,026.38 5,083,463.13 6,487,930.27 8,280,428.7830 2,810,742.02 3,587,298.21 4,578,402.57 5,843,330.78 7,457,735.34 9,518,170.11rwm 60 swl dI aumr ivc syvw inivRq hovygw Aqy aus dy 75 swl dI aumr q`k jIaux dI aumIdhY, ies dw Bwv ik aus ƒ 15 swl KricAW leI pYsy dI loV peygI (75 swl-60 swl)aupr id`qy tybl qoN AsIN ieh Awrwm nwl smJ skdy hW ik 15 swl dy KricAW leI aus ƒ54,26,465 rupey Awpxy koS ivc r`Kx dI loV hY[crx 3: rwm AwpxI syvw inivRqI leI koS iek`Tw krn leI hr mhIny dI AwpxI bcq ƒ hrswl 10% v`Dx leI jo ik 30 swl clygw, ivvsiQq invyS Xojnw (sI.AweI.pI) ƒ Kol ky ausivc pYsy pweygw[ koS leI pYsw iek`Tw krn leI rwm ƒ hr mhIny ikMnw pYsw invyS krnwpeygw?ihswb:ihswb leI AsIN sB qoN pihlW 10 l`K rupey leI koS lBWgy Aqy aus ƒ pRwpq krn qoN bwAdaus koS ƒ inrDwirq rkm nwl guxW krWgy[ivAwj /swlWdI igxqI10 l`K rupey dy ko SleI mwisk invyS5 10 15 20 25 306% (14,321.72) (6,125.04) (3,468.51) (2,194.69) (1,471.50) (1,021.18)8% (13,621.38) (5,516.23) (2,943.09) (1,746.24) (1,093.09) (705.41)10% (12,958.11) (4,963.82) (2,489.91) (1,381.24) (804.40) (480.93)12% (12,329.91) (4,463.57) (2,101.14) (1,087.13) (587.47) (324.57)15% (11,449.24) (3,802.02) (1,622.41) (753.54) (362.77) (177.56)aupr id`qy tybl dy ihswb nwl AsIN ieh pqw kr skdy hW ik 10 l`K rupey leI aus ƒ 480rupey invyS krny pYxgy[ ies leI 54 l`K rupey leI, aus ƒ hr mhIny 2592 rupey invyS krnypYxgy[ (54/10) x 480 = 2592 rupeykwrj: AwpxI syvw inivRqI leI quhwƒ ikMny koS dI loV hY aus dw ihswb kro Aqy nwl aus leIikMny mwisk invyS dI loV hY, aupr id`qy tyblW dy AwDwr qy ihswb kro[35

1. quhwfy mwisk Krcy ( )(ihswb krn dy audyS qihq mwisk Krcy 10,000 rupey id`qy gey hn[ jy quhwfy Krcy 20,000rupey hn qW Awpxy koS ƒ 2 swl nwl guxW kr idau[2. syvw inivRqI dy smyN 5% mudrw siPRqI dI dr qoN quhwfy Krcy_____________________ikMny swl bwAd qusIN syvw inivRqhovogy[syvw inivRqI dy smyN KricAW leIhr mhIny quhwƒ ikMnI rwSI dIloV hY[syvw inivRqI dy smyN KricAW leIhr mhIny quhwƒ ikMnI rwSI dIloV hY[ (loV dw 80%)5 10 15 20 25 30(12,762.82) (16,288.95) (20,789.28) (26,532.98) (33,863.55) (43,219.42)(10,210.82) (13,031.16) (16,631.43) (21,226.38) (27,090.84) (34,575.54)3. ngdI pRvwh dw nym bxweI r`Kx leI ikMny syvw inivRqI koS dI loV hY[syvwinivRqIhox ivcswl10,210,25rupey dy KrcyleI1,031.16 rupey dyKrcy leI16,631.43 rupeydy Krcy leI21.226.38 rupeydy Krcy leI27,090.84 rupeydy Krcy leI34,575.54 rupeydy Krcy leI5 585,130.95 746,791.84 953,116.66 1,216,445.22 1,552,526.61 1,981,461.0810 1,117,707.64 1,426,509.65 1,820,627.96 2,323,633.90 2,965,611.10 3,784,954.7715 1,602,450.28 2,045,177.75 2,610,222.66 3,331,379.05 4,251,777.66 5,426,465.4320 2,043,655.17 2,608,279.41 3,328,898.92 4,428,612.31 5,422,425.66 6,920,541.7725 2,445,232.68 3,120,805.39 3,983,026.38 5,083,463.13 6,487,930.27 8,280,425.7830 2,810,742.02 3,587,298.21 4,578,402.57 5,843,330.78 7,457,735.34 9,518,170.114. Awpxy koS ƒ iqAwr krn leI quhwƒ ikMny mwisk invyS dI loV peygI[Dwrnw: qusIN joKm cu`kx dI AwpxI Smqw Anuswr ivAwj dr lY skdy ho[ihswb dy sMdrB ivc quhwƒ 10 l`K rupey dw koS iqAwr krn leI inXimq rUp ivc invyS krnwpeygw[ jy quhwfI zrUrq 20 l`K rupey dI hY qW Awpxy mwisk invyS ƒ 2 nwl guxW kr idau[ivAwj/ikMnyswl10 l`K rupey dy koS leI mwisk invyS5 10 15 20 25 306% (14,321.72) (6,125.04) (3,468.51) (2,194.69) (1,471.50) (1,021.18)8% (13,621.38) (5,516.23) (2,943.09) (1,746.24) (1,093.09) (705.41)10% (12,958.11) (4,963.82) (2,489.91) (1,381.24) (804.40) (480.93)12% (12,329.91) (4,463.57) (2,101.14) (1,087.13) (587.47) (324.57)16% (11,449.24) (3,802.02) (1,622.41) (753.54) (362.77) (177.56)36

10. audXogpqI bxn leI iv`q XojnwaudXogpqI bxky ibznk lWc krn dI iqAwrI bVI muSikl hY[ ibzns SurU krn vyly qoN hIAwrQk ivcwr bVy inrxwkwrI qy nwzuk huMdy hn ikauNik ies ivc ieh vyiKAw jWdw hY ik quhwfyivc Awpxy swry ib`lw dy Aqy vpwr lwc krn nwl sMbMiDq swry KricAW qy ib`lW dy Bugqwn krndI smr`Qw hY ik nhIN[kuJ ivSyS kdm jo ies nwl joV ky vyKy jw skdy hn:1. AwpxIAW iv`qI zrUrqW ƒ Awpxy Aqy nvIN ibzns leI inrDwirq kro[ AwpxI AwmdnI dyXQwrQk idRStIkox nwl Aqy kMm SurU krn dy qqoN 5 swlW qk dy KricAW ƒ iDAwn ivc r`Kky ibzns Xojnw bxwE[2. audXogpqI bxn qoN pihlW AwpxI p`kI nOkrI dOrwn iek krmcwrI dI hYsIAq vyly pYsy dybcq dI Awdq pwE[ AwpxI mhIny dI AwmdnI ivcoN kuJ Dn pwsy bcwauNdy jwau ijs ƒ ikqusIN kyvl ibzns lWc qy hI Krcxw hY[3. dosqW im`qrW Aqy sMbMDIAW ƒ invyS leI pRyrdy rho[ iek rsmI iekrwrnwmw bxwE ijs ivcloV pYx qy jykr zrUrI hovy qW qusIN ibzns pySkwrI qy Awpxy dosqW qy sMbMDIAW ƒ ivAwj smyqDn vwps kr idEgy[4. krmcwrI dy qOr qy hI PRIlWs kMm nwl-nwl ArMB kr idau[ ieh iDAwn rhy ik kMm dOrwnqusIN gRwhkW dy mgr nw dOVo nw hI koeI Aijhw kMm kro jo ivvwd KVw kry[ ies dOrwn dUijAWnwl Awpxy sMbMD sQwpq kro Aqy pRojYkt aupr kMm kro ijs vyly qusIN pUrn audXogpqI bxjwau qW Awpxy kMm durswaux ’c ieh AnuBv shweI hoxgy[5. pbilk sYktr bYNk qoN irx lYx leI ArzI idau ijhVy ik audXogpqI leI iek bhuq v`fyAwrQk mdd dy sroq huMdy hn[ auh kMpnIAW ƒ irx dy rUp ’c pYsw pySgI, Gtwau Cot ibl(ifskwauNt) pRojYkt iv`q, trm lon, inrXwq iv`q Awid rUp ivc kRYift mdd vDwauNdy hn[ies qoN ielwvw kyNdrI srkwr ny AnykW skImW clweIAW hoeIAW hn ijs ivc lGU audXogivkws sMgTn (AYs.AweI.fI.E.) rwStrI lGU audGog kw`rprySn (AYn.AYs.AweI.sI.) AwidrwhIN kRYift shUlqW, qknIkI mdd syvwvW Aqy KrIdo-ProKq vpwrk shwieqw Awid skImWmuheIAw krvweIAW jWdIAW hn[kuJ nukqy suJwA qy swvDwnIAW:1. jykr qusIN gRhwkW qoN shI vkq rkm vsUlI nhIN kr pwauNdy qW Awpxy audXog AwrMB krn dypihly do swlW dy ib`lW dy Bugqwn leI quhwfy kol ieMnI pUMjI dI smr`Qw hoxI cwhIdI hY, BwvyNieh rkm qusIN bcq rUp ’c iek`qr kIqI hovy jW irx dy rUp ivc[2. jdoN qusIN pYsw dosqW-imqrW jW irSqydwrW qoN hudwr lYNdy ho qW irx jW invyS dIAW SrqWilKq rUp ivc spSt kr lau[37

11. pOnzI skImW ƒ smJxwpOnzI skIm iek ClpUn qrIky nwl krwieAw igAw invyS hY, ijs ivc invyS krn vwly ƒ QoVyjo^m qy izAwdw Awmdn dw vwiedw kIqw jWdw hY[ ies skIm ivc Asl qOr ’qy munw&w kmweyibnHW purwxy invySkW ƒ Awmdn dy qOr ’qy jW qW aunHW dy lwey pYsy qoN jW iPr nvyN invySkW v`loNies skIm ivc lwey gey pYsy qoN Awmdn id`qI jWdI hY[ Awmdn dI siQrqw jo ik iek pOnzIskIm drswauNdI hY Aqy idMdI hY aus leI invySkW v`loN lgwqwr v`DdI pYsy dI Awmd hoxI zrUrIhY ijs nwl ieh skIm cldI rhy[ies isstm dw Fyr hoxw qYA huMdw hY ikauNik ies ivc Awmdn (jy QoVI bhuq huMdI hY) invySkW ƒid`qy jw rhy pYsy qoN G`t huMdI hY[ izAwdw qr ies skIm dy Fyr hox qoN pihlW ies ƒ kwƒnIAiDkwrIAW duAwrw rok id`qw jWdw hY ikauNik jW qW pOnzI skIm au~qy Sk huMdw hY jW iPr iesskIm ƒ clwaux vwly ibnW rijstr krwey isikaurtIAW vyc rhy huMdy hn[ ies skIm ivcizAwdw invySkW dy juVn kwrn ies skIm dw AiDkwrIAW dIAW A`KW ivc Awauxw suBwvk hojWdw hY[ies ƒ iks qrHW PiVAw jwvy?pOnzI skIm nvyN invySkW ƒ AijhI Awmdn dyx dw vwiedw krky, jo hor invyS nhIN dy skdy,llcwauNdI hY[ ieh izAwdw qr QoVy smyN ivc AijhI Awmdn idKwauNdy hn jo AwswDn qOr ’qybhuq izAwdw huMdI hY[ invySk ƒ Aijhy invyS qoN swvDwn rihxw cwhIdw hY ikauNik AswDwrnAwmdn vrgI koeI cIz nhIN huMdI hY[pOnzI skIm dI guMJl ƒ k`Fxw- ijauN-ijauN hor invySk ies skIm ivc juVdy jwxgy ies dI AiDkwrIAW dI nzrW ivcAwauNx dI sMBwvnw vI v`DdI jweygI[- b`icAw hoieAw pYsw lYky ies ƒ SurU krn vwly B`j vI skdy hn[- ieh skIm Awpxy hI Bwr Q`ly db jwvygI ikauNik invyS G`t hox nwl ies ƒ SurU krnvwilAW ƒ vwiedw kIqw pYsw cukwauNx ivc prySwnI hox l`g peygI[- bwzwr dIAW bwhrI qwkqw, ijvyN ik iekwnmI ivc AweI Acwnk igrwvt invySkW ƒ AwpxwpYsw k`Fx leI mjbUr kr dyvygI[ ieh ies leI nhIN ik aunHW dw Awpxy invyS ivc ivSvwsnw irhw hovy blik ies leI ik bwzwr dI cwl dI ieh mMg hY[- invyS pOnzI skImW qoN swvDwn rhy[38

12. tYks bcq suJwA‘80 sI’ dy qihq ktOqIhr iek ivAkqI ivc ieh tYks bcq skIm sB qoN vD cricq qy pRis`D hY[ jykr iksy dIAwmdnI tYks dyx vwlI bRYkt ivc AwauNdI hY qW auh ies Dwrw dw Anusrx kr skdw hY ijsnwl aus dI iek l`K dI AwmdnI qy tYks dI ktOqI ho skdI hY[ ieh ktOqI qW ho skdI hY jykraus ny Awpxw pYsw jIvn bImw, pRovIfYNf PMf, imaucUAl PMf dI eI.AYl.AYs.AYs skIm, pMj swlWdw ivSyS bYNK jmw Kwqw, nYSnl syivMg srtIiPkyt Aqy Gr dy irx dy ipRMsIpl Bwg Awid qyinvyS kIqw hovy[ v`D qoN v`D tYks ktOqI dI sImw 1,00,000 rupey hY[‘80 fI’ dy qihq ktOqIies Dwrw dy AMqrgq ishq Aqy mYfIkl bImw Awpxy leI, pqI/pqnI leI, quhwfy qy inrBrmWipE leI Aqy inrBr b`icAW leI ijs dI ktOqI 15,000 rupey swlwnw huMdI hY AwauNdw hY[ pRoVnwgirkW dI ilist 20,000 rupey swlwnw huMdI hY[‘80 jI’ dy qihq ktOqIquhwfI tYks Xog AwmdnI ivcoN ‘nYSnk iclfrn PwauNdySn’, ivSv ividAwly jW ividAk AdwryijnHW dw rwStrI p`Dr qy nW hovy, pRDwn mMqrI rIlIP PMf, cYrItybl Adwry Awid leI tYks dICUt huMdI hY[ hor pRkwr dy dwn ivc idqI geI ku`l rwSI dy 50% qk dI rkm au~qy tYks ivc CUtidqI jWdI hY[‘sYkSn 24’ies Dwrw dy qihq hwauisMg irx leI id`qy ivAwj au~pr ktOqI id`qI jWdI hY[ ktOqI dy rUp ivcivAwj dI CUt auqpn hox dI buinAwd (accrual basis) qy id`qI jWdI hY, ijvyN ik swl dy dOrwnBwvyN nkdI vwsqv ivc Bugqwn nw kIqI hovy[ ivAwj quhwƒ hudwr cu`kI pUMjI aupr dyxw pvygw nwik Anumwnq (notional) pUMjI au~pr[ pYsw kyvl jwiedwd/mkwn dI pRwpqI, Gr auswrI leI jWpRwprtI dI murMmq dy mksd qoN hudwr il`qw hoxw cwhIdw hY[ qwzy irx leI id`qy ivAwj aupr qyhor mOjUdw irx Bugqwn auqy vI AwigAw hY[v`D qoN v`D ktOqI dI rkm kyvl fyF l`K rupey hY[ ieh Dn kyvl iek ApRYl 1999 qoN jW ies qoNbwAd eImwrq jW pRwprtI dI pRwpqI jW inrmwx leI auDwr il`qI hoxI cwhIdI hY[ AijhIAWauswrIAW jW pRwpqIAW iv`qI swl ijs ivc pUMjI auDwr il`qI huMdI hY qoN iqMn swlW ivc mukMml hojwxI cwhIdI hY[* pwTkW ƒ suuicq kIqw jWdw hY ik auh nwl-nwl nvIAW sUcnW qy idSwvW vloN sucyq rihx[39

13. iv`qI auqpwdW dI ^rIdo-ProKqiv`qI auqpwd ikQoN KrIdy jwx? (ivkRyqw, ivcolw jW dlwl qoN)• ivcoly/ivqrx krqw- AweI.pI.E. (BwrqI fwk Gr) ’c dsq^q (subscription) dlwlWduAwrw bxvwey jw skdy hn Aqy Pwrm vI dlwlW duAwrw jW ivqrx krqw koloN ilqy jw skdyhn[• dlwl- dlwl quhwƒ keI syvwvW auplBd krvwauNdy hn ijvyN ik iekivtI dw lYx-dyx, krzjW dyxdwrI Aqy ivauqp`qI pRwfkt, imaucUAl PMf Xuint, AweI.pI.E (sbsikRpSn)AweI.pI.E. dsq^q Awid[• ieMtrnY~t- imaucUAl PMf Aqy bYNk ijhVy imaucUAl PMf ibzns nwl sMbMiDq huMdy hn auhAwnlweIn imaucUAl PMf dI KrIdo-Pro^q Aqy AYkscyNj tRyf PMf dI suivDw mu`heIAw krvwauNdyhn[• st`wk AYkscyNj- st`wk AYkscyNj ivc bMd AMq imaucUAl PMf dw vpwr kIqw jWdw hY Aqy iehdlwlW duAwrw vI KrIidAw jw skdw hY[• imaucUAl PMf kMpnIAW- Ku`ly AMq vwly PMf AYn.ey.vI. qoN imaucUAl PMf kMpnI qoN KrIdy jwskdy hn[dlwl dI cox ikvyN kIqI jwvy?• dlwl sybI (AYs.eI.bI.AweI.) ivc pMjIikRq zrUr hoxw cwhIdw hY[• st`wk AYkscyNj pihlIAW peIAW iSkwieqW dw ivvrx dlwl dy ivru`D sulJwieAw ivvrxmu`heIAw krvwauNdIAW hn[ invySk AwpxI cox krn qoN pihlW ies sUcI qoN ivcwr lY skdwhY[sYikaurirtI mwrikt invySk bxn leI kdm• pihlI ksOtI qW ieh hY ik pYn kwrf r`Ko[ ieh swry invySkW leI lwzmI hY[• Aglw kdm ieh ik bYNk Kwqw Aqy fI-mYt Kwqw Kolo[ fI-mYt Kwqw Aksr bYNk Kwqy nwlsMbMiDq huMdw hY qW ik PMfW Aqy sYikEirtIz dy lYx-dyx dy Bugqwn dI suivDw ho sky[• jdoN auprokq swry kdm pUry ho jwx qW Aglw kdm dlwl dI cox krn dw huMdw hY, aus dIslwh nw ky.vweI.sI. Pwrm Br ky dlwl-gRwhk iekrwrnwmy ’c pRvyS krdw huMdw hY[• iPr dlwl iek ivSyS gRwhk ‘AweI.fI.’ dI cox krdw hY, jo aus dI pCwx dw kwrj krdwhY[ iPr vI pYn nMbr mwrikt Aqy AYskcyNj qoN pwr vI iek invySk dy pCwx p`qr dw kwrjkrdw hY[hux qusIN st`wk mwrikt ivc invyS krn leI iqAwr ho[40

14. AwrQk ividAw dy lwBArQ ivvsQw dI ividAw dI Aiq zrUrI loV do KyqrW qoN AwauNdI hY[pihlI qW injI iv`q dw inGwr jW igrwvt[ A`j dI jvwn pIVI AwpxI c`dr qoN bwhrly pYrpswrdy hn, kRYift kwrf rKdy hn qy nwl hI Kqry vwly invyS krdy hn[dUjw Aksr nvyN Aqy jitl pRkwr dy AwrQk auqpwdW dw pswr ijhVy ik gRhkW dy vDyry iv`fivSySgW dI mMg krdy hn[ qwbhkun bwzwr dy hwlwq Aqy bdldy tYks kwƒn mzbUq AwrQkivvsQw dI ividAw leI dohry qOr qy loV pYdw krdy ny[srwkrI nOkr vI Swsn pRxwlI qoN purblIAW skImW dw inSicq Xogdwn mMgdy AwpxI syvwinivRqI qy inSicq lwBW bwry svwl auTwauNdy hn[ ies leI syvw inivRqI Xojnw A`j bhuqmh`qvXog ho geI hY[iv`q sMbMDI jW AwrQk ividAw dy kuJ lwB:• _ ies nwl quhwfw Biv`K suriKAq huMdw hY[ AwrQk igAwn dI kmI nwl injI mnuK jW aus dypirvwr dI lMmy kwl qk dy lkSW dI Xogqw nw hox kwrn aunHW le v`fy AwrQk Kqry pYdw krskdI hY[• _ AwrQk Awpqkwl vloN sucyq rih ky AwpxI AwrQk Xojnw ivc Acncyq Awey KricAW ƒSwml kr ky qusIN Biv`K ivc Awey sMktW dw swhmxw kr skdy ho[• _ jo lok AwrQk qOr qy isAwxy huMdy hn auh bwzwr dy jwdU jW ijnW auqpwdW ƒ auh nhIN smJdyjW byloVy smJdy hn, auh pdwrQ KrIdx dw ivroD krdy hn[• _ aunHw AMdr iek pRwpqI dw Aihsws huMdw hY[ AwrQk ividAw ny lokW ƒ Awpxy mMqv dy nyVyilAwaux ’c mdd kIqI hY[• _ ies nwl pYsy dI kdr Aqy AnuSwsn mnu`K ƒ vDyry ijMmyvwr bxwauNdI hY[ ieh bMdy ƒ iPzUlKrcI qoN rokdI Aqy bcq Aqy invyS dI Awdq pwauNdI hY[• _ qusIN auqpwdW ƒ vycx vwilAW Aqy bYNk dIAW irx skImW bwry vDyry jwgrUk ho jWdy hY[• _ ieh vI mihsUs krdy ho ik qusIN Awpxy pirvwr leI iek vDIAw audwhrx ho[• _ Dn pRbMD dI Xogqw quhwfy jIvn dy hor keI pVwvW qy shwieqw huMdI hY[41

15. invySk dI surìKAw Aqy AONkVW dy suDwr dI ivDIinvySk dI sur`iKAw• _ sYikEirtI AYkscyNj borf AwP ieMfIAW (AYs.eI.bI.AweI.) dI sQwpnw invySkW dI sur`iKAwbwzwr ivc mUl qOr ’qy ivAj dI sur`iKAw r`Kx leI hI kIqI geI sI[• _ sybI (AYs.eI.bI.AweI.) swry ivcoilAW Aqy sur`iKAw mwrikt nwl sMbMiDq bMidAW ƒ invySkWdy ih`qW leI ihdwieqW dy skdI hY jW suriKAw mwrikt dy ivvsiQq ivkws leI ihdwieqWjwrI kr skdI hY[• _ sybI ny (Investor Protection and Education Fund) 2009 sybI inXm invySkW dIAWgqIivDIAW dI sur`iKAw leI GoiSt (suicq) kIqy sn ijs ivc PMf hyT ilKy kMmW leI vrqoNivc ilAwey jw skdy hn[• _ ividAk gqIivDIAW ijs ivc sYsInwr, tRyinMg, Xoj kwrj Aqy prkwSnwvW invySkW ƒ mu`KrK ky kIqIAW geIAW[• _ invySkW ƒ iDAwn ’c rK ky jwgrukqw progrwm mIfIAw, ipRMt, ielYktRoink Awid[• _ borf vloN pRvwngI pRwpq invySk sMgTn leI PMf invySk is`iKAw Aqy jwgrukqwgqIivDIAW[• _ borf vloN pRvwn invySk sMgTn dI mdd ijs ivc sYikEirtI ivc suicq jW suicq hox dysuJwv invySkW dy ih`q leI kwƒnI kwrvweIaW dw bIVw cu`kxw[• _ Awdwn-pRdwn kMpnIAW dw invySk sur`iKAw PMf (AweI.pI.AYP) dI ivvsQw krnw ijs ivcBugqwn qoN KuMJx vwly mYNbrW dy ivru`D invySkW dy h`kW bwry suxnw[• _ Awdwn-pRdwn kMpnI (AYkscyNj) mYNbrW Aqy invySkW Aqy mYNbrW dy Awpo ivcly PYsilAW ivcvI d^l idMdI hY[invySkW dIAW musIbqW dI suDwr ivDI• _ sybI Aqy st`wk AYkscyNj ny invySkW dIAW musIbqW dI suDwr XMqr ivDI sY~l sQwipq kIqIhY ijs ivc sur`iKAw mwrikt nwl sMbMiDq invySkW dIAW musIbqW dI suxvweI huMdI hY[• _ sYbI ny swry st`wk AYkscyNjW, pMjIikRq dlwlW, aunHw dy ADIn dlwlW, jmw krvwaux vwilAWAqy sUicq kMpnIAW leI ivSyS eI.myl AweI.fI dI ivvsQw bxweI hoeI hY ijs ivc invySkWdIAW iSkwieqW ƒ rijstr kr ky audyS leI gRIvYNs rIfYR~sl fIvIzn sMgqI inXukq hY[• _ sur`iKAw bwzwr qoN pYdw hox vwly invySkW dI iSkwieq muAwvizAW leI sybI(AYs.eI.bI.AweI.) ny iek jMqr ivDI bxweI hoeI hY[• _ sybI ny Awpxy mu`K d&qr muMbeI Aqy Awpxy KyqrI d&qr nvIN id`lI, cyneI, kolkqw AqyAihmdwbwd ivc ‘vwk ien’ (walk-in) syvwvW swry idnW leI muheIAW krvweIAW hoeIAW42

hn[ invySk au~Qy AiDkwrIAW ƒ iml skdy hn Aqy AONkVw ivru`D slwh mSvrw kr skdy hnjo aunHW ƒ eIjwd krn vwilAW nwl ho skdIAW hn[ invySk sybI dy au~c AiDkwrIAW ƒ ivSySkwrjI idnW ’c vI iml skdy hn[• _ invySk sybI ’c AwpxI iSkwieq vI drj krvw skdy hn: investorcomplaints@sebi.gov.in• _ invySk sybI ƒ iksy pRkwr dI mdd slwh leI ies pqy qy pu`C skdy hn:asksebi@sebi.gov.in43

sYikEirtIAW Aqy AYkscyNj borf A~wP ieMfIAwBiv`K ivc iv`q sMbMDI ividAk pRogrwmW Aqy hyT ilKy iksy vI mwifaUl leI:1. skUl dy ividAwrQI2. kwlj dy ividAwrQI3. m`D vrgI AwmdnI gru`p4. pRbMD AiDkwrIAW5. syvw inivRqI Xojnw6. igRhsqI leI jW hom mykrz7. svY shwieqw gru`pjWhyT ilKy iksy vI sur`iKAw bwzwr nwl sMbMiDq ivSy leI:1. id`qy dsqwvyz ƒ ikvyN piVHAw jwvy[2. st`wk AYkscyNj duAwrw pRwiemrI mwrikt ivc ikvyN invyS kIqw jwvy[3. sYikEirtI gweIf tU ienvYstr/ vwpwr ikvyN kIqw jwey[4. fI-mYt ^wqw Aqy bYNk (fIpoiztrIz)5. imaucUAl PMf- kro jW nw kro6. sMgiTq invyS skIm – kro jW nw kro7. SyArW ƒ muV KrIdxw jW vwps lYxw, sYikEirtIz dI fI ilsitMg krnw8. inXmW ƒ lYxw (Take over regulations)9. invySkW dIAW musIbqW – ikvyN sulJwauxIAW[ikrpw krky sybI (AYs.eI.bI.AweI.) ƒ ies pqy qy ilKo: feprogram@sebi.gov.injWDeputy General ManagerInvestor Awareness DivisionSecurities and Exchange Board of IndiaSEBI BHAVANPlot No – C4-A, G- BlockBandra Kurla Comples, Bandra (East)Mumbai 400051Tel: +91 022 2644921844