Thank you. Arun Kumar

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2 Thank you for choosing a Shuchita Product! If you have any comment, observation or feedback, I would like to personally hear from you. Please write to me at arun@shuchita.com. Arun Kumar i

3 For any complaint/suggestion, please call on Get connected with your favourite Scanner on Facebook and Twitter For study tips, examination tips, main points of subjects like Accounts, Law, Tax, Audit, time tables, latest updates, fun and much more ii

4 In this edition Questions December to June Duly incorporated in chapters. Solutions December to December Duly incorporated in chapters June Solutions attached iii

5 Preface to Solved Scanner Dear Readers, It gives us immense pleasure & satisfaction to present the Solved Scanner on Capital Markets and Securities Laws. As a student, we always felt the need of a simple but exam-oriented help-book on this subject. It encouraged us to share our experiences with the readers through Solved Scanner. This book is not only a compilation of answers of the questions, but answers are written only, as per the comments of examiners and in a manner so as to serve as help book also. The twenty fifth edition, inter alia have following un-parallel features; The questions asked in last 20 attempts (upto June 2017 are scanned and arranged as per study module of ICSI. Each chapter starts with Short Notes, Distinguish Between, Descriptive Questions & in last Practical Questions. The answer of question is divided under suitable headings like:- Meaning, Features, Regulated by, Significance. A graph is given at the beginning of every chapter, showing weightage of each chapter & various types of questions asked. We are really thankful to all those professionals & dear students who always inspired & encouraged us. We thankfully acknowledge the co-operation received from everyone at Shuchita Prakashan, the Publisher, for presenting the book in fine-print & excellent get-up in record time. Finally, we shall be glad to receive the views, comments, criticism & suggestions from the readers for further improvement of this book, which will be acknowledged in the succeeding editions. Wishing Grand Success Prof. Arun Kumar CS. CA Rajiv Singh iv

6 Praise for Solved Scanner Solved Scanner is like a cup of tea for exams and without it we can t get success in minimum time. Roop Chand Kochar, Jodhpur Solved Scanner is the honest approach towards the requirements and acquaintances of the probable questions and important topics for preparation of the professional courses like CA or CS. It motivate the students to work harder in right direction with confidence and acts as a support and confidence booster. Sushil Kumar, Patna Solved Scanner is the best and the most important book for the preparation of any professional examination. According to my view, without the help of Solved Scanner, preparation by any student is incomplete. Solved Scanner and its contents make every student fully prepared for examinations. Manisha Singhania, Jaipur Solved Scanner is a helpful friend which tells us how to go through the syllabus and prepare well for examination. Ansh Sharma, Delhi Without Solved Scanner, nobody can pass the professional exams. It is a great book. Thank you for giving it. B. Satish Krishan, Coimbatore v

7 Green Edition CS Executive Programme Module - II (New Syllabus) Paper 6 - Capital Markets and Securities Laws Editors: Prof. Arun Kumar M.Com., D.Phil., AMT (AIMA), ISO Lead-Auditor (UK), CISA (USA) Professor, Motilal Nehru Institute of Research & Business Administration, University of Allahabad, Allahabad CS. CA Rajiv Singh M.COM, UGC-NET, Fellow Chartered Accountant, DISA (ICAI) Associate Company Secretary ICAI, ICSI, New Delhi ISO 9001: 2008 Certified Shuchita Prakashan (P) Ltd. 25/19, L.I.C. Colony, Tagore Town, Allahabad Visit us at : Price : ` vi

8 Information Solved Scanner is published in India by Shuchita Prakashan (P) Ltd. 25/19, L.I.C. Colony, Tagore Town, Allahabad Editor-in-chief : Mrs. Anjali 'Solved Scanner' is registered trade mark of Shuchita Prakashan (P) Ltd. Copyright of the content is exclusive property of the authors Prof. Arun Kumar and CS. CA Rajiv Singh. Trade mark 'Scanner' is being lent to the content provided by the authors under exclusive arrangement for publication of the content by the owner of trade mark 'Shuchita Prakashan (P) Ltd'. Trade mark 'Scanner' cannot be used by any other person/organisation/agency with the content of this book or otherwise. First edition : January 2009 Twenty fifth edition : July 2017 "Scanner is a living document and is being updated after every examination since its inception" Every effort has been made to avoid errors or omissions in this publication. Inspite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to the notice to the publisher or authors which shall be taken care of in the next edition. It may however, be noted that neither the publisher nor the authors or seller will be responsible for any damage or loss of action to any one, of any kind, in any manner, therefrom. It is suggested that to avoid any doubt, the reader should cross-check all the facts, laws and contents of the publication with original publication or notification. No part of this book may be reproduced or copied in any form or by any means [graphic, electronic or mechanical, including photocopying, recording, taping, or information retrieval systems] or reproduced on any disc, tape, perforated media or other information storage device etc. without the written permission of the publisher. This book can be exported only by the publisher. Breach of this condition is liable for legal action. For binding mistake, misprints or for missing pages, the publisher s liability is limited to replacement within one month of purchase by similar edition or the next edition, if published and available. All expenses in this connection are to be borne by the purchaser. All disputes are subject to ALLAHABAD jurisdiction only. vii

9 Published by : Shuchita Prakashan (P) Ltd. 25/19, L.I.C. Colony, Tagore Town, Allahabad Phone (0532) , care@shuchita.com Visit us : Contact : For any complaint/suggestion, please contact Personal Secretary to the Director on Mobile No or to director@shuchita.com Laser Typeset at : Shuchita Prakashan (P) Ltd. Price : ` ISBN : To advertise in our Products, please contact Marketing Manager Ph: viii

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11 Contents Paper - 6 Capital Markets and Securities Laws Chapter Name Page No. Study Material Based Contents 6.3 Syllabus 6.5 Examination Trend Analysis 6.8 Line Chart Showing Relative Importance of Chapters 6.14 Table Showing Importance of Chapter on the Basis of Marks 6.15 Legends for the Graphs 6.17 Formula Table Overview of Capital Market Capital Market Instruments Credit Rating and IPO Grading Market Infrastructure Institutions - Stock Exchange Trading Mechanism Debt Market Money Market Mutual Funds Alternative Investment Fund Collective Investment Schemes Resource Mobilisation in International Capital Market Indian Depository Receipts Foreign Portfolio Investors Non-Convertible Redeemable Preference Shares Real Estate Investment Trusts Infrastructure Investment Trusts Regulatory Framework Governing Stock Exchanges Securities and Exchange Board of India x

12 18. Depositories Listing and Delisting of Securities Issue of Securities Regulatory Framework Relating to Securities Market Intermediaries Insider Trading - An Overview Takeover Code - An Overview Investor Protection Question Paper of December, Question Paper of June, Question Paper of December, Question Paper of June, List of Rating Symbols List of Regulations xi

13 Dedicated To My Parents Shri Ramashankar Singh and Smt. Sunita Singh xii

14 UNIQUE FEATURES An Examination Trend Analysis for question paper based contents of last five examinations of Module II before the paper. Questions are arranged according to the subject/topic in ascending order of examinations/years. Graph for every chapter, showing marks allotment for last twenty examinations amongst Short Notes, Distinguish Between, Descriptive Questions and Practical Questions. (Or) for Optional Questions. Analytical Classification of every Chapter in Four Categories: (1) Short Notes, (2) Distinguish Between, (3) Descriptive Questions and (4) Practical Questions. 100% Correct Answers of Practical Questions. Frequency table showing distribution of marks & compulsory questions to identify important chapters. Chapters are classified mentioning in brief the coverage of the chapter. Line chart Showing Relative Importance of Chapters. Complete list of Repeatedly Asked Questions at the end of every chapter. Complete Questions and Solutions. Complete Question Papers of December 2015, June 2016, December 2016 and June Pleasant get-up. xiii

15 Opportunity!!! Make Your Solved Scanner Error free! Win ` 50 per Mistake Scanner is the product of immense effort of our team and we feel great pride to make timely editions of such a volatile product for our students. Still some human errors creep in. We want you to participate in making the Solved Scanner completely error free and at the same time, make money as well. How to Participate: 1. Find out any kind of mistake/error what so ever it may be, including spellings etc. in this edition of Solved Scanner. 2. Mention about the mistake/error found by you. 3. Give its exact pinpoint location by mentioning the book name with edition number (July 2017), the page number, and the line number. 4. Please mention what according to you should be the correct thing. 5. Send your information giving your name, address, mobile number and complete postal address including the pin code no. and address. Editor Shuchita Prakashan (P) Ltd. 25/19, L.I.C. Colony, Tagore Town, Allahabad Online feedback: shuchita.com/feedback ask@shuchita.com For any other information Please Call : The editorial board will verify the mistake/error pointed out by you and if adjudged correct, then you will be credited ` 50 in your paytm/bank account. 7. You will also receive one free copy of Solved Scanner or any other as per your choice. Note: If you are sending one or more mistake/error from one particular book, you are entitled for one free copy of Scanner of your choice only. 8. Last date for sending the query is 30 th November 2017 for July 2017 edition. 9. The decision of the Editorial Board will be final and binding. xiv

16 Shuchita Prakashan Solved Scanner CS Executive Programme Module-II Capital Markets and Securities Laws Paper-6 (New Syllabus) For Dec 2017 Exam 50% OFF Publisher : Shuchita Prakashan ISBN : Author : Prof. Arun Kumar, CS. CA Rajiv Singh Type the URL : Get this ebook