27325999 the ludhiana stock exchange limited was establishe
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PROJECT REPORT
ON
LUDHIANA STOCKEXCHANGE
SUBMITTED TO :- SUBMITTED BY:-
COMMERCE ROHIT SHARMA
DEPARTMENT 4620
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WHAT IS
STOCK EXCHANGE
A stock exchange is an entity which
provides "trading" facilities for stock brokersandtraders, totrade stocksand other securities. Stock exchanges also providefacilities for the issue and redemption of securities as well asother financial instruments and capital events including thepayment of income anddividends. The securities traded on astock exchange include: shares issued by companies, unittrusts, derivatives, pooled investment products andbonds. Tobe able to trade a security on a certain stock exchange, it has
to be listed there. Usually there is a central location at least forrecordkeeping, but trade is less and less linked to such aphysical place, as modern markets are electronic networks,which gives them advantages of speed and cost of transactions.Trade on an exchange is by members only. The initial offeringof stocks and bonds to investors is by definition done in theprimary marketand subsequent trading is done in the
secondary market. A stock exchange is often the mostimportant component of a stock market. Supply and demand instock markets are driven by various factors which, as in allfree markets, affect the price of stocks (see stock valuation)
.
http://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Stock_broker -
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There is usually no compulsion to issue stock via the stockexchange itself, nor must stock be subsequently traded on theexchange. Such trading is said to be off exchange or over-the-
counter. This is the usual way that derivativesandbondsaretraded. Increasingly, stock exchanges are part of a globalmarket for securities.
THE FIRST STOCK EXCHANGES
In 11th century Francethe courtiers de change wereconcerned with managing and regulating the debts ofagricultural communities on behalf of the banks. As these menalso traded in debts, they could be called the first brokers.
Some stories suggest that the origins of the term "bourse"come from the Latin bursa meaning a bag because, in 13thcentury Bruges, the sign of a purse (or perhaps three purses),hung on the front of the house where merchants met.
House Ter Beurze in Bruges, Belgium.
http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Francehttp://en.wikipedia.org/wiki/Brokerhttp://en.wikipedia.org/wiki/Brugeshttp://en.wikipedia.org/wiki/Brugeshttp://en.wikipedia.org/wiki/Belgiumhttp://en.wikipedia.org/wiki/Belgiumhttp://en.wikipedia.org/wiki/File:Brugge_-_Saaihalle_en_beurs.jpghttp://en.wikipedia.org/wiki/Belgiumhttp://en.wikipedia.org/wiki/Brugeshttp://en.wikipedia.org/wiki/Brugeshttp://en.wikipedia.org/wiki/Brokerhttp://en.wikipedia.org/wiki/Francehttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance) -
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However, it is more likely that in the late 13th centurycommodity traders in Bruges gathered inside the house of aman called Van der Burse, and in 1309 they institutionalized
this until now informal meeting and became the "BrugesBourse". The idea spread quickly aroundFlandersandneighbouring counties and "Bourses" soon opened in GhentandAmsterdam.
In the middle of the 13th century, Venetianbankers began to
trade in government securities. In 1351, the VenetianGovernment outlawed spreading rumors intended to lower theprice of government funds. There were people in Pisa, Verona,GenoaandFlorence who also began trading in governmentsecurities during the 14th century. This was only possiblebecause these were independent city states ruled by a councilof influential citizens, not by a duke.
The Dutch later startedjoint stock companies, which letshareholders invest in business ventures and get a share oftheir profitsor losses. In 1602, the Dutch East IndiaCompany issued the first shares on the Amsterdam StockExchange. It was the first company to issue stocksandbonds.In 1688, the trading of stocks began on a stock exchange in
London.
On May 17, 1792, twenty-four supply brokers signed theButtonwood Agreementoutside 68 Wall Street in New York
http://en.wikipedia.org/wiki/Commodityhttp://en.wikipedia.org/wiki/Traderhttp://en.wikipedia.org/wiki/Flandershttp://en.wikipedia.org/wiki/Ghenthttp://en.wikipedia.org/wiki/Amsterdamhttp://en.wikipedia.org/wiki/Venicehttp://en.wikipedia.org/wiki/Pisahttp://en.wikipedia.org/wiki/Veronahttp://en.wikipedia.org/wiki/Genoahttp://en.wikipedia.org/wiki/Florencehttp://en.wikipedia.org/wiki/Joint_stock_companyhttp://en.wikipedia.org/wiki/Shareholderhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Amsterdam_Stock_Exchangehttp://en.wikipedia.org/wiki/Amsterdam_Stock_Exchangehttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Buttonwood_Agreementhttp://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/Buttonwood_Agreementhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Amsterdam_Stock_Exchangehttp://en.wikipedia.org/wiki/Amsterdam_Stock_Exchangehttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Shareholderhttp://en.wikipedia.org/wiki/Joint_stock_companyhttp://en.wikipedia.org/wiki/Florencehttp://en.wikipedia.org/wiki/Genoahttp://en.wikipedia.org/wiki/Veronahttp://en.wikipedia.org/wiki/Pisahttp://en.wikipedia.org/wiki/Venicehttp://en.wikipedia.org/wiki/Amsterdamhttp://en.wikipedia.org/wiki/Ghenthttp://en.wikipedia.org/wiki/Flandershttp://en.wikipedia.org/wiki/Traderhttp://en.wikipedia.org/wiki/Commodity -
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underneath a buttonwood tree. On March 8, 1817, propertiesgot renamed to New York Stock & Exchange Board. In the19th century, exchanges (generally famous as futures
exchanges) got substantiated to trade futures contracts andthen choices contracts.
There are now a large number of stock exchanges in the world.
THE ROLE OF STOCK EXCHANGES
Stock exchanges have multiple roles in the economy. This mayinclude the following.
RAISING CAPITAL FOR
BUSINESSES
The Stock Exchange provide companies with the facility to raise
capitalfor expansion through selling shares to the investing
public.
http://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/Buttonwood_treehttp://en.wikipedia.org/wiki/Futures_exchangehttp://en.wikipedia.org/wiki/Futures_exchangehttp://en.wikipedia.org/wiki/Economyhttp://en.wikipedia.org/wiki/Company_(law)http://en.wikipedia.org/wiki/Capital_(economics)http://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Investinghttp://en.wikipedia.org/wiki/Investinghttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Capital_(economics)http://en.wikipedia.org/wiki/Company_(law)http://en.wikipedia.org/wiki/Economyhttp://en.wikipedia.org/wiki/Futures_exchangehttp://en.wikipedia.org/wiki/Futures_exchangehttp://en.wikipedia.org/wiki/Buttonwood_tree -
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MOBILIZING SAVINGS FOR
INVESTMENT
When people draw their savings and invest in shares, it leadsto a more rationalallocation of resources because funds,which could have been consumed, or kept in idle deposits withbanks, are mobilized and redirected to promote businessactivity with benefits for several economic sectors such asagriculture, commerceandindustry, resulting in strongereconomic growthand higher productivity levels of firms.
FACILITATING COMPANY
GROWTH
Companies view acquisitions as an opportunity to expandproduct lines, increase distribution channels, hedge againstvolatility, increase its market share, or acquire other necessarybusiness assets. A takeoverbid or a mergeragreement throughthe stock market is one of the simplest and most common waysfor a company to grow by acquisition or fusion.
http://en.wikipedia.org/wiki/Rationalityhttp://en.wikipedia.org/wiki/Deposit_accounthttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Agriculturehttp://en.wikipedia.org/wiki/Commercehttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Productivity_(economics)http://en.wikipedia.org/wiki/Product_linehttp://en.wikipedia.org/wiki/Market_sharehttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Takeoverhttp://en.wikipedia.org/wiki/Mergers_and_acquisitionshttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Mergers_and_acquisitionshttp://en.wikipedia.org/wiki/Takeoverhttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Market_sharehttp://en.wikipedia.org/wiki/Product_linehttp://en.wikipedia.org/wiki/Productivity_(economics)http://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Commercehttp://en.wikipedia.org/wiki/Agriculturehttp://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Deposit_accounthttp://en.wikipedia.org/wiki/Rationality -
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PROFIT SHARING
Both casual and professionalstock investors, throughdividendsandstock price increases that may result in capitalgains, will share in the wealth of profitable businesses.
CORPORATE GOVERNANCE
By having a wide and varied scope of owners, companiesgenerally tend to improve on their managementstandards andefficiency in order to satisfy the demands of these shareholdersand the more stringent rules for public corporations imposed
by public stock exchanges and the government. Consequently,it is alleged that public companies (companies that are ownedby shareholders who are members of the general public andtrade shares on public exchanges) tend to have bettermanagement records than privately-held companies (thosecompanies where shares are not publicly traded, often ownedby the company founders and/or their families and heirs, or
otherwise by a small group of investors). Despite this claim,some well-documented cases are known where it is alleged thatthere has been considerable slippage in corporate governanceon the part of some public companies. The dot-com bubble inthe early 2000s, and the subprime mortgage crisis in 2007-08,are classical examples of corporate mismanagement.
http://en.wikipedia.org/wiki/Stock_investorhttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Stock_pricehttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Managementhttp://en.wikipedia.org/wiki/Efficiency_(economics)http://en.wikipedia.org/wiki/Public_companieshttp://en.wikipedia.org/wiki/Privately-held_companyhttp://en.wikipedia.org/wiki/Corporate_governancehttp://en.wikipedia.org/wiki/Dot-com_bubblehttp://en.wikipedia.org/wiki/Subprime_mortgage_crisishttp://en.wikipedia.org/wiki/Subprime_mortgage_crisishttp://en.wikipedia.org/wiki/Dot-com_bubblehttp://en.wikipedia.org/wiki/Corporate_governancehttp://en.wikipedia.org/wiki/Privately-held_companyhttp://en.wikipedia.org/wiki/Public_companieshttp://en.wikipedia.org/wiki/Efficiency_(economics)http://en.wikipedia.org/wiki/Managementhttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Stock_pricehttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Stock_investor -
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Companies like Pets.com (2000), Enron Corporation (2001),One.Tel(2001), Sunbeam (2001), Webvan (2001), Adelphia(2002), MCI WorldCom (2002), Parmalat (2003), American
International Group (2008), Bear Stearns (2008), LehmanBrothers (2008), General Motors (2009) andSatyam ComputerServices (2009) were among the most widely scrutinized by themedia. However, when poor financial, ethical or managerialrecords are known by the stock investors, the stock and thecompany tend to lose value. In the stock exchanges,shareholders of underperforming firms are often penalized bysignificant share price decline, and they tend as well to dismiss
incompetent management teams.
CREATING INVESTMENT
OPPORTUNITIES FOR SMALL
INVESTORS
As opposed to other businesses that require huge capitaloutlay, investing in shares is open to both the large and smallstock investorsbecause a person buys the number of sharesthey can afford. Therefore the Stock Exchange provides theopportunity for small investors to own shares of the samecompanies as large investors.
http://en.wikipedia.org/wiki/Pets.comhttp://en.wikipedia.org/wiki/Enron_Corporationhttp://en.wikipedia.org/wiki/One.Telhttp://en.wikipedia.org/wiki/Sunbeam_Productshttp://en.wikipedia.org/wiki/Webvanhttp://en.wikipedia.org/wiki/Adelphia_Communications_Corporationhttp://en.wikipedia.org/wiki/MCI_WorldComhttp://en.wikipedia.org/wiki/Parmalathttp://en.wikipedia.org/wiki/American_International_Grouphttp://en.wikipedia.org/wiki/American_International_Grouphttp://en.wikipedia.org/wiki/Bear_Stearnshttp://en.wikipedia.org/wiki/Lehman_Brothershttp://en.wikipedia.org/wiki/Lehman_Brothershttp://en.wikipedia.org/wiki/General_Motors_Chapter_11_reorganizationhttp://en.wikipedia.org/wiki/Satyam_Computer_Serviceshttp://en.wikipedia.org/wiki/Satyam_Computer_Serviceshttp://en.wikipedia.org/wiki/Stock_investorshttp://en.wikipedia.org/wiki/Stock_investorhttp://en.wikipedia.org/wiki/Stock_investorhttp://en.wikipedia.org/wiki/Stock_investorshttp://en.wikipedia.org/wiki/Satyam_Computer_Serviceshttp://en.wikipedia.org/wiki/Satyam_Computer_Serviceshttp://en.wikipedia.org/wiki/General_Motors_Chapter_11_reorganizationhttp://en.wikipedia.org/wiki/Lehman_Brothershttp://en.wikipedia.org/wiki/Lehman_Brothershttp://en.wikipedia.org/wiki/Bear_Stearnshttp://en.wikipedia.org/wiki/American_International_Grouphttp://en.wikipedia.org/wiki/American_International_Grouphttp://en.wikipedia.org/wiki/Parmalathttp://en.wikipedia.org/wiki/MCI_WorldComhttp://en.wikipedia.org/wiki/Adelphia_Communications_Corporationhttp://en.wikipedia.org/wiki/Webvanhttp://en.wikipedia.org/wiki/Sunbeam_Productshttp://en.wikipedia.org/wiki/One.Telhttp://en.wikipedia.org/wiki/Enron_Corporationhttp://en.wikipedia.org/wiki/Pets.com -
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GOVERNMENT CAPITAL-RAISING
FOR DEVELOPMENT PROJECTS
Governments at various levels may decide to borrow money inorder to finance infrastructure projects such as sewage andwater treatment works or housing estates by selling anothercategory ofsecuritiesknown as bonds. These bonds can beraised through the Stock Exchange whereby members of thepublic buy them, thus loaning money to the government. Theissuance of such bonds can obviate the need to directly tax the
citizens in order to finance development, although by securingsuch bonds with the full faith and credit of the governmentinstead of with collateral, the result is that the governmentmust tax the citizens or otherwise raise additional funds tomake any regular coupon payments and refund the principalwhen the bonds mature.
BAROMETER OF THE ECONOMY
At the stock exchange, share prices rise and fall depending,largely, on marketforces. Share prices tend to rise or remain
stable when companies and the economy in general show signsof stability and growth. An economic recession, depression, orfinancial crisiscould eventually lead to a stock market crash.Therefore the movement of share prices and in general of the
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stock indexescan be an indicator of the general trend in theeconomy
.
MAJOR STOCK EXCHANGES
Twenty Major Stock Exchanges In The World: MarketCapitalization & Year-to-date Total Turnover at the end of
August 2009:-
Region Stock Exchange
Market
Value
(millions
USD)
Total
Share
Turnover
(millions
USD)
Africa Johannesburg Securities Exchange 690,797.5 210,180.8
Americas NASDAQ 2,847,535.2 19,343,868.3
AmericasSo Paulo Stock Exchange
1,032,518.4 361,959.0
Americas Toronto Stock Exchange 1,432,877.0 798,193.1
Americas New York Stock Exchange 10,842,001.9 12,158,620.6
http://en.wikipedia.org/wiki/Stock_indexhttp://en.wikipedia.org/wiki/USDhttp://en.wikipedia.org/wiki/USDhttp://en.wikipedia.org/wiki/JSE_Securities_Exchangehttp://en.wikipedia.org/wiki/JSE_Securities_Exchangehttp://en.wikipedia.org/wiki/NASDAQhttp://en.wikipedia.org/wiki/NASDAQhttp://en.wikipedia.org/wiki/Bovespahttp://en.wikipedia.org/wiki/Bovespahttp://en.wikipedia.org/wiki/Toronto_Stock_Exchangehttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/Toronto_Stock_Exchangehttp://en.wikipedia.org/wiki/Bovespahttp://en.wikipedia.org/wiki/NASDAQhttp://en.wikipedia.org/wiki/JSE_Securities_Exchangehttp://en.wikipedia.org/wiki/USDhttp://en.wikipedia.org/wiki/USDhttp://en.wikipedia.org/wiki/Stock_index -
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Asia-Pacific Australian Securities Exchange 1,066,513.2 560,912.8
Asia-Pacific Bombay Stock Exchange 1,082,572.0 171,176.2
Asia-Pacific Hong Kong Stock Exchange 1,945,517.7 970,227.6
Asia-Pacific Korea Exchange 727,125.3 1,050,473.8
Asia-PacificNational Stock Exchange of
India1,019,109.0 506,652.3
Asia-Pacific Shanghai Stock Exchange 2,142,756.8 3,315,768.5
Asia-Pacific Shenzhen Stock Exchange 596,320.2 1,701,256.8
Asia-Pacific Tokyo Stock Exchange 3,478,602.5 2,675,983.3
Europe Euronext 2,605,097.6 1,195,962.2
EuropeFrankfurt Stock Exchange
(Deutsche Brse)1,204,292.0 1,589,736.7
Europe London Stock Exchange 2,560,491.1 2,321,518.5
Europe Madrid Stock Exchange(Bolsas y Mercados Espaoles)
1,178,525.6 1,040,751.1
EuropeMilan Stock Exchange (Borsa
Italiana)636,674.8 565,759.3
http://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Korea_Exchangehttp://en.wikipedia.org/wiki/Korea_Exchangehttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Euronexthttp://en.wikipedia.org/wiki/Euronexthttp://en.wikipedia.org/wiki/Frankfurt_Stock_Exchangehttp://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/Bolsa_de_Madridhttp://en.wikipedia.org/wiki/Bolsas_y_Mercados_Espa%C3%B1oleshttp://en.wikipedia.org/wiki/Milan_Stock_Exchangehttp://en.wikipedia.org/wiki/Milan_Stock_Exchangehttp://en.wikipedia.org/wiki/Bolsas_y_Mercados_Espa%C3%B1oleshttp://en.wikipedia.org/wiki/Bolsa_de_Madridhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://en.wikipedia.org/wiki/Frankfurt_Stock_Exchangehttp://en.wikipedia.org/wiki/Euronexthttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/Korea_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchange -
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EuropeNordic Stock Exchange Group
OMX1
781,146.3 503,049.9
Europe Swiss Exchange 992,356.4 520,867.5
LISTING REQUIREMENTS
Listing requirements are the set of conditions imposed by agiven stock exchange upon companies that want to be listed onthat exchange. Such conditions sometimes include minimumnumber of shares outstanding, minimum marketcapitalization, and minimum annual income.
REQUIREMENTS BY STOCK
EXCHANGE
Companies have to meet the requirements of the exchange inorder to have their stocks and shares listed and traded there,but requirements vary by stock exchange:
Bombay Stock Exchange: Bombay Stock Exchange(BSE) has requirements for a minimum market
http://en.wikipedia.org/wiki/OMXhttp://en.wikipedia.org/wiki/OMXhttp://en.wikipedia.org/wiki/OMXhttp://en.wikipedia.org/wiki/Swiss_Exchangehttp://en.wikipedia.org/wiki/Swiss_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Swiss_Exchangehttp://en.wikipedia.org/wiki/OMXhttp://en.wikipedia.org/wiki/OMX -
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capitalization of Rs.250 Million and minimum publicfloat equivalent to Rs.100 Million.[3]
London Stock Exchange: The main market of the London
Stock Exchangehas requirements for a minimum marketcapitalization (700,000), three years of auditedfinancialstatements, minimum public float (25 per cent) andsufficient working capitalfor at least 12 months from thedate of listing.
NASDAQ Stock Exchange: To be listed on the NASDAQa company must have issued at least 1.25 million sharesof stock worth at least $70 million and must have earned
more than $11 million over the last three years.[4] New York Stock Exchange: To be listed on the New York
Stock Exchange (NYSE) a company must have issued atleast a million shares of stock worth $100 million andmust have earned more than $10 million over the lastthree years.
OWNERSHIP
Stock exchanges originated as mutual organizations, owned byits member stock brokers. There has been a recent trend for
stock exchanges to demutualize, where the members sell theirshares in an initial public offering. In this way the mutualorganization becomes a corporation, with shares that are listedon a stock exchange. Examples are Australian SecuritiesExchange (1998), Euronext (merged with New York Stock
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Exchange), NASDAQ (2002), the New York Stock Exchange(2005), Bolsas y Mercados Espaoles, and the So Paulo StockExchange (2007). The ShenzhenandShanghaistock
exchanges can been characterized as quasi-state institutionsinsofar as they were created by government bodies in Chinaand their leading personnel are directly appointed by theChina Securities Regulatory Commission
.
OTHER TYPES OF EXCHANGES
In the 19th century, exchanges were opened to trade forwardcontractson commodities. Exchange traded forward contractsare calledfutures contracts. These commodity exchanges laterstarted offering future contracts on other products, such as
interest rates and shares, as well as optionscontracts. They arenow generally known as futures exchanges
http://en.wikipedia.org/wiki/NASDAQhttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/Bolsas_y_Mercados_Espa%C3%B1oleshttp://en.wikipedia.org/wiki/S%C3%A3o_Paulo_Stock_Exchangehttp://en.wikipedia.org/wiki/S%C3%A3o_Paulo_Stock_Exchangehttp://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/China_Securities_Regulatory_Commissionhttp://en.wikipedia.org/wiki/Forward_contracthttp://en.wikipedia.org/wiki/Forward_contracthttp://en.wikipedia.org/wiki/Commoditieshttp://en.wikipedia.org/wiki/Futures_contracthttp://en.wikipedia.org/wiki/Commodity_exchangehttp://en.wikipedia.org/wiki/Option_(finance)http://en.wikipedia.org/wiki/Futures_exchangehttp://en.wikipedia.org/wiki/Futures_exchangehttp://en.wikipedia.org/wiki/Option_(finance)http://en.wikipedia.org/wiki/Commodity_exchangehttp://en.wikipedia.org/wiki/Futures_contracthttp://en.wikipedia.org/wiki/Commoditieshttp://en.wikipedia.org/wiki/Forward_contracthttp://en.wikipedia.org/wiki/Forward_contracthttp://en.wikipedia.org/wiki/China_Securities_Regulatory_Commissionhttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/S%C3%A3o_Paulo_Stock_Exchangehttp://en.wikipedia.org/wiki/S%C3%A3o_Paulo_Stock_Exchangehttp://en.wikipedia.org/wiki/Bolsas_y_Mercados_Espa%C3%B1oleshttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/NASDAQ -
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HOW STOCK EXCHANGE WORKS
In order to understand what stocks are and how stockmarkets work, we need to dive into history--specifically, the history of what has come to be knownas the corporation, or sometimes the limited liabilitycompany (LLC). Corporations in one form or anotherhave been around ever since one guy convinced a few
others to pool their resources for mutual benefit.
The first corporate charters were created in Britain asearly as the sixteenth century, but these weregenerally what we might think of today as a publiccorporation owned by the government, like the postalservice.
Privately owned corporationscame into beinggradually during the early 19th century in the UnitedStates , United Kingdom and western Europe as thegovernments of those countries started allowinganyone to create corporations.
In order for a corporation to do business, it needs toget money from somewhere. Typically, one or morepeople contribute an initial investment to get the
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company off the ground. These entrepreneurs maycommit some of their own money, but if they don'thave enough, they will need to persuade other people,
such as venture capital investors or banks, to investin their business.
They can do this in two ways: by issuing bonds,which are basically a way of selling debt (or taking outa loan, depending on your perspective), or by issuing
stock, that is, shares in the ownership of thecompany.
Long ago stock owners realized that it would beconvenient if there were a central place they could goto trade stock with one another, and the public stock
exchange was born. Eventually, today's stock marketsgrew out of these public places.
STOCKS
A corporation is generally entitled to create as manyshares as it pleases. Each share is a small pieceofownership. The more shares you own, the more of the
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company you own, and the more control you haveover the company's operations. Companiessometimes issue different classes of shares, which
have different privileges associated with them.
So a corporation creates someshares, and sells themto an investor for an agreed upon price, thecorporation now has money. In return, the investorhas a degree of ownership in the corporation, and can
exercise some control over it. The corporation cancontinue to issue new shares, as long as it canpersuade people to buy them. If the company makes aprofit, it may decide to plow the money back into thebusiness or use some of it to pay dividends on theshares.
PUBLIC MARKETS
How each stock market works is dependent on itsinternal organization and government regulation. The
NYSE (New York Stock Exchange) is a non-profitcorporation, while theNASDAQ (National AssociationofSecurities Dealers Automated Quotation)and theTSE(Toronto Stock Exchange) are for-profit
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businesses, earning moneyby providing tradingservices.
Most companies that go public have been around for
at least a little while. Going public gives the companyan opportunity for a potentially huge capital infusion,since millions of investors can now easily purchaseshares. It also exposes the corporation to stricterregulatory control by government regulators.
When a corporation decides to go public, after filing
the necessary paperwork with the government andwith the exchange it has chosen, it makes an initialpublic offering(IPO). The company will decide howmany shares to issue on the public market and theprice it wants to sell them for. When all the shares intheIPO are sold, the company can use the proceedsto invest in the business.
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LUDHIANA STOCK EXCHANGE
The Ludhiana Stock Exchange Limited was establishedin 1981, by Sh. S.P. Oswal of Vardhman Group and Sh.B.M. Munjal of Hero Group, leading industrialluminaries, to fulfill a vital need of having a Stock
Exchange in the region of Punjab, Himachal Pradesh,Jammu & Kashmir and Union Territory of Chandigarh.Since its inception, the Stock Exchange has grownphenomenally. The Stock Exchange has played animportant role in channelising savings into capital forthe various industrial and commercial units of the Stateof Punjab and other parts of the country. The Exchange
has facilitated the mobilization of funds byentrepreneurs from the public and thereby contributedin the overall, economic, industrial and socialdevelopment of the States under its jurisdiction.
Ludhiana Stock Exchange is one of the leading Regional
Stock Exchange and has been in the forefront of otherStock Exchange in every spheres, whether it isformation of subsidiary for providing the platform oftrading to investors, for brokers etc. in the era of Screenbased trading introduced by National Stock Exchange
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and Bombay Stock Exchange, entering into the field ofCommodities trading or imparting education to thePublic at large by way of starting CertificationProgrammes in Capital Market.
The vision and mission of Stock Exchange is:
"Reaching small investors by providing services relatingto Capital Market including Trading, DepositoryOperations etc and creating Mass Awareness by way ofeducation and training in the field of Capital Market.To create educated investors and fulfilling the gap ofskilled work force in the domain in Capital Market."
Further, the Exchange has 295 members out of which162 are registered with National Stock Exchange as Sub-brokers and 121 with Bombay Stock Exchange as sub-
brokers through our subsidiary.
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DETAILS OF PRESIDENTS AND VICE
PRESIDENTS
SR. NO. Name of the person Tenure
1 Sh. S.P. Oswal16.08.1983 to
27.07.1986
2 Sh. B.M. Lall Munjal28.07.1986 to
15.10.1989
3 Sh. V.N. Dhiri
16.10.1989 to
30.10.199230.09.1998 to
04.10.2000
4 Sh. G.S. Dhodi31.10.1992 to
22.12.1993
5 Sh. Jaspal Singh
23.12.1993 to05.10.1995
01.10.1996 to29.09.1998
06.10.2001 to01.07.2002
6 Sh. M.S. Gandhi06.10.1995 to30.09.1996
7 Sh. R.C. Singal05.10.2000 to05.10.2001
8Dr. B. B. Tandon,Chairman
25.06.2007 to10.12.2007
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9Sh. S.P. Sharma,Chairman
15.07.2007 to23.09.2008
10 Sh. Jagmohan Krishan 23.09.2008 to29.09.2009
11Prop Padam ParkashKansal
30.09.2009 to tilldate
DETAILS OF VICE PRESIDENT AND
VICE CHAIRMAN
Sr. No. Name of the person Tenure
1 Sh. Rajinder Verma
14.07.1984
to08.08.1987
2 Sh. B.K. Arora
09.08.1987
to15.10.1989
31.10.1992to
22.12.1993
3 Sh. G.S. Dhodi
28.10.1991
to30.10.1992
4 Sh. B.S. Sidhu16.10.1989to
27.10.1991
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23.12.1993to
05.10.1995
5 Sh. D.P. Gandhi06.10.1995to26.09.1997
6 Sh. M. S. Sarna
27.09.1997
to
29.09.1998
7 Sh. T.S. Thapar30.09.1998to
04.10.2000
8 Sh. Tarvinder Dhingra
05.10.2000
to
05.10.2001
9 Dr. Rajiv Kalra
06.10.2001
to
01.07.2002
10Sh. D.K. Malhotra, ViceChairman
025.06.2007to10.12.2007
11Sh. Jagmohan Krishan,Vice Chairman
15.07.2007to
23.09.2008
12 Sh. Ravinder Nath Sethi23.09.2008to
08.10.2008
13Sh. Padam ParkashKansal
09.10.2008to
29.09.2009
14 Sh. Joginder Kumar30.09.2009
to till date
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GOVERNMENT AND
MANNAGEMENT
LSE has a strong governance and administration,which encompasses a right balance of Industry Expertswith highest level educational background, practicingprofessionals and independent experts in various fieldsof Financial Sector. The administration is presently
headed by Sr. General Manager CUM CompanySecretary and team of persons having indepthknowledge of Secretarial, Legal and Education &Training.
The Governing Board of our Exchange comprises ofeleven members, out of which two are Public InterestDirectors, who are eminent persons in the fields ofFinance and Accounts, Education, Law, Capital Marketsand other related fields, Six are Shareholder Directors,and Three are Broker Member Director and theExchange has four Statutory Committees namelyDisciplinary Committee, Arbitration Committee,Defaults Committee and Investor Services Committee.In addition, it has advisory and standing committees to
assist the administration.
LSE has a Code of Conduct in place that governs theelected Board Members and the Senior ManagementTeam. The same is monitored through periodic
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disclosure procedures. The Exchange has an EthicsCommittee, which looks into any issue of conflict ofinterest and has in place general code of conduct forthe Senior Officials.
The composition of the Governing Board isas under:-
Sr. No. Name of Director Category
1 Prof. Padam Parkash Kansal
Chairman
(Shareholder Director)
2 Sh. Joginder KumarVice Chairman(Shareholder Director)
3 Dr. Ravinder Nath SethiShareholder Director
4 Sh. Satish NagpalShareholder Director
5 Sh. Ashok KumarShareholder Director
6 Sh. Varun ChhabraShareholder Director
7 Dr. Raj Singh
Registrar of Companies
(Public Interest Director)
8 Sh. T. S. ThaparTrading member Director
9 Sh. Sunil GuptaTrading Member Director
10 Sh. Sanjay AnandTrading member Director
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STRENGTHS OF LSE GROUP
1. LSE brand is popular among masses. Thebrand image of LSE can be capitalized.
2. We have requisite infrastructure for the CapitalMarket activities which includes a multi-storeyed,centrally air conditioned building situated in the
financial hub of the city i.e. Feroze GandhiMarket.
3. We have well experienced staff handlingoperations of Stock Exchange.
4. We have competent Board and professionalmanagement
5. We have much needed networking of sub brokersin the entire region, who are having richexperience in Stock Market operations for the last
25 years.
6. We have more than 40,000 clients spread across
Punjab, Himachal Pardesh, Jammu & Kashmir
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and adjoining areas of Haryana and Rajasthan.
7. The turnover of our subsidiary is the highestamongst all subsidiaries of Regional StockExchanges in Industries.
INFRASTRUCTURE AND ASSETS
BASE AT LUDHIANA STOCKEXCHANGE
The Exchange building is situated at Feroze Gandhi
Market, Ferozepur Road, Ludhiana. It is a six storeyedbuilding, which is centrally air-conditioned. Thebuilding has 262 rooms, which are located on variousfloors ranging from second to fifth. The first floor of thebuilding houses the administrative office and roomsfrom second to fifth floors have been leased out tobrokers. The first floor also has canteen and bankingfacilities. Investor Service Centre is also located at firstfloor which houses a well-equipped library and view-terminals to provide live rates of NSE and BSE toinvestors. Investors are also provided with Cable TV forthe purpose of viewing the latest happenings in theCapital Market and around. Basement of the building
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has air-conditioning plant and Generators to provideair-conditioned environment and twenty-four hourspower back up.
The Exchange has also an additional plot of landmeasuring 2333 sq. yards in the prime location of city,to enhance its infrastructure and source of income.
STATUS OF OUR SUBSIDIARY I.E.LSE SECURITIES LIMITED
Due to Nation wide reach of bigger Stock Exchanges,the trading volumes at Ludhiana Stock Exchange
declined and ultimately, the trading stopped inFebruary, 2002, but the Stock Exchange converted thethreat of bigger Exchanges into opportunities andacquired the corporate membership of theseexchanges through its subsidiary company i.e. LSESecurities Limited.
We have now been providing Trading Platforms oBigger Stock Exchanges to the Investors of the region.The vast network of Brokers of the Exchange isservicing millions of Investors. The subsidiarycompany is also providing depository services in the
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State of Punjab and Himachal Pradesh. The alliedservices like PAN Service Centre, Investor ServiceCentres are also being provided at major locations o
the region.
The turnover of subsidiary is highest amongst all thesubsidiaries of Regional Stock Exchanges. The growthof subsidiary is swift and it has been providing a rangeof services to the public at large such as Trading,Depository, IPO bidding collection Centre.
The Company in its continuous endevour to providequalitative services to its valued clients, has started e-broking trading services for its clients, therebyincreasing the geographical reach of the company.
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LISTING OF SECURITIES OF COMPANIES AT LUDHIANA STOCK EXCHANGE
At present, Ludhiana Stock Exchange has 330 listed companies, out of which 214 are regional and 116 are
Non-regional. The total listed capital of aforesaid companies is Rs. 3168.91 Crores appx. The market
capitalization of the said companies is more than Rs. 3372.34 crores. The Stock Exchange is covering the vastinvestor base through the listing of abovesaid companies, which are situated in the region comprising of
Punjab, Himachal Pardesh, Jammu & Kashmir, Chandigarh.
Despite the fact, the implementation of SEBI (Delisting of Securities) guidelines, 2003 has resulted into the
Delisting of good companies listed at Exchange, however still there are leading Companies listed with our
Exchange, notable among them are United Breweries Limited, Vardhman Acrlyics Limited, SMC global
securities limited, Himachal Futuristic Communications Limited etc.
Ludhiana Stock Exchange has facilitated the capital generation for agro based industries as Punjab is a
agricultural led economy. It will continue to do so, once it gets approval for a tie up with bigger Exchanges for
commencing trading operations.
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INVESTOR RELATED SERVICES
The Exchange has been providing a variety of services for the benefit of investing public. The services
include Investor Service Centres, Investor Protection fund and Investor Educational Seminars.
(i).Investor Service Centres
The Exchange has set-up Investor Service Centres at various DP branches of its subsidiary for providing
information relating to Capital Market to the general public. The Centres subscribe to leading economic,
financial dailies and periodicals. They also store the Annual Reports of the companies listed at the Stock
Exchange. The Investor Service Centres are also equipped with a Terminal for providing live rates of
trading at NSE and BSE. A large number of the investors visit the centres to utilize the services being
provided by the Exchange.
(ii).Investor Awareness Seminars
The Exchange has been organizing Investor Awareness Seminars for the benefit of Investors of theregion comprising State of Punjab, Himachal Pradesh, Jammu & Kashmir, Chandigarh and adjoining
areas of Haryana and Rajasthan. This massive exercise of organizing Investor Awareness Seminars has
been launched as a part of Securities Market Awareness Campaign launched by SEBI in January, 2003.
The Exchange apprises the investors about Dos and Donts to be observed while dealing in Securities
Market. Till date, Exchange has organized more than 200 workshops in the region mentioned above.
(iii).Website of the Exchange: www.lse.co.in
The Exchange has its own website with the domain name www.lse.co.in. The website provides valuable
information about the latest market commentary, research reports about companies, daily status of
International markets, a separate module for Internet trading, information about listed companies and
brokers and sub-brokers of the Exchange and its subsidiary. The website also contains many useful links
on portfolio management, investor education, frequently asked questions about various topics relating
to Primary and Secondary Market, information about Mutual Funds, Financials of the Company including
Quarterly Results, Share Prices, Profit and Loss Accounts, Balance Sheet and Many More. The website
also contains daily Technical Charts of various scrips being traded in BSE and NSE.
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EDUCATIONAL INITIATIVES OF EXCHANGE
LSE has carved out its unique position among the Stock Exchanges of the country for the Knowledge
Management. It has set up an Education and Training Cell and the same has emerged as a leading facility in
various Financial Services in India. The Exchange has been conducting a unique certification programme in
Capital Market in association with Centre for Industry Institute Partnership Programme Panjab University,
Chandigarh for the last three year. This programme has widened the horizons of participants vis--vis Capital
Market Operations as practical skill based knowledge is provided by Stock Brokers, Stock Exchange Officials,
Professors of Finance and Business Management and above all Professionals working in different areas of
Capital Market. We have completed series of batches of this programme and we now want to scale up this
programme and are planning to launch various other programmes on areas relating to Securities Market.
We have edge over others as far as Education and Training in Financial Services is concerned due to following
factors:
a. Directly connected with the Industry as Regional Stock Exchange.
b. Connected with large base of Investors as they use the Stock Exchange as a Trading Platform for their
liquidity needs
c. Presence in the region of Punjab, Himachal Pradesh, Jammu & Kashmir and Chandigarh through our
branches Network and the area being under the jurisdiction of our Exchange.
d. Already running Certification programmes in Capital Market successfully.
e. Continuously holding Investor Awareness Programmes for Investors & Investor Groups through association
with Brokers, Sub-brokers, Colleges, Universities and Consumer Groups.
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