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UNIVERSITY OF CALCUTTA - CALCUTTA STOCK EXCHANGECENTRE OF EXCELLENCE IN FINANCIAL MARKETS

Calcutta StockExchange InvestorProtection Fund

Finlight The Monthly Financial Digest from CUCSE-CEFM

A Joint Investor Awareness Initiative by CSE & CUKolkata, July-2015, Volume-3, Issue-7

A tribute to Dr. APJ Abdul Kalam, the People’s President, the Missile Man of India., the lynchpin of Pokhran-II, the bottom-up visionary-

Dr. APJ Abdul Kalam’s Contribution towards Nation. 1. As a Project Director Dr. Kalam developed

India’s first indigenous Satellite Launch Vehicle (SLV-III) which successfully deployed the Rohini Satellite in near- earth orbit in July 1980 making India an exclusive member of Space Club.

2. He was the main architect for the development and operationalisation of AGNI and PRITHVI Missiles

3. He played a pivotal organisational, technical and political role in India’s Pokhran-II nuclear tests in 1998 making India a nuclear weapon State.

4. He also gave thrust to self-reliance in defence systems by progressing projects such as Light Combat Aircraft.

5. He led the country with the help of 500 experts to arrive at Technology Vision 2020 giving a road map for transforming India from the present developing status to a developed nation.

6. Dr. Kalam was also involved in teaching and research. He took up a mission to ignite the young minds for national development by meeting high school students across the country.

7. His literary works include “Wings of Fire”, “India 2020 - A Vision for the New Millennium”, “My journey” and “Ignited Minds - Unleashing the power within India”.

Editor-in-ChiefDr. Ashish Kumar SanaDirector, CUCSE-CEFM

Associate EditorCA Mr. Snehamay BhattacharyyaHOD, Dept. of Commerce, CU

Editorial AdvisorsDr. Jita BhattacharyyaProfessor, Dept. of Commerce, CUDr. Swagata SenDean, Commerce & Management, CUDr. Malayendu SahaProfessor, Dept. of Commerce, CU Dr. D. R. DandapatProfessor, Dept. of Commerce, CUMs. Sripriya SenthilkumarDGM(Opreation), Calcutta Stock Exchange (CSE)

Editorial BoardDr. Tanupa ChakrabortyAssistant Professor, Dept. of Commerce, CU Dr. Ram Prahlad ChoudharyAssistant Professor, Dept. of Commerce, CUDr. Bikram SinghAssistant Professor, Dept. of Commerce, CUMr. Pema LamaAssistant Professor, Dept. of Commerce, CUMr. Sanat BharadwajResource Person, CSE Mr. Manoj GargResource Person, CSE

Content Development & CirculationNimai Sundar MannaJunior Research Fellow, CUCSE-CEFM Pallavi JulasariaAcademic Associate, CUCSE-CEFMSweta GuptaAcademic Associate, CUCSE-CEFM

Globalisation has raised the charm of interconnection among nations all over the world. On the other side because of the interdependencies among nations, a crisis in a particular country creates a direct as well as an indirect impact on other countries all over the world. The most recent crisis created in Greece is indeed a matter of concern for all the nations. Henceforth, to convey the clear picture of the crisis including its root causes and impact on the world economy as well as Indian economy, the Centre has organised a lecture on the Recent Development in Global Financial Markets on 31st July, 2015 at College Street Campus, Calcutta University. The lively lecture has been delivered by Prof. Gautam Mitra, Professor, Department of Business Administration, The University of Burdwan and it led to immense value addition for our students and scholars. The reasons and impact of the crisis in brief has been incorporated the Economy section of this issue. The Centre is conducting more such programmes and seminars in the near future with all of your cooperation and participation. We hope you find this issue insightful and useful. Any comments and suggestions for improvement will be highly appreciated.

Dr. Ashish Kumar SanaDirector, CUCSE-CEFM

Inside this issueRegulatory News Watchdogs of our Nation 2

International News & Monetary Policy Review 3

Industry News : Insurance, Capital Market,Financial Inclusion & Banking 4

Market Insight & Economy 5

Investor Education 6

Finsight : Students’ Corner Career opportunity for Students 7

CUCSE-CEFM Events - Finsteps 8

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Regulatory News : Watchdogs of our Nation

SEBI

SEBI introduces cyber security policy for exchanges: SEBI has asked exchanges, clearing corporations and depositories to install new cyber security framework within six months. The objective is to safeguard their own systems, networks, databases, hardware and software systems, information assets (internal and external), other network resources and data flows from various cyber threats so that the critical functions of trading, clearing and settlement in securities market can be performed smoothly.

SEBI to introduce new platform for debt securitization: SEBI is working on a platform for reporting securitization deals. Securitization is a process by which a company combines its different financial assets to form a consolidated financial instrument which is issued to investors. Under securitization, lenders pool in loans and turn them into marketable securities to be sold to investors.

SEBI discloses norms for issuance and listing of Municipal Bonds: To assist the government’s ‘smart cities’ programme, SEBI notified new norms for listing and trading of municipal bonds, commonly known as ‘muni’ bonds’ on stock exchanges. These regulations would allow authorities to raise funds including for setting up of smart cities, by raising funds from the public and from the institutional investors.

SEBI’s new code for institutional investors: SEBI has recently suggested a new code on the lines of the Stewardship Code of the UK (a code ensuring the quality of engagement between asset managers and companies to help improve long-term risk-adjusted returns to shareholders) to engage the government in all matters of the listed firms as well as the institutional investors in governance matters of listed firms.

IRDA

IRDA to adopt e-commerce in insurance sector: The IRDA has formed two groups, one in life insurance and another one for general insurance, in order to make insurance sector popular by exploring opportunities in the e–commerce. The two groups will spot out the opportunities of e-commerce in the insurance sector, recommend technological solutions, propose regulatory and other facilitation measures for growth, and cooperate with Digital India initiatives of the government.

IRDA approved investments in only CNX 200, BSE 200 companies: Insurers’ equity investments in CNX 200 or BSE 200 can only be considered as approved investments. Approved instruments will also include debentures by first charge on immovable property. Approved securities will include preference shares of any company which has paid dividends on its ordinary shares or preference shares, rated

debentures including bonds along with other secured debt instruments.

IRDA stated FII holding in Indian insurance promoter will not be the part of total FDI: IRDA made a clarification through the Department of Financial Services that holdings of equity in an Indian promoter company held by foreign institutional investors (FIIs), other than the foreign promoters of the applicant and their subsidiaries and nominees, will not be part of the foreign direct investment (FDI). This will provide a relief to several Indian entities having a high FII holding.

IRDA strengthening norms against forced selling insurance policies by banks: IRDA is further strengthening the norms against mis-seliing of insurance policies to ensure that there is no forced selling of an insurance product to customers at periodic intervals by banks.

RBI

RBI permitted CBS-enabled Cooperative Banks to issue ATM cards in tie-up with a sponsor Bank: RBI on 16 July 2015 permitted Cooperative Banks with Core Banking Solution (CBS) to issue ATM cards/ATM-cum-debit cards in tie with a sponsor banks. The decision was taken by the RBI in an attempt to move towards a less-cash economy and with an aim to inculcate the habit of using electronic payment channels among bank customers.

RBI signs Special Currency Swap Agreement with the Central Bank of Sri Lanka: RBI signed a Special Currency Swap Agreement with the Central Bank of Sri Lanka. Under the arrangement, the Central Bank of Sri Lanka can draw upto US$ 1. 1 billion for a maximum period of six months. This special arrangement is in addition to the existing Framework on Currency Swap Arrangement for the SAARC Member Countries. The swap arrangements are intended to provide a backstop line of funding for the SAARC member countries to meet any balance of payments and liquidity crises till longer term arrangements are made or if there is need for short-term liquidity due to stressed market conditions. The proposal is taken for mitigating the possible currency volatility in the spirit of strengthening India’s bilateral relations and economic ties with Sri Lanka.

RBI tweaks NPA norms for credit card holders: RBI clarified that a credit card account will be treated as a non-performing asset (NPA) if the minimum amount due is not repaid fully within 90 days from the due date mentioned in the card statement. The decision is a shift from the central bank’s earlier policy of classifying a credit card account as NPA only if the minimum amount due is not fully repaid within at least 120 days of classifying it as past due.

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International News & Monetary Policy Review

Greek Parliament passed a bill to implement EU mandated austerity measures: Hellenic Parliament of Greece on 16th July 2015 gave its permission for the European Union mandated austerity related legislative measures, thereby, paving the way for Greece to tap into EU bailout funds. Out of total 300 strength of the unicameral legislature, the legislation was approved with 229 votes in favour, 64 against and six abstentions and won the support of three pro-European opposition parties.

IMF forecasts UK growth rate: IMF has estimated a reduction in the UK as well as the global growth rate to take into account the impact of recent weakness in the US. According to IMF, UK will grow 2.4% this year and 2.2% in 2016, down from 2.7% and 2.3% respectively and the global growth prospects for next year will not remain dimmed, in spite of the Greece’s debt crisis and recent volatility in Chinese financial markets. In an update to its World Economic Outlook report, the IMF said the global economy should expand 3.3% this year, 0.2% below what it predicted in April. Growth should speed up to 3.8% next year, unchanged from earlier forecasts.

Hungary to establish a local intra-day market: As per a recent press release, HUPX (Hungarian Power Exchange Ltd.) will use Deutsche Börse’s global commodity trading platform ‘M7’ to establish a local intraday market for electricity in Hungary.

Review of the Monetary Policy

Second Bi-monthly Monetary Policy Statement, 2015-16 announced by Dr. Raghuram G.Rajan, Governor, RBI on 2nd June, 2015

“I would characterise the policy today as neither conservative nor aggressive. In some sense, it is a Goldilocks policy: just right given the current situation,” Raghuram Rajan, Governor of RBI.

Monetary and Liquidity Measures :

On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to:

� Reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect;

� Keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL);

� Continue to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer term repos of up to 0.75 per cent of NDTL of the banking system through auctions; and

� Continue with overnight/term variable rate repos and reverse repos to smooth liquidity.

Consequently, the reverse repo rate under the LAF stands adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 8.25 per cent.

The RBI cut interest rates for a third time this year, taking advantage of subdued inflation to lend more support to an economy that the bank itself says is not doing as well as latest impressive growth numbers suggest.

The Reserve Bank of India also left open the possibility of further cuts later this year, even with forecasts of a below-average monsoon that could put pressure on food prices. But while Rajan said the RBI would remain on the “disinflationary path”, further easing would now depend on the outcome of India’s annual rainy season and government moves to ease the pressure on food prices, which make up almost half the basket of goods used to measure inflation.

Consumer price inflation hit a four-month low of 4.87 percent in April, well within the RBI’s target range of 2 to 6 percent. But the central bank also projected inflation would rise to 6.0 percent in January 2016, setting up the possibility of no more rate cuts this year.

Despite demands from India’s commercial banks, the RBI did not take steps to free up liquidity, which bankers had said were needed for them to lower lending rates further and pass on the benefits of monetary easing to the broader economy. Instead, with growth in bank lending at its lowest in almost two decades, the RBI urged banks to reduce rates quickly.

“You have to learn that there’s a company behind every stock, and that there’s only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.”-Peter Lynch

RBI Current RatesRepo Rate 7.25%

Reverse Repo Rate 6.25%

Bank Rate 8.25%

Cash Reserve Ratio (CRR( 4%

Statutory Reserve Ratio (SLR) 21.5%

Market Snapshot: (as on 27.07.2015)Time Span SENSEX NIFTY

52 Weeks High 30024.74 9119.20

52 Weeks Low 25232.82 7540.10

3 Years High 30024.74 9119.20

3 Years Low 16919.14 4888.20

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Industry News : Insurance, Capital Market, Financial Inclusion & Banking

Insurance

Life insurance sector secured 20% growth in first quarter: Life insurance market has recorded 20% growth in new premium income in first quarter of fiscal. The sector has secured Rs 23,570 crore from group single premium policies during the April-June period.

CCI fines four state-run insurers: The Competition Commission of India has charged a total penalty of Rs. 671.05 crore on four public sector insurance companies i.e. National Insurance, New India Assurance, Oriental Insurance and United India Insurance for manipulating the bidding process initiated by the Kerala government for selecting the service provider for the Rashtriya Swasthya Bima Yojna (RSBY) for 2010-11, 2011-12 and 2012-13.

Insurance scheme for farming sector : According to Union Finance Minister Arun Jaitley, the Centre is planning to spend Rs 50,000 crore on the farming and irrigation sector. The plans also include providing an insurance scheme exclusively for the farming sector to compensate for crop loss.

Life Insurance Council to develop a fraud monitoring framework : Life Insurance Council, the apex industry body of insurers, is planning a fraud monitoring framework for its members to help insurance companies get details of customers and detect any fraud in disclosure and claims by policyholders. The system should be in place by December.

Insurance firms offer exclusive products for HNIs : Ranging from health insurance, life insurance to several general insurance products, an array of specialized products, are now being offered for HNIs clients. HNI clients are no longer required to buy regular insurance from companies.

Capital Market

PE firms’ investments increased by 80% in first half : According to early data from Venture Intelligence private equity firms investment reached to $4,046 million across 128 deals during the quarter ended June 2015. The investment amount increased by 80 per cent higher than that invested in the same period last year ($2,242 million across 115 transactions) and 43 per cent higher than the immediate previous quarter (which had witnessed $2,825 million being invested across 160 transactions).

FDI gone up by 47-48% after the launch of ‘Make in India’ campaign : According to the Department of Industrial Policy and Promotion (DIPP), FDI has increased by 47-48 per cent over the previous year since the launch of ‘Make in India’ initiative. During October 2014 – April 2015, India received USD 19.84 billion FDI, as compared to the USD 13.4 billion in the same period last year. FII’s too have invested in huge amount in the country.

Factorial master fund allowed to access Indian capital market again : Hong Kong-based hedge fund Factorial which was

banned by SEBI in an alleged insider trading case, has been allowed to access the Indian capital markets again to proceed, by the Securities Appellate Tribunal (SAT) as SEBI failed to issue a show cause notice to the fund within the stipulated time-frame granted by SAT.

MF’s investment in equities reached all time high in the first quarter : Domestic mutual funds (MFs) have recorded a monthly net inflow of over Rs 10,000 crore into equities during June. According to data available with SEBI, MFs secured inflow of Rs 10,320 crore in June 2015, which was the highest fund infusion by them in single month. On a quarterly basis, the net inflow of Rs 23,741 crore in April – June 2015 quarter made by mutual funds was also the highest of all time taking into consideration the data since January 2000.

Financial Inclusion

RBI constituted medium term path on Financial Inclusion: The Reserve Bank of India (RBI) on 15th July 2015 constituted a committee named Deepak Mohanty Committee to work out a five-year (medium-term) action plan for financial inclusion. The 14-member panel will be headed by RBI executive director Deepak Mohanty. The Committee will work to spread the reach of financial services to unbanked population. The terms of reference of the Committee are to review the existing policy of financial inclusion, to study cross country experiences in financial inclusion, to articulate the underlying policy and institutional framework, to suggest a monitorable medium-term action plan for financial inclusion.

Banking

State Bank of India plans to offer 3% profit to staff : State Bank of India (SBI) has planned to offer up to 3 per cent of annual profit to employees as a part of a talent retention and motivation initiative. The bank has sought permission from the Finance Ministry in this regard, according to SBI Chairperson Arundhati Bhattacharya.

Bandhan Bank strikes deal to raise Rs. 1,500 crore: Bandhan Financial Services Ltd has concluded an agreement to sell shares in the bank it is about to launch at 2.9 times the book value of its Rs.10,000 crore microfinance business amid concern that its transformation into a bank will significantly pare profitability. Bandhan is in the process of raising Rs.1,500 crore from three investors—International Finance Corp. (IFC) of the World Bank Group, the Singapore government’s GIC Pvt. Ltd. and Small Industries Development Bank of India (SIDBI).

SBI launched project Tatkal for availing loan within 10 days: SBI has launched an initiative to provide doorstep services and expedite home loans application process. The initiative known as ‘Project Tatkal’ will help get the loan within 10 days after receipt of application form and relevant supporting documents. The implementation will be done at large centers with sizeable home loan business.

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Market Insight & Economy

PM launched Pradhan Mantri Kaushal Vikas Yojana to impart skill training to youth: The Cabinet Committee on Economic Affairs (CCEA) on 2nd July 2015 gave its approval for a new scheme called Pradhan Mantri Krishi Sinchayee Yojana (PMKSY).The Yojana was approved with an outlay of 50000 crore rupees over a period of five years, that is, from 2015-16 to 2019-20 and the allocation for the financial year 2015-16 has been kept at 5300 crore rupees.The Yojana aims at bringing concerned Ministries/Departments/Agencies/Research and Financial Institutions engaged in creation/use/recycling/potential recycling of water under a common platform so that a comprehensive and holistic view of the entire water cycle is taken into account and proper water budgeting is done for all sectors namely, household, agriculture and industries.

Indirect tax collection up by 34 % in June quarter: The Indirect tax collection in the state is up by a whopping 34 per cent to Rs 2392 crore in the April-June quarter compared to Rs 1792 crore mopped up during the corresponding period of last year. The growth in indirect tax realization is aided by the increased central excise collection which is up by 56 per cent in the first quarter of the Fy16 against the same period in FY15.

India, Russia sign customs pact to boost trade: With bilateral trade extremely low, India and Russia have initiated steps to remove hindrances and boost commerce by signing an agreement in the area of customs and moving to liberalise business visas. Bilateral trade during the last year was just $9.51 billion and Prime Minister Narendra Modi and Russian President Vladimir Putin discussed ways to increase it when they met at Ufa on July 8.The two countries have fixed a target of $30 billion to be achieved by 2025.

Government working on internal processes to ratify WTO’s trade facilitation agreement: The Government of India is working on internal processes to ratify WTO’s trade facilitation agreement (TFA), which looks to ease customs procedures to boost trade.

April-June fiscal deficit touches $44.9 billion: India’s fiscal deficit during April-June touched Rs 2.87 trillion ($44.86 billion) or 51.6 per cent of the target for the 2015-16 fiscal year ending in March 2016. The deficit was 56.1 per cent during the same period a year ago.

Reasons of Greece Crisis & Impacts on Indian Economy: Reasons: Basically there are some crucial reasons like Corruption,Bad Governance, Politics etc., but the factor which is the most crucial is. “The growth & development of Greece was not fuelled by Taxes but through debt”

� Mindless and heavy investment of the borrowed money in the 1980s. Bad Governance , Low Tax Compliance which had crippled the nation to generate some income, on the back of which they were botching up the financial books

to show itself in good health to gain more loans so as to keep up the growth & developmental works and also to pay back the previous debts.

� Because the mortgage security crisis of 2008 put a lot of pressure on the creditors, which all of a sudden were unwilling or unable to lend to the Greek Government and with this Greek Govt. looking insolvent, banks became insolvent and the money stopped flowing in Greece and because the Govt. had internal liabilities as well it infuriated the masses which further worsened the already worsened Economy of Greece.The troika i.e. IMF, ECB, Juncker Commission issued the first of the two international bail-outs for the Greece for about 110 Billion+ 130 Billion. The bailouts came with conditions. Lenders imposed harsh terms which required Greece to take actions that could reduce the government deficits, overhaul its economy by streamlining the government, end tax evasion and make it an easier place to do business. The money was meant to revitalize the Greek economy but the money has gone in repaying the debts, as a result of which the economy has shrunk by a quarter in five years.

� European Union helping Greece to meet crisis but on condition of austerity measures leading to wage cuts,unemployment etc.

Impact of Greece Crisis on Indian Economy : The whole scenario will have an indirect impact on India. Since India is not directly exposed to Greece in terms of trade ties, it is less likely to affect India. However, if the Eurozone is hit by the crisis then probably India will have to bear the consequences as well.

1. Exports: Europe is India’s largest trading partner with USD 129 billion of merchandise engagement in 2014-15. India’s merchandise exports has not been in prime health this year and the crisis in Europe will only deteriorate the prospects.

2. Capital Movement: After Greece doesn’t meet its deadline of repaying loans, the interest rates will rise all across Europe because the economic health of countries like Spain and Italy is also not very good (so financial institutions will not lend easily). All this will have an outcome on the Euro. And at the present moment even experts are unsure about how the foreign investors will relocate their portfolios. This will result in capital inflow and outflow in and out of India. While capital inflow is good as it brings money into the country, capital outflow is undesirable as assets move out of the country.

3. Weakening of Rupee : Weakening of Rupee due to high demand of dollar as investors shifts their investments towards dollar

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Financial Planning

Financial planning is a must for every investor. Financial planning is the process of meeting investor’s life goals through proper management of finances. Life goals can include buying a house, saving for child’s higher education or planning for retirement.

Financial planning envisages both short term and long term savings. A portion of the savings is invested in certain assets. There are various investment options in the form of assets: bank deposits, government saving schemes, shares, mutual funds, insurance, commodities, bonds, debentures, company fixed deposits etc.

Financial planning process involves six steps:

1. Determine current financial situation: One should try to find out the current situation of his or her life i.e. which phase of life he/she is going through. The household budget to find out the surplus amount, any policies related to savings, investments or protection policies, one’s financial and family commitments, tax position, whether one has any emergency fund(money that’s readily available to meet unexpected expenses)- all the things need to considered while assessing one’s current situation.

2. Develop the financial goals: Writing down and prioritizing the specific achievable financial goals is an essential first step toward putting a financial plan into implementation. One’s financial goals can be short term or long term ranging from buying a car or home to retirement, to marriage, to saving for children’s education, to creating a stable income stream or to starting a new business etc. Deciding the specific time frame i.e. when the money will be needed is also equally important while developing the financial goals.

3. Identify alternative course of action: Based on the financial situation and the goals, alternative ways need to be identified to reach these goals. Possible courses of action usually fall into these categories i.e. 1. To continue the same course of action by

Investor Education

being in the present saving plan, 2. To expand the current situation by increasing the percentage of saving, 3. To change the current situation by shifting the saving from regular saving account to bond or money market instruments for higher returns, 4.To take a new course of action by searching for additional sources of income or any other measures to bring about a whole change in the present situation etc.

4. Evaluate alternatives : The possible courses of action are to be evaluated in this step by taking into consideration the life and financial situation, personal values, current economic conditions and the opportunity costs that is what one gives up by making a particular choice and cannot always be measured in monetary terms. For an instance, in order to increase the percentage of savings to, say 15%, it may require the person to cut down on his/her expenditures related to, say luxuries or other sort of expenses if his/her income remains constant. Assessing inherent risks in any assets, one’s particular risk

tolerance attitude, the time value of money etc play an important role in evaluating the alternative option strategies.

5. Create and implement the financial action plan: It involves choosing the best alternative, allocating resources accordingly and put the same in action. For an example, for a short term goal like a foreign trip in one or two years it is not advisable to invest in equities but to invest in debt fund or fixed deposits or recurring deposits etc. and allocate resources accordingly and implement it and to do the same one can seek the help of any financial advisor or planner or investment brokers or portfolio managers etc.

6. Review and revise the financial plan : Once, the plan

has been implemented, now it’s time to review and revise the same from time to time to measure its performance i.e. how well or bad it is working in the process of meeting goals and also to seek expert’s advice on it. This process involves Monitoring and Evaluation i.e. whether to continue or discontinue the existing plan or improve it or relocating resources elsewhere.

Activities of the Month, July 2015Programme Date Collaborating Institution/Speaker No of Participants

One-Day Workshop on Overview of Capital Market

20 July 2015 St. Joseph’s College, Darjeeling 140

Investors’ Awareness Programme 21 July 2015 Salesian College, Siliguri 120

Special Lecture on Recent Development of Global Financial Markets

31 July 2015 Dr. Gautam Mitra, Professor, Department of Business Administration, The University of Burdwan

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Finsight : Students’ Corner Career opportunity for Students

The insurance sector is poised for tremendous growth. Global giants in insurance sector have entered Indian insurance market. The changing dynamics of business and regulatory environment demands highly motivated and professional work force who are equipped to understand the nuances of insurance business to perform at their peak level. In such a scenario, there is need for an institution that transforms and brings professionals up to speed. The Insurance Institute of India formerly known as Federation of Insurance Institutes was established in the year 1955, for the purpose of promoting Insurance Education & Training in the country. Examinations are held in esteem both by the regulator and the industry. In its role as a leading education and training provider I.I.I. is closely associated with all the segments of the insurance industry which includes Insurance Regulatory and Authority of India, public and private sector insurance companies.

1. LICENTIATE EXAMINATION

This is essentially an introductory course dealing with the two compulsory papers i.e. Principles of Insurance and Practice of Insurance (Life and Non-Life) and one more paper as optional from professional exam curriculum.

2. ASSOCIATESHIP EXAMINATION

At this level, students may have option to choose subjects either Life or Non-Life or both combined. The scheme of study provides knowledge of chosen subject. However, candidates will have to get familiar with the practical aspects related to these subjects.

3. FELLOWSHIP EXAMINATION

This is the highest level and involves advanced studies of specified areas.

CERTIFICATE COURSE ON FOUNDATIONS OF CASUALTY ACTUARIAL SCIENCE

This course deals with the basic fundamentals of General Insurance Actuarial techniques for scientific determination of premium rates.

SPECIALIZED DIPLOMA ON MARINE INSURANCE

This is a specialized diploma in Marine Insurance. This deals with Marine coverage, underwriting, rating and claim aspects.

SPECIALIZED DIPLOMA ON FIRE INSURANCE

This is a specialized diploma in Fire Insurance. This deals with Fire Coverage, Fire Rating and Underwriting and Claim aspects o Fire Insurance.

SPECIALIZED DIPLOMA ON CASUALTY ACTUARIAL SCIENCE

This specialized course deals Basic Ratemaking and Estimating Unpaid Claims Using Basic Techniques in addition to subjects IC01,

IC11, A-1 and A-2.

CERTIFICATE PROGRAMME IN ADVANCED INSURANCE MARKETING (CPAIM)

This is an advanced course to provide knowledge and understanding of insurance domain and the marketing function applicable to insurance. Details of CPAIM are given under specialized diploma heading.

SPECIALIZED DIPLOMA ON HEALTH INSURANCE

This is a specialized diploma course introduced in Health Insurance. Examination will be conducted only through On-line mode. This deals with IC35 – Basics of Health Insurance, IC36 - Health Insurance Claims and IC37- Health Insurance Operations.

Online examination for Insurance Advisor:

On behalf of “Insurance Regulatory and Development Authority of India” III conducts “pre recruitment test” for insurance advisors. To facilitate insurance companies to deploy more agents and also to offer choice to the candidates who are tech savvy III conduct this examination in electronic mode.

Eligibility for examinations

Regulation 4 of the regulations (i.e. IRDA (licensing of Insurance Agents) /Regulations, 2000) requires that a person desiring to obtain or renew a license to act as an insurance agent or a composite insurance agent shall possess the minimum qualification of a pass in 12th standard or equivalent examination conducted by any recognized Board/Institution, where the applicant resides in a place with a population of five thousand or more as per the last census, and a pass in 10th standard or equivalent examination from a recognized Board/Institution if the applicant resides in any other place.

According to the Regulation 5 of the regulations (i.e. IRDA (licensing of Insurance Agents) /Regulations, 2000), the person desiring to obtain or renew a license to act as an agent is required to:

i) complete from an approved institution 50 hrs. of training (ie. In case of candidate seeking agency license for the first time) and 25 hrs. of training (ie. In case of candidate seeking renewal of license), candidate who is seeking license for the first time to act as composite (ie. Life/General) insurance agent has to complete 75 hrs. of training.

Procedure for enrollment:

Please refer to below mentioned link for Registration of Candidates to the above mentioned examinations:-

www.insuranceinstituteofindia.com/web/guest/onlineexamnew

For any query interested candidates can contact to mrm@iii.org.in or else contact us also for further guidance in pursuing the certification and so on.

Interested candidates who want to pursue the Certificate Course in Financial Markets (Basic) and proposed Diploma in Portfolio Management are requested to contact at email - cucsecefm@gmail.comwebsite: www.cucsecefm.org Ph: 033- 2241-0071/72/73/74 ( Extn- 316), Mob: 8820885320

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CUCSE-CEFM Events - FinstepsCUCSE-CEFM along with CSE organized PROGRAMME ON CAPITAL MARKETS at St. Joseph’s College Darjeeling 734104 on 20th july,2015

Calcutta University in association with the Calcutta Stock Exchange Investor Protection Fund has established the “University of Calcutta – Calcutta Stock Exchange Centre of Excellence in Financial Markets ( CUCSE – CEFM)” with a special thrust in the field of Capital Markets, Financial Inclusiveness and Ethics in Financial Markets. The centre focuses mainly on Research activities and Publications, Seminars/Conferences/Outreach Programmes for increasing investors’ awareness, improvement in Syllabi/Curricula at different academic levels and to conduct Joint Certification Programmes. The Governing Board of the centre is represented by eminent professors of the University with the Honourable Vice Chancellor of Calcutta University as the Chairman and the President of Calcutta Stock Exchange represents the CSE Investor Protection Fund

S. Senthilkumar (DGM- CSE) & S. Bharadwaj with faculty members of St. Joseph’s College on 20th July, 2015

S. Bharadwaj & S. Senthilkumar interacting with the students of St. Joseph’s College On 20th July, 2015

Published by Director, CUCSE-CEFM, Darbhanga Building 3rd Floor, University of Calcutta, 87/1, College Street, Kolkata - 700073E-mail : cucsecefm@gmail.com; info@cucsecefm.org, website : www.cucsecefm.org, Ph : 033-2241 0071/72/73/74 (Extn - 316)

Prof. Gautam Mitra delivering special lecture on RECENT DEVELOPMENT IN GLOBAL FINANCIAL MARKETS

Prof. Gautam Mitra interacting with the participants

Prof. Swagata Sen, Dean , Commerce and Management,University of Calcutta sharing his view on the topic

Ms. S. Senthilkumar (DGM- CSE) & Dr. Ashish Kumar Sana, Director, CUCSE-CEFM sharing their observations