Wednesday, November 30, 2005


It’s not the first time that I am realizing that continuous studying helps in the end when the exams are just at the corner of the week. And the realization is more so for a subject which I never ever had thought I would be studying – taxation. And after banging my head for two days now, I can very well understand why Einstein had said that taxation is something that can’t be understood and explained. Yes, the paper of taxation at my level does not cover much as it’s only the basics, but it is giving me jitters as I never studied the subject during the semester – regretting and resolving not to repeat it henceforth.
Need to get back with Singhania (author of the text book on taxation).

Tuesday, November 29, 2005

Little gyan on FII and PN

Coming back after little gap. The last few days were depressing with some bad memories haunting the day thoughts and taking away the sleep. As such am not a deep sleeper but when you don’t get a minute of sleep for 3 continuous days, it starts taking a toll. With the exams round the corner, sleep and good sleep is as necessary else nothing stays between the neurons in the grey matter and gives a blank feeling even after hours of study. Thus I am bracing up for the exams. I am on leave from today till the last exam.
I had taken all care at the office but at the last minute I get a call from CM, Mr Ravi about CGM desiring complete change in the note of swap. It was astonishing as all upto MD had gone through the draft note and had concurred. This sudden change of stance left me wondering. It just goes to show the public sector working and how it makes the decision making capabilities extremely impaired of confidence and guts.
Now I will be working from home and coordinating with Nambiar. He will be a great help being a dealer and in the thick of the things.
Lets see of the next note satisfies the weakness of public sector top management.

Till the time, this Monday carried timely ET in class room on FII and PN the two most responsible entities for the soaring capital markets in India.
The same is represented here below.

A foreign institutional investor means an entity established or incorporated outside India which proposes to make investments in India. To ensure that such funds are not just a front for one wealthy individual, the government has prescribed that an FII must be broad based fund.

Q. What is a broad based fund?
A. A broad based fund means a fund established or incorporated outside India, which has at least 20 investors with no single individual investor holding more than 10% shares or units of the fund. But if the fun has institutional investors like banks or a pension outfit or a similar established entity, then it shall not be necessary for the fund to have 20 investors. However, if the fund has an institutional investor holding more than 10% of shares or units in the funds, then the institutional investor must itself be broad based.

Q. What is a sub account?
A. A sub account includes those foreign corporate, foreign individuals, and institutions, funds or portfolios established or incorporated outside India on whose behalf investments are proposed to be made in India by an FII. Similarly, a designated bank means any bank in India which has been authorized by RBI to act as banker to an FII. There is also a domestic custodian, which is an entity registered with the SEBI to carry on the activity of providing custodial services in respect of such securities.

Q. What sort of entities can be registered as an FII?
A. Under the SEBI (FII) Regulations, 1995, the following entities and funds are eligible to get registered as FII. This includes pension funds, mutual funds, insurance companies, investment trusts, banks, university funds, endowments, foundations, charitable trusts, and charitable societies. The SEBI (FII) Regulations 1995 also says the following entities proposing to invest on behalf of broad based funds are also eligible to be registered as FIIs. These are asset management companies, institutional portfolio managers, trustees and power of attorney holders.

Q. On what basis does SEBI decide the eligibility on an application from FII?
A. The parameters analysed include the applicant’s track record, professional competence, financial soundness, experience, general reputation of fairness and integrity. The applicant should have been in existence at least for one year. It also checks if the applicant is registered with an regulated by an appropriate foreign regulatory authority in the same capacity in which the application is filed with SEBI.

Q. Who can get registered as sub account?
A. Institutions, or funds, or portfolio established outside India, whether incorporated or not, proprietary fund of FIIs, foreign corporates and foreign individuals. An FII should apply on behalf of the sub account. Both the FII and the sub account are required to sign the sub account application form. The maximum limit of FII investment in any company as of now is 10% of total equity of the company. With the sub accounts, the aggregate limit is 24%. For the sub account registered with under foreign companies/individual category, the investment limit is fixed at 5% of issued capital.

Q. What sort of financial investment can a FII conduct?
A. They can now invest in almost any dsort of products in the stock markets including primary and secondary markets. This comprise shares, debentures, and warrants of companies, unlisted, listed or to be listed on a recognized stock exchange in India, units of mutual funds, dated government securities, derivatives traded on a recognized stock exchanges and commercial papers.

Q. What is a participatory note?
A. PNs are instruments used by FIIs, not registered in the country, for trading in the domestic market. They are a derivative instrument issued against an underlying security which permits the holder to share the capital appreciation or income from that security. PNs are therefore like contract notes and are issued by FIIs to their overseas clients, who may not be eligible to invest in the Indian stock markets. PNs are used as alternative to sub accounts by ultimate investors, who prefer to avoid making disclosures required by various regulators. The government as asked FIIs to wind down their exposures to such PNs and eliminate them from their books within five years. It is likely to be whittled down to three years.

Saturday, November 26, 2005

Bad start and good end

The day’s start was not good. I don’t know what happened to me in the train. Without wanting I picked up a slight argument with a fellow passenger. The fault was entirely mine and I rued it all day long.
I had my first lone talk with the new DGM. He seems encouraging but how far is he going to walk the talk is to be seen.
Evening was great. I attended Anju’s marriage. Anju looked pretty (not cute as Pratima insisted on). It was my first attendance at a Christian marriage. It was all fun. Till we don’t expose ourselves to the festivities of other cultures we are not able to appreciate the niceties in other cultures.
Rajsekhar sent the farewell pics today. Here are they.

Thursday, November 24, 2005

Day with mixed feelings

Two things of import happened during the day. The DGM got transferred. Yes, it was surprising. Though the news had reached us last week but the likely consequences were felt today. Actually, it’s a fact that we don’t get to see the positive qualities of a person till the time (s)he is close or near but the moment the distance increases to make him/her not easily available, one gets to know the value that person held. But in his own style of being high on personal matters, the DGM called each section of the DT and had a close face to face one to one talk. I have never experienced a more nice gesture from a boss who is bidding good-bye. Wishing him all success.
Next is matter of my being in turmoil concerning my MBA and my job. The news that PAD is contemplating transfer of guys pursuing MBA just because few of our other colleagues have quit the job to join UTI Bank, kept me on my wits end for over a month now. But Arvind has come to my rescue and I hold the faith. Still I think I need to ready to face the event of my resignation.

The days seem heavy and long drawn.

Monday, November 21, 2005

Back in Office

Yes, I was back in office today after a gap of 4 days. I did not find much work pending thanks to my late sitting on Saturday last. But quiet a good number of IPOs coming in.
It seems, therefore, that I will be occupied for the rest of the week. But, coming Friday I need for myself, especially the evening as its my group’s presentation that day.
The talk of transfers is gaining weight.
Lord, please help me!

Sunday, November 20, 2005


Quiet a short day it was.
Nothing much to do, so read the last one week newspapers which were lying unattended due to exams.
Here is a nice article in todays TOI.


Spiritual VIBES

Who said God doesn’t have an interesting sense of humour, asks Mark Pitstick

   Relationships are one of the best and toughest paths to self-realisation. Yogis who fast, remain celibate, take vows of poverty, and live in caves have selected a difficult course. But that’s child’s play compared to being a house-holder, a term used in India for one who pursues the spiritual path while having a job, raising a family, maintaining a home and all the concomitant responsibilities. Now that is an arduous path! Some say soulmates are the ones who can push our buttons the best and who drive us crazy at times.    Others believe that everything flows effortlessly and peacefully with soulmates. Either may be true at different times depending on the agendas of the souls involved. Who said God doesn’t have an interesting sense of humour!    The issue of relationships becomes very interesting when we remember we each are eternal souls. Relationships are not coincidental or unimportant. Think of the thousands of persons we encounter in our lifetimes; why do we form close and lasting relationships with one person but not another? We have to deal with recurring negative relation-ships sooner or later. Why not now?    Don’t be held back and experience a hell of lower quality living because of unresolved relationship issues. Serious spiritual seekers will make optimal relationships a priority. Love is the key and relationships provide a life long workshop for giving and receiving love. If persistent problems plague your relationships, consider the soul or karma aspects in addition to usual counselling considerations.    One way to discern if you’re relating to a soulmate is to recall the first time you met in this life. Remember the description of memory triggers or cues that are planned just before souls return for new incarnations? In reviewing my first meetings with loved ones, time seemed to stand still for a moment. My brain seemed to whirr faster than usual as if trying to comprehend the various energies and feelings. I felt happy inside as our eyes met and we held the gaze longer than customary or comfortable during first meetings.    As one progresses toward greater personal growth and heightened consciousness, relationships may encounter a new type of stress. The relationship may suffer if the gulf widens and interests remain markedly different. The rapidly changing partner may be in an overzealous or self-actualising phase while the more orthodox partner may be content with the status quo. Spiritual wake-up calls may be misinterpreted as a marital problem.    A major key to healthy relationships is to see the Divinity in each other. Relationships based solely on lower chakra energies of physical attraction, dependency issues, and money are break-ups waiting to happen. The body may grow old and the mind feeble but, viewed through eyes of love, the soul’s beauty always shines through.    Recall your first loves and how you were thrilled to look deeply into each other’s eyes, the windows of the soul. The problem is, most people limit opening their hearts to just a few others. Then they’re crushed when the relationship ends by death or parting. When first encountering fourth chakra energies, perhaps during puppy love, we may erroneously think love is something we can lose. As we grow into higher awareness, we realise love is inside and all around us. Love does not come from another person nor can it be lost since we are beings of Love. Then, whether in a relationship or not, we’re always enjoying an internal state of Love. Brian Weiss says “From the experiences that some of my patients have in the between-lives state, I have come to believe that we actually pick our families for each lifetime before birth. We chose to live out the patterns that will afford us the most growth with the souls that will most effectively manifest these situations in our lives. Very often, these are souls we have met and interacted with in many ways in other lifetimes.’’ If we picked each other, let’s love and appreciate one another and — when it’s time — let go lightly, remembering the Truth.    The older I get, the more I value loved ones. I love my family, and friends and, during trying times, know that they are providing the perfect environment for soul growth. Real friends are there to share. Loved ones are worth their weight in gold and are a key ingredient for spiritual progress.

Saturday, November 19, 2005

Break in exams

The second paper went good. It was again a general paper. With the first stage of exams over, end my leave and Monday will be working day again. I have still got the Sunday before I resume at office.
I reached home to find mom not well. She was having her palpitation problem. Due to having a hearty lunch, she was not feeling comfortable and with vomiting she was at ease and after some time the palpitation also got normal.
She watched parineeta part and I am copying “the great train robbery” onto my system for leisure viewing.

Friday, November 18, 2005

First paper...

The exam went off well. As expected the paper was general but spoke of V P Raja’s standards – being practical. It was a strain on the hand to write continuously for close to 3 hours.
If what is happening in the PAD concerning us at treasury does see some way, it will lead to some real tough decisions to be taken. Will have to utilize all the fielding that I can but with that levy thing, already the association is against us. All wrong things happening at the same time. Sad. Cant do much but wait and see how things move. Not even clear when to act.
Lets hope things sort out on their own.

Thursday, November 17, 2005

Good News

Good news! Dad got discharged today. The doc is confident that the stone will drain away through hydro-therapy. Anyhow, the process of discharge took most part of my day. It was 2 pm when we reached back home. I then decided to take a good sleep and do “jagran” the whole night and that’s what I plan to do. I have, almost gone through all the topics once. A good second revision is to start now. Then I will set on to mug up some things while digest some important points that will help me in building answers.
Wishing myself best of luck.

A nice pic i received in mail today.
Look at the pic. Concentrate and u see one pink dot moving round. Then concentrate on the central "+" and the color of the dot changes to green. Further concentration on "+" will dissappear the pink dots and only one green dot seems to be encircling. However, in actual there is no green dot, its illusionary and affect of the same on our brain.

Click on the image to get full working pic.

Wednesday, November 16, 2005

Need Strength

I woke up at my normal time i.e. around 6 am. But took to the bed again as I was on leave. Second time I was woken up by telephone ring. Mom told me that Dad went to Karuna Hospital for his pain in the stomach and the doc suspects stone and has advised to get admitted. I had to rush to the hospital. Dad did seem to have lost strength, maybe on hearing about the stone thing.
Sonography was done and report was to be given in the evening when the doc comes for visit. Doc confirmed the stone and has decided to see if it can be washed off with hydro-therapy else its surgery or laser.
I could not study anything. Dad admitted in hospital and Mom bedridden (though she now manages to get up and has even started to cook). Suddenly feel the need, just one day after I decided to gain back the lost strength.

Tuesday, November 15, 2005

A day spent at home

I was at home all day long. The finger is hurting and the leg is also paining. Got nothing to say much, so I post here along my new desktop…..

Monday, November 14, 2005

Thoughts thru' the Day

Why does it happen that we know something is out of the question and still we look forward to it? Why don’t we have the power to erase something that keeps haunting? Why does the mind sometimes seem to be so weak in-front of the heart? Why did I wait when I knew it won’t happen?
Why does it seem so hard to start afresh? I know I have much better things to do. I have things that can keep me busy for the rest of my life, but why do I apply breaks for them who, I think, don’t care. Why do we tell lies? Can’t we live one life? A life that’s as simple as 2+2. Why do we have to wear masks? Do I wear one?
Perhaps, I will get my answers by starting afresh. Today, there were quiet a few surprises. And I concluded that shutting myself off will not help me and moreover it can upset my near and dear ones. I got to overcome. I am not weak. Let the countdown begin. There are so many who love me – my parents, my siblings/cousins, my uncles, my aunts, my friends, my colleagues. DGM’s gesture today will be hard to forget even if it had subtle connotations (which again is a figment of my imagination – can’t I reign it). Is the love of all of ‘em not enough? It’s more than sufficient to spend the short lives we have. Why wait for the corner when none exists. Its existence was a chimera or was it a mirage. It’s not necessary that we get what we want always. Sometimes the few moments are enough and those times can be a source of life for rest of the life. One just needs to be strong enough not to let them over awe you. Having tasted a relationship, and both its zenith and nadir, it helps to remember both the extremes and derive strength lest the nadir tears you apart.

You have got to be focused. You don’t have to fear the memories. Crushing them, avoiding them will strengthen them to haunt you even more. Taking a path and just moving along seems to help the most – as they say. Let’s try that. Don’t cut off; rather get back to normal self that has been lost. Its there inside and finding it should not be difficult.

Take care and keep the faith. Crush the ego – “Bulla ki jana main kaun

Sunday, November 13, 2005

"Accidental" day

The day was OK. The training was better. The last day of the program did indeed teach the intricacies in the swap pricing. It’s an exciting world out there. Wish to be a part of it.
There’s so much to explore.
The journey back home was “accidental”. Had a minor accident while driving back to home from the Bvli station. Index finger got badly bruised, with the cover for the nail root more or less peeled off. Good amount of blood spilled. I had no choice but to drive till I found a clinic. It was a strange feeling with the finger bleeding and me driving and looking around for a doc. But all the clinics that I came across were closed as the time was around 4.30pm – the time for a siesta. Eventually, searching for a doc I reached close to my house. Then the good old chemist in the neighborhood helped me out by telling me the way to a maternity clinic of which I was not aware of. The nurse was kind. She offered me water & cleansed my wound on the finger. Well trained she seemed to be too as she could remove the hanging skin with ease and did not cause much pain to me. Though the bandage was loose, I did not mind. She also injected me with Tetanus and asked me to see the doc tomm evening.
Now I am in double mind of going to office tomm or taking a leave. But I think I should go. Nothing’s pending but I will be glad to see the note on swap dispatched. Worked hard on it and so, want to be present when it sails for the HO. If I go, I will try to leave early and then start with my Sem 1 preps.
The calf is paining a lot.
It will be better if I lie on the bed and do some reading.

Saturday, November 12, 2005

Interesting Day

With an initiation into FRA pricing, the day gave a feeling of knowing something new. The training went great today. Wish to emulate Ashish Ghiya.  Long term plans.
Completed all my pending work as on today. Will be taking leave from 16 nov till my first set of exam-papers ie 18 nov.
Had a long talk with Nagaraju after the office hours and he as usual was an excellent player of words. But now I know what Das has in mind. I don’t mind till I am getting what I want. Wish it to continue till I am ready to make a changeover.

Feeling tired today.

Friday, November 11, 2005

A day I would not care for

The day started normal. It was not as heavy and sad as yesterday. Reached office some 10 minutes early and wanted to mail the top 20 statement to planning department before they reached office and was able to do so. Not very sure of Pyramid Retail and would have a talk with Mr Dash tomm. I called up Anju to tell her that she is with my group and that we will be presenting together. Rest of the day spent casually with not much to do. Evening training was ok and it was good that I did not feel sleepy as I felt in the first half yesterday.
When I reached Borivli, I met Benoy. He is back in India and looks handsome with a stronger body/physique.
Over all the day was not one I would care to remember.

Thursday, November 10, 2005

An uneventful day

An uneventful day
Started heavy, as usual. Was not in the mood and could not get place on the gate of the local so that put me off even more.
We were being visited by our new GM today, so all were set. Nice fellow he is and looks sterner than the previous GM. He complimented me on my work on the swap note. I wish we could have had a discussion and I should have then told him the futility of the exercise. He was in hurry to attend the meeting at RBI. Had lunch with Sanjay and it was heartening to know about his married life. God bless them both and the little kid. I just pray no harm comes to him in the differences that have cropped up between Sanjay and his wife Moonmoon.
The first half of training was boring and I was in a slumber sitting in my usual favourite seat. But second half was lively with basics of swaps. Tomm should be more interesting with problems solving.
Mom’s blood and other reports reveal better condition. So though the day started of heavily, it has a happy ending.

I got this in mail today…………..

How Much You Are Worth?A well known speaker started off his seminar by holding up a $20 bill.In the room of 200, he asked, "Who would like this $20 bill?"Hands started going up.He said, "I am going to give this $20 to one of you but first, let me dothis." He proceeded to crumple the dollar bill up.He then asked, "Who still wants it?" Still, the hands were up in the air."Well," he replied, "What if I do this?"? And he dropped it on the groundand started to grind it into the floor with his shoe, crumpled and dirty."Now who still wants it?" Still the hands went into the air."My friends, you have all learned a very valuable lesson. No matter what Idid to the money, you still wanted it because it did not decrease in value.It was still worth $20.Many times in our lives, we are dropped, crumpled, and ground into the dirtby the decisions we make and the circumstances that come our way. We feel asthough we are worthless. But no matter what has happened or what willhappen, you will never lose your value in the eyes of those who love you.*You are special - Don't ever forget it!