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Innovative Financial Instruments-B.V.Raghunandan,SVS College, Bantwal,[object Object],Department of Commerce and Management Studies, ,[object Object],University of Calicut,[object Object],February 10,2010,[object Object]
Financial Instrument,[object Object],The basic documents issued to the large body of investors when an organisation or institution raises  the funds from a large body of investors,[object Object],Standardised document as per statute or governing institution containing features of the relation between the fund raiser and the user,[object Object],Limited formats,[object Object]
Innovation in the Instrument,[object Object],Altering the terms of issue in a novel way in order to achieve the predetermined purpose,[object Object]
Purpose of Innovation,[object Object],Different Type of Credit Control and Macro-level Liquidity Management,[object Object],Matching Cash Flow Requirement of the Fund Raiser,[object Object],Satisfying other Objectives like Retaining Management Control,[object Object],More Effective Catering to the Needs of the Investors,[object Object],Better Treasury Managment,[object Object]
RBI Initiative,[object Object],Liquidity Adjustment Facility (LAF),[object Object],              {Repo and Reverse Repo},[object Object],Collateralized Borrowing & Lending Obligations (CBLO),[object Object],Market Stabilisation Scheme (MSS),[object Object],Perpetual Bonds or Innovative Bonds,[object Object]
RBI-Liquidity Adjustment Facility (LAF),[object Object],Repo and Reverse Repo as part of LAF  since 2000,[object Object],Designed to form the Interest Rate Platform within which all short-term interest rates will lie,[object Object],Together with CRR, it has become an effective short-term liquidity management tool,[object Object],Needed to manage the unexpected movement of funds into and out of the country due to Hedge Funds and Others,[object Object]
RBI-CBLO,[object Object],Introduced by CCIL in 2003,[object Object],A Wider Call Money Market,[object Object],Participation by Pledging specified securities with CCIL,[object Object],Participation by NBFCs and Corporate also apart from usual  Call Money Market Players,[object Object],One Day or more,[object Object],Better Treasury Management by Corporate,[object Object],Better Profitability of Banks,[object Object],Cheaper Market than Call Money Market,[object Object]
RBI-Market Stabilisation Scheme,[object Object],Launched  in 2004 through an MOU between RBI and the Central Government,[object Object],Part of a Longer Period Sterilisation of Market,[object Object],Managing Liquidity Problems arising out of Forex Remittances,[object Object],RBI to issue after consultation with Government,[object Object],Sale of Treasury Bills  and Dated Securities through Auction,[object Object],Better Fiscal Accountability as they are issued against cash maintained by the Government with RBI ,[object Object]
Perpetual Bonds,[object Object],Introduced in 2005,[object Object],Issued by Scheduled Commercial Bankss,[object Object],15 year Tenure with a Roll on forever at the option of the Bank,[object Object],Part of Tier I Capital of Banks,[object Object],Enabling the Banks to meet Basel Norm regarding Capital Adequacy Ratio,[object Object],Insurance Companies are usually the investors,[object Object]
Corporate-India,[object Object],Bonus Debenture,[object Object],Zero Coupon Bonds,[object Object],FCCB,[object Object],Multiple Option Bonds,[object Object],Infrastructure Bonds,[object Object],Commercial Paper,[object Object],Certificate of Deposit,[object Object],Forex Backed Infrastructure Bonds,[object Object],Shares with Differential Voting Rights,[object Object],Bonus Preference Shares,[object Object],Time Share,[object Object],Plantation Share,[object Object],ADR/GDR,[object Object],Shares with Disproportionate Voting Rights,[object Object]
Bonus Debenture,[object Object],Rewarding Shareholder by better Treasury Management,[object Object],Hindustan Lever tried it in early 2000s,[object Object],Avoiding a Blown-up equity capital base,[object Object],Did not enthuse the investors much,[object Object],Concept did not catch the fancy of the market,[object Object]
Zero Coupon Bonds,[object Object],Interest in the form of discount on the face value of bonds,[object Object],Cross Border Investment,[object Object],Taxation benefit,[object Object],Better Treasury Management since postponing the payment of interest on redemption,[object Object],Where convertibility alone is the consideration, saving of interest,[object Object]
Foreign Currency Convertible Bonds,[object Object],Provisions of FEMA,[object Object],Convertibility is the cream,[object Object],Cross Border Investment,[object Object],Gained Popularity Recently ,[object Object]
Multiple Option Bonds,[object Object],Reliance Industries pioneered it in India,[object Object],Appealing to Different Requirements of Investors for Income Planning,[object Object],Flexibility in Tax Planning of Investors,[object Object],Payment of Interest is staggered with varied options,[object Object],Became Popular and adopted for Infrastructure Bonds also,[object Object]
Commercial Paper,[object Object], short-term security,[object Object],Rated instrument,[object Object],Issued by listed companies,[object Object],Short-term source of finance for corporates,[object Object],Banks and other corporates invest,[object Object],SBI-DFHI tried to create a secondary market, but failed,[object Object],Securities are held until maturity,[object Object]
Certificate of Deposit,[object Object],Banks allowed to issue COD by RBI since 1989 though  US banks were issuing since 1961,[object Object],Tapping large deposits of corporates and HNI,[object Object],Tenure is short-term for 3 months to one year,[object Object],Held until maturity,[object Object],SBI-DFHI buys the CODs,[object Object],No secondary market exists as SBI-DFHI is not able to accumulate sufficient CODs ,[object Object]
Forex Backed Infrastructure Bonds,[object Object], In 2009, For the First time RBI invested with a private fund,[object Object],The UK Subsidiary of India Infrastructure Finance Company Ltd issued the bonds,[object Object],The RBI used its foreign exchange reserve to invest in the bonds,[object Object],Indian firms operating in foreign countries can augment the resources by issuing such bonds,[object Object]
Shares with Differential Voting Rights,[object Object],A product for the M&A era,[object Object],Lesser Dilution of management control,[object Object],Each share carrying fraction of a vote,[object Object],Share issued at a discount,[object Object],Dividend is more than the dividend on the normal shares,[object Object],Tata Motors issued in 2008 (one tenth of vote, 305 against 340 per share and 5% more dividend)-Gujarat NRE Coke in the same year ,[object Object]
Bonus Preference Shares,[object Object],In 2003, Sun Pharmaceuticals issued bonus preference shares,[object Object],Better cash management,[object Object],Better than bonus debentures as there is no compulsion of payment of interest,[object Object],Did not enthuse the shareholders like the bonus equity shares,[object Object],Did not catch the fancy of the market,[object Object]
Time Share,[object Object],Property sharing for a certain number of days per year,[object Object],Used by Resorts in Tourist Destinations,[object Object],Sterling Group and a few other organisations tapped the market well,[object Object],Fancy ruled only for a few years,[object Object]
Plantation Share,[object Object],Came out with big fanfare,[object Object],Promised fantastic returns in the distant future,[object Object],Many gullible investors were taken for a ride,[object Object],Least Liquid instrument,[object Object],Only a few firms have a token presence,[object Object]
ADR/GDR,[object Object],Instruments issued to foreign investors in lieu of the shares deposited with a custodian in the home country,[object Object],Mainly to get the instruments of Instruments of Indian companies listed in foreign bourses,[object Object],Enhanced the image of Indian companies and added a global perspective,[object Object],Contributed to the volatility of Indian Market,[object Object]
Shares with Disproportionate Voting Rights,[object Object],New Companies Bill is doing away with shares with differential voting rights,[object Object],In its place, shares with superior voting rights are being proposed,[object Object],Helping the promoters to ward off hostile take-overs,[object Object],Lacking fairness,[object Object]
Dangers of Innovation,[object Object],Creating a hype,[object Object],Not a proper study is made before the introduction,[object Object],Complexity,[object Object],Complexity leads to lack of correction of wrong steps,[object Object],IT enabled financial system enables excesses which endanger the very survival of the firm,[object Object],Short term growth for higher managerial remuneration,[object Object]
Corporate-USA,[object Object],Collateralised Debt Obligation (CDO) in 70s,[object Object],Mortgage Backed Securities (MBOs) (pioneered by Larry Fink of First Boston Corporation in 1984),[object Object],Sub-prime Mortgages in 1990s due to the popularity of MBOs resulting in lowering rates of interest,[object Object],Credit Default Swaps (CDS) invented by Blythe Masters JP Morgan Chase in 1997,[object Object],CDS reaching 62.1 trillion dollars in 2007(AIG being the main player),[object Object]
The US Debacle,[object Object],2000-03 –Alan Greenspan cuts Fed Rates from 6% - 1%,[object Object],Banks go on a Lending Spree,[object Object],2004-Govt. Backed Lenders Fannie Mae, Ginnie Mae and Freddie Mac have nearly 20% of lending  to sub-prime clients,[object Object],2005-CDS market soars with increase in housing sector boom,[object Object],2006-Interest Rates rise to 5+%,[object Object],2007-08-the bubble burst in the housing sector,[object Object]
THANK YOU,[object Object]

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