Credit Rating 107 FINANCIAL SERVICES (3 CREDITS) (5 ) MODULE I Overview of Financial Services

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1 MODULE I Overview of Financial Services 107 FINANCIAL SERVICES (3 CREDITS) (5 ) Evolution Of Financial Services -Indian Financial System -Formal Financial System and Informal Financial System-Financial Institutions -Banking Companies and Non Banking Companies -Classification Of Non Banking Companies-Classification Of Activities Of Non Banking Finance Companies - Fund Based Activities--Fee Based Activities concepts, growth and trends of Fee Based and Fund Based activities. MODULE II Securitisation (10) Introduction, Definition, Concept, Players involved in Securitisation and Process of Securitisation. I Securitisation structure, Differentiate between Pass Through Certificate and Pass Through Securities, Instruments of Securitisation, Developments in Securitisation with recent trends MODULE III (10) Credit Rating Introduction- Concept of Credit rating- Meaning of Credit rating- Definition, Scope- need and Importance of credit rating in developing countries - Types of credit rating- Kinds of instruments rated- Credit rating symbols - Credit Rating advantages and disadvantages I Credit rating agencies in India CRISIL, CARE, ICRA and Fitch India - Process of Credit Rating and Methodology by Indian credit rating agencies - services rendered by credit rating agencies- Solicited rating and unsolicited rating Equity assessment vs Equity grading rating methodology for Financial services, Manufacturing companies, Banks and financial companies, Mutual funds, Insurance companies and IPO grading -Registration and Regulation of Credit rating agencies

2 MODULE III Depository (20) Overview of Depository system Key features of Depository system in India-depository Bank analogy-legal framework-eligibility criteria for a depository Agreement between Depository and Issuers- Rights and Obligations of Depositories- Records to maintained by Depository- services of Depository and functions of Depository-Organisation and functions of NSDL I Business Partners-System, procedures and Practices of NSDL Depository Participants Eligibility Criteria- Conditions for Grant of Registration- Steps for joining as a DP- Commencement-Rights and Obligations Cancellation of Certificate. Clearing Corporation/ Clearing House (CC/CH- admission criteria-issuers and R&T Eligibility Criteria-Role of Issuers/ R&T Agents in Dematerialisation of Securities.NSDL Application Sofeware.Service Standards- Branch office empowerment. NSDL charge Structure for business partners II Core Services Account Opening Types of Accounts- Types of Application Forms- Dematerialisation Process-Rematerilisation Process. Trading and Settlement-Off- Market Trade-Market Settlement Demat Shares. V Special Services Pledge and Hypothecation-Procedure for pledge / Hypothecation- procedure of confirmation of creation of Pledge/Hypothecations by Pledgee- Closure of a Pledge/ Hypothecation by Pledgor- Invocation of Pledge by Pledgee. Stock lending and Borrowing-Corporate actions Suggested Reading: 1.Khan M.Y, Financial Services,, Tata McGraw Hill 2.Kohak M.A., Financial Services in India, Digvijay Publication 3. Sanjiv Agrawal, Manual of Indian Capital Market 4. I.M. Pandey, Venture Capital - The Indian Expereience, Prentice Hall India 5. J.C. Verma., Venture Capital Financing in India, Response Books 6. J.K. Dietrich, Financial Services and Financial Institutions, Prentice Hall India

3 7. Stationary Guide for Non-Banking Financial Companies, Taxman Publishers Pvt. 8. V.A. Avadhani, Financial Services and Markets, Himalaya Publishing House 9.P.K. Sahoo, Financial Services and Markets, Himalaya Publishing House 10.B. L. Mathur, Changing Profile of Financial Services, Bookman Associates 11. Agarwala & Agarwala, Bulls, Bears & the Mouse, Macmillan 12. Dr. J.C. Verma, Credit Rating, Bharat Publication 13. Journal of Structure Finance 14. Journal of Investing 15. Journal of Financial Services

4 301 CORPORATE RESTRUCTURING (3 credits) Objective: To make the student understand about the significance and importance of corporate restructuring and the different ways of performing the task of restructuring. MODULE I 1. Introduction to Mergers and Acquisitions (15) Mergers and Acquisitions - An Overview : Various Forms of Corporate Restructuring Restructuring: Underlying Issues Merger Movements in the US Trends of Mergers and Acquisitions in India Growing need for Corporate Restructuring in Recent times. I Mergers and Acquisitions-Different Forms: Various types of Mergers Merger and Acquisition Process Participants in the Merger and Acquisition Process Post-merger Integration Reasons for Failure of Mergers and Acquisitions. MODULE II Theories of Mergers and Takeover Defenses (15) Theories of Mergers: Efficiency Theories Information and Signaling Agency Problems and Managerialism Free Cash Flow Hypothesis Market Power Taxes and their Impact on Merger Decisions Hubris Hypothesis. I Takeover Defenses: Friendly vs Hostile Takeovers Alternative Takeover Tactics Takeover Defenses Preventive Anti-takeover Measures Active Anti-takeover Amendments. MODULE III Going Private,Leveraged Buy-outs and Emergence of the M & A wave (15) Going Private and Leveraged Buy-outs Going-Private Transactions Methods of Going Private and Elements of a Typical LBO Operation Forms of LOB Financing - Characteristics of an

5 ideal Leveraged Buy-out Candidate Sources of Gains in LBOs Management Buy-outs Management Buy-ins Leveraged Cash-outs. I Emergence of the M & A wave India Inc.begins M & A innings Hostile Takeovers The Capital Markets Reactions. Recent Trends in M & A wave in Asia and Abroad. Suggested Readings 1. Weston, Chung, Hoag, Mergers, Restructuring and Corporate Control, PHI 2. S.Shiva Ramu, Corporate Growth through Mergers & Acquisitions, Sage Publications 3. John Humphrey, Kaplinsky and Saraph, Corporate Retructuring, Sage Publications 4. Sudarshan, The Essence of mergers and acquisitions,phi 5. Weston, Takeovers, Restructuring and Corporate Governance, PHI 6. S.Shiva Ramu, Restructuring and break-ups, Sage Publications 7. T.P Ghosh, Buyback of shares, Taxmann 8. Ranjit Kumar Mandal, Corporate Mergers in India,D.K.Publishers 9. Vijay Kumar Kaushal, Corporate Takeovers in India, D.K Publishers 10. Journal of Investing 11. Journal of Wealth Management 13. Journal Alternatives Management

6 301 CORPORATE RESTRUCTURING Objective: To make the student understand about the significance and importance of corporate restructuring and the different ways of performing the task of restructuring. Suggested Readings 1. Weston, Chung, Hoag, Mergers, Restructuring and Corporate Control, PHI 2. S.Shiva Ramu, Corporate Growth through Mergers & Acquisitions, Sage Publications 3. John Humphrey, Kaplinsky and Saraph, Corporate Retructuring, Sage Publications 4. Sudarshan, The Essence of mergers and acquisitions,phi 5. Weston, Takeovers, Restructuring and Corporate Governance, PHI 6. S.Shiva Ramu, Restructuring and break-ups, Sage Publications 7. T.P Ghosh, Buyback of shares, Taxmann 8. Ranjit Kumar Mandal, Corporate Mergers in India,D.K.Publishers 9. Vijay Kumar Kaushal, Corporate Takeovers in India, D.K Publishers

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