Argumentative Essay Topics About Softball

Argumentative Essay Topics About SoftballThe proper argumentative essay topics about softball are not as easy to come by as you might think. Sure, there are lots of questions out there that can be easily answered through one's personal experiences and observations.However, most people lack the experience to provide a truly satisfactory and accurate answer for any question posed. By using a solid outline that is clearly outlined from start to finish, the writer becomes more confident when addressing issues or problems that are faced by readers.Softball is a popular sport that people often try to emulate. While it is generally accepted that there are some bad apples in the bunch, in general, the general attitude and values of most players are good.Most fans look to see that the player's worthiness is not being questioned. When an athlete does something that violates the code of conduct, their status can be called into question. This will in turn affect the team's performance.While this topic might sound like it would be a controversial one, many people have been able to use the common sense that they've gained throughout their entire life to understand that softball is not a game for the weak. Anyone who has played baseball will understand this better than anyone else. There are often times that the same mistakes happen that led to players being disciplined in baseball, which can be seen as similar to softball, in the eyes of a court of law.Softball is a great sport for children. Those who play the game know that it is a game where discipline and teamwork are essential. By combining this with other sports like baseball, which has a well-known record of high discipline, it's obvious that there is no question that baseball is the better of the two.Softball is a fast paced sport. For a quick hit and run type of sport, this is something that can be quite appealing to many people. After all, a good game of softball is a lot of fun and will give the player lots of ener gy for playing the game again.So, using the same logic as baseball, softball should have a more attractive appeal to the American public. Not only is this something that would be a positive factor for America, but also something that could improve the life of countless people around the world.

Internship Report on Krachi Stock Exchange - Free Essay Example

Internship Report on Islamabad Stock Exchange By M Idrees Raja, MPA-IV. Department of Administrative Sciences, Quaid-I-Azam University, Islamabad. ? ? Acknowledgement I am thankful to almighty Allah who gives me courage to complete my internship in Islamabad Stock Exchange and completions of report this report for such purpose. I would like to appreciate my supervisor Prof. Mr. Ajmal Waheed Khan for his proper guidance and transferring knowledge to me. I am also thankful to Prof. Ghulam Shabair Khan Niazi who allowed me for internship at such tremendous place. I am grateful to Mr. Yousaf H. Mukhdum Secretary Islamabad Stock Exchange for his proper guidance despite his engagement in office. I am thankful Mr. Noman , Mr. Saqib Jalil Malik, Mr. Waris Khan Naizi, Mr. Kashif Rauf, Mr. Kamran Anwar, Syed Masood Shukat and all staff for deepful consideration towards me during my internship. May God bless them with success! ? ? ? ? M Idrees Raja. ? ? ? ? ? ? Signature Page Quaid-I-Azam University Islamabad. Islamabad Stock Exchange, Blue Area, Fazal-ul- Haq Road, Islamabad. ? ? ? ? ? ? Supervisor: Signature _______________________ Name ________________________ Designation ________________________ ? ? ? ? ? ? Coordinator Development Division: Signature _________________________ Name __________________________ Table of contents ? ? ? Executive Summary My internship proposal was accepted in May 2003 on the request of our department of Admin Sciences Quaid-I-Azam University, Islamabad. My internship was remained with the management of Stock exchange. I joined Islamabad Stock Exchange on July 2, 2003. During my internship I worked in following departments, I worked in department of company affairs for one and half week. I work on the development of web site on all companies, which were listed in stock exchange. During that time I make analysis of financial statements with different formulas and than enter on page of soft ware which was established for the purpose of web site. I also worked on code of corporate governance and listing regulation of Islamabad stock Exchange (ISE). I went in brokerage house for three days and observe various activities for trading of shares. I also worked on the clearing house. The functions of clearing were assessed and work for different activities performed. Worked one and half week in investor relation department. Worked one and half week in the department of internal control. Worked in one and half week department of finance. The financial system analyzed by me. For particle skill work was also done by me. ? ? ? ? ? Introduction Background of Study The internship report comprises a brief study on Islamabad Stock Exchange (ISE) during two months internship. The report is distributed in many parts according to nature and requirement of organization. Purpose of Study The purpose of study to develop skills through learning various aspects of organization. The study enables to get command on bookish knowledge through practical approach and to understand the difference in both approaches. This thing increases the knowledge and brings betterment in working within organizational environment. Scope of Study The working in stock exchange is different from other institutions. The ISE own internship schedule bound me to fallow it. (Annexature) It is difficult to study all aspects of organization in a limited time. The functioning in ISE is mostly related to finance departments in ISE except investor relation and upto some extent companies affairs are related to finance. The study focuses on field of finance including finance department. Methodology of Research The methodology of research consists all methods, which were possible during the internship in ISE. The following method were adopted by me, Interviews: The interviews were made on daily basis form the concerning departments in ISE. There are number of personas covered in interviews both top and lower management. The interviews were made in the form of prepared and unprepared. Before the interview general discussion were made for creating feasible environment. Questionnaire In prepared interviews the questions were asked consist on following nature, Open ended questions. Closed questions. Positive and Negative questions. Open Ended Questions: The open questions were asked more as compared to other types of questions. The open ended questions asked in different directions. The questions were asked more in number to top management when the response was given than an open discussion were made. ? ? ? Closed Ended Questions: Closed-ended questions were less in numbers as compared to other questions asked by me. the questioner were first developed and than asked to the management. in the form of scaling. Techniques in Questions: The methods of questions in open-ended technique were change question to question. In unprepared method the questions were asked according to information that I got from the respondent. But in open-ended questions were asked usually positive provided if the response was expected according to desire. If there was chance variation in questions than the questions were asked positively and than negatively after time consecutively. Sources of written Data: The data were collected from various authentic sources includes the newspapers, international books, national level books and literature. Other Methods: It includes the general observation, discussion with investors and consults the different record of Islamabad Stock Exchange (ISE). ? Scheme of Report The internship report, which I want to present, will consist on following department and related fragments, History of Islamabad stock exchange. This chapter includes about the location, establishment and background of Islamabad Stock Exchange (ISE). What is stock exchange? The chapter contains some definitions and overview about the stock exchange in Pakistan. Structure and Index of Islamabad stock exchange. This chapter has the basic importance about the ISE. This chapter comprises on the structure and index of ISE. Such information will help to understand the functions of ISE. Responsibility and functions of departments. The chapter 4 states the responsibilities existing departments of ISE. The working of different departments can be understood with the help of this chapter. Work which was done by me. The chapter contains work, which was performed by internee. Achievements of Islamabad stock exchange. The various achievements include in it. Future prospective of Islamabad stock exchange. The chapter contains the views about the future determination by ISE management and authorities related to it. My special achievements in Islamabad stock exchange. There are number of achievement got by internee during the internship, so this has a detail about it. Analysis. The chapter comprise on both type of analysis includes SWOT and PEST. The analyses were made briefly. Conclusion. The report contains a brief conclusion about the Islamabad Stock Exchange (ISE). Suggestion and recommendations. The suggestions and recommendation are written in the report with detail how to implement. The timing where these suggestions and recommendation will suitable is also stated in the report. Important statistics. Annextures. ? ? ? ? ? History of Islamabad stock exchange. The Islamabad stock exchange (Guarantee) Limited was incorporated on October 25,1989, under the companies ordinance 1984 as a company limited by guarantee. The exchange first times start trading in July, 1992. The main function of exchange to conduct, regulate, trade securities, government bonds, shares of companies and other related investment. There are 103 members of Islamabad stock exchange, But out of them 38 active only. The building of exchange is located in Blue Area, Fazal –ul- Haq Road Islamabad. The building is called Nafees Plaza, which has four stories, the building is acquired on rent basis under a contract and rent is paid on advance basis. The new building is under process near the Saudi Tower building, Islamabad. The building will consist 15 stories, including all facilities in it. The Islamabad stock exchange which was established in 1989 work under the company ordinance 1984. Securities exchange commission ordinance (SECP) 1969, securities exchange rules 1971. The exchange also has a memorandum and article of association, which was approved by SECP. The amendment cannot be made without prior approval of Securities and Exchange Commission of Pakistan (SECP). There are three regulating bodies of Islamabad stock exchange (ISE). First is the Securities and Exchange Commission of Pakistan (SECP) which is responsible for maintain regulations for securities and other matters related to companies. The other regulating body is coporate law authority, which has been merged in SECP, is responsible for law and order, which is implemented for stock exchange. The third body, which is the supreme, is the Ministry of Finance who sent instruction from time to time three exchanges including coporate law authority and SECP. There are 260 companies listed in Islamabad Stock Exchange and the strength of employees are 33 in number. There are 8 officers including M. D. and secretary of exchange in secretariat of ISE. The employees have different background of education with different qualification from various fields. Most numbers of employees are inter, graduate and masters. The master degree holders are less in numbers. The timing of trading in Islamabad Stock Exchange Friday is 9. 30 A. M. to12. 0 P. M. and 2. 30 P. M. to 4. 00 P. M.. For normal day it is 9. 30 A. M. to 2. 30 P. M, where the management timings are 9. 30A. M to 6. 00 P. M. The exchange remained closed on Saturday and Sunday in a week. In these days there are 260 companies are listed in ISE. There are no TFC’s registered in ISE. The preferred stock is only in one company n ame which is called Net Over Leasing Limited. The development of human resources is done by on the job training, seminars and workshops. The check and balance is maintained for each employee. The top management use management by walking around method (MBWA) for check and observe every employee. The promotion is based on performance and qualification of employee. The other things are seen are the mental approach, experience and qualification of the employee. The companies vary from time to time in ISE due to delisting and in some companies the merger case were existed. ? (Source: Annual Report of ISE and Economic Survey of Pakistan. ) ? ? ? ? ? ? (Source: Annual report and Economic Survey of Pakistan. ) ? ? (Source: Annual report and Economic Survey of Pakistan. ) (Source: Annual report of ISE. ) ? ? ? What is stock Exchange? The stock exchange performs various functions simultaneously for the growth and development of economy. It also depicts the economy as an instrument and help to analyze the economic condition of the country. Without strong position of stock exchanges the economy cannot be predicted that it will be healthy in future. The Securities and Exchange ordinance 1969 state that â€Å" Stock exchanges means any person who maintains or provides a market place or facilities for bringing together buyers and sellers of securities or for otherwise performing with respect to securities the functions commonly preformed by a Stock Exchanges, as that term is generally understood, and includes such market places and facilities. In Stock exchange the members meet to buy and sale stock. The principal of demand and supply is followed for price determination The exchange is managed by the board of directors consisting of certain members who may be broker, odd lot dealers and specialists. [Irshad Muhammad, 1998: 300] There are three stock exchanges working in our country for the prosperity of country. In ISE there are 260 companies are listed, where in KSE there are 701 and LSE has 582 companies. Stock Exchanges |Companies | |Islamabad Stock Exchange(ISE) |260 | |Lahore Stock Exchange(LSE) |582 | |Karachi Stock Exchange(KSE) |701 | The past history of ISE for companies listings vary from time to time. The stock exchange is a place where the buying and selling of shares are done. The management of stock exchange first observes the listing regulation for a company with authorized regulation. When a company got approval for listing in stock exchange. Then it offers the shares for sale to general public through initial public offering (IPO). This means that the shares are first offered for sale to general public. When public accepts the offer they purchase the shares from exchange and got ownership right in company. The future value of share is depending on the performance and repute of company. If the performance is good and demand is high than the value of shares will be appreciated. Conversely if performance is bad than the value of shares will go down, it is because the insufficient demand for share will occur in the market. The investors can earn the profit on shares by two ways, first from the appreciation of shares, which is also called capital gain, secondly when they receive dividends on shares. Investment in stock Exchange The investment in stock exchange is different from other sectors of economy. When an individual commits for the investment. He first opens the account to the member of stock exchange. The are three types of members in stock exchange, individual members, at partnership and corporate members. It is not necessary that all members should be active. It will be best decision for the investor for the choice best member on the basis of his repute, where he wants to open the account, is holding the office in stock exchange. In case of office is holding in other place instead of exchange building by member, investor should confirm from the stock exchange management or Securities and Exchange Commission (SECP) about the existence of office. After opening the account, a investor become the member of the brokerage house, in which he opens his account. In these days the limit to open account in a brokerage house on the behalf of member is the Rs. 10,000 at least. When the process of account is completed, the investor can acquire the shares from exchange by giving order. The shares are usually offer in lots, which varies from company to company. Strategy to Minimize the Risk It is better strategy for investment that the investor should aware of company, which he wants to purchase the shares. In stock exchange most of the investors prefer to invest in blue chips. It is because they considered that through trading in blue chips, their investment will be secured and they can protect them from big losses. There are some strategies to invest for maximum gain, Investment should made in different sectors and in different companies. The market trend and policies of company should be analyzed before the investment. Before the investment, it will be better that the investor should check the reports of companies whether quarterly, semiannually or annually. Due to this, he can check whether the company follows the code of corporate governance or not? The other advantage that he can observe the trend of profitability of companies towards the future whether their financial position is sound or not? The other method is taking the long position. In this method the investor expect that the prices of shares will go up as compared to now. But he should conscious the situation with logic and complete information about the future trend of market. Most investors can take short position for trading of shares in the market. The short position is usually taken for one day. It will better for investor to take position after opening some time in market and observing high and low price in the specific day at which he is taking position in a specific day. By making the investment in trusts and mutual funds the risk or tension trade off for some time. Precaution for investor There are some precautions for the investor before making the investment in stock market and during the trading process. These are, To avoid from the rumors the investors should reconfirm the news from the responsible authorities After giving the order for purchase or sale of shares to broker. The investor should verify that the order is placed without any error. He should check size of lots, name of company, price which he asked for such trade, date and the price at which he want to purchase or sale the shares. It is essential investor should get surety about fairness of member for the trade purpose from Securities and Exchange Commission of Pakistan (SECP). ? ? Instruments and statistical calculations for maximum Gain. Most of the investors in Islamabad Stock Exchange (ISE) do not aware the statistical tools for maximum gain. They prefer market trend and the situation of the market of Karachi Stock Exchange (KSE). After taking interviews they were unable to tell about the use of Statistics. There are some instruments given below to get maximum gain from the market. Mean: Mean is simple to use as a statistical instrument for investment in market. The mean can be got from sum of values of shares divided by number of years. For analyze the trend of a company shares for the purpose of investment in stock, it can be got sum of total market shares value for different periods divided by number of time period in which the investor is interested. Formula: Mean = Total values of share during different years Total numbers of years. Geometric Mean (G. M. ): It is defined as â€Å"the nth root of the product resulting from multiplying a series of return relatives together. † Geometric Mean (G. M. ) is the other measure of the central tendency. It measures the compound rate of growth over different periods of time. It is often used in investments and finance to reflect the steady growth rate of invested funds over some past period; that is the uniform rate at which money actually grew over multiple periods. Formula: 1/n Geometric Mean = G. M. = [ (1+TR)(1+TR)(1+TR)] 1 Where TR is abortive of total return which can be find TR = I+(P1-P)/P I= Interest received during the period. P= Beginning price. P1= Ending price. In the case of shares TR will be TR= D+( Pe-Po) / Po D= Dividend. Po= Begging price. P1= Ending price. Standard Deviation: The standard deviation is used to measure the data change with each price or it is a tool to measure the deviation of data. The shareholder can check the variation of prices in shares through it. ? Formula: 2 2 S. D. = v ? X [(? X)] n n Correlation: It is the measure the relationship in the data between two variables. In stock exchange it is applicable when the shareholder hold the shares of two ompanies or more and he want to check the relationship of prices or return on two different types of shares. After calculating the correlation the followings situation came in existence. Perfect positive correlation. Perfect negative correlation. Zero correlation. Perfect positive correlation: Perfect positive correlation exists when the relationships in securities move in same direction. This means when the return of one share or security increases then the other shares or security will also increase. It is shown by +0. 1. Perfect negative correlation: In perfect negative correlation the returns move in reverse direction. It means when the return of one type of shares is increase the other share return does not follow it and decrease in same way. It is denoted by –0. 1. Zero correlation: In this type of correlation there is no relationship between the two variables. On the base of return one security we cannot predict the other security. It is denoted by the O. Use of correlation for the investors: Correlation defines the relationships of two variables. Through the use of correlation the investor can analyze the whet the portfolio is profitable or not. Perfect positive correlation: The positive correlation provides no risk security. It is because when return of one share is gone down the other share returns also fallow it. So both shares return goes down and the investor will suffer loss. The investor can protect himself from such losses by applying the result from correlation, which is positive. He can avoid him before the investment from future losses. Negative correlation: The negative correlation is a good sign before making investment. When the return of one share decrease the other share return protect it with increase return, combining the securities with perfect negative correlation with each other eliminate risk altogether. Zero correlation: In this condition the risk cannot be eliminated totally but the practically it can be controlled upto some extent. Because it show no relationship. Perfect Negative correlation: Perfect negative correlation with each other share can reduce the risk. In the case of perfect negative correlation the returns related to one security compensate the other security. Formula: Correlation = ? XY – (? X)(? Y) 2 2 2 2 v ? X – (? X) v ? Y – (? Y) ? ? ? ? ? ? Terms used in Stock Exchanges Share: It is certificate of ownership in a company in which the investor made the investment. The shares are issued to the owner who purchases the shares from the stock market. Shares are issued usually by the companies in lots of different sizes. The common lot in the market is 500. Bull: Bull is a trend when the prices of most of the companies shares rise up. Market usually goes to bull when demand of shares is more than the supply of shares. Bear: Bear is reciprocal of bull in which the market falls down and the prices of majority of companies go down. In bear the supply of share is more than the demand of shares. Capital Gain: It is the situation when the prices of shares are gone to up than the value at which the investor buys the shares. There are many reasons for such higher in market. These include reasons may be political, economical, the performance of the company or any other in the market. ? Badla or Carry Over Trade: It the form of trade in which the individual or any institution provides the loan on short term usually for one day. The Badla rate is high than the market rate. The variation in badla rates can negatively or positively effect in market situation. Blue chips: Blue chips are those companies in which the maximum trade is done in a day. The investors done maximum trade in these companies with the expectation of maximum profit. The volume of these companies is high than other companies in the market. The other thing is that blue chips companies are the best performer in the market. The shares of such companies is easily available. In these days PTCL, HUBCO ,PSO, FFCC Jordan are the blue chips. Dividend: It the part of profit which is given to the owner of share. A part of profit is distributed among the shareholders. Ordinary shares: The most common from of shares and these shares are issued by maximum companies. The dividends depending on profitability of the company and recommendation of directors. ? Preferred shares: In this type of share the profit is given to the shareholder at fixed rate. If the company earn more profit than the shareholder cannot contribute in profit, in the case of loss he feels comfort because the earning of share is remained secure. In Pakistan the preferred share Initial Public Offering (IPO): When a company first time launches its shares in the market to general public for sale is called initial public offering (IPO). Private Placement or Inside Trading: In the type of trading the purchase or sale is made by a person who has inside information about the company which is not generally available in the market. In Pakistan such deal is illegal. Long Position: The share is purchased with intention that in future the price of shares will go up. After observing their suitable position he sale these shares in the market and earn profit. Short Position: In this type of trading the investor purchase the share s of the company with intention that he sale after some time when the price of shares will go up. When the sale is made than after he purchase again when the price go down. The earning is made time to time from such sale. This type of trading is called short position. Portfolio: When the investor purchases the shares of different companies to reduce the risk from the market the whole collection is called portfolio. Capital Gain: This is the appreciation on the price of shares, which exist in future. When the shares are bought by the investors after a some period the price of such share rise up due to excellent performance of company or any other reason, the investor can earn profit by selling it in the market this is called capital gain. Capital gain = Market prices of shares Price at which the shares purchased Investment corporation of Pakistan (ICP): The Investment Corporation of Pakistan is a body, which invest in different companies and make portfolio of it. On the behalf of such investment it issue units, which are called ICP units. Through purchase of such units the investor relaxes due to less tension, it is because he is not involved in trading process. Right Issue: When a company want to issue more shares in the market, it is a choice for the company that it offer shares first to existing shareholders. By using this option of right issue ownership will remain to existing shareholder and do not divided to other people. If the existing shareholder do not take interest in buying new shares than after some days the right is transferred to general public. Settlement: There are two type of settlements T+1 Under T+1 system the transaction is made on spot within day. T+3 In this system the transaction is made first day and clearance is made on third day. Term Finance Certificates (TFC’s): The term finance certificates are resembles to bonds, which are issued by companies for aim to generate the funds from general public. When the investor purchase TFC’s the receive interest from the companies. ? ? ? ? ? ? Structure and Index of Stock Exchange The stock exchange has different departments. The departments perform various functions according to their responsibilities. There are five main deferent departments in ISE, which are following, Department of Companies Affairs. Department of Investor Relation. Department of Internal Control. Department of General Administration. Department of Finance. Board of directors The board of director comprises the 10 directors, 1 chairman of stock exchange. The 6 directors in ISE board are belonging to SECP and five are elected from the exchange in annual general meeting. Committees There are number of standing committees for efficient functions of management in ISE, Research and development committee. Information technology committee. Seminars, training publication. Floor mediation committee. SECP coordination, rules regulation committee. Taxation committee. Employment, administration finance committee. Membership committee. Companies affairs, listing active participation committee. Default management committee. Inter stock exchange committee. New building committee. Arbitration committee. Building maintenance committee. The committees above mentioned perform a important role in different matters existing in exchange. Each committee contains various members including one Chairman of committee. The article of association decide the following provisions regarding to the committees, Other Committees The director may from time to time and at any time constitute a committee consisting of two or more persons, whether director or members, as they think fit, to undertake any function and responsibilities entrusted to it/them by the directors. Any committee so formed shall, in the exercise of the power so delegated, conform to any restriction that may be imposed on it by the directors. Convener of Committee Meetings: A committee may elect a convener of its meetings, but, if no such convener is elected, or if at meeting the convener is not present within fifteen (15) minutes after the time appointed for holding the same or is unwilling or unwilling to act as converner, the members present may choose one of their members to be convener of the meeting. Proceeding of Committee Members: â€Å"A committee may meet and adjourn, as it thinks proper. Questions arising at any meeting shall be determined by a majority of votes of the members present. In case of an equality of votes, the convener shall have and exercise a second or casting vote. † (Memorandum and Article of association, Page98). Hierarchy Level: There are different hierarchy levels in ISE. For officer the levels start from associate manager to M. D. and chairman of the exchange. The tier of hierarchy is following, Chairman. Managing Director. Directors. Secretary. General Manager. Senior Executive Secretary. Associate Managers. Staff. (Annexture) Responsibilities: The responsibilities of different positions are assessed on the bases of qualification, authority and experience. Chairman: The chairman is elected in the meeting of directors with subjects to limit for one year. In case of other person is not ready to elect as a chairman he will eligible to reelection. The chairman can hold this position for consecutive three years under this condition. For next time he will eligible after a year for election. The chairman hold office and observe that all function are going according will on the behalf of directors. The chairman is liable to perform the following main functions, To observe the policies of management and whole functions of exchange for the better interest of members and directors. To approval of any document which is sent by managing director (M. D. ) without any objection. If on any complex matter regarding to policymaking he understand that the meeting should call than he should call the meeting. To preside all meeting of exchange. Managing Director (M. D. ): The managing director is responsible for the whole function of exchange. He liable for the functions of staff to the Chairman. The board does the appointment of M. D. for the period of three years. The person who is elected as a M. D. is restricted to hold any other business or activity of trading in stock exchange. He is an independent person in exchange and full time paid employee of exchange. He is liable for following right and duties, To sustain the routine matters regarding to exchange. He can perform all functions for the betterment of management. He can arrange the training of the staff according to requirement. He can act for disciplinary actions for smooth functioning in trading of members. He responsible to provide the information to director on demand from them. He can give the summary regarding to policies of exchange in different matters. He is responsible to maintain the accounts upto date and present in meeting on the behalf of management. Directors: The director is elected in election trough the election. The board of directors has power to give the approval for any borrowing for the purpose of future growth of exchange. The director has right to inspect the accounts of exchange at any time. The directors has following rights and liabilities, The directors in the meeting of the board can give approval of loan whether in the form of bonds, TFC’s or any other security. The can inspect the accounts of exchange at any time. They can give their opinion regarding to any matter in board meeting. Any resolution cannot be approve without the prior approval of directors. They can give approval regarding to any investment for exchange in future. Secretary: The secretary is senior officer of stock exchange. He is head of secretariat and responsible to general management. He is also obligated for work, which is assigned to him from Chairman and Managing director. The main functions of secretary are, He possess the common seal of exchange and responsible for it. He has authority to verify the expenses before sending the minute sheet to Managing director For annual general meeting he issues the notice to members. On the instruction of chairman he is responsible to call the meeting board and to inform the members. He can perform the functions regarding to director finance. He responsible to attend the meeting the board of directors. He arranges the training and rehabilitation. He is responsible completion of any formality regarding to authorities e. g. SECP, Ministry of Finance. General Manager: The general manager is responsible for all functions for all matters regarding to different departments, which are working under him. He performs the following functions, He provides the consultancy service to departments. He performs the daily matters regarding to general management. He is responsible for any function regarding to any department on behalf of associate manager of department. He remained contact with SECP and ther exchanges for information. He can make any decision regarding to fine and delisting of any company with the consultation of Secretary and Managing director. Senior Executive Secretary: Senior executive secretary performs her part of duties for Chairman and Managing director. She perform the following main functions, To note all telephone messages of Chairman and Managing director. To handle all incoming and outgoing faxes. Arrange hotel booking of chairman/ Managing director Executives of ISE. Arrange all appointments of Chairman and Managing director. To check all mail of Chairman and Managing director. Maintain all personal and official files of Chairman and Managing director. Work as a telephone operator for chairman and Managing director. Associate Manager: Associate manager head of his department. He works according to instructions of general manager and secretary. The associate manager sent summary on different matter regarding his department to above management. He is responsible for functions of his department. He sent the report to Managing director with the advisory of general manager. He is chargeable if any thing due or any regulation exist regarding to law related to his department. Staff: The staff performs various functions, which are assigned to him. The staff is not directly responsible to all functions but on behalf of associate mangers. Performance Evaluation: The performance of an employee is evaluated on the basis of every six months. The performance is evaluated with the help of performance evaluation committee. The letters are sent to employee for purpose of acknowledgement from secretary on the behalf of committee. Salary and Packages: The level of salary is very low in ISE as compared to other business. On the time of offering for first joining it start from Rs. 9000. There is no other reward for employees of ISE on excellent performance. However the exchange pays fee of employees children who are not more than two in numbers. Behavior of Employees: The behavior of employees including top management vary from person to person, at average it is good. The main problem in the way of employee is the time availability from work, despite the problems they coordinate to each other. Culture: The employees belong to different areas of the country, so ISE is the multiculter organization. Language: Most of the communication is done in Urdu but the official language, which is used in correspondence, is English Dress: All officers are bound to wear paint shirts with ties by secretary of exchange. As far as concern with lower management they have option in dress. Unity: Within organization all employees are considered like a part of family. ? ? ? ? ? ? ? Islamabad Stock Exchange Index The index used by Karachi Stock Exchange (KSE) is called 100 index, where the Lahore Stock Exchange (LSE) uses the 101 index. The index is maintained in KSE by sector wise. The index, which is used by Islamabad Stock Exchange (ISE) the different from KSE and LSE. The index of ISE is the composite index. It was developed by Vital Information Services (Pvt. ) Limited, a financial and data base company, How contract? It is constructed in following way, Suppose, Base Date = 30th November 1996. Date of Publication = 1st March, 1996 Total companies 260 Multiple or Base figure 10,000 Let the are three prices or scrips A,B,C A= 10 B=15 C=20 By calculating the G. M. G. M. = Antilog{ log(10)+log(15)+log(20)}/3 Antilog(1. 15) = 13. 48 let t which is time changed than, A=12 B=17 C=25 Than G. M. = Atilog{log(12)+ log(17)+log(25)}/3 = Antilog(1. 233) = 17. 10 Index =17. 10/13. 48(10,000) = 12,685. 45 It can be calculated also, =v log(10). log(15). log(20) =13. 48 1/3 = v log(12). log(17). log(25) =17. 10 Index = 17. 10/13. 48(10,000) = 12,685. 45 ? Department of company Affairs The department of company affairs is respon sible for all functions and matters related to companies which are listed in stock exchange or the companies who want to be listed in stock exchange. This department sent reports to G. M, sectary and M. D. for final approval on decision. The department receives instructions from SECP from time to time. They have authority to list or delist any company if the company does not meet the requirement of law. They have also authority to impose the penalties for late submission of quarterly or annually report or in case of not submission according to code of corporate governance and other related regulation. In these days the department is establishing web site in which the sales, profit before tax. Book value, listing date and other related information is given for investor facility. On launch this facility the investors can take decision about the investment in various companies. The main function of department deal with companies affairs on behalf of Islamabad stock exchange (ISE) according to instructions of Securities and Exchange Commission of Pakistan. (SECP) and Ministry of Finance. In routine matters the department perform the followings functions, Receive Reports: The department receives reports from companies and maintains it. If the reports are sufficient than the department sent it in the brokerage houses for investors. Impose Penalties: The department can impose penalties on the companies according to code of corporate governance on companies for violation of rules belongs to ISE. Loss of shares: If the shares are lost from shareholders due to any reason, after receiving the complaints from shareholders the department verify about the existence of shares in stock exchange. The department sent the requests to companies for issue of duplicate shares and arrange such. Dividends: The department of Companies affairs can take actions against the companies, which are failed to pay dividend to shareholders during five with the help above management. Code of Coporate Governance: The main document, which comes under consideration of department of companies’ affairs, is the code of coporate governance, which is implemented on three exchanges with the effect 2002. There are some important provisions of code of corporate governance are following, All listed companies shall encourage effective participation of independent director non executive directors, including those representing minority interest, on their board of directors who represent the minority shareholders. The director of listed company shall, at the time of filling their consent to act as such, give a declaration in such consent that they are aware of their duties and powers under the relevant laws and the listed companies memorandum and article of association and the regulation of listing in stock exchanges. No listed company shall have a director, a person who is serving as a director of ten other listed companies. No person shall elected as a director of a listed company if: His name is not borne on the register of National tax payer except where such person is non-resident and He has convicted by court of competent jurisdiction as a defaulter in payment of any loan to banking company, a development institution, or being member of stock exchange he declare defaulter of such exchange. A list company shall endeavor that no person is elected or nominated as a director if he or his spouse is engaged in the business of stock brokerage. The tenure of directors should be for three years. The directors of listed companies shall exercise their powers and carry their duties with the sense of objectivity judgement and independence in the best interest of the company. The chairman of listed company, if present shall preside over the meeting of board of directors. The board of director shall meet at least once in the quarter of every financial year. All listed shall make carry appropriate arrangements for courses for their directors, for making acquaint them with their duties and responsibilities. The appointment, remuneration and term and conditions for employment of the chief financial officer, the company secretary and the head of internal audit of listed companies shall be determined by the CEO with approval of the board of directors, the CFO or the company secretary of the listed companies shall not be removed except by the CEO with the approval of the board of directors. The quarterly unaudited financial statements of listed companies shall be published and circulated along with directors review on the affairs of the listed company for the company. Listing of companies No dealing in securities of a company shall be allowed on the exchange. The permission under sub regulation (1) may be granted upon an application being made by the company or in respect of the securities in the manner described. The exchange such permission will concern among other things, sufficiency of public interest in the company of the securities. The exchange shall decide the questions of granting permission with in a maximum period of three month from the date of receive listing application. In case the permission is refused, the reason thereof will be communicated to the applicant and the authority within two weak of the decision. The board will be the sole authority to grant defer or refuse such permission and may for that purpose, relax any of these regulation subject only to 2/3 majority of the directors present at such meeting of the board and so desolving. De-listing and suspension: A listed company shall be de list d or suspended for the following reasons, If its securities are quoted below 50% of face value for a continuos period of three years. Provided that if the shares of the company quoted at 50% or above of their face value then such a rate is maintained for a continuos period of thirty working days. if it has failed to declare dividend or bonus for five from the date of declaration of last dividend or bonus or In the case of manufacturing companies, for 5 years from the date of commencement of production. For five from the date of commencement of business in others cases. If it has to hold it annual general meeting for a continuos. If it has failed to hold it annual meeting of a continuos period of 3 year. If it has gone into liquidation either voluntary or under court order. If it has failed to submit the annual listing fee. No Company, which has been de-listed or suspended, shall be resorted and its shares re-quoted until it removes the causes of delisting and receives the assent of the board for the restoration. ? ? ? ? Recording Department This department although is sub department. This department is responsible for maintain the record for all matter related to stock exchange. They have different folders, for individuals, for general nature and for companies affairs. This record is maintained manually, they maintain the shelves according to nature of companies e. g. the companies related to petroleum are maintained in one part of shelves, chemical sector is also mainted in one area of shelves. For external and internal correspondence, the department maintains two types of record registers separately. The register contain the following columns, Reference No Month and date. Receiving number. Companydepartment name. The dispatch register contain following columns, Issue number. Month and date. Place where to send. Subject. ? Internal correspondence: In ISE most communication is done through letters, when a letter comes from outside they maintained a record in shelves according to nature of letter whether it is related to companies affairs or general in nature. On arrive first the letter is stamped on which date, the day name and serial number is given to letter. In recording register the letter is registered. After recording they sent the letter to concerning department for further process. If the department is not mentioned on letter in which the letter will go. The recording department observes the place of letter. The general letters are sent to department of general administration. When the process is complete from the concerning department letter is sent to sectary and M. D. for final approval. After returning the letter from concerning department the recording department maintains the copy of record in related file. For faxes and telegraph same procedure is adopted. External correspondence: External correspondence is done after the process of documentation is complete. The different departments sent reply or instructions to companies or government departments. Every department sent letters to companies or different external departments according to their responsibility. The record section maintains a copy of document with entry on register. The record on dispatch the register is maintained with date wise and name of company or correspondence name where the letter will go. After preparing the envelops according to instructions of departments where the correspondence will go, a copy of document is disclosed in company or department files which is maintained separately. For faxes and telegraph the same method is applied. Brokerage House The brokerage house in which I worked is run by a member, whose name is Syed Masood Shaukat. There are three types of brokerage houses in Islamabad Stock Exchange. These are following, Individual brokerage house. Partnership brokerage house. Coporate brokerage house. The corporate brokerage houses have a private limited status. The right of ownership for member is transferable to other person. There are 103 members in Islamabad Stock Exchange (ISE). But the members who transact the business in stock exchange are 38 in number, in which individual members run 16 houses, 2 work at partnership bases and 20 exist in coporate form. There is no such fixation some about the transfer of membership to other person, it can be transferred at any time. The exchange charge fee for transfer of membership. System of House: The brokerage house is in the basement of Islamabad stock exchange. It is owned by individual. The houses comprise three big rooms including one hall in which the trade is done. Computer system: There is two systems work in hall, the two screens work at a time. In upper screen the activities of trade in Karachi Stock Market (KSE) with the prices of shares and sign of trend is shown. The screen moves swiftly within seconds with trading activities. The lower screen shows the prices of Islamabad stock Exchange (ISE) which is maintained by the brokerage house. Central Depositary Company (CDC): The central depositary is introduced some time ago for the purpose of on line trading. The stock exchange management has given ultimatum all companies that they should become member of central depositary company (CDC) before of July 31,2003. The central Depositary Company has a public limited status and its share is floating in market. Due to introduction of CDC now the duplication in shares in not possible in market. This system with rapid service also provides accuracy. Members: There are 103 members in stock Islamabad Stock Exchange (ISE). The active members are 38, in which 16 are individual, 2 at parterres and 20 are corporate. In Islamabad Stock Exchange (ISE) the individual brokerage houses are less in number as compared to coporate brokerage houses. ? ? ? ? Trading Process: The trading process is done on line but there is fiscal share trading also occur for some companies which is not become the member of CDC system upto know. After July 31, 2003 there is hope that the fiscal trading will be abolished. When an investor want to sale the share he first from the screen observe the price of shares of company which he is holding the shares. When he saw the he is in the position to make the profit in the market by making the comparison of the price of purchase and at which he want to sale he ask the broker to sale. In selling order he tells the company name, number of shares and the price at which he want to sale. The broker writes the instruction on computer for sale and place. Terms to become the Member of Brokerage House: For open the brokerage house the permission from Securities and Exchange Commission (SECP). The fee and other criteria vary according to instruction of SECP. There are following criteria, He should be a citizen of Pakistan. The age limit is at least 21 years with effect the date on which he is applying. iii) He should be at least graduate. iv) He should pay fee according to latest information Rs. 7500, 000. He should national tax payer. He should not defaulter of any financial institution or any body such that. The membership is transferable to other person, who is able to meet the criteria, which is mentioned above. All three exchanges in the country are restricted by Securities and Exchange Commission of Pakistan (SECP) that they cannot involve in any trading activity regarding to buying and selling of shares. The following activities, which a brokerage house or individual can perform with the permission of SECP, these are, He can sale his seat to other person. He can member of other stock exchanges at a time. He can issue a mutual or units in the form like ICP. ? ? ? ? ? ? ? Commission Slabs: ISE. KSE. Future. |Prices Limit. |Delivery | |Upto Rs. 5 million to Rs. 10 million. |0. 5 million. | |Above Rs. 10 million upto Rs. 20 million. |Rs. 0. 5 million plus 10% of amount exceeding 10 million. | |(Rs. 1. 5 million) | |Above Rs. 20 million upto 50 million. |Rs. 1. 50 million plus 20% million will amount exceeding Rs. 20 | | |million. | | |(Rs. 7. 50 million) | |Above Rs. 50 million and upto Rs. 100 million. |Rs. 7. 50 million plus 25% the amount exceeding 50 million. | | |(Rs. 0 million) | |Over Rs. 100 million. |Rs. 20 million plus amount exceeding Rs. 100 million. | | |(Rs. 50 million for exposure and margin upto 200 million. ) | ? ? Principal of Net Income from clearing: When Laga i s charged on the members accounts after deducting the commission of SECP, investor protection fund (IPF) and member protection fund (MPF) reaming income is the net income from the clearing. The allocation for IPF and MPF is made at the rate of 33. 3% for both after deducting the charges of commission for SECP. Income from clearing = Laga – SECP commission- IPF at 33. 33% MPF at 33. 33%. ? ? ? ? ? ? Department of Finance The finance department deals with all expenses and revenues for the stock exchange. The department uses both methods manually and through computer for recording entries. Sidat Haydir prepares the software, which is used by department for accounting purpose. The exchange pays the specific amount for such right using, beside this the software maker also provides technical services about the software. Codes of software: In finance department there is no direct entry is made about the good name. The account title is established in software with code number chart by department. When a code is entered in system the account name is written and further process for entry is done in ledger and trial balance automatically. The formation of code is made chronigicalay. e. g. Main code: 01 Sub code: 01-001 01-002 Main code is written for title name and sub code is written for further explanation of accounts. The finance department uses the 30 main codes for assets for liabilities. The some important main codes are, Main codes Main codes for assets |Main codes for liabilities | |Fixed assets 01 |Accumulated deficit 30 | |Accumulated depreciation 02 |Member fund 31 | |Long term investment 03 |Clearing house taxes 32 | |Capital work in progress 04 |Rent received in advance 33 | |Security deposits 05 |Advance from companies 34 | |Advance against expenses 06 |Accrued expenses 35 | |Advance against expenses 07 |Pa yable audit fee 36 | |Advance against source 08 |Security deposits from companies 37 | |Advance against tax deduction 09 |Member default 39 | |Advance prepaid 10 |Sundry creditors 40 | Depreciation: The depreciation is charge at the different rate according to exchange policy. The depreciation is charged with through straight line method. The important rates of depreciation is following, ? ? Rate of Depreciation Assets |Rate of Depreciation | |Furniture |10% | |Office Equipment’s |10% | |Computers |33% | |Automation |33% | |Motor vichle |20% | ? Vouchers: When the expense is made is generated the finance department makes the voucher before the entry. There are two types of vouchers, Revenue vouchers or receipts. Expense vouchers. The voucher contain the following things, Name of person who made the expense or give revenue. Date. Particulars. Amount. Total. Expense: The expenses cannot be made without the permission of associate manager of general administration, Managing director, Chairman and secretary. Before expenses the list is made for expenses which is called minute sheet . It is sent to associate manager, Managing director. and chairman for approval. After the approval on sheet the voucher are made according to list and payment is given in form of cheques or cash. If the expense is related to routine matter and small than payment is made in form of cash. In case of high payment, cheques make it. If the others departments want to do some expenses for the purpose of business than they will sent internal office memorandum ( IOM ) to finance department. The internal office memorandum also contains the quotations from different stores. After observing the best alternative the associate manager of general administration asks accountant to prepare minute sheet for approval, the remaining process will remain same for expenses. Revenues: The revenues are received from various sources. When finance department receives the revenues, the vouchers are made with name of sources and date at which it is received by department. The vouchers are made with the help of carbon papers. The original copy is given to the person for his record and carbon copies which contains the yellow and Red color is maintained in the record. Transferring: The depositary slip is maintained for the purpose for deposit in the bank. It contains two parts. When the amount is submitted in the account the entrance is made on depositary slip. If the cash will be deposited in the bank than the entry is made with the note of cash with name of source. But in the case of cheques the cheque numbers are written on the depositary book. The one part of the book is torn and disclosed with cheques for sending in the bank. The other part remained in the book for record. Bank Statement: The bank is received from bank after every six months but know it is collected before every quarter or at any special requirement. The cash book balance is reconciled with bank statement, if any discrepancy arise than it is conformed and adjusted. Budget: The budget is made quarterly basis and than compared with year. For the purpose of budget the department ask other departments to send the estimated expenses and revenue. If there is any special requirement exist than write. The departments send their reports for every quarter. The department compare all estimated budgets before closing of year, if the situation is not meeting according to standard than the department ask other departments to make effort for recovery before closing of the year. Audit: The audit is made with strict measures, there are two types of audits which is used in ISE, Internal audit. External audit. Internal audit: The department of finance makes the internal audit for advance disclose of record before the starting external audit. When the external audit is start it make easy for the department to become faster for such purpose. External audit: The audit is done at the end of quarter in ISE by a reputable firm. There are numbers of auditors in the list of ISE. After the completion of quarterly audits, the annually audit is also done. Principal of audit: Various firms from year to year complete the audit. In annual general meeting the decision is made for selection of auditor and its remuneration. ? ? ? ? ? ? Department of Internal Control The department of under internal performs the technical sensitive functions in Islamabad Stock Exchange (ISE). The main functions of department are, Operate with risk management in ISE. To deal members of ISE. To supervise the information technology (IT) department and clearing house. To deal with Market Monitoring and Surveillance Wing (MSW). Send reports regarding to trading and related matters to Managing director and Secretary of exchange. To give suggestions to SECP for impose penalty on the member in the case of violation. The risk management is the important factor in the business of stock exchange. The department work under the supervision of Marketing Monitoring and Surveillance Wing (MSW) of SECP. The clearing house is a sub department of Internal Control department. Operate with Risk Management: The risk management is the important factor of ISE, different measure are adopted for such purpose in ISE. For efficient functions, a separate department is working in SECP which monitor the functions continuously. Deal with Members: The department deals with the members and gives them instructions regarding to different matters relating to trade. If the member violate any rule regulation than the department recommend and impose penalty for such violence with the help of SECP. Deal with Information Technology (IT) and Clearing House: The information technology department and clearing house are sub departments of internal control. The departments send report regarding to routine matters to internal control. The department also performs some administrative functions for these department. Reporting Role: The department is liable to send report to secretary and managing director. When a special case arises than the department sent special reports and consults them in affairs. Market Monitoring and Surveillance Wing (MSW): This wing was newly established, it is directly connected to ISE and monitors the risk functions. If any complexity in matter arises than the department informs and sent notices to members on the behalf of department of internal control. ? ? ? Contract for web site: The department contract for web site with companies with the help of IT department in ISE. The IT department provides the technical services for such purpose. Control the system audit: The system audit is control by department of internal control. This system newly introduced by ISE, under which the members are bound for audit from reputable charted accountant firm. After reporting from charted account firms a list is prepared for purpose of such audit regarding to members.. If the report is unclear or qualified than some time is given for re audit, despite the time giving if the members fail to re audit or for clearance such audit, the report is send to SECP. After the receiving the report from SECP, the action is taken against such member. Scope of system audit: 1. To ensue that the members is following all the rules and regulations of the exchanges. 2. to ensure that there is a proper documentation and interaction between client and member, 3. To ensure that the member is operating trading workstation properly as required by exchange. 4. To ensure that the members properly paying the dues of exchange. 5. To check that in case of agents, the members are complying with regulation that relate to the registration by exchange. 6. to make sure that the books and record maintain properly, 7. To that the client marinating margin with exchange. 8. To ensure that the member registered properly with SECP and renews its registration annually. 9. To ensure the maintenance by the member of proper record of transactions involving central Depositary company. 10. To ensure that the member prepare its annual financial statements and that these are audited by a practicing by a practicing Charted accountant where the member is a coporate one. 11. To ensure that the future contracts are according to regulation. 12. To ensure that the lots transactions are properly recorded. ? ? ? ? ? ? ? ? ? ? ? Department of Investor Relations Department of investor relations perform the following functions, To provide all information with respect to members on requirements of investors. To deal with the complaints of investors in stock exchange. To meet all legal compliance in judiciary. Maintain the newspapers. Information to members: The information is providing to investor on requirement regarding to member and brokerage house. Complaints of Investors: The complains are received from investors, after completing the procedure the documents are sent to the board of directors for purpose of final decision. If the board observe that the complain is verified than the board made bound the member for recovery. In case of not following the case is referred to court for recovery. Legal compliance: The department of Investor relation is the representative of ISE in the court. It is also responsible to provide all record regarding to member on the demand of court. The department should work for investor welfare. Maintain news: The department is responsible to maintain the record of the newspapers, if the news is related to the important factors, which can effect the performance of stock mark

Different Types of Personal Experiencing Essay Topics

Different Types of Personal Experiencing Essay TopicsPersonal Experience Essay Topics are great for creating personal and creative paper. Writing personal experiences can help you express yourself better and allows you to relate better to the paper. It allows you to focus on the things that made you the person you are today and helps you connect with others.The problem with other types of essays is that they are fairly static and they tend to read the same way over again. Whether it is due to the subject matter or just a general rule of thumb, it is important to remember that your audience will pick up on the tone of your essay. By writing in a conversational tone and addressing the readers in a more casual manner you will have them picking up on how you are feeling about your topic at the time you are writing your essay.What are some examples of Personal Experience Essay Topics? A lot of students don't like to think about their past in such a light and will put their 'past' in their present tense when writing. While you might want to write about it, it's usually better for you to have it be something else, like a personal experience rather than the facts of your 'past'.Also, the fact that you are writing a formal essay will likely make you want to address the fact that you had a traumatic experience in your past that you wish had never happened. Therefore, instead of writing about it, focus on expressing how the present situation has helped you grow as a person. How can your present situation make you a better person?Another reason that this type of essay is a better choice for many students is that it allows you to ask good questions without having to worry about spelling, grammar or punctuation. The reason most students tend to shy away from writing an essay is because of the time and effort required to prepare and revise the paper.Some students prefer this type of essay due to the fact that it allows them to focus on the facts and develop a better understan ding of what has gone on in their life. Instead of focusing on the negative that goes along with a past that was not a pleasant one, it is best to consider your present situation as the problem and your past as the solution.Many people consider Personal Experience Essay Topics to be the best for formal research papers as well. While writing a research paper, it is important to always look at how other people viewed the topic. The more you understand about a topic the easier it will be to explain why you feel the way you do about it.So if you're not sure about Personal Experience Essay Topics then think about how you feel about writing it. Write it down and see how the more casual you are talking the more comfortable you'll be. Also, get a little creative and experiment with your writing style to find what suits you best.