Smart Advance Diploma in Financial Market Management(ADFMM) with Algo Trading

Smart Advance Diploma in Financial Market Management(ADFMM) with Algo Trading (NISM-NCFM Certification)

Smart Advance Diploma in Financial Market Management(ADFMM) with Algo Trading (NISM-NCFM Certification)

Ahmedabad, Bhubaneswar

Admission: OPEN

Smart Advance Diploma in Financial Market Management(SADFMM)

About “SADFMM” Smart Advance Diploma in financial market management is a Foundation Course with 100% Job guarantee in broking houses, financial institutions and banking industry. It’s a new / latest course to get white-collar job placement. This course is totally based on research and experience followed by practical about stock, derivatives, options, commodity, and currency  market operations, risk management in brokering industry, investment advisor, technical analysis, fundamental analysis and research analyst in financial institutions and banks. 

This is a one year career oriented course in financial market a part of BFSI segment. NSE courses, SEBI courses and BSE certification courses are now in huge demand in broking houses, stock market advisory companies, IPO and investment advisory company. These companies need experts to serve their clients in retail or for corporates. This course is the combination of NCFM & NISM certification examination by Education wing of NSE & SEBI. Candidate has to clear these certification Exam and after certification the candidate will get the placement in various broking, Banking and Financial companies.

However, this course is quite useful for those who wants to be an expert in Stock Market Trading and can utilize their talents and experiences for Portfolio Management, Research Advisory services and Independent business owner in the field of Financial Market with a option for huge entrepreneurship

This course is divided in 10 modules including preparation and certification of NSE and SEBI certificates alog with theoretical and practical on live software used in stock market trading. Apart from this 11th module is of personality development with interview preparation for internship or on job training.

Apart from this we provide knowledge regarding ALGO Trading (Automated / Robotic Trading) to match with the upcoming future emerging market trends.

MODULE - 1

CAPITAL MARKET (DEALERS)

01.INTRODUCTION TO INVESTMENT AND DIFFERENT 

FINANCIAL PRODUCTS

WHAT ARE THE BASIC OF INVESTMENT?

INVESTMENT AVENUES

INVESTMENT QUOTES

WHY SHOUD INVESTED IN STOCK MARKET

02.AN OVERVIES OF INDIAN FINANCIAL MARKETS

UNDERSTANDING THE FINANCIAL SYSTEM

TYPES OF SECURITIES

EQUITY SHARES

DEBEBTURES

BONDS

STOCK EXCHANGE

PRIMARY MARKET

SECONDARY MARKET

IPO, FPO, RIGHT ISSUE

BOOK BUILDING 

MARKET INDEX

WHAT IS DEPOSITORY

MARKET CAPITALIZATION

MARKET CAPITALIZATION RATIO

TURNOVER 

TURNOVER RATIO 

MARKET SEGMENTS

CAPITAL MARKET

WHOLESALE DEBT MARKET

FUTURE & OPTIONS MARKET

CURRENCY DERIVATIVE MARKET

DEMUTUALISATION

DEMATERIALISATION

CLEARING CORPORATION

INVESTOR PROTECTION

DIRECT MARKET ACCESS

ASBA

ICDR

SLB

INDIA VIX

03.TRADING MEMBERSHIP 

STOCK BROKER

MEMBERSHIP IN NSE

NEW MEMBERSHIP CRITERIA

CORPORATE STRUCTURE

CAPITAL ADEQUACY

CONTINUING MEMBERSHIP

SUSPENSION AND EXPULSION OF MEMBERSHIP  

CLIENT BROKER RELASHIONSHIP

SUB BROKER

AUTHORIZED PERSONS

DISPUTE ARBITRATION ANDAPPEAL

CODE OF ADVERTISEMENT

04.TRADING 

TRADING MECHANISM

OPEN OUTCRY SYSTEM

ONLINE TRADING

TRADING NETWORK

ADVANTAGE OF SCREEN BASED TRADING

WHAT IS ORDER MANAGEMENT

TIME CONDITION 

PRICE CONDITION

ORDER MATCHING

MARKET TYPES

NORMAL MARKET

AUCTION MARKET

ODD LOT MARKET

RETAIL DEBT MARKET

HIERARCHY IN STOCK MARKET

MARKET PHASES

NEAT SCREEN

ACTIVITY LOG

SNAP QUOTE

ONLINE BACKUP

BASKET TRADING

ACTIVE AND PASSIVE ORDER

INDEX INQURY

PRICE FREEZE

PRICE BANDS

CIRCUIT BREAKERS

INTERNET BROKING

05.CLEARING, SETTLEMENT AND RISK MANAGEMENT

CLEARING AND SETTLEMENT:

KEY TERMINOLOGIES

FUNDS PAY-IN, SECURITIES PAY-IN

FUNDS PAY-OUT, SECURITIES PAY-OUT

AGENCY INVOLVED IN CLEARING AND SETTLEMENT PROCESS:

CLEARING CORPORATION

CLEARING MEMBER

CLEARING BANKS

DEPOSITORIES

HOW THE TRADE TAKE PLACE?

SETTLEMENT PROCESS

SETTLEMENT CYCLE

RISK IN SETTLEMENT:

COUNTER PARTY RISK

SYSTEM RISK

MARGIN MECHANISM:

VAR

ELM

MTM

CROSS MARGINING

PENALTY FOR MARGIN SHORTFALL

NUMBERING SYSTEM OF ISIN

06.LEGAL FRAMEWORK

MARKET REGULATOR

MAIN LEGISLATIONS

SCRA, 1956

SEBI ACT

DEPOSITORY ACT

INDIAN CONTRACT ACT

INCOME TAX ACT

07.TIME VALUE OF MONEY 

BASIC TIME VALUE CONCEPTS

VARIABLES OF IN INTEREST COMPUTATIONS

SIMPLE AND COMPOUND INTERESTS

FUTURE VALUE OF SINGLE CASH FLOW

ANNUITY COMPUTATIONS

FUTURE VALUE OF AN ANNUITY 

PRESENT VALUE OF A SINGLE CASH FLOW

08.FUNDAMENTAL VALUATION CONCEPTS

WHAT IS FUNDAMENTAL VALUATION?

INDUSTRY ANALYSIS

CORPORATE ANALYSIS

FINANCIAL ANALYSIS

RATIO ANALYSIS

TYPES OF INVESTOR

GENERAL DO’S AND DON’TS FOR INVESTOR

MODULE - 2

EQUITY DERIVATIVES MARKET

01.INTRODUCTION TO DERIVATIVES 

WHAT IS DERIVATIVE? 

INDIAN DERIVATIVES MARKET

EXCHANGE TRADED DERIVATIVES IN INDIA

ECONOMIC FUNCTIONS OF THE DERIVATIVE MARKET

WHAT ARE DERIVATIVE PRODUCTS

PARTICIPANTS IN DERIVATIVE MARKET

TYPES OF DERIVATIVE MARKET

 

02.UNDERSTANDING INDEX

WHAT IS AN INDEX

ECONOMIC SIGNIFICANCE OF INDEX MOVEMENTS

INDEX CONSTRUCTION ISSUES

INDEX MANAGEMENT

MAJOR INDICES IN INDIA

INDEX DERIVATIVES

WHAT IS IMPACT COST

 

03.INTODUCTION TO FORWARD AND FUTURE 

WHAT IS FORWARD CONTRACT

SAILENT FEATURES OF FORWARD CONTRACT

WHAT IS FUTURE CONTRACT

DIFFERENCE BETWEEN FORWARD AND FUTURE MARKET

FUTURE TERMINOLOGY

WHAT ARE FUTURE PAYOFFS

HOW TO CALCULATE FUTURE PRICE

UNDERSTANDING BETA

HOW TO APPLY STOCK FUTURE

HOW TO USE STOCK FUTURE IN SPECULATION

HEDGING

HOW A HEDGER USE NIFTY FUTURE

 

04.INTRODUCTION TO OPTIONS 

WHAT IS AN OPTION

OPTION TERMINOLOGY

CALLS AND PUTS

MONEYNESS OF THE OPTIONS

COMPARISON BETWEEN FUTURES AND OPTIONS

OPTION PAY OFF AND ITS TYPES

APPLICATION OF OPTIONS IN CASE OF HEDGING

WHAT IS OPTION GREEKS

THE GREEKS

HOW A HEDGER USE NIFTY FUTURE

05.OPTION TRADING STRATEGIES 

SPREAD STRATEGY

LONG STRADDLE

SHORT STRADDLE

LONG STRANGLE

SHORT STRANGLE

COVERED CALL STRATEGY

COLLAR STRATEGY

LONG CALL BUTTERFLY

06.TRADING SYSTEMS

TRADING OF DERIVATIVE CONTACRS:

RING TRADING

SCREEN BASED TRADING

NEAT SYSTEM 

ENTITIES IN TRADING SYSTEM

NEAT SYSTEM HIERARCHY

CLIENT- BROKER RELATIONSHIP IN DERIVATIVE SEGMENT

ORDER TYPES AND CONDITIONS

TRADER WORK STATION

PLACING ORDERS ON THE TRADING SYSTEM

CONTRACT SPECIFICATION

07.CLEARING AND SETTLEMENT SYSTEM

WHAT IS CLEARING

WHAT IS SETTLEMENT

CLEARING ENTITIES

CLEARING MECHANISM

SETTLEMENT PROCEDURE

COMPUTATION OF MTM

RISK MANAGEMENT

MARGIN SYSTEM IN F&O

SPAN MARGIN

CLIENT MARGIN REPORTING

CROSS MARGINING

CALENDAR SPREAD MARGIN

08.REGULATORY FRAMEWORK, ACCOUNTING AND TAXATOIN :

SECURITIES CONTRACT REGULATION ACT, 1956

SEBI ACT, 1992

FORMS OF COLLATERAL ‘s ACCEPTABLE AT NSCCL

PROFESSIONAL CLEARING MEMBERS

REGULATION FOR DERIVATIVE TRADING

DERIVATIVE TRADING FRAMEWORK

POSITION LIMITS IN EQUITY DERIVATIVE  MARKET

ACCOUNTING FOR FUTURE AND OPTION CONTRACTS

ACCOUNTING FOR  EQUITY INDEX / STOCK FUTURE

ACCOUNTING AT THE TIME OF DAILY SETTLEMENT

ACCOUNTING FOR OPEN POSITION

ACCOUTING AT THE TIME FINAL SETTLEMENT

ACCOUNTING IN CASE OF DEFAULT

ACCOUNTING FOR EQUITY INDEX / STOCK OPTIONS

ACCOUNTING FOR OPENS OPTION POSITION

TAXATION OF DERIVATIVE TRANSACTION

09.SALES PRACTICES AND INVESTORS PROTECTIONS SERVICES 

HIGH RETURN OR RISK FREE INVESTMENT

INVESTMENT ADVISOR SERVICES

UNSUITABLE INVESTMENT RECOMMENDATIONS

CHURING

UNDERSTANDING RISK PROFILE OF THE INVESTORS

GRIEVANCE REDRESSAL MECHANISM FOR INVESTORS

ARBITRATION

SEBI COMPLAINTS REDRESS SYSTEM

DO’s INVESTORS

DON’Ts INVESTORS

MODULE - 2

EQUITY DERIVATIVES MARKET

01.INTRODUCTION TO DERIVATIVES 

WHAT IS DERIVATIVE? 

INDIAN DERIVATIVES MARKET

EXCHANGE TRADED DERIVATIVES IN INDIA

ECONOMIC FUNCTIONS OF THE DERIVATIVE MARKET

WHAT ARE DERIVATIVE PRODUCTS

PARTICIPANTS IN DERIVATIVE MARKET

TYPES OF DERIVATIVE MARKET

 

02.UNDERSTANDING INDEX

WHAT IS AN INDEX

ECONOMIC SIGNIFICANCE OF INDEX MOVEMENTS

INDEX CONSTRUCTION ISSUES

INDEX MANAGEMENT

MAJOR INDICES IN INDIA

INDEX DERIVATIVES

WHAT IS IMPACT COST

 

03.INTODUCTION TO FORWARD AND FUTURE 

WHAT IS FORWARD CONTRACT

SAILENT FEATURES OF FORWARD CONTRACT

WHAT IS FUTURE CONTRACT

DIFFERENCE BETWEEN FORWARD AND FUTURE MARKET

FUTURE TERMINOLOGY

WHAT ARE FUTURE PAYOFFS

HOW TO CALCULATE FUTURE PRICE

UNDERSTANDING BETA

HOW TO APPLY STOCK FUTURE

HOW TO USE STOCK FUTURE IN SPECULATION

HEDGING

HOW A HEDGER USE NIFTY FUTURE

04.INTRODUCTION TO OPTIONS 

WHAT IS AN OPTION

OPTION TERMINOLOGY

CALLS AND PUTS

MONEYNESS OF THE OPTIONS

COMPARISON BETWEEN FUTURES AND OPTIONS

OPTION PAY OFF AND ITS TYPES

APPLICATION OF OPTIONS IN CASE OF HEDGING

WHAT IS OPTION GREEKS

THE GREEKS

HOW A HEDGER USE NIFTY FUTURE

05.OPTION TRADING STRATEGIES 

SPREAD STRATEGY

LONG STRADDLE

SHORT STRADDLE

LONG STRANGLE

SHORT STRANGLE

COVERED CALL STRATEGY

COLLAR STRATEGY

LONG CALL BUTTERFLY

 

06.TRADING SYSTEMS

TRADING OF DERIVATIVE CONTACRS:

RING TRADING

SCREEN BASED TRADING

NEAT SYSTEM 

ENTITIES IN TRADING SYSTEM

NEAT SYSTEM HIERARCHY

CLIENT- BROKER RELATIONSHIP IN DERIVATIVE SEGMENT

ORDER TYPES AND CONDITIONS

TRADER WORK STATION

PLACING ORDERS ON THE TRADING SYSTEM

CONTRACT SPECIFICATION

 

07.CLEARING AND SETTLEMENT SYSTEM

WHAT IS CLEARING

WHAT IS SETTLEMENT

CLEARING ENTITIES

CLEARING MECHANISM

SETTLEMENT PROCEDURE

COMPUTATION OF MTM

RISK MANAGEMENT

MARGIN SYSTEM IN F&O

SPAN MARGIN

CLIENT MARGIN REPORTING

CROSS MARGINING

CALENDAR SPREAD MARGIN

 

08.REGULATORY FRAMEWORK, ACCOUNTING AND TAXATOIN :

SECURITIES CONTRACT REGULATION ACT, 1956

SEBI ACT, 1992

FORMS OF COLLATERAL ‘s ACCEPTABLE AT NSCCL

PROFESSIONAL CLEARING MEMBERS

REGULATION FOR DERIVATIVE TRADING

DERIVATIVE TRADING FRAMEWORK

POSITION LIMITS IN EQUITY DERIVATIVE  MARKET

ACCOUNTING FOR FUTURE AND OPTION CONTRACTS

ACCOUNTING FOR  EQUITY INDEX / STOCK FUTURE

ACCOUNTING AT THE TIME OF DAILY SETTLEMENT

ACCOUNTING FOR OPEN POSITION

ACCOUTING AT THE TIME FINAL SETTLEMENT

ACCOUNTING IN CASE OF DEFAULT

ACCOUNTING FOR EQUITY INDEX / STOCK OPTIONS

ACCOUNTING FOR OPENS OPTION POSITION

TAXATION OF DERIVATIVE TRANSACTION

 

09.SALES PRACTICES AND INVESTORS PROTECTIONS SERVICES 

HIGH RETURN OR RISK FREE INVESTMENT

INVESTMENT ADVISOR SERVICES

UNSUITABLE INVESTMENT RECOMMENDATIONS

CHURING

UNDERSTANDING RISK PROFILE OF THE INVESTORS

GRIEVANCE REDRESSAL MECHANISM FOR INVESTORS

ARBITRATION

SEBI COMPLAINTS REDRESS SYSTEM

DO’s INVESTORS

DON’Ts INVESTORS

MODULE - 3

CURRENCY DERIVATIVE MARKET

 

01.INTRODUCTION TO CURRENCY MARKETS 

 

HISTORY OF FOREIGN EXCHANGE MARKETS

FOREX MARKET

MAJOR CURRENCY

WHAT A CURRENCY PAIR

WHAT IS TWO WAY QUOTES

APPRECIATION/DEPRECIATION

WHAT IS RBI REFERENCE RATE

SETTLEMENT DATE OR VALUE DATE 

OTC  FORWARD MARKET

WHAT IS CROSS RATE

IMPACT OF MARKET FACTORS

ECONOMIC INDICATORS

GDP

RETAIL SALES

INDUSTRIAL PRODUCTION

CONSUMER PRICE INDEX

NONFARM PAYROLLS

CENTRAL BANK MEETING AND KEY DECISIONS

 

02.FOREIGN EXCHANGE DERIVATIVES

 

DERIVATIVE DEFINATION 

CURRENCY DERIVATIVES

DERIVATIVE DEFINED IN RBI ACT

WHAT ARE DERIVATIVE PRODUCTS

FORWARD/FUTURE/OPTIONS

WHAT IS SWAPS 

INTEREST RATE SWAPS

CURRENCY SWAPS

PARTICIPANTS IN DERIVATIVE MARKET

SPECULATORS/HEDGERS/ARBITRAGEURS

ECONOMIC FUNCTIONS OF DERIVATIVE MARKETS

 

03.EXCHANGE TRADED CURRENCY FUTURES

 

HISTORY OF CURRENCY FUTURES IN INDIA

EXCHANGE TRADED CURRENCY FUTURES

FUTURES  TERMINOLOGY

SPOT PRICE

FUTURE PRICE

CONTRACT CYCLE

EXPIRY DATE

CONTRACT SIZE

INITIAL MARGIN

MTM MARGIN

RATIONALE BEHIND CURRENCY FUTURES

DISTINCTION BETWEEN FUTURE  AND FORWARD CONTRACTS

BENEFIT OF FUTURE TRADING

LIMITATIONS OF FUTURES

INTEREST  RATE PARITY AND PRICING OF CURRENCY FUTURES

 

04.STRATEGIES USING CURRENCY FUTURES

 

MARKET  PARTICIPANTS 

HEDGER

SPECULATOR

ARBITRAGEUR

WHAT IS PAYOFF

COMBINED POSITION OF  FUTURE  AND UNDERLYING 

PAYOFF CALCULATION

INVESTMENT IN ASSETS OUTSIDE INDIA AND REPATRIATION 

USE OF CURRENCY FUTURES BY SPECULATORS AND ARBITRAGEURS

SPREAD TRADING

LIMITATIONS OF CURRENCY FUTURES  FOR HEDGERS

 

05.TRADING IN CURRENCY FUTURES

 

CONTRACT SPECIFICATIONS OF CURRENCY FUTURES

TENOR OF FUTURE CONTRACTS

WHAT IS  TRADE WORK STATION

DISSEMINATION  OF OPEN, HIGH , LOW AND LTP

TRADER WORK STATION SCREEN

ENTITIES IN THE TRADING SYSTEM

ORDER TYPE AND CONDITIONS

TIME CONDITIONS

PRICE CONDITIONS 

OTHER CONDITIONS

PRICE LIMIT CIRCUIT FILTER

RULES , REGULATIONS AND BYE LAWS OF EXCHANGE

 

06.CLEARING, SETTLEMENT AND RISK MANAGEMENT

WHAT IS CLEARING 

WHAT IS SETTLEMENT

CLEARING ENTITIES

CLEARING MEMBER 

CLEARING BANK

CLEARING MECHANISM

REGULATION GUIDELINES ON OPEN POSITION LIMITS

SETTLEMENT MECHANISM

MTM SETTLEMENT

FINAL SETTLEMENT

RISK MANAGMENT MEASURES

WHAT IS CALENDAR SPREAD MARGINS

SURVEILLANCE

 

07.EXCHANGE TRADED CURRENCY OPTIONS

 

HISTORY OF CURRENCY OPTION

WHAT IS OPTION

OPTION TYPES

CALL OPTION / PUT OPTION

OPTION TERMINOLOGY

MONEYNESS OF THE OPTIONS

ITM/ATM/OTM

WHAT IS OPTION PREMIUM

INTRINSIC VALUE AND TIME VALUE

WHAT IS OPTION GREEKS

DELTA/GAMMA/THETA/VEGA

WHAT IS OPTION PAYOFF

OPTION TRADING STRATEGIES

LONG CALL/SHORT CALL

LONG PUT/SHORT PUT

BULL CALL SPREAD

BULL PUT SPREAD

BEAR CALL SPREAD

BEAR PUT SPREAD

LONG STRANGLE/SHORT STRANGLE

LONG STRADDLE/SHORT STRADDLE

SHORT BUTTERFLY

 

08.ACCOUNTING AND TAXATION 

 

NAME OF ACCOUNTS

INITIAL MARGIN CURRENCY FUTURES

MARK TO MARKET CURRENCY FUTURES

ACCOUNTING ENTRIES FOR LIVE POSITIONS

ACCOUNTING ENTRIES FOR EXPIRED OR CANCELLED POSITIONS

TAXATION OF CURRENCY DERIVATIVE

 

 

09.REGULATORY FRAMEWORK 

 

REGULATORY FRAMEWORK FOR CURRENCY DERIVATIVES

SCR(A), 1956

RBI-SEBI TECHNICAL STANDING COMMITTEE

THE TERMS OF REFERENCE TO THE COMMITTEE

FEMA, 1999

REGULATORY FRAMEWORK FOR EXCHANGES

REGULATORY FRAMEWORK FOR CLEARING CORPORATIONS

GOVERNING COUNCIL OF THE EXCHANGE AND CLEARING CORPORATION

ELIGIBILITY CRITERIA FOR MEMBERS

WHO CAN NOT BECOME A MEMBER

REQUIREMENT OF AUTORIZED PERSON /APPROVED USERS

10.CODE OF CONDUCT AND INVESTOR PROTECTION

CODE OF CONDUCT FOR BROKERS

GENERAL PRINCIPLES

TRADING PRINCIPLES

GENERAL GUIDELINES

GRIEVANCE REDRESSAL MECHANISM FOR INVESTORS

NATURE OF COMPLAINTS

ARBITRATION

MODULE – 4

COMMODITY MARKET

1.INTRODUCTION TO DERIVATIVE

TYPES OF DERIVATIVES:  FINANCIAL DERIVATIVES -  COMMODITY DERIVATIVES

PRODUCTS, PARTICIPANTS AND FUNCTIONS

EXCHANGE–TRADED VERSUS OTC DERIVATIVES

2.COMMODITY DERIVATIVES 

HOW THEY DIFFER FROM FINANCIAL DERIVATIVES 

WAREHOUSING 

QUALITY OF UNDERLYING ASSETS

GLOBAL COMMODITIES EXCHANGES

COMMODITIES EXCHANGES IN INDIA (REGIONAL & NATIONAL)

COMMODITIES PERMITTED FOR TRADING

KABRA COMMITTEE REPORT (ROADMAP)

COMMODITY SPECIFIC ISSUES

CROPPING AND GROWTH PATTERNS

GLOBAL AND DOMESTIC DEMAND- SUPPLY DYNAMICS

PRICE TRENDS AND FACTORS THAT INFLUENCE PRICES

3. INSTRUMENTS AVAILABLE FOR TRADING

TYPES OF INSTRUMENTS (FUTURE, OPTIONS)

BASICS

PAYOFFS

4. PRICING COMMODITY DERIVATIVES

INVESTMENT ASSETS VERSUS CONSUMPTION ASSETS

THE COST OF CARRY MODEL

PRICING FUTURES CONTRACTS ON INVESTMENT COMMODITIES

PRICING FUTURES CONTRACTS ON CONSUMPTION COMMODITIES

THE FUTURES BASIS

5. USING COMMODITY DERIVATIVE MARKETS

HEDGING

SPECULATION

ARBITRAGE

6. THE NCDEX PLATFORM

ABOUT NCDEX

EXCHANGE MEMBERSHIP

RULES, REGULATIONS, BYELAWS

7. COMMODITIES TO BE TRADED ON THE NCDEX PLATFORM.

TYPES OF COMMODITIES

BULLION (SILVER & GOLD)

AGRICULTURAL COMMODITIES

8. TRADING ON THE NCDEX PLATFORM

CONTRACT SPECIFICATIONS

TRADING SYSTEM

ENTITIES IN THE TRADING SYSTEM

TRADER WORKSTATION

ORDER TYPES AND CONDITIONS

EXPOSURE LIMITS

9. CLEARING, SETTLEMENT AND RISK MANAGEMENT

CALENDAR AND SETTLEMENT SCHEDULE

POSITION DETERMINATION

SETTLEMENT MECHANISM - DAILY MARK TO MARKET SETTLEMENT

SETTLEMENT PRICE - DAILY SETTLEMENT PRICE, FINAL SETTLEMENT PRICE

MARGINING O INITIAL MARGIN | DAILY MARK TO MARKET MARGIN | OPEN INTEREST LIMITS SECOND LINE OF DEFENSE | NSCCL SPAN@

FINAL SETTLEMENT - CASH SETTLEMENT - PHYSICAL SETTLEMENT(WAREHOUSING)

EXCEPTION HANDLING - FUNDS SHORTAGES - DELIVERY SHORTAGES

10. REGULATORY FRAMEWORK

RULES GOVERNING COMMODITY DERIVATIVES EXCHANGES

RULES GOVERNING INTERMEDIARIES

INVESTOR GRIEVANCES, ARBITRATION RULES

ACCOUNTING AND TAXATION ISSUES

MODULE - 5

TECHNICAL ANALYSIS

 

CHAPTER 1

INTRODUCTON TO TECHNICAL ANALYSIS

WHAT IS TECHNICAL ANALYSIS?

PRICE ANALYSIS

THE BASIC ASSUMPTIONS

STRENGTHS & WEAKNESS OF T.A

 

CHAPTER 2

CANDLESTICKS AND TYPES OF CHART

LINE CHAT, BAR CHART, CANDLE CHART, RENKO CHART, POINT & FIGURE CHART ETC.

TYPES OF CANDLESTICKS AND ANALYSIS

HAMMER, INVERTED HAMMER, DOJI, HANGING MAN, SHOOTING STAR, ENGULFING PATTERNS, PIERCING PATTERNS

MORNING STAR, EVENING STAR, TASUKI GAP, TWEEZER PATTERNS, THREE WHITE SOLDIERS & BLACK CROW, THREE INSIDE IN & OUT

 

CHAPTER 3

CHART PATTERN STUDY

SUPPORT & RESISTANCE

PRACTICAL ANALYSIS OF SUPPORT & RESISTANCE

S & R ZONES AND REVERSAL LEVELS

TREND LINES & ITS APPLICATIONS

TREND LINES WITH DOW THEORY

HEAD & SHOULDERS AND INVERTED HEAD & SHOULDERS CHART PATTERNS

DOUBLE TOP & DOUBLE BOTTOM CHART PATTERNS

ROUNDING TOP & ROUNDING BOTTOMS CHART PATTERNS

CUP & HANDLE AND INVERTED CUP & HANDLE CHART PATTERNS

TRIPLE TOP & TRIPLE BOTTOM CHART PATTERNS

WEDGE PATTERNS, FLAG PATTERNS, PENNANT PATTERNS, TRIANGLE PATTERNS

 

 

CHAPTER 4

GAP THEORY 

COMMON GAPS

BREAKAWAY GAPS

RUNAWAY/ CONTINUATION GAP

EXHAUSTION GAP

ISLAND CLUSTER GAP

 

CHAPTER 5

INDICATORS AND OSCILLATORS

WHAT ARE INDICATORS AND OSCILLATORS, WHAT THE OFFER?

TYPES OF INDICATORS

MOVING AVERAGES, EXPONENTIAL MOVING AVERAGE & USING BOTH TOGETHER

TREND FOLLOWING INDICATORS

VOLUME WEIGHTED AVERAGE PRICE(VWAP)

RELATIVE STRENGTH INDEX (RSI)

MOVING AVERAGE CONVERGENCE & DIVERGENCE (MACD)

STOCHASTICS OSCILLATORS (SLOW, FAST, FULL)

WILLIAMS %R, WILLIAM ALLIGATOR 

RATE OF CHANGE (ROC)

COMMODITY CHANNEL INDEX (CCI)

AVERAGE DIRECTIONAL INDEX (ADX)

AVERAGE TRUE RANGE (ATR)

MONEY FLOW INDEX (MFI)

BOLLINGER BANDS (BB)

ON BALANCE VOLUME (OBV)

FIBONACCI RETRACEMENT (FIB)

 

CHAPTER 6 

TRADING SIGNALS AND STRATEGIES USING ABOVE ALL

POSITIVE & NEGATIVE DIVERGENCES IN INDICATORS

OVERBOUGHT & OVERSOLD ZONES

PREDICTING THE MOMENTUM

PRICE & VOLUME SENSITIVE TECHNIQUES

HOW TO USE INDICATORS IN BULL & BEAR MARKETS?

TRADING MARKET TOOL KIT APPLICATIONS

ADVANTAGES OF DAY TRADING

RISKS ASSOCIATED WITH DAY TRADING

SWING TRADING, SCALPING, FADING, TOP BOTTOM STRATEGIES 

 

CHAPTER 7

DOW THEORY & ELLIOTT WAVE THEORY

INTRODUCTION TO DOW THEORY

PRINCIPLES OF DOW THEORY

SIGNIFICANCE & PROBLEMS OF DOW THEORY

INTO. ELLIOTT WAVE THEORY

PRACTICAL APPLICATION OF ELLIOTT WAVE THEORY WITH FUNDAMENTAL CONCEPTS

ELLIOTT WAVE LEVELS WITH FIBONACCI RETRACEMENTS

CRITICISM OF ELLIOTT WAVE THEORY

 

CHAPTER 8

TRADING PSYCOLOGY & RISK MANAGEMENT

INTRODUCTION

RISK MANAGEMENT AND ITS COMPONENTS

ANALYZE REWARD RISK RATIO, STOP LOSS, TRAIL STOP LOSS, BOOK PROFIT

QUALITIES OF SUCCESSFUL TRADERS

PSYCHOLOGIES DURING TRADING

CASE STUDIES

GOLDEN RULES OF TRADERS

DO’S & DON’TS IN TRADING

RULES TO STOP LOSING TRADING MONEY

CHOOSING THE PROFITABLE TRADES & STUDYING THE MARKET

IMPORTANCE OF DISCIPLINE IN TRADING

MODULE - 6

FUNDAMENTAL ANALYSIS 

CHAPTER 1

INTRODUCTION TO FUNDAMENTAL ANALYSIS 

WHAT IS FUNDAMENTAL ANALYSIS?

WHY IS FUNDAMENTAL ANALYSIS RELEVANT FOR INVESTING?

EFFICIENT MARKET HYPOTHESIS(EMH)

ARGUMENTS AGAINST EMH

STEPS IN FUNDAMENTAL ANALYSIS

 

CHAPTER 2

BRUSHING UP THE BASICS

CONCEPT OF “TIME VALUE OF MONEY”

INTEREST RATES AND DISCOUNTS FACTORS

OPPORTUNITY COST, RISK FREE RATE, EQUITY RISK PREMIUM

THE BETA, RISK ADJUSTED RETURN (SHARPE RATIO)

 

CHAPTER 3

UNDERSTANDING FINANCIAL STATEMENTS

WHERE CAN ONE FIND FINANCIAL STATEMENTS

THE DIRECTORS REPORTS

THE AUDITORS REPORTS

FINANCIAL STATEMENTS, BALANCE SHEET, INCOME STATEMENTS, SCHEDULE NOTES & ACCOUNTS

CASH FLOW STATEMENTS

FINANCIAL STATEMENT ANALYSIS AND FORENSIC ACCOUNTING

COMPARATIVE AND COMMON SIZE FINANCIAL STATEMENTS

FINANCIAL RATIOS (PE, EPS, BV, PEG, EV, ROE, ROCE ETC...)

DU-PONT ANALYSIS

CASH CONVERSION CYCLE

THE SATYAM SCAM AND NEED OF FORENSIC ACCOUNTING

 

CHAPTER 4

VALUATION METHODOLIES 

TOP- DOWN VALUATION (EIC ANALYSIS)

DISCOUNTED CASH FLOW MODELS

DIVIDEND DISCOUNT MODEL 

FCFF & FDFE BASED DCF

SUM OF THE PARTS (SOTP)

PRICE/ EARNINGS RATIO

PRICE/ BOOK VALUE RATIO

ENTERPRISE VALUE/ EBITDA RATIO

PRICE/ SALES RATIO

SPECIAL CASES OF VALUATION

IPOS, FINANCIAL SERVICES, NET INTEREST MARGIN (NIM)

FIRMS WITH NEGATIVE CASH FLOWS, ACQUISITION VALUATIONS, DISTRESSED COMPANIES

WORKING ALL TOGETHER, CHECKLIST. 

MODULE - 7

ADVANCED OPTION STRATEGY

 

CHAPTER 1

INTRODUCTION TO OPTIONS

OPTION TERMINOLOGY 

OPTION PAYOFFS

CHAPTER 2

DIFFERENT TYPES OF OPTION STRATEGY 

LONG CALL

SHORT CALL

SYNTHETIC LONG CALL

LONG PUT

SHORT PUT

COVERED CALL

LONG COMBO

PROTECTIVE CALL

COVERED PUT

LONG STRTADDLE 

SHORT STRADDLE 

LONG STRANGLE

SHORT STRANGLE

COLLAR

BULL CALL SPREAD 

BULL PUT SPREAD

BEAR CALL SPREAD

BEAR PUT SPREAD

LONG CALL BUTTERFLY

SHORT CALL BUTTERFLY

LONG CALL CONDOR

SHORT CALL CONDOR

 

MODULE - 8

SECURITIES OPERATIONS & RISK MANAGEMENT 

 

CHAPTER 1

INTRODUCTION TO THE SECURITIES MARKET

INTRODUCTION

SECURITIES MARKET

MONEY MARKETS 

PRODUCTS TRADED IN INDIAN SECURITIES MARKETS

CHAPTER 2

MARKET PARTICIPANTS IN THE SECURITIES MARKET

INTRODUCTION

INVESTORS, ISSUERS, INTERMEDIARIES, REGULATORS

 

CHAPTER 3

INTRODUCTION TO SECURITIES BROKING OPERATIONS

INTRODUCTION TO TRADE LIFE CYCLE

FRONT OFFICE OPERATIONS

MIDDLE OFFICE OPERATIONS

BACK OFFICE OPERATIONS

CHAPTER 4 

RISK MANAGEMENT 

WHAT IS RISK MANAGEMENT

COMPLIANCES AND REGULATORY REPORTING

CORE SETTLEMENT GUARANTEE FUND

 

CHAPTER 5

CLEARING & SETTLEMENT PROCESS

INTRODUCTION

ROLE OF THE CLEARING AGENCY/CORP./HOUSES

CLEARING BANKS AND THEIR FUNCTIONS

CLEARING MEMBERS/ CUSTODIANS

DEPOSITORIES & DEPOSITORY PARTICIPANTS

CLEARING PROCESS 

DETERMINATION OF SETTLEMENT OBLIGATIONS – EQUITY SEGMENT

SETTLEMENT OF FUNDS

SETTLEMENT OF SECURITIES

CORPORATE ACTIONS ADJUSTMENT

AUCTION OF SECURITIES

INVESTOR GRIEVANCE

ARBITRATION

CHAPTER 6

OTHER SERVICES PROVIDED BY BROKER

INTRODUCTION

IPO APPLICATIONS

TRADING MUTUAL FUNDS UNITS

PORTFOLIO MANAGEMENT

DEPOSITORY SERVICES

RESEARCH REPORT

MODULE - 9

INVESTMENT ADVISER LEVEL 1

 

CHAPTER 1

INTRODUCTION TO INDIAN FINANCIAL MARKET         

UNDERSTAND THE MACRO-ECONOMIC PARAMETERS OF INDIAN ECONOMY

UNDERSTAND THE FEATURES OF INDIAN FINANCIAL MARKETS

KNOW THE STRUCTURE OF INDIAN FINANCIAL MARKETS

UNDERSTAND THE ROLE OF THE PARTICIPANTS IN THE INDIAN FINANCIAL MARKETS

KNOW THE ROLE OF VARIOUS REGULATORS REGULATING INDIAN FINANCIAL MARKETS (IN BRIEF)

 

CHAPTER 2

SECURITIES MARKET SEGMENTS

 

UNDERSTAND THE NATURE, FUNCTIONS AND TYPES OF ISSUES IN PRIMARY MARKETS

KNOW THE ROLE AND FUNCTION OF SECONDARY MARKETS 

UNDERSTAND THE VARIOUS TYPES OF VARIOUS CORPORATE ACTIONS

 

CHAPTER 3

MUTUAL FUNDS  

UNDERSTAND THE MEANING AND FEATURES OF A MUTUAL FUND

KNOW THE KEY TERMS AND CONCEPTS ASSOCIATED WITH MUTUAL FUNDS

KNOW THE REGULATORY FRAMEWORK FOR MUTUAL FUNDS

KNOW THE VARIOUS TYPES OF MUTUAL FUND PRODUCTS

UNDERSTAND THE TAXATION OF MUTUAL FUND PRODUCTS

KNOW THE INVESTMENT OPTIONS IN MUTUAL FUNDS

KNOW THE PROCESSES ASSOCIATED WITH INVESTING IN MUTUAL FUNDS

UNDERSTAND THE USES AND PROCESSES OF CONDUCTING SYSTEMATIC TRANSACTIONS I. LIST THE BENEFITS OF INVESTING WITH MUTUAL FUNDS

CHAPTER 4

INVESTMENT PRODUCTS

UNDERSTAND THE VARIOUS TYPES OF SMALL SAVINGS INSTRUMENTS

UNDERSTAND THE VARIOUS TYPES OF FIXED INCOME / DEBT INSTRUMENTS

KNOW THE VARIOUS TYPES OF ALTERNATE INVESTMENTS

KNOW THE CONCEPT OF DIRECT EQUITY AS AN INVESTMENT OPTION

 

CHAPTER 5

MANAGING INVESTMENT RISK

KNOW THE CONCEPT OF RISK

KNOW THE COMMON TYPES OF RISK

UNDERSTAND THE WAYS OF MEASURING RISK

CHAPTER 6

MEASURING INVESTMENT RETURNS

 

UNDERSTAND THE VARIOUS RETURN CONCEPTS

UNDERSTAND THE CONCEPT OF RETURN

UNDERSTAND THE CONCEPT OF COMPOUNDING

KNOW THE COMPUTATION OF REAL RATE OF RETURN VS. NOMINAL RETURN

KNOW THE COMPUTATION OF TAX ADJUSTED RETURN

UNDERSTAND THE CONCEPT OF RISK-ADJUSTED RETURNS

 

CHAPTER 7

CONCEPT OF FINANCIAL PLANNING

 

UNDERSTAND WHAT CONSTITUTES FINANCIAL PLANNING

KNOW THE NEED FOR FINANCIAL ADVISORY SERVICES

UNDERSTAND THE SCOPE OF FINANCIAL ADVISORY SERVICES

UNDERSTAND THE BUSINESS MODEL FOR THE DELIVERY OF FINANCIAL ADVICE TO CLIENT

UNDERSTAND ASSETS, LIABILITIES AND NET WORTH

UNDERSTAND THE PREPARATION OF BUDGET

KNOW THE FINANCIAL PLANNING DELIVERY PROCESS

CHAPTER 8

ASSET ALLOCATION AND INVESTMENT STRATEGIES

KNOW THE VARIOUS ASSET CLASSES 

LEARN ABOUT PORTFOLIO CONSTRUCTION

UNDERSTAND THE CONCEPT OF PRACTICAL ASSET ALLOCATION AND REBALANCING STRATEGIES

KNOW THE NEED FOR PORTFOLIO MONITORING AND RE-BALANCING

CHAPTER 9

INSURANCE PLANNING

UNDERSTAND THE NEED FOR INSURANCE IN PERSONAL FINANCE

LIST THE REQUIREMENTS FOR A RISK TO BE INSURABLE

UNDERSTAND THE ROLE OF INSURANCE IN PERSONAL FINANCE.

KNOW THE VARIOUS STEPS INVOLVED IN INSURANCE PLANNING

KNOW THE TYPES OF INSURANCE PRODUCTS

UNDERSTAND ABOUT THE LIFE INSURANCE PRODUCTS

UNDERSTAND ABOUT THE NON-LIFE INSURANCE PRODUCTS

UNDERSTAND THE LIFE INSURANCE NEEDS ANALYSIS (HUMAN LIFE APPROACH, NEEDS APPROACH)

CHAPTER 10

RETIREMENT PLANNING

 

UNDERSTAND THE RETIREMENT PLANNING PROCESS

UNDERSTAND AND ESTIMATE RETIREMENT CORPUS

DETERMINE THE RETIREMENT CORPUS

LEARN ABOUT THE VARIOUS RETIREMENT PRODUCTS AND THEIR FEATURES

 

CHAPTER 11

TAX AND ESTATE PLANNING

UNDERSTAND INCOME TAX PRINCIPLES

UNDERSTAND TAX ASPECTS OF INVESTMENT PRODUCTS

LEARN ABOUT THE WEALTH TAX ACT AND ITS IMPLICATION FOR CLIENTS

KNOW ABOUT ESTATE PLANNING

CHAPTER 12

REGULATORY ENVIRONMENT AND ETHICAL ISSUES

 

UNDERSTAND THE PROVISIONS OF THE SEBI (INVESTMENT ADVISERS) REGULATIONS, 2013

UNDERSTAND THE OVERALL FRAMEWORK OF THE REGULATORY SYSTEM

LEARN ABOUT THE ROLES OF REGULATORS: MOF, MCA, SEBI, RBI, IRDA, PFRDA

UNDERSTAND THE ROLE OF SELF-REGULATORY ORGANIZATIONS

UNDERSTAND THE PROVISIONS OF PMLA, 2002

KNOW THE CODES OF CONDUCT BY SEBI, AMFI, ETC

KNOW THE ETHICAL ISSUES IN PROVIDING FINANCIAL ADVICE H. UNDERSTAND INVESTOR COMPLAINT REDRESSAL MECHANISM

PRACTICALS

WORKSHOPS ABOUT FUND MANAGEMENT

VIRTUAL PORTFOILO CONSTRUCTION

QUALITY RESEARCH REPORTS

ANALYSING RISK WITH ALLOCATING FUND

WHAT TO DO DURING SCHEDULED AND UNSCHEDULED *EVENTS?

ANALYSING TECHNICAL ANALYSIS WITH FUNDAMENTALS.

MODULE - 10

RESEARCH ANALYST MODULE

 

CHAPTER 1

INTRODUCTION TO RESEARCH ANALYST PROFESSION

PRIMARY ROLE OF RESEARCH ANALYST

PRIMARY RESPONSIBILITIES OF A R.A

BASIC PRINCIPLES OF INTERACTION WITH COMPANIES/CLIENTS

IMPORTANT QUALITIES OF A RESEARCH ANALYST

 

CHAPTER 2

INTRODUCTION TO SECURITES MARKET

INTRODUCTION TO INDIAN FINANCIAL MARKET

PRODUCTS DEFINITIONS/ TERMINOLOGY

TERMINOLOGY IN EQUITY MARKET & DEBT MARKET

TYPES OF BONDS

STRUCTURE OF SECURITIES MARKET

VARIOUS MARKET PARTICIPANTS AND THEIR ACTIVITY

KINDS OF TRANSACTIONS

DEMATERIALIZATION AND REMATERIALIZATION OF SECURITIES

 

CHAPTER 3

FUNDAMENTALS OF RESEARCH

WHAT IS INVESTING?

RESEARCH ON BUSINESSES OF STOCKS

FUNDAMENTAL ANALYSIS

TECHNICAL ANALYSIS

BEHAVIORAL FINANCE

 

 

CHAPTER 4

ECONOMIC ANALYSIS

BASIC PRINCIPLE OF MICROECONOMICS

BASIC PRINCIPLES OF MACROECONOMICS

INTRODUCTION TO VARIOUS MACROECONOMIC VARIABLES

SOURCES OF INFORMATION FOR ECONOMICS ANALYSIS

 

CHAPTER 5

INDUSTRY ANALYSIS

MICHAEL PORTER’S FIVE FORCE MODEL FOR INDUSTRY ANALYSIS

POLITICAL, ECONOMIC, SOCIO- CULTURAL, TECHNOLOGICAL, LEGAL & ENVIRONMENTAL (PESTLE) ANALYSIS

BOSTON CONSULTING GROUP (BCG) ANALYSIS

STRUCTURE CONDUCT PERFORMANCE (SCP)

KEY INDUSTRY DRIVERS

REGULATORY ENVIRONMENT/FRAMEWORK

SOURCES OF INFORMATION FOR INDUSTRY ANALYSIS

 

CHAPTER 6

COMPANY ANALYSIS – QUALITATIVE DIMENSIONS

UNDERSTAND BUSINESS AND BUSINESS MODELS

COMPETITIVE ADVANTAGES/ POINTS OF DIFFERENTIATION OVER THE COMPETITORS

STRENGTH, WEAKNESS, OPPORTUNITIES AND THREATS (SWOT) ANALYSIS

QUALITY OF MANAGEMENT (DIRECTORS, GOVERNANCE)

PRICING POWER AND SUSTAINABILITY OF THIS POWER

ORGANIZATION STRUCTURE

CRITICAL BUSINESS DRIVERS/SUCCESS FACTORS

RISK IN BUSINESS

COMPLIANCE ORIENTATION OF THE COMPANY

DOCUMENTATION ON GUIDANCE VS ACTUALS

SOURCES OF INFORMATION FOR ANALYSIS

 

CHAPTER 7

COMPANY ANALYSIS – QUANTITATIVE ANALYSIS

HISTORY OF BUSINESS VS FUTURE OF BUSINESS

BASICS PROFIT AND LOSS ACCOUNT (P/L)

BASICS OF BALANCE SHEET

BASICS OF CASH FLOWS

CONTINGENT LIABILITIES

BASICS OF TAXATIONS AFFECTING TO COMPANIES

IMPORTANT POINTS TO KEEP IN MIND WHILE LOOKING AT FINANCIALS

QUALITY OF BUSINESS IN THE PAST THROUGH QUANTITATIVE LENSES

PEEPING IN TO FUTURE WITH CAUTIONS

PEER COMPARISON 

HISTORY OF EQUITY EXPANSION

DIVIDEND AND EARNINGS HISTORY

HISTORY OF CORPORATE ACTIONS

PHILOSOPHY OF CORPORATE ACTIONS

OWNERSHIP AND INSIDERS’ SALES AND PURCHASE OF STOCKS IN THE PAST

 

CHAPTER 8

VALUATION PRINCIPLES

DIFFERENCE BETWEEN PRICE AND VALUE

WHY VALUATIONS ARE REQUIRED

SOURCES OF VALUE IN A BUSINESS-EARNINGS AND ASSETS

DISCOUNTED CASH FLOWS MODEL FOR BUSINESS VALUATION

ABSOLUTE VALUATION VS PRICE VALUE SENSE

EARNINGS BASED VALUATION MATRICES

ASSETS BASED VALUATION MATRICES

RELATIVE VALUATIONS – TRADING AND TRANSACTIONS MULTIPLES

SUM OF THE PARTS (SOTP) VALUATION

OTHER VALUATION PARAMETERS IN NEW AGE ECONOMY AND BUSINESS

CAPITAL ASSET PRICING MODEL

OBJECTIVE OF VALUATIONS

SOME IMPORTANT CONSIDERATION IN THE CONTEXT OF BUSINESS VALUATION

 

CHAPTER 9

FUNDAMENTALS OF RISK AND RETURN

CONCEPT OF RETURN OF INVESTMENT AND RETURN ON INVESTMENT

CALCULATION OF SIMPLE, ANNUALIZED AND COMPOUNDED RETURNS

RISK IN INVESTMENT

CONCEPTS PF MARKET RISK (BETA)

SENSITIVITY ANALYSIS TO ASSUMPTIONS

CONCEPT OF MARGIN OF SAFETY

COMPARISON OF EQUITY RETURNS WITH BOND RETURNS

BASIC BEHAVIORAL BIASES INFLUENCING INVESTMENTS

SOME PEARLS OF WISDOM FROM INVESTMENT GURUS ACROSS THE WORLD

 

CHAPTER 10

QUALITIES OF A GOOD RESEARCH REPORT

QUALITIES OF A GOOD RESEARCH ANALYST FOR GOOD RESEARCH REPORT

CHECKLIST BASED APPROACH TO THE RESEARCH REPORTS

A SAMPLE CHECKLIST FOR INVESTMENT RESEARCH REPORTS

 

CHAPTER 11

LEGAL AND REGULATORY ENVIRONMENT

REGULATORY INFRASTRUCTURE IN FINANCIAL MARKETS

IMPORTANT REGULATIONS IN INDIAN SECURITIES MARKETS

CODE OF CONDUCT FOR RESEARCH ANALYST

MANAGEMENT OF CONFLICTS OF INTEREST AND DISCLOSURE REQUIREMENT FOR RESEARCH ANALYSTS

PRACTICALS

HOW TO WRITE A GOOD RESEARCH REPORT?

SELECTION OF STOCKS OR ANY SECURITIES

SOURCES FOR RESEARCH REPORT

ANALYSING RESEARCH REPORTS OF OTHER INVESTMENT FIRMS

HOW TO CLONE A REPORT?

CASE STUDIES OF GOOD RESEARCH REPORTS

QUALITIES OF GOOD RESEARCH REPORTS

ROLE OF RESEARCH ANALYST IN OUR FINANCIAL MARKET.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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