ASSIGNMENT ON

SECONDARY
MARKETS
(FINANCIAL MARKETS AND
INSTITUTIONS)

Submitted to:
Dr. Divya Verma

Submitted by:
Aashruti Babbar and Jatin Anand
(00116603930 and 03316603920)
MBA-EF
 INTRODUCTION

Before we start with the secondary market, here is a basic structure of the financial markets in
india.

A financial market is a market in which people trade financial securities and derivatives at
low transaction costs. Some of the securities include stocks and bonds, raw materials and
precious metals, which are known in the financial markets as commodities. Within the
financial sector, the term ‘financial markets’ is often used to refer just to the markets that are
used to raise finance.

These markets are further of 2 types:

a) Money Market:
The money market refers to trading in very short-term debt investments. RBI
regulates them and the liabilities are more than assets. The money market and its
instruments are usually traded over the counter, and therefore, cannot be done by
standalone individual investors themselves.

1. Treasury Bills –

They are issued by the Central government of the country when they require funds
to meet its short-term commitments. The risk is negligible. These securities do not
generate interest. It allows an investor to make capital gains as it is sold at a
discounted rate while the entire face value is paid at the time of maturity.

2. Call Money –

When a bank needs money they opt for call money from the RBI. Its maturity is
for 1 day, as they need to maintain a certain Cash Reserve Ratio (CRR). Call
money allows banks to earn interest, known as the call loan rate, on their surplus
funds.

3. Certificate of Deposits –

Certificates of Deposits are issued by commercial banks. They have fixed maturity
as the banks pre decide them. Physical certificates have been issued. The
minimum investment is Rs.1, 00,000/- or in multiples of Rs.1, 00,000/-. The
maturity of the certificate of deposit is 7 days to 1 year.

4. Commercial Paper –

Commercial paper serves as a promissory note generated by a company to raise

short-term funds. It is unsecured, and thereby can only be used by large-cap
companies with a renowned market reputation. The maturity period of these debt
instruments lies anywhere between 7 days to one year, and thus, attracts a lower
interest rate than equivalent securities sold in the capital market.
5. Cash Management Bills –

Cash Management Bills were issued first on May 12, 2010. The purpose of the
mechanism is to enable the government to get short-term money. They have a
maturity of less than 91 days. They are short-term bills issued by the central
government to meet its immediate cash needs. The RBI on behalf of the
government issues the bills.

b) Capital Markets:

Capital markets refer to the places where savings and investments are moved
between suppliers of capital and those who are in need of capital. They consist of
the primary market, where new securities are issued and sold, and the secondary
market, where already- issued securities are traded between investors. The most
common capital markets are the stock market and the bond market.

Capital Markets are further divided into securities and non-securities.

1) SECURITIES MARKET

Security market is a component of the wider financial market where securities

can be bought and sold between subjects of the economy, on the basis of
demand and supply. Securities market has 2 types of markets under them i.e.
primary market and secondary market.

2) NON-SECURITIES

Non-securities include Mutual Funds, Fixed Deposits, Provident Funds, etc.

Understanding the Stock Market

The Stock market is the collection of markets and exchanges where the buying and selling of
shares take place. These financial activities are conducted through formal exchanges or over
the counter market places that operate under a defined set of rules and regulations.
Both the terms stock market and stock exchange are used interchangeably. If someone says
that they trade in the stock market it means that they are buying and selling shares and
equities on the stock exchange which are part of the overall stock market.
Though the stock market is primarily known for trading stocks, there are other financial
securities like ETF, corporate bonds and derivatives based on stocks, currencies, commodities
and bonds which are also traded in the stock markets.

How does the stock market work?

The stock market provides a secure and regulated environment where market participants can
transact in financial instruments. The stock market works both as a primary and secondary
market. As a primary market, the stock market allows companies to issue and sell their shares
for the first time with an IPO i.e. initial public offering. An IPO helps the companies raise the
required capital for various purposes like raising funds for an existing project or repay an
existing debt or for the sole purpose of expansion.

Following the first time issue for the shares comes the process called listing, where the stock
exchange will serve as the trading platform that facilitates the regular buying and selling of
the listed shares. This comprises the secondary market. The stock exchange earns a fee for
every trade that occurs on its platform.

The listed companies can also offer new shares/additional shares through other offerings at a
later stage. This can be done through right issues or follow-on offers. They may even delist or
buy back the shares.
Functions of a Stock Market

1. Fair Dealing in Securities Transaction – The stock exchange ensures that all
interested market participants have instant access to the data required for the
selling and purchasing orders thus helping in fair and transparent pricing of the
securities depending on the standard demand and supply rules.

2. Efficient Price Discovery- Stock markets need to support an efficient way for
price discovery. This refers to the act of deciding the proper price of a security and
is usually performed by assessing market supply and demand.

3. Liquidity Maintenance- The stock market also needs to ensure that anyone who is
qualified and willing to trade can get instant access to place orders that should get
executed at a fair price.

4. Security and Validity of Transactions- It needs to ensure that all the participants
trading in the market are verified and remain compliant with the rules and
regulations of the market, thereby leaving no room for any default parties.

5. Support All Eligible Types of Participants- The stock market ensures that all the
different participants i.e. investors or traders are able to operate with no bumps
and are able to do their desired role seamlessly.

6. Investor Protection- The stock exchange implements necessary measures to

protect their clients, be it a wealthy investor or a small investor with minimal
knowledge from the financial loss and ensures customer trust.

7. Balanced Regulation- Listed companies are regulated and market regulators like
SEBI monitor their dealings. The exchange mandates certain requirements like the
timely filing of financial reports and instant reporting of any relevant
developments. If they fail to adhere to these regulations, it leads to suspension of
trading by exchanges.
Stock Market Participants

Stock brokers - They are also known as the registered representatives. They are the licensed
professionals who buy and sell securities on behalf of the investors. Brokers act as
intermediaries between stock exchanges and investors.

Portfolio Managers - These are the professionals who invest portfolios or collection of
securities for clients. They get recommendations to make the buy or sell decisions for the
portfolio. Mutual fund companies, hedge funds etc. use portfolio managers to make decisions
and set investment strategies for the money they hold.

Investment Bankers - They represent companies in various capacities such as private

companies that want to go public via IPOs or the companies involved in pending mergers and
acquisitions. They also take care of the listing process in compliance with the regulatory
requirements of the stock market.

What is a Secondary Market?

Secondary Market is a type of security market where trading i.e. buying and selling of
previously issued securities take place. This market is what typically is understood as the
stock market.

Securities include stocks, bonds, options and futures etc. which are traded in the secondary
market. Based on demand and supply, the secondary market offers real-time security
measurements.

Secondary markets includeF - Equity market, Debt market, Commodities market and
Derivative market. Stock Exchanges are also the examples of secondary markets like NSE &
BSE etc.

An investor can trade safely on the stock exchange with the help of buyers who provide
assistance for buying and selling to the clients.
What is a broker?

A broker is typically an individual or a firm that acts as an intermediary between the stock
exchange and an investor. As securities exchanges accept orders from the firms/individual
traders who are the members of an exchange they require the services of exchange members.
These services are provided by the brokers and they are compensated through commissions
or fees or can even be paid by the exchange itself.

Functions of Secondary Market

1. It is a continuous market for securities. The shares can be traded without

any risk with continuous opportunities for trading.

2. The securities can be evaluated and the price of the shares.

3. Will give a clear idea about the company performance.

4. Small amounts can also be invested in mutual funds, REITs, PPFs etc.

5. The movement of funds is easy with the help of NSE and BSE.

6. The interest of investors is protected by the regulatory body i.e. SEBI.

7. Secondary market gives an insight about the economic conditions of the nation.

8. The stock market also attracts foreign capital.

Difference between Primary and Secondary Market

Primary Market Secondary Market

❖ The Primary Market is the new issue ❖ The secondary market is the after-
market where the shares are issued issue market where the stocks are
for the first time. traded after being listed on the
exchange.

❖ The intermediaries in the primary ❖ The intermediaries in the secondary

market are mainly investment banks. market are brokers.

❖ In the primary market the prices are ❖ In the secondary market the prices
fixed at par value. vary depending on the need and
availability of the shares.

❖ The primary market is a source of ❖ These are not the source of funding
funding to new and old companies as they do not participate in such
for expansion and diversification. transactions.

❖ The sale of the securities is done ❖ Here the securities are sold and
directly by companies to investors. purchased amongst investors and
traders.

❖ The securities of the primary market ❖ Whereas, the securities of the

are sold only once. secondary market are sold
frequently.
Stock Exchange

A stock Exchange is an exchange where stock brokers can buy and sell securities like stocks,
bonds and other financial instruments. Stock exchange also provides facilities for issue and
redemption of such securities. Securities traded on a stock exchange include stocks issued by
listed companies, derivatives, pooled investment products and bonds.
Stock Exchanges can also be called the continuous auction market with buyers and sellers
consummating transactions using an electronic platform.

In India there are various stock exchanges, the most commonly used are NSE & BSE. Other
than that there are Calcutta Stock Exchange, India International Exchange ( INX) ,
Metropolitan Stock Exchange of India (MSE), Indian Commodity Exchange (ICEX), Multi
Commodity Exchange of India (MCX) and National Commodity and Derivatives Exchange
(NCDEX).

Most of the trading in Indian Stock market takes place on two stock exchanges i.e. National
Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
BSE was founded in 1875 while NSE in 1992 and started trading in 1994.
There are 5500+ listed firms on the BSE and about 1800 on the NSE.
BSE is an older stock market but NSE is the largest stock market in terms of volume.

● Settlement and trading hours - It follows a T+2 mechanism. This means that any trade
taking place on Monday will be settled by wednesday.
● The trading hours of the stock exchanges are 9:30 a.m. to 3:30 p.m. - Monday through
friday.

Market Indexes

There are two prominent Indian market indexes SENSEX and NIFTY. Sensex is the oldest
market index for equities. It comprises 30 firms listed on BSE which represent about 47% of
the index’s free float market capitalization. It was created in 1986.
The other index NIFTY includes 50 shares listed on NSE that represent about 46.9% of the
index’s free float market capitalization. It was created in 1996.

NSDL CDSL

When you buy shares these shares sit in your depository account i.e. the DEMAT account.
This is maintained electronically by only two companies in India - National Securities
Depository Limited and Central Depository Services Limited.

The depositories act like a vault for the shares that you buy. They hold your shares and
facilitate the exchange of your securities. The depository is like a bank but here you deposit
your shares. It’s main job is to keep your securities and settlement against all client
transactions safe.

These depositories are not client-facing organisations which means that you cannot directly
interact with NSDL or CDSL. A depository participant registers themself as a member and
renders the depository services to the end client.

SEBI

In India, the Securities and Exchange Board Of India (SEBI) is the stock market regulator.
The objective of SEBI is to promote the development of stock exchanges, protect the interest
of retail investors and regulate the activities of market participants and financial
intermediaries.

In general SEBI ensures the following -

● The stock exchanges NSE & BSE conduct their business fairly.
● The stock brokers and the sub brokers conduct their business fairly.
● The participants do not get involved in any unfair practices.
● Corporates do not use the market to unduly benefit themselves.
● Large investors will not manipulate the markets.
● The overall development of markets.
Types of Secondary Market

Secondary markets are mainly of two types: stock exchanges and over the counter markets.
Apart from the stock exchange and OTC market there are also auction markets and dealer
markets.

Stock Exchange

● Stock exchanges are the platforms where trading of securities takes place. NSE and
BSE are examples of stock exchanges.
● Transactions in stock exchanges are subjected to regulations in trading of securities.
● A Stock Exchange acts as a guarantor and minimizes the risk of the counterparty.
● Such safety nets are obtained via a higher transaction cost being charged on
investments in the form of exchange fees and commissions.

Over the counter markets

● Over the counter markets are decentralised with participants engaging in trading
among themselves.
● OTC markets retain higher counterparty risk because of the absence of a regulatory
body with participants directly dealing with themselves. An example of OTC is
FOREX.
● In OTC markets there exists tremendous competition in acquiring higher volume. Due
to this fact the price of the securities differ from one seller to another.

Auction Market

● It is a platform for the buyers and sellers to arrive at a rate based on an understanding
at which the securities would be traded.
● The info. Related to pricing is put out in the public domain including the bidding price
of the offer.
Dealer Market

● It is the type of secondary market in which different dealers indicate the prices of
specific securities for a transaction.
● Foriegn exchange trade and bonds are primarily traded in a dealer market.

Important activities in Secondary Market

1. Secondary market is a good indicator of a nation's economy. All major changes in the
nation and the economy are reviewed in stock prices. Fluctuations in stock prices
suggests a boom or recession in an economy. In Indian stock exchanges such as NSE
and BSE, stocks of approximately 7500 companies are traded. This process of
investment and reinvestment facilitates creation of highly feasible investment
applications and regular flow of funds in the markets, hence contributing to overall
economic development.

2. It helps in evaluating a company as market forces of demand and supply determine

the prices. The security of a profitable and growing company is sold at a higher price
price as there is a greater need for that security. It also helps the company to monitor
and influence public perceptions.

3. Improves savings and investment practices as it gives investors a chance to use their
idle money to earn some returns. It also ensures liquidity for investors as they can
easily buy or sell the securities. This encourages people to save more and invest in
securities rather than investing in assets which might not yield the same amount of
returns such as precious metals.
Instruments in Secondary Market

The instruments traded in a secondary market consist of fixed income instruments, variable
income instruments and hybrid instruments.

Fixed Income Instruments

Primarily debt instruments, fixed income instruments, ensure a regular form of payment such
as interest, and the principal is repaid on maturity. They provide regular returns and are also
known for a reliable stream of fixed rate periodic interest payments (known as coupon
payments).

❖ Bonds- Bonds are the most common form of fixed income instruments and they are
available as municipal bonds, government bonds and corporate bonds to buy. It is one
of the most popular types of fixed income security in which loans made by an investor
to the issuer which are promised to be repaid at a future date and comprises regular
coupon payments which denotes the interest paid on these loans.

Bonds can be classified into two types-

Fixed Rate Bonds: The coupon rate is fixed and does not change with the change in
market rate.

Floating Rate Bonds: These bonds have variable rates and are linked to market rates.

❖ Debentures- These are unsecured debt instruments issued by companies bearing fixed
interest rates. It is not secured by collateral and relies wholly on credit worthiness and
reputation of the issuer. Debentures are frequently issued by the government and
corporations to raise funds. Long term debentures are offered by the government with
maturity of more than 10 years. Long term loans in the form of debentures are raised
by corporations since they bear low interest and have a longer repayment date.
 ❖ Preference Shares- preference shareholders are entitled to a fixed dividend and
receive dividend payment before it is distributed among the equity shareholders. In
case of bankruptcy preference shareholders have an entitlement before other
shareholders.

Some of the best government fixed income investment options include PPFs, voluntary
provident fund, listed PSU bonds, senior citizens saving schemes (SCSS), etc.

Variable income instruments

Variable income securities generate a good rate of return. The rate of interest is dynamic and
depends on market forces. The investors who demand a higher rate of returns in contrast to
their fixed counterparts opt for variable income instruments.

Variable income instruments include-

❖ Floating rate notes (FRN)- Trades which contain a varying speed voucher, on average
glued into a money exchange rate including national funding or LIBOR and a gross
disperse. The rate of interest on FRNs increases or decreases with respect to high end
rates of 13 week treasury bills.

❖ Variable rate demand obligations (VRDO)- It is a debt instrument that represents

borrowed funds that are payable on demand and accrue interest based on prevailing
money market rate, such as prime rate. It is a long term municipal bond which is
offered to investors through money market funds. The notes allow a municipal
government to borrow money for long periods of time while paying short term
interest rates to investors.

Hybrid instruments

Hybrid instruments are a broad group of securities that combine the characteristics of two
broader groups of securities, debt and equity. Hybrid securities pay a predictable rate of
return or dividend until a certain date, at which point the holder has a number of options,
including converting the securities into underlying shares. A hybrid security is structured
differently than fixed interest securities. While the price of some securities behave more like
that of fixed interest rate securities, others behave more like the underlying shares into which
they may convert.

Role of Secondary Market

1. Regulator

Strict control of mediators such as brokers and sub brokers in the financial market
improves their performance. Mediators should be registered under SEBI.
SEBI safeguards the interest of parties which are functional in the secondary market
such as retail investors, financial intermediaries etc. It also monitors whether financial
satisfaction principles have been applied or not.
SEBI has revised its policies for companies for assessing the financial standing for
trading only quality shares in the market.

2. Active Trading

Transactions can be entered into at any time, and the market allows for continuous
trading so that there can be immediate buying and selling with little variation in price
among different transactions. It also increases the liquidity of assets traded in the
market.

3. Securities pricing

A secondary market acts as a medium of determining the prices of assets in a

transaction consistent with the market forces of demand and supply. The information
about transaction price is within the public domain that enables investors to choose
accordingly.
The stock market acts as an economic indicator and helps in finding the value of
financial instruments.

4. Providing better scope for speculation

 To ensure liquidity and demand and supply of securities, the secondary market only
permits the healthy business of securities.

5. Exemptions

For the purpose of earning money in the financial market, the interest rate charged on
public sector unit bonds and debentures was released in 1991 at lucrative prices
depending on the rate of loan.

Products Traded in Secondary Market

Equity Shares : These are long-term financing sources for a company. These non-
redeemable shares are issued to the general public. Investors who invest in equity shares hold
the right to vote, share profits and claim assets of a company.

Par value, face value, book value and so on are a few terms used to express the value of
equity shares.

There are mainly 4 types of equity shares:

Bonds : Bonds are negotiable instruments issued by a municipality, government agency or a
company which provides evidence of indebtedness. An investor in a bond lends money to the
issuer and the issuer in return promises to repay the amount on a specific date called the
maturity date. The issuer is liable to pay interest periodically over the tenure of the loan. The
maximum tenure can be 30 years.

There are 4 types of bonds:

Government Securities (G-sec) : G-sec are issued by Reserve Bank of India on behalf of
Government of India, in lieu of the central government with a promise of repayment upon
security maturity date.

These are the types of bonds which are considered to be low risk investment because they are
backed by the government. These securities have a fixed coupon that is paid on specific dates
on a half-yearly basis.

Preference Shares : Preference shares also known as preferred stocks is a form of stock
which has a mix of features, not possessed by common stock properties. It is generally
considered to be a hybrid instrument. Owners of these securities are entitled to a fixed
dividend to be paid regularly before any dividend can be paid on equity shares.

There are 2 types of preference shares:

Debentures: Debentures are also known as long term securities bearing a fixed rate of
interest which are issued by a company and secured against the assets. These are usually
payable half yearly on specific dates with the principal amount repayable on maturity date.

Debentures are of 2 types:

Advantages/Disadvantages of Secondary Markets

ADVANTAGES OF SECONDARY DISADVANTAGES OF

MARKET SECONDARY MARKET
● It offers investors a chance to make ● Price fluctuations are considerably high
good gains in a short period of in secondary markets which can lead to
time. sudden unforeseen losses.

● The prices of stocks in the ● Trading through secondary markets can

secondary market helps in be very time consuming as investors
evaluating a company effectively are required to complete some
and efficiently. formalities.

● For an investor, the ease of selling ● Government policies can also act as a
and buying in these markets hindrance in the secondary market.
ensures liquidity. Example: new regulations for intraday
trade.

● Trading in secondary markets does ● Brokerage fees are high and every time
not require the investor to have an investor buys or sells shares, he/she
hefty amounts, thus facilitating is required to pay a brokerage
investments of small ticket commission and some additional fees.
investors.

● Secondary markets also help in

analysing the economic health of a
company.
What is listing and membership?

Membership

● The term member refers to a brokerage firm or a financial firm with membership to a
stock exchange, commodity exchange or any other securities exchange.
● Members are firms or individuals who hold seats in a stock exchange.
● Membership allows professionals to execute trades on the trading floor of the
exchange.
● Many securities exchanges are self-regulatory organizations that are made up of their
member firms who purchase seats on the exchange.
● Today’s member firms are large financial institutions that act as market makers on
behalf of their clients or who trade for their own portfolios.

Listing

● "Listing" is a term that describes a company that is included and on a given stock
exchange so that its stock can be traded.
● Companies must meet certain requirements and follow the rules of any exchange on
which it is listed.
● Companies tend to prefer to be listed on the major exchanges, such as the NSE and
BSE, since they provide the most liquidity and visibility for a company's stock.
● Companies that have not fulfilled all necessary listing requirements become delisted
until they again meet the requirements.

Mutual Funds

A mutual fund is a type of financial vehicle made up of a pool of money collected from many
investors to invest in securities like stocks, bonds, money market instruments, and other
assets. Each share represents an investor’s part ownership in the fund and the income it
generates. Mutual funds are redeemable.

There are different types of mutual funds –

1. Equity Mutual Funds
2. Debt Mutual Funds
3. Hybrid Scheme Mutual Funds
4. Solution Oriented Schemes
5. Other Schemes

Commodities

A commodity is a basic good used in commerce that is interchangeable with other goods of
the same type. Traditional examples of commodities include grains, gold, beef, oil, and
natural gas.

For investors, commodities can be an important way to diversify their portfolios beyond
traditional securities. Because the prices of commodities tend to move in opposition to stocks,
some investors also rely on commodities during periods of market volatility.

Commodities that are traded are typically sorted into four broad categories: metal, energy,
livestock and meat, and agricultural.

Derivatives

Derivatives are financial instruments whose value depends upon the value of some
underlying asset. Such assets could be tangible assets such as wheat, cotton, real estate, or
financial instruments like equity, or it could be intangible such as interest rates or index, etc.
the return on derivatives are derived from those of the assets. In a way, the performance of a
derivative depends on how the underlying asset performs.

A derivative does not have any physical existence but emerges out of a contract between two
parties. If it does not have any value of its own, its value in turn depends upon the value of
the other physical assets, which are called the underlying asset. These underlying assets may
be shares, debentures, tangible commodities, currencies, short term or long-term financial
securities. The parties to the contract of derivative are the parties other than the issuer and the
dealer in the underlying assets.

Top 100 players in secondary market

Stock market stats/performance past 10 years

Nifty 50

Sensex
Do’s and Don'ts

Do’s Don'ts
● Keep a check on the websites of the ● Do not blindly follow the investment
companies and stock exchanges, advice you receive on TV, Facebook
business channels and magazines or groups, etc. Assess yourself before
newspapers. making your decisions.

● Enquire about the brokerage firms ● Don’t get carried away by the
before opening a trading account. sudden surges in the share price of a
fundamentally weaker company.

● Compare the commission charges of ● Don’t make any buying/selling

different brokers across the market. orders without considering the
potential risks that are involved in
the investment.

● Deal with only those brokerage firms ● Don’t pay any attention to the
that are licensed or registered with rumors and tips of your brokers
the stock exchanges and SEBI. without your own judgement of the
issue on the ground.

● Plan your investment strategy ● Sometimes the market sentiments

keeping in view the financial goals. result in the fall of the share prices of
Minimize the risk by diverse fundamentally strong companies.
investments. Don’t try to play the momentum.

● Assess the liquidity and safety ● Do not reveal the credentials of your
aspects of the securities before accounts with anyone. In case of
making any decisions regarding suspicion, change the password after
 buying. reviewing the account.

● Periodically review the statement of ● Do not get misled by the ads in the
transactions history in your trading media.
account.

● Try confirming with the official ● Do not sign blank forms like a
source of information about the delivery instruction slip.
recent developments in the
company’s affairs and corporate
developments instead of simply
relying on the media reports.

● Do not engage in artificial demand

and supply created in the market.

● Do not hesitate to contact your

broker in case of any discrepancies.

Investment analysis

Investment analysis is the process of researching and evaluating an industry or a security to

predict its future performance and determine its suitability to a specific investor. Investment
analysis can also take into consideration evaluating or creating an overall financial strategy.

There are 3 steps-

1. Identify the investment opportunity. Determine whether it is a new project investment

or replacement or reinvestment.
 2. Determine whether the project will generate greater profits than other alternative
opportunities (based on expected cash flows related to investment, taking timing into
consideration).

3. Assess whether the expected return can compensate for the risks.
Types of investment analysis-

1. Bottom Up

➢ It focuses on an individual company in which the investment is to be made.

➢ Helps small investors to focus and plan their investment in a particular
selected company.
➢ Conservative approach.

2. Top Down

➢ Investors are required to study the entire market.

➢ Generally, big investors are interested in this type of strategy and the focus is
on big markets and not on small companies.
➢ Comparatively broader approach than any other investment analysis.

3. Fundamental
 ➢ Investment is done by finding the fair market value of the investment.
➢ Investors decide whether to buy the stock of a company or not by finding out a
fair market value.
➢ It is an excellent and effective method of analysing investments.
➢ It is a traditional approach.

4. Technical

➢ It is used to determine and identify the trading opportunities by observing the

statistics of the stock market.
➢ The experts give guidance about when and where to invest in increasing the
returns.

News Articles
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