Dan kengkawhtu: Capital Market venghimtute

Stock market chu engnge ni?

Zirlai hmasa lamah khan Equity-a sum peipunin, i sum hmuh let (returns) in khuareiah pawisa hlutna tla hniam/thil man to (inflation) lak atanga a ven theih dan che chipchiar zawkin kan rawn târ lang tawh a. Chu ‘Equity’ ah chuan engtin nge sum chu kan peipun tâk ang? He zawhnaa kan luh thuk tak tak hmain ‘Market ecosystem’ kan tih mai – equity lei leh hralh kawnga felfai taka engkim a kal theih nana Stock market chhunga hna lo thawktu company emaw, institution lian hrang hrang te, dan kengkawhtu te, palai hna lo thawktu (stockbrokers, depositories, etc.) te leh sum peipungtu (investors) te inthlunzawm dan leh an hnathawh dan hi i han zir chiang hmasa teh ang.

Kan ni tin mamawh leh eng ilo lei tura ei chawp dawr kan pan thin ang hian, sum peipung turin Stock Market-ah kan kal thin. A inan lohna chu – Ei chawp dawrah chuan thil kan lei thin a, kan hralh ve ngai lo; Stock market-ah erawh chuan ‘share’ chu kan leiin kan hralh thei a, hei hi ‘Transaction’ an ti. Stock market-ah chuan mi tam tak, share lei duh leh hralh duhte chu an awm nuk a; chungho lo thlun zawma, transaction tluang tak leh him taka a kal theihna tur hmun lo siamsak chu Stock market thil tum ber leh a hna pawimawh ber a ni.

Stock market chu ei chawp dawr anga hmun khata awm, khawih theih a ni lo va; khawl thiamna hmangin, i computer emaw, i phone emaw atangin market-ah chuan i lut ang a, transaction (share lei leh hralh) chu i awmhmun atangin i ti tawh mai dawn a ni. Hei bakah hian dan hnuaia inziak luta, share lei duh leh hralh duhte inkara palai hna lo thawktu ‘Stockbroker’ kan tihte kal tlangin Stock market hi a luhchilh theih bawk a. An hnathawh dan hi kan la thlir ho leh dawn nia.

Stock lei leh hralhna hmun pui hi India hian pahnih kan nei a – Bombay Stock Exchange (BSE) leh National Stock Exchange (NSE) te an ni. Heng lo pawh hi tun hma chuan an awm thin a, institution puitling an ni zo hlawm ta lo va. Chuvangin, India rama Stock market kan sawi reng rengin BSE emaw, NSE emaw kan sawi tihna a ni. Tun hma lama Stock bazar-na thin – Bangalore Stock Exchange (BgSE), Madras Stock Exchange (MSE) leh Calcutta Stock Exchange (CSE) te chu NSE/BSE nen an infin khawm loh vêk leh, an khar hlen tawh a ni.

Market participants leh Dan leh hrai

Stock market chuan kil tin kil tang atangin mi a hîp khawm a, mi mal atanga sumdawnna lian corporate thlengin an chikim hle. Stock market-a share lei leh hralh tawh phawt chu ‘Market participants’ an ni a. Heng market participants-te hi a hnuaia mi ang hian thliar hran leh an ni –

1. Domestic Retail Participants: Nang leh kei, India khua leh tui nihna nei; India rama cheng mek, stock market-a transaction ti te.

2. NRI leh OCI: NRI kan tih chu India khua leh tui nihna nei, mahse India ram pawna hna leh thil dang vanga awmte sawina a ni. OCI ve thung chu ram dang khua leh tui nihna nei tawh, mahse thlahtute atanga India khua leh tui nihna lo nei tawh thin te, sawrkarin phalna bik a pekte an ni.

3. Domestic Institutions: India ram chhunga sumdawnna pawl lian - corporate leh institution te.

Entir nan: Reliance, Tata, SBI, etc.

1. Domestic Asset Management Companies (DAMC): Sawrkar dan hnuaia mutual fund scheme hrang hrang enkawltute.

Entir nan: SBI Mutual Fund, HDFC AMC, Edelweiss, ICICI Pru, etc.

1. Foreign Institutional Investors: India khua leh tui ni lo, ram dang mi leh sa, mi mal leh sumdawnna pawl lian. Foreign Asset Management Companies te, Hedge funds te leh Foreign investor te a huam a ni.

A chunga market participants kan sawi tâk te khi eng ang chi pawh ni se, an zavaia an tum ber chu hlawkna nei tura shares tihchêt vel hi a ni. Chu aia chiang zawka kan sawi dawn chuan, an tum ber chu equity hmanga sum siam a ni.

Pawisa lam thu a nih tawh chuan kan mihring zia, duhamna leh chân hlauhna bâwiha tân a lo awl tawh thin a; chu chuan eirukna leh dik lo taka thil tih duhna a hring chhuak mai thin. India ram ngei pawhin hetiang avanga buaina hi a tâwk âwl lo reng a. Chutiang a nih avang chuan, Stock market ngei pawh hian dan leh hrai siama, a chhunga hnathawkten chung dan leh hraite chu an zawm ngei a ni tih endiktu tur a mamawh tak zet a ni. Chu chuan a chhunga hnathawkte tan inkhai rual leh intluk tlâng taka an chet velna tur hmun a siam ngei ang.

Dan Kengkawhtu

India rama stock market endiktu leh dan kengkawhtu chu The Securities and Exchange Board of India, SEBI kan tih mai hi a ni a. Stock bazar-na hmun pui tihhmasawn te, sum peipungtu tenau zawk (mi malte) dinhmun leh chanvo venhimsak te, share leitu leh hralhtu leh an inkara palaite (share leitu leh hralhtu inkara thawkte eg: stockbroker) chet vel dan endika, a tul huna dan kenkawhte chu an hna pui ber a ni. A tlangpui thuin SEBI hian heng a hnuaia mite hi an endik thin:

1. Stock bazar-na ten dik takin an sumdawnna an kalpui leh kalpui loh endik.

2. Stockbroker ten dik taka hna an thawh leh thawh loh endik.

3. Share leitu leh hralhtute zingah dan phal loha an chet velna tur laka ven.

4. Pawl lian, corporate-te zingah anmahni hlawkna um avanga uchuak taka sum an tihchêt velna tur laka ven.

5. Sum peipungtu tenau zawkte (mi mala peipung ang chi te) ngaihsak leh an dikna chanvo venhim.

6. Sum peipungtu lian tak tak, pawisa tam tham tak nei hovin market chet vel dan an tikhawlo tur a ni lo.

7. Market hmasawnna leh tihchangtlunna ngaihtuah.

Heng kan tarlan tâkte avang hian market chhunga awm zawng zawngte enthlak leh an chunga dân kenkawh chu SEBI tana tihmâkmawh a lo ni ta a. A hnuaia market-a tel ve dang kan sawi leh turte pawh hi stock market chhunga tel ve dangte nen inhnimhnai taka thawkho vek an ni a. Dân phal loha thil tihna a awm reng rengin, a titu mai bakah midang tel ve zawng zawng a nghawng ve vek avangin, market pheikhai rual taka kal tur a tisukuk vek thei a ni.

SEBI hian market chhunga hnathawk zawng zawng te, anmahni huang bik theuhva an zawm tur dân leh hrai a siam bawk a. He dân leh hrai dungzui hian market chhunga mi mal leh pawl zawng zawngte leh palaite chuan an hna theuh an thawk tur a ni. Heng dânte hi SEBI website-ah ‘Legal Framework’ hnuaiah en theihin a awm bawk.

Entity	Entirna	Hnathawh	Sawifiahna
Credit Rating Agency (CRA)	CRISIL, ICRA, CARE	Sawrkar/Corporate-ten a hun takah an leiba an rul thei ngei ang em tih lo chhutin tehna (ratings) an pe thin.	Sawrkar/Corporate chuan sum peipungtu hnen atangin loan lo puk duh ta sela, CRA chuan an sum dinhmun en letin, leiba an rulh dan azirin an rintlak leh rintlak loh tehna a lo pe a; chu tehna hmang chuan a puktirtu chuan thutlukna a lo siam thin.
Debenture Trustees	India rama Bank tam zawk	Company-in mipui sum a puksakna lehkha (debenture) lo hriatpuia, debenture leitu dikna leh chanvo lo humhimsak.	Company-in pawisa a mamawhin, sum pukna tur debenture a tichhuak thin a, a pung nen pek let a tiam thin. Mipui chuan Debentures te hi an lei thei a. Debenture trustee chuan company-in a debenture leitute laka a bat leh a intiamkamna te a tihlawhtling ngei em tih a lo vilsak thin.
Depositories	NSDL leh CSDL	Client-te securities (sum siamna hmanrua - stock, bond, derivatives, etc.) him taka lo vawnsaka, hunbi neia client-te hnena report pek leh a kal kual dan felfai taka lo dah thatsak.	I share neihte digital format-a lo vawnsaktu che an ni a, securities chet velnaa hmanraw pawimawh tak an ni. Share i lei reng rengin, i share leite chu i Depository account-ah an awm thin a; DEMAT account ti pawhin an sawi thin.
Depository Participant (DP)	Bank tam zawk leh Stockbroker thenkhat te	Depository-te tana palai hna thawk.	NSDL leh CSDL te hi mi mala biakpawh ngawt theih an ni lo va. Anni aiawhin DP-te hian i DEMAT account hawn leh enkawl zuinaah palai hna an thawk thin a, i thawhpui ber turte an ni.
Foreign Institutional Investors (FII)	Foreign corporate, funds leh mi malte	India rama sum rawn peipun.	Hengho hian India ram chhunga sum peipunna tur tha an thlithlai thin a. Pawisa tam tham tak an chet kualtir thin avangin, an chet vel dan hian market-a sum peipungte ngaihdan/rilru puthmang leh market boruak hrim hrimah nghawng lian tak a nei thin.
Merchant Bankers	Karvy, Axis Bank, Edelweiss Capital	Primary market (mipuite lei theih tura company-in share an zawrh hmasak berna) a company-ten sum an siamnaa lo tanpui.	Company-in sum siam nana IPO (Initial Public Offering - mipui lei theih tura share thar hlak an zawrh chhuah) a tihchhuah dawnin, merchant banker-te hian IPO duan hna hi an thawk thin.
Asset Management Companies (AMC)	HDFC AMC, Reliance Capital, SBI Capital	Mutual fund scheme an chhawp chhuak thin.	Mipui, mahni sum peipun duhten an sum vawm khawm chu account pakhatah lo dah khawmin, chung pawisa tling khawm chu sum peipunna hmanraw hrang hrangah hlawkna awm turin an sem darh leh thin.
Portfolio Manager/Portfolio Management System (PMS)	Capitalmind Wealth PMS, Motilal PMS, Parag Parikh PMS	PMS scheme an chhawp chhuak thin.	Mutual fund nen an kalphung a inang tlangpui a. Mahse, PMS-ah hian a tlem berah sumlu ₹50,00,000 neih a ngai a; Mutual fund-ah erawh a tlem leh tam lam chin bituk a awm lo thung.
Stock Brokers	Zerodha, Sharekhan, ICICI Direct	Sum peipungtu leh stock lei leh hralhna hmun pui (NSE/BSE) inkara palai hna thawk.	Stockbroker chu stock market-a luhna kawngkapui an ni a. Computer thiamna hmangin, share lei leh hralh thu ah awlsam taka sum peipung duhtu tana kawng lo hawnsaktu an ni.

Heng stock market-a palai hna thawktute hnathawh dan leh an kalphung hi newsletter chhuak leh turah chipchiar zawkin kan la sawi zel dawn nia.

He newsletter atanga thil pawimawh kan zir te:

1. Stock market chu equity/share lei leh hralhna hmun a ni.

2. Stock market chu computer leh internet hmanga luh theih a ni a; stockbroker kal tlangin a luh theih bawk.

3. Stock market chhungah chuan share leitu leh hralhtu (market participants) te chu hlawm hrang hranga then an ni.

4. Stock market chhunga awm zawng zawng – share leitu leh hralhtu bakah an inkara palai hna thawk zawng zawngte chu dan kengkawhtu SEBI-in anmahni huang bik chhunga dan leh hrai a zamte hnuaiah dik takin an thawk theuh tur a ni.

5. SEBI hi India rama Securities market thununtu a ni a. Dân leh hrai siamtu an nih bakah, stock market chhunga hnathawk zawng zawngte chu an khuahkhirhna hnuaia awm vek an ni.

6. Thil pawimawh tak kan hriat reng tur chu, SEBI hian market-a i chet velna zawng zawng a enthla reng a, dân leh dûn a zamte piah lama thil dik lo taka i ti a nih chuan i chet velna zawng zawng a tihtawpsak thei che tih i hre reng dawn nia.