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P320
– INVESTMENT APPRECIATION PROGRAMME (LIFE) Background: Increasingly financial planners, estate planners and other financial advisors are advising clients to consider the life insurance policies as under-utilised assets that can provide significant financial resources to them while they are still alive. Today life insurers are becoming VALUE MANAGERS. It used to be true for insurers that too much capital was
barely enough. This was because the whole emphasis of insurers was on
maintaining statutory solvency rather than profitability. Insurance
companies are now recognizing that
they compete for capital with other types of companies. Active capital
management is needed to maximize shareholder returns. Hence in modern
times it becomes imperative that every employee of an insurance company
understands the dynamics of investment management and its criticality to
active capital management. Objectives
To familiarize participants about securities market Contents § Financial & Economic Environment § Study of Financial Statements including common ratios e.g. Operating & Net Margins, EPS, Dividend Yield, ROCE, ROE, Inventory & Debtors Turnover, Debt Equity Ratio (Leverage) § Impact of taxes on profits, Deferred Tax, MAT, Tax Holiday, Tax Shield, Dividend Distribution Tax § Discounted Cash Flow & Time value of Money § Insurance Accounting, Capital Adequacy, Solvency § Securities Market Overview Ø
Securities market & financial system Ø
Products, Participants & Functions Ø
Financing of Corporates & Government § Money Market Ø CBLO, Repo, T.Bills, Call, CPs, LAF, WMA, MF Liquid Scheme Ø Credit rating Primary Market – Equities Ø Public vs. Pvt Placement, QIP, CDRs/ADRs Ø IPOs Book Building, Rights, Bonus Secondary Market Ø Market Design : Exchange, Membership, Listing, Trading & Settlement Mechanism Ø Buyback & Takeover, Insider Trading Ø Market Capitalisation, Prices, Volume, Liquidity and Transaction cost Ø Impact of Rights Bonus announcement on prices (ex/cum prices) Ø Indices : Nifty, Sensex, BSE 200, Sectora`l Indices Ø Risk Mgt, margins, leveraged trading Debt Markets § Govt. Securities : Central/State Governments § Primary : Auction, On tap issue § Secondary : Market Operation of RBI § NDS/CCIL, WDM § Corporate Debt § Credit Rating Regulatory Framework Ø SEBI, RBI & their role Ø IRDA, Investment, Accounting & Valuation Regulations Insurance Act (S.27 A) Ø Company Law, Accounting Standards Mutual Funds & ULIPS Ø Net Asset Value Ø Returns on Investment & Comparison of different ULIP Schemes Ø Loads & charges Ø Life covers Ø Redemption & maturity, closed & open ended Derivatives Ø Index & Stock Futures, Contract sizes, open interest Ø Stock Options Ø Inter-relation of futures & cash (spot) market Participants’ Profile: SBM, M(Sales), M(ULIPs), MMs & SDMs and officers from Investment Dept. C.O., Pension Fund, LICHFL and LICMF Duration:
1 Week Dates: 09.06.2008 - 14.06.2008 |
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