Reliance Mutual Fund (RMF)

Reliance Mutual Fund (RMF) INTRODUCTION OF RELIANCE MUTUAL FUND Overview Reliance Mutual Fund (RMF) is one of Indias leading Mutual Funds, with Average Assets Under Management (AAUM) of Rs. 1,22,252 CRORES and an investor base of over 72.40 Lacs. (AAUM and investor count as of November 2009) For its 7.3 million investors, RMF offers a well-rounded portfolio of products that meet varying requirements. They are served from offices across 226 locations in India, offices in Dubai, Singapore, Mauritius and UK Reliance Mutual Fund, a part of the Reliance Anil Dhirubhai Ambani Group, is one of the fastest growing mutual funds in the country. RMF offers investors a well-rounded portfolio of products to meet varying investor requirements and has presence in 118 cities across the country. Reliance Mutual Fund constantly endeavors to launch innovative products and customer service initiatives to increase value to investors. Reliance Mutual Fund schemes are managed by Reliance Capital Asset Management Limited., a subsidiary of Reliance Capital Limited, which holds 93.37% of the paid-up capital of RCAM, the balance paid up capital being held by minority shareholders. Reliance Capital Ltd. is one of Indias leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services. Sponsor: Reliance Capital Limited Trustee: Reliance Capital Trustee Co. Limited Investment Manager or Asset Manager: Reliance Capital Asset Management Limited Statutory Details: The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act 1956. Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settlor/Sponsor and Reliance Capital Trustee Co. Limited (RCTCL), as the Trustee. RMF has been registered with the Securities Exchange Board of India (SEBI) vide registration number MF/022/95/1 dated June 30, 1995. The name of Reliance Capital Mutual Fund has been changed to Reliance Mutual Fund effective 11th. March 2004 vide SEBIs letter no. IMD/PSP/4958/2004 date 11th. March 2004. Reliance Mutual Fund was formed to launch various schemes under which units are issued to the Public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified securities The main objectives of the Trust are: To carry on the activity of a Mutual Fund as may be permitted at law and formulate and devise various collective Schemes of savings and investments for people in India and abroad and also ensure liquidity of investments for the Unit holders; To deploy Funds thus raised so as to help the Unit holders earn reasonable returns on their savings and To take such steps as may be necessary from time to time to realize the effects without any limitation. Risk Factors: Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on the factors and forces affecting the capital markets. Past performance of the Sponsor/AMC/Mutual Fund is not indicative of the future performance of the Scheme. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond their initial contribution of Rs.1 lakh towards the setting up of the Mutual Fund and such other accretions and additions to the corpus. The NAV of the Scheme may be affected, interalia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer procedures. The Mutual Fund is not assuring that it will make periodical dividend distributions, though it has every intention of doing so. All dividend dist ributions are subject to the availability of distributable surplus in the Scheme. Vision Statement To be a globally respected wealth creator with an emphasis on customer care and a culture of good corporate governance Mission Statement To create and nurture a world-class, high performance environment aimed at delighting our customers Corporate Governance Corporate Governance Policy: Reliance Capital Asset Management Ltd. has a vision of being a leading player in the Mutual Fund business and has achieved significant success and visibility in the market. However, an imperative part of growth and visibility is adherence to Good Conduct in the marketplace. At Reliance Capital Asset Management Ltd., the implementation and observance of ethical processes and policies has helped us in standing up to the scrutiny of our domestic and international investors. Management: The management at Reliance Capital Asset Management Ltd. is committed to good Corporate Governance, which includes transparency and timely dissemination of information to its investors and unit holders. The Board of Directors of RCAM is a professional body, including well-experienced and knowledgeable Independent Members. Regular Audit Committee meetings are conducted to review the operations and performance of the company. Employees: Reliance Capital Asset Management Ltd. has at present, a code of conduct for all its officers. It has a clearly defined prohibition on insider trading policy and regulations. The management believes in the principles of propriety and utmost care is taken while handling public money, making proper and adequate disclosures. All personnel at Reliance Capital Asset Management Ltd are made aware of their rights, obligations and duties as part of the Dealing Policy laid down in terms of SEBI guidelines. They are taken through a well-designed HR program, conducted to impart work ethics, the Code of Conduct, information security, Internet and e-mail usage and a host of other issues. One of the core objectives of Reliance Capital Asset Management Ltd. is to identify issues considered sensitive by global corporate standards, and implement policies/guidelines in conformity with the best practices as an ongoing process. Reliance Mutual Fund Schemes: Equity/Growth Schemes The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences. The investors must indicate the option in the application form. The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time. Debt/Income Schemes The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and vice versa. However, long term investors may not bother about these fluctuations. Sector Specific Schemes These are the funds/schemes which invest in the securities of only those sectors or industries as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the performance of the respective sectors/industries. While these funds may give higher returns, they are more risky compared to diversified funds. Investors need to keep a watch on the performance of those sectors/industries and must exit at an appropriate time. They may also seek advice of an expert. Exchange Traded Funds (ETFs) Exchange Traded Funds (ETFs) are usually passively managed mutual fund schemes tracking a benchmark index and reflect the performance of that index. These schemes are listed on the stock exchange and therefore have the flexibility of trading like a share on the stock exchange. It can also be looked as a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange, thus experiencing price changes throughout the day as it is bought and sold. Fixed Maturity Plans (FMPs) Fixed Maturity Plans (FMPs) are basically debt oriented investment schemes with a pre-specified tenure offered by mutual funds. FMPs invest in a portfolio of debt instruments whose maturity coincides with the maturity of the concerned FMP. The primary objective of a FMP is to generate income while aiming to protect the capital by investing in a portfolio of debt and money market securities. Since FMPs are available with several maturity options, one can invest in the relevant plan depending upon his investment horizon and the requirement of cash flows. Interval Fund / Fixed Maturity Plan Reliance Interval Fund (A Debt Oriented Interval Scheme): The investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund Plan C (A close-ended scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A close-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Portfolio management services: Overview Reliance Portfolio Management Services is an exclusive offering from the portfolio management division of Reliance Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd., Reliance Capital Asset Management Ltd. is also the investment manager for Reliance Mutual Fund schemes wherein it manages assets worth over Rs. 42,200 crores (as on Feb 28, 2007) Reliance Portfolio Management Services is a premium financial service, offering innovative exclusive products through discretionary advisory services. Our expertise has earned the trust of thousands of high net-worth individual/ institutional investors and created a family that is constantly growing. Reliance Portfolio Management Services can conduct your investments with true finesse coupled with passion and innovation. Reliance Portfolio Management Services is a part of Reliance Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd. Reliance Capital Ltd. is one of Indias leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services Organizational philosophy When it comes to managing investments what one needs is the fine harmony and the scale of an orchestra. Essentially, this translates to a special kind of skill that understands the finer nuances and appreciates the subtle notes. Only then can the instrumentation deliver a consistently enhanced performance. Now, you can get that kind of superior orchestration for your investment portfolio. Introducing Reliance Portfolio Management Services (Reliance PMS), a premium financial offering for select investors. An exclusive service, where a diligent team of talented professionals with diverse skill sets orchestrate your investments to deliver optimum returns. And a consistently laudable performance. Investmant philosophy A rich canvas of melodies.. At Reliance PMS you can expect a multitude of innovative investment options to serve varying investment objectives. The spectrum of asset classes traverses from the traditional asset classes, such as equities, fixed income or gold, to emerging ones, such as structured products or realty. Their Aim: To traverse the journey of your wealth creation with you by leveraging these asset options. They constantly endeavor to deliver competitive returns through a conservative and a diligent fund management framework, that is supported by rigorous analysis and a proven investment methodology The keynotes to perfection Minimizing Risks, Optimizing Gains All great scores being with a plan. To make beautiful music and surpass all expectations. Their strategy is quite similar. An increasing investor base is a reflection of the trust that investors repose in us, which we respect. Hence the safety of our investors assets is of utmost priority and this is the foundation of our investment philosophy. At Reliance PMS, they view every portfolio with the diligence of a musician composing a new score. Fine-tuning. Enhancing. Improving. Constantly working towards superior orchestration of your portfolio. Naturally, this is only possible if the foundation is sound. Strong investments, pure harmonies what we believe in Strong melodies call for a fine conductor. Reliance Portfolio Management Services can conduct your investments with utmost perfection. Our investment beliefs form the core of what we do. Our foundation is based on five key elements: Canvas, Concentration, Cash and Flexibility, Customisation and Customer Service. And it is with this rock solid base that we plan a fine crescendo for your investments Reliance PMS advantage: you As a Reliance PMS customer, we get a lot more than just superior portfolio management. We get the advantage of a solid and reputable track record backed by the expertise of a sound and stable investment team. Their philosophy lays considerable emphasis on an intensive research based, bottom-up, stock picking approach with a bias towards customizing the product offerings for our investors and business associates. They strongly believe that our investments should be adaptable enough to succeed in any market situation. Which is why our investment philosophy revolves around a solid bottom-up approach. So its true, when you invest with Reliance PMS, its certain that you will have all your investments in perfect sync. The composers score fund management Process All great scores begin with a plan. To make beautiful music and surpass all expectations. Their process is quite similar. All potential investment opportunities are subjected to extensive research, which includes analysis of various macro and micro economic indicators, related to specific sector company and or industry. This coupled with company visits and extensive interaction facilitates a data pool, which becomes the foundation of the process. Following are various services or investment schemes offered by Reliance Portfolio Management: 1). Absolute freedom option: This investment option is a highly flexible one with a very direct focus. To make the most of investment openings across a wide gamut of large cap, mid cap and small cap stocks. The aim of this product is to deliver positive absolute returns. It plans to do this by focusing on research based value investing to cover potentially investment-worthy companies. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 2). Large cap option: This portfolio model endeavors to generate capital appreciation by investing in companies drawn primarily from the Top 250 companies. These companies are ranked on the basis of market capitalization. The focus over here is on companies with a proven track record and a favorable medium to long-term outlook. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 3). Small Mid cap option: Capital appreciation through bottom up stock picking is of priority here with a special emphasis on the small and mid-cap space. Incisive and keen research is the backbone of this product. A dedicated research team will initiate portfolio building by discovering businesses that are relatively new and less tracked. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 4). Concentrated option: The investment objective of concentrated option is to achieve long term capital appreciation from equity and equity related investments. This investment option endeavors to invest disproportionate corpus in large and mid cap high growth companies that would be able to compound wealth over medium to long term. Investment Time Horizon: 3 years more Minimum Investment Amount: Resident Indian: Resident Indian: INR 1 Crore Tranche 1: INR 50 Lacs Tranche 2: INR 25 Lacs* Tranche 3: INR 25 Lacs* Non Resident Indian: INR 1 Crores 5). Emerging sector opportunity option: The Trinity Option which is a part of Emerging Sector Opportunity Option shall invest in a combination of sectors in order to cater to specific investor requirements and market conditions. The Trinity Series will look at investment opportunities in Natural Resources, Infrastructure Capital Goods and Financial Services. The Trinity Series offer the investors an opportunity to be part of the emerging sectors which would be the engines of growth and key drivers of the Indian economy Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 1 Crores Fixed income schemes under portfolio management services: All Season Debt Shield Aggressive Returns Option: A highly flexible investment option, which offers a diversified investment portfolio across ratings and the yield curve. Fixed Maturity Option: A relatively protective investment option with investments predominantly locked for the duration of the scheme. In certain scenarios, there might be partial redemption allowed, without a significant impact on the portfolio returns. Liquidity Option: The underlying tone of this investment option is to essentially provide the investors with superior returns as compared to traditional open-ended money market schemes. Blended Debt Plus Best of Funds Option Under this option, investments shall be made in units of different mutual funds. This option is designed to achieve even greater diversification than traditional mutual funds. Structured products solution: Structured Products are Investment instruments that combine at least one derivative with assets such as equity and fixed income securities. Such products are fast emerging as an alternate asset class among HNI/ Institutional investors providing opportunities that capture potential upsides of the equity universe with capital protection. Customized solutions: At Reliance PMS believe in delivering more than what the customer expects, customized solutions are just a step towards it. Customized solutions are investments specially created to meet needs that cannot be met from the standardized financial instruments available in the market. Customized solutions capture the characteristics of traditional and nontraditional investments with financial instruments. The strategic combination of these components provides control and flexibility to address those investors whose investment objective is not met through traditional investments available. AMC (Asset Management Company) of Reliance Mutual fund: A company that invests its clients pooled fundinto securities that match its declared financial objectives. Asset management companies provide investors with more diversification and investing options than they would have by themselves. Mutual funds, hedge funds andpension plans are all run by asset management companies. These companies earn income by charging service fees to their clients. AMCs offer their clients more diversificationbecause they have a larger pool of resources than the individual investor.Pooling assets together and paying out proportional returns allows investors to avoid minimum investment requirements often required when purchasing securities on their own,as well as the ability toinvest in a larger set of securities with a smaller investment AMC has to discharge mainly three functions as under: Taking investment decisions and making investments of the funds through market dealer/brokers in the secondary market securities or directly in the primary capital market or money market instruments Realize fund position by taking account of all receivables and realizations, moving corporate actions involving declaration of dividends,etc to compensate investors for their investments in units; and Maintaining proper accounting and information for pricing the units and arriving at net asset value (NAV), the information about the listed schemes and the transactions of units in the secondary market. AMC has to feed back the trustees about its fund management operations and has to maintain a perfect information system. Structure of AMC: RCAM has been appointed as the Asset Management Company of Reliance Mutual Fund by The Trustee vide Investment Management Agreement (IMA) dated May 12, 1995 and executed between Reliance Capital Trustee Co. Limited and Reliance Capital Asset Management Ltd. and amended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations, 1996). Reliance Capital Asset Management Ltd.(RCAM) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office at Reliance House, Near. Mardia Plaza, Off. C.G. Road, Ahmedabad, 380 006 and its Corporate Office at One Indiabulls Centre, Tower 1, Jupiter Mills Compound , 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013. Directors of the company include Amitabh Jhunjhunwala, a senior executive of ADAG. Amitabh Chaturvedi is the managing director of the AMC. As of end August 2006, Reliance mutual fund has Rs 28,753 crore of assets under management. Reliance Equity Fund, launched by Reliance MF in early 2006, is the largest mutual find scheme in the country with a fund size of over Rs 5,500 crore. The net worth of the Asset Management Company based on audited accounts as on March 31, 2009 is Rs. 841.32 Crore. Here is a list of mutual funds of Reliance which includes Debt/Income Funds , Equity Funds and Sector Specific Funds. Latest NAV Scheme Name NAV (Net Asset Value) Date Reliance Medium Term Fund-Retail Plan Growth Plan Bonus Option 13.4254 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Growth Plan Growth Option 18.7981 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Monthly Dividend Plan 10.3827 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Quarterly Dividend Plan 10.8016 03-Dec-2009 Reliance NRI Income Fund-Dividend Plan-Dividend Option 11.8741 03-Dec-2009 Reliance NRI Income Fund-Growth Plan-Growth Option 11.8741 03-Dec-2009 Reliance Short Term Fund-Dividend Re-investment Plan 10.6417 03-Dec-2009 Reliance Short Term Fund-Growth Plan 17.1406 03-Dec-2009 Reliance Short Term Fund-Quarterly Dividend Plan 13.5299 03-Dec-2009 Reliance Banking Fund-Dividend Plan-Dividend Option 31.2926 03-Dec-2009 Reliance Banking Fund-Growth Plan-Bonus Option 78.4123 03-Dec-2009 Reliance Banking Fund-Growth Plan-Growth Option 78.4123 03-Dec-2009 Reliance Diversified Power Sector Fund-Dividend Plan-Dividend 47.6648 03-Dec-2009 Reliance Diversified Power Sector Fund-Growth-Bonus 76.6486 03-Dec-2009 Reliance Diversified Power Sector Fund-Growth-Growth 76.6486 03-Dec-2009 Reliance Equity Fund-Dividend Plan-Dividend Option 15.1151 03-Dec-2009 Reliance Equity Fund-Growth Plan-Bonus Option 15.1151 03-Dec-2009 Reliance Equity Fund-Growth Plan-Growth Option 15.1151 03-Dec-2009 Reliance Equity Opportunities Fund-Dividend Plan-Dividend Option 19.3456 03-Dec-2009 Reliance Equity Opportunities Fund-Growth Plan-Bonus Option 27.3863 03-Dec-2009 Reliance Equity Opportunities Fund-Growth Plan-Growth Option 27.3863 03-Dec-2009 Reliance Growth Fund-Dividend Plan-(D) 53.3177 03-Dec-2009 Reliance Growth Fund-Growth Plan-Bonus Option 68.9535 03-Dec-2009 Reliance Growth Fund-Growth Plan-Growth Option 415.6732 03-Dec-2009 Reliance Media Entertainment Fund-Dividend Plan-Dividend Option 18.0409 03-Dec-2009 Reliance Media Entertainment Fund-Growth Plan-Bonus Option 2 Reliance Mutual Fund (RMF) Reliance Mutual Fund (RMF) INTRODUCTION OF RELIANCE MUTUAL FUND Overview Reliance Mutual Fund (RMF) is one of Indias leading Mutual Funds, with Average Assets Under Management (AAUM) of Rs. 1,22,252 CRORES and an investor base of over 72.40 Lacs. (AAUM and investor count as of November 2009) For its 7.3 million investors, RMF offers a well-rounded portfolio of products that meet varying requirements. They are served from offices across 226 locations in India, offices in Dubai, Singapore, Mauritius and UK Reliance Mutual Fund, a part of the Reliance Anil Dhirubhai Ambani Group, is one of the fastest growing mutual funds in the country. RMF offers investors a well-rounded portfolio of products to meet varying investor requirements and has presence in 118 cities across the country. Reliance Mutual Fund constantly endeavors to launch innovative products and customer service initiatives to increase value to investors. Reliance Mutual Fund schemes are managed by Reliance Capital Asset Management Limited., a subsidiary of Reliance Capital Limited, which holds 93.37% of the paid-up capital of RCAM, the balance paid up capital being held by minority shareholders. Reliance Capital Ltd. is one of Indias leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services. Sponsor: Reliance Capital Limited Trustee: Reliance Capital Trustee Co. Limited Investment Manager or Asset Manager: Reliance Capital Asset Management Limited Statutory Details: The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act 1956. Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settlor/Sponsor and Reliance Capital Trustee Co. Limited (RCTCL), as the Trustee. RMF has been registered with the Securities Exchange Board of India (SEBI) vide registration number MF/022/95/1 dated June 30, 1995. The name of Reliance Capital Mutual Fund has been changed to Reliance Mutual Fund effective 11th. March 2004 vide SEBIs letter no. IMD/PSP/4958/2004 date 11th. March 2004. Reliance Mutual Fund was formed to launch various schemes under which units are issued to the Public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified securities The main objectives of the Trust are: To carry on the activity of a Mutual Fund as may be permitted at law and formulate and devise various collective Schemes of savings and investments for people in India and abroad and also ensure liquidity of investments for the Unit holders; To deploy Funds thus raised so as to help the Unit holders earn reasonable returns on their savings and To take such steps as may be necessary from time to time to realize the effects without any limitation. Risk Factors: Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on the factors and forces affecting the capital markets. Past performance of the Sponsor/AMC/Mutual Fund is not indicative of the future performance of the Scheme. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond their initial contribution of Rs.1 lakh towards the setting up of the Mutual Fund and such other accretions and additions to the corpus. The NAV of the Scheme may be affected, interalia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer procedures. The Mutual Fund is not assuring that it will make periodical dividend distributions, though it has every intention of doing so. All dividend dist ributions are subject to the availability of distributable surplus in the Scheme. Vision Statement To be a globally respected wealth creator with an emphasis on customer care and a culture of good corporate governance Mission Statement To create and nurture a world-class, high performance environment aimed at delighting our customers Corporate Governance Corporate Governance Policy: Reliance Capital Asset Management Ltd. has a vision of being a leading player in the Mutual Fund business and has achieved significant success and visibility in the market. However, an imperative part of growth and visibility is adherence to Good Conduct in the marketplace. At Reliance Capital Asset Management Ltd., the implementation and observance of ethical processes and policies has helped us in standing up to the scrutiny of our domestic and international investors. Management: The management at Reliance Capital Asset Management Ltd. is committed to good Corporate Governance, which includes transparency and timely dissemination of information to its investors and unit holders. The Board of Directors of RCAM is a professional body, including well-experienced and knowledgeable Independent Members. Regular Audit Committee meetings are conducted to review the operations and performance of the company. Employees: Reliance Capital Asset Management Ltd. has at present, a code of conduct for all its officers. It has a clearly defined prohibition on insider trading policy and regulations. The management believes in the principles of propriety and utmost care is taken while handling public money, making proper and adequate disclosures. All personnel at Reliance Capital Asset Management Ltd are made aware of their rights, obligations and duties as part of the Dealing Policy laid down in terms of SEBI guidelines. They are taken through a well-designed HR program, conducted to impart work ethics, the Code of Conduct, information security, Internet and e-mail usage and a host of other issues. One of the core objectives of Reliance Capital Asset Management Ltd. is to identify issues considered sensitive by global corporate standards, and implement policies/guidelines in conformity with the best practices as an ongoing process. Reliance Mutual Fund Schemes: Equity/Growth Schemes The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences. The investors must indicate the option in the application form. The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time. Debt/Income Schemes The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and vice versa. However, long term investors may not bother about these fluctuations. Sector Specific Schemes These are the funds/schemes which invest in the securities of only those sectors or industries as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the performance of the respective sectors/industries. While these funds may give higher returns, they are more risky compared to diversified funds. Investors need to keep a watch on the performance of those sectors/industries and must exit at an appropriate time. They may also seek advice of an expert. Exchange Traded Funds (ETFs) Exchange Traded Funds (ETFs) are usually passively managed mutual fund schemes tracking a benchmark index and reflect the performance of that index. These schemes are listed on the stock exchange and therefore have the flexibility of trading like a share on the stock exchange. It can also be looked as a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange, thus experiencing price changes throughout the day as it is bought and sold. Fixed Maturity Plans (FMPs) Fixed Maturity Plans (FMPs) are basically debt oriented investment schemes with a pre-specified tenure offered by mutual funds. FMPs invest in a portfolio of debt instruments whose maturity coincides with the maturity of the concerned FMP. The primary objective of a FMP is to generate income while aiming to protect the capital by investing in a portfolio of debt and money market securities. Since FMPs are available with several maturity options, one can invest in the relevant plan depending upon his investment horizon and the requirement of cash flows. Interval Fund / Fixed Maturity Plan Reliance Interval Fund (A Debt Oriented Interval Scheme): The investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund Plan C (A close-ended scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A close-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Portfolio management services: Overview Reliance Portfolio Management Services is an exclusive offering from the portfolio management division of Reliance Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd., Reliance Capital Asset Management Ltd. is also the investment manager for Reliance Mutual Fund schemes wherein it manages assets worth over Rs. 42,200 crores (as on Feb 28, 2007) Reliance Portfolio Management Services is a premium financial service, offering innovative exclusive products through discretionary advisory services. Our expertise has earned the trust of thousands of high net-worth individual/ institutional investors and created a family that is constantly growing. Reliance Portfolio Management Services can conduct your investments with true finesse coupled with passion and innovation. Reliance Portfolio Management Services is a part of Reliance Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd. Reliance Capital Ltd. is one of Indias leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services Organizational philosophy When it comes to managing investments what one needs is the fine harmony and the scale of an orchestra. Essentially, this translates to a special kind of skill that understands the finer nuances and appreciates the subtle notes. Only then can the instrumentation deliver a consistently enhanced performance. Now, you can get that kind of superior orchestration for your investment portfolio. Introducing Reliance Portfolio Management Services (Reliance PMS), a premium financial offering for select investors. An exclusive service, where a diligent team of talented professionals with diverse skill sets orchestrate your investments to deliver optimum returns. And a consistently laudable performance. Investmant philosophy A rich canvas of melodies.. At Reliance PMS you can expect a multitude of innovative investment options to serve varying investment objectives. The spectrum of asset classes traverses from the traditional asset classes, such as equities, fixed income or gold, to emerging ones, such as structured products or realty. Their Aim: To traverse the journey of your wealth creation with you by leveraging these asset options. They constantly endeavor to deliver competitive returns through a conservative and a diligent fund management framework, that is supported by rigorous analysis and a proven investment methodology The keynotes to perfection Minimizing Risks, Optimizing Gains All great scores being with a plan. To make beautiful music and surpass all expectations. Their strategy is quite similar. An increasing investor base is a reflection of the trust that investors repose in us, which we respect. Hence the safety of our investors assets is of utmost priority and this is the foundation of our investment philosophy. At Reliance PMS, they view every portfolio with the diligence of a musician composing a new score. Fine-tuning. Enhancing. Improving. Constantly working towards superior orchestration of your portfolio. Naturally, this is only possible if the foundation is sound. Strong investments, pure harmonies what we believe in Strong melodies call for a fine conductor. Reliance Portfolio Management Services can conduct your investments with utmost perfection. Our investment beliefs form the core of what we do. Our foundation is based on five key elements: Canvas, Concentration, Cash and Flexibility, Customisation and Customer Service. And it is with this rock solid base that we plan a fine crescendo for your investments Reliance PMS advantage: you As a Reliance PMS customer, we get a lot more than just superior portfolio management. We get the advantage of a solid and reputable track record backed by the expertise of a sound and stable investment team. Their philosophy lays considerable emphasis on an intensive research based, bottom-up, stock picking approach with a bias towards customizing the product offerings for our investors and business associates. They strongly believe that our investments should be adaptable enough to succeed in any market situation. Which is why our investment philosophy revolves around a solid bottom-up approach. So its true, when you invest with Reliance PMS, its certain that you will have all your investments in perfect sync. The composers score fund management Process All great scores begin with a plan. To make beautiful music and surpass all expectations. Their process is quite similar. All potential investment opportunities are subjected to extensive research, which includes analysis of various macro and micro economic indicators, related to specific sector company and or industry. This coupled with company visits and extensive interaction facilitates a data pool, which becomes the foundation of the process. Following are various services or investment schemes offered by Reliance Portfolio Management: 1). Absolute freedom option: This investment option is a highly flexible one with a very direct focus. To make the most of investment openings across a wide gamut of large cap, mid cap and small cap stocks. The aim of this product is to deliver positive absolute returns. It plans to do this by focusing on research based value investing to cover potentially investment-worthy companies. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 2). Large cap option: This portfolio model endeavors to generate capital appreciation by investing in companies drawn primarily from the Top 250 companies. These companies are ranked on the basis of market capitalization. The focus over here is on companies with a proven track record and a favorable medium to long-term outlook. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 3). Small Mid cap option: Capital appreciation through bottom up stock picking is of priority here with a special emphasis on the small and mid-cap space. Incisive and keen research is the backbone of this product. A dedicated research team will initiate portfolio building by discovering businesses that are relatively new and less tracked. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 4). Concentrated option: The investment objective of concentrated option is to achieve long term capital appreciation from equity and equity related investments. This investment option endeavors to invest disproportionate corpus in large and mid cap high growth companies that would be able to compound wealth over medium to long term. Investment Time Horizon: 3 years more Minimum Investment Amount: Resident Indian: Resident Indian: INR 1 Crore Tranche 1: INR 50 Lacs Tranche 2: INR 25 Lacs* Tranche 3: INR 25 Lacs* Non Resident Indian: INR 1 Crores 5). Emerging sector opportunity option: The Trinity Option which is a part of Emerging Sector Opportunity Option shall invest in a combination of sectors in order to cater to specific investor requirements and market conditions. The Trinity Series will look at investment opportunities in Natural Resources, Infrastructure Capital Goods and Financial Services. The Trinity Series offer the investors an opportunity to be part of the emerging sectors which would be the engines of growth and key drivers of the Indian economy Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 1 Crores Fixed income schemes under portfolio management services: All Season Debt Shield Aggressive Returns Option: A highly flexible investment option, which offers a diversified investment portfolio across ratings and the yield curve. Fixed Maturity Option: A relatively protective investment option with investments predominantly locked for the duration of the scheme. In certain scenarios, there might be partial redemption allowed, without a significant impact on the portfolio returns. Liquidity Option: The underlying tone of this investment option is to essentially provide the investors with superior returns as compared to traditional open-ended money market schemes. Blended Debt Plus Best of Funds Option Under this option, investments shall be made in units of different mutual funds. This option is designed to achieve even greater diversification than traditional mutual funds. Structured products solution: Structured Products are Investment instruments that combine at least one derivative with assets such as equity and fixed income securities. Such products are fast emerging as an alternate asset class among HNI/ Institutional investors providing opportunities that capture potential upsides of the equity universe with capital protection. Customized solutions: At Reliance PMS believe in delivering more than what the customer expects, customized solutions are just a step towards it. Customized solutions are investments specially created to meet needs that cannot be met from the standardized financial instruments available in the market. Customized solutions capture the characteristics of traditional and nontraditional investments with financial instruments. The strategic combination of these components provides control and flexibility to address those investors whose investment objective is not met through traditional investments available. AMC (Asset Management Company) of Reliance Mutual fund: A company that invests its clients pooled fundinto securities that match its declared financial objectives. Asset management companies provide investors with more diversification and investing options than they would have by themselves. Mutual funds, hedge funds andpension plans are all run by asset management companies. These companies earn income by charging service fees to their clients. AMCs offer their clients more diversificationbecause they have a larger pool of resources than the individual investor.Pooling assets together and paying out proportional returns allows investors to avoid minimum investment requirements often required when purchasing securities on their own,as well as the ability toinvest in a larger set of securities with a smaller investment AMC has to discharge mainly three functions as under: Taking investment decisions and making investments of the funds through market dealer/brokers in the secondary market securities or directly in the primary capital market or money market instruments Realize fund position by taking account of all receivables and realizations, moving corporate actions involving declaration of dividends,etc to compensate investors for their investments in units; and Maintaining proper accounting and information for pricing the units and arriving at net asset value (NAV), the information about the listed schemes and the transactions of units in the secondary market. AMC has to feed back the trustees about its fund management operations and has to maintain a perfect information system. Structure of AMC: RCAM has been appointed as the Asset Management Company of Reliance Mutual Fund by The Trustee vide Investment Management Agreement (IMA) dated May 12, 1995 and executed between Reliance Capital Trustee Co. Limited and Reliance Capital Asset Management Ltd. and amended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations, 1996). Reliance Capital Asset Management Ltd.(RCAM) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office at Reliance House, Near. Mardia Plaza, Off. C.G. Road, Ahmedabad, 380 006 and its Corporate Office at One Indiabulls Centre, Tower 1, Jupiter Mills Compound , 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013. Directors of the company include Amitabh Jhunjhunwala, a senior executive of ADAG. Amitabh Chaturvedi is the managing director of the AMC. As of end August 2006, Reliance mutual fund has Rs 28,753 crore of assets under management. Reliance Equity Fund, launched by Reliance MF in early 2006, is the largest mutual find scheme in the country with a fund size of over Rs 5,500 crore. The net worth of the Asset Management Company based on audited accounts as on March 31, 2009 is Rs. 841.32 Crore. Here is a list of mutual funds of Reliance which includes Debt/Income Funds , Equity Funds and Sector Specific Funds. Latest NAV Scheme Name NAV (Net Asset Value) Date Reliance Medium Term Fund-Retail Plan Growth Plan Bonus Option 13.4254 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Growth Plan Growth Option 18.7981 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Monthly Dividend Plan 10.3827 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Quarterly Dividend Plan 10.8016 03-Dec-2009 Reliance NRI Income Fund-Dividend Plan-Dividend Option 11.8741 03-Dec-2009 Reliance NRI Income Fund-Growth Plan-Growth Option 11.8741 03-Dec-2009 Reliance Short Term Fund-Dividend Re-investment Plan 10.6417 03-Dec-2009 Reliance Short Term Fund-Growth Plan 17.1406 03-Dec-2009 Reliance Short Term Fund-Quarterly Dividend Plan 13.5299 03-Dec-2009 Reliance Banking Fund-Dividend Plan-Dividend Option 31.2926 03-Dec-2009 Reliance Banking Fund-Growth Plan-Bonus Option 78.4123 03-Dec-2009 Reliance Banking Fund-Growth Plan-Growth Option 78.4123 03-Dec-2009 Reliance Diversified Power Sector Fund-Dividend Plan-Dividend 47.6648 03-Dec-2009 Reliance Diversified Power Sector Fund-Growth-Bonus 76.6486 03-Dec-2009 Reliance Diversified Power Sector Fund-Growth-Growth 76.6486 03-Dec-2009 Reliance Equity Fund-Dividend Plan-Dividend Option 15.1151 03-Dec-2009 Reliance Equity Fund-Growth Plan-Bonus Option 15.1151 03-Dec-2009 Reliance Equity Fund-Growth Plan-Growth Option 15.1151 03-Dec-2009 Reliance Equity Opportunities Fund-Dividend Plan-Dividend Option 19.3456 03-Dec-2009 Reliance Equity Opportunities Fund-Growth Plan-Bonus Option 27.3863 03-Dec-2009 Reliance Equity Opportunities Fund-Growth Plan-Growth Option 27.3863 03-Dec-2009 Reliance Growth Fund-Dividend Plan-(D) 53.3177 03-Dec-2009 Reliance Growth Fund-Growth Plan-Bonus Option 68.9535 03-Dec-2009 Reliance Growth Fund-Growth Plan-Growth Option 415.6732 03-Dec-2009 Reliance Media Entertainment Fund-Dividend Plan-Dividend Option 18.0409 03-Dec-2009 Reliance Media Entertainment Fund-Growth Plan-Bonus Option 2

Role of Banks

THE UNIVERSITY OF ADELAIDE SCHOOL OF BUSINESS NAME : TRANG THI KIEU HO STUDENT ID : 1613946 CLASS: TUTORIAL 13 (12339) Banks play a central role in the economy, they create and maintain the flow of money between surplus and deficit unit and by this facilitate the process of production, distribution, exchange and consumption of wealth. If there were no bank activities, a large of amount of capital of the economy would be idle. Hence, banking activities are vital for the development of an economy.Another function of the bank is risk spreading. They transform risky asset ( loans) to less risker liabilities ( deposits). They also conduct maturity transformation or liquidity providing function. Banks pool of short-term deposits and then give out long-term loans. They can do this base on the theory that different investors have different liquidity preferences. Hence, when banks do not work properly, it will affect the whole economy. In conclusion, a strong banking system is very important for an economy.I think it is necessary to regulate the banking system because lack of regulation can result in some banks taking excessive risks and getting into trouble. A problem in banking system can affect the whole economy. In fact, some economist said that one of the reasons that led to the global financial crisis is the lack of regulation in financial system. Hence it is necessary to have more regulation to keep the banks working properly. Too much regulation, however, will decrease the competition in financial sector, the big will get bigger and the small who cannot compete will not be able to survive.Competition between banks forces them to keep the interest margin low to compete. It also helps banks to have incentives to create innovation to work better and make more profit. This will bring much benefit to investors and borrowers. For all of these reasons, I think that we should have enough regulation to keep the banks working properly and avoid another crisis but not stri ct regulation so that not to decrease competition in financial system.

Indian Writing in English- Nissim Ezekiel Essay

Indian poetry has flourished over the last 4000 years. Today, it is composed and written in more than twenty Indian languages, including English. It has always echoed the voice of the times and revealed the pains and passions of the people. Its growth has also reflected our rich cultural heritage. The history of Indian poetry makes us aware of its glorious past in contrast to its present state. Today, as the world is shrinking and the communication network projecting man on the global scene much faster, the past values are getting lost in the struggle man is involved with. Issues confronting man have multiplied and so have his efforts for survival. Poetry today is facing the test of time. Poets need to be organized more vigorously than in the past to voice effectively their innermost thoughts and interact with each other more often. Giving away of awards to some of the few distinguished ones is not enough. Poets in India need to be encouraged in their creativity if we expect their contributions to transform our society. New life is to be given to old values which had stood us in good stead for so long. The poets should come to the forefront to undertake this job. As such, organized efforts need to be made to promote the production and publication of good Indian poetry. Poetry written in different parts of India needs to be collected, interpreted and propagated. Indian English literature (IEL) refers to the body of work by writers in India who write in the English language and whose native or co-native language could be one of the numerous languages of India. It is also associated with the works of members of the Indian diaspora, such as V. S. Naipaul, Kiran Desai, Jhumpa Lahiri and Salman Rushdie, who are of Indian descent. It is frequently referred to as Indo-Anglian literature. (Indo-Anglian is a specific term in the sole context of writing that should not be confused with the term Anglo-Indian). As a category, this production comes under the broader realm of postcolonial literature- the production from previously colonised countries such as India. A much over-looked category of Indian writing in English is poetry. As stated above, Rabindranath Tagore wrote in Bengali and English and was responsible for the translations of his own work into English. Other early notable poets in English include Derozio, Michael Madhusudan Dutt, Toru Dutt, Romesh Chunder Dutt, Sri Aurobindo, Sarojini Naidu, and her brother Harindranath Chattopadhyay. A generation of exiles also sprang from the Indian diaspora. Among these are names like Agha Shahid Ali, Sujata Bhatt, Richard Crasta, Yuyutsu Sharma and Vikram Seth. In modern times, Indian poetry in English was typified by two very different poets. Dom Moraes, winner of the Hawthornden Prize at the age of 19 for his first book of poems A Beginning went on to occupy a pre-eminent position among Indian poets writing in English. Nissim Ezekiel, who came from India’s tiny Bene Israel Jewish community, created a voice and place for Indian poets writing in English and championed their work. A significant and torch bearer poet is Nissim Ezekiel. Recent Indian English poetry adds to, what O. P. Bhatnagar terms as, a process of collective discovery, affirming its richness, sensitivity and cultural complexity. If we examine the potential of the poery-making mind in English, we should now discover aspects of the essentially assimilative genius of the Indian people, snf a celebration of the vast chorus of voices that make Indian literature sing. These poets write with an awareness of their milieu and environment rather than British or American rhetoric or intellectual attitudes like alienation or exile. They share the central core of contemporary realities of Indian life. The Indo – Anglian poetry is said to be essentially Indian and everything else afterwards. It expresses the essence of Indian personality and is also very sensitive to the changes of its national climate and it voices the aspirations and the joys and sorrows of Indians. It has been opined, that the Indo – Anglian poets are of two factions. The neo-modernists and the neo-symbolists. The outlook of the former is coloured by humanism and irony and that of the latter is imbued with mysticism and sublimity, but a perfect blend is achieved by the two groups in the realms of beauty. A perfect example, of anlndo – Anglian poet, who was able to arrive at a synthesis between the two factions of poetry, is none other than Sarojini Naidu, for she took her stance in the neutral, middle ground, between the sacred and profane sphere of poetry she was at home in both the worlds and found them united in the realms of poetry. Nissim Ezekiel occupies an important place in post-Independence Indian English literature. He has wielded a great influence as a leading poet, editor and an occasional playwright. Besides, he is a well-known critic. Sometimes he also emerges as a politician in the guise of a fighter for cultural freedom in India. Ezekiel held many important positions. He was for many years a Professor of English in Bombay University. He is a noted name in the field of journalism. In this capacity he was editor of many journals including Poetry India (1966-67), Quest (1955-57) and Imprint (1961-70), He was an Associate Editor to the Indian P. E. N. , Bombay. Considered to be the Father of post independence Indian verse in English, Nissim Ezekiel was a prolific poet, playwright, critic, broadcaster and social commentator. He was born on December24, 1924 in a Jew family. His father was a professor of botany and mother was principal of her own school. Ezekiel was inclined to the poets such as T. S. Eliot. Yeats, Ezra Pound in his school days. The influence of all these literary personalities was apparent in his early works. His formal use of the English language was linked to colonialism and resulted in controversy. His first collection of poetry ‘Time To Change’ was published by Fortune Press (London) in 1952. His poetry has all the elements of love, loneliness, lust, and creativity. Nissim Ezekiel went on to join The Illustrated Weekly of India as an assistant editor in 1953. ‘Sixty Poems’ was his next book followed by ‘The Unfinished Man’. Nissim Ezekiel started writing in formal English but with the passage of time his writing underwent a metamorphosis. As the time passed he acknowledged that ‘the darkness has its own secrets which light does not know. His poem ‘The Night Of Scorpion’ is considered to be one of the best works in Indian English poetry and is used as a study material in India and British schools. Nissim Ezekiel worked as an advertising copywriter and general manager of a picture frame company . He was the art critic of The Times Of India (1964-66) and editor of The Poetry India(1966-67). He was also the co-founder of the literary monthly Imprint. Ezekiel was awarded the Sahitya Akademi award in 1983. In 1988 he received another honor,Padma Shri, for his contribution to the Indian English writing.  He passed away on January 9, 2004, in Mumbai after a prolonged illness. As a man of letters Nissim Ezekiel is a ‘Protean’ figure. His achievements as a poet and playwright are considerable. K. Balachandran writes, â€Å"The post-Independence Indian poetry saw its new poetry in the fifties. Among the new poets A. K. Ramanujan, R. Parthasarathy, Shiv K. Kumar, Kamala Das, Monica Verma, O. P. Bhatnagar, Gauri Deshpande, Adil Jussawalla, Ezekiel occupies a prominent place. His versatile genius can be found in his poetry, plays, criticism, journalism and translation. Nissim Ezekiel has done a good work in Indian writing in English. He has written many volumes of poems—A Time to Change (1952), Sixty Poems (1953), The Third (1959), The Unfinished Man (1960), The Exact Name (1965) and others. His plays Nalini, Marriage Poem, The Sleep-Walkers, Songs of Deprivation and Who Needs No Introduction are already staged and published. He has also edited books Indian Writers in Conference (1964), Writing in India (1965), An Emerson Reader (1965), A M artin Luther King Reader (1965) and Arthur Miller’s All My Sons (1972). His literary essays published in magazines and papers are innumerable. The notable among them are ‘Ideas and Modern Poetry’ (1964), ‘The Knowledge of Dead Secrets’ (1965), ‘Poetry as Knowledge’ (1972), ‘Sri Aurobindo on Poetry’ (1972), ‘Should Poetry be Read to Audience? ‘ (1972), ‘K. N. Daruwalla’ (1972), ‘Poetry and Philosophy,’ ‘Hindu Society’ (1966). He has written essays on art criticism ‘Modern Art in India’ (1970), ‘How Good is Sabavala? ‘ (1973), and ‘Paintings of the Year 1973’ (1973). His e s s a y s o n social criticism Thoreau and Gandhi’ (1971), ‘Censorship and the Writer’ (1963), ‘How Normal is Normality’ (1972), ‘Tradition and All That a Case Against the Hippies’ (1973), ‘A Question of Sanity’ (1972) and ‘Our Academic Community’ (1968) are varied and auto telic of his wide interest. Ezekiel is an editor of several journals encouraging writing poetry, plays and criticisrm He also asked many writers for translation, affecting the theory and practice of the young poets. The writers like Rilke and W. B. Yeats influenced Ezekiel. Like Yeats, he treated poetry as the ‘record of the mind’s growth. ‘ His poetic bulk indicates his growth as a poet-critic and shows his personal importance. Chetan Karnani states, â€Å"At the centre was that sincere devoted mind that wanted to discover itself. In the process, he managed to forge a unique achievement of his own. † The poet Ezekiel has already published several volumes of poems. For him poetry-writing was a lofty vocation, a way of life. He treated life as a journey where poetry would be the main source of discovering and organising one’s own self. In a sense, poetry to Ezekiel became a way for self-realisation. He calls life a texture of poetry. He identifies himself with poetry. So all of his volumes of verse are well-knit and they are in the poet’s view, a continuation of each other. Ezekiel’s experiments in prose rhythms and his fine sense of structure and metrical ability. The verse rhythms of T. S. Eliot seem to haunt hi s mind. Ezekiel’s Si x t y Poems (1953), his second volume of poems was published in 1953. But these poems are loose in structure and they are less appealing. Night of the Scorpion’, in which Ezekiel recalls the behaviour of ‘the peasants’, his father, his mother and a holy man when his mother was poisoned by a scorpion’s sting. Here the aim is to find poetry in ordinary reality as observed, known, felt, experienced rather than as the intellect thinks it should be. While the peasants pray and speak of incarnations, his father, ‘sceptic, rationalist’, tries ‘every curse and blessing, powder, mixture, herb and hybrid’ and a holy man performs a rite. After a day the poison is no longer felt and, in a final irony, his mother, in contrast to the previous feverish activity centred upon her, makes a typical motherly comment: My mother only said Thank God the scorpion picked on me and spared my children. The ‘Thank God’ is doubly ironic as it is a commonplace expression of speech in contrast to all the previous religious and superstitious activity. Ezekiel’s purpose is not, however, an expression of scepticism but rather the exact notation of what he saw as a child. The aim is not to explain but to make real by naming, by saying ‘common things’. The poem is a new direction, a visionof ordinary reality, especially of Indian life, unmediated by cold intellect. The new purpose is seen in the poem’s style, unrhymed, with line lengths shaped by natural syntactical units and rhythm created by the cadences of the speaking voice into a long verse paragraph, rather than the stanzaic structure used in earlier poems. In his poetry there is the truth of acknowledging what is felt and experienced in its complexity, contradictions, pleasures, fears and disillusionments without preconceived ideas of what poetry should say about the poet and life. Nissim Ezekiel’s ‘Night of The Scorpion’ is much appreciated by the critics and it has found place in many anthologies for as excellence, Critics, commenting on its aesthetic beauty expressed different views. In their critical sweep, they brought everything from superstitious ritualism to modern rationalism. One can find that in the poem superstitious ritualism or sceptic rationalism or even the balance of the both with expression of Indian ethos through maternal love in the Indian way, is nothing but scratching the surface. The poem has something more gigantic than its face value, which as I find is the symbolic juxtaposition of the forces of darkness and light that is intrinsically centripetal in the poem. It is ‘Night’ of The Scorpion’ with the first word absorbing accent. It seems to have been implicitly contrived here that ‘Night should stand as a symbol of darkness with the ‘Scorpion’ as the symbol of evil. Such ingenuity in craftsmanship takes the poem to the higher level of understanding. Prof. Birje Patil is right in putting that in â€Å"Night of The Scorpion†, where evil is symbolized by the scorpion, The reader made to participate in the ritual as well as suffering through’ a vivid evocation of the poison moving in the mother’s blood’. And evil has always been associated with darkness, the seamy side of our life, in human psyche. It has always been the integral part of theology, in whatever form it has manifested that suffering helps in removing that darker patch in human mind, he patch that has been a besetting sin of man’s existence. May the sum of evil Balanced in this unreal world gainst the sum of good become diminished by your pain, they said These lines amply testify that the poem aims at achieving something higher than its narrative simplicity. The choric refrain ‘they said’ in the chain of reactions made by the village peasants is undoubtedly ironic, but the poet hasn’t as much to stress the concept of sin, redemption or rebirth ass he has to insinuate the indomitable force of darkness gripping the minds of the unenlightened. Going through the poem attentively more than once, it can’t fail catching our notice that modern rationalism is also equally shallow and perverse. It is also a road leading to confusion where through emerges scepticism, the other darker patch on our modernized existence. The image of the father in this poem speaks volumes for this capsizing modernism which sandwiches in its arm- space the primitive and the perverted. The â€Å"sceptic rationalist’ father trying ‘powder, mixture, herb and hybrid’ bears upon human primitivism and when he experiments with ‘a little paraffin upon a bitten toe and put a match to it he becomes a symbol of perversion in the modern man’s psyche. Christopher Wiseman puts it, â€Å"†¦ fascinating tension between personal crisis and mocking social observation†Ã¢â‚¬  ; neither there is any personal crisis. On the other hand there is spiritual compassion and an intense urge for getting rid of this psychological syndrome that the whole modern world ha s b e e n caught, the slow-moving poison of this syndromic scorpion into the very veins of creation, the image o f the mother in agony nullifying the clear vision of human thought and enveloping the whole of humanity In the darker shades of confusion more chaolic, troubles the poet as much sharply as the sting of the poisonous worm. There is crisis, but it is the crisis of human existence thaat needs lo be overcome. The poet, though a distant observer, doesn’t take a stance of detachment. On the exact opposite, he watches with curiosity â€Å"the flame feeding on my mother’, but being uncertain whether the paraffin flame would cleanse her of the ugony of the absorbing poison, he loses himself in a thoughtful trance. The whole poem abounds with these two symbols of darkness and light. In the very beginning the poet has ushered in this symbolic juxta position and then as the poem advanced, built upon it the whole structure of his fascinating architecture in the lines. Ten hours of steady rain had driven him to crawl beneath a sack of rice parting with his poison – flash of diabolic tail in the dark room he risked the rain again. The incessant rain stands for the hope and regeneration where with is juxtaposed the destructive hurdles to fruitfy that hope. But the constructive, life giving rain continuoues and the evil, having fulfilled its parts, departs. Then afterwards other hurdels more preying than the first, come in. More candles, more lanterns, more neighbours more insects, and the endless rain My mother twisted through and through groaning on a mat. The symbols of light and darkness, candles lanterns, neighbours and insects and rain again are notworthy. But the force of light gains a width handover the evil force and life is restored once again in its joyous stride and this life long struggle between forces of darkness and light reaches a crescendo when – after twenty hours It lost its sting. Here, In the above lines, lies the beuaty of the poem, when the ascending steps of darkness, being chased by the force of following light are ripped down; when at last on the peak the chaser wins and the chased slips down. The man who has not understood what motherhood is. might be taken in by such expression of motherly love. But I convincingly feel that any woman would have exclaimed the same thing as the mother in this poem did. In my view, it would have been truly Indian had the mother in her tortures remembered her children and though helplessly, had she desired to protect them lest the scorpion might catch them unawres. Anyway, the beauty of the poem remains- unmarred by such revision. The poem is a thing of beauty par excellence.

Human Rights No Slavery - 1906 Words

Human Rights- No Slavery The issue of slavery dates back to as early as time of the ancient egyptians, and even before that. Many people do not realize it today but slavery is still an issue in some parts of the world even though slavery was abolished in the 19th century. Slavery, otherwise known as forced labor, is more common today among children and women, and also in developing countries where the rules and laws aren’t so governed. Today, most slavery occurs in places such as Asia, and Africa, where children are forced to be soldiers and women are forced into the sex industry. Although slavery is not prevalent in the United States, we still need to be aware of it globally and help take a stand against it to make sure that all humans†¦show more content†¦Sexual labor meaning things like prostitution, which is still around in some parts of the United States, although not as big as it is in say Asia. Although there is no single reason why slavery is still in existenc e, places where there is poverty or corrupt government makes slavery easy to get away with. Especially in third world countries where the government isn’t as strict with the rules and laws of the people. In fact, most writers claim that government corruption is a leading cause of the persistence of slavery. Also, since there are laws against slavery, and slavery has been abolished, most people sort of sweep the issue under the rug because the attention of slavery isn’t as bad as it use to be. Most people don’t try and defend slavery like they had in the past. There are more people in slavery than ever before, and along with the extremely low prices for slaves, slave owners make it easy to get rid of slaves whenever they please, whereas in the past, slave owners would hand on to slaves for as long as they could because their industry at the time depended on the work of slaves. Which essentially makes slaves a cheap disposable item to slave owners. One of the many big industries right now is the carpet industry in India where more than 300,000 children work as slaves. Slavery is also not to be confused with low-wage jobs, or jobs with harsh working conditions. Slaves are forcedShow MoreRelatedSlavery Is A Violation Of Human Rights1484 Words   |  6 PagesSouthern America’s use of slavery. Slavery, in every society is a violation of human rights, and forcibly makes individuals ‘have-nots.’ In the ancient era of the Romans, slavery was more benign. Slaves were essentially second-class citizens, but they were still citizens. When racism and European superiority were mixed in with the corrosiveness of slavery, a new breed of wickedness was born. American slavery, usually referred to as chattel slavery, is a gross violation of the rights of man. InterestinglyRead MoreSlavery : A Moral And Human Rights1883 Words   |  8 Pages Slavery, the keeping of slaves as a practice or institution, has held a grim but important role in America’s history. Since the founding of the United States, slavery has been a moral and human rights issue that citizens have argued over to the point of war. To most Americans, the day slavery ended was January 1st, 1863-the day President Lincoln signed the Emancipation Proclamation and freed all slaves within America’s borders. However slavery never did end-and is in fact at an all time high asRead MoreSlavery And The Worst Violations Of Human Rights Essay1984 Words   |  8 PagesSlavery is undeniably one of the worst violations of human rights. Slaves are denied of their basic rights, and forced to labor in the worst of condition with little to no pay. 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