How to Prepare CS Executive Capital Market Securities Laws : Subject Overview
The Indian Capital market has grown exponentially in terms of resource mobilization, number of listed stocks, market capitalization, trading volumes, and investors’ base. Along with this growth, the profiles of the investors, issuers and intermediaries have changed significantly. The market has witnessed a fundamental institutional change resulting in drastic reduction in transaction costs and significant improvement in efficiency, transparency and safety. The measures taken by SEBI such as, market determined allocation of resources, rolling settlement, sophisticated risk management and derivatives trading have greatly improved the framework and efficiency of trading and settlement, making the Indian capital market qualitatively comparable to many developed markets.
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How to Prepare CS Executive Capital Market Securities Laws : Level of Knowledge
Since the level of knowledge required in this subject is that of Expert Knowledge students should adopt practical application oriented and analytical approach. Several CS students seem to be somewhat hesitant or reluctant in giving enough attention to the Concepts and hence they tend to give a general approach to the subject which should be avoided. From the very beginning a planned approach for preparation in the subject needs to be developed.
A common comment of examiners at the CS Executive paper relating to Law subjects was that candidates were generally weak and slippery in their knowledge of basic provisions of the relevant law as well as in application of knowledge and skills. Students have to especially strengthen themselves on this front since working knowledge and application-oriented questions carry considerable number of marks in this paper.
Objective of Capital Market and Securities Laws Paper in CS Executive: To acquire knowledge and develop understanding of the regulatory framework of Capital Market with reference to various provisions of the Act
How to Prepare CS Executive Capital Market Securities Laws : Orientation to Paper
The subject of Capital Market and Securities Laws is inherently complicated and is subject to constant refinement through new primary legislations, rules and regulations made thereunder. It, therefore becomes necessary for every student to constantly update himself with the various legislative changes made from time to time by referring to the Institute’s journal ‘Chartered Secretary’ as well as other professional journals
In Capital Market and Securities Law ,students have to focus on digesting all the major legal provisions and their objectives and implications in practice. At every stage, they should prepare themselves well enough to be able to conceptually explain the relevant provisions, principles and conditions. Students should also go through the Study Material to get a better understanding of all the Concepts contained in various chapters. At the CS Executive Course level, it is better to start remembering some of the important concepts and apply them logically in solving paper.
Avoid selective reading of chapters, as the question paper contains compulsory questions with coverage on all the chapters. Changes by way of important amendments and having a wider ramification and consequential impact on other Acts as well effect of other provisions within the law should be more specifically read and understood. Give thoughts to your analysis in the form of various practical issues and situations and how you would as an Expert by giving advice on the said matter. A scan through the previous year’s examination papers will give an idea as how the questions are framed so that preparation can be synchronized in that direction. While reading study material you will come across different practical problems which you may note down separately. This will enable you to consolidate your reading with practical analysis in an easier and time-bound manner. Cross check your answers to the problems with the logical analysis of the sections and draw your conclusions accordingly. Writing generalized answers should be avoided as it reflects your low preparation in the subject. Prioritize your chapter reading based on time for consumption and weightage given in terms of marks. In nut shell you have to prepare a Balanced Score card in the subject for yourselves so that you emerge as a winner.
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How to Prepare CS Executive Capital Market Securities Laws : Language
This is an important area of concern and advice for the students. A common feedback from the Examiners was that students are generally weak in the English Language though they are thorough in the subject. As a result, the presentation of answers does not give a brand image as of a candidate at the CS Executive Level. This problem among many of the candidates can be overcome only by way of writing practice and also undertaking self-examination.
How to Prepare CS Executive Capital Market Securities Laws : Handling Paper
Since, 80% of the paper is based on Theoritical and Conceptual questions; students should know how to answer these questions for scoring good marks. While attempting questions, students should be able to pinpoint the important points or concepts involved in any topic
How to Prepare CS Executive Capital Market Securities Laws : How to Answer Theoretical questions
For the theoritcal question, the answer should be laid down in bullets with brief description given in small paragraphs for making answer more appealing and legible.
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How to Prepare CS Executive CMSL : How to study?
There is a very popular saying that if you fail to plan then you plan to fail. Planning is one of the essential elements for studying a subject of professional course. By planning, here we mean time management for subject as a whole and individually as well for each and every chapter. We would like to state that for the paper of Company Law, one needs atleast three rounds of study.
Capital Market and Securities Laws examination paper is purely conceptual based. Therefore, one must have conceptual clarity on each topic. So, at the time of planning the study for Capital Market and Securities Laws you should keep into mind the concepts of Capital Market. Considering the nature of the paper, start your studies from the day you receive the course material.
Keeping in mind the quantum of the syllabus, it is suggested that you should study one to two hours a day. By doing so, you will be able to manage first round of complete study and two rounds of revision well before time. Your first round of study should be completed well in advance, that is, atleast three months before your exam. However, your planning should be based on the availability of time and the contents of the subject.
Your second round of study i.e. your first revision should be over before one month of your exam. Your second revision should be in the last month before exam so that you will be in the position to remember all the concepts. These three rounds of study will help in boosting the confidence level for the subject and will make you mentally prepared to appear in the examination.
How to Prepare CS Executive Capital Market Securities Laws : First round of study
Every day when you start your study, first go through the concepts which you have read last day then start learning new concepts. Remember, out of sight, out of mind. Ideally your first study should be within 24 hours of initial reading, the second within 1 week of reading.
Use of Knowledge inputs in a systematic pattern
Step 1 Study material
To lay a strong foundation of the understanding of any particular topic, study material explains the concepts of each and every topic in detail with adequate illustrations. Study the underlying concepts and accounting treatment specified therein analytically before proceeding towards illustrations. Keep questioning yourself until you are absolutely clear on the topic. Solve the illustrations after understanding the topic. For example, in the chapter of Profit or loss prior to incorporation, one has to understand the reason why profit prior to incorporation is transferred to capital reserve and not to profit and loss account, what will be the treatment of loss prior to incorporation etc.
Step 2 Scanner
After solving the questions given in the study material, solve the questions given in the Scanner. Scanner is highly useful for the students appearing in the examination as it includes questions from past examinations which would facilitate in thorough understanding of the chapters explained in the study material. In Capital Market and Securities Laws, it is very necessary that one should practice a good number of questions dealing with different topics. Scanner will help serve this purpose. Your first round of study should cover both Study Material and Scanner.
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How to Prepare CS Executive Capital Market Securities Laws : Second round of study
Step 3 Suggested answers (Pink Book)
Your second round of study i.e. your first revision should cover practice of suggested answers of recent two to three examinations. Suggested answers of past few examinations give you an idea of what type of questions are asked in the examination and how to solve and present the solution for such questions in the examination. Solving the question paper in the examination situation will help you, not only in time management but will also give you the confidence to attempt different types of questions in the examination.
Step 4 Revision Test Papers (White Book)
After you complete revision of whole syllabus atleast once, you should solve the questions given in the Test Papers.
For every examination, ICSI comes out with a Test Paper. Revision Test Paper is issued for every attempt containing a fresh set of questions which will help you to evaluate your preparation level. Test Papers carries questions and answers for your practice. In Capital Market and Securities Laws, questions on each topic are given with full solution to enable you to get an insight on how to present the solutions in an orderly manner. In Capital Market and Securities Laws paper, Test Papers of past few attempts can also be referred subject to amendments for which you have to refer the latest Study Material and Test Papers.
How to Prepare CS Executive Capital Market Securities Laws : Third round of study
Step 5 Mock Test Papers
After second revision of the complete syllabus, you may assess your preparation by taking mock tests conducted by various Coaching Classes at their end. Also Mock test papers are given at back of Module which you may check and solve within a time period of three hours.
Now, after knowing the various knowledge inputs provided by the ICSI, you should plan your studies accordingly. As stated earlier that all the course-ware mentioned above is not provided to you at the same time, hence one can comprehend that the objective of each knowledge input provided is different and requires your practice of the same, at different stage of your study.
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How to Prepare CS Executive Capital Market Securities Laws : Chapter Specific Guidance
|How to Prepare CS Executive CMSL : Lesson 1 Overview of Capital Market|
This lesson will enable the students to understand the basics of Capital Market, the major securities market reforms taken by SEBI, the role of IOSCO in securities market regulation and the overview of depository system in India
|How to Prepare CS Executive Capital Market Securities Laws : Lesson 2 Capital Market Instruments|
Financial instruments innovation has been a continuous and integral part of growth of the capital markets. A variety of factors such as fluctuation in interest rate, volatility in price, change in tax structures and regulatory changes etc. plays an important part in financial innovation.
In finance, innovation involves adapting and improvising on existing products and concepts. Advances emerge initially as either products (such as derivatives, high-yield corporate bonds, and mortgage-backed securities) or processes (such as pricing mechanisms, trading platforms, and means and methods for distributing securities). By moving funds or enabling investors to pool funds, these tools increase liquidity to facilitate the sale and purchase of goods or the management of risks in markets and enterprises. In general, it refers to the creating and marketing of new types of securities by the issuers for raising funds from the investor. A financial instrument is a combination of characteristics such as promised yield, liquidity, maturity period, security and risk.
Keeping this in view this lesson is designed to enable the students to understand the various instruments available in the capital market, their features and classification etc
|How to Prepare CS Executive Capital Market Securities Laws : Lesson 3 Credit Rating & IPO Grading|
|This lesson is designed to give a comprehensive, regulatory framework of Credit Rating Agencies (CRAs). After going through this lesson the student will be able to understand the concept, uses, purpose, rating methodologies of CRAs, the provisions stipulated in the regulations, guideline relating to CRAs, basic understanding of IPO grading, Internal Audit of CRA by a Practicing Company Secretary etc.|
|How to Prepare CS Executive CMSL : Lesson 4 Market Infrastructure Institutions – Stock Exchange Trading Mechanism|
This lesson will enable the students to understand the Operation of stock exchanges, Stock Exchange Trading Mechanism, Short Selling and Securities Lending and Borrowing, Straight Through Processing, Direct Market Access and Algorithmic Trading, Demutualization of Stock Exchange, SME Exchange and advantages of SME Exchange etc.
|How to Prepare CS Executive Capital Market Securities Laws : Lesson 5 Debt Market|
|In this lesson the significance of debt market in general and its role in accelerating the development of economic growth in particular, Development of Debt Market in India, the policies initiated by Securities and Exchange Board of India, instruments, investors, participants, issuers and intermediaries available in the Debt market, Regulatory Framework for issue of debt securities, Municipal Bonds and SEBI Regulation with respect to Municipal Bonds and Compliance under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, etc., are explained.|
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How to Prepare CS Executive CMSL : Lesson 6 Money Market
|The money market meets the short-term credit needs of business, it provides working capital to the industrialists. Keeping this in view, this lesson will explain the basic understanding of money market, its feature and structures, various instruments available in the money market and difference between the money market and capital market are explained.|
How to Prepare CS Executive Capital Market Securities Laws : Lesson 7 Mutual Funds
|SEBI formulates policies and regulates the mutual funds to protect the interest of the investors. SEBI notified regulations for the mutual funds in 1993. Thereafter, mutual funds sponsored by private sector entities were allowed to enter the capital market. The regulations were fully revised in 1996 and have been amended thereafter from time to time. Keeping the above in view this lesson is designed to enable the students to understand the trend of mutual funds in India over a period of time. Various schemes of mutual funds, advantages and risk involved in Mutual Fund and SEBI regulations and compliance under SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 pertaining the mutual fund operating in India etc.|
How to Prepare CS Executive Capital Market Securities Laws : Lesson 8 Alternative Investment Fund
|SEBI had earlier framed the SEBI (Venture Capital Funds) Regulations, 1996 (“VCF Regulations”) to encourage investments into start-ups and mid-size companies. Since the introduction of the VCF Regulations, it was observed by SEBI that the venture capital route was being used by several other categories of funds also such as private equity funds, real estate funds etc. Accordingly, SEBI notified the Alternative Investment Fund (AIF) Regulations, 2012 to govern unregulated entities and create a level playing ground for existing venture capital investors. Keeping this in view, this lesson is designed to enable the students to have the basic understanding of the Alternative Investment Fund, Regulatory Framework governing AIF in India, Angel Fund and Scheme of angle fund, their working mechanism, types of AIF, their winding up etc. Further the student will also have the overview of Foreign Venture Capital Investors Regulations.|
How to Prepare CS Executive Capital Market Securities Laws : Lesson 9 Collective Investment Schemes
|This lesson gives the student an overview of the Collective Investment Scheme and Collective Investment Management Companies (CIMC) with the features, procedure of registration of such company, responsibilities of CIMC, submission of information and documents by CIMC, content of the offer document etc.|
How to Prepare CS Executive CMSL : Lesson 10 Resource Mobilisation In International Capital Market
|A student should know about the choice of instruments through which a company can mobilise funds from foreign market to have optimum capital structure. Keeping this in view, this lesson will explain the basics of different modes of Euro issue like ADR, FDR, FCCB, FCEB, their advantages, the regulatory framework governing such type of fund raising, documentation required in this procedure, key intermediaries involved, approval required for such fund raising External Commercial Borrowings etc.|
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How to Prepare CS Executive Capital Market Securities Laws : Lesson 11 Indian Depository Receipts
This lesson will enable the students to understandard the basic concepts of Indian Depository Receipts (IDRs), Overview of legal framework governing IDRs, Procedures for making an issue of Indian Depository Receipts and Listing compliances required for issuance of Indian Depository Receipts under SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.
|How to Prepare CS Executive CMSL : Lesson 12 Foreign Portfolio Investors|
|This lesson is designed to give an overview of Foreign Portfolio Investor. In this lesson the student will be able to understand about the Concept of FPIs, Registration of FPIs, Offshore Derivative Instruments (ODIs), Obligation of FPIs and DDP & Inspection & Investigation etc.|
|How to Prepare CS Executive Capital Market Securities Laws : Lesson 13 Non-Convertible Redeemable Preference Shares|
|This Lesson is design to enable the student to understand Issue and listing of Non-convertible Redeemable Preference Shares, Obligations of the issuer and lead merchant banker, Issuance & Listing of Non-Equity Regulatory Capital Instruments by banks and Inspection and Power of SEBI.|
How to Prepare CS Executive CMSL : Lesson 14 Real Estate Investment Trusts
|This lesson is design to understand the concept of REIT, Guidelines for public issue of units of REIT, registration of REITs, Issue and listing of units in the stock exchange, Obligation of REIT, Valuer and Sponsor, Disclosures, etc.|
How to Prepare CS Executive Capital Market Securities Laws : Lesson 15 Infrastructure Investment Trusts
|In this lesson, the student will be able to learned and understand about the concept of InvIT, Registration of InvIT, Issue and listing of units in the stock exchange and Disclosures by InvITs etc.|
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How to Prepare CS Executive CMSL : Lesson 16 Regulatory Framework Governing Stock Exchanges
|After going through this lesson, the student will be able to know about the Powers of Stock Exchange and SEBI under the SCRA Act, the penal provisions, procedures, offences, procedure for appeal to SAT, Right of Investors, Securities Contracts (Regulation) (Stock Exchanges and Cleaning Corporations) Regulations, 2012 and Securities Contract (Regulation) Rules, 1957 etc.|
|How to Prepare CS Executive Capital Market Securities Laws : Lesson 17 Securities and Exchange Board of India|
|In this lesson, the student will be able to know the powers and functions of SEBI; provisions relating to regulation of financial intermediaries, penalties for insider trading and fraudulent practices, promoting investors education and training and inspection of various regulated entities, procedure for filing appeal with the Securities Appellate Tribunal, and establishment of special court for speedy trial of offences consent order mechanism etc.|
|How to Prepare CS Executive CMSL : Lesson 18 Depositories|
|This lesson is designed to enable the student to understand the basic concept of depository, depository participants, functions, rights and obligations of depositories, benefits of depositories, dematerialisation process, and the regulatory framework for depository in India.|
How to Prepare CS Executive Capital Market Securities Laws : Lesson 19 Listing and Delisting of Securities
|This lesson will enable the students to have conceptual understanding of Listing of Securities and various clauses of Listing Agreement and Corporate Governance under SEBI (LODR), 2015 and delisting of securities etc.|
How to Prepare CS Executive CMSL :Lesson 20 Issue of Securities
|This lesson will enable the students to learn the various provisions of SEBI (ICDR) Regulations, 2009 in respect of various types of issues, such as IPO/FPO, Rights Issue, Bonus Issue, Preferential Issue, Issue of Advertisements, Promoters’ Contributions, Lockin requirements, Green Shoe Option, Book Building Method, Issue of QIPs, Institutional Placement Programme, ESOP Guidelines, etc.|
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How to Prepare CS Executive CMSL : Lesson 21 Regulatory Framework relating to Securities Market Intermediaries
|This lesson, will enable the students to know about the regulatory framework of the intermediaries operating in the Primary and the Secondary markets, Know your client norms prescribed by SEBI, SEBI (Intermediaries) Regulations and Self Regulatory Organisation etc.|
|How to Prepare CS Executive Capital Market Securities Laws : Lesson 22 Insider Trading – An Overview|
|A Company Secretary being a professional play an important role in a company to prevent Insider Trading by establishment of policies and procedures in this regard. This lesson will enable the students to have the basic understanding of the Insider trading regulations in India, the disclosures required to be made under the regulations by the company, employee directors, promoters, etc. the duty of compliance officer, Model Code of Conduct, Code of Corporate Disclosure Practices, the Penal provisions for Insider Trading by SEBI and the new provisions of the Insider Trading in the Companies Act, 2013, etc.|
How to Prepare CS Executive CMSL : Lesson 23 Takeover Code – An Overview
|This lesson provides an overview of the takeover code and after going through this lesson, students will be able to understand the various procedural aspects which an acquirer and target company with respect to takeover.|
How to Prepare CS Executive Capital Market Securities Laws : Lesson 24 Investor Protection
Investors protection is a very popular phrase with all these concerned with regulation of the capital market, stock exchanges, SEBI, MCA, RBI, Investors Association, or matter of fact the companies themselves – Various Procedures, Guidelines, Rules and Regulations have been issued in the Legislations to protect the Investor’s right and repose the confidence. Keeping the above in view, this lesson will enable the students to understand the concept and need for Investor Protection and Education, Rights and responsibilities of investors, legal framework for investor protection in India, measures and initiative, taken for financial literacy in India and SEBI SCORES system.
How to Prepare CS Executive Capital Market Securities Laws : Important points to be kept in mind
Preparation of notes
Prepare concise notes in the first round of study itself. Your notes should be prepared in a manner, which supplements your understanding of the concept and the case laws you have solved. You may either make a separate copy where you write down the important concepts of the chapter or can underline the important concepts in the book itself and read those underlined portion at the time of revision. You should also shortlist the important provisions to be revised again in your second and third round of study. Short listing of important topics should be based on the difficulty you faced while studying.Besides preparation of important points of the topic (which will help you to recapitulate the whole concepts), a summary of tricky provisions may also be prepared which will help in grasping the intricate practical aspects. Such tricky provisions should be cross linked with the concerned page number so that at the time of revision you not only study the provision but also refer the whole concept again. These notes may also be accompanied by the list of forms and landmark case laws so that at the later stages of preparation, everything can be covered within minimum time and efforts without going through a number of books again.
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Keep yourself continuously updated
ICSI endeavor to update you with the latest amendments or notifications as and when they are issued. One of the sections in the Students’ Journal is on ‘Academic Update’ which contains recent amendments in accounting also. You should develop a habit to read this continuously as it will help you in avoiding last moment pressure to acquaint yourself with all the relevant amendments. Also list of all relevant amendments are published well in time in the Students’ Journal and the institute’s website to apprise you with the applicability part of the same in the particular examination.
Keep in mind the Inter-linking of various topics
The Concepts of Capital Market and Securities Laws have to be kept in mind and applied while studying the related chapter based on the particular topics. If your concepts are clear relating to a particular chapter, you should not face any problem in applying the same to solve problems in an inter-connected chapter.
Last but not Least “Writing Put The Finishing Touché”
Students often feel that reading, understanding and familiarizing with the subject is enough. The process does not end there. After reading and before the examination, one may test self by way of undertaking a mock test under examination conditions. This may be done by attempting a model/previous year examination question paper and comparing with the suggested answers. By this, you can examine how far you are recapitulating the subject, of course, the time in completion of the paper. The exercise may be painful at the beginning but if one takes it seriously he/she will realize its privileges.
Important Topics of CS Executive Exam
Here we are providing subject wise important topics to CS Executive students. See below How to prepare CS Executive Module – 1 and Module – 2. Click below links
Module – 1
Module – 2