Stock Exchange

STOCK EXCHANGE

Tetea Sailo

III B.Com, R.No-100

Stock Exchange hi a hming hrim hrim chu National News Paper leh T.V. News Channel atangtein kan hre lar hle awm e. Amaherawhchu Mizoramah Stock Exchange te a awm loh avang leh Stock Exchange List a tel Company te kan la neih ve loh avangin a awmzia tak hria leh a tangkaina hria erawhchu kan tam lem lo niin a lang. Stock Exchange hi ram ei leh bar (economy) chhiat leh that te leh sumdawnna lam thila Company dinhmun enna pawimah tak a nih avangin  a kalphung tlangpui kan sawi dawn a ni.

Stock Exchange hi Secondhand securities lei leh hralhna hmun atana siam a ni a, Company in share leh debenture a hralhchhuah (issue) te zawrhchhawnna leh lei chhawnna hmun a ni. The Securities Contract Act. 1956 in Stock Exchange a sawifiah dan chuan, “Securities (shares, debentures, financial securities) lei leh hralhna tur leh indawrtawnnaa khuahkhirhna dan leh dun siam nana pawl (association/organisation) emaw mimal inzawmkhawm hi a ni” tiin a hrilhfiah a ni.

Company in share a zawrchhuah leitute hi chi hnihin then an ni a, Speculator leh Investor tiin an sawi thin. Investor an tihte hi chuan share an lei chhan ber chu Company-in hlawkna (profit) an neih huna chanvo lo neih ve a ni a, Stock Exchange nen inzawmna an nei lem lo. Speculator te erawh hi chuan Stock Exchange kal tlanga hlawk zawka share hrah leh lei an tum thin a ni. Hetah hian kan hriat tur chu Company te hian direct-in Stock Exchange ah securities an hralh thei lova, Company share thar (new issue) chu Primary Market/New Issue Market ah zawrhchhuah a nih hnuah Speculator te’n Stock Exchange (Secondary Market) ah hlawkna umin an hralh chhawng leh chauh thin. Speculator te hi chi hrang hrangin an then a, chung zingah chuan Bull leh Bear te hi a lar zual an ni a, an ni bakah hian Stag, Lame Duck, etc. te an awm bawk. Speculator lar zual pahnih Bull leh Bear te hi an nihna han sawifiah thuak thuak ila :

Bull : Bull Speculator an tihte chuan Securities man a la san chhoh beiseiin a man tlawm laiin Securities an lei thin. Man tlawm tea securities an  lei chu securities neitu Campany dinhmun a lo that chhoh a an securities hlutna a san chhoh hunah hlep tam tak neiin an hralh leh thin a ni. Heng Bull Speculator te hi India ramah chuan Tejiwala tiin an sawi bawk thin. Bull Speculator te hian Securities man sang chho turin an beisei/ring thin a, an tum anga a san chhoh lohva a man a tlakhniam zawk chuan an hloh(loss) teuh thin a ni.

Bear : Bear Speculator te erawh hi chuan Securities man tlahniam zel tura an ngaih avangin a tlawm huna lei let leh beiseiin a man san laiin an Securties neihsa te an hralh thin. An beisei anga Securities man a tlakhniam loh chuan an hloh(loss) teuh thin a ni. India rama Stock Exchange ah te chuan Bear Speculator te hi Mandiwala tiin an sawi bawk.

            Heng Speculator te hian mawl takin Securities an leiin an hralh mai mai lova, Share issue tu Company dinhmun leh thanduan dante leh mipuiin an respond dante chiang taka an zir hnuah Securities man san chhoh leh tlak hniam dan turah ngaihdan an siam chauh thin a, ngaihdan fel tak an neih hnuah Securities man sang chho tura an rinte chu a tlawm laiin an lei a, Securities an neihsa zinga a man tlahniam tura an ngaihte chu a to laiin an hralh thin a ni, hei hi Pawisa khelh (gambling) nena a danglamna pawh a ni. Mi tam takin S.E. hi pawisa khelhna hmun ang maiin an ngai thin a, amaherawhchu Stock Exchange a share lei leh hralhtu te hian Gambling anga vanneihna ringawt hmachhuan lovin ngun taka company dinhmun an zir chian hnuah ngaihdan siama thil an tih thin avangin pawisa khelh satliah ang ngawt chu a ni lo a ni.

            Company zawng zawng securities te Stock Exchange ah lei leh hralh ngawt theih a ni lova, Securities kan lei duh emaw kan hralh duh emaw Company kha kan Stock Exchange dawr tur Official List ah an awm a ngai a ni. Stock Exchange List a tel tur chuan Company in an dil a ngai a, Stock Exchange dan leh dun te an zawm vek a, fee pek ngaite an pek vek hnua phalsak an nih chauhin Stock Exchange list ah hian telh theih an ni. Tin, Stock Exchange list a tel tur hian Company tel thei tur chin bithliah fel taka siam a ni bawk. Stock Exchange list a tel Company te hi an tel reng kher lova paih leh theih an ni bawk a ni. Company te tan chuan Stock Exchange List a tel hi a hlu em em a, T.V. News Channel leh News Paper ah te an Company dinhmun leh thanduan dante tarlan reng a nih avangin publicity zau tak an neih phah thin a ni.

            Stock Exchange chhunga securities leina hmun hi Trading Ring emaw Trading Floor emaw tiin an sawi thin. Trading Ring-ah hian a duh apiangin securities an leiin an hralh ngawt thei lova, member te chauhin he Trading Ring hi an lut thei a ni. Securities lei leh hralhtu (Speculator) te pawhin securities an lei emaw an hralh emaw dawnin Stock Exchange member-te kal tlang vek hian an tih a ngai a ni. Stock Exchange a member ni tur chuan heng a hnuaia mite hi zawm a ngai a, hei hi Stock Exchange hrang hrangah a dang hlek hlek :

1)      Stock Exchange Member ni thar tur chuan member awmsa atangin mi pahnih aia tlem lovin mawh an phurh sak (Sponsored) tur a ni.

2)      Entrance Fee, Membership Deposits, Membership Card leh Annual Subscription Fee a pe tur a ni. Fee pek tur zat hi Stock Exchange hrang hrangah a in ang vek lo. Bombay Stock Exchange ah khu chuan Member ni thar turin Rs. 40,000/- vel sen a ngai a ni.

3)      Stock Exchange Member ni tur chuan (India ramah) India mi nihna (citizenship) nei kum 21 aia naupang lo a ni tur a ni.

4)      Company emaw firm hmingin emaw member a nih theih loh a, mimal(individual) chauh Stock Exchange member a nih theih.

5)      Member te hi Stock Exchange thuneitute thlan tur a ni.

Stock Exchange tinte hian member awm thei zat an nei vek a, pawnlam mi tan member awmsa te an chhuak a nih loh chuan member nih hi a harsa hle a ni. Member te hi chi hnihin an then hrang a, Jobber leh Broker tiin an sawi thin. Jobber te hi securities dealer an ni a, direct in speculator te an dawr thei ngai lo, Securities lei leh hralh chungchangah Broker te kal tlanga an tih zel a ngai a ni. Broker te hi chuan Speculator te aiawhin securities an leiin an hralh thin. Hemi awmzia chu Speculator in securities a lei duh emaw a hralh duh emaw a nih chuan Broker a dawr anga, Broker chuan Jobber hnenah Speculator in securities a duh ang chu a leisak in a hralh sak thin a ni. Stock Exchange a member Jobber leh Broker te hian Speculator te nena an indawr kual naah hian hlawh an nei thin a ni. Kum tinin Stock Exchange member te hian Jobber leh Broker ah hian an nih duhzawk an thlang thin a, a pahnihin a nih kawp theih loh. India rama Stock Exchange lian ber Bombay Stock Exchange ah chuan Jobber te hi Tarvaniwala tiin an sawi bawk thin.

            Stock Exchange leh company hi ‘The twins of capitalism’ tiin an sawi thin a, Stock Exchange hi Money Market inherkualna lai (Pivot of the Money Market) an ti thin a, chuvangin Stock Exchange hi a tangkaiin a pawimawh hle a ni. Mipui vantlang tan Economic Development ti chaka ti thangduangtu a ni a, financial resources te dik leh tangkai taka hman theihna hmun a ni. Tin, Public Sector Enterprise leh ram tan sum hmuhna hnar pawimawh tak a ni. Company tan Stock Exchange list a tel hi a hlu em em a, an securities te zau zawka an hralh theihna leh englai pawha securities hralh reng theihna hmun a nih bakah Stock Exchange list a an tel hian publicity zau tak an neih phahin company dang nena inzawm leh thawhho na kawngah Stock Exchange-a an value a san chuan an dinhmun a that phah hle a ni. Sawi tawh angin Stock Exchange hi Economics Indicator pawimawh tak a ni a, News channel-a BSE Sensex tih vel an rawn tar atang hian India ram dinhmun tam tak a hriat thin a ni.

            Stock Exchange a Securities man te hi chhan hrang hrang avangin a danglam reng thin a, Company kalphung leh hmasawn dan a zir te, ram economy leh Sorkar policy vang tein Securities man hi a inthlak danglam thin. Securities man tidanglam thintu tlangpui han en ila :

1. Company sum dinhmun (Financial position) : Company in a hlepchhuah (Profit) a san chhoh a a share man a san chhoh zel chuan Stock Exchange ah pawh a share man a to ve zel a. Company in hlawkna a neih tam a, share neitu (share holder) te chanvo a tam chhoh chuan Investor tam takin chung Compnay chu an bawh a, chu chuan an share value a tisang thin a ni. Amaherawhchu company in dividend a pek that theih loh chuan share holder te’n an share hralh vat vat an duh thin a, Stock Exhange ah tlawm te tein an hralh thin.

2. Demand leh Supply : Thil dang ang bawkin demand leh supply a zirin securities man hi a danglam nasa hle bawk. Share lei duhtu an tam viau a, demand a san chhoh chuan a man a sang chho ve zel a amaherawhchu supply a tam vaka demand a hniam si chuan Share value hi a hniam thin a ni.

3. Financial Institution : Financial Institution lian te’n share an lei leh hralh dan a zirin Stock Exchange a share man a sangin a hniam thei bawk. LIC, UTI, IFCI, ICICI leh Financial Institution dangte’n a hlawma share an lei teuh teuh chuan an leina company te share value kha a sang chho vak thin a ni. ICICI in HCL company share a lei teuh chuan midangin tha turah ngaiin HCL Company share chu an rawn duh ve anga, duhtu an tam chuan a man a sang chho dawn a ni. Financial Institution ten an share leikhawl sa an hralh teuh chuan chung share neitu company te share hlutna chu Stock Exchange ah a tlahniam ve thung ang.

4. Pawisa pukna pun dan (Lending rate) : Bank atanga pawisa pukna man (Interest rate) a hniam chuan pawisa puktu an tam anga, chu chuan pawisa leng vak ti tam in share lei duhtu an pun phah thin. Chutianga Share lei duhtu an pun chhoh chuan share man a sang chho ve zel a ni.

5. Sumdawnna kalkual dan (Trade Circle) : Sumdawna chetvel dan pawhin share hlutna hi a ti sangin a tihniam thin a. Sumdawnna a sum che vel a san chhoh lai (Boom Period) ah share hlutna a sang a, sum chevel a hniam lai (depression period) ah chuan share hlutna a tlahniam thung.

6. Securities leitu (Speculator) te : Speculator te hian share man an ti danglam thei bawk a. Share lei teuh angtea insawiin share hlutna an tisang chawp thin. A chang chuan an share neihsa te hralh teuh duh anga insawiin share hlutna an tihniam a, chutianga share hlutna a hniam lai chuan an lo leikhawl vak a, a hnuah to deuhin an hralh leh thin. Amaherawhchu hetianga share hlutna siam chawp vak vak hi dang turin dan leh dun an siam thin a ni. Hetianga share value siam chawp vak avanga hausak phah Harshad Metha te pawh man an lo ni tawh a ni.

7. Sorkar kalphung : Sorkar policy avangin share man a danglam thin bawk a. Sawrkarin commodities engemaw ah tax a tihpun vak chuan chung a tax lakna ang chi siamtu company te share value chu a hniam phah thei. Information Technology hmasawnna tura sawrkarin hma a lak chuan I.T. related company te share hlutna a sang chho thin.

India rama Stock Exchange dinhmun tlem han tarlang leh ila. Kum 1830 khan Calcutta ah unrecognised Stock Market a awm tawh nain India rama Organised Stock Exchange hmasa ber chu kum 1877 khan Bombay ah 'Native Stock and Share Brokers Association' ti a hming vuahin din a ni a. Hei hi tuna Bombay Stock Exchange ti a kan hriat lar tak hi a ni. Kum 1894 khan India rama a pahnihna turin 'Ahmedabad Share and Stock Brokers Association' din a ni leh a, a pathumna chu kum 1908 ah Calcutta ah din a ni leh bawk. India Independence hma khan Stock Exchange dang pawh din belh zel a ni a, amaherawhchu heng hun lai hian Stock Exchange te khuahkhirhna leh enkawl turin dan mumal tak a la awm loh avangin Stock Exchange te hian anmahni duhdan leh tihdan (method) hmangin an remchan angin an kalpui mai thin. Amaherawhchu India in Independence a hmuh a mahnia ro a inrel hnu khan Stock Exchange te an duhdan anga an kal mai thin chu siam thain Stock Exchange te rualkhai zawk leh mumal zawka a kal theihna turin kum 1956 khan 'The Securities Contacts(Regulation) Act.' siam a ni. Tunah hian India ramah Sawrkarin a pawmpui(recognised) Stock Exchange 23 a awm a, hei bakah hian Over The Counter Exchange of India (OCTEI) leh National Stock Exchange (NSE) te an awm bawk. Stock Exhange te ti chaka dan leh dun tha zawka enkawl tur leh Investor te venghim turin Securities Exchange Board of India (SEBI) chu SEBI Act. hnuaiah kum 1992 khan siam a ni.

Economics lama India a than harh hma leh ram dang nena sumdawnna lama inkungkaihna tha a neih vak hma kha chuan Stock Exchange hi a thang chak lo em em a, kum 1991 a New Industrial Policy (NIP) Sawrkarin a kalpui leh economy a liberalise atang erawh kha chuan Stock Exchange hian hma a sawn nasa hle thung a ni. Kum 1979-80 ah khan Stock Exchange a company in register zawng zawng  992 chauh an nih laiin Sawrkarin New Industrial Policy a kalpui hnu kum 1994 kha chuan Company in register hi 7,000 an ni chho dawrh a ni. Bombay, Culcutta, Delhi leh Ahmedabad te hi India rama stock exchange lian leh lar zualte an ni a. Bombay Stock Exchange hi India rama Stock Exchange lian ber niin tunah hian BSE hnuaiah Company in register 4785(as on August 2006) an awm mek a ni. Kum 2001 May thla khan B.S.E ah hian Company 5,874 in register an awm a, hei hi India ram leh khawvel hmundanga Stock Exchange in register tawh zawng zawnga la tam ber a ni. B.S.E Index hi Sensex tiin an sawi thin a, Sensex hi Sensitive Index tihna a ni. T.V. News Channel leh leh News Paper-a Sensex tih kan hmuh thin hian India rama sumdawnna chevel leh India Economics dinhmun a tarlangin awmzia a nei thuk hle a ni.

Stock Exchange chungchang hi sawitur tam tak a awm a amaherawhchu vawikhatah sawi vek sen a nih loh avangin a kalhmang tlangpui kan han thlir thuak thuak a ni a, a awmze tlangpui chu kan hrethiam thei mai awm e. Stock Exchange hi economic index pawimawh tak a nih piah lamah hian investment lama tuimi te tan chuan nikhat thil thua hausak lawih theihna a ni a, chutih rualin tlakchhiat phah nana hmang te pawh an awm tho a ni. Amaherawhchu hetiang lama tuimite tan chuan ngun taka zira ngaihtuah chuan sum peipunna hlawk ber pawl a ni. Securities lei leh hralhtu(Speculator) ni tur hian thil harsa a awm lova, a duh apiangin broker te kal tlangin securities kan leiin kan hralh thei a, amaherawhchu broker te nena indawr tur hian tihtur chi hrang hrang leh zawm tur a awm tih erawhchu kan hriat tel a tha. Stock Exchange lama kan la ngawng viau lai hian hmun dangah chuan hna te ber thawk atanga a lian ber thlengin Stock Exchange hi an tuipui em em a, chuvangin he lamah hian kan inzir chhoh ve hi a hun tawh hle a ni.