Globalisation of Higher Education Essay Example for Free

Globalisation of Higher Education Essay The term ‘globalization’ means integration of economies and societies through cross country flow of information, ideas, technologies, goods, services, capital, finance and people. Globalization is a process, which has affected many areas of human life, one of those being education. The effect of globalization on education bring rapid developments in technology and communications are foreseeing changes within learning system across the world as ideas, values and knowledge, changing the roles of students and teachers, and producing a shift in society from industrialization towards an nformation- based society. Globalization has a multi- dimensional impact on the system of education. It promotes new tools and techniques in this area like E- Learning, flexible learning, distance education programs and overseas training. The globalization of education is shaping young children of a country into ‘global citizens with a broad range of skills and knowledge to apply to a competitive information based society. Globalization also facilitates international collaboration and cross- cultural exchange. Globalization of higher education is a major concern for all societies. As the essential driving force of economic, social and human development, education is at the heart of the change that is dramatically affecting our world in the areas of science, technology, economic and culture. This paper will analyze the positive and negative impact of globalization on Higher education for developing countries. Effective education system is the foundation of opportunities to lead a decent life. One should ensure that all Children should have adequate access to education at all income level. The paper argues that education is a core element of society. The basic cause of global inequality is due to the difference in opportunities in education between different countries. People can only contribute and benefit from globalization if they are endowed with knowledge, skills, and values and with the capabilities and rights needed to pursue their basic likelihoods. The accuracy of the analysis is dependent upon the accuracy of the data reported by various people of the country. The result of this study will help all the sectors of the society to understand better, the culture, values and education system of other countries and facilitates its adoption. Educators can also use this result to bring the changes in their areas if necessary. Introduction The term â€Å"Globalization† represents the international system that is shaping most societies today. Globalization is a process by which many areas of human life such as economies, societies, politics, business and cultures have been affected around the world. One of these areas being education. The term ‘globalization’ means integration of economies and societies through cross country flows of information, ideas, technologies, goods, services, capital, finance and people. It s characterized by an accelerated flow of trade, capital and information as well as mobility of individuals, across geographical borders. It reflect comprehensive level of interaction than that has occurred in the past, suggesting something beyond the work â€Å"international†. Globalization means more competition, not just with other companies or institutions in the same city or the same region. Globalization also means that national borders do not limit a nation’s investment, production, innovation and education. Therefore, the term â€Å"globalization† has acquired many emotive commutations. At one extreme, globalization is seen as an irresistible and benign force for delivering economic prosperity to people throughout the world. At the other, it is blamed as a source of all contemporary ills. However, while the theory of globalization is relatively new, the process is not. Roberson (1992) further states that globalization was initially discussed from economic perspectives, but soon after it became a topic for discussions among intellectuals from cultural perspectives as well. According to Giddens â€Å"Globalization the dialectic of homogenization and heterogenization† (1991. p22). In other words, globalization, by intensifying the interconnectedness among different people, things and ideas, homogenizes the world and yet at the same time, the world becomes heterogenized as people are more aware of differences due to the increasing proximity with differences under a globalize world (Giddens, 1991 ). The notion of the world community being transformed into a global village, as introduced in 1960 by Marshall Mc Luhan in an influential book about her newly shared experience of mass media, was likely to be the first expression of the contemporary concept of globalization. Cited in Epstein, 2002). After 1980, accounts of globalization focused on a professed tendency of societies to converge in becoming modern, described initially by Clark Kerr and colleagues as the emergence of industrial man (cited in Robertson, 1992). One critical issue that emerges from all of these restructuring processes is the central role of Knowledge, education and learning for the success of the Global Information Society (GIS) and global information economy. Globalization impacts all aspects of society. Higher education may and business contents seem particularly influenced by them. In the twentieth century, may developing countries have xperienced growth in the educational facilities available to them due to the entry of institution from the west. Some believe that this process is an invaluable opportunity for the people of the developing counties to increase their skills and standard of education. Other fear that it is merely a modern version of cultural imperialism that will lead to the creation of a universal, ultimately western society. People can only contribute and benefit from globalization if they endowed with knowledge, skills and with capabilities and rights needed to pursue their basic livelihoods. They need employment and incomes, and a healthy environment. These are the essential conditions with empower them to participate fully as citizens in their local, national and global communities. Education is a major concern for all societies. As the foundation and essential driving force of economic, social and human development, education is at the heart of the change that is dramatically affecting our world in the areas of science, technology, economics and culture. Steven Schwartz (http:// www. Ssn.. flinders. edu. u) believed that â€Å"Education, where possible, hould be integrated into the private sector because ‘higher education is increasingly and international enterprise’ and thus will increasingly be pressured and drawn into deregulation and privatization. † This paper analyses the effect of globalization on higher education and also discusses about the impact of globalization on higher education, various opportunities and challenges on the society. Imp act of Globalization of Higher Education. Education is undergoing constant changes under the effects of globalization. The effects of Globalization on education bring rapid developments in technology and communications are oreseeing changes with in school system across the world as ideas, values and knowledge, changing the role of students and teachers, and producing a shift in society from industrialization towards and information- based society. It reflects the effect on culture and brings about a new form of cultural imperialism. It brings rapid development in technology and communications are foreseeing changes within school system across the world as ideas, values and knowledge. The rise of a global society, driven by technology and communication development are shaping hildren, the future citizens of the world into ‘ global citizens’, intelligent people with a broad range of skills and knowledge to apply to a competitive. , information based society. The future of countries often lies with in their ability to compete in a global market where industrial based economies are giving way to knowledge based industries, realizing the importance of â€Å"knowledge skills and the intellectual capacity to meet the challenges of accelerated change and uncertainty†. Education is becoming a lifelong learning and training process, developing ransferable skills and knowledge that can be applied to competitive markets where knowledge and information is being trades as a commodity. Although globalization seems to be unavoidable to many counties and numerous initiative and efforts have been made to adapt to it with aims at taking the opportunities created from it to develop their societies and people, in recent years there are also increasing international concerns with the dangerous impacts of globalization on digenous and national developments. Various social movements have been initiated against the threats of globalization particularly in eveloping countries. The negative impacts of globalization include various types of economic, political, and cultural colonization by advanced countries on those developing and under- developed countries. In evitable, how to maximize the opportunities and benefits from globalization to support local developments and reduce the threats and negative impacts of globalization will be the major concerns of developing countries. Opportunities of globalization of higher education Knowledge is the driving forces in the rapidly changing globalize economy and society. Quantity nd quality of specialized human resources determine their competence in the global market. Emergence of knowledge results in both challenges and opportunities. It is well known that the growth of the global economy has increased opportunities for those countries with good levels of education. Globalization has a multi-dimensional impact on the system of education. It promotes new tools and techniques in these areas like- E- learning, flexible learning, distance educational programme and overseas training. The introduction of technology into the classroom is changing the nature f delivering education to the students is gradually giving way to a new form of electronic literacy , more programs and education materials are made available in electronic form. Teachers are preparing lectures in the electronic form and even students are presenting assignments and giving papers in the electronic form. The blackboards have been replaced by the LCD’s. The chalk has been replaced by the pointers and the power point presentations. Books have been replaced by compact discs. Even grades and the exams are gradually becoming available through electronic means and notebooks are replaced by laptops. Now the students do not have to carry heavy bags to the classrooms. Even the students can be examined through computer managed learning system and do tutorials exercises on a computer rather than in the classroom. Even, the technology has given the opportunity to deliver the material through electronic source i. e. via power point presentation and even the notes can be distributed to the students via electronic mail. With such changes and the emergence of video conferencing and the internet, the barriers of distance are being broken down at a rapid rate, due to the key aspect of globalization. Students and adults or in other works each and every person can now learn in variety of ways and there is no longer any need to be physically present in the education institutions in order to learn. The material is becoming readily available over internet, through video conferencing and tape recordings. Teacher can deliver the lecture to the whole class with the help of video conferencing without being physically present in the class. Now, the student of can get the education from any part of the world without traveling over there. The person can stay in his /her own country and et the education of which country he/ she wishes without going over there. Students can learn any time and at any place. Anyone can maintain libraries of texts, images computer software and other forms of data, anywhere at any time. The rapid growth of television services, with their immense influence as media of mass communication, has been very relevant in the technological shift. Other larger contribution to this shift includes the transistor and space satellites. Communication and information based technology over the years is the internet. This is a massive network of computers located hroughout the world. Developments in the delivery of education is allowing for individuals to explore new areas of learning and thinking that could not be done with pen and paper. They are discovering knowledge through inquiry and experimentation rather than memorizing facts in a teacher dominated classroom setting. Another opportunity of international trade leads to allocation of resources that is consistent with comparative advantage. Globalization results in specialization which enhances productivity. Thus, the international trade, in general, is beneficial and that restrictive trade practices impede rowth. That’s why many off the emerging economies, which originally depended on a growth model of import substitution, have moved over to a policy of outward orientation. Globalization of higher eduction also gives the opportunity in movement of capital. Capital is a key factor of production. Capital flows across countries have played an important role in enhancing the production base. Without capital any type of economic activity is not possible. Capital mobility enables the total saving of the world to be distributed among countries which have the highest investment potential. Emergence of strong capital market has been one of the important features of the current process of globalization while the growth in capital and foreign exchange markets have facilitated the transfer of resources across borders, the gross turnover in foreign exchange markets has been extremely large. The internationalization of higher education can be linked to various internal and external changes in the international system. Externally, there have been changes in the labor market, which have resulted in calls for more knowledge and skilled workers and workers with deeper nderstandings of languages, cultures and business methods from all over the world. â€Å"Modern education is almost exclusively focused on preparing children for an urban future. † Challenges of globalization of higher education No doubts, higher education has attained a key position in the knowledge society under globalize economy. However, the challenges faced are immense and far- reaching. Its impact on the clientele via, individuals, institutions, systems and societies are not only not clear but also not comprprehentible at this moment unless it is viewed in the context of various other factors that re simultaneously operating on the higher education system. Some agrees that the rapid cross national flows of people, goods , capital and information may dissolve the nation states, push institutions( university is the one) into a common mould where as others disagree. It is assumed that globalization promises dramatic and rewarding change to the higher education system, of societies, which are relatively stable in their political, social and institutional make up, while for the will performing higher education system. It is also true that globalization has given the dvanced economies a huge advantage as they had made enough preparation prior to its launching while others are caught in the trap without any preparation. Integration into world economy today’s implies not only mastery of traditional knowledge but also the capacity to acquire the new skills required by a knowledge society. It is therefore evident that an unequal sharing of the new communication and information technologies only serves to reinforce existing inequalities. While education deficits are obviously greater in developing countries, this is a major issue in developed countries as well. In many industrialized countries there is a persistent problem of illiteracy and low skills, which is and important source of social exclusion. Unequal access to education also fuels growing wage inequality and worsen the income distribution. The uneducated and unskilled in industrialized counties face sever disadvantage in an increasingly competitive global market. However, the provision of both primary and secondary schooling increased during the 90’s across the globe, but progress is inadequate and hides the differences between counties and regions. There are many evidences that the more rapid progress is possible if the political will nd the resources exists, in high and low income countries alike. The increase in poverty in the world is the most tragic phenomenon in this era of abundance. It is the cause of marginal and the exclusion of increasingly bigger groups of the world population and in particular, affects children, the young and women. As a consequence, we see the development of cultures of poverty and marginalization that lock the same people into the cycle of poverty and reinforce their exclusion. But it is still the inequality with regards to knowledge that constitutes one of the biggest challenges of our societies. The traditional raw materials and non renewable natural resources under threat of extinction no longer occupy the most important place in the process of production and development . It is knowledge in itself that has become one of the key resources of economic growth. The introduction of technology is also becoming a challenge to the society. As the implementation of technology and communication to be successful and to educate a society, both the students and teachers need to be technologically literate. Communication technology is offering new challenges for students of all abilities as they can discuss issues of concern with heir fellow students from around the world. A shift in education is becoming evident where more responsibility is being placed on the individual for his or her learning, instead of solely on the teacher. Subsequently, the teachers themselves also need to be highly technologically literate, needing the competence and confidence to prepare students for a global information society. Just because of technology and communication seems to be creating in human life between the ‘haves’ and the ‘have nots’ resulting in a bifurcated society of those who can afford such information technology and those who can’t. so too does globalization. While education institutions in western societies are embracing technology, developing countries are once again left behind, too weak and fragile to implement development programs for education, let alone introduce technology as well. There are severe limitations in delivering basic services. A lack of infrastructure and funding makes it difficult to implement any technological and communication advancements. However, despite differences in economy, political, cultures and society, second and third worlds have adopted educational ideals from western thought and are anxious to appear odern and therefore promote education as a symbol of modernity and development to their own population and the foreign countries. The spread of education internationally, as a result of globalization, has clearly had effects on Cultures worldwide. Now the sources of wealth come from knowledge and communication instead of natural resources and physical labour, which once characterized the United States as a n industrial society. This is a global rather than a national economy. The new economy puts a premium on intellectual capital and the people who produce it. This means that the demand for igher education is expanding dramatically. Education is needed throughout a lifetime, and the marketplace for that education is international. This growth makes education appealing to the private sector. Educational institutions have reacted by becoming more market oriented. Due to this increasing free trade around the globe- to end protection in many sectors so that there is more competition and privatization, education is increasingly being drawn into this global capitalist competition. The internationalization of education has become one of the key themes of ducational policy and planning in the 1990’s and the integration of worldwide capital and labour markets; educators are being forced to respond to a new set of challenges. The demographics of higher education have changed substantially. Less than one fifth of today’s college students meet the traditional stereotype of attending school full time. For the new majority of students, higher education is not as central to their lives as it was for previous generations of students. Research shows they want a very different relationship with their college than students have historically had. They are unwilling to pay for activities and services they do not use. Higher education is being subjected to greater criticism than in the past on issues varying from low productivity and higher cost to the quality of leadership and the inadequacy of technology use. This is an invitation to a private sector that rightly or wrongly sees higher education as the next health care industry. Another challenge is of currency trade. Currency trade has become an end in itself. However, the volatility in the foreign exchange has created often times panic situations. The most recent xample of this was the East Asian crisis. Contagion of financial crises is a worrying phenomenon. When one country faces a crisis, it affects others. It is not as if financial crises are solely caused by foreign exchange traders. Another, major concern is to deliver world class education with updated curriculum and practical exposure. This is possible only by attracting talented and experienced persons in to academics. At present it is difficult to assess not only the nature and dimensions of globalization, but also what it means to the field of education. A few educational researchers have attempted to made onnections between the several dimensions of globalization and the policies of education. Globalization of Higher Education in India India is also following the global phenomenon. As part of globalization, the economic reform packages were introduced in India in the beginning of 1991. These reform packages imposed a heavy compression on the public budgets on education sector, more specifically so on higher education. This has trickled down to public expenditure on education in general, and higher education in particular. Indian government and Indian corporate sector has recognized the importance of management ducation in the ganging global scenario. Today under the reforming economic conditions, integration of the Indian economy with world economy presupposes efficiency and competitiveness in the domestic front as well as in the international arena. As the process of globalization is technology-driven, and knowledge driven, the very success of economic reform policies critically depends upon the competence of human capital. But, what is observed is the reverse. Even within the education sector, relative priority assigned to higher education has been on the decline. It is to be realized that higher education institutions lay an important role insetting the academic standard for primary and secondary education. They are also responsible for not only providing the specialized human capital in order to corner the gains from globalization, but also for training inside the country, provide policy advice, etc. Globalization is expected to have a positive influence on the volume, quality an spread of knowledge through increased interaction among the various states. Today our education system is strong enough but central and state governments should change their roles with in the education system, re- inventing them as facilitating supervisory rganizations. Teacher training, infrastructure and syllabuses need to be urgently upgraded. Industry should come forward to share experience with students and to offer more opportunities for live projects. Commercial institutions offering specialized education have come up everywhere. In view of globalization many corporate universities, both foreign and Indian, are encroaching upon our government institutions. Our Institutes like IIM’S and IIT’S have produced world class professionals. These institutes imparts quality education as per industry expectations and give due importance to institute Industry interface. Under the new scenario, Government – Private partnership is becoming important in Management Education. Now India is a transforming country. We are near to achieve status of developed nation. The demand for higher education has been growing rapidly with comparatively faster growth in enrolment in higher educational institutions than the growth in number of higher educational institutions. The growth rates are doubled among the students enrolled in post- graduate and research, while the number of institutions for post –graduate and research studies has grown at a slower rate in 1990’s than in 1980’s. India is witnessing new era in the field of Management Education. Many Corporate groups like Reliance, Nirma, Tata, Sterlite etc have promoted Management Institutes. Some reputed foreign universities are also coming to India. But government should issue some guidelines so that fees structure remains with in certain limit and those who are from economically poor background have same opportunity. Conclusion Globalization has had many obvious effects on educational technology and communication systems change the way education is delivered as well as roles played by both teachers and tudents. The development of this technology is facilitating the transition from an industrial based society to an information-based one. At the same time, there is a dark side to globalization and to the very openness of the new information systems. While the richest countries grow richer, the poor are becoming poorer. Income, information and education gaps between the rich and the poor are widening not narrowing: economic crises, trade imbalances and structural adjustments have precipitated a moral crisis in many countries, tearing the basic social and ultural fabric of many families and communities apart, resulting in increasing youth unemployment , suicide, violence, racism and drug abuse and anti social behavior form schools. In the 21st century, education systems face the dual challenge of equipping students with the new knowledge, skills and values needed to be competitive in a global market while at the same time producing graduates who are responsible adults, good citizens both of their country and of the world. Thus, globalization challenges us to rethink not only how much education is needed but also its ultimate purposes.

Comparing Death in Araby and The Metamorphosis Essay -- comparison com

Death in Araby and The Metamorphosis Many readers have commented on the contrast of light and darkness in the story Araby by James Joyce. Perhaps the death of the priest in Araby adds to the "darkness" that the boy experiences when he is thinking about Mangan's sister, as contrasted with the light he experiences when he is actually in her presence. It is interesting that the death of the priest does not become so "dark" until Mangan's sister is introduced. In the first scene where the boy visits the priest's old room, he rummages around and finds some treasures, including "paper-covered books," and "the late tenant's rusty bicycle pump." There is no sense of gloom here, in fact, the boy seems to be having fun exploring and discovering things, and reminisces about how the priest "had been a very charitable priest" in a rather disconnected way. But later, after the boy's crush on Mangan's sister has been introduced, this dead priest's room takes on a very different character. This is the place where the boy retreats on a stormy night while his emotions are churning inside him. It is no longer a place to explore, but has taken on almost a "sacred" character. Here the boy experiences his most impassioned moment of "strange prayers and praises," pressing the palms of his hands together "until they trembled, murmuring: 'Oh Love! Oh Love!' many times." You can almost feel the presence of the dead priest in the room on this "dark rainy evening" as the boy is praying, in a way that you would not feel his presence if he were merely on vacation. The fact that he has died here in this very room adds to the drama and it intensifies the boy's emotions. Maybe the boy was thinking that the priest was watching him from he... ...ere really what the family needed to start living their own lives. In this story the "deaths" of Gregor serve to make obvious where he really stands in the family, and what the real situation is. If he had not turned into a bug and ultimately died, neither he nor the family would have ever known that what he was doing for them wasn't really helping them. Gregor's deaths also showed that the family didn't really care that much about him, and weren't that grateful for his sacrifices. It brings out the contrast between what Gregor was willing to do for his family (die) and what his family was willing to do for him (not very much). They wanted to get rid of him once his condition started demanding too much from them. Gregor's death turns him into a sort of tragic hero. If the story ended differently, I think readers would feel less sympathetic towards him.

International Trade and Finance Speech Essay

The purpose of this paper is to organize a speech that will be provided to a number of reporters that are not knowledgeable with economics. In this paper I will put importance on international trade and foreign exchange rates and how those affect the GDP, domestic markets, and students. I will also outline some of the benefits on goods and services that are imported from other countries and how those contribute to our economy in the United States. What happens when there is a surplus of imports brought into the US? When there is a surplus of a product imported into the US, it drives the prices of that particular product down. The reason it drives the prices down is because the owner of the product gets to a point where they need to clear out inventory so they sell it at a price lower than originally expected. These companies will go as far as taking a loss on the product just to clear the inventory. This surplus is a plus for the consumer. (Armadeo, 2013) Car dealerships are a prime example of companies that clean out old inventory at a reduced price. They run end of year specials that are hard to beat. One dealership had a Chevrolet Malibu for $22,110. The end of year pricing deal they offered was $3000 cash back or 0% interest on a 60 month loan. When deciding which offer is the best, a person must first look at what the percentage of interest is that they would be paying on top of the loan amount. (Mello, 2012) What are the effects of international trade to GDP, domestic markets and university students? The international trade effect on the GDP depends on if it is a surplus or deficit. If the imports are lower than exports this will have a positive effect on the GDP, domestic markets, and university students. A positive effect in the GDP increases the job market. This in turn increases money into the economy and increases sales in the local markets. This also helps the university student find a job to help finance their education. This also allows them to buy supplies for school cheaper, for example, the price of computers become lower when there is a positive effect on all these things. International trade increases options for the consumer to choose from, therefore the price on these items are more competitive. Negative effects will do the complete opposite. (McTeer, 2008) How do government choices in regards to tariffs and quotas affect international relations and trade? Simply put, tariffs are taxes the government imposes on imports. Quotas are numerical limits set by the same government imposed on the same imports. If the country imposing the tariffs and quotas set the tariff too high then this could cause future issues between the two countries. If a country wants to have a good relationship with a country they will impose lower tariffs. (â€Å"The Basics of Tariffs and Trade Barriers†, 2011) What are foreign exchange rates? How are they determined? A foreign exchange rate is the cost of converting different currencies. For example, if the foreign exchange rate for the euro is 100=$1 then 100 euros equals $1. If it costs 125 euros to exchange for $1, then the euro is not as profitable as the dollar. Exchange rates are generated by the volume of currencies acquired and sold. â€Å"Though they are affected in both the short term and long term by innumerable factors, currency supply and demand will always, ultimately, determine currency prices in the foreign exchange markets† (Sisson, 2012). Why doesn’t the U.S. simply restrict all goods coming in from China? Why can’t the U.S. just minimize the amount of imports coming in from all other countries? If the United States were to restrict all goods coming in from China it would negatively affect our relationship with them. The United States is majorly in debt to China. Upsetting them could cause them to call in all our loans. It will also affect the profitability of China’s investments and their supply in which American companies are operating. The United States cannot decrease the amount of goods coming in from other countries because it would have a huge impact on employment and the cost of items in this country. A variety of items cause them to have more competitive pricing. When you do not have people working, there is less money to be spent back into the economy. All of these reasons greatly impact the United States economy. The United States needs to trade with countries with more promising tariffs and quotas, and try to keep things fair between imports and exports to help promote a better GDP. References Mello, T. B. (2012). Sweet year-end deals available on some popular cars. Retrieved from http://www.nbcnews.com/business/sweet-year-end-deals-available-some-popular-cars-1C6750390 Armadeo, K. (2013). The US Trade Deficit. Retrieved from http://useconomy.about.com/od/tradepolicy/p/Trade_Deficit.htm McTeer, B. (2008). The Impact of Foreign Trade on the Economy. Retrieved from http://economix.blogs.nytimes.com/2008/12/10/the-impact-of-foreign-trade-on-the-economy/ The Basics of Tariffs and Trade Barriers. (2011). Retrieved from http://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp#axzz2KI2v2hAC Sisson, N. (2012). ehowmoney. Retrieved from http://www.ehow.com/about_6593199_exchange-determined-markets-foreign-exchange_.html Colander, D. C. (2010). Macroeconomics. : McGraw-Hill.

Womens Music Essay - 2123 Words

For nearly thirty years, popular culture has been an ever transforming mosaic of human flesh, or more specifically female flesh. While it has been known for decades that †sex sells†, this statement has taken on bizarre, and at times offensive aspects. It seems that the more modern we become, the more sexually explicit and objectifying media content becomes. This fact remains true across multitudes of media formats; today everything from vacuum cleaners to toothpaste is madly exciting by sex appeal. Ask any senior citizen about the content of television in past generations and you will likely hear them describe modern programs as inappropriate, even vulgar. Perhaps the perversion of sexuality and the objectification of women in the media†¦show more content†¦The first Mariah Carey Video I chose was You’ll Always be My Baby. I chose this video for two reasons. First and foremost, it was one of Ms. Carey’s first hit singles and second, it deals (as do most pop songs) with love. I thought that by choosing a song about love I might get to see some of the more explicit video segments that the early 1990’s had to offer. My hypothesis was far from supported as this video showed relatively few stereotypes, and the sexual objectification of the female main character (Mariah herself) was non existent. The video details a childhood romance that faded, but the fact that first loves always hold a special place in one’s heart. While both Mariah and the adolescent girl she is played by are dressed relatively conservatively and are, for the most part, not sexually objectified, certain stereotypes persist. For one the video only shows Mariah in settings of leisure activities, she is rocking back and forth on a tire swing or is shown reminiscing about her lover to her diary over candle light. Even the young Mariah is shown in this way, doodling in a notebook as her adolescent boyfriend serenades her from outside the window. 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Essay about Depression in Teenagers - 2575 Words

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Evaluation Of A Professional Social Worker Student Essay

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Market Survey on Commodities Future Trading Free Essays

string(187) " appropriate communication message for attracting the people to Geojit COMtrade Ltd SCOPE OF THE STUDY Globalization of the financial market has led to a manifold increase in investment\." An Industry Internship Project On COMMODITIES FURTURE TRADING WITH RESPECT TO GEOJIT COMTRADE LTD – MARKET SURVEY Done at CALICUT, KERALA Under the guidance of MRS. C. ANITHA RANI (Asst. We will write a custom essay sample on Market Survey on Commodities Future Trading or any similar topic only for you Order Now Professor of Marketing Dept. ) (Project Guide) Mr. CHACKO . C. VARGHEESE (Regional manager) (Corporate Guide) Submitted By: LAKSHMI. P. K Roll No: 20028 SIVA SIVANI INSTITUTE OF MANAGEMENT KOMPALLY, SECUNDERABAD ACKNOWLEDGEMENT First of all I would like to thank Geojit COMtrade Ltd, which is a leading organization in commodity trading, for giving me an opportunity to work with them and to do Market Research to gain practical knowledge of how a Commodities Company works. My special obligations to my corporate guide Mr. Chacko C Varghese, Regional manager, GC Branch, Calicut, for granting permission to do the project in their esteemed organization. I thank him for dedicating his valuable time in reviewing my project work periodically and for directing me all the way. I am deeply indebted to thank my faculty guideAsst. Prof. C. Anita Rani. I also like to thank all my faculties who have taught me and haveshared their experience with mewhich has helped us in doing my project. I am thankful to Mr. Ajeesh Paul and Mr. Bijesh K. B, senior executives of Geojit COMtrade ltd, Calicut who was always ready to clarify my doubts related to the topic. And my sincere thanks to them. Also, I am thankful to my family, friends, and classmates and to the Almighty. Date: Signature Place: DECLARATION I, Lakshmi. P. K declare that this project entitled â€Å"Market research on commodity future trading with respect to Geojit COMtrade Ltd. †, submitted for the award of the PGDM Triple Specialization is a record of original project – research study- carried out during April 5th- June 5th) , that the project has not formed before the basis for the award of any Degree/ Diploma/ Associateship/ Fellowship of any other similar title. Ithas been completed by me at Geojit COMtrade Ltd, Calicut under the guidance ofAsst. Prof. Anita Rani,faculty of marketing department of Siva Sivani Institute of Management. Date: Signature Place: C O N T E N T S DECLARATION ACKNOWLEDGEMENT CERTIFICATE TABLE OF CONTENTS PAGE NO Chapter – I Introduction 5 Statement of problem 5 Objectives of the study 6 Scope of study 6 Literature Review 6 Chapter – II Industry Profile 8 Company Profile 19 Departmental Details 26 Chapter-III Research Methodology 44 Sources of data 45 Sampling Plan 45 Limitations 45 Chapter IV Data Analysis: Interpretation and Findings 46 Chapter-V SWOT Analysis 71 Conclusion 73 Suggestions 74 Bibliography 75 Annexure 76 CHAPTER -I INTRODUCTION Commodity trading is an area which has gained prominence ever since the dawn of civilization. It can be attributed to the fact that commodities are an integral part of our lives. Over these years there has been a tremendous growth in this segment which in turn has acted as the pillar of strength for the development of our economy. This has made it an attractive investment avenue for investors. Earlier we witnessed lot of money being invested in those companies which specialized in the production of commodities. Now we have a trend reversal; commodities have gained prominence over the times. The rapidly advancing technology, particularly the Internet, has drastically changed the social and economic landscapes and every aspect of our daily lives. In the Securities Industry Futures Commodities, the Internet has facilitated on-line trading, changing the way the market works, as well as the way the investors access the market. Having taken advantage of information technology at an opportune time, India has emerged as a front-running country of on-line trading in the global securities commodities markets. On-line trading† is broadly defined as a trading mechanism where investors place orders and confirm trading results via electronic communication channels, such as the Internet, mobile phones, In India, the whole process of securities commodities transactions, from order placement and routing, order execution, to trade confirmation, is fully automated, thus enabling the investors who have placed orders to confirm their trading results within few seconds. Geojit COMtr ade Ltd. is a commodity trading service firm. It specializes in agricultural commodities, base metals, precious metals, bullion, and energy. The firm engages in trading services on commodities traded on the MCX and NCDEX in India. Its Research Division offers technical and fundamental research services. The firm also provides research on markets, currency, and economy. Geojit COMtrade Ltd. is based in Kochi, India. STATEMENT OF THE PROBLEM Online future commodities trading involve personal factors, technical factors, business factors and economic factors. The interplay of these factors on commodities market requires a deep study about the pattern process and procedures and performance. This study is intended to identify the various concepts about online commodities trading and its way of functioning. 1. To identify the level of awareness of commodities online future trading. 2. To identify the target consumer for online trading of commodities. 3. To identify the preference of customers to various investment avenues like commodity market, shares, mutual fund, bank deposits, insurance, debentures and post office savings. 4. To identify the awareness level of Geojit COMtrade Ltd. and feedback from the customers about the firm. OBJECTIVES OF THE STUDY My project work programmed was also directed to some particular targets and the main objectives of the study are as bellow; 1. To clearly state the awareness level about Geojit commodities 2. To understand the perception of people about Geojit commodities 3. To devise an approach by making people aware of Geojit commodities The Main purpose of conducting the Survey for Geojit COMtrade Ltd * To identify the target consumer for commodities business. * To identify the preference of customers to various investment avenues like commodity market, shares, mutual fund, bank deposits, insurance, debentures and post office savings. To identify the awareness level of Geojit COMtrade Ltd. and feedback from the customers about the firm. * To get a feel of the Customers’ perception about Geojit commodities services products. * To find an appropriate communication message for attracting the people to Geojit COMtrade Ltd SCOPE OF THE STUDY Globalization of the financial market has led to a ma nifold increase in investment. You read "Market Survey on Commodities Future Trading" in category "Essay examples" New markets have been opened; new instruments have been developed; and new services have been launched. Besides, a number of opportunities and challenges have also been thrown open. Online Commodities trading is new as compared to Equity market in India. Mainly three exchanges are involved in online commodities trading MCX, NCDEX NMCE LITERATURE REVIEW So many studies are made in the area of commodity future trading. Some of the important studies are reviewed as follows; In a well-known literature survey on commodity futures research, Gray and Rutledge observed that, ‘Anyone who undertakes a survey of the literature on futures trading is confronted with an amorphous and rather disjointed list of publications (1971 p 57). Some of the pioneers in futures research, like Hol brook Working, Roger Gray, Tom Hieronymus, Allen Paul, and Henry Bakenwere based on an in-depth understanding of economic institutions, an appreciation of the major problems facing the industry, and careful analysis of relevant data. Gray and Rutledge (1971) provide the most comprehensive survey on futures markets and the topics covered in their review include evolutionary aspects of futures markets, inter-temporal price relationships, and concept of hedging, price variability, and the stochastic nature of price fluctuations. The Keynesian theory of normal backwardation was one of the earliest theories of the inter-temporal futures prices and it postulated that futures prices are biased estimates of forthcoming cash prices because hedgers must compensate speculators for assuming the price risk of holding future contracts * Working (1949) developed the idea that the primary function of commodity futures markets was the provision of th e returns for the storage services, and he viewed inter-temporal prices as the jointly determined price of storage. Holbroook Working (1953) categorized alternative motives for commercial hedging in the commodity futures and these categories continue to be valid today. The three arbitrage hedging, operational hedging and anticipatory hedging. Since the futures and cash price converge in the delivery month, a commercial firm can ‘arbitrage’ the two markets and earn a risk-free return from the predictable change in the basis- the mathematical difference between the futures and cash price. Operational hedging facilitates commercial business by allowing firms to buy and sell on the futures markets as temporary substitutes for the subsequent cash market transactions. This provides firms with an avenue for being flexible in day-to-day operations and reducing price risk. Anticipatory hedges involve buying or selling futures contracts by commercial firms in ‘anticipation’ of the forthcoming cash market transactions. Price expectation plays a major role in this type of hedge. * Leuthold and Tomek (1980) explained that semi-perishables (e. . , butter, eggs, onions, potatoes) were traded at the turn of the century but the introduction of trading in nonstorables such as live hogs and live cattle in the 1960s was a watershed for the industry. They argued that since future prices for nonstorables are not being used to allocate inventories, forward pricing is an important economic justification for these markets They pointed out that some of the farmers remain concern ed about the alleged adverse influence of futures trading. According to theoretical literature, primary commodity producers stand to derive considerable price risk reduction benefit from hedging with either future contracts or forward contracts (Johnson 1960; Stein 1961; McKinson in 1967; Danthine 1978; Holthausen 1979; Feder, Just and Schmitz 1980; Andearson and Danthine 1983) * According to empirical literature either minimum variance hedge ratios or optimal hedge ratios (i. e. % of output to be hedged) and has found large potential risk reduction benefits from hedging (Henifner 1972; Peck 1975; Ederington 1979; Grant and Eaker 198559; Casteino 1992; Lene, Kimle, and Hayenga 1993) * But both theoretical and empirical literature appears to contradict reality because very few primary producers actually hedge (Helmuth 1977; Berk 1981; Brorsen 1995) * Survey results of Blank, Carter and McDonald 1997 found thatfarmers prefer forward contracting to direct hedging with future contracts. According to Miller (1986) the one key distinguishing feature between these two factors is the absence of basic risk in forward contracting. * Carter and Loyns (1985) found that due to a high basis risk, there was a little incentive for Canadian feedlots to hedge cattle on the Chicago futures market. * Rolfo in 1980 suggested production risk as an explanation for the lack of hedging interest in the real world. Most research needs to be directed towards the impact of government farm programs on commodity futures markets, along the lines of Crain and Lee (1996) * The theory of price of storage explains inverted markets by appealing to the concept of convenience yield. According to this theory, the futures price can be less than the spot price plus the cost of carry when the commodity generates convenience yield. CHAPTER -II INDUSTRY PROFILE 1) COMMODITY MARKET A commodity is a material that is traded in big quantities and whose quality standards and price are objective and universally applicable. For example, gold is a commodity because quality standards and price of gold are objective and universal, but gold jewelry is not a commodity because the price of jewelry depends on subjective factors such as design, brand image, etc. Other examples of commodities are: agricultural produce such as food grains, pulses, cotton, etc. ; metals such as nickel, zinc, aluminum, etc. Commodity markets  are markets where raw or primary products are exchanged. These raw commodities are traded on regulated  commodities exchanges, in which they are bought and sold in standardized contracts. It covers physical product (food, metals, and electricity) markets but not the ways that services, including those of governments, nor investment, nor debt, can be seen as a commodity. Commodity Market is an organized trader’s exchange in which standardized, graded products are bought and sold. Worldwide, there are 50 major commodity exchanges that trade over 100 commodities, ranging from wheat and cotton to silver and oil. The trading of commodities consists of direct physical trading and derivatives trading. Exchange traded commodities have seen an upturn in the volume of trading since the start of the decade. This was largely a result of the growing attraction of commodities as an asset class and a proliferation of investment options which has made it easier to access this market. Commodity trading Spot trading Spot trading is any transaction where delivery either takes place immediately, or with a minimum lag between the trade and delivery due to technical constraints. Spot trading normally involves visual inspection of the commodity or a sample of the commodity, and is carried out in markets such as  wholesale markets. Commodity markets, on the other hand, require the existence of agreed standards so that trades can be made without visual inspection. Forward contracts A  forward contract  is an agreement between two parties to exchange at some fixed future date a given quantity of a commodity for a price defined today. The fixed price today is known as the  forward price. Futures contracts A  futures contract  has the same general features as a forward contract but is transacted through a futures exchange. Futures contracts — which set a price for the delivery of a particular commodity in, say, six months or a year — are not themselves to blame. They’re the grease that makes these markets function. Futures allow businesses like power companies or airlines to hedge against increases in fuel costs, or food processors to smooth over fluctuations in the price of wheat and corn. Wall Street plays an invaluable role, too, since financial investors — those betting that prices will fall, as well as those betting they’ll rise — provide crucial liquidity. Commodity and futures contracts are based on what’s termed forward contracts. Early on these forward contracts — agreements to buy now, pay and deliver later — were used as a way of getting products from producer to the consumer. These typically were only for food and agricultural products. Forward contracts have evolved and have been standardized into what we know today as futures contracts.. In essence, a futures contract is a standardized forward contract in which the buyer and the seller accept the terms in regards to product, grade, quantity and location and are only free to negotiate the price. Hedging Hedging, a common practice of farming cooperatives insures against a poor harvest by purchasing  futures contracts  in the same commodity. If the cooperative has significantly less of its product to sell due to weather or insects, it makes up for that loss with a profit on the markets, since the overall supply of the crop is short everywhere that suffered the same conditions. Delivery and condition guarantees In addition, delivery day, method of settlement and  delivery point  must all be specified. Typically, trading must end two (or more) business days prior to the delivery day, so that the routing of the shipment can be finalized via ship or rail, and payment can be settled when the contract arrives at any delivery point. Most trading is done in futures contracts, that is, agreements to deliver goods at a set time in the future for a price established at the time of the agreement. Futures trading allow both hedging to protect against serious losses in a declining market and speculation for gain in a rising market. For example, a seller may sign a contract agreeing to deliver grain in two months at a set price. If the grain market declines at the end of two months, the seller will still get the higher price quoted in the future contract. If the market rises, however, speculators buying grain stand to profit by paying the lower contract price for the grain and reselling it at the higher market price. Spot contracts, a less widely used form of trading, call for immediate delivery of a specified commodity and are often used to obtain the goods necessary to fulfill a futures contract. An independent U. S. regulatory agency, the Commodity Futures Trading Commission was established in 1974 to regulate commodity markets. In 1982, the Chicago Mercantile Exchange introduced a futures contract for Standard ; Poor’s 500 U. S. companies that allow investors to speculate on the future prices of the stocks. Trading of S;P 500 and other financial futures has broken down some of the barriers that once separated stock, bond, and commodity markets and made it easier for investors to hedge their stock investments. Critics charge that the futures trading at the commodity markets in Chicago have made stock prices more volatile. The Chicago Board of Trade is the largest futures and options exchange in the Unites States, the largest in the world is Eurex, an electronic European Exchange. GLOBAL COMMODITY MARKET It is the trading of materials used to make finished products, Is far more important that what the most people give it credit for. It’s what to gives millions consumers worldwide their cups of creamy lattes, their breakfast cereals, the steel for their home construction, and even the fuel to run their cars. In fact international commodity trading is a multi-billion dollar business, and on average the number of trade executed in the commodity exchanges are about five times as much as those on major stock exchanges. And to be honest in the recent past it has been anything but dull. In the past five years commodities have provided all the thrills and spills of a high octane Vin Diesel movie. The idea of trading in commodity future contracts is really very old –school, although it has occurred new age glitz because of electronic exchanges. Most experts trace their origins back to Japan, were rice futures were first traded in the 17th century. Future market for precious metals such as gold and silver has also been around since in the 19th century with maize contracts with the Chicago Board Of Trade (CBOT). Basically commodity futures allow buyers and sellers to make bets on the expected future spot prices. They help both sides obtain insurance for the future value of their outputs or inputs. Cereals were first to be traded under the future contracts and the farmers were the first to use such contracts as they protect them from any steep fall in the value of crop harvested in future. Commodity future differed from equity derivatives in three important ways; 1. They are derivative securities not claims on long living corporations. 2. They are short maturity claims on real assets 3. nlike financial assets, they experience distinct seasonal variations in price and volatility Today there are more than 50 commodity exchanges in the world wide trading in more than 100 products. The major products come under five categories; 1. Precious metals (gold, silver, platinum, etc. ) 2. Industrial metals (copper, nickel, aluminum, zinc, etc. ) 3. Agricultural commodities (wheat, corn, cotton, oilseeds, coffee, cocoa, sugar etc. ) 4. Livestock (pork bellies, cattle, etc. ) 5. Energy(crude oil, natural gas, petrol, diesel etc. ) Oil makes up the world’s largest commodity future market. Daily turnover on the New York Mercantile Exchange(NY mex) alone totals about $15 billion) followed by coffee, steel, gold and wheat. New contract ideas however keep popping up all the time. For instance, freight futures are also traded on the Norwegian futures and Options Clearing house and the Nymex. While the Chicago Mercantile exchnge9 now taken over by the CBOT) offers contracts on temperatures, useful for hedging agricultural commodity or energy prices. COMMODITY FUTURE TRADING EVOLUTION OF FUTURE TRADING AND ITS PRESENT STATUS Organized future market evolved in India by the setting up of â€Å"Bombay Cotton Trade Association Ltd. in 1875. In 1893, following widespread discontent amongst leading cotton mill owners and merchants over the functioning of the Bombay Cotton Trade Association , a separate association by the name â€Å"Bombay COTTON Exchange Ltd. † was constituted. Futures trading in oilseeds were organized in India for the first time with the setting up of Gujarati VyapariMandali in 1900, which carried on futures trading in groundnut, castor seed and cotton. Before the Second World War broke out in 1939 several futures markets in oilseeds were functioning in Gujarat and Punjab. Future trading in Raw Jute and Jute Goods began in Kolkata with the establishment of the Calcutta Hessian Exchange Ltd. , in 1919. Later East Indian Jute Association Ltd. was set up in 1927 for organizing futures trading in Raw Jute. These two association amalgamated in195 to form the present East India Jute ; Hessian Ltd. , to conduct organized trading in both Raw Jute and Jute goods. In case of wheat, future markets were in existence at several centers at Punjab and U. P. The most notable amongst them was Chamber of Commerce at Hapur, which was established in1913. Other markets were located at Amritsar, Moga, Ludhiana, Jalandhar, Fazilka, Dhuri, Barnala and Bhatinda in Punjab and Muzaffarnagar, Chansausi, Meerut, Saharanpur, Hathras, Ghazibad, Sikenderabad and Barielly in U. P. Futures market in Bullion began at Mumbai in 1920 and later similar markets came up at Rajkot, Jaipur, Jamnagar, Kanpur, Delhi and Calcutta. In due course several other exchanges were also created in the country to trade in such diverse commodities as pepper, turmeric, potato, sugar and Gur (jaggory). After independence, the Constitution of India brought the subject of â€Å"Stock Exchanges and Futures† in the Union list. As a result, the responsibility for regulation of commodity futures markets developed on Govt. of India. A bill on forward contracts was reffered t an expert committee headed by Prof. A. D. Shroff select committees of two successive Parliaments and finally in December 1952 Forward Contracts (Regulation) Act, 1952, was enacted. The Act provided for 3-tier regulatory system; (a) An association recognized by the Government of India on the recommendation of Forward markets Commission (b) The Forward Markets Commission (it was set up in September 1953) (c) The Central Government. Forward Contracts (Regulation) Rules were notified by the Central Government in July, 1954. The Act divides the commodities into 3 categories with reference to extent of regulation, viz: (a) The commodities in which futures trading can be organized under the auspices of recognized association. (b) The Commodities in which the future trading is prohibited. (c) Those commodities in which have neither being traded under the recognized association nor prohibited are referred as free Commodities and the association organized in such free commodities is required to obtain the certificate of Registration from the forward Markets Commission. In the seventies, most of the registered associations became inactive, as futures as well as forward trading in the commodities for which they were registered came to be either suspended or prohibited altogether. The Khursho Committee(June 1980) had recommended reintroduction of futures trading in most of the major commodities, including cotton, Kapas, raw jute and jute goods and suggested that steps may be taken for introducing futures trading in commodities, like potatoes, onions, etc. at appropriate time. The government, accordingly initiated futures trading in Potato during the latter half of 1980 in quite a few markets in Punjab and Uttar Pradesh. After the introduction of economic reforms since June 1991 and the consequent gradual trade and industry liberalization in both the domestic and external sectors, the Govt. of India appointed in June 1993 one more committee on Forward Markets under Chairmanship of Prof. K. N. Kabra. The Committee submitted its report in September 1994. THE MAJORITY REPORT OF THE Committee ecommended that futures trading be introduced in 1) Basmati Rice 2) Cotton ; Kapas 3) Raw Jute ; Jute Goods 4) Groundnut, rapeseed/mustard seed, cottonseed, sesame seed, sunflower seed, safflower seed, copra and soya bean, ; oils and oilcakes of all of them. 5) Rice brain oil 6) Castor oil ; its oilcake 7) Linseed 8) Silver ; 9) Onions. The committee also recommended that some of the existing commodity exchanges particularly the ones in pepper and castor seed, may be upgr aded to the level of international future markets. The liberalized policy being followed by the Government of India and the gradual withdrawal of the procurement and distribution channel necessitated setting in place a market mechanism to perform the economic functions of price discovery and risk management. The National Agriculture Policy announced in July 2000 and announcements of Hon’ble Finance Minister in the Budget Speech for 2002-2003 were indicative of Governments resolve to put in place a mechanism of futures trade/market. As a follow up the Government issued notifications on 1. 4. 003 permitting futures trading in the commodities, with the issue of these notifications futures trading is not prohibited in any commodity. Options trading in commodity are, however presently prohibited. ECONOMIC BENEFIT OF FUTURE TRADING ; ITS PROSPECTUS Futures contracts perform two important functions of price discovery and price risk management with reference to the given commodity. It is useful to all segments of economy. It is useful to producer because he can get an idea of the price likely to prevail at a future point of time and therefore can decide between various competing commodities, the best that suits him. It enables the consumer get an idea of the price at which commodity would be available at a future point of time. He can do proper costing and cover his purchases by making forward contracts. The futures trading is very useful to the exporters as it provides an advance information of the price likely to prevail and thereby help the exporter in quoting a realistic price and thereby secure export contract in a competitive market. Having entered into an export contract, it enables him to hedge his risk by operating in futures market. Other benefits of futures are: (i) Price stabilization-in times of violent price fluctuations – this mechanism dampens the peaks and lifts up the valleys i. e. the amplitude of price variation is reduced. (ii) Leads to integrated price structure throughout the country. (iii) Facilitates lengthy and complex, production and manufacturing activities. (iv) Helps balance in supply and demand position throughout the year. (v) Encourages competitions and acts as a price barometer to farmers and other trade functionaries. Futures trading are also capable of being misused by unscrupulous speculators. In order to safeguard against uncontrolled speculation certain regulatory measures are introduced from time to time. They are: (a) Limit an open position of an individual operator to prevent over trading. (b) Limit on price fluctuation (daily/weekly) to prevent abrupt upswing or downswing in prices (c) Special margin deposits to be collected on outstanding purchases or sales to curb excessive speculative activity through financial restraints. d) Minimum/maximum prices to be prescribed to prevent future prices from falling below the levels that are un remunerative and from rising above the levels not warranted by genuine supply and demand factors. During shortages, extreme like skipping trading in certain delivers of contract, closing the markets for a specified period and even closing out the contract to overcome emergency situations are taken. PROSPECTS With the gradual withdrawal of the government from v arious sectors in the ost liberalization era, the need has been felt that various operators in the commodities market be provided with a mechanism to hedge and transfer their risks. India’s obligation under WTO to open agriculture sector to world trade would require futures trade in a wide variety of primary commodities and their products to enable diverse market functionaries to cope with the price volatility prevailing in the worlds market. CHARECTERISTICS OF FUTURE TRADING A â€Å"Futures Contract† is a highly standardized contract with certain distinct features. Some of the important features are as under: (a) Futures trading are necessarily organized under the auspices of a market association s that such trading is confirmed to or conducted through members of the association in accordance with the procedure laid down in the Rules ; byelaws of the association. (b) It is invariably entered into for a standard variety known as â€Å"basis variety† with the permission to deliver other identified varieties known as â€Å"tender able varieties†. (c) The units of price quotation and trading are fixed in these contracts, parties to the contracts not being capable of altering these units. d) The delivery periods are specified. (e) The seller in a futures market has the choice to decide whether to deliver goods against outstanding sale contracts. In case he decides to deliver goods, he can do so not only at the location of the Association through which trading is organized but also at a number of other pre-specified delivery centers. (f ) In futures market actual delivery of goods takes place only in a very few cases. Transactions are mostly squared up before the due date of the contract and contract and contracts are settled by payment of differences without any physical delivery of goods taking place. RECENT TRENDS IN COMMODITY TRADING Nature’s Commodity Outputs Commodity thinking is undergoing a more direct revival thanks to the theorists of â€Å"natural capital whose products, some economists argue, are the only genuine commodities- air, water and calories we consume being mostly interchangeable when they are free of pollution or disease. Whether we wish t think of these things as tradable commodities rather than birthrights has been a major source of controversy in many nations. Most types of environmental economics consider the shift to measuring them inevitable arguing that reframing political economy to consider the flow of these basic commodities first and foremost, helps avoids use of any military fiat except to protect â€Å"natural capital† itself, and basing credit-worthiness more strictly on commitment to preserving biodiversity aligns the long-term interests of eco regions societies, and individuals. They seek relatively conservative sustainable development schemes that would be amiable to measuring well-being over long periods of tie, typically â€Å"seven generations†, in line with Native American thought. Weather trading However, this is not the only way in which commodity thinking interacts with ecologists’ thinking. Hedging began as a way to escape the consequences of damage done by natural conditions. It has matured not only into a system of interlocking guarantees, but also into a system of indirectly trading on the actual damage done by weather, using weather derivatives for a rice, this relieves the purchaser of concerns such as whether a freeze will hurt the Brazilian coffee crop, whether there will be a drought in the U. S. orn belt and what the chances that we will have a cold winter are, driving natural gas prices higher and creating havoc in Florida orange areas. Emissions Trading Weather trading is just one example of â€Å"negative commodities†, units of which represent harm rather than good. â€Å"Economy is three fifths of ecology argues Mike Nickerson one of many economic theorists who hold that nature’s productive services and waste disposal serv ices are poorly accounted for. One way to fairly allocate the waste disposal capacity of nature is â€Å"cap and trade†- market structure that is used to trade toxic emissions rights in the United States, e. . SO2. This is in effect a â€Å"negative commodity†, a right to throw something away. In this market, the atmosphere’s capacity to absorb certain amounts of pollutants is measured, divided into units, and traded amongst various market players. Those who emit more SO2 must pay those who emit less. Critics of such schemes argue that unauthorized or unregulated emissions still happen, and that â€Å"grandfathering† schemes often permit major polluters, such as the state governments’ own agencies, or poorer countries, to expand emissions and take jobs, while the SO2 output still floats over the border and causes death. In practice, political pressure has overcome most such concerns and it is questionable whether this is a capacity that depends on U. S. clout: The Kyoto Protocol established a similar market in global greenhouse gas emissions without U. S. support. Community as a commodity This highlights one of the major issues with global markets of either the positive or negative kind. A community must somehow believe that the commodity instrument is real, enforceable, and well worth paying for. Avery substantial part of the anti-globalization movement opposes the Commodification of currency, national sovereignty, and traditional cultures. The capacity to repay debt, as in the current global credit money regime anchored by the Bank for international settlements, does not in their view correspond to measureable benefits to human wellbeing worldwide. They seek a fairer way for societies to compete in the global markets that will not require conversion of natural capital to natural resources nor human capital to move to developed nations in order to find work. Some economic systems green economists would replace â€Å"gold standard† with a â€Å"biodiversity standard†. It remains to be seen if such plans have any merit other than as olitical ways to draw attention to the way capitalism itself interacts with life. Human life as a commodity The green economists and the more conservative environmental economics argue that not only natural ecologies, but also the life of the individual human being is treated as a commodity by the global markets. A good example is the IPCC calculations cited by the Global Commons Institute as placing a value on a human life in the developed world â€Å"15x higher† than in the developing world, based solely on the ability to pay to prevent climate changes. Overview of commodities exchange in India Forward Markets Commission (FMC) headquartered at Mumbai, is a regulatory authority which is overseen by the Ministry of Consumer Affairs, Food and Public Distribution, Govt. of India. It is a statutory body set up in 1953 under the Forward Contracts (Regulation) Act, 1952. â€Å"The Act provides that the Commission shall consist of not less than two but not exceeding four members appointed by the Central Government out of them being nominated by the Central Government to be thereof. Currently Commission comprises three members among whom Shri. B. C. Khatua, IAS, IS THE Chairman and Shri. D. S. Kolamkar IES, and Shri Rajeev Kumar Agarwal, IRS, are the members of the commission. † The functions of Forward Markets Commission are as follows: (a) To advise the Central Government in respect of the recognition or the withdrawal of recognition from any association or in respect of any other matter arising out of the administration of the Forward Contracts(Regulation) Act 1952. (b) To keep forward markets under observation and to take such action in relation to them, as it may consider necessary, in exercise of the powers assigned to it by or under the Act. c) To collect and whenever the Commission thinks it necessary, to publish information regarding the trading conditions in respect of goods to which any of the provisions of the act is made applicable, including information regarding supply, demand and prices, and to submit to the Central Government, periodical reports on the working of forward markets relating to such goods. (d) To make recommendations generally with a view to improving the organization and working of forward markets. (e) To understand the inspection of the accounts and other documents of any recognized association or any member of such association whenever it considers. List of Commodity Exchanges in India 1. Batinda Om ; Oil Exchange Ltd. , Batinda. 2. The Bombay Commodity Exchange Ltd. , Mumbai 3. The Rajkot Seeds oil ; Bullion Merchants` Association Ltd 4. The Kanpur Commodity Exchange Ltd. , Kanpur 5. The Meerut Agro Commodities Exchange Co. Ltd. , Meerut 6. The Spices and Oilseeds Exchange Ltd. 7. Ahmedabad Commodity Exchange Ltd. 8. Vijay Beopar Chamber Ltd. , Muzaffarnagar 9. India Pepper ; Spice Trade Association, Kochi 10. Rajdhani Oils and Oilseeds Exchange Ltd. , Delhi 11. National Board of Trade, Indore 12. The Chamber Of Commerce, Hapur 13. The East India Cotton Association, Mumbai 4. The Central India Commercial Exchange Ltd. , Gwalior 15. The East India Jute ; Hessian Exchange Ltd. 16. First Commodity Exchange of India Ltd, Kochi 17. Bikaner Commodity Exchange Ltd. , Bikaner 18. The Coffee Futures Exchange India Ltd, Bangalore 19. Esugarindia Limited 20. National Multi Commodity Exchange of India Limited 21. Surendranagar Cotton oil ; Oilseeds Association Ltd 22. Multi Commodity Exchange of India Ltd 23. National Commodity ; Derivatives Exchange Ltd 24. Haryana Commodities Ltd. , Hissar 25. e-Commodities Ltd Of these 25 commodities exchanges the MCX, NCDEX and NMCEIL are the major Commodity Exchanges. Multi  commodity exchange  of India Ltd – MCX is an independent and de-mutualised exchange based in Mumbai. Established on 10 November, 2003, it is the third largest bullion exchange and fourth largest energy exchange in the world. Recognized by the Government of India it deals in numerous commodities and carries out online trading, clearing and settlement processes for commodities future market  countrywide. MCX COMDEX is India’s foremost and sole composite commodity futures price index National Commodity Derivatives Exchange of India Ltd (NCDEX) located in Mumbai, is a public limited company incorporated on 23rd April 2003. Promoted by national level establishments it is run by professional management. Regulated by the Forward Market Commission with reference to futures trading in commodities, it trades in various commodities online. The NCDEX is covered by: * Companies Act * Stamp Act * Contracts  Act * Forward Commission (Regulation) Act National Multi-Commodity Exchange of India Limited (NMCEIL) is considered the first de-mutualized, online exchange dealing in numerous commodities. Incorporated on 20th December 2001, it is promoted and run by: * Central Warehousing Corporation National Agricultural Cooperative Marketing Federation of India Limited * Gujarat Agro Industries Corporation Limited * National Institute of Agricultural Marketing * Gujarat State Agricultural Marketing Board * Neptune Overseas Limited The Commodity Exchanges with their extensive reach embrace new participants, resulting in a powerful price discovery process. COMPANY PROFILE Evolution of the company It all started in the yea r 1987 when Mr. C. J. George and Mr. Ranajit Kanjilal founded Geojit as a partnership firm. In 1993, Mr. Ranajit Kanjilal from the firm and Geojit became the proprietary concern of Mr. C. J. George. In 1994, it became a Public Limited Company named Geojit Securities Ltd. The Kerala State Industrial Development Corporation Ltd. (KSIDC) in 1995, became a co-promoter of Geojit by acquiring a 24 percent stake in the company, the only instance in India of a government entity participating in the equity of a stock broking company. The year 1995 also saw Geojit being listed on the leading regional stock exchanges. Geojit listed at the stock exchange, Mumbai (BSE) in the year 2000. Company’s wholly owned subsidiary, Geojit Commodities Ltd. launched Online Future Trading in Agri -commodities, precious metals and energy futures on multiple commodity exchanges in 2003. This was also the year when the company was renamed Geojit Financial Service Ltd. (GFSL). The Board consists of professional directors; including a Kerala Government nominee. With effect from July 2005, the Company is also listed at National Stock Exchange (NSE). Company is a character member of the Fina ncial Planning Standards Board of India and is one of the largest Depository Participant (DP) brokers in the country. On 31st December 2007, the company closed its commodities business and surrendered its membership in the various commodity exchanges held by Geojit Commodities Ltd. Global banking major BNP Paribas took a stake in the year 2007 to become the single largest shareholder. Consequently, Geojit Financial Services Ltd. has been renamed as Geojit BNP Paribas Financial Services Ltd. VISION The vision of Geojit is to be leading financial and commodities market intermediary for individuals and institutional clients from India band overseas. They continually strive to raise their products and service standards by intelligent application of technology and processes. MANAGEMENT OF GEOJIT COMTRADE Geojit COMtrade offers trading services in Commodities Futures. It is managed by a group of professionals having considerable years of experience and expertise in Commodities, ever since the reintroduction of Commodities Futures in India in 2003. Geojit COMtrade offers its client state-of-art trading tools such as:    * | * Technical and fundamental analysis at this website and also through the company’s large branch network | * | * Research Reports | | * SMS alerts on market movement | * | * Content rich website | * | * Online trading | * | * Facility to view online ledger, holdings, positions, etc. | Geojit COMtrade also conducts seminars, distributes free in-house literature and holds interactive sessions that help raise awareness on the future market. The number of participants is continuously on the rise thus leading to increased volumes and market efficiency. Geojit COMtrade is a member of the following Exchanges: * National Multi Commodity Exchange of India Limited (NMCE) | | * National Commodity ; Derivatives Exchange Limited (NCDEX) | | * Multi Commodity Exchange of India Limited (MCX) | | * National Spot Exchange of India Ltd (NSE) | Geojit COMtrade offers futures trading through multiple exchanges in varied commodities such as: Agricultural Commodities: | * Plantation Crops like Rubber, Coffee, Arecanut, etc. | | * Spices like Pepper, Cardamom, Turmeric, Jeera, Chilly, etc. | | * Pulses like Chana | | * Oil ; Oil Seeds like Refined Soya oil, Soya bean, Cotton seed, Mustard Seed, Mustard oil, etc. | * Cereals like Maize | | * Other commodities like Guar gum, Guar seed, Menthaoil, Potato, Sugar, etc. | | * Commodity Spot products like E Gold, E Silver, E Copper, E Lead, and E Zinc. | Precious metals: | * Gold, Silver, and Platinum | Metals: | * Copper, Lead, Aluminum, Steel, Tin, Nickel, Zi nc, etc. | Energy products: | * Crude oil, Natural Gas, Carbon Credits, etc. MILESTONES | | | Product innovation backed by a high level of domain specific knowledge and state-of-the-art technology has helped Geojit to set many milestones including numerous industries. 986 * Membership in Cochin Stock Exchange (CSE). 1994   * Becomes a Public Limited Company named Geojit Securities Ltd. 1995   * Kerala State Industrial Development Corporation Ltd. (KSIDC) acquires 24 percent equity stake. * Membership in National Stock Exchange (NSE). * Public Issue  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1996 * Launch of Portfolio Management Services with SEBI registration. 1997   * Depository Participant (DP) under National Securities Depository Limited. 1999   * Membership in Bombay Stock Exchange (BSE). 2000 * BSE Listing. * 1st broking firm in India to offer online trading facility. * Commences Derivative Trading with NSE. Integrates the 1st Bank Payment Gateway in the country for Internet Trading. 2 001 * Becomes India’s first DP to launch depository transactions through Internet. * Establishes Joint Venture in the UAE to serve NRI customers. 2002 * 1st in India to launch an integrated internet trading system for Cash Derivatives segments. 2003 * Geojit Commodities Limited, wholly owned subsidiary, launched Online Futures Trading in agri-commodities, precious metals and in energy futures on multiple commodity exchanges. * National launch of online futures trading in Rubber, Pepper, Gold, Wheat and Rice. Company renamed as Geojit Financial Services Ltd. 2004 * National launch of online futures trading in Cardamom. 2005 * NSE Listing. * Geojit Credits, a subsidiary, registers with RBI as a Non-Banking Financial Company (NBFC). * National launch of online futures trading in Coffee. 2006 * Charter member of the Financial Planning Standards Board of India. 2007 * BNP Paribas takes a stake in the company’s equity, making it the single largest shareholder. * Establishes Joint Venture in Saudi Arabia to serve the Saudi national and the NRI. 2008 * BNP Paribas Securities India (P) Ltd. – a Joint Venture with BNP Paribas S. A. or Institutional Brokerage. * 1st brokerage to offer full Direct Market Access execution in India for institutional clients. 2009 * Launch of Property Services division. * Launch of online trading in Currency Derivatives. * Consequent to BNP Paribas becoming the largest stakeholder in Geojit BNP Paribas, company is renamed as Geojit BNP Paribas Financial Services Ltd. 2010 * Launch of  FLIP (Financial Investment Platform), a new advanced online investment platform. * Launch of state of the art Mobile Trading platform to empower clients to trade from anywhere, even while on the move through the innovative application FLIP- ME. | | | | | Board of DirectorsMr. A. P. Kurian  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non – Executive Independent ChairmanMr. C. J. George   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Managing Director Chief PromoterMr. Alkeshkumar Sharma  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non – Executive Independent DirectorMr. Olivier Le Grand  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non – Executive DirectorMr. Pierre Rousseau  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non – Executive DirectorMr. Mahesh Vyas   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non – Executive Independent DirectorMr. RakeshJhunjhunwala   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non – Executive DirectorMr. RamanathanBupathy   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non – Executive Independent DirectorMr. Pun noose George   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non – Executive DirectorA growing footprintWith a presence in almost all the major states of India, the network of 558 offices across 300 cities and towns presently covers Andhra Pradesh, Bihar, Chattisgarh, Goa, Gujarat, Haryana, Jammu Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, New Delhi, Orissa, Punjab, Rajasthan, Tamil Nadu Pondicherry, Uttar Pradesh, Uttaranchal and West Bengal. GEOJITCOMMODITIES * Number 1 Broking house status in terms of Trading Terminals : Dun Bradstreet Survey 2008 * The first brokerage to offer online trading in Rubber (Mar 2003), Pepper (Apr2003), Gold (Oct2003), Wheat and Rice (Dec2003), Cardamom (Apr 2004) and Coffee (Feb2006) * Brand image of Industry Pioneer since inception of commodity futures in 2003| Its clientele range from investors, co-operative societies, state and national institutions to dealers, traders, manufacturers, financiers, speculators, arbitragers, etc. Geojit COMtrade does not have proprietary interest in any commodity and therefore is price neutral. Transaction costs are highly affordable attracting a spectrum of investors. Membership in multiple exchanges gives clients the added advantage of arbitrage. Geojit has specialized staff that provide the required guidance, help and enable clients to enter at the appropriate price. Geojit COMtrade: Increasing investor awareness/education * Daily, weekly and special reports on various commodities currencies covering both international as well as domestic markets. Seminars and workshops designed to help both the new clients as well as experienced traders. * Increased media spending to make ourselves more visible in print, visual as well as digital media, so that our reports and views reach better to our investors. * Offers SMS / email reports at no additional cost. GEOJIT ANTHEM DRIVEN BY TRUST â€Å"With trust, our driving force Transparent in daily chores, Passionate, compassionate, We keep Geojit on course Respectful of our call We care for our patrons’ all. Grateful for our growth before We seek blessings to grow tall. Shanti ho barabaar shanti ho Sayyam, Samridhi, Swaasthya ho, Geojit Jahaan ho! Expanding far and wide, And serving the world with pride, Loyalty inspiring us To be beyond the high tide; A brighter word to make Unfurling the flag we take; â€Å"All for one and one for all,† With love to last above all. DEPARTMENTAL STUDY Administration * Provides support and service for the activities of the board of directors * Coordination of branch activities and provision of interaction between branches and the main office * Expanding the reorganization of Bank market network. * To create appropriate condition for efficient operation of structural franchisees Human resource Human Resources and Administration department is one, which facilitates smooth working of the organization by looking into the human resource side and also the overall administration of organization. The Human Resource Management is very important for the success of any organization. Different individual exhibit similar and dissimilar pattern of behavior. They have their own set of needs, drives, goals and experiences. Management should be aware of their requirements. Manpower management is the most critical job. Proper human resources management will enhance the efficiency and performance of people at work. HR MISSION * To create HR policies and processes which are employee friendly * To build a culture of warm forthcoming and professional with a sense of ownership and pride. * To encourage innovative thinking. * To encourage transparency and team work. * To develop leaders at all levels with general management skills. * To create a learning organization. * To develop competencies and skills through training and development. * To constantly raise levels of employee productivity. * To work towards attaining and sustaining the best employer status Other functions ofHuman Resource Department Recruitment Recruitment means generating a pool of qualified employees for job. Announcing job opportunities to public in such a way that number of suitable people will apply for them. Recruitment process is done only at the initial stage. Mainly qualified people are selected for work. Selection Selection means choosing right profile from that number, those applicants whom are most likely to succeed in the job. After getting the list of candidates an interview is conducted at the unit level. Final selection is made after testing their skill and technical abilities by putting them on the job. Training and development Training and development is also done in Geojit. After recruitment and selection the new hands are given on the job training at the unit level. All workers are kept as trainers for three months to one year. Later they are absorbed as permanent workers considering their performance. Promotion Promotion is the transfer of an employee to a new position which comments high pay, privilege status both at work and the community outside and fringe benefits perhaps the greater job security. And more senior position from which a person render better service to his company. His duties, responsibilities, status and pay also increase. Company gives keen attention with regard to promotion. Wage structure Wage structure is different for different position Allowances Second most important component of wage package is dearness allowance, which is paid to offset the rise in prices. Allowances like conveyance, house rent etc. Employees provident fund Company follows contributory provident fund. The workers contribute some percentage of their wage (basic pay + DA) and the management contributes at an equal rate. Labor welfare fund There is a labor welfare fund in which the employee contributes some rupee per head and the employer contributes at double to the same. The fund enables the subscriber to get children treatment of self and dependents etc†¦ Thus all employees are covered social security schemes of government, enabling education of children of workers etc. Gratuity Employees are eligible for the gratuity based on payment of Gratuity Act, 1972 Welfare to workers Rest room A rest mean is covered provided to employees to relax at concerned time. Facilities of relaxing The company also provides siting facilities for workers when they are getting interval or lunch. Health One of the important thing is that the employees general health both physical and mental should be cared. The factors which influence the general health of the worker can be divided into two broad groups. 1) Those which are associated with his working environment 2) Those which he shares with the rest of the community Cleanliness The company is kept clean and free from effluvia. Accumulation of dust removed by proper drainage facility made in the chemical treatment. Walls, doors and windows shall be repainted or varnished at least once in three years Disposal of waste and effluence Effective arrangement shall be made for the disposal of waste. It does not harm any local people in any way. Ventilation and temperature Effective arrangements shall be made for ventilation and temperature so as to provide comfort to the workers and prevent injury to their health. Adequate ventilation is made for fresh air. Air condition is provided for every room. Dust and fires Effective management shall be taken preview the inhalation and accumulation of dust and fires or other impurities in parities at workplace. Lighting The state government may prescribe standards of proper artificial nature lighting facilities are included. Drinking water There shall be effective arrangements for some drinking water for worker at convenient points. FINANCE AND ACCOUNTS Finance is the lifeblood of any organization. It deals with both the acquisition as well as ‘allocation of funds. Hence finance department assumes a great role in this organization. A finance department in an organization is responsible for maintaining fair and just accounting, working capital management, long term funding decision making, costing etc. The finance department provides authorization and control to all other subsystems to utilize money more effectively through a well-designed mechanism the major functions of a finance department can be grouped as follows:- )Preparation of financial statement 2) Providing sufficient funds to all departments. 3) Cash flows within the firm 4) Cash forecasting and budgeting 5) Analysis of transactions conducted by each branch office 6) Pay in and Pay out DUTIES AND RESPONSIBILITIES Chief financial officer is the head of the finance department the entire financial operationsare controlled and coordinated by C. F. O . The entire reports are submitted before him and it is his duty to take appropriate steps. He is assisted by Chief Manager Finance. The general accounts of the company are managed by the Chief Manager. Preparation of reports and statements also conies under his duty, matters concerning pay in and pay out are also determined and analyzed by Chief Finance Manager. The Chief Manager is assisted by Manager Finance. Below him there are two assistant managers, four executives and three junior executives. It is the duty of these people to record and analyze the normal accounts and transactions of a day and to report it to Chief Manager Finance. HIERARCHY OF AUTHORITY CHIEF FINANCIAL OFFICER CHIEF MARKETING OFFICER (fig-1)Department structural hierarchy JUNIOR EXECUTIVE EXECUTIVE ASSISTANT MANAGER MANAGING OFFICER The departmentis concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better  equipped in their management and control functions. The accounting department jointly performs the financial function of Geojit Functions of accounting department include preparing, checking and accounting the following vouchers and  bills. ? Cash receipt and cash payment. ?Bank receipt and bank payment. ? Purchase journal. Journal voucher. ?Preparing debit/credit notes. Updating vouchers in computer system. ?Preparation of reconciliation statement such as bank, party accounts etc. ?Maintain and safe custody of vouchers, records, ledgers and registers. ?Review of the general  ledger and sub ledger and reconciliation. ?Ensure safety custody of cash and  unused cheque. ?Maintain the fixed asset register and ensure proper filling of the bills of pur chase, installation certificate etc. for the tax purpose. ?Ensure compliance of the various commitments for the borrowings and adherence of the schedule for the repayment of the interest and the principal. OPERATIONS DEPARTMENT The past few decades have given-emphasis to operations functions mainly because it is the important subsystem of an organization and is responsible for customer satisfaction. As this department deals directly with customer satisfaction the company requires careful policies and procedures to carry out the activities under the operations department so that the services provided by them must be of a specific quality. The operations department of Geojit is again subdivided into five according to the services they deal with. They are 1) Risk management ; clearing and settlement ) Compliance 3) Commodity 4) Branch operations 5) Depository A study of each of these subdivisions is made their hierarchy, function of each official and the findings are noted in the coming pages. RISK MANAGEMENT ; CLEARING AND SETTLEMENT This is one of the subdivisions of the operations department. As stated earlier the operations departments are subdivided according to the functions they pe rform. Hence it is this subdivision of operations department which deals with the function of management of funds that arise from trading. Though buying and selling of shares take place daily in stock exchanges, settlements of transactions is executed for a specified no: of days after clubbing daily transactions for the entire period. This is known as settlements cycle. For example the beginning of a new settlement is on Wednesday of every week in N. S. E and it ends on next Tuesday. So it is the duty of this subdivision of the operations department to keep the recordsregarding transactions of each customer analyze whether he had made all the transactions in a proper way or not. It is the duty-of this department to check whether a person has paid the amount completely, if he had bought any shares and also to check whether the person is paid completely if he had sold the shares through Geojit. The chief manager (Risk and settlement) stands up in the hierarchy of the department and hence he is the head of the department. He controls and coordinates all the functions of this subdivision. Risk management of funds (of company and its branches) is one of the major functions. The chief manager is assisted by the senior manager (clearing and settlement). The senior manager (clearing and settlement) deals with the process of buying andselling of shares and thereby maintaining proper funds. There is an Asst. Manager under himwho checks the B. S. E operations. The Asst. Manager is assisted by three ‘senior executives’ further there are executives junior executives and office assistants to help the topmanagement. A diagrammatic representation of the hierarchy of this departmental subdivision is given on next page. MANAGEMENT ; CLEARNING ; SETTLEMENT CHIEF MANAGER (RISK) SENIOR MANAGER (CLEARING ; SETTLE How to cite Market Survey on Commodities Future Trading, Essay examples