cfly{s jif{ @)&$.

&% sf] df}lb|s gLltsf nflu g]kfn /fi6 a}+s ;dIf k]z ul/Psf]
/fo ;'emfj
1. ljQLo If]qsf] afx'Notf /x]sf] g]kfnsf] lwtf]kq ahf/df jf:tljs If]qsf] k|j]z a9fO{ o;sf]
;Gt'lnt ljsf; ug{ Gf]kfn ;/sf/ / g]kfn lwtf]kq af]8{af6 ljleGg gLlt tyf sfo{qmd cufl8
a9fOPsf] 5 . cfly{s jif{ @)&#.&$sf] ah]6 aQmJodf kF'hLahf/df pTkfbgd"ns sDkgLx?nfO{
;"lrs[t x'g k|f]T;fxg ug{ klAns sDkgLsf] ?kdf :yfkgf x'g] pBf]u Joj;fonfO{ cfos/df !%
k|ltzt 5'6 lbg] Joj:yf ldnfpg'sf ;fy} g]kfn ;/sf/f/f :jLs[t lwtf]kq btf{ tyf lgisfzg
lgodfjnL, @)&#df jf:tljs If]qsf klAns sDkgLx?n] ;j{;fwf/0fdf sDtLdf !) k|ltzt
dfq ;fj{hlgs lgisfzg ug{ ;Sg] tyf lwtf]kqsf] ;fj{hlgs lgisfzgdf lk|ldod d"No tf]Sg
;Sg] Joj:yf ul/Psf] 5 . o;} qmddf b]zsf] cfly{s ljsf;sf] dxTjk"0f{ ;+oGqsf] ?kdf /x] sf]
lwtf]kq ahf/df jf:tljs If]qsf klAns lnld6]8 sDkgLx?sf] k|j]znfO{ yk k|f]T;fxg ug{ s[lif
tyf phf{ If]qnfO{ k|fyldstf If]q dflgP h:t} lwtf]kq ahf/df If]qut ljljwtf a9fO{ ;du|
ljQLo If]qsf] ultlzntf Pj+ ljZj;gLotf clea[l4 ug{ lwtf]kq ahf/df ;fj{hlgs lgisfzg
u/]sf jf:tljs If]qsf pTkfbg d"ns klAns sDkgLx?nfO{ ;d]t k|fyldstf If]qdf /fVg]
Joj:yf ug{ pko'Qm x'g] .

2. Mutualised :6s PS;r]~hsf] cjwf/0ff cg'?k ;+rfns ;ldltdf lwtf]kq bnfn Joj;foL
;d]t /xg] u/L u}/ d'gfkmfsf/L ;+:yfsf] ?kdf /x]sf Gf]kfn :6s PS;r]~h ln=-g]K;]_sf]
:jfldTj ;+/rgfdf ;'wf/ u/L ;+rfns ;ldltdf lwtf]kq bnfn Joj;foLsf] ;f lj1
;+rfnssf] Joj:yf x'g]u/L d'gfkmfsf/L Demutualised ;+:yfsf] ?kdf lj=;+=@)^$ df g]K;]nfO{
sDkgL /lhi6f/sf] sfof{nodf d'gfkmfsf/L ;+:yfdf kl/0ft ul/Ptf klg xfn;Dd o;sf]
:JffldTj ;+/rgfdf ;'wf/ eO{ Demutualised ;+/rgfdf hfg g;ls/x]sf] l:ytL 5 . xfn g]kfn
lwtf]kq af]8{, lwtf]kq ahf/ ;DaGwL cGt/f{li6o lgodg lgsfox?sf] ;+:yf -IOSCO_sf]] ;b:o
eO{ ;s]sf]n] lwtf]kq ahf/;DaGwL cGt/f{li6o l;4fGt cg'?k ahf/ k"jf{wf/x?sf] ;'wf/ tyf
ljsf; ug'{kg]{ ;Gbe{df g]K;]sf] :jfldTj ;+/rgfdf zL3| ;'wf/ u/L cGt/f{li6o:t/sf]
Jofj;flos ;+:yfsf] ?kdf ljsl;t ug'{kg]{ cfjZostf / ljBdfg lwtf]kq ahf/ ;+rfng
lgodfjnL, @)^$sf] Joj:yfnfO{ b[i6Lut u/L, pTs[i6 ;"lrs[t sDkgLx?nfO{ laqmL ug]{
Joj:yf ug{ pko'Qm x'g] .
3. b]zsf] ljQLo If]qsf] ljsf;sf] k|f/lDes r/0fdf a}+s tyf ljQLo ;+:yfdf ;+:yfks ;]o/ tyf
;j{;fwf/0f ;]o/ :jfldTj /xg] Joj:yf ePsf]df ljleGg cWoogcg';Gwfgaf6 ahf/df
cfPsf] ;'wf/ tyf ahf/sf] kl/kSjtf cg';f/ o;df qmdzM ;'wf/ x'+b} hfg'kg]{ b]lvPsf] . o;
;DaGwdf xfn} nfu" ePsf] a}+s tyf ljQLo ;+:yf ;DaGwL P]g, @)&# df ePsf] Joj:yf cg';f/
a}+s tyf ljQLo ;+:yf ;+rfngdf cfPsf] !) jif{kl5 ;+:yfks ;]o/ ;j{;fwf/0fdf kl/jt{g ug{
kfpg] Joj:yf ePsf] / a}+s tyf ljQLo ;+:yfx?sf] afx'Notf /x]sf] g]kfnsf] lwtf]kq ahf/df
o;/L ;+:yfks ;]o/ Ps} k6s ;j{;fwf/0fdf kl/jt{g ePdf lwtf]kqsf] ahf/ d"Nodf 7"nf]
 k|efj kg{ ;Sg] ePsf]n] o:tf] kl/jt{g ahf/sf] cj:yf x]/L pko'Qm ;do tyf k|ltztsf]
cfwf/df r/0fa4 ?kdf x'g] Joj:yf ug{ pko'Qm x'g] .
4. g]kfn /fi6 a}+ssf] ;d]t ;xdltdf a}+s tyf ljQLo ;+:yfx?sf] ;DnUgtfdf lwtf]kqsf] k|fylds
lgisfzgdf ASBA k|0ffnLsf] sfof{Gjog sfo{ cufl8 a9fOPsf]df xfn lwtf]kqsf] k|fylds
ahf/ b]zsf] &% j6} lhNNffdf k'lu;s]sf] / cfufdL ;fpg @)&$ b]lv ASBA k|0ffnL clgjfo{
ul/Psf] 5 . o;} ;Gbe{df g]kfn /fi6 a}+saf6 a}+s tyf ljQLo ;+:yfx?sf] ;'kl/j]If0f x'Fbf
ASBA k|0ffnL ;DaGwL ultljlwx?sf] ;d]t ;'kl/j]If0f ug]{ Joj:yf ul/lbg]] .

5. xfn a}+s tyf ljQLo ;+:yfn] ;]o/ lwtf]df shf{ lbO/x]sf] tyf o:tf] cEof;nfO{ dflh{g
sf/f]jf/ ;d]t eGg] ul/Psf] / o:tf] cEof; lwtf]kqsf] d"No k|j[lQ tyf ljQLo If]qsf]
t/ntfsf] l:yltn] k|efljt eO{ ahf/df 7"nf] ptf/ r9fj cfpg] tyf o;sf sf/0f a}+s tyf
ljQLo ;+:yfn] ;d]t hf]lvd axg ug'{kg]{ l:ylt /x]sf]n] o;df ;'wf/ Nofpg cGt/f{li6o cEof;
cg';f/ lwtf]kq bnfn Joj;foLx? dfkm{t\ dflh{g sf/f]jf/ ;]jfsf] Joj:yf ug{ g]kfn lwtf]kq
af]8{af6 lwtf]kq bnfn Joj;fosf] k'FhLcfwf/ tyf k"jf{wf/ a9fO{ ;'b[9 ug{]{ sfo{ cufl8
a9fOPsf] 5 . dflh{g sf/f]jf/ k|s[ofdf a}+s tyf ljQLo ;+:yfsf] ;DnUgtf ;d]t x'g ;Sg] x'+bf
jhf/ lj:tf/ tyf nufgLstf{sf] lxtnfO{ b[i6ut u/L o;sf] ;'b[9 Pj+ ljZj;gLo Joj:yfsf
nflu lgodg lgsfox? jLr cfjZos ;dGjo tyf ;xhLs/0f a9L dxTjk"0f{ x'g] .
6. a}+s tyf ljQLo If]qsf sDkgLx? Ps cfk;df dh{/ x'+bf sfod ul/g] :jfk cg'kft -Swap
ratio_ lwtf]kq ahf/sf nufgLstf{x?sf] lxt;+u ;DalGwt ljifo ePsf]n] o:tf] ljifodf
lwtf]kq ahf/sf] cj:yf x]/L g]kfn lwtf]kq af]8{;+usf] ;dGjodf ug{ pko'Qm x'g] .