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g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

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Page 1: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

g]kfn lwtf]kq af]8

cflys jif )ampamp^ sf]jflifs k|ltj]bg

)amp^

g]kfn lwtf]kq af]8~rfns af]8

-)amp^ df3 ) ut]Dd_

gtL leidfh 9EumlfgfcWoIf

g]kfn lwtf]kq af]8

gtL lgdnf clwsfL esectfObo

xndashlrjg]kfn sf

sfgg Gofo tyf +bLo dfldnf dGqfno

gtL z]v uf]N5fbo

jli7 pkfWoIfg]kfn pBf]u afl0fHo dxf+3

8f= u0ffs esectbo

sfosfL lgb]zsg]kfn fi6laquo a+s

gtL czf]s sdf kf8]n lj1 bo

g]kfn sfaf6 dgf]lgt

gtL o1 k|fb 9+u]nbo

xndashlrjg]kfn sfcy dGqfno

gtL dbg s[i0f zdfbo

pkfWoIfg]kfn rf68 Psfp06]06 +yf

8f= ]jt axfb sfsL cWoIf

g]kfn lwtf]kq af]8

gtL lgdnf clwsfL esectfObo

xndashlrjg]kfn sf

sfgg Gofo tyf +bLo dfldnf dGqfno

gtL z]v uf]N5fbo

jli7 pkfWoIfg]kfn pBf]u afl0fHo dxf+3

8f= u0ffs esectbo

sfosfL lgb]zsg]kfn fi6laquo a+s

gtL lj1 bo

gtL xl z0f k8fgL bo

xndashlrjg]kfn sfcy dGqfno

gtL s[i0f k|fb cfrfobo

pkfWoIfg]kfn rf68 Psfp06]06 +yf

g]kfn lwtf]kq af]8~rfns af]8

-)amp cf dfGtDd_

g]kfn lwtf]kq af]8

gtL lgh luLsfosfL lgb]zs

gtL kLi6gfy kf8ofnsfosfL lgb]zs

gtL ljgob]j cfrfopk sfosfL lgb]zs

8f=gjfh clwsfLpk sfosfL lgb]zs

gtL s[i0f fh kf]v]n pk sfosfL lgb]zs

gtL dlQmgfy gt]i7pk sfosfL lgb]zs

gtL k]z s]=Lpk sfosfL lgb]zs

gtL bLkf bfxfnpk sfosfL lgb]zs

gtL leidfh 9EumlfgfcWoIf

pRr Jojyfkg dx

g]kfn lwtf]kq af]8

cWoIfsf] dGtJo

lwtf]kq DaGwL P]g )^ sf] bkmf ^ df ePsf] Jojyf cgf cflys jif )ampamp^ sf] g]kfn lwtf]kq af]8sf] jflifs k|ltj]bg k|tt ulPsf] 5 o jflifs k|ltj]bgdf ljZj tyf g]kfnsf] cflys lylt lwtf]kq ahfsf] lylt lwtf]kq JojfoL tyf rLs[t +ul7t +yfxsf] ultljlwx af]8sf] lwtf]kq ahf ljsf tyf wfsf kxn sfdsfjfxLx tyf ljQLo lyltsf] dLIff ulPsf] 5

dnssf] cflys fdflhs tyf eflts kjfwf ljsfsf clwsf+z klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf k|b]z yfgLo txaf6 klg ljsfsf ultljlwx lqmotfkjs cufl8 a9fOPsf sf0fn] d]t b]z cflys j[l4sf] dfudf cl3 a9]sf] b]lvG5 pRr cflys j[l4sf] nflu cytGqsf a If]qdf art clej[l4 uL a9bf] nufgLsf] dfu kf ugkg] cfjZostf b]lvPsf] 5 cflys jif )ampamp^ df lwtf]kqsf] k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfdf rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] j[l4 cfPsf] b]lvG5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf jslNks nufgL sf]ifnfO k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf lgoldt nufgLstf k|lzIf0f sfoqmd tyf nufgLstf r]tgf DaGwL ]l8of] sfoqmdxsf] cfDe DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kqsf] dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL of]hgfsf] zjft Organisation for Economic Co-operation and Development (OECD) Fusf] xsfodf ljQLo fIftf DaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g eg] jt ljlgdo ahf ~rfngsf nflu cgdlt lbg] qmddf x]sf] 5 g]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uOx]sf] 5 oBlk ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO lytf k|bfg ugkg] cjyf x]sf] 5

cGTodf g]kfn sf cy dGqfno sfgg Gofo tyf +bLo dfldnf dGqfnosf fy cGo f]sfjfnf lgsfo tyf Dk0f ahf xefuLxnfO lwtf]kq ahf ljsfsf nflu cfndashcfˆgf] If]qaf6 kyenofpg ePsf] of]ubfg tyf xof]usf] nflu wGojfb lbg rfxG5 oaLr g]kfn sfn] ldlt )amp^)( sf] lg0fofgf dnfO o af]8sf] cWoIfdf lgoQm u]sf]df g]kfn sfk|lt s[t1tf k|s6 ub5

ot g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo dfGotf k|bfg uL cGtfli6laquoo dfkb08sf] lwtf]kq ahf agfpg xof]u ulx]sf] International Organisation of Secarities Commissions (IOSCO) tyf af]8sf cGo cGtfli6laquoo DaGw ePsf +yfxaf6 af]8nfO k|fKt xof]usf nflu d]t s[t1tf JoQm ub5 fy ahf wf tyf ljsf sfonfO cufl8 a9fpgdf +rfns ldltsf boHoxn] kyenofpg ePsf] rgfTds of]ubfgk|lt cfef JoQm ub ahf ljsf tyf wfdf k|lta4 af]8sf Dk0f sdrfLxnfO ljz]if wGojfb lbg rfxG5

df3 ) )amp^

gtL leidfh 9+ufgf

cWoIf

efu +lIfKt cflys cjyf

= ljZj cflys lylt

= g]kfnsf] dli6ut cflys cjyf

efu lwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf ^ = g]kfnsf] lwtf]kq ahf == k|fylds ahf ( k|fylds ahfdfkmt If]qut kFhL klrfng ) lwtf]kq btf tyf ljj0fkq jLs[lt fwf0f ]o lgisfzg cgdlt xsk|b ]o btf tyf lgisfzg C0fkq btf tyf lgisfzg af]g ]o btf

fdlxs nufgL of]hgf btf tyf lgisfzg == lwtf]kqsf] bf]|f] ahf $ === lwtf]kqsf] bf]|f] ahfsf klrsx lwtf]kqsf] sff]af ahf kFhLs0f ^ g]K] rsf+s amp kmnf]6 rsf+s amp rLs[t +ul7t +yf lwtf]kq rLs0f rLs[t lwtf]kqsf] rQmf dNo === C0fkq ahf ( === cf]l6L ahf ( == lwtf]kq ahf ljsf tyf wfsf kxnx ( sfggL +rgfsf] ljsf tyf b[9Ls0f ) ahf kjfwfxdf wf tyf ljsf ) ahf klj]If0f Jojyfdf wf ahf xefuLxsf] Jojflostf tyf t clej[l4 cWoog tyf cgGwfg k|lzIf0f tyf hgr]tgf clej[l4 $ 5nkmn cGtlqmof tyf Dd]ng ==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ^ == qm]l86 ]l6Euml ]jf amp= lwtf]kq ahf DaGwL gLlt tyf sfoqmd amp=$ jt ljlgdo ahf

ljifondashrL

efu af]8sf] k|zflgs tyf ljQLo cjyf

= af]8sf] yfkgf (= af]8sf] sfd stJo clwsfx (= ~rfns af]8 )=$ +u7g +rgf tyf hgzlQm Jojyfkg = ldltx == sfgg tyf k|jnLs0f ldlt == ljQLo k|zfg tyf rgf ljZn]if0f ldlt == n]vfkLIf0f ldlt =^ af]8sf] ljQLo cjyf =amp cGtfli6laquoo DaGw

efu $af]8sf sfdsfjfxLx

$= cgdltkq k|bfg tyf gjLs0f $== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f $== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f $== dr]G6 a+ssf] cgdltkq k|bfg gjLs0f $==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f $== lgIf]k bo btf tyf k|df0fkq gjLs0f ^ $==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f ^ $==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f ^ $== cfjf bosf] cgdltkq gjLs0f ^$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj ^ $== sfggL Jojyf amp $== sfgg k|jnLs0f amp $== fo emfj $= klj]If0f tyf cgudg $== lwtf]kq ahfsf] klj]If0f $== k|fylds lgisfzgsf] cgudg $== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg ( $==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg ($=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd $$= 5nkmn tyf cGtlqmof sfoqmd $$=^ tflnd tyf ]ldgf $$=amp k|sfzg tyf hfgsfL k|jfx $$= cWoog tyf cgGwfg $$

efu lwtf]kqahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftLx

dof tyf rgftLx $

tflnsfxtflnsfndash= ljZjsf] cflys j[l4 b tflnsfndash= g]kfnsf] dli6ut cflys cjyf $tflnsfndash= ljZj lwtf]kq ahf ^tflnsfndash= ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s amptflnsfndash= g ) df fs If]qsf] lwtf]kq ahf tflnsfndash=$ lwtf]kqsf] ahfsf] +lIfKt emns tflnsfndash= lwtf]kqsf] k|fylds ahf (tflnsfndash=^ k|fylds ahfdf If]qut kFhL klrfng tflnsfndash=amp lwtf]kqsf] bf]|f] ahf $tflnsfndash= lwtf]kqsf] bf]|f] ahfsf] sff]af lylt tflnsfndash=( rLs[t +ul7t +yfsf] If]qut cjyf tflnsfndash=) cf]l6L ahf (tflnsfndash= lwtf]kq ceflts0f ^tflnsfndash= cf=j= )ampamp^ df af]8sf] ~rfng af]8sf box )tflnsfndash= sdrfL +Vofsf] ljj0f tflnsfndash$= of]hgf Jojyfks tyf l8kf]lh6L ^tflnsfndash$= rLs[t +ul7t +yfxsf] ljj0f k|jfx $ tflnsfndash$= rLs[t +ul7t +yfxsf] jflifs fwfef DaGwL ljj0f $tflnsfndash$=$ lwtf]kq tyf jt ljlgdo ahf DaGwL cGtlqmof sfoqmd $tflnsfndash$= nufgLstf r]tgf tyf kFhLahf DaGwL k|lzIf0f sfoqmd $

rf6xrf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_ )rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_ )rf6ndash= fwf0f ]o lgisfzg cgdlt rf6 =$ xsk|b ]o lgisfzg rf6 = C0fkq lgisfzg rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg $rf6 =amp lwtf]kqsf] jflifs sff]af ^rf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f amprf6 =( ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt amprf6 =) g]K] g]K] kmnf]6 rsf+s

cgrLx $ndash^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

)amp)^ Gofolwz tyf jlsnxsf] dx g]kfn jf]Rr cbfnt af+u kFhL ahf DaGwL 5nkmn tyf cGtlqmof

)

)amp yfoL n]vf g+= -Kofg_sf] laifodf f]sfjfnfx+u 5nkmn tyf cGtlqmof

)amp^) ljlzi6Ls[t nufgL sf]ifsf] lgodg tyf +rfng DaGwL 5nkmn tyf cGtlqmof

$=^ tflnd tyf ]ldgf

cflys jif )ampamp^ df af]8n] sfot hgzlQmsf] Ifdtf clej[l4sf nflu af]8 bo pRr Jojyfkg tyf ljleGg sdrfLxnfO APG n] cfof]hgf u]sf] Accessor Training APG Seoul Wokshop 2018 The Toronto Center and the Monetary Authority of Singapore n] +oQm kdf cfof]hgf u]sf] 12th Regional Leadership Programme for Securities Regulator 14th ASF Tokyo Round Table GEM Committee Annual Meeting and Conference OECD n] cfof]hgf u]sf] Advancing Financial Literacy Globally Implementation and Innovation AMF France 2018 International Seminar APEC FRTI n] cfof]hgf u]sf] Regional Seminar on Enhancing Listing Liquidity and Investor Participation in Emerging Markets Stock Exchanges - Cambodia Regional Seminar on Enforcement and Litigation - Sri Lanka Regional Seminar on Fintech and Cybersecurity - South Korea Regional Seminar on Development of Collective Investment Scheme and Implications of Emerging Trends ndash Cambodia IOSCO n] cfof]hgf u]sf] Assessment Committee Capacity Building Workshop for Self Assessment Workshop on Crypto-Assets Trends Challenges and Regulatory Implications 2019 IOSCO Seminar Training Programme - Protecting the Retail Investors A Securities Regulators Perspective 2019 IOSCOPIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets IOSCO Asia Pacific hub strenghthening cyber securities nufotsf cGtfli6laquoo tdf cfof]lht ]ldgf tyf tflnd sfoqmdx 44th Annual International Futures Industry Conference - BOCA 29th Annual International Institute for Securities Market Growth and Development - USA 2019 FATFMoney Val Joint Experts Meeting and the US Presidency Initiative on Prosecutors and Judges - Isrial Asia Pacific Forum 2019 IMF Legal Department and Institute for capacity development implementing the international anti money laundering combacting the financiaing of terrorism standardrs - Singapore tyf NISM India af6 cfof]hgf ePsf] An Overview of Securities Marketsrsquo for Officers of SEBON af]8n] xefuL ufPsf] 5 fy af]8n] sfgg k|jnLs0f ljQLo fIftf klj]If0f lgod kfngf tyf cgudg htf ljifo jtxdf d]t cGtfli6laquoo tdf cfof]lht sfoqmddf af]8sf kbflwsfL tyf sdrfLxnfO xefuL ufPsf] 5 af]8n] dLIff jifdf jt ljlgdo ahfsf] lgodg lhDd]jfLnfO k|efjsfL kdf kf ug af]8 sdrfLsf] Ifdtf clej[l4 ug] p2]Zon] eftsf] sdf]l86L 8]le]l6E ahf +rfns PdlPSndashOl08ofsf] k|fljlws xof]udf sdf]l86L 8]le]l6E ahf ljifos bO lbg] cGtlqmof sfoqmd ~rfng u]sf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

43

$=amp k|sfzg tyf hfgsfL k|jfx

af]8n] lwtf]kq ahfsf] lylt tyf jfwf0fdf lwtf]kq ahf DaGwL r]tgfsf] t clej[l4 ug] p2]Zon] af]8n] xfnfn ljleGg rgf tyf hfgsfLdns fdu|Lxsf] k|sfzg tyf hfgsfL k|jfxdf ljz]if hf]8 lbb cfPsf] 5 o cgf dLIff jifdf af]8n] o sfonfO cem ltj|tfsf fy cl3 a9fPsf] 5

lwtf]kq tYofIacute Jojyfkg k|0ffnLM af]8n] rLs[t sDkgLxsf] aflifs k|ltj]bgdf dfj]z tYof+sx tyf fli6laquoo Pj+ cGtfli6laquoo If]qsf kFhL ahf tyf cytGqFu DalGwt tYof+sx +sng uL lwtf]kqsf] s]Gb|Lo tYofIacute a+s yfkgf ulPsf]df pQm k|0ffnLdf x]sf ljj0fx cWofjlws uL fjhlgs ug] sfonfO lgGttf lbOPsf] 5 o k|0ffnLaf6 lwtf]kq ahfdf nufgL ug rfxg] jfwf0f nufgLstfxn] cfkmn] nufgL ug rfx]sf] rLs[t +ul7t +yfxsf] ljQLo ljj0f k|fKt ug Sg] Jojyf x]sf] 5 o Jojyfaf6 kFhL ahf DaGwL cWoog tyf cgGwfgstfxnfO d]t cfjZos tYof+s tyf hfgsfL pknAw xg] u]sf] 5

jflifs k|ltj]bgM lwtf]kq DaGwL P]g )^ sf] bkmf ^ n] u]sf] Jojyf cgf lwtf]kq ahfdf ePsf sfdsfjfxL ultljlw ahf ljsfsf nflu ePsf k|ofx dfj]z uL af]8n] cflys jif )amp$amp sf] jflifs k|ltj]bg -cEuml|]hLdf d]t_ k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 Ps klroM af]8 yfkgfsf p2]Zox af]8sf] sfd stJo clwsf sfoIf]q tyf 0fgLlt ~rfns af]8 tyf +u7gfTds jksf fy lwtf]kq ahfsf] hfgsfLsf fy af]8n] ahfsf] ljsf tyf ljtfsf nflu rfn]sf sbdxsf] d]t hfgsfL lbg] p2]Zon] af]8n] g]kfn lwtf]kq af]8 Ps klrosf] t]|f] +s0f k|sfzg u]sf] lyof] o cl3 f]xL kts )amp d+ldf k|yd k|sfzg -))) k|lt_ bf]|f] +s0f )amp df3df k|sfzg -))) k|lt_ ePsf] lyof] pQm Ps klrodf cWofjlws uL o cf=j=df klg kgM k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 dfrf k|sfzgM af]8sf] ultljlwxnfO jfwf0fdIf hfgsfL k|jfx ug] p2]Zon] )amp kfif b]lv g]kfn lwtf]kq af]8 dfrfsf] k|sfzgnfO lgGttf lbOPsf] 5 cflys jif )ampamp^ df pQm dfrfnfO aringdfls kdf ljleGg cIacutexsf] k|sfzg uL jfwf0f tyf f]sfjfnfnfO ljt0f ulPsf] 5

Quarterly Securities Market Indicators lwtf]kq ahfsf] cjyf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu af]8n] rfn]sf kxnxsf] Gbedf qdfls kdf jfwf0f nufgLstf tyf f]sfjfnfxnfO hfgsfL k|bfg ug] p2]Zon] cflys jif )ampamp^ af6 k|sfzg zjft ulPsf] Quarterly Securities Market Indicators nfO dLIff jifdf d]t lgGttf lbb o k|sfzgsf] gjf+ cIacuteDd k|sfzg uL DalGwt kIfxnfO ljt0f ulPsf] 5

lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|ZgxM jfwf0fnfO lwtf]kq tyf jt ljlgdo ahfsf ljljw kIfxsf] af]df k|Zgf]Q znLdf hfgsfL lbO kFhL ahfdf clelr tyf fIftf clej[l4 ug] p2]Zon] dLIff jifdf lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|Zgxsf] +s0fnfO cem Jojlyt ljt[t kdf kldfhg uL k|sfzg u]sf]] 5

cflys jif )amp^ampamp sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmddf 5nkmn tyf k|sfzgM af]8n] cflys jif )amp^ampamp df canDag ulg] lwtf]kq tyf jt ljlgod ahfDaGwL gLlt tyf sfoqmdnfO fjhlgs uL ahf ljsf tyf ljtfk|lt af]8nfO hjfkmb]xL tyf kfbzL agfpg] p2]Zon] dLIff jifdf ldlt )amp^ cfiff9 df Dk0f Da4 kIfxnfO +nUg ufO lwtf]kq ahfDaGwL k|tfljt gLlt tyf sfoqmdsf DaGwdf cGtlqmof uL k|fKt fodivideemfjxnfO d]t dfj]z uL cfufdL jif cyft cflys jif )amp^ampamp sf] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdsf] k|sfzg uL fjhlgs u]sf] 5

af]8sf] ampcf+ aflifsf]Tj k|sfzgM af]8sf] amp cf+ aflifsf]Tjsf] cjdf af]8n] lwtf]kq ahf DaGwL ljleGg gofF cWoog fdu|Lx k|sfzg u]sf] 5

y lwtf]kq ahf DaGwL ljleGg n]v rgf dfj]z ulPsf] aeligg]kfn lwtf]kq af]8 dfrf kFhL ahf n]v ljz]iffIacute )amp^AElig

y lwtf]kq tyf jt ahfDaGwL ljz]if sfggL +u|x )amp c+u|]hLdf

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

44

y lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx

r]tgfdns fdfu|LxM lwtf]kqdf nufgL ubf s] stf laifoxdf Wofg lbg k5 eGg] DaGwdf nufgLstfnfO hfgsfL lbgsf fy r]t ufpg] p2]Zon] lwtf]kqdf nufgL ubf Wofg lbgkg] sfx d]6L af]8n] krf kDkn]6 k|sfzg uL ljt0f u]sf] 5 fy af]8sf] j]afO6 laleGg fli6laquoo kqklqsf 6]lnlehg nufotsf ~rf dfWod dfkmt r]tgfdns fdfu|Lx k|sfzg tyf k|zf0f ug] sfonfO af]8n] lgGttf lbPsf] 5 Tot af]8n] jfw0f Pj+ nufgLstfsf] lwtf]kq ahf DaGwL lh1ffnfO dfwfg ug lwtf]kq ahfdf afDaf f]lwg] k|Zgxsf] Fufnf] tyf lwtf]kq ahfdf afDaf k|of]u xg] zAbxnfO d]6] lwtf]kq ahf zAbfjnL kltsf k|sfzg uL ljt0f u]sf] 5

j]afO6M lwtf]kq ahfsf ljljw kIfx DaGwdf Dj4 kIfxnfO lgGt kdf hfgsfL pknAw ufpg] p2]Zon] lwtf]kq ahfFu DalGwt P]g lgod tyf lgb]lzsfx af]8sf] klro af]8sf] jflifs k|ltj]bg af]8df ugff] lbg] 9fFrfsf fy f]sfjfnf tyf nufgLstfxsf nflu hfgsfL rgf tyf r]tgfdns fdfu|Lx dfj]z uL af]8n] tof u]sf] j]jfO6nfO cem ljt[t agfPsf] 5 af]8n] lwtf]kq ahf lwtf]kq AojfoL tyf rLs[t +ul7t +yfxsf] P]g lgodsf] kfngfsf] lylt DaGwL ljj0f Pj+ ljt[t hfgsfL d]t j]afO6df dfj]z u]sf] 5

$= cWoog tyf cgGwfg

lwtf]kq ahfsf] ljsf tyf ljtfsf] nflu cWoog tyf cgGwfgdf cfwflt gLlt lgdf0f tyf lgb]zg hfL ugkg] cfjZostf x]sf] Gbedf af]8af6 dLIff jifdf jflifs sfoqmd cgf b]xfo adf]lhdsf cWoog tyf cgGwfg sfox ePsf 5g

lwtf]kq ahfdf yfoL n]vf gDa -Kofg_ sf] Jojyf DaGwdf ulPsf] cGtlqmofdivide5nkmn sfoqmdDaGwL cWoog k|ltj]bg )amp

kflIfs nufgLstf k|lzIf0f sfoqmdsf] k[i7kf]if0f j]If0f cWoog k|ltj]bg )amp

lwtf]kq ahfsf] jtdfg cjyf ahfDaGwL g]kfn sfsf] gLlt sfoqmd ahf wfsf nflu af]8sf] tTsfnLg tyf dWosfnLg emfj )amp

lwtf]kq ahfsf] +rgfTds wf ug g]K]sf] skf]]6fOh]g gofF 6s PSr]GhDaGwL cjwf0ff kq )amp

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cflys j]If0f )ampamp^ sf] nflu lwtf]kq ahf DaGwL cfjZos ljj0fx tof uL k]z ulPsf] 5

ljQLo If]q ljsf 0fgLltdf pNn]lvt sfosf] sfofGojg lylt tyf sfoof]hgfsf] vfsf DaGwdf ljQLo If]q ljsf 0fgLlt sfofGjog ldltnfO cjut ufpFb g]kfn fi6laquo a+s ljQLo If]q Jojyfkg dxfzfvf cy dGqfnodf k]z u]sf] 5

fhj Jojyfkg dxfzfvf cy dGqfnodf lwtf]kq ahf DaGwdf fhj tyf s gLlt DaGwL ljt[t emfj k]z u]sf] 5

Aff]8n] cf=j= )amp^ampamp df g]kfn sfsf] gLlt tyf sfoqmddf dfj]z ugkg] lwtf]kq ahf DaGwL ljifojtx tof uL cy dGqfnodf k]z u]sf]df f]xL cgf cf=j= )amp^ampamp sf] g]kfn sfsf] ah]6 jQmJodf dfj]z ePsf]

fy af]8n] cf=j= )amp^ampamp sf] dflb|s gLltsf DaGwdf lwtf]kq ahf DaGwL fo emfj g]kfn fi6laquo a+snfO lbPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

45

efundashkfldquorlwtf]kq ahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL

dof tyf rgftLxaf]8n] lwtf]kq ahf tyf jt ljlgdo ahfsf] ljsf tyf wf DaGwdf b]lvPsf dof tyf rgftLxnfO qmdzM

dfwfg ub ahfnfO jR5 kfblztfsf] nflu cfjZos Jojyfx ljsf ub nu]sf] 5 o qmddf dLIff cjlwdf g]kfnsf] lwtf]kq ahfsf] ljsf wf DaGwdf af]8n] dxTjk0f +rgfTds wf sfox u]sf] 5 eg] jt ljlgdo ahfnfO lgodgsf] bfofdf NofPsf] 5

k|fylds ahfdf cfjf k|0ffnLsf] kmn sfofGjog Ps g]kfnL Ps l8Dof6 vftf cfof]hgf k|efljt If]q yfgLonfO l8Dof6 vftf vf]Ngsf nflu ePsf] k|f]Tfxgdns Jojyf tyf af]8n] b]zJofkL kdf ~rfng u]sf] nufgLstf k|lzIf0f sfoqmd nufotsf sf0faf6 nufgLstfsf] +Vofdf Jofks j[l4 ePsf] b]lvG5 kl5Nnf] do lwtf]kq ahfsf] kxFr pkTosfaflx d]]t ljtf xg] qmd a9]sf] nufgLsf jslNks fwgx lelqg] sfggL jftfj0f tof ePsf] jrflnt cgnfOg sff]af k|0ffnL nfu ePsf] g]kfndf yflkt klAns sDkgLxn] ljb]zL ahfdf lwtf]kq hfL ug] tyf PgcfPgn] k|fOe]6 OlSj6L e]~r Soflk6nhtf pks0faf6 kFhL ahfdf nufgL ug Sg] Jojyfaf6 g]kfnsf] lwtf]kq ahf klg qmdzM b]zJofkL k|ljlwdqL+ Pj+ nufgLstfdqL+ eO cfwlgsLs0ftkm pGdv xFb uOx]sf] 5

af]8af6 ulPsf wfsf ljljw k|ofsf afahb ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO tf]Gglt ub nhfg] rgftL eg] sfod x]sf] 5 o qmddf lwtf]kq ahfsf] ljsf wf DaGwdf gLltut k|ljlw +yfut sfggL +rgf OToflbsf] DjGwdf dVotM b]xfo cgfsf dof tyf rgftLx x]sf 5g

s_ lwtf]kq ahf ljsf tyf wfsf dof tyf rgftL

lwtf]kq ahf wf tyf ljsfdf af]8af6 ljleGg wfsf sfox ulPtfklg o ahfsf] lbuf] tyf yfoL ljsfsf nflu b]xfo adf]lhdsf dof tyf rgftLx x]sf 5g M

kFhL ahfdf ki6 gLltut Jojyf uL ahfsf] ly bL3sfnLg ljsfsf] cjwf0ffdfkmt ahfsf] lbuf] ljsf ug]

ahfsf] yfloTj Pj+ bL3sfnLg ljsfsf nflu ll8P fdlxs nufgL sf]ifnfO b[9 kdf Jojlyt ug 6laquoi6 P]g tyf cGo DalGwt P]gx thdf uL sfggL lxfan] +rgfTds wf ug]

af]8 tyf lwtf]kq ahf xefuLsf] +yfut Ifdtf clej[l4 ub +3Lo k|fb]lzs 9fFrf cgf qmdzM b]ze ~hfn ljtf ub nhfg]

lwtf]kq ahf xefuLxsf] sfd sfjfxLnfO cem tLo Jojflos k|ltkwL agfpg]] rgftL 5 fy af]8sf] +u7gfTds +rgfnfO dok]If agfpFb lwtf]kq ahfdf of]Uo bIf Pj+ k|ltkwL Pj+ ekbf] hgzlQmnfO cfslift ug tyf ljBdfg hgzlQmnfO lgGttf lbg] sfosf fy lwtf]kq JojfoLxdf sdrfL j[lQ ljsf of]hgf tyf pQflwsfL of]hgf thdf ufO sfofGjog ufpg]

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lwtf]kq ahfnfO yk Jojflos Pj+ k|ltkwfTds agfpg lwtf]kq ahf ~rfng lgodfjnL )^$ sf] dd adf]lhdsf] lghL If]qdf gofF 6s PSr]Gh yfkgfnfO xhLs0f ug]

lwtf]kqsf] bf]|f] ahfnfO cflys tyf Jofkfls kdf lqmo ljQLokdf Ifd lhNnfxdf qmdzM ljtf ub b]zJofkL kdf ljtf ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

46

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g]kfn 6s PSr]~h ln= df rLs[t hnljBt DaGwL ljBfdfg sfggdf ljBt cfof]hgf +rfng cgdltsf] dofjlw )divide jifdf lsPkl5 xg] jfldTj xtfGt0fn] ]owgLxdf kg] k|efjsf DaGwdf xfn Dd klg ki6 Jojyf gxFbf hnljBt If]qsf] nufgLsf] jfldTj clglZrttfDaGwL hf]lvdnfO GogLs0f ug] f] sf DaGwdf ki6 gLltut Jojyf ug]

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lwtf]kq ahfdf yfloTj NofO Jojlyt ug dxTjk0f eldsf v]Ng] +yfut nufgLstfxsf] xfn xeflutf xg glsx]sf] Gbedf ~rostfsf] dVo bfloTj af]s]sf] gfuls nufgL sf]]if htf +yfsf xfos sDkgLdfkmt ljz]if1 lwtf]kq JojfoL ]jfsf] Jojyf ug] tyf ljb]zL nufgLnfO +yfut nufgLstfsf] kdf leqofpg]

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fs If]qdf PsLs[t kFhL ahfsf] cjwf0ff ljsf eOx]sf] Gbedf g]kfnsf] lwtf]kq ahfnfO qmaf]8 lnli6Euml 6]laquol8Eumldf xefuL ufpg lgodg lgsfox lxt a ahf xefuLx rLs[t sDkgLxsf] Ifdtf clej[l4 ug] lgodg tyf JojfoL ultljlwdf dtf (Harmonisation) rgf k|ljlwsf] k|of]unfO tLo Pj+ Jofks agfpg] fy sfggL JojyfnfO b[9Ls0f ug]

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lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

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v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

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jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

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48

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11

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49

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flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

cgrLndash ^af]8 +u7g +rgf

+rfn

s a

f]8

cWo

IfcWo

Ifsf] l

rjfno

n]vf k

LIf0f l

dlt

lgod

g ty

f Jo

jyfkg

lje

fu

sfgg

tyf

k|jnLs

0f dx

fzfv

flgod

g dx

fzfv

fJo

jyfkg

dxfzfv

flw

tf]kq

ahf l

l8P

ty

f sf]if k

lj]I

f0f

dxfz

fvf

gLlt cg

Gwfg t

yf

of]hgf d

xfzfv

f

lwtf]kq

Joj

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klj]I

f0f dx

fzfv

fklj]I

f0f ty

f cg

Gwfg lje

fu

dr]G6 a

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8P

tyf

qm]l8

6 ]l6Euml

pkz

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lwtf]kq

ahf

ty

f lw

tf]kq

bnf

nJo

fkfL ty

f ah

f lgd

ftf pk

zfvf

lwtf]kq

ahf t

yf

Joj

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f

+yfut

ljQ

pkz

fvf

fdl

xs n

ufgL s

f]if p

kzfv

f

+yfut

ljQ

tyf

fdl

xs

nufgL s

f]if zfv

fsfgg

zfv

f

sfgg

pkzfv

f

sfggL k

|ltI

ff pk

zfv

f

sfgg

k|jnLs

0f

zfv

f

sfgg

k|jnLs

0f pk

zfv

f

phL t

yf t

xsLs

ftpk

zfv

f

hgz

lQm Jo

jyfkg

pkz

fvf

fdf

Go k

|zf

g pk

zfv

f

n]vf pk

zfv

f

ljQLo Joj

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pkzfv

f

ljlQ

o Jo

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f

k|zf

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flw

tf]kq

bnfn

Jo

fkfL ty

f

ahf lgd

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lj]I

f0f zfv

f

lwtf]kq

bnf

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f ah

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ftf u

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k

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lwtf]kq

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f ah

f lgd

ftf y

nut

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lwtf]kq

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k

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f0f pk

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ahf t

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f]if

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f0f pk

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lrs[t

sDk

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f]if k

lj]I

f0f zfv

f

cg

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yf

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k|ljlw

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 2: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

g]kfn lwtf]kq af]8~rfns af]8

-)amp^ df3 ) ut]Dd_

gtL leidfh 9EumlfgfcWoIf

g]kfn lwtf]kq af]8

gtL lgdnf clwsfL esectfObo

xndashlrjg]kfn sf

sfgg Gofo tyf +bLo dfldnf dGqfno

gtL z]v uf]N5fbo

jli7 pkfWoIfg]kfn pBf]u afl0fHo dxf+3

8f= u0ffs esectbo

sfosfL lgb]zsg]kfn fi6laquo a+s

gtL czf]s sdf kf8]n lj1 bo

g]kfn sfaf6 dgf]lgt

gtL o1 k|fb 9+u]nbo

xndashlrjg]kfn sfcy dGqfno

gtL dbg s[i0f zdfbo

pkfWoIfg]kfn rf68 Psfp06]06 +yf

8f= ]jt axfb sfsL cWoIf

g]kfn lwtf]kq af]8

gtL lgdnf clwsfL esectfObo

xndashlrjg]kfn sf

sfgg Gofo tyf +bLo dfldnf dGqfno

gtL z]v uf]N5fbo

jli7 pkfWoIfg]kfn pBf]u afl0fHo dxf+3

8f= u0ffs esectbo

sfosfL lgb]zsg]kfn fi6laquo a+s

gtL lj1 bo

gtL xl z0f k8fgL bo

xndashlrjg]kfn sfcy dGqfno

gtL s[i0f k|fb cfrfobo

pkfWoIfg]kfn rf68 Psfp06]06 +yf

g]kfn lwtf]kq af]8~rfns af]8

-)amp cf dfGtDd_

g]kfn lwtf]kq af]8

gtL lgh luLsfosfL lgb]zs

gtL kLi6gfy kf8ofnsfosfL lgb]zs

gtL ljgob]j cfrfopk sfosfL lgb]zs

8f=gjfh clwsfLpk sfosfL lgb]zs

gtL s[i0f fh kf]v]n pk sfosfL lgb]zs

gtL dlQmgfy gt]i7pk sfosfL lgb]zs

gtL k]z s]=Lpk sfosfL lgb]zs

gtL bLkf bfxfnpk sfosfL lgb]zs

gtL leidfh 9EumlfgfcWoIf

pRr Jojyfkg dx

g]kfn lwtf]kq af]8

cWoIfsf] dGtJo

lwtf]kq DaGwL P]g )^ sf] bkmf ^ df ePsf] Jojyf cgf cflys jif )ampamp^ sf] g]kfn lwtf]kq af]8sf] jflifs k|ltj]bg k|tt ulPsf] 5 o jflifs k|ltj]bgdf ljZj tyf g]kfnsf] cflys lylt lwtf]kq ahfsf] lylt lwtf]kq JojfoL tyf rLs[t +ul7t +yfxsf] ultljlwx af]8sf] lwtf]kq ahf ljsf tyf wfsf kxn sfdsfjfxLx tyf ljQLo lyltsf] dLIff ulPsf] 5

dnssf] cflys fdflhs tyf eflts kjfwf ljsfsf clwsf+z klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf k|b]z yfgLo txaf6 klg ljsfsf ultljlwx lqmotfkjs cufl8 a9fOPsf sf0fn] d]t b]z cflys j[l4sf] dfudf cl3 a9]sf] b]lvG5 pRr cflys j[l4sf] nflu cytGqsf a If]qdf art clej[l4 uL a9bf] nufgLsf] dfu kf ugkg] cfjZostf b]lvPsf] 5 cflys jif )ampamp^ df lwtf]kqsf] k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfdf rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] j[l4 cfPsf] b]lvG5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf jslNks nufgL sf]ifnfO k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf lgoldt nufgLstf k|lzIf0f sfoqmd tyf nufgLstf r]tgf DaGwL ]l8of] sfoqmdxsf] cfDe DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kqsf] dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL of]hgfsf] zjft Organisation for Economic Co-operation and Development (OECD) Fusf] xsfodf ljQLo fIftf DaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g eg] jt ljlgdo ahf ~rfngsf nflu cgdlt lbg] qmddf x]sf] 5 g]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uOx]sf] 5 oBlk ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO lytf k|bfg ugkg] cjyf x]sf] 5

cGTodf g]kfn sf cy dGqfno sfgg Gofo tyf +bLo dfldnf dGqfnosf fy cGo f]sfjfnf lgsfo tyf Dk0f ahf xefuLxnfO lwtf]kq ahf ljsfsf nflu cfndashcfˆgf] If]qaf6 kyenofpg ePsf] of]ubfg tyf xof]usf] nflu wGojfb lbg rfxG5 oaLr g]kfn sfn] ldlt )amp^)( sf] lg0fofgf dnfO o af]8sf] cWoIfdf lgoQm u]sf]df g]kfn sfk|lt s[t1tf k|s6 ub5

ot g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo dfGotf k|bfg uL cGtfli6laquoo dfkb08sf] lwtf]kq ahf agfpg xof]u ulx]sf] International Organisation of Secarities Commissions (IOSCO) tyf af]8sf cGo cGtfli6laquoo DaGw ePsf +yfxaf6 af]8nfO k|fKt xof]usf nflu d]t s[t1tf JoQm ub5 fy ahf wf tyf ljsf sfonfO cufl8 a9fpgdf +rfns ldltsf boHoxn] kyenofpg ePsf] rgfTds of]ubfgk|lt cfef JoQm ub ahf ljsf tyf wfdf k|lta4 af]8sf Dk0f sdrfLxnfO ljz]if wGojfb lbg rfxG5

df3 ) )amp^

gtL leidfh 9+ufgf

cWoIf

efu +lIfKt cflys cjyf

= ljZj cflys lylt

= g]kfnsf] dli6ut cflys cjyf

efu lwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf ^ = g]kfnsf] lwtf]kq ahf == k|fylds ahf ( k|fylds ahfdfkmt If]qut kFhL klrfng ) lwtf]kq btf tyf ljj0fkq jLs[lt fwf0f ]o lgisfzg cgdlt xsk|b ]o btf tyf lgisfzg C0fkq btf tyf lgisfzg af]g ]o btf

fdlxs nufgL of]hgf btf tyf lgisfzg == lwtf]kqsf] bf]|f] ahf $ === lwtf]kqsf] bf]|f] ahfsf klrsx lwtf]kqsf] sff]af ahf kFhLs0f ^ g]K] rsf+s amp kmnf]6 rsf+s amp rLs[t +ul7t +yf lwtf]kq rLs0f rLs[t lwtf]kqsf] rQmf dNo === C0fkq ahf ( === cf]l6L ahf ( == lwtf]kq ahf ljsf tyf wfsf kxnx ( sfggL +rgfsf] ljsf tyf b[9Ls0f ) ahf kjfwfxdf wf tyf ljsf ) ahf klj]If0f Jojyfdf wf ahf xefuLxsf] Jojflostf tyf t clej[l4 cWoog tyf cgGwfg k|lzIf0f tyf hgr]tgf clej[l4 $ 5nkmn cGtlqmof tyf Dd]ng ==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ^ == qm]l86 ]l6Euml ]jf amp= lwtf]kq ahf DaGwL gLlt tyf sfoqmd amp=$ jt ljlgdo ahf

ljifondashrL

efu af]8sf] k|zflgs tyf ljQLo cjyf

= af]8sf] yfkgf (= af]8sf] sfd stJo clwsfx (= ~rfns af]8 )=$ +u7g +rgf tyf hgzlQm Jojyfkg = ldltx == sfgg tyf k|jnLs0f ldlt == ljQLo k|zfg tyf rgf ljZn]if0f ldlt == n]vfkLIf0f ldlt =^ af]8sf] ljQLo cjyf =amp cGtfli6laquoo DaGw

efu $af]8sf sfdsfjfxLx

$= cgdltkq k|bfg tyf gjLs0f $== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f $== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f $== dr]G6 a+ssf] cgdltkq k|bfg gjLs0f $==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f $== lgIf]k bo btf tyf k|df0fkq gjLs0f ^ $==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f ^ $==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f ^ $== cfjf bosf] cgdltkq gjLs0f ^$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj ^ $== sfggL Jojyf amp $== sfgg k|jnLs0f amp $== fo emfj $= klj]If0f tyf cgudg $== lwtf]kq ahfsf] klj]If0f $== k|fylds lgisfzgsf] cgudg $== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg ( $==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg ($=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd $$= 5nkmn tyf cGtlqmof sfoqmd $$=^ tflnd tyf ]ldgf $$=amp k|sfzg tyf hfgsfL k|jfx $$= cWoog tyf cgGwfg $$

efu lwtf]kqahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftLx

dof tyf rgftLx $

tflnsfxtflnsfndash= ljZjsf] cflys j[l4 b tflnsfndash= g]kfnsf] dli6ut cflys cjyf $tflnsfndash= ljZj lwtf]kq ahf ^tflnsfndash= ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s amptflnsfndash= g ) df fs If]qsf] lwtf]kq ahf tflnsfndash=$ lwtf]kqsf] ahfsf] +lIfKt emns tflnsfndash= lwtf]kqsf] k|fylds ahf (tflnsfndash=^ k|fylds ahfdf If]qut kFhL klrfng tflnsfndash=amp lwtf]kqsf] bf]|f] ahf $tflnsfndash= lwtf]kqsf] bf]|f] ahfsf] sff]af lylt tflnsfndash=( rLs[t +ul7t +yfsf] If]qut cjyf tflnsfndash=) cf]l6L ahf (tflnsfndash= lwtf]kq ceflts0f ^tflnsfndash= cf=j= )ampamp^ df af]8sf] ~rfng af]8sf box )tflnsfndash= sdrfL +Vofsf] ljj0f tflnsfndash$= of]hgf Jojyfks tyf l8kf]lh6L ^tflnsfndash$= rLs[t +ul7t +yfxsf] ljj0f k|jfx $ tflnsfndash$= rLs[t +ul7t +yfxsf] jflifs fwfef DaGwL ljj0f $tflnsfndash$=$ lwtf]kq tyf jt ljlgdo ahf DaGwL cGtlqmof sfoqmd $tflnsfndash$= nufgLstf r]tgf tyf kFhLahf DaGwL k|lzIf0f sfoqmd $

rf6xrf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_ )rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_ )rf6ndash= fwf0f ]o lgisfzg cgdlt rf6 =$ xsk|b ]o lgisfzg rf6 = C0fkq lgisfzg rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg $rf6 =amp lwtf]kqsf] jflifs sff]af ^rf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f amprf6 =( ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt amprf6 =) g]K] g]K] kmnf]6 rsf+s

cgrLx $ndash^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

)amp)^ Gofolwz tyf jlsnxsf] dx g]kfn jf]Rr cbfnt af+u kFhL ahf DaGwL 5nkmn tyf cGtlqmof

)

)amp yfoL n]vf g+= -Kofg_sf] laifodf f]sfjfnfx+u 5nkmn tyf cGtlqmof

)amp^) ljlzi6Ls[t nufgL sf]ifsf] lgodg tyf +rfng DaGwL 5nkmn tyf cGtlqmof

$=^ tflnd tyf ]ldgf

cflys jif )ampamp^ df af]8n] sfot hgzlQmsf] Ifdtf clej[l4sf nflu af]8 bo pRr Jojyfkg tyf ljleGg sdrfLxnfO APG n] cfof]hgf u]sf] Accessor Training APG Seoul Wokshop 2018 The Toronto Center and the Monetary Authority of Singapore n] +oQm kdf cfof]hgf u]sf] 12th Regional Leadership Programme for Securities Regulator 14th ASF Tokyo Round Table GEM Committee Annual Meeting and Conference OECD n] cfof]hgf u]sf] Advancing Financial Literacy Globally Implementation and Innovation AMF France 2018 International Seminar APEC FRTI n] cfof]hgf u]sf] Regional Seminar on Enhancing Listing Liquidity and Investor Participation in Emerging Markets Stock Exchanges - Cambodia Regional Seminar on Enforcement and Litigation - Sri Lanka Regional Seminar on Fintech and Cybersecurity - South Korea Regional Seminar on Development of Collective Investment Scheme and Implications of Emerging Trends ndash Cambodia IOSCO n] cfof]hgf u]sf] Assessment Committee Capacity Building Workshop for Self Assessment Workshop on Crypto-Assets Trends Challenges and Regulatory Implications 2019 IOSCO Seminar Training Programme - Protecting the Retail Investors A Securities Regulators Perspective 2019 IOSCOPIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets IOSCO Asia Pacific hub strenghthening cyber securities nufotsf cGtfli6laquoo tdf cfof]lht ]ldgf tyf tflnd sfoqmdx 44th Annual International Futures Industry Conference - BOCA 29th Annual International Institute for Securities Market Growth and Development - USA 2019 FATFMoney Val Joint Experts Meeting and the US Presidency Initiative on Prosecutors and Judges - Isrial Asia Pacific Forum 2019 IMF Legal Department and Institute for capacity development implementing the international anti money laundering combacting the financiaing of terrorism standardrs - Singapore tyf NISM India af6 cfof]hgf ePsf] An Overview of Securities Marketsrsquo for Officers of SEBON af]8n] xefuL ufPsf] 5 fy af]8n] sfgg k|jnLs0f ljQLo fIftf klj]If0f lgod kfngf tyf cgudg htf ljifo jtxdf d]t cGtfli6laquoo tdf cfof]lht sfoqmddf af]8sf kbflwsfL tyf sdrfLxnfO xefuL ufPsf] 5 af]8n] dLIff jifdf jt ljlgdo ahfsf] lgodg lhDd]jfLnfO k|efjsfL kdf kf ug af]8 sdrfLsf] Ifdtf clej[l4 ug] p2]Zon] eftsf] sdf]l86L 8]le]l6E ahf +rfns PdlPSndashOl08ofsf] k|fljlws xof]udf sdf]l86L 8]le]l6E ahf ljifos bO lbg] cGtlqmof sfoqmd ~rfng u]sf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

43

$=amp k|sfzg tyf hfgsfL k|jfx

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100 120000000

120000000

sf7df8f+ Soflk6n dfs]6 ln= Unf]an cfOPdO Soflk6n ln=

20750503 jfwf0f

2lxdfno phf ljsf sDkgL ln=

100 841500000 99000000

glan OGe]i6d]G6 alsEuml ln=

20750730 yfgLo

3dWo ef]6]sf]zL hnljBt sDkgL ln=

100 4500000000 1440000000

Unf]an cfOPdO PgcfOlanP k|e nIdL llen flgdf llacfOPn Soflk6n ln=

20750629

k|j4g dxsf sdrfL sdrfL ~ro sf]ifdf of]ubfg ug] sdrfL C0f k|bfg ug] +yfsf sdrfL

4

hf]zL xfO8laquof]kfj 8]enkd]G6 sDkgL ln=-yfgLo lgZsfzgdf ljqmL gePsf] $)) lsQf lxt_

100 144846000

169047000

l4fy Soflk6n ln=

20740920 jfwf0f

5

3n]DbL xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] $ampamp) lsQf lxt_

100 110000000

155577000 leaf] Soflk6n ln= 20750816 yfgLo jfwf0f

6olgen kfj sDkgL ln=

100 2100350000

966161000

l4fy Soflk6n ln=

20750827yfgLondash))) jfwf0fndashamp^^)

7lzjgtL xfO8laquof]kfj ln=

100 1254940000

147640000

l4fy Soflk6n ln=

20750910 yfgLo jfwf0f

8kfFry kfj sDkgL ln=

100 962500000

192500000

flgdf Soflk6n ln=

20750913yfgLondash(^)) jfwf0fndash(^))

9u|LgnfOkm xfO8laquof]kfj ln=

100 1620000000

180000000

sf7df8f+ Soflk6n dfs]6 ln=

20750917 yfgLo

10lxdfno phf ljsf sDkgL ln=

100 148500000

148500000

glan OGe]i6d]G6 alsEuml ln=

20751021 jfwf0f

11

olgog xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] ^amp() lsQf lxt_

100 291255000

353434000 nIdL Soflk6n ln= 20751028 jfwf0f

12

dfpG6]g xfO8laquof] g]kfn ln=-yfgLo lgisfzgdf ^^) lsQf lxt_

100 125000000

181611000

l4fy Soflk6n ln=

20751101 jfwf0f

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

49

13

lqznL hnljBt sDkgL ln=-hgtfsf] hnljBt sfoqmd cGtut clst dNosf] ) k|ltzt_

100 1852500000

370500000

Unf]an cfOPdO Soflk6n ln=

20751130 jfwf0f

14fGh]g hnljBt sDkgL ln=

100 547500000

547500000 gfuls nufgL sf]if 20751210 jfwf0f

15jfu9L xfO8laquof]kfj sDkgL ln=

100 1026315000

1026315000

l4fy Soflk6n ln=

20751230 jfwf0f

16lxdfn bf]nvf xfO8laquof]kfj s= ln=

100 1600000000

780000000

Unf]an cfOPdO Soflk6n ln=

20760125yfgLondash^)))))

jfwf0fndash^)))))

hDdf 17245206000 6877785000

n3ljQ sDkgL

1rftfL n3ljQ ljQLo +yf ln=

100 186000000

60000000

PgcfOlan P Soflk6n ln=

20750730 jfwf0f

2cfzf n3ljQ ljQLo +yf ln=

100 207400000

67400000 k|e Soflk6n ln= 20750929

3kz n3ljQ ljQLo +yf ln=

100 82963000

26963000

flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

cgrLndash ^af]8 +u7g +rgf

+rfn

s a

f]8

cWo

IfcWo

Ifsf] l

rjfno

n]vf k

LIf0f l

dlt

lgod

g ty

f Jo

jyfkg

lje

fu

sfgg

tyf

k|jnLs

0f dx

fzfv

flgod

g dx

fzfv

fJo

jyfkg

dxfzfv

flw

tf]kq

ahf l

l8P

ty

f sf]if k

lj]I

f0f

dxfz

fvf

gLlt cg

Gwfg t

yf

of]hgf d

xfzfv

f

lwtf]kq

Joj

foL

klj]I

f0f dx

fzfv

fklj]I

f0f ty

f cg

Gwfg lje

fu

dr]G6 a

+s ll

8P

tyf

qm]l8

6 ]l6Euml

pkz

fvf

lwtf]kq

ahf

ty

f lw

tf]kq

bnf

nJo

fkfL ty

f ah

f lgd

ftf pk

zfvf

lwtf]kq

ahf t

yf

Joj

foL zfv

f

+yfut

ljQ

pkz

fvf

fdl

xs n

ufgL s

f]if p

kzfv

f

+yfut

ljQ

tyf

fdl

xs

nufgL s

f]if zfv

fsfgg

zfv

f

sfgg

pkzfv

f

sfggL k

|ltI

ff pk

zfv

f

sfgg

k|jnLs

0f

zfv

f

sfgg

k|jnLs

0f pk

zfv

f

phL t

yf t

xsLs

ftpk

zfv

f

hgz

lQm Jo

jyfkg

pkz

fvf

fdf

Go k

|zf

g pk

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f

n]vf pk

zfv

f

ljQLo Joj

yfkg

pkzfv

f

ljlQ

o Jo

jyfkg

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f

k|zf

g zfv

flw

tf]kq

bnfn

Jo

fkfL ty

f

ahf lgd

ftf k

lj]I

f0f zfv

f

lwtf]kq

bnf

JofkfL ty

f ah

f lgd

ftf u

ynut

k

lj]I

f0f pk

zfv

f

lwtf]kq

bnf

JofkfL ty

f ah

f lgd

ftf y

nut

k

lj]I

f0f pk

zfv

f

lwtf]kq

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klj

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pkzfv

f

dr]G6 a

+s

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k

lj]I

f0f pk

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f

dr]G6 a

+s

uy

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k

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f

dr]G6 a

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 3: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

8f= ]jt axfb sfsL cWoIf

g]kfn lwtf]kq af]8

gtL lgdnf clwsfL esectfObo

xndashlrjg]kfn sf

sfgg Gofo tyf +bLo dfldnf dGqfno

gtL z]v uf]N5fbo

jli7 pkfWoIfg]kfn pBf]u afl0fHo dxf+3

8f= u0ffs esectbo

sfosfL lgb]zsg]kfn fi6laquo a+s

gtL lj1 bo

gtL xl z0f k8fgL bo

xndashlrjg]kfn sfcy dGqfno

gtL s[i0f k|fb cfrfobo

pkfWoIfg]kfn rf68 Psfp06]06 +yf

g]kfn lwtf]kq af]8~rfns af]8

-)amp cf dfGtDd_

g]kfn lwtf]kq af]8

gtL lgh luLsfosfL lgb]zs

gtL kLi6gfy kf8ofnsfosfL lgb]zs

gtL ljgob]j cfrfopk sfosfL lgb]zs

8f=gjfh clwsfLpk sfosfL lgb]zs

gtL s[i0f fh kf]v]n pk sfosfL lgb]zs

gtL dlQmgfy gt]i7pk sfosfL lgb]zs

gtL k]z s]=Lpk sfosfL lgb]zs

gtL bLkf bfxfnpk sfosfL lgb]zs

gtL leidfh 9EumlfgfcWoIf

pRr Jojyfkg dx

g]kfn lwtf]kq af]8

cWoIfsf] dGtJo

lwtf]kq DaGwL P]g )^ sf] bkmf ^ df ePsf] Jojyf cgf cflys jif )ampamp^ sf] g]kfn lwtf]kq af]8sf] jflifs k|ltj]bg k|tt ulPsf] 5 o jflifs k|ltj]bgdf ljZj tyf g]kfnsf] cflys lylt lwtf]kq ahfsf] lylt lwtf]kq JojfoL tyf rLs[t +ul7t +yfxsf] ultljlwx af]8sf] lwtf]kq ahf ljsf tyf wfsf kxn sfdsfjfxLx tyf ljQLo lyltsf] dLIff ulPsf] 5

dnssf] cflys fdflhs tyf eflts kjfwf ljsfsf clwsf+z klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf k|b]z yfgLo txaf6 klg ljsfsf ultljlwx lqmotfkjs cufl8 a9fOPsf sf0fn] d]t b]z cflys j[l4sf] dfudf cl3 a9]sf] b]lvG5 pRr cflys j[l4sf] nflu cytGqsf a If]qdf art clej[l4 uL a9bf] nufgLsf] dfu kf ugkg] cfjZostf b]lvPsf] 5 cflys jif )ampamp^ df lwtf]kqsf] k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfdf rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] j[l4 cfPsf] b]lvG5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf jslNks nufgL sf]ifnfO k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf lgoldt nufgLstf k|lzIf0f sfoqmd tyf nufgLstf r]tgf DaGwL ]l8of] sfoqmdxsf] cfDe DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kqsf] dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL of]hgfsf] zjft Organisation for Economic Co-operation and Development (OECD) Fusf] xsfodf ljQLo fIftf DaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g eg] jt ljlgdo ahf ~rfngsf nflu cgdlt lbg] qmddf x]sf] 5 g]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uOx]sf] 5 oBlk ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO lytf k|bfg ugkg] cjyf x]sf] 5

cGTodf g]kfn sf cy dGqfno sfgg Gofo tyf +bLo dfldnf dGqfnosf fy cGo f]sfjfnf lgsfo tyf Dk0f ahf xefuLxnfO lwtf]kq ahf ljsfsf nflu cfndashcfˆgf] If]qaf6 kyenofpg ePsf] of]ubfg tyf xof]usf] nflu wGojfb lbg rfxG5 oaLr g]kfn sfn] ldlt )amp^)( sf] lg0fofgf dnfO o af]8sf] cWoIfdf lgoQm u]sf]df g]kfn sfk|lt s[t1tf k|s6 ub5

ot g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo dfGotf k|bfg uL cGtfli6laquoo dfkb08sf] lwtf]kq ahf agfpg xof]u ulx]sf] International Organisation of Secarities Commissions (IOSCO) tyf af]8sf cGo cGtfli6laquoo DaGw ePsf +yfxaf6 af]8nfO k|fKt xof]usf nflu d]t s[t1tf JoQm ub5 fy ahf wf tyf ljsf sfonfO cufl8 a9fpgdf +rfns ldltsf boHoxn] kyenofpg ePsf] rgfTds of]ubfgk|lt cfef JoQm ub ahf ljsf tyf wfdf k|lta4 af]8sf Dk0f sdrfLxnfO ljz]if wGojfb lbg rfxG5

df3 ) )amp^

gtL leidfh 9+ufgf

cWoIf

efu +lIfKt cflys cjyf

= ljZj cflys lylt

= g]kfnsf] dli6ut cflys cjyf

efu lwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf ^ = g]kfnsf] lwtf]kq ahf == k|fylds ahf ( k|fylds ahfdfkmt If]qut kFhL klrfng ) lwtf]kq btf tyf ljj0fkq jLs[lt fwf0f ]o lgisfzg cgdlt xsk|b ]o btf tyf lgisfzg C0fkq btf tyf lgisfzg af]g ]o btf

fdlxs nufgL of]hgf btf tyf lgisfzg == lwtf]kqsf] bf]|f] ahf $ === lwtf]kqsf] bf]|f] ahfsf klrsx lwtf]kqsf] sff]af ahf kFhLs0f ^ g]K] rsf+s amp kmnf]6 rsf+s amp rLs[t +ul7t +yf lwtf]kq rLs0f rLs[t lwtf]kqsf] rQmf dNo === C0fkq ahf ( === cf]l6L ahf ( == lwtf]kq ahf ljsf tyf wfsf kxnx ( sfggL +rgfsf] ljsf tyf b[9Ls0f ) ahf kjfwfxdf wf tyf ljsf ) ahf klj]If0f Jojyfdf wf ahf xefuLxsf] Jojflostf tyf t clej[l4 cWoog tyf cgGwfg k|lzIf0f tyf hgr]tgf clej[l4 $ 5nkmn cGtlqmof tyf Dd]ng ==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ^ == qm]l86 ]l6Euml ]jf amp= lwtf]kq ahf DaGwL gLlt tyf sfoqmd amp=$ jt ljlgdo ahf

ljifondashrL

efu af]8sf] k|zflgs tyf ljQLo cjyf

= af]8sf] yfkgf (= af]8sf] sfd stJo clwsfx (= ~rfns af]8 )=$ +u7g +rgf tyf hgzlQm Jojyfkg = ldltx == sfgg tyf k|jnLs0f ldlt == ljQLo k|zfg tyf rgf ljZn]if0f ldlt == n]vfkLIf0f ldlt =^ af]8sf] ljQLo cjyf =amp cGtfli6laquoo DaGw

efu $af]8sf sfdsfjfxLx

$= cgdltkq k|bfg tyf gjLs0f $== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f $== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f $== dr]G6 a+ssf] cgdltkq k|bfg gjLs0f $==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f $== lgIf]k bo btf tyf k|df0fkq gjLs0f ^ $==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f ^ $==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f ^ $== cfjf bosf] cgdltkq gjLs0f ^$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj ^ $== sfggL Jojyf amp $== sfgg k|jnLs0f amp $== fo emfj $= klj]If0f tyf cgudg $== lwtf]kq ahfsf] klj]If0f $== k|fylds lgisfzgsf] cgudg $== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg ( $==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg ($=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd $$= 5nkmn tyf cGtlqmof sfoqmd $$=^ tflnd tyf ]ldgf $$=amp k|sfzg tyf hfgsfL k|jfx $$= cWoog tyf cgGwfg $$

efu lwtf]kqahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftLx

dof tyf rgftLx $

tflnsfxtflnsfndash= ljZjsf] cflys j[l4 b tflnsfndash= g]kfnsf] dli6ut cflys cjyf $tflnsfndash= ljZj lwtf]kq ahf ^tflnsfndash= ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s amptflnsfndash= g ) df fs If]qsf] lwtf]kq ahf tflnsfndash=$ lwtf]kqsf] ahfsf] +lIfKt emns tflnsfndash= lwtf]kqsf] k|fylds ahf (tflnsfndash=^ k|fylds ahfdf If]qut kFhL klrfng tflnsfndash=amp lwtf]kqsf] bf]|f] ahf $tflnsfndash= lwtf]kqsf] bf]|f] ahfsf] sff]af lylt tflnsfndash=( rLs[t +ul7t +yfsf] If]qut cjyf tflnsfndash=) cf]l6L ahf (tflnsfndash= lwtf]kq ceflts0f ^tflnsfndash= cf=j= )ampamp^ df af]8sf] ~rfng af]8sf box )tflnsfndash= sdrfL +Vofsf] ljj0f tflnsfndash$= of]hgf Jojyfks tyf l8kf]lh6L ^tflnsfndash$= rLs[t +ul7t +yfxsf] ljj0f k|jfx $ tflnsfndash$= rLs[t +ul7t +yfxsf] jflifs fwfef DaGwL ljj0f $tflnsfndash$=$ lwtf]kq tyf jt ljlgdo ahf DaGwL cGtlqmof sfoqmd $tflnsfndash$= nufgLstf r]tgf tyf kFhLahf DaGwL k|lzIf0f sfoqmd $

rf6xrf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_ )rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_ )rf6ndash= fwf0f ]o lgisfzg cgdlt rf6 =$ xsk|b ]o lgisfzg rf6 = C0fkq lgisfzg rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg $rf6 =amp lwtf]kqsf] jflifs sff]af ^rf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f amprf6 =( ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt amprf6 =) g]K] g]K] kmnf]6 rsf+s

cgrLx $ndash^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

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lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

jfwf0f nufgLstf lwtf]kq JojfoLxsf nflu Jofks kdf k|efjsfL ljQLo lzIff tyf tflnd sfoqmdx ~rfng uL lwtf]kq ahfsf] lbuf] ekbf] Pj+ k|ltkwLkdf ljsf ug cfjZos lwtf]kq tyf jt ljlgdo ahfDaGwL k|lti7fg yfkgf uL k|lzIf0fnfO kldf0ffTds tyf u0ffTdskdf ljtf ug]

af]8 IOSCO sf] Pzf]lo6 bo es]sf] g]kfn sfn] ljb]zL nufgL tyf k|ljlw xtfGt0f P]g )amp dfkmt g]kfndf yflkt sDkgLn] ljb]zL kFhL ahfdf lwtf]kq hfL ug Sg] tyf ljb]zL +yfut sDkgLn] g]kfnsf] kFhL ahfdf d]t nufgL ug Sg] Jojyf u]sf sf0f g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo tsf] agfpg qmaf]8 lnli6Euml 6laquo]l8Eumlsf] Jojyf lgodg lgsfo rLs[t sDkgLx bnfn JojfoLlxt cGo ahf xefuLxsf] Ifdtf clej[l4 Pj+ cfjZos sfggL Jojyf ul ahfnfO Jofks agfpg]

fy b]zdf ljslt gofF +rgf cgf +3Lo k|b]z tyf yfgLo txDd lwtf]kq ahfsf ljwf sfggL Pj+ cGo lgodg kjfwfsf] ljsf tyf ljtf ug] sfo pknAw Lldt |f]t ljQLo fIftfsf] Gog tsf sf0f sl7g Pj+

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

rgftLk0f 5

v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

jt ljlgdo ahfsf] lgodg lhDd]jfL af]8nfO k|fKt ePsf] Gbedf pQm ahfsf] k|efjsfL lgodg Jojyfkg tyf ~rfng ug] j]o xfp lgdf0f nufot ahf kjfwfsf] ljsf ug] o ahfDaGwL jfwf0fdf r]tgft clej[l4 ug] Pj+ pQm ahfnfO yfgLo jtFu cfj4 ufO b]zsf] s[lif If]qsf] d]t tf]Gglt xg] uL o ahfnfO dxTjk0f +oGqsf] kdf ljsf ub nhfg]

jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

o ahfnfO b]zsf] cytGq ljQLo ahfsf cGo If]q cgsn k|ltkwL Pj+ ljjgLokdf ljsf ljtf ug u0f lgwf0f +oGq (Quality Grading Mechanism) eQmfgL lglZrttf sf]ifsf] yfkgf sff]af k|0ffnLsf] b[9 Jojyf ug]

jt ljlgdo ahfsf] ljsfsf nflu cfjZos xg] j]o xfp DaGwL sfggL +rgf gePsf]n] at lalgodahf lbuf] ljsf sl7g Pj+ rgftLk0f x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

48

cgrLndash fwf0f ]o btf tyf ljj0f kq jLs[lt

-cflys jif )ampamp^_

qm== +ul7t +yf

lgisfzg dNo k|lt ]o =

df

btf ePsf] ]osf]

sn sd = df

fjhlgs lgisfzg sd =df

lgisfzg tyf ljqmL k|aGws

cgdltkq k|bfg ldlt

slkmot

hnljBt sDkgL

1sflnsf kfj sDkgL ln=

100 120000000

120000000

sf7df8f+ Soflk6n dfs]6 ln= Unf]an cfOPdO Soflk6n ln=

20750503 jfwf0f

2lxdfno phf ljsf sDkgL ln=

100 841500000 99000000

glan OGe]i6d]G6 alsEuml ln=

20750730 yfgLo

3dWo ef]6]sf]zL hnljBt sDkgL ln=

100 4500000000 1440000000

Unf]an cfOPdO PgcfOlanP k|e nIdL llen flgdf llacfOPn Soflk6n ln=

20750629

k|j4g dxsf sdrfL sdrfL ~ro sf]ifdf of]ubfg ug] sdrfL C0f k|bfg ug] +yfsf sdrfL

4

hf]zL xfO8laquof]kfj 8]enkd]G6 sDkgL ln=-yfgLo lgZsfzgdf ljqmL gePsf] $)) lsQf lxt_

100 144846000

169047000

l4fy Soflk6n ln=

20740920 jfwf0f

5

3n]DbL xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] $ampamp) lsQf lxt_

100 110000000

155577000 leaf] Soflk6n ln= 20750816 yfgLo jfwf0f

6olgen kfj sDkgL ln=

100 2100350000

966161000

l4fy Soflk6n ln=

20750827yfgLondash))) jfwf0fndashamp^^)

7lzjgtL xfO8laquof]kfj ln=

100 1254940000

147640000

l4fy Soflk6n ln=

20750910 yfgLo jfwf0f

8kfFry kfj sDkgL ln=

100 962500000

192500000

flgdf Soflk6n ln=

20750913yfgLondash(^)) jfwf0fndash(^))

9u|LgnfOkm xfO8laquof]kfj ln=

100 1620000000

180000000

sf7df8f+ Soflk6n dfs]6 ln=

20750917 yfgLo

10lxdfno phf ljsf sDkgL ln=

100 148500000

148500000

glan OGe]i6d]G6 alsEuml ln=

20751021 jfwf0f

11

olgog xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] ^amp() lsQf lxt_

100 291255000

353434000 nIdL Soflk6n ln= 20751028 jfwf0f

12

dfpG6]g xfO8laquof] g]kfn ln=-yfgLo lgisfzgdf ^^) lsQf lxt_

100 125000000

181611000

l4fy Soflk6n ln=

20751101 jfwf0f

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

49

13

lqznL hnljBt sDkgL ln=-hgtfsf] hnljBt sfoqmd cGtut clst dNosf] ) k|ltzt_

100 1852500000

370500000

Unf]an cfOPdO Soflk6n ln=

20751130 jfwf0f

14fGh]g hnljBt sDkgL ln=

100 547500000

547500000 gfuls nufgL sf]if 20751210 jfwf0f

15jfu9L xfO8laquof]kfj sDkgL ln=

100 1026315000

1026315000

l4fy Soflk6n ln=

20751230 jfwf0f

16lxdfn bf]nvf xfO8laquof]kfj s= ln=

100 1600000000

780000000

Unf]an cfOPdO Soflk6n ln=

20760125yfgLondash^)))))

jfwf0fndash^)))))

hDdf 17245206000 6877785000

n3ljQ sDkgL

1rftfL n3ljQ ljQLo +yf ln=

100 186000000

60000000

PgcfOlan P Soflk6n ln=

20750730 jfwf0f

2cfzf n3ljQ ljQLo +yf ln=

100 207400000

67400000 k|e Soflk6n ln= 20750929

3kz n3ljQ ljQLo +yf ln=

100 82963000

26963000

flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

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lj]I

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 4: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

g]kfn lwtf]kq af]8

gtL lgh luLsfosfL lgb]zs

gtL kLi6gfy kf8ofnsfosfL lgb]zs

gtL ljgob]j cfrfopk sfosfL lgb]zs

8f=gjfh clwsfLpk sfosfL lgb]zs

gtL s[i0f fh kf]v]n pk sfosfL lgb]zs

gtL dlQmgfy gt]i7pk sfosfL lgb]zs

gtL k]z s]=Lpk sfosfL lgb]zs

gtL bLkf bfxfnpk sfosfL lgb]zs

gtL leidfh 9EumlfgfcWoIf

pRr Jojyfkg dx

g]kfn lwtf]kq af]8

cWoIfsf] dGtJo

lwtf]kq DaGwL P]g )^ sf] bkmf ^ df ePsf] Jojyf cgf cflys jif )ampamp^ sf] g]kfn lwtf]kq af]8sf] jflifs k|ltj]bg k|tt ulPsf] 5 o jflifs k|ltj]bgdf ljZj tyf g]kfnsf] cflys lylt lwtf]kq ahfsf] lylt lwtf]kq JojfoL tyf rLs[t +ul7t +yfxsf] ultljlwx af]8sf] lwtf]kq ahf ljsf tyf wfsf kxn sfdsfjfxLx tyf ljQLo lyltsf] dLIff ulPsf] 5

dnssf] cflys fdflhs tyf eflts kjfwf ljsfsf clwsf+z klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf k|b]z yfgLo txaf6 klg ljsfsf ultljlwx lqmotfkjs cufl8 a9fOPsf sf0fn] d]t b]z cflys j[l4sf] dfudf cl3 a9]sf] b]lvG5 pRr cflys j[l4sf] nflu cytGqsf a If]qdf art clej[l4 uL a9bf] nufgLsf] dfu kf ugkg] cfjZostf b]lvPsf] 5 cflys jif )ampamp^ df lwtf]kqsf] k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfdf rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] j[l4 cfPsf] b]lvG5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf jslNks nufgL sf]ifnfO k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf lgoldt nufgLstf k|lzIf0f sfoqmd tyf nufgLstf r]tgf DaGwL ]l8of] sfoqmdxsf] cfDe DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kqsf] dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL of]hgfsf] zjft Organisation for Economic Co-operation and Development (OECD) Fusf] xsfodf ljQLo fIftf DaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g eg] jt ljlgdo ahf ~rfngsf nflu cgdlt lbg] qmddf x]sf] 5 g]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uOx]sf] 5 oBlk ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO lytf k|bfg ugkg] cjyf x]sf] 5

cGTodf g]kfn sf cy dGqfno sfgg Gofo tyf +bLo dfldnf dGqfnosf fy cGo f]sfjfnf lgsfo tyf Dk0f ahf xefuLxnfO lwtf]kq ahf ljsfsf nflu cfndashcfˆgf] If]qaf6 kyenofpg ePsf] of]ubfg tyf xof]usf] nflu wGojfb lbg rfxG5 oaLr g]kfn sfn] ldlt )amp^)( sf] lg0fofgf dnfO o af]8sf] cWoIfdf lgoQm u]sf]df g]kfn sfk|lt s[t1tf k|s6 ub5

ot g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo dfGotf k|bfg uL cGtfli6laquoo dfkb08sf] lwtf]kq ahf agfpg xof]u ulx]sf] International Organisation of Secarities Commissions (IOSCO) tyf af]8sf cGo cGtfli6laquoo DaGw ePsf +yfxaf6 af]8nfO k|fKt xof]usf nflu d]t s[t1tf JoQm ub5 fy ahf wf tyf ljsf sfonfO cufl8 a9fpgdf +rfns ldltsf boHoxn] kyenofpg ePsf] rgfTds of]ubfgk|lt cfef JoQm ub ahf ljsf tyf wfdf k|lta4 af]8sf Dk0f sdrfLxnfO ljz]if wGojfb lbg rfxG5

df3 ) )amp^

gtL leidfh 9+ufgf

cWoIf

efu +lIfKt cflys cjyf

= ljZj cflys lylt

= g]kfnsf] dli6ut cflys cjyf

efu lwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf ^ = g]kfnsf] lwtf]kq ahf == k|fylds ahf ( k|fylds ahfdfkmt If]qut kFhL klrfng ) lwtf]kq btf tyf ljj0fkq jLs[lt fwf0f ]o lgisfzg cgdlt xsk|b ]o btf tyf lgisfzg C0fkq btf tyf lgisfzg af]g ]o btf

fdlxs nufgL of]hgf btf tyf lgisfzg == lwtf]kqsf] bf]|f] ahf $ === lwtf]kqsf] bf]|f] ahfsf klrsx lwtf]kqsf] sff]af ahf kFhLs0f ^ g]K] rsf+s amp kmnf]6 rsf+s amp rLs[t +ul7t +yf lwtf]kq rLs0f rLs[t lwtf]kqsf] rQmf dNo === C0fkq ahf ( === cf]l6L ahf ( == lwtf]kq ahf ljsf tyf wfsf kxnx ( sfggL +rgfsf] ljsf tyf b[9Ls0f ) ahf kjfwfxdf wf tyf ljsf ) ahf klj]If0f Jojyfdf wf ahf xefuLxsf] Jojflostf tyf t clej[l4 cWoog tyf cgGwfg k|lzIf0f tyf hgr]tgf clej[l4 $ 5nkmn cGtlqmof tyf Dd]ng ==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ^ == qm]l86 ]l6Euml ]jf amp= lwtf]kq ahf DaGwL gLlt tyf sfoqmd amp=$ jt ljlgdo ahf

ljifondashrL

efu af]8sf] k|zflgs tyf ljQLo cjyf

= af]8sf] yfkgf (= af]8sf] sfd stJo clwsfx (= ~rfns af]8 )=$ +u7g +rgf tyf hgzlQm Jojyfkg = ldltx == sfgg tyf k|jnLs0f ldlt == ljQLo k|zfg tyf rgf ljZn]if0f ldlt == n]vfkLIf0f ldlt =^ af]8sf] ljQLo cjyf =amp cGtfli6laquoo DaGw

efu $af]8sf sfdsfjfxLx

$= cgdltkq k|bfg tyf gjLs0f $== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f $== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f $== dr]G6 a+ssf] cgdltkq k|bfg gjLs0f $==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f $== lgIf]k bo btf tyf k|df0fkq gjLs0f ^ $==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f ^ $==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f ^ $== cfjf bosf] cgdltkq gjLs0f ^$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj ^ $== sfggL Jojyf amp $== sfgg k|jnLs0f amp $== fo emfj $= klj]If0f tyf cgudg $== lwtf]kq ahfsf] klj]If0f $== k|fylds lgisfzgsf] cgudg $== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg ( $==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg ($=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd $$= 5nkmn tyf cGtlqmof sfoqmd $$=^ tflnd tyf ]ldgf $$=amp k|sfzg tyf hfgsfL k|jfx $$= cWoog tyf cgGwfg $$

efu lwtf]kqahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftLx

dof tyf rgftLx $

tflnsfxtflnsfndash= ljZjsf] cflys j[l4 b tflnsfndash= g]kfnsf] dli6ut cflys cjyf $tflnsfndash= ljZj lwtf]kq ahf ^tflnsfndash= ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s amptflnsfndash= g ) df fs If]qsf] lwtf]kq ahf tflnsfndash=$ lwtf]kqsf] ahfsf] +lIfKt emns tflnsfndash= lwtf]kqsf] k|fylds ahf (tflnsfndash=^ k|fylds ahfdf If]qut kFhL klrfng tflnsfndash=amp lwtf]kqsf] bf]|f] ahf $tflnsfndash= lwtf]kqsf] bf]|f] ahfsf] sff]af lylt tflnsfndash=( rLs[t +ul7t +yfsf] If]qut cjyf tflnsfndash=) cf]l6L ahf (tflnsfndash= lwtf]kq ceflts0f ^tflnsfndash= cf=j= )ampamp^ df af]8sf] ~rfng af]8sf box )tflnsfndash= sdrfL +Vofsf] ljj0f tflnsfndash$= of]hgf Jojyfks tyf l8kf]lh6L ^tflnsfndash$= rLs[t +ul7t +yfxsf] ljj0f k|jfx $ tflnsfndash$= rLs[t +ul7t +yfxsf] jflifs fwfef DaGwL ljj0f $tflnsfndash$=$ lwtf]kq tyf jt ljlgdo ahf DaGwL cGtlqmof sfoqmd $tflnsfndash$= nufgLstf r]tgf tyf kFhLahf DaGwL k|lzIf0f sfoqmd $

rf6xrf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_ )rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_ )rf6ndash= fwf0f ]o lgisfzg cgdlt rf6 =$ xsk|b ]o lgisfzg rf6 = C0fkq lgisfzg rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg $rf6 =amp lwtf]kqsf] jflifs sff]af ^rf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f amprf6 =( ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt amprf6 =) g]K] g]K] kmnf]6 rsf+s

cgrLx $ndash^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

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3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

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2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

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lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

jfwf0f nufgLstf lwtf]kq JojfoLxsf nflu Jofks kdf k|efjsfL ljQLo lzIff tyf tflnd sfoqmdx ~rfng uL lwtf]kq ahfsf] lbuf] ekbf] Pj+ k|ltkwLkdf ljsf ug cfjZos lwtf]kq tyf jt ljlgdo ahfDaGwL k|lti7fg yfkgf uL k|lzIf0fnfO kldf0ffTds tyf u0ffTdskdf ljtf ug]

af]8 IOSCO sf] Pzf]lo6 bo es]sf] g]kfn sfn] ljb]zL nufgL tyf k|ljlw xtfGt0f P]g )amp dfkmt g]kfndf yflkt sDkgLn] ljb]zL kFhL ahfdf lwtf]kq hfL ug Sg] tyf ljb]zL +yfut sDkgLn] g]kfnsf] kFhL ahfdf d]t nufgL ug Sg] Jojyf u]sf sf0f g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo tsf] agfpg qmaf]8 lnli6Euml 6laquo]l8Eumlsf] Jojyf lgodg lgsfo rLs[t sDkgLx bnfn JojfoLlxt cGo ahf xefuLxsf] Ifdtf clej[l4 Pj+ cfjZos sfggL Jojyf ul ahfnfO Jofks agfpg]

fy b]zdf ljslt gofF +rgf cgf +3Lo k|b]z tyf yfgLo txDd lwtf]kq ahfsf ljwf sfggL Pj+ cGo lgodg kjfwfsf] ljsf tyf ljtf ug] sfo pknAw Lldt |f]t ljQLo fIftfsf] Gog tsf sf0f sl7g Pj+

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

rgftLk0f 5

v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

jt ljlgdo ahfsf] lgodg lhDd]jfL af]8nfO k|fKt ePsf] Gbedf pQm ahfsf] k|efjsfL lgodg Jojyfkg tyf ~rfng ug] j]o xfp lgdf0f nufot ahf kjfwfsf] ljsf ug] o ahfDaGwL jfwf0fdf r]tgft clej[l4 ug] Pj+ pQm ahfnfO yfgLo jtFu cfj4 ufO b]zsf] s[lif If]qsf] d]t tf]Gglt xg] uL o ahfnfO dxTjk0f +oGqsf] kdf ljsf ub nhfg]

jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

o ahfnfO b]zsf] cytGq ljQLo ahfsf cGo If]q cgsn k|ltkwL Pj+ ljjgLokdf ljsf ljtf ug u0f lgwf0f +oGq (Quality Grading Mechanism) eQmfgL lglZrttf sf]ifsf] yfkgf sff]af k|0ffnLsf] b[9 Jojyf ug]

jt ljlgdo ahfsf] ljsfsf nflu cfjZos xg] j]o xfp DaGwL sfggL +rgf gePsf]n] at lalgodahf lbuf] ljsf sl7g Pj+ rgftLk0f x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

48

cgrLndash fwf0f ]o btf tyf ljj0f kq jLs[lt

-cflys jif )ampamp^_

qm== +ul7t +yf

lgisfzg dNo k|lt ]o =

df

btf ePsf] ]osf]

sn sd = df

fjhlgs lgisfzg sd =df

lgisfzg tyf ljqmL k|aGws

cgdltkq k|bfg ldlt

slkmot

hnljBt sDkgL

1sflnsf kfj sDkgL ln=

100 120000000

120000000

sf7df8f+ Soflk6n dfs]6 ln= Unf]an cfOPdO Soflk6n ln=

20750503 jfwf0f

2lxdfno phf ljsf sDkgL ln=

100 841500000 99000000

glan OGe]i6d]G6 alsEuml ln=

20750730 yfgLo

3dWo ef]6]sf]zL hnljBt sDkgL ln=

100 4500000000 1440000000

Unf]an cfOPdO PgcfOlanP k|e nIdL llen flgdf llacfOPn Soflk6n ln=

20750629

k|j4g dxsf sdrfL sdrfL ~ro sf]ifdf of]ubfg ug] sdrfL C0f k|bfg ug] +yfsf sdrfL

4

hf]zL xfO8laquof]kfj 8]enkd]G6 sDkgL ln=-yfgLo lgZsfzgdf ljqmL gePsf] $)) lsQf lxt_

100 144846000

169047000

l4fy Soflk6n ln=

20740920 jfwf0f

5

3n]DbL xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] $ampamp) lsQf lxt_

100 110000000

155577000 leaf] Soflk6n ln= 20750816 yfgLo jfwf0f

6olgen kfj sDkgL ln=

100 2100350000

966161000

l4fy Soflk6n ln=

20750827yfgLondash))) jfwf0fndashamp^^)

7lzjgtL xfO8laquof]kfj ln=

100 1254940000

147640000

l4fy Soflk6n ln=

20750910 yfgLo jfwf0f

8kfFry kfj sDkgL ln=

100 962500000

192500000

flgdf Soflk6n ln=

20750913yfgLondash(^)) jfwf0fndash(^))

9u|LgnfOkm xfO8laquof]kfj ln=

100 1620000000

180000000

sf7df8f+ Soflk6n dfs]6 ln=

20750917 yfgLo

10lxdfno phf ljsf sDkgL ln=

100 148500000

148500000

glan OGe]i6d]G6 alsEuml ln=

20751021 jfwf0f

11

olgog xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] ^amp() lsQf lxt_

100 291255000

353434000 nIdL Soflk6n ln= 20751028 jfwf0f

12

dfpG6]g xfO8laquof] g]kfn ln=-yfgLo lgisfzgdf ^^) lsQf lxt_

100 125000000

181611000

l4fy Soflk6n ln=

20751101 jfwf0f

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

49

13

lqznL hnljBt sDkgL ln=-hgtfsf] hnljBt sfoqmd cGtut clst dNosf] ) k|ltzt_

100 1852500000

370500000

Unf]an cfOPdO Soflk6n ln=

20751130 jfwf0f

14fGh]g hnljBt sDkgL ln=

100 547500000

547500000 gfuls nufgL sf]if 20751210 jfwf0f

15jfu9L xfO8laquof]kfj sDkgL ln=

100 1026315000

1026315000

l4fy Soflk6n ln=

20751230 jfwf0f

16lxdfn bf]nvf xfO8laquof]kfj s= ln=

100 1600000000

780000000

Unf]an cfOPdO Soflk6n ln=

20760125yfgLondash^)))))

jfwf0fndash^)))))

hDdf 17245206000 6877785000

n3ljQ sDkgL

1rftfL n3ljQ ljQLo +yf ln=

100 186000000

60000000

PgcfOlan P Soflk6n ln=

20750730 jfwf0f

2cfzf n3ljQ ljQLo +yf ln=

100 207400000

67400000 k|e Soflk6n ln= 20750929

3kz n3ljQ ljQLo +yf ln=

100 82963000

26963000

flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

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lj]I

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

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Page 5: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

g]kfn lwtf]kq af]8

cWoIfsf] dGtJo

lwtf]kq DaGwL P]g )^ sf] bkmf ^ df ePsf] Jojyf cgf cflys jif )ampamp^ sf] g]kfn lwtf]kq af]8sf] jflifs k|ltj]bg k|tt ulPsf] 5 o jflifs k|ltj]bgdf ljZj tyf g]kfnsf] cflys lylt lwtf]kq ahfsf] lylt lwtf]kq JojfoL tyf rLs[t +ul7t +yfxsf] ultljlwx af]8sf] lwtf]kq ahf ljsf tyf wfsf kxn sfdsfjfxLx tyf ljQLo lyltsf] dLIff ulPsf] 5

dnssf] cflys fdflhs tyf eflts kjfwf ljsfsf clwsf+z klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf k|b]z yfgLo txaf6 klg ljsfsf ultljlwx lqmotfkjs cufl8 a9fOPsf sf0fn] d]t b]z cflys j[l4sf] dfudf cl3 a9]sf] b]lvG5 pRr cflys j[l4sf] nflu cytGqsf a If]qdf art clej[l4 uL a9bf] nufgLsf] dfu kf ugkg] cfjZostf b]lvPsf] 5 cflys jif )ampamp^ df lwtf]kqsf] k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfdf rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] j[l4 cfPsf] b]lvG5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf jslNks nufgL sf]ifnfO k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf lgoldt nufgLstf k|lzIf0f sfoqmd tyf nufgLstf r]tgf DaGwL ]l8of] sfoqmdxsf] cfDe DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kqsf] dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL of]hgfsf] zjft Organisation for Economic Co-operation and Development (OECD) Fusf] xsfodf ljQLo fIftf DaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g eg] jt ljlgdo ahf ~rfngsf nflu cgdlt lbg] qmddf x]sf] 5 g]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uOx]sf] 5 oBlk ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO lytf k|bfg ugkg] cjyf x]sf] 5

cGTodf g]kfn sf cy dGqfno sfgg Gofo tyf +bLo dfldnf dGqfnosf fy cGo f]sfjfnf lgsfo tyf Dk0f ahf xefuLxnfO lwtf]kq ahf ljsfsf nflu cfndashcfˆgf] If]qaf6 kyenofpg ePsf] of]ubfg tyf xof]usf] nflu wGojfb lbg rfxG5 oaLr g]kfn sfn] ldlt )amp^)( sf] lg0fofgf dnfO o af]8sf] cWoIfdf lgoQm u]sf]df g]kfn sfk|lt s[t1tf k|s6 ub5

ot g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo dfGotf k|bfg uL cGtfli6laquoo dfkb08sf] lwtf]kq ahf agfpg xof]u ulx]sf] International Organisation of Secarities Commissions (IOSCO) tyf af]8sf cGo cGtfli6laquoo DaGw ePsf +yfxaf6 af]8nfO k|fKt xof]usf nflu d]t s[t1tf JoQm ub5 fy ahf wf tyf ljsf sfonfO cufl8 a9fpgdf +rfns ldltsf boHoxn] kyenofpg ePsf] rgfTds of]ubfgk|lt cfef JoQm ub ahf ljsf tyf wfdf k|lta4 af]8sf Dk0f sdrfLxnfO ljz]if wGojfb lbg rfxG5

df3 ) )amp^

gtL leidfh 9+ufgf

cWoIf

efu +lIfKt cflys cjyf

= ljZj cflys lylt

= g]kfnsf] dli6ut cflys cjyf

efu lwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf ^ = g]kfnsf] lwtf]kq ahf == k|fylds ahf ( k|fylds ahfdfkmt If]qut kFhL klrfng ) lwtf]kq btf tyf ljj0fkq jLs[lt fwf0f ]o lgisfzg cgdlt xsk|b ]o btf tyf lgisfzg C0fkq btf tyf lgisfzg af]g ]o btf

fdlxs nufgL of]hgf btf tyf lgisfzg == lwtf]kqsf] bf]|f] ahf $ === lwtf]kqsf] bf]|f] ahfsf klrsx lwtf]kqsf] sff]af ahf kFhLs0f ^ g]K] rsf+s amp kmnf]6 rsf+s amp rLs[t +ul7t +yf lwtf]kq rLs0f rLs[t lwtf]kqsf] rQmf dNo === C0fkq ahf ( === cf]l6L ahf ( == lwtf]kq ahf ljsf tyf wfsf kxnx ( sfggL +rgfsf] ljsf tyf b[9Ls0f ) ahf kjfwfxdf wf tyf ljsf ) ahf klj]If0f Jojyfdf wf ahf xefuLxsf] Jojflostf tyf t clej[l4 cWoog tyf cgGwfg k|lzIf0f tyf hgr]tgf clej[l4 $ 5nkmn cGtlqmof tyf Dd]ng ==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ^ == qm]l86 ]l6Euml ]jf amp= lwtf]kq ahf DaGwL gLlt tyf sfoqmd amp=$ jt ljlgdo ahf

ljifondashrL

efu af]8sf] k|zflgs tyf ljQLo cjyf

= af]8sf] yfkgf (= af]8sf] sfd stJo clwsfx (= ~rfns af]8 )=$ +u7g +rgf tyf hgzlQm Jojyfkg = ldltx == sfgg tyf k|jnLs0f ldlt == ljQLo k|zfg tyf rgf ljZn]if0f ldlt == n]vfkLIf0f ldlt =^ af]8sf] ljQLo cjyf =amp cGtfli6laquoo DaGw

efu $af]8sf sfdsfjfxLx

$= cgdltkq k|bfg tyf gjLs0f $== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f $== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f $== dr]G6 a+ssf] cgdltkq k|bfg gjLs0f $==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f $== lgIf]k bo btf tyf k|df0fkq gjLs0f ^ $==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f ^ $==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f ^ $== cfjf bosf] cgdltkq gjLs0f ^$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj ^ $== sfggL Jojyf amp $== sfgg k|jnLs0f amp $== fo emfj $= klj]If0f tyf cgudg $== lwtf]kq ahfsf] klj]If0f $== k|fylds lgisfzgsf] cgudg $== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg ( $==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg ($=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd $$= 5nkmn tyf cGtlqmof sfoqmd $$=^ tflnd tyf ]ldgf $$=amp k|sfzg tyf hfgsfL k|jfx $$= cWoog tyf cgGwfg $$

efu lwtf]kqahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftLx

dof tyf rgftLx $

tflnsfxtflnsfndash= ljZjsf] cflys j[l4 b tflnsfndash= g]kfnsf] dli6ut cflys cjyf $tflnsfndash= ljZj lwtf]kq ahf ^tflnsfndash= ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s amptflnsfndash= g ) df fs If]qsf] lwtf]kq ahf tflnsfndash=$ lwtf]kqsf] ahfsf] +lIfKt emns tflnsfndash= lwtf]kqsf] k|fylds ahf (tflnsfndash=^ k|fylds ahfdf If]qut kFhL klrfng tflnsfndash=amp lwtf]kqsf] bf]|f] ahf $tflnsfndash= lwtf]kqsf] bf]|f] ahfsf] sff]af lylt tflnsfndash=( rLs[t +ul7t +yfsf] If]qut cjyf tflnsfndash=) cf]l6L ahf (tflnsfndash= lwtf]kq ceflts0f ^tflnsfndash= cf=j= )ampamp^ df af]8sf] ~rfng af]8sf box )tflnsfndash= sdrfL +Vofsf] ljj0f tflnsfndash$= of]hgf Jojyfks tyf l8kf]lh6L ^tflnsfndash$= rLs[t +ul7t +yfxsf] ljj0f k|jfx $ tflnsfndash$= rLs[t +ul7t +yfxsf] jflifs fwfef DaGwL ljj0f $tflnsfndash$=$ lwtf]kq tyf jt ljlgdo ahf DaGwL cGtlqmof sfoqmd $tflnsfndash$= nufgLstf r]tgf tyf kFhLahf DaGwL k|lzIf0f sfoqmd $

rf6xrf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_ )rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_ )rf6ndash= fwf0f ]o lgisfzg cgdlt rf6 =$ xsk|b ]o lgisfzg rf6 = C0fkq lgisfzg rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg $rf6 =amp lwtf]kqsf] jflifs sff]af ^rf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f amprf6 =( ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt amprf6 =) g]K] g]K] kmnf]6 rsf+s

cgrLx $ndash^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

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3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

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2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

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lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

jfwf0f nufgLstf lwtf]kq JojfoLxsf nflu Jofks kdf k|efjsfL ljQLo lzIff tyf tflnd sfoqmdx ~rfng uL lwtf]kq ahfsf] lbuf] ekbf] Pj+ k|ltkwLkdf ljsf ug cfjZos lwtf]kq tyf jt ljlgdo ahfDaGwL k|lti7fg yfkgf uL k|lzIf0fnfO kldf0ffTds tyf u0ffTdskdf ljtf ug]

af]8 IOSCO sf] Pzf]lo6 bo es]sf] g]kfn sfn] ljb]zL nufgL tyf k|ljlw xtfGt0f P]g )amp dfkmt g]kfndf yflkt sDkgLn] ljb]zL kFhL ahfdf lwtf]kq hfL ug Sg] tyf ljb]zL +yfut sDkgLn] g]kfnsf] kFhL ahfdf d]t nufgL ug Sg] Jojyf u]sf sf0f g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo tsf] agfpg qmaf]8 lnli6Euml 6laquo]l8Eumlsf] Jojyf lgodg lgsfo rLs[t sDkgLx bnfn JojfoLlxt cGo ahf xefuLxsf] Ifdtf clej[l4 Pj+ cfjZos sfggL Jojyf ul ahfnfO Jofks agfpg]

fy b]zdf ljslt gofF +rgf cgf +3Lo k|b]z tyf yfgLo txDd lwtf]kq ahfsf ljwf sfggL Pj+ cGo lgodg kjfwfsf] ljsf tyf ljtf ug] sfo pknAw Lldt |f]t ljQLo fIftfsf] Gog tsf sf0f sl7g Pj+

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

rgftLk0f 5

v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

jt ljlgdo ahfsf] lgodg lhDd]jfL af]8nfO k|fKt ePsf] Gbedf pQm ahfsf] k|efjsfL lgodg Jojyfkg tyf ~rfng ug] j]o xfp lgdf0f nufot ahf kjfwfsf] ljsf ug] o ahfDaGwL jfwf0fdf r]tgft clej[l4 ug] Pj+ pQm ahfnfO yfgLo jtFu cfj4 ufO b]zsf] s[lif If]qsf] d]t tf]Gglt xg] uL o ahfnfO dxTjk0f +oGqsf] kdf ljsf ub nhfg]

jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

o ahfnfO b]zsf] cytGq ljQLo ahfsf cGo If]q cgsn k|ltkwL Pj+ ljjgLokdf ljsf ljtf ug u0f lgwf0f +oGq (Quality Grading Mechanism) eQmfgL lglZrttf sf]ifsf] yfkgf sff]af k|0ffnLsf] b[9 Jojyf ug]

jt ljlgdo ahfsf] ljsfsf nflu cfjZos xg] j]o xfp DaGwL sfggL +rgf gePsf]n] at lalgodahf lbuf] ljsf sl7g Pj+ rgftLk0f x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

48

cgrLndash fwf0f ]o btf tyf ljj0f kq jLs[lt

-cflys jif )ampamp^_

qm== +ul7t +yf

lgisfzg dNo k|lt ]o =

df

btf ePsf] ]osf]

sn sd = df

fjhlgs lgisfzg sd =df

lgisfzg tyf ljqmL k|aGws

cgdltkq k|bfg ldlt

slkmot

hnljBt sDkgL

1sflnsf kfj sDkgL ln=

100 120000000

120000000

sf7df8f+ Soflk6n dfs]6 ln= Unf]an cfOPdO Soflk6n ln=

20750503 jfwf0f

2lxdfno phf ljsf sDkgL ln=

100 841500000 99000000

glan OGe]i6d]G6 alsEuml ln=

20750730 yfgLo

3dWo ef]6]sf]zL hnljBt sDkgL ln=

100 4500000000 1440000000

Unf]an cfOPdO PgcfOlanP k|e nIdL llen flgdf llacfOPn Soflk6n ln=

20750629

k|j4g dxsf sdrfL sdrfL ~ro sf]ifdf of]ubfg ug] sdrfL C0f k|bfg ug] +yfsf sdrfL

4

hf]zL xfO8laquof]kfj 8]enkd]G6 sDkgL ln=-yfgLo lgZsfzgdf ljqmL gePsf] $)) lsQf lxt_

100 144846000

169047000

l4fy Soflk6n ln=

20740920 jfwf0f

5

3n]DbL xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] $ampamp) lsQf lxt_

100 110000000

155577000 leaf] Soflk6n ln= 20750816 yfgLo jfwf0f

6olgen kfj sDkgL ln=

100 2100350000

966161000

l4fy Soflk6n ln=

20750827yfgLondash))) jfwf0fndashamp^^)

7lzjgtL xfO8laquof]kfj ln=

100 1254940000

147640000

l4fy Soflk6n ln=

20750910 yfgLo jfwf0f

8kfFry kfj sDkgL ln=

100 962500000

192500000

flgdf Soflk6n ln=

20750913yfgLondash(^)) jfwf0fndash(^))

9u|LgnfOkm xfO8laquof]kfj ln=

100 1620000000

180000000

sf7df8f+ Soflk6n dfs]6 ln=

20750917 yfgLo

10lxdfno phf ljsf sDkgL ln=

100 148500000

148500000

glan OGe]i6d]G6 alsEuml ln=

20751021 jfwf0f

11

olgog xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] ^amp() lsQf lxt_

100 291255000

353434000 nIdL Soflk6n ln= 20751028 jfwf0f

12

dfpG6]g xfO8laquof] g]kfn ln=-yfgLo lgisfzgdf ^^) lsQf lxt_

100 125000000

181611000

l4fy Soflk6n ln=

20751101 jfwf0f

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

49

13

lqznL hnljBt sDkgL ln=-hgtfsf] hnljBt sfoqmd cGtut clst dNosf] ) k|ltzt_

100 1852500000

370500000

Unf]an cfOPdO Soflk6n ln=

20751130 jfwf0f

14fGh]g hnljBt sDkgL ln=

100 547500000

547500000 gfuls nufgL sf]if 20751210 jfwf0f

15jfu9L xfO8laquof]kfj sDkgL ln=

100 1026315000

1026315000

l4fy Soflk6n ln=

20751230 jfwf0f

16lxdfn bf]nvf xfO8laquof]kfj s= ln=

100 1600000000

780000000

Unf]an cfOPdO Soflk6n ln=

20760125yfgLondash^)))))

jfwf0fndash^)))))

hDdf 17245206000 6877785000

n3ljQ sDkgL

1rftfL n3ljQ ljQLo +yf ln=

100 186000000

60000000

PgcfOlan P Soflk6n ln=

20750730 jfwf0f

2cfzf n3ljQ ljQLo +yf ln=

100 207400000

67400000 k|e Soflk6n ln= 20750929

3kz n3ljQ ljQLo +yf ln=

100 82963000

26963000

flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

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lj]I

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 6: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

efu +lIfKt cflys cjyf

= ljZj cflys lylt

= g]kfnsf] dli6ut cflys cjyf

efu lwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf ^ = g]kfnsf] lwtf]kq ahf == k|fylds ahf ( k|fylds ahfdfkmt If]qut kFhL klrfng ) lwtf]kq btf tyf ljj0fkq jLs[lt fwf0f ]o lgisfzg cgdlt xsk|b ]o btf tyf lgisfzg C0fkq btf tyf lgisfzg af]g ]o btf

fdlxs nufgL of]hgf btf tyf lgisfzg == lwtf]kqsf] bf]|f] ahf $ === lwtf]kqsf] bf]|f] ahfsf klrsx lwtf]kqsf] sff]af ahf kFhLs0f ^ g]K] rsf+s amp kmnf]6 rsf+s amp rLs[t +ul7t +yf lwtf]kq rLs0f rLs[t lwtf]kqsf] rQmf dNo === C0fkq ahf ( === cf]l6L ahf ( == lwtf]kq ahf ljsf tyf wfsf kxnx ( sfggL +rgfsf] ljsf tyf b[9Ls0f ) ahf kjfwfxdf wf tyf ljsf ) ahf klj]If0f Jojyfdf wf ahf xefuLxsf] Jojflostf tyf t clej[l4 cWoog tyf cgGwfg k|lzIf0f tyf hgr]tgf clej[l4 $ 5nkmn cGtlqmof tyf Dd]ng ==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ^ == qm]l86 ]l6Euml ]jf amp= lwtf]kq ahf DaGwL gLlt tyf sfoqmd amp=$ jt ljlgdo ahf

ljifondashrL

efu af]8sf] k|zflgs tyf ljQLo cjyf

= af]8sf] yfkgf (= af]8sf] sfd stJo clwsfx (= ~rfns af]8 )=$ +u7g +rgf tyf hgzlQm Jojyfkg = ldltx == sfgg tyf k|jnLs0f ldlt == ljQLo k|zfg tyf rgf ljZn]if0f ldlt == n]vfkLIf0f ldlt =^ af]8sf] ljQLo cjyf =amp cGtfli6laquoo DaGw

efu $af]8sf sfdsfjfxLx

$= cgdltkq k|bfg tyf gjLs0f $== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f $== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f $== dr]G6 a+ssf] cgdltkq k|bfg gjLs0f $==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f $== lgIf]k bo btf tyf k|df0fkq gjLs0f ^ $==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f ^ $==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f ^ $== cfjf bosf] cgdltkq gjLs0f ^$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj ^ $== sfggL Jojyf amp $== sfgg k|jnLs0f amp $== fo emfj $= klj]If0f tyf cgudg $== lwtf]kq ahfsf] klj]If0f $== k|fylds lgisfzgsf] cgudg $== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg ( $==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg ($=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd $$= 5nkmn tyf cGtlqmof sfoqmd $$=^ tflnd tyf ]ldgf $$=amp k|sfzg tyf hfgsfL k|jfx $$= cWoog tyf cgGwfg $$

efu lwtf]kqahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftLx

dof tyf rgftLx $

tflnsfxtflnsfndash= ljZjsf] cflys j[l4 b tflnsfndash= g]kfnsf] dli6ut cflys cjyf $tflnsfndash= ljZj lwtf]kq ahf ^tflnsfndash= ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s amptflnsfndash= g ) df fs If]qsf] lwtf]kq ahf tflnsfndash=$ lwtf]kqsf] ahfsf] +lIfKt emns tflnsfndash= lwtf]kqsf] k|fylds ahf (tflnsfndash=^ k|fylds ahfdf If]qut kFhL klrfng tflnsfndash=amp lwtf]kqsf] bf]|f] ahf $tflnsfndash= lwtf]kqsf] bf]|f] ahfsf] sff]af lylt tflnsfndash=( rLs[t +ul7t +yfsf] If]qut cjyf tflnsfndash=) cf]l6L ahf (tflnsfndash= lwtf]kq ceflts0f ^tflnsfndash= cf=j= )ampamp^ df af]8sf] ~rfng af]8sf box )tflnsfndash= sdrfL +Vofsf] ljj0f tflnsfndash$= of]hgf Jojyfks tyf l8kf]lh6L ^tflnsfndash$= rLs[t +ul7t +yfxsf] ljj0f k|jfx $ tflnsfndash$= rLs[t +ul7t +yfxsf] jflifs fwfef DaGwL ljj0f $tflnsfndash$=$ lwtf]kq tyf jt ljlgdo ahf DaGwL cGtlqmof sfoqmd $tflnsfndash$= nufgLstf r]tgf tyf kFhLahf DaGwL k|lzIf0f sfoqmd $

rf6xrf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_ )rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_ )rf6ndash= fwf0f ]o lgisfzg cgdlt rf6 =$ xsk|b ]o lgisfzg rf6 = C0fkq lgisfzg rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg $rf6 =amp lwtf]kqsf] jflifs sff]af ^rf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f amprf6 =( ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt amprf6 =) g]K] g]K] kmnf]6 rsf+s

cgrLx $ndash^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

)amp)^ Gofolwz tyf jlsnxsf] dx g]kfn jf]Rr cbfnt af+u kFhL ahf DaGwL 5nkmn tyf cGtlqmof

)

)amp yfoL n]vf g+= -Kofg_sf] laifodf f]sfjfnfx+u 5nkmn tyf cGtlqmof

)amp^) ljlzi6Ls[t nufgL sf]ifsf] lgodg tyf +rfng DaGwL 5nkmn tyf cGtlqmof

$=^ tflnd tyf ]ldgf

cflys jif )ampamp^ df af]8n] sfot hgzlQmsf] Ifdtf clej[l4sf nflu af]8 bo pRr Jojyfkg tyf ljleGg sdrfLxnfO APG n] cfof]hgf u]sf] Accessor Training APG Seoul Wokshop 2018 The Toronto Center and the Monetary Authority of Singapore n] +oQm kdf cfof]hgf u]sf] 12th Regional Leadership Programme for Securities Regulator 14th ASF Tokyo Round Table GEM Committee Annual Meeting and Conference OECD n] cfof]hgf u]sf] Advancing Financial Literacy Globally Implementation and Innovation AMF France 2018 International Seminar APEC FRTI n] cfof]hgf u]sf] Regional Seminar on Enhancing Listing Liquidity and Investor Participation in Emerging Markets Stock Exchanges - Cambodia Regional Seminar on Enforcement and Litigation - Sri Lanka Regional Seminar on Fintech and Cybersecurity - South Korea Regional Seminar on Development of Collective Investment Scheme and Implications of Emerging Trends ndash Cambodia IOSCO n] cfof]hgf u]sf] Assessment Committee Capacity Building Workshop for Self Assessment Workshop on Crypto-Assets Trends Challenges and Regulatory Implications 2019 IOSCO Seminar Training Programme - Protecting the Retail Investors A Securities Regulators Perspective 2019 IOSCOPIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets IOSCO Asia Pacific hub strenghthening cyber securities nufotsf cGtfli6laquoo tdf cfof]lht ]ldgf tyf tflnd sfoqmdx 44th Annual International Futures Industry Conference - BOCA 29th Annual International Institute for Securities Market Growth and Development - USA 2019 FATFMoney Val Joint Experts Meeting and the US Presidency Initiative on Prosecutors and Judges - Isrial Asia Pacific Forum 2019 IMF Legal Department and Institute for capacity development implementing the international anti money laundering combacting the financiaing of terrorism standardrs - Singapore tyf NISM India af6 cfof]hgf ePsf] An Overview of Securities Marketsrsquo for Officers of SEBON af]8n] xefuL ufPsf] 5 fy af]8n] sfgg k|jnLs0f ljQLo fIftf klj]If0f lgod kfngf tyf cgudg htf ljifo jtxdf d]t cGtfli6laquoo tdf cfof]lht sfoqmddf af]8sf kbflwsfL tyf sdrfLxnfO xefuL ufPsf] 5 af]8n] dLIff jifdf jt ljlgdo ahfsf] lgodg lhDd]jfLnfO k|efjsfL kdf kf ug af]8 sdrfLsf] Ifdtf clej[l4 ug] p2]Zon] eftsf] sdf]l86L 8]le]l6E ahf +rfns PdlPSndashOl08ofsf] k|fljlws xof]udf sdf]l86L 8]le]l6E ahf ljifos bO lbg] cGtlqmof sfoqmd ~rfng u]sf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

43

$=amp k|sfzg tyf hfgsfL k|jfx

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100 120000000

120000000

sf7df8f+ Soflk6n dfs]6 ln= Unf]an cfOPdO Soflk6n ln=

20750503 jfwf0f

2lxdfno phf ljsf sDkgL ln=

100 841500000 99000000

glan OGe]i6d]G6 alsEuml ln=

20750730 yfgLo

3dWo ef]6]sf]zL hnljBt sDkgL ln=

100 4500000000 1440000000

Unf]an cfOPdO PgcfOlanP k|e nIdL llen flgdf llacfOPn Soflk6n ln=

20750629

k|j4g dxsf sdrfL sdrfL ~ro sf]ifdf of]ubfg ug] sdrfL C0f k|bfg ug] +yfsf sdrfL

4

hf]zL xfO8laquof]kfj 8]enkd]G6 sDkgL ln=-yfgLo lgZsfzgdf ljqmL gePsf] $)) lsQf lxt_

100 144846000

169047000

l4fy Soflk6n ln=

20740920 jfwf0f

5

3n]DbL xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] $ampamp) lsQf lxt_

100 110000000

155577000 leaf] Soflk6n ln= 20750816 yfgLo jfwf0f

6olgen kfj sDkgL ln=

100 2100350000

966161000

l4fy Soflk6n ln=

20750827yfgLondash))) jfwf0fndashamp^^)

7lzjgtL xfO8laquof]kfj ln=

100 1254940000

147640000

l4fy Soflk6n ln=

20750910 yfgLo jfwf0f

8kfFry kfj sDkgL ln=

100 962500000

192500000

flgdf Soflk6n ln=

20750913yfgLondash(^)) jfwf0fndash(^))

9u|LgnfOkm xfO8laquof]kfj ln=

100 1620000000

180000000

sf7df8f+ Soflk6n dfs]6 ln=

20750917 yfgLo

10lxdfno phf ljsf sDkgL ln=

100 148500000

148500000

glan OGe]i6d]G6 alsEuml ln=

20751021 jfwf0f

11

olgog xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] ^amp() lsQf lxt_

100 291255000

353434000 nIdL Soflk6n ln= 20751028 jfwf0f

12

dfpG6]g xfO8laquof] g]kfn ln=-yfgLo lgisfzgdf ^^) lsQf lxt_

100 125000000

181611000

l4fy Soflk6n ln=

20751101 jfwf0f

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

49

13

lqznL hnljBt sDkgL ln=-hgtfsf] hnljBt sfoqmd cGtut clst dNosf] ) k|ltzt_

100 1852500000

370500000

Unf]an cfOPdO Soflk6n ln=

20751130 jfwf0f

14fGh]g hnljBt sDkgL ln=

100 547500000

547500000 gfuls nufgL sf]if 20751210 jfwf0f

15jfu9L xfO8laquof]kfj sDkgL ln=

100 1026315000

1026315000

l4fy Soflk6n ln=

20751230 jfwf0f

16lxdfn bf]nvf xfO8laquof]kfj s= ln=

100 1600000000

780000000

Unf]an cfOPdO Soflk6n ln=

20760125yfgLondash^)))))

jfwf0fndash^)))))

hDdf 17245206000 6877785000

n3ljQ sDkgL

1rftfL n3ljQ ljQLo +yf ln=

100 186000000

60000000

PgcfOlan P Soflk6n ln=

20750730 jfwf0f

2cfzf n3ljQ ljQLo +yf ln=

100 207400000

67400000 k|e Soflk6n ln= 20750929

3kz n3ljQ ljQLo +yf ln=

100 82963000

26963000

flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

cgrLndash ^af]8 +u7g +rgf

+rfn

s a

f]8

cWo

IfcWo

Ifsf] l

rjfno

n]vf k

LIf0f l

dlt

lgod

g ty

f Jo

jyfkg

lje

fu

sfgg

tyf

k|jnLs

0f dx

fzfv

flgod

g dx

fzfv

fJo

jyfkg

dxfzfv

flw

tf]kq

ahf l

l8P

ty

f sf]if k

lj]I

f0f

dxfz

fvf

gLlt cg

Gwfg t

yf

of]hgf d

xfzfv

f

lwtf]kq

Joj

foL

klj]I

f0f dx

fzfv

fklj]I

f0f ty

f cg

Gwfg lje

fu

dr]G6 a

+s ll

8P

tyf

qm]l8

6 ]l6Euml

pkz

fvf

lwtf]kq

ahf

ty

f lw

tf]kq

bnf

nJo

fkfL ty

f ah

f lgd

ftf pk

zfvf

lwtf]kq

ahf t

yf

Joj

foL zfv

f

+yfut

ljQ

pkz

fvf

fdl

xs n

ufgL s

f]if p

kzfv

f

+yfut

ljQ

tyf

fdl

xs

nufgL s

f]if zfv

fsfgg

zfv

f

sfgg

pkzfv

f

sfggL k

|ltI

ff pk

zfv

f

sfgg

k|jnLs

0f

zfv

f

sfgg

k|jnLs

0f pk

zfv

f

phL t

yf t

xsLs

ftpk

zfv

f

hgz

lQm Jo

jyfkg

pkz

fvf

fdf

Go k

|zf

g pk

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f

n]vf pk

zfv

f

ljQLo Joj

yfkg

pkzfv

f

ljlQ

o Jo

jyfkg

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f

k|zf

g zfv

flw

tf]kq

bnfn

Jo

fkfL ty

f

ahf lgd

ftf k

lj]I

f0f zfv

f

lwtf]kq

bnf

JofkfL ty

f ah

f lgd

ftf u

ynut

k

lj]I

f0f pk

zfv

f

lwtf]kq

bnf

JofkfL ty

f ah

f lgd

ftf y

nut

k

lj]I

f0f pk

zfv

f

lwtf]kq

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klj

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pkzfv

f

dr]G6 a

+s

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k

lj]I

f0f pk

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f

dr]G6 a

+s

uy

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k

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f

dr]G6 a

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 7: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

efu af]8sf] k|zflgs tyf ljQLo cjyf

= af]8sf] yfkgf (= af]8sf] sfd stJo clwsfx (= ~rfns af]8 )=$ +u7g +rgf tyf hgzlQm Jojyfkg = ldltx == sfgg tyf k|jnLs0f ldlt == ljQLo k|zfg tyf rgf ljZn]if0f ldlt == n]vfkLIf0f ldlt =^ af]8sf] ljQLo cjyf =amp cGtfli6laquoo DaGw

efu $af]8sf sfdsfjfxLx

$= cgdltkq k|bfg tyf gjLs0f $== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f $== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f $== dr]G6 a+ssf] cgdltkq k|bfg gjLs0f $==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f $== lgIf]k bo btf tyf k|df0fkq gjLs0f ^ $==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f ^ $==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f ^ $== cfjf bosf] cgdltkq gjLs0f ^$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj ^ $== sfggL Jojyf amp $== sfgg k|jnLs0f amp $== fo emfj $= klj]If0f tyf cgudg $== lwtf]kq ahfsf] klj]If0f $== k|fylds lgisfzgsf] cgudg $== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg ( $==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg ($=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd $$= 5nkmn tyf cGtlqmof sfoqmd $$=^ tflnd tyf ]ldgf $$=amp k|sfzg tyf hfgsfL k|jfx $$= cWoog tyf cgGwfg $$

efu lwtf]kqahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftLx

dof tyf rgftLx $

tflnsfxtflnsfndash= ljZjsf] cflys j[l4 b tflnsfndash= g]kfnsf] dli6ut cflys cjyf $tflnsfndash= ljZj lwtf]kq ahf ^tflnsfndash= ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s amptflnsfndash= g ) df fs If]qsf] lwtf]kq ahf tflnsfndash=$ lwtf]kqsf] ahfsf] +lIfKt emns tflnsfndash= lwtf]kqsf] k|fylds ahf (tflnsfndash=^ k|fylds ahfdf If]qut kFhL klrfng tflnsfndash=amp lwtf]kqsf] bf]|f] ahf $tflnsfndash= lwtf]kqsf] bf]|f] ahfsf] sff]af lylt tflnsfndash=( rLs[t +ul7t +yfsf] If]qut cjyf tflnsfndash=) cf]l6L ahf (tflnsfndash= lwtf]kq ceflts0f ^tflnsfndash= cf=j= )ampamp^ df af]8sf] ~rfng af]8sf box )tflnsfndash= sdrfL +Vofsf] ljj0f tflnsfndash$= of]hgf Jojyfks tyf l8kf]lh6L ^tflnsfndash$= rLs[t +ul7t +yfxsf] ljj0f k|jfx $ tflnsfndash$= rLs[t +ul7t +yfxsf] jflifs fwfef DaGwL ljj0f $tflnsfndash$=$ lwtf]kq tyf jt ljlgdo ahf DaGwL cGtlqmof sfoqmd $tflnsfndash$= nufgLstf r]tgf tyf kFhLahf DaGwL k|lzIf0f sfoqmd $

rf6xrf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_ )rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_ )rf6ndash= fwf0f ]o lgisfzg cgdlt rf6 =$ xsk|b ]o lgisfzg rf6 = C0fkq lgisfzg rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg $rf6 =amp lwtf]kqsf] jflifs sff]af ^rf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f amprf6 =( ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt amprf6 =) g]K] g]K] kmnf]6 rsf+s

cgrLx $ndash^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

)amp)^ Gofolwz tyf jlsnxsf] dx g]kfn jf]Rr cbfnt af+u kFhL ahf DaGwL 5nkmn tyf cGtlqmof

)

)amp yfoL n]vf g+= -Kofg_sf] laifodf f]sfjfnfx+u 5nkmn tyf cGtlqmof

)amp^) ljlzi6Ls[t nufgL sf]ifsf] lgodg tyf +rfng DaGwL 5nkmn tyf cGtlqmof

$=^ tflnd tyf ]ldgf

cflys jif )ampamp^ df af]8n] sfot hgzlQmsf] Ifdtf clej[l4sf nflu af]8 bo pRr Jojyfkg tyf ljleGg sdrfLxnfO APG n] cfof]hgf u]sf] Accessor Training APG Seoul Wokshop 2018 The Toronto Center and the Monetary Authority of Singapore n] +oQm kdf cfof]hgf u]sf] 12th Regional Leadership Programme for Securities Regulator 14th ASF Tokyo Round Table GEM Committee Annual Meeting and Conference OECD n] cfof]hgf u]sf] Advancing Financial Literacy Globally Implementation and Innovation AMF France 2018 International Seminar APEC FRTI n] cfof]hgf u]sf] Regional Seminar on Enhancing Listing Liquidity and Investor Participation in Emerging Markets Stock Exchanges - Cambodia Regional Seminar on Enforcement and Litigation - Sri Lanka Regional Seminar on Fintech and Cybersecurity - South Korea Regional Seminar on Development of Collective Investment Scheme and Implications of Emerging Trends ndash Cambodia IOSCO n] cfof]hgf u]sf] Assessment Committee Capacity Building Workshop for Self Assessment Workshop on Crypto-Assets Trends Challenges and Regulatory Implications 2019 IOSCO Seminar Training Programme - Protecting the Retail Investors A Securities Regulators Perspective 2019 IOSCOPIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets IOSCO Asia Pacific hub strenghthening cyber securities nufotsf cGtfli6laquoo tdf cfof]lht ]ldgf tyf tflnd sfoqmdx 44th Annual International Futures Industry Conference - BOCA 29th Annual International Institute for Securities Market Growth and Development - USA 2019 FATFMoney Val Joint Experts Meeting and the US Presidency Initiative on Prosecutors and Judges - Isrial Asia Pacific Forum 2019 IMF Legal Department and Institute for capacity development implementing the international anti money laundering combacting the financiaing of terrorism standardrs - Singapore tyf NISM India af6 cfof]hgf ePsf] An Overview of Securities Marketsrsquo for Officers of SEBON af]8n] xefuL ufPsf] 5 fy af]8n] sfgg k|jnLs0f ljQLo fIftf klj]If0f lgod kfngf tyf cgudg htf ljifo jtxdf d]t cGtfli6laquoo tdf cfof]lht sfoqmddf af]8sf kbflwsfL tyf sdrfLxnfO xefuL ufPsf] 5 af]8n] dLIff jifdf jt ljlgdo ahfsf] lgodg lhDd]jfLnfO k|efjsfL kdf kf ug af]8 sdrfLsf] Ifdtf clej[l4 ug] p2]Zon] eftsf] sdf]l86L 8]le]l6E ahf +rfns PdlPSndashOl08ofsf] k|fljlws xof]udf sdf]l86L 8]le]l6E ahf ljifos bO lbg] cGtlqmof sfoqmd ~rfng u]sf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

43

$=amp k|sfzg tyf hfgsfL k|jfx

af]8n] lwtf]kq ahfsf] lylt tyf jfwf0fdf lwtf]kq ahf DaGwL r]tgfsf] t clej[l4 ug] p2]Zon] af]8n] xfnfn ljleGg rgf tyf hfgsfLdns fdu|Lxsf] k|sfzg tyf hfgsfL k|jfxdf ljz]if hf]8 lbb cfPsf] 5 o cgf dLIff jifdf af]8n] o sfonfO cem ltj|tfsf fy cl3 a9fPsf] 5

lwtf]kq tYofIacute Jojyfkg k|0ffnLM af]8n] rLs[t sDkgLxsf] aflifs k|ltj]bgdf dfj]z tYof+sx tyf fli6laquoo Pj+ cGtfli6laquoo If]qsf kFhL ahf tyf cytGqFu DalGwt tYof+sx +sng uL lwtf]kqsf] s]Gb|Lo tYofIacute a+s yfkgf ulPsf]df pQm k|0ffnLdf x]sf ljj0fx cWofjlws uL fjhlgs ug] sfonfO lgGttf lbOPsf] 5 o k|0ffnLaf6 lwtf]kq ahfdf nufgL ug rfxg] jfwf0f nufgLstfxn] cfkmn] nufgL ug rfx]sf] rLs[t +ul7t +yfxsf] ljQLo ljj0f k|fKt ug Sg] Jojyf x]sf] 5 o Jojyfaf6 kFhL ahf DaGwL cWoog tyf cgGwfgstfxnfO d]t cfjZos tYof+s tyf hfgsfL pknAw xg] u]sf] 5

jflifs k|ltj]bgM lwtf]kq DaGwL P]g )^ sf] bkmf ^ n] u]sf] Jojyf cgf lwtf]kq ahfdf ePsf sfdsfjfxL ultljlw ahf ljsfsf nflu ePsf k|ofx dfj]z uL af]8n] cflys jif )amp$amp sf] jflifs k|ltj]bg -cEuml|]hLdf d]t_ k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 Ps klroM af]8 yfkgfsf p2]Zox af]8sf] sfd stJo clwsf sfoIf]q tyf 0fgLlt ~rfns af]8 tyf +u7gfTds jksf fy lwtf]kq ahfsf] hfgsfLsf fy af]8n] ahfsf] ljsf tyf ljtfsf nflu rfn]sf sbdxsf] d]t hfgsfL lbg] p2]Zon] af]8n] g]kfn lwtf]kq af]8 Ps klrosf] t]|f] +s0f k|sfzg u]sf] lyof] o cl3 f]xL kts )amp d+ldf k|yd k|sfzg -))) k|lt_ bf]|f] +s0f )amp df3df k|sfzg -))) k|lt_ ePsf] lyof] pQm Ps klrodf cWofjlws uL o cf=j=df klg kgM k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 dfrf k|sfzgM af]8sf] ultljlwxnfO jfwf0fdIf hfgsfL k|jfx ug] p2]Zon] )amp kfif b]lv g]kfn lwtf]kq af]8 dfrfsf] k|sfzgnfO lgGttf lbOPsf] 5 cflys jif )ampamp^ df pQm dfrfnfO aringdfls kdf ljleGg cIacutexsf] k|sfzg uL jfwf0f tyf f]sfjfnfnfO ljt0f ulPsf] 5

Quarterly Securities Market Indicators lwtf]kq ahfsf] cjyf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu af]8n] rfn]sf kxnxsf] Gbedf qdfls kdf jfwf0f nufgLstf tyf f]sfjfnfxnfO hfgsfL k|bfg ug] p2]Zon] cflys jif )ampamp^ af6 k|sfzg zjft ulPsf] Quarterly Securities Market Indicators nfO dLIff jifdf d]t lgGttf lbb o k|sfzgsf] gjf+ cIacuteDd k|sfzg uL DalGwt kIfxnfO ljt0f ulPsf] 5

lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|ZgxM jfwf0fnfO lwtf]kq tyf jt ljlgdo ahfsf ljljw kIfxsf] af]df k|Zgf]Q znLdf hfgsfL lbO kFhL ahfdf clelr tyf fIftf clej[l4 ug] p2]Zon] dLIff jifdf lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|Zgxsf] +s0fnfO cem Jojlyt ljt[t kdf kldfhg uL k|sfzg u]sf]] 5

cflys jif )amp^ampamp sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmddf 5nkmn tyf k|sfzgM af]8n] cflys jif )amp^ampamp df canDag ulg] lwtf]kq tyf jt ljlgod ahfDaGwL gLlt tyf sfoqmdnfO fjhlgs uL ahf ljsf tyf ljtfk|lt af]8nfO hjfkmb]xL tyf kfbzL agfpg] p2]Zon] dLIff jifdf ldlt )amp^ cfiff9 df Dk0f Da4 kIfxnfO +nUg ufO lwtf]kq ahfDaGwL k|tfljt gLlt tyf sfoqmdsf DaGwdf cGtlqmof uL k|fKt fodivideemfjxnfO d]t dfj]z uL cfufdL jif cyft cflys jif )amp^ampamp sf] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdsf] k|sfzg uL fjhlgs u]sf] 5

af]8sf] ampcf+ aflifsf]Tj k|sfzgM af]8sf] amp cf+ aflifsf]Tjsf] cjdf af]8n] lwtf]kq ahf DaGwL ljleGg gofF cWoog fdu|Lx k|sfzg u]sf] 5

y lwtf]kq ahf DaGwL ljleGg n]v rgf dfj]z ulPsf] aeligg]kfn lwtf]kq af]8 dfrf kFhL ahf n]v ljz]iffIacute )amp^AElig

y lwtf]kq tyf jt ahfDaGwL ljz]if sfggL +u|x )amp c+u|]hLdf

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

44

y lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx

r]tgfdns fdfu|LxM lwtf]kqdf nufgL ubf s] stf laifoxdf Wofg lbg k5 eGg] DaGwdf nufgLstfnfO hfgsfL lbgsf fy r]t ufpg] p2]Zon] lwtf]kqdf nufgL ubf Wofg lbgkg] sfx d]6L af]8n] krf kDkn]6 k|sfzg uL ljt0f u]sf] 5 fy af]8sf] j]afO6 laleGg fli6laquoo kqklqsf 6]lnlehg nufotsf ~rf dfWod dfkmt r]tgfdns fdfu|Lx k|sfzg tyf k|zf0f ug] sfonfO af]8n] lgGttf lbPsf] 5 Tot af]8n] jfw0f Pj+ nufgLstfsf] lwtf]kq ahf DaGwL lh1ffnfO dfwfg ug lwtf]kq ahfdf afDaf f]lwg] k|Zgxsf] Fufnf] tyf lwtf]kq ahfdf afDaf k|of]u xg] zAbxnfO d]6] lwtf]kq ahf zAbfjnL kltsf k|sfzg uL ljt0f u]sf] 5

j]afO6M lwtf]kq ahfsf ljljw kIfx DaGwdf Dj4 kIfxnfO lgGt kdf hfgsfL pknAw ufpg] p2]Zon] lwtf]kq ahfFu DalGwt P]g lgod tyf lgb]lzsfx af]8sf] klro af]8sf] jflifs k|ltj]bg af]8df ugff] lbg] 9fFrfsf fy f]sfjfnf tyf nufgLstfxsf nflu hfgsfL rgf tyf r]tgfdns fdfu|Lx dfj]z uL af]8n] tof u]sf] j]jfO6nfO cem ljt[t agfPsf] 5 af]8n] lwtf]kq ahf lwtf]kq AojfoL tyf rLs[t +ul7t +yfxsf] P]g lgodsf] kfngfsf] lylt DaGwL ljj0f Pj+ ljt[t hfgsfL d]t j]afO6df dfj]z u]sf] 5

$= cWoog tyf cgGwfg

lwtf]kq ahfsf] ljsf tyf ljtfsf] nflu cWoog tyf cgGwfgdf cfwflt gLlt lgdf0f tyf lgb]zg hfL ugkg] cfjZostf x]sf] Gbedf af]8af6 dLIff jifdf jflifs sfoqmd cgf b]xfo adf]lhdsf cWoog tyf cgGwfg sfox ePsf 5g

lwtf]kq ahfdf yfoL n]vf gDa -Kofg_ sf] Jojyf DaGwdf ulPsf] cGtlqmofdivide5nkmn sfoqmdDaGwL cWoog k|ltj]bg )amp

kflIfs nufgLstf k|lzIf0f sfoqmdsf] k[i7kf]if0f j]If0f cWoog k|ltj]bg )amp

lwtf]kq ahfsf] jtdfg cjyf ahfDaGwL g]kfn sfsf] gLlt sfoqmd ahf wfsf nflu af]8sf] tTsfnLg tyf dWosfnLg emfj )amp

lwtf]kq ahfsf] +rgfTds wf ug g]K]sf] skf]]6fOh]g gofF 6s PSr]GhDaGwL cjwf0ff kq )amp

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cflys j]If0f )ampamp^ sf] nflu lwtf]kq ahf DaGwL cfjZos ljj0fx tof uL k]z ulPsf] 5

ljQLo If]q ljsf 0fgLltdf pNn]lvt sfosf] sfofGojg lylt tyf sfoof]hgfsf] vfsf DaGwdf ljQLo If]q ljsf 0fgLlt sfofGjog ldltnfO cjut ufpFb g]kfn fi6laquo a+s ljQLo If]q Jojyfkg dxfzfvf cy dGqfnodf k]z u]sf] 5

fhj Jojyfkg dxfzfvf cy dGqfnodf lwtf]kq ahf DaGwdf fhj tyf s gLlt DaGwL ljt[t emfj k]z u]sf] 5

Aff]8n] cf=j= )amp^ampamp df g]kfn sfsf] gLlt tyf sfoqmddf dfj]z ugkg] lwtf]kq ahf DaGwL ljifojtx tof uL cy dGqfnodf k]z u]sf]df f]xL cgf cf=j= )amp^ampamp sf] g]kfn sfsf] ah]6 jQmJodf dfj]z ePsf]

fy af]8n] cf=j= )amp^ampamp sf] dflb|s gLltsf DaGwdf lwtf]kq ahf DaGwL fo emfj g]kfn fi6laquo a+snfO lbPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

45

efundashkfldquorlwtf]kq ahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL

dof tyf rgftLxaf]8n] lwtf]kq ahf tyf jt ljlgdo ahfsf] ljsf tyf wf DaGwdf b]lvPsf dof tyf rgftLxnfO qmdzM

dfwfg ub ahfnfO jR5 kfblztfsf] nflu cfjZos Jojyfx ljsf ub nu]sf] 5 o qmddf dLIff cjlwdf g]kfnsf] lwtf]kq ahfsf] ljsf wf DaGwdf af]8n] dxTjk0f +rgfTds wf sfox u]sf] 5 eg] jt ljlgdo ahfnfO lgodgsf] bfofdf NofPsf] 5

k|fylds ahfdf cfjf k|0ffnLsf] kmn sfofGjog Ps g]kfnL Ps l8Dof6 vftf cfof]hgf k|efljt If]q yfgLonfO l8Dof6 vftf vf]Ngsf nflu ePsf] k|f]Tfxgdns Jojyf tyf af]8n] b]zJofkL kdf ~rfng u]sf] nufgLstf k|lzIf0f sfoqmd nufotsf sf0faf6 nufgLstfsf] +Vofdf Jofks j[l4 ePsf] b]lvG5 kl5Nnf] do lwtf]kq ahfsf] kxFr pkTosfaflx d]]t ljtf xg] qmd a9]sf] nufgLsf jslNks fwgx lelqg] sfggL jftfj0f tof ePsf] jrflnt cgnfOg sff]af k|0ffnL nfu ePsf] g]kfndf yflkt klAns sDkgLxn] ljb]zL ahfdf lwtf]kq hfL ug] tyf PgcfPgn] k|fOe]6 OlSj6L e]~r Soflk6nhtf pks0faf6 kFhL ahfdf nufgL ug Sg] Jojyfaf6 g]kfnsf] lwtf]kq ahf klg qmdzM b]zJofkL k|ljlwdqL+ Pj+ nufgLstfdqL+ eO cfwlgsLs0ftkm pGdv xFb uOx]sf] 5

af]8af6 ulPsf wfsf ljljw k|ofsf afahb ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO tf]Gglt ub nhfg] rgftL eg] sfod x]sf] 5 o qmddf lwtf]kq ahfsf] ljsf wf DaGwdf gLltut k|ljlw +yfut sfggL +rgf OToflbsf] DjGwdf dVotM b]xfo cgfsf dof tyf rgftLx x]sf 5g

s_ lwtf]kq ahf ljsf tyf wfsf dof tyf rgftL

lwtf]kq ahf wf tyf ljsfdf af]8af6 ljleGg wfsf sfox ulPtfklg o ahfsf] lbuf] tyf yfoL ljsfsf nflu b]xfo adf]lhdsf dof tyf rgftLx x]sf 5g M

kFhL ahfdf ki6 gLltut Jojyf uL ahfsf] ly bL3sfnLg ljsfsf] cjwf0ffdfkmt ahfsf] lbuf] ljsf ug]

ahfsf] yfloTj Pj+ bL3sfnLg ljsfsf nflu ll8P fdlxs nufgL sf]ifnfO b[9 kdf Jojlyt ug 6laquoi6 P]g tyf cGo DalGwt P]gx thdf uL sfggL lxfan] +rgfTds wf ug]

af]8 tyf lwtf]kq ahf xefuLsf] +yfut Ifdtf clej[l4 ub +3Lo k|fb]lzs 9fFrf cgf qmdzM b]ze ~hfn ljtf ub nhfg]

lwtf]kq ahf xefuLxsf] sfd sfjfxLnfO cem tLo Jojflos k|ltkwL agfpg]] rgftL 5 fy af]8sf] +u7gfTds +rgfnfO dok]If agfpFb lwtf]kq ahfdf of]Uo bIf Pj+ k|ltkwL Pj+ ekbf] hgzlQmnfO cfslift ug tyf ljBdfg hgzlQmnfO lgGttf lbg] sfosf fy lwtf]kq JojfoLxdf sdrfL j[lQ ljsf of]hgf tyf pQflwsfL of]hgf thdf ufO sfofGjog ufpg]

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lwtf]kq ahfnfO yk Jojflos Pj+ k|ltkwfTds agfpg lwtf]kq ahf ~rfng lgodfjnL )^$ sf] dd adf]lhdsf] lghL If]qdf gofF 6s PSr]Gh yfkgfnfO xhLs0f ug]

lwtf]kqsf] bf]|f] ahfnfO cflys tyf Jofkfls kdf lqmo ljQLokdf Ifd lhNnfxdf qmdzM ljtf ub b]zJofkL kdf ljtf ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

46

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g]kfn 6s PSr]~h ln= df rLs[t hnljBt DaGwL ljBfdfg sfggdf ljBt cfof]hgf +rfng cgdltsf] dofjlw )divide jifdf lsPkl5 xg] jfldTj xtfGt0fn] ]owgLxdf kg] k|efjsf DaGwdf xfn Dd klg ki6 Jojyf gxFbf hnljBt If]qsf] nufgLsf] jfldTj clglZrttfDaGwL hf]lvdnfO GogLs0f ug] f] sf DaGwdf ki6 gLltut Jojyf ug]

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lwtf]kq ahfdf yfloTj NofO Jojlyt ug dxTjk0f eldsf v]Ng] +yfut nufgLstfxsf] xfn xeflutf xg glsx]sf] Gbedf ~rostfsf] dVo bfloTj af]s]sf] gfuls nufgL sf]]if htf +yfsf xfos sDkgLdfkmt ljz]if1 lwtf]kq JojfoL ]jfsf] Jojyf ug] tyf ljb]zL nufgLnfO +yfut nufgLstfsf] kdf leqofpg]

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fs If]qdf PsLs[t kFhL ahfsf] cjwf0ff ljsf eOx]sf] Gbedf g]kfnsf] lwtf]kq ahfnfO qmaf]8 lnli6Euml 6]laquol8Eumldf xefuL ufpg lgodg lgsfox lxt a ahf xefuLx rLs[t sDkgLxsf] Ifdtf clej[l4 ug] lgodg tyf JojfoL ultljlwdf dtf (Harmonisation) rgf k|ljlwsf] k|of]unfO tLo Pj+ Jofks agfpg] fy sfggL JojyfnfO b[9Ls0f ug]

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lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

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v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

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jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

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48

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11

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49

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flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

cgrLndash ^af]8 +u7g +rgf

+rfn

s a

f]8

cWo

IfcWo

Ifsf] l

rjfno

n]vf k

LIf0f l

dlt

lgod

g ty

f Jo

jyfkg

lje

fu

sfgg

tyf

k|jnLs

0f dx

fzfv

flgod

g dx

fzfv

fJo

jyfkg

dxfzfv

flw

tf]kq

ahf l

l8P

ty

f sf]if k

lj]I

f0f

dxfz

fvf

gLlt cg

Gwfg t

yf

of]hgf d

xfzfv

f

lwtf]kq

Joj

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klj]I

f0f dx

fzfv

fklj]I

f0f ty

f cg

Gwfg lje

fu

dr]G6 a

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8P

tyf

qm]l8

6 ]l6Euml

pkz

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lwtf]kq

ahf

ty

f lw

tf]kq

bnf

nJo

fkfL ty

f ah

f lgd

ftf pk

zfvf

lwtf]kq

ahf t

yf

Joj

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f

+yfut

ljQ

pkz

fvf

fdl

xs n

ufgL s

f]if p

kzfv

f

+yfut

ljQ

tyf

fdl

xs

nufgL s

f]if zfv

fsfgg

zfv

f

sfgg

pkzfv

f

sfggL k

|ltI

ff pk

zfv

f

sfgg

k|jnLs

0f

zfv

f

sfgg

k|jnLs

0f pk

zfv

f

phL t

yf t

xsLs

ftpk

zfv

f

hgz

lQm Jo

jyfkg

pkz

fvf

fdf

Go k

|zf

g pk

zfv

f

n]vf pk

zfv

f

ljQLo Joj

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pkzfv

f

ljlQ

o Jo

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f

k|zf

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flw

tf]kq

bnfn

Jo

fkfL ty

f

ahf lgd

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lj]I

f0f zfv

f

lwtf]kq

bnf

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f ah

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ftf u

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k

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lwtf]kq

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f ah

f lgd

ftf y

nut

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lwtf]kq

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k

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f0f pk

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ahf t

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f]if

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f0f pk

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lrs[t

sDk

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f]if k

lj]I

f0f zfv

f

cg

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yf

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k|ljlw

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 8: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

efu lwtf]kqahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftLx

dof tyf rgftLx $

tflnsfxtflnsfndash= ljZjsf] cflys j[l4 b tflnsfndash= g]kfnsf] dli6ut cflys cjyf $tflnsfndash= ljZj lwtf]kq ahf ^tflnsfndash= ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s amptflnsfndash= g ) df fs If]qsf] lwtf]kq ahf tflnsfndash=$ lwtf]kqsf] ahfsf] +lIfKt emns tflnsfndash= lwtf]kqsf] k|fylds ahf (tflnsfndash=^ k|fylds ahfdf If]qut kFhL klrfng tflnsfndash=amp lwtf]kqsf] bf]|f] ahf $tflnsfndash= lwtf]kqsf] bf]|f] ahfsf] sff]af lylt tflnsfndash=( rLs[t +ul7t +yfsf] If]qut cjyf tflnsfndash=) cf]l6L ahf (tflnsfndash= lwtf]kq ceflts0f ^tflnsfndash= cf=j= )ampamp^ df af]8sf] ~rfng af]8sf box )tflnsfndash= sdrfL +Vofsf] ljj0f tflnsfndash$= of]hgf Jojyfks tyf l8kf]lh6L ^tflnsfndash$= rLs[t +ul7t +yfxsf] ljj0f k|jfx $ tflnsfndash$= rLs[t +ul7t +yfxsf] jflifs fwfef DaGwL ljj0f $tflnsfndash$=$ lwtf]kq tyf jt ljlgdo ahf DaGwL cGtlqmof sfoqmd $tflnsfndash$= nufgLstf r]tgf tyf kFhLahf DaGwL k|lzIf0f sfoqmd $

rf6xrf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_ )rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_ )rf6ndash= fwf0f ]o lgisfzg cgdlt rf6 =$ xsk|b ]o lgisfzg rf6 = C0fkq lgisfzg rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg $rf6 =amp lwtf]kqsf] jflifs sff]af ^rf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f amprf6 =( ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt amprf6 =) g]K] g]K] kmnf]6 rsf+s

cgrLx $ndash^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

)amp)^ Gofolwz tyf jlsnxsf] dx g]kfn jf]Rr cbfnt af+u kFhL ahf DaGwL 5nkmn tyf cGtlqmof

)

)amp yfoL n]vf g+= -Kofg_sf] laifodf f]sfjfnfx+u 5nkmn tyf cGtlqmof

)amp^) ljlzi6Ls[t nufgL sf]ifsf] lgodg tyf +rfng DaGwL 5nkmn tyf cGtlqmof

$=^ tflnd tyf ]ldgf

cflys jif )ampamp^ df af]8n] sfot hgzlQmsf] Ifdtf clej[l4sf nflu af]8 bo pRr Jojyfkg tyf ljleGg sdrfLxnfO APG n] cfof]hgf u]sf] Accessor Training APG Seoul Wokshop 2018 The Toronto Center and the Monetary Authority of Singapore n] +oQm kdf cfof]hgf u]sf] 12th Regional Leadership Programme for Securities Regulator 14th ASF Tokyo Round Table GEM Committee Annual Meeting and Conference OECD n] cfof]hgf u]sf] Advancing Financial Literacy Globally Implementation and Innovation AMF France 2018 International Seminar APEC FRTI n] cfof]hgf u]sf] Regional Seminar on Enhancing Listing Liquidity and Investor Participation in Emerging Markets Stock Exchanges - Cambodia Regional Seminar on Enforcement and Litigation - Sri Lanka Regional Seminar on Fintech and Cybersecurity - South Korea Regional Seminar on Development of Collective Investment Scheme and Implications of Emerging Trends ndash Cambodia IOSCO n] cfof]hgf u]sf] Assessment Committee Capacity Building Workshop for Self Assessment Workshop on Crypto-Assets Trends Challenges and Regulatory Implications 2019 IOSCO Seminar Training Programme - Protecting the Retail Investors A Securities Regulators Perspective 2019 IOSCOPIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets IOSCO Asia Pacific hub strenghthening cyber securities nufotsf cGtfli6laquoo tdf cfof]lht ]ldgf tyf tflnd sfoqmdx 44th Annual International Futures Industry Conference - BOCA 29th Annual International Institute for Securities Market Growth and Development - USA 2019 FATFMoney Val Joint Experts Meeting and the US Presidency Initiative on Prosecutors and Judges - Isrial Asia Pacific Forum 2019 IMF Legal Department and Institute for capacity development implementing the international anti money laundering combacting the financiaing of terrorism standardrs - Singapore tyf NISM India af6 cfof]hgf ePsf] An Overview of Securities Marketsrsquo for Officers of SEBON af]8n] xefuL ufPsf] 5 fy af]8n] sfgg k|jnLs0f ljQLo fIftf klj]If0f lgod kfngf tyf cgudg htf ljifo jtxdf d]t cGtfli6laquoo tdf cfof]lht sfoqmddf af]8sf kbflwsfL tyf sdrfLxnfO xefuL ufPsf] 5 af]8n] dLIff jifdf jt ljlgdo ahfsf] lgodg lhDd]jfLnfO k|efjsfL kdf kf ug af]8 sdrfLsf] Ifdtf clej[l4 ug] p2]Zon] eftsf] sdf]l86L 8]le]l6E ahf +rfns PdlPSndashOl08ofsf] k|fljlws xof]udf sdf]l86L 8]le]l6E ahf ljifos bO lbg] cGtlqmof sfoqmd ~rfng u]sf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

43

$=amp k|sfzg tyf hfgsfL k|jfx

af]8n] lwtf]kq ahfsf] lylt tyf jfwf0fdf lwtf]kq ahf DaGwL r]tgfsf] t clej[l4 ug] p2]Zon] af]8n] xfnfn ljleGg rgf tyf hfgsfLdns fdu|Lxsf] k|sfzg tyf hfgsfL k|jfxdf ljz]if hf]8 lbb cfPsf] 5 o cgf dLIff jifdf af]8n] o sfonfO cem ltj|tfsf fy cl3 a9fPsf] 5

lwtf]kq tYofIacute Jojyfkg k|0ffnLM af]8n] rLs[t sDkgLxsf] aflifs k|ltj]bgdf dfj]z tYof+sx tyf fli6laquoo Pj+ cGtfli6laquoo If]qsf kFhL ahf tyf cytGqFu DalGwt tYof+sx +sng uL lwtf]kqsf] s]Gb|Lo tYofIacute a+s yfkgf ulPsf]df pQm k|0ffnLdf x]sf ljj0fx cWofjlws uL fjhlgs ug] sfonfO lgGttf lbOPsf] 5 o k|0ffnLaf6 lwtf]kq ahfdf nufgL ug rfxg] jfwf0f nufgLstfxn] cfkmn] nufgL ug rfx]sf] rLs[t +ul7t +yfxsf] ljQLo ljj0f k|fKt ug Sg] Jojyf x]sf] 5 o Jojyfaf6 kFhL ahf DaGwL cWoog tyf cgGwfgstfxnfO d]t cfjZos tYof+s tyf hfgsfL pknAw xg] u]sf] 5

jflifs k|ltj]bgM lwtf]kq DaGwL P]g )^ sf] bkmf ^ n] u]sf] Jojyf cgf lwtf]kq ahfdf ePsf sfdsfjfxL ultljlw ahf ljsfsf nflu ePsf k|ofx dfj]z uL af]8n] cflys jif )amp$amp sf] jflifs k|ltj]bg -cEuml|]hLdf d]t_ k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 Ps klroM af]8 yfkgfsf p2]Zox af]8sf] sfd stJo clwsf sfoIf]q tyf 0fgLlt ~rfns af]8 tyf +u7gfTds jksf fy lwtf]kq ahfsf] hfgsfLsf fy af]8n] ahfsf] ljsf tyf ljtfsf nflu rfn]sf sbdxsf] d]t hfgsfL lbg] p2]Zon] af]8n] g]kfn lwtf]kq af]8 Ps klrosf] t]|f] +s0f k|sfzg u]sf] lyof] o cl3 f]xL kts )amp d+ldf k|yd k|sfzg -))) k|lt_ bf]|f] +s0f )amp df3df k|sfzg -))) k|lt_ ePsf] lyof] pQm Ps klrodf cWofjlws uL o cf=j=df klg kgM k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 dfrf k|sfzgM af]8sf] ultljlwxnfO jfwf0fdIf hfgsfL k|jfx ug] p2]Zon] )amp kfif b]lv g]kfn lwtf]kq af]8 dfrfsf] k|sfzgnfO lgGttf lbOPsf] 5 cflys jif )ampamp^ df pQm dfrfnfO aringdfls kdf ljleGg cIacutexsf] k|sfzg uL jfwf0f tyf f]sfjfnfnfO ljt0f ulPsf] 5

Quarterly Securities Market Indicators lwtf]kq ahfsf] cjyf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu af]8n] rfn]sf kxnxsf] Gbedf qdfls kdf jfwf0f nufgLstf tyf f]sfjfnfxnfO hfgsfL k|bfg ug] p2]Zon] cflys jif )ampamp^ af6 k|sfzg zjft ulPsf] Quarterly Securities Market Indicators nfO dLIff jifdf d]t lgGttf lbb o k|sfzgsf] gjf+ cIacuteDd k|sfzg uL DalGwt kIfxnfO ljt0f ulPsf] 5

lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|ZgxM jfwf0fnfO lwtf]kq tyf jt ljlgdo ahfsf ljljw kIfxsf] af]df k|Zgf]Q znLdf hfgsfL lbO kFhL ahfdf clelr tyf fIftf clej[l4 ug] p2]Zon] dLIff jifdf lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|Zgxsf] +s0fnfO cem Jojlyt ljt[t kdf kldfhg uL k|sfzg u]sf]] 5

cflys jif )amp^ampamp sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmddf 5nkmn tyf k|sfzgM af]8n] cflys jif )amp^ampamp df canDag ulg] lwtf]kq tyf jt ljlgod ahfDaGwL gLlt tyf sfoqmdnfO fjhlgs uL ahf ljsf tyf ljtfk|lt af]8nfO hjfkmb]xL tyf kfbzL agfpg] p2]Zon] dLIff jifdf ldlt )amp^ cfiff9 df Dk0f Da4 kIfxnfO +nUg ufO lwtf]kq ahfDaGwL k|tfljt gLlt tyf sfoqmdsf DaGwdf cGtlqmof uL k|fKt fodivideemfjxnfO d]t dfj]z uL cfufdL jif cyft cflys jif )amp^ampamp sf] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdsf] k|sfzg uL fjhlgs u]sf] 5

af]8sf] ampcf+ aflifsf]Tj k|sfzgM af]8sf] amp cf+ aflifsf]Tjsf] cjdf af]8n] lwtf]kq ahf DaGwL ljleGg gofF cWoog fdu|Lx k|sfzg u]sf] 5

y lwtf]kq ahf DaGwL ljleGg n]v rgf dfj]z ulPsf] aeligg]kfn lwtf]kq af]8 dfrf kFhL ahf n]v ljz]iffIacute )amp^AElig

y lwtf]kq tyf jt ahfDaGwL ljz]if sfggL +u|x )amp c+u|]hLdf

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

44

y lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx

r]tgfdns fdfu|LxM lwtf]kqdf nufgL ubf s] stf laifoxdf Wofg lbg k5 eGg] DaGwdf nufgLstfnfO hfgsfL lbgsf fy r]t ufpg] p2]Zon] lwtf]kqdf nufgL ubf Wofg lbgkg] sfx d]6L af]8n] krf kDkn]6 k|sfzg uL ljt0f u]sf] 5 fy af]8sf] j]afO6 laleGg fli6laquoo kqklqsf 6]lnlehg nufotsf ~rf dfWod dfkmt r]tgfdns fdfu|Lx k|sfzg tyf k|zf0f ug] sfonfO af]8n] lgGttf lbPsf] 5 Tot af]8n] jfw0f Pj+ nufgLstfsf] lwtf]kq ahf DaGwL lh1ffnfO dfwfg ug lwtf]kq ahfdf afDaf f]lwg] k|Zgxsf] Fufnf] tyf lwtf]kq ahfdf afDaf k|of]u xg] zAbxnfO d]6] lwtf]kq ahf zAbfjnL kltsf k|sfzg uL ljt0f u]sf] 5

j]afO6M lwtf]kq ahfsf ljljw kIfx DaGwdf Dj4 kIfxnfO lgGt kdf hfgsfL pknAw ufpg] p2]Zon] lwtf]kq ahfFu DalGwt P]g lgod tyf lgb]lzsfx af]8sf] klro af]8sf] jflifs k|ltj]bg af]8df ugff] lbg] 9fFrfsf fy f]sfjfnf tyf nufgLstfxsf nflu hfgsfL rgf tyf r]tgfdns fdfu|Lx dfj]z uL af]8n] tof u]sf] j]jfO6nfO cem ljt[t agfPsf] 5 af]8n] lwtf]kq ahf lwtf]kq AojfoL tyf rLs[t +ul7t +yfxsf] P]g lgodsf] kfngfsf] lylt DaGwL ljj0f Pj+ ljt[t hfgsfL d]t j]afO6df dfj]z u]sf] 5

$= cWoog tyf cgGwfg

lwtf]kq ahfsf] ljsf tyf ljtfsf] nflu cWoog tyf cgGwfgdf cfwflt gLlt lgdf0f tyf lgb]zg hfL ugkg] cfjZostf x]sf] Gbedf af]8af6 dLIff jifdf jflifs sfoqmd cgf b]xfo adf]lhdsf cWoog tyf cgGwfg sfox ePsf 5g

lwtf]kq ahfdf yfoL n]vf gDa -Kofg_ sf] Jojyf DaGwdf ulPsf] cGtlqmofdivide5nkmn sfoqmdDaGwL cWoog k|ltj]bg )amp

kflIfs nufgLstf k|lzIf0f sfoqmdsf] k[i7kf]if0f j]If0f cWoog k|ltj]bg )amp

lwtf]kq ahfsf] jtdfg cjyf ahfDaGwL g]kfn sfsf] gLlt sfoqmd ahf wfsf nflu af]8sf] tTsfnLg tyf dWosfnLg emfj )amp

lwtf]kq ahfsf] +rgfTds wf ug g]K]sf] skf]]6fOh]g gofF 6s PSr]GhDaGwL cjwf0ff kq )amp

lwtf]kq DaGwL P]g )^ sf] bkmf -s_df ePsf] Jojyf cgf g]kfn sfaf6 dfu eP adf]lhd lwtf]kq ahfsf] jtdfg cjyf ahf ljsf tyf ljtfsf] nflu lgDglnlvt ljifodf af]8sf] fo tyf emfj k]z u]sf] 5

cflys j]If0f )ampamp^ sf] nflu lwtf]kq ahf DaGwL cfjZos ljj0fx tof uL k]z ulPsf] 5

ljQLo If]q ljsf 0fgLltdf pNn]lvt sfosf] sfofGojg lylt tyf sfoof]hgfsf] vfsf DaGwdf ljQLo If]q ljsf 0fgLlt sfofGjog ldltnfO cjut ufpFb g]kfn fi6laquo a+s ljQLo If]q Jojyfkg dxfzfvf cy dGqfnodf k]z u]sf] 5

fhj Jojyfkg dxfzfvf cy dGqfnodf lwtf]kq ahf DaGwdf fhj tyf s gLlt DaGwL ljt[t emfj k]z u]sf] 5

Aff]8n] cf=j= )amp^ampamp df g]kfn sfsf] gLlt tyf sfoqmddf dfj]z ugkg] lwtf]kq ahf DaGwL ljifojtx tof uL cy dGqfnodf k]z u]sf]df f]xL cgf cf=j= )amp^ampamp sf] g]kfn sfsf] ah]6 jQmJodf dfj]z ePsf]

fy af]8n] cf=j= )amp^ampamp sf] dflb|s gLltsf DaGwdf lwtf]kq ahf DaGwL fo emfj g]kfn fi6laquo a+snfO lbPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

45

efundashkfldquorlwtf]kq ahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL

dof tyf rgftLxaf]8n] lwtf]kq ahf tyf jt ljlgdo ahfsf] ljsf tyf wf DaGwdf b]lvPsf dof tyf rgftLxnfO qmdzM

dfwfg ub ahfnfO jR5 kfblztfsf] nflu cfjZos Jojyfx ljsf ub nu]sf] 5 o qmddf dLIff cjlwdf g]kfnsf] lwtf]kq ahfsf] ljsf wf DaGwdf af]8n] dxTjk0f +rgfTds wf sfox u]sf] 5 eg] jt ljlgdo ahfnfO lgodgsf] bfofdf NofPsf] 5

k|fylds ahfdf cfjf k|0ffnLsf] kmn sfofGjog Ps g]kfnL Ps l8Dof6 vftf cfof]hgf k|efljt If]q yfgLonfO l8Dof6 vftf vf]Ngsf nflu ePsf] k|f]Tfxgdns Jojyf tyf af]8n] b]zJofkL kdf ~rfng u]sf] nufgLstf k|lzIf0f sfoqmd nufotsf sf0faf6 nufgLstfsf] +Vofdf Jofks j[l4 ePsf] b]lvG5 kl5Nnf] do lwtf]kq ahfsf] kxFr pkTosfaflx d]]t ljtf xg] qmd a9]sf] nufgLsf jslNks fwgx lelqg] sfggL jftfj0f tof ePsf] jrflnt cgnfOg sff]af k|0ffnL nfu ePsf] g]kfndf yflkt klAns sDkgLxn] ljb]zL ahfdf lwtf]kq hfL ug] tyf PgcfPgn] k|fOe]6 OlSj6L e]~r Soflk6nhtf pks0faf6 kFhL ahfdf nufgL ug Sg] Jojyfaf6 g]kfnsf] lwtf]kq ahf klg qmdzM b]zJofkL k|ljlwdqL+ Pj+ nufgLstfdqL+ eO cfwlgsLs0ftkm pGdv xFb uOx]sf] 5

af]8af6 ulPsf wfsf ljljw k|ofsf afahb ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO tf]Gglt ub nhfg] rgftL eg] sfod x]sf] 5 o qmddf lwtf]kq ahfsf] ljsf wf DaGwdf gLltut k|ljlw +yfut sfggL +rgf OToflbsf] DjGwdf dVotM b]xfo cgfsf dof tyf rgftLx x]sf 5g

s_ lwtf]kq ahf ljsf tyf wfsf dof tyf rgftL

lwtf]kq ahf wf tyf ljsfdf af]8af6 ljleGg wfsf sfox ulPtfklg o ahfsf] lbuf] tyf yfoL ljsfsf nflu b]xfo adf]lhdsf dof tyf rgftLx x]sf 5g M

kFhL ahfdf ki6 gLltut Jojyf uL ahfsf] ly bL3sfnLg ljsfsf] cjwf0ffdfkmt ahfsf] lbuf] ljsf ug]

ahfsf] yfloTj Pj+ bL3sfnLg ljsfsf nflu ll8P fdlxs nufgL sf]ifnfO b[9 kdf Jojlyt ug 6laquoi6 P]g tyf cGo DalGwt P]gx thdf uL sfggL lxfan] +rgfTds wf ug]

af]8 tyf lwtf]kq ahf xefuLsf] +yfut Ifdtf clej[l4 ub +3Lo k|fb]lzs 9fFrf cgf qmdzM b]ze ~hfn ljtf ub nhfg]

lwtf]kq ahf xefuLxsf] sfd sfjfxLnfO cem tLo Jojflos k|ltkwL agfpg]] rgftL 5 fy af]8sf] +u7gfTds +rgfnfO dok]If agfpFb lwtf]kq ahfdf of]Uo bIf Pj+ k|ltkwL Pj+ ekbf] hgzlQmnfO cfslift ug tyf ljBdfg hgzlQmnfO lgGttf lbg] sfosf fy lwtf]kq JojfoLxdf sdrfL j[lQ ljsf of]hgf tyf pQflwsfL of]hgf thdf ufO sfofGjog ufpg]

lwtf]kq ahf ~rfng lgodfjnL )^$ adf]lhd k0f sfL jfldTjdf x]sf] g]kfnsf] lwtf]kqsf] bf]|f] ahf +rfns g]kfn 6s PSr]Gh ln= sf] +rgfTds wf uL k|ltkwL Pj+ Jojflos agfpgsf fy pQm ln= n] sfofGjogdf NofPsf] jrflnt sff]af k|0ffnLdf b]lvPsf dofxiquestnfO lgfs0f uL onfO k|efjsfL ekbf] ljZjflnf] agfpg]

lwtf]kq ahfnfO yk Jojflos Pj+ k|ltkwfTds agfpg lwtf]kq ahf ~rfng lgodfjnL )^$ sf] dd adf]lhdsf] lghL If]qdf gofF 6s PSr]Gh yfkgfnfO xhLs0f ug]

lwtf]kqsf] bf]|f] ahfnfO cflys tyf Jofkfls kdf lqmo ljQLokdf Ifd lhNnfxdf qmdzM ljtf ub b]zJofkL kdf ljtf ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

46

g]K]s xfos sDkgLsf] kdf yflkt ll8P P08 lSnolEuml ln=sf] jfldTjdf +rgfTds kljtg uL wf ug] tyf g]K]sf] k|0ffnLdf afDaf dof cfOx]sf]n] f] nfO doflxt tyf cGtfli6laquoo tsf] agfpg]

lgodg tyf klj]If0f lhDd]jfLdf ePsf] j[l4nfO b[li6ut uL osf] k|efjsfL klj]If0f ug af]8sf] lgodg klj]If0f Ifdtf clea[lcent uL +rfng jfoQtf k|fKt ub hfg] sfo

g]kfn 6s PSr]~h ln= df rLs[t hnljBt DaGwL ljBfdfg sfggdf ljBt cfof]hgf +rfng cgdltsf] dofjlw )divide jifdf lsPkl5 xg] jfldTj xtfGt0fn] ]owgLxdf kg] k|efjsf DaGwdf xfn Dd klg ki6 Jojyf gxFbf hnljBt If]qsf] nufgLsf] jfldTj clglZrttfDaGwL hf]lvdnfO GogLs0f ug] f] sf DaGwdf ki6 gLltut Jojyf ug]

u cfjLo g]kfnL tyf ljb]zL +yfut nufgLstfxnfO lwtf]kqsf] bf]|f] ahfdf k|j]z ufpg cfjZos ePsf] 6s PSr]Gh bnfn JojfoL If]qdf klg ljb]zL k|ljlw nufgL leqofO k|ltkwL tyf Jojflos Ifdtf clej[lcent ug cfjZos b]lvPsf] Gbedf lwtf]kq jhfdf ljb]zL k|ljlw kFhL leqofO bf]|f] ahfsf] +rgfTds tyf k|ltkwfTds Ifdtf clej[l4 ug]

lwtf]kq ahfdf yfloTj NofO Jojlyt ug dxTjk0f eldsf v]Ng] +yfut nufgLstfxsf] xfn xeflutf xg glsx]sf] Gbedf ~rostfsf] dVo bfloTj af]s]sf] gfuls nufgL sf]]if htf +yfsf xfos sDkgLdfkmt ljz]if1 lwtf]kq JojfoL ]jfsf] Jojyf ug] tyf ljb]zL nufgLnfO +yfut nufgLstfsf] kdf leqofpg]

C0fkq ahf -sfL tyf skf]]6_ sf] ljsf Pj+ OlSj6L 8]le]l6esf] pks0fsf] bf]|f] ahf ljsf uL k|efjsfL agfpg]

fs If]qdf PsLs[t kFhL ahfsf] cjwf0ff ljsf eOx]sf] Gbedf g]kfnsf] lwtf]kq ahfnfO qmaf]8 lnli6Euml 6]laquol8Eumldf xefuL ufpg lgodg lgsfox lxt a ahf xefuLx rLs[t sDkgLxsf] Ifdtf clej[l4 ug] lgodg tyf JojfoL ultljlwdf dtf (Harmonisation) rgf k|ljlwsf] k|of]unfO tLo Pj+ Jofks agfpg] fy sfggL JojyfnfO b[9Ls0f ug]

g]kfnsf] lwtf]kq ahfdf jftljs If]qsf sDkgLxnfO cfslift ug af]8n] lwtf]kq btf tyf lgisfzg lgodfjnL )amp lwtf]kq lgisfzg tyf afF8kmfF8 lgb]lzsf )amp$ hfL uL ) k|ltzt dfq fjhlgs lgisfzg ug ldNg] Jojyf tyf fjhlgs lgisfzg Fixed Pricing df xg] u]sf]df Fixed Pricing with some cap df xg Sg] Jojyfsf] fy g]kfn sfn] rfn cflys jifsf] ah]6 jQmJodf pTkfbgdns sDkgLxiquestnfO kFhL ahf k|j]zsf nflu s 56 lxtsf] k|f]Tfxgdns Jojyf ePsf]df otf Jojyfxiquest sfofGjog uL jftljs If]qsf sDkgLxiquestnfO kFhL ahfdf pNn]Vo iquestkdf leqofpg]

lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

jfwf0f nufgLstf lwtf]kq JojfoLxsf nflu Jofks kdf k|efjsfL ljQLo lzIff tyf tflnd sfoqmdx ~rfng uL lwtf]kq ahfsf] lbuf] ekbf] Pj+ k|ltkwLkdf ljsf ug cfjZos lwtf]kq tyf jt ljlgdo ahfDaGwL k|lti7fg yfkgf uL k|lzIf0fnfO kldf0ffTds tyf u0ffTdskdf ljtf ug]

af]8 IOSCO sf] Pzf]lo6 bo es]sf] g]kfn sfn] ljb]zL nufgL tyf k|ljlw xtfGt0f P]g )amp dfkmt g]kfndf yflkt sDkgLn] ljb]zL kFhL ahfdf lwtf]kq hfL ug Sg] tyf ljb]zL +yfut sDkgLn] g]kfnsf] kFhL ahfdf d]t nufgL ug Sg] Jojyf u]sf sf0f g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo tsf] agfpg qmaf]8 lnli6Euml 6laquo]l8Eumlsf] Jojyf lgodg lgsfo rLs[t sDkgLx bnfn JojfoLlxt cGo ahf xefuLxsf] Ifdtf clej[l4 Pj+ cfjZos sfggL Jojyf ul ahfnfO Jofks agfpg]

fy b]zdf ljslt gofF +rgf cgf +3Lo k|b]z tyf yfgLo txDd lwtf]kq ahfsf ljwf sfggL Pj+ cGo lgodg kjfwfsf] ljsf tyf ljtf ug] sfo pknAw Lldt |f]t ljQLo fIftfsf] Gog tsf sf0f sl7g Pj+

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

rgftLk0f 5

v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

jt ljlgdo ahfsf] lgodg lhDd]jfL af]8nfO k|fKt ePsf] Gbedf pQm ahfsf] k|efjsfL lgodg Jojyfkg tyf ~rfng ug] j]o xfp lgdf0f nufot ahf kjfwfsf] ljsf ug] o ahfDaGwL jfwf0fdf r]tgft clej[l4 ug] Pj+ pQm ahfnfO yfgLo jtFu cfj4 ufO b]zsf] s[lif If]qsf] d]t tf]Gglt xg] uL o ahfnfO dxTjk0f +oGqsf] kdf ljsf ub nhfg]

jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

o ahfnfO b]zsf] cytGq ljQLo ahfsf cGo If]q cgsn k|ltkwL Pj+ ljjgLokdf ljsf ljtf ug u0f lgwf0f +oGq (Quality Grading Mechanism) eQmfgL lglZrttf sf]ifsf] yfkgf sff]af k|0ffnLsf] b[9 Jojyf ug]

jt ljlgdo ahfsf] ljsfsf nflu cfjZos xg] j]o xfp DaGwL sfggL +rgf gePsf]n] at lalgodahf lbuf] ljsf sl7g Pj+ rgftLk0f x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

48

cgrLndash fwf0f ]o btf tyf ljj0f kq jLs[lt

-cflys jif )ampamp^_

qm== +ul7t +yf

lgisfzg dNo k|lt ]o =

df

btf ePsf] ]osf]

sn sd = df

fjhlgs lgisfzg sd =df

lgisfzg tyf ljqmL k|aGws

cgdltkq k|bfg ldlt

slkmot

hnljBt sDkgL

1sflnsf kfj sDkgL ln=

100 120000000

120000000

sf7df8f+ Soflk6n dfs]6 ln= Unf]an cfOPdO Soflk6n ln=

20750503 jfwf0f

2lxdfno phf ljsf sDkgL ln=

100 841500000 99000000

glan OGe]i6d]G6 alsEuml ln=

20750730 yfgLo

3dWo ef]6]sf]zL hnljBt sDkgL ln=

100 4500000000 1440000000

Unf]an cfOPdO PgcfOlanP k|e nIdL llen flgdf llacfOPn Soflk6n ln=

20750629

k|j4g dxsf sdrfL sdrfL ~ro sf]ifdf of]ubfg ug] sdrfL C0f k|bfg ug] +yfsf sdrfL

4

hf]zL xfO8laquof]kfj 8]enkd]G6 sDkgL ln=-yfgLo lgZsfzgdf ljqmL gePsf] $)) lsQf lxt_

100 144846000

169047000

l4fy Soflk6n ln=

20740920 jfwf0f

5

3n]DbL xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] $ampamp) lsQf lxt_

100 110000000

155577000 leaf] Soflk6n ln= 20750816 yfgLo jfwf0f

6olgen kfj sDkgL ln=

100 2100350000

966161000

l4fy Soflk6n ln=

20750827yfgLondash))) jfwf0fndashamp^^)

7lzjgtL xfO8laquof]kfj ln=

100 1254940000

147640000

l4fy Soflk6n ln=

20750910 yfgLo jfwf0f

8kfFry kfj sDkgL ln=

100 962500000

192500000

flgdf Soflk6n ln=

20750913yfgLondash(^)) jfwf0fndash(^))

9u|LgnfOkm xfO8laquof]kfj ln=

100 1620000000

180000000

sf7df8f+ Soflk6n dfs]6 ln=

20750917 yfgLo

10lxdfno phf ljsf sDkgL ln=

100 148500000

148500000

glan OGe]i6d]G6 alsEuml ln=

20751021 jfwf0f

11

olgog xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] ^amp() lsQf lxt_

100 291255000

353434000 nIdL Soflk6n ln= 20751028 jfwf0f

12

dfpG6]g xfO8laquof] g]kfn ln=-yfgLo lgisfzgdf ^^) lsQf lxt_

100 125000000

181611000

l4fy Soflk6n ln=

20751101 jfwf0f

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

49

13

lqznL hnljBt sDkgL ln=-hgtfsf] hnljBt sfoqmd cGtut clst dNosf] ) k|ltzt_

100 1852500000

370500000

Unf]an cfOPdO Soflk6n ln=

20751130 jfwf0f

14fGh]g hnljBt sDkgL ln=

100 547500000

547500000 gfuls nufgL sf]if 20751210 jfwf0f

15jfu9L xfO8laquof]kfj sDkgL ln=

100 1026315000

1026315000

l4fy Soflk6n ln=

20751230 jfwf0f

16lxdfn bf]nvf xfO8laquof]kfj s= ln=

100 1600000000

780000000

Unf]an cfOPdO Soflk6n ln=

20760125yfgLondash^)))))

jfwf0fndash^)))))

hDdf 17245206000 6877785000

n3ljQ sDkgL

1rftfL n3ljQ ljQLo +yf ln=

100 186000000

60000000

PgcfOlan P Soflk6n ln=

20750730 jfwf0f

2cfzf n3ljQ ljQLo +yf ln=

100 207400000

67400000 k|e Soflk6n ln= 20750929

3kz n3ljQ ljQLo +yf ln=

100 82963000

26963000

flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

cgrLndash ^af]8 +u7g +rgf

+rfn

s a

f]8

cWo

IfcWo

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LIf0f l

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fu

sfgg

tyf

k|jnLs

0f dx

fzfv

flgod

g dx

fzfv

fJo

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dxfzfv

flw

tf]kq

ahf l

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ty

f sf]if k

lj]I

f0f

dxfz

fvf

gLlt cg

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yf

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xfzfv

f

lwtf]kq

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fzfv

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f cg

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fu

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6 ]l6Euml

pkz

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ahf

ty

f lw

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bnf

nJo

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f ah

f lgd

ftf pk

zfvf

lwtf]kq

ahf t

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f

+yfut

ljQ

pkz

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fdl

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f]if p

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f]if zfv

fsfgg

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yf t

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jyfkg

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f ah

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f ah

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f0f pk

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ahf t

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8P

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ahf t

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f0f zfv

f

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f]if

klj]I

f0f pk

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f

lrs[t

sDk

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f]if k

lj]I

f0f zfv

f

cg

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yf

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k|ljlw

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f

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yf

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Da

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fvf

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 9: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

1

efundashPs+lIfKt cflys cjyf

= ljZj cflys lyltg )amp tyf ) sf] kjf4df tLj| j[l4 b]lvPsf] ljZj cytGqdf g ) sf] pQf4df eg] cflys lqmofsnfkdf

ttf cfPsf] b]lvG5 g )( clk|ndf cGtfli6laquoo db|f sf]ifn] k|sflzt u]sf] ljZj cflys klb[io (World Economic Outlook) cgf g ) df =^ k|ltztn] j[l4 ePsf] ljZj cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f 5

rLg cd]lsf jLrsf] Jofkf cxhtf of]k]nL cytGqdf cfPsf] lzlyntf tyf a|]lhS6sf] k|efj gofF pThg dfkb08 cjnDagsf] sf0f hdgLsf] Jojflos cfBflus vfuL c6f]df]afOn pTkfbg If]qdf b]lvPsf] Jojwfg O6fnLsf] nufgLdf cfPsf] sdL hfkfgsf] cytGqdf k|fs[lts k|sf]kaf6 k]sf] c htf sf0fxn] ldIff jifdf ljZj cytGqsf] ljtf s]xL sdhf] xg] k|If]k0f x]sf] 5 ljZjsf] cflys lyltsf] ldIff cflys j[l4 dNo lyltsf] cfwfdf b]xfo cgf ulPsf] 5 M

s_ cflys j[l4

g )( df ljZjsf] cflys j[l4bdf s]xL +srg cfPsf] 5 g ) df = k|ltztn] j[l4 ePsf] ljslt dnssf] cytGq g )( df = k|ltztn] j[l4 xg] k|If]k0f sf]ifn] u]sf] 5 ljslt cytGqsf] dxdf k|dv ljslt dnsx +oQm fHo cd]lsf Sofg8f hfkfg k|mfG a]nfot hdgL O6fnL htf dnsx x]sf 5g hdf cd]lsL cytGqsf] pTkfbg g ) df =( k|ltztn] a9]sf]df g )( df = k|ltztn] j[l4 xg] cgdfg ulPsf] 5 g ) df = k|ltztn] j[l4 ePsf] of] If]qsf] pTkfbg g )( df = k|ltztn] a9g] cgdfg sf]ifn] u]sf] 5

ljZj cytGqsf] pTkfbgdf a9L lxf cf]u6g] pbLodfg tyf ljsfzLn b]zsf] cytGqsf] j[l4b g ) df $= k|ltzt x]sf]df pQm j[l4b g )( df $=$ k|ltzt xg] k|If]k0f x]sf] 5 eftLo cytGqdf lghL pkef]udf cfPsf] j[l4 lghL nufgL k|f]Tfxg ljtfsfL dflb|s gLlt tyf ljQLo gLltdfkmt ePsf] wffTds k|ofxsf sf0f g ) df amp= k|ltztn] j[l4 ePsf]df g )( df amp= k|ltztn] j[l4 xg] k|If]k0f 5

ot g ) df ^=^ k|ltztn] j[l4 ePsf] lrgLofF cytGqdf eg] kl5Nnf] do 36bf] cfBf]lus pTkfbg clglZrt Jofkf DaGwhtf sf0fxn] g )( df ^= k|ltztn] dfq j[l4 xg] cgdfg ulPsf] 5 g ) sf] tngfdf g )( df fs If]qsf g]kfn eft gtLnIacutef ckmuflgtfg afx]s cGo a blIf0f PlzofnL dnsx rLgsf] cflys j[l4b 36g Sg] k|If]k0f sf]ifsf] x]sf] 5 ljZjsf] cflys j[l4 b tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf] cflys j[l4b -jflifs kljtg k|ltzt_

qm=+= ljj0f ljZjsf] cflys j[l44 -jflifs k|ltzt kljtg_

2016 2017 2018 2019 k|If]lkt

1 ljZj cytGq 34 38 36 332 ljslt cytGq 17 24 22 18

3 pbLodfg tyf ljsfzLn cytGq

46 48 45 44

4 pbLodfg tyf ljsfzLn PlzofnL dnsx

67 66 64 63

5 dWokj tyf pQ clkm|sL dnsx

53 18 14 13

6 pbLodfg tyf ljsfzLn of]k]nL dnsx

33 60 36 08

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

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lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

jfwf0f nufgLstf lwtf]kq JojfoLxsf nflu Jofks kdf k|efjsfL ljQLo lzIff tyf tflnd sfoqmdx ~rfng uL lwtf]kq ahfsf] lbuf] ekbf] Pj+ k|ltkwLkdf ljsf ug cfjZos lwtf]kq tyf jt ljlgdo ahfDaGwL k|lti7fg yfkgf uL k|lzIf0fnfO kldf0ffTds tyf u0ffTdskdf ljtf ug]

af]8 IOSCO sf] Pzf]lo6 bo es]sf] g]kfn sfn] ljb]zL nufgL tyf k|ljlw xtfGt0f P]g )amp dfkmt g]kfndf yflkt sDkgLn] ljb]zL kFhL ahfdf lwtf]kq hfL ug Sg] tyf ljb]zL +yfut sDkgLn] g]kfnsf] kFhL ahfdf d]t nufgL ug Sg] Jojyf u]sf sf0f g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo tsf] agfpg qmaf]8 lnli6Euml 6laquo]l8Eumlsf] Jojyf lgodg lgsfo rLs[t sDkgLx bnfn JojfoLlxt cGo ahf xefuLxsf] Ifdtf clej[l4 Pj+ cfjZos sfggL Jojyf ul ahfnfO Jofks agfpg]

fy b]zdf ljslt gofF +rgf cgf +3Lo k|b]z tyf yfgLo txDd lwtf]kq ahfsf ljwf sfggL Pj+ cGo lgodg kjfwfsf] ljsf tyf ljtf ug] sfo pknAw Lldt |f]t ljQLo fIftfsf] Gog tsf sf0f sl7g Pj+

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

rgftLk0f 5

v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

jt ljlgdo ahfsf] lgodg lhDd]jfL af]8nfO k|fKt ePsf] Gbedf pQm ahfsf] k|efjsfL lgodg Jojyfkg tyf ~rfng ug] j]o xfp lgdf0f nufot ahf kjfwfsf] ljsf ug] o ahfDaGwL jfwf0fdf r]tgft clej[l4 ug] Pj+ pQm ahfnfO yfgLo jtFu cfj4 ufO b]zsf] s[lif If]qsf] d]t tf]Gglt xg] uL o ahfnfO dxTjk0f +oGqsf] kdf ljsf ub nhfg]

jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

o ahfnfO b]zsf] cytGq ljQLo ahfsf cGo If]q cgsn k|ltkwL Pj+ ljjgLokdf ljsf ljtf ug u0f lgwf0f +oGq (Quality Grading Mechanism) eQmfgL lglZrttf sf]ifsf] yfkgf sff]af k|0ffnLsf] b[9 Jojyf ug]

jt ljlgdo ahfsf] ljsfsf nflu cfjZos xg] j]o xfp DaGwL sfggL +rgf gePsf]n] at lalgodahf lbuf] ljsf sl7g Pj+ rgftLk0f x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

48

cgrLndash fwf0f ]o btf tyf ljj0f kq jLs[lt

-cflys jif )ampamp^_

qm== +ul7t +yf

lgisfzg dNo k|lt ]o =

df

btf ePsf] ]osf]

sn sd = df

fjhlgs lgisfzg sd =df

lgisfzg tyf ljqmL k|aGws

cgdltkq k|bfg ldlt

slkmot

hnljBt sDkgL

1sflnsf kfj sDkgL ln=

100 120000000

120000000

sf7df8f+ Soflk6n dfs]6 ln= Unf]an cfOPdO Soflk6n ln=

20750503 jfwf0f

2lxdfno phf ljsf sDkgL ln=

100 841500000 99000000

glan OGe]i6d]G6 alsEuml ln=

20750730 yfgLo

3dWo ef]6]sf]zL hnljBt sDkgL ln=

100 4500000000 1440000000

Unf]an cfOPdO PgcfOlanP k|e nIdL llen flgdf llacfOPn Soflk6n ln=

20750629

k|j4g dxsf sdrfL sdrfL ~ro sf]ifdf of]ubfg ug] sdrfL C0f k|bfg ug] +yfsf sdrfL

4

hf]zL xfO8laquof]kfj 8]enkd]G6 sDkgL ln=-yfgLo lgZsfzgdf ljqmL gePsf] $)) lsQf lxt_

100 144846000

169047000

l4fy Soflk6n ln=

20740920 jfwf0f

5

3n]DbL xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] $ampamp) lsQf lxt_

100 110000000

155577000 leaf] Soflk6n ln= 20750816 yfgLo jfwf0f

6olgen kfj sDkgL ln=

100 2100350000

966161000

l4fy Soflk6n ln=

20750827yfgLondash))) jfwf0fndashamp^^)

7lzjgtL xfO8laquof]kfj ln=

100 1254940000

147640000

l4fy Soflk6n ln=

20750910 yfgLo jfwf0f

8kfFry kfj sDkgL ln=

100 962500000

192500000

flgdf Soflk6n ln=

20750913yfgLondash(^)) jfwf0fndash(^))

9u|LgnfOkm xfO8laquof]kfj ln=

100 1620000000

180000000

sf7df8f+ Soflk6n dfs]6 ln=

20750917 yfgLo

10lxdfno phf ljsf sDkgL ln=

100 148500000

148500000

glan OGe]i6d]G6 alsEuml ln=

20751021 jfwf0f

11

olgog xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] ^amp() lsQf lxt_

100 291255000

353434000 nIdL Soflk6n ln= 20751028 jfwf0f

12

dfpG6]g xfO8laquof] g]kfn ln=-yfgLo lgisfzgdf ^^) lsQf lxt_

100 125000000

181611000

l4fy Soflk6n ln=

20751101 jfwf0f

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

49

13

lqznL hnljBt sDkgL ln=-hgtfsf] hnljBt sfoqmd cGtut clst dNosf] ) k|ltzt_

100 1852500000

370500000

Unf]an cfOPdO Soflk6n ln=

20751130 jfwf0f

14fGh]g hnljBt sDkgL ln=

100 547500000

547500000 gfuls nufgL sf]if 20751210 jfwf0f

15jfu9L xfO8laquof]kfj sDkgL ln=

100 1026315000

1026315000

l4fy Soflk6n ln=

20751230 jfwf0f

16lxdfn bf]nvf xfO8laquof]kfj s= ln=

100 1600000000

780000000

Unf]an cfOPdO Soflk6n ln=

20760125yfgLondash^)))))

jfwf0fndash^)))))

hDdf 17245206000 6877785000

n3ljQ sDkgL

1rftfL n3ljQ ljQLo +yf ln=

100 186000000

60000000

PgcfOlan P Soflk6n ln=

20750730 jfwf0f

2cfzf n3ljQ ljQLo +yf ln=

100 207400000

67400000 k|e Soflk6n ln= 20750929

3kz n3ljQ ljQLo +yf ln=

100 82963000

26963000

flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

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lj]I

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 10: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

2

7 of]lkog olgogsf dnsx

20 24 18 13

8 Gog cfo ePsf ljsfzLn cytGq

36 49 46 50

9 cd]lsf 15 22 29 23

10 Hffkfg 09 19 08 1011 rLg 67 68 66 63

12 blIf0f PlofnL fi6laquox

a+unfb]z 72 76 77 73 e6fg 73 74 58 48 Efft 82 72 71 73 dflNbE 73 69 70 63 g]kfn 06 79 63 65 gtLn+sf 45 33 30 35 Kfflstfg 46 54 52 29 ckmuflgtfg 22 27 23 30

|f]tM jN8 Osf]gf]lds cfp6ns cS6f]j )( cfOPdPkm cflys j]If0f )ampamp^ g]kfn sf

v_ dNo lylt

dNo lyltsf] DaGwdf ljslt b]z pbLodfg Pj+ ljsfzLn b]zxsf] lylt kms x]sf] b]lvG5 ljslt cytGqsf] dNo j[l4b g ) sf] tngfdf g )( df )=$ k|ltztn] sdL cfO =^ k|ltzt xg] k|If]k0f 5 ljZj phf dNo tyf t]nsf] dNo 36]sf sf0f ljslt cytGqsf] db|fkmLlt sd xg uPsf] xf] pbLodfg tyf ljsfzLn cytGqsf] dNo j[l4b g ) df $= k|ltzt x]sf]df g )( df ldfGt j[l4 eO $=( k|ltzt xg] k|If]k0f 5 g ) df =^ k|ltzt dNo j[l4 b x]sf] pbLodfg tyf ljsfzLn PlzofnL dnsdf g )( df = k|ltzt a9g] k|If]k0f 5 ljZjsf] bf]|f] 7nf] cytGq rLgsf] dNo j[l4 b g ) df = k|ltzt x]sf]df g )( df = k|ltzt kUg] k|If]k0f 5 g )( df eftsf] dNo j[l4 b =( k|ltzt xg] cgdfg ulPsf] 5 otf] dNo j[l4b g ) df = k|ltzt dfq x]sf] lyof]

= g]kfnsf] dli6ut cflys cjyfcflys jif )ampamp^ df b]zsf] du| cflys lylt Gtf]ifhgs x]sf] b]lvG5 fhglts yfloTj sfod ePFu

nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 d]t ljsfsf ultljlwxsf] zjft ePsf]] sf0f cytGq pRr cflys j[l4sf] dfudf cl3 a9]sf] 5 dLIff jifdf cfift db|fkmLlt jfl~5t Ldfdf x]sf]] dflb|s tyf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 eg] eQmfgL Gtng lgGt gsffTds xg hfFbf afxo If]q Jojyfkgdf rfk k]sf] b]lvG5

s_ jftljs If]q dNo

s]Gb|Lo tYofIacute ljefuaf6 k|sflzt fli6laquoo n]vf tYofIacute (National Accounts Statistics) cgf cflys jif )ampamp^ df g]kfnsf] cytGq ^= k|ltztn] a9]sf] cgdfg 5 ut cflys jifdf pQm j[l4b ^= k|ltzt x]sf] lyof] dnssf] cflys j[l4df s[lif If]qsf] tngfdf u s[lif If]qsf] j[l4b pRr xg] u]sf] 5 dLIff jifdf s[lif If]qsf] j[l4b pTfxhgs xg] cgdfg ulPsf] 5 eg] u s[lif If]qsf] j[l4b eg] LdfGt bn] gsffTds xg] cgdfg 5 cflys jif )ampamp^ df cgsn dfdsf fy lFFrfO ljwfdf ePsf] j[l4 ffolgs dn aLp aLhgsf] xh pknAwtfn] s[lif If]qsf] pTkfbg ut jifsf] = k|ltztsf] tngfdf k|ltztn] j[l4 xg] cgdfg x]sf] 5 o cjlwdf u s[lif If]qtkmsf] j[l4bdf eg] LdfGt bn] sdL cfO amp= k|ltzt xg] cgdfg 5 pQm If]qsf] j[l4b ut jif amp=amp k|ltzt x]sf] lyof] u s[lif If]qtkm

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

)amp)^ Gofolwz tyf jlsnxsf] dx g]kfn jf]Rr cbfnt af+u kFhL ahf DaGwL 5nkmn tyf cGtlqmof

)

)amp yfoL n]vf g+= -Kofg_sf] laifodf f]sfjfnfx+u 5nkmn tyf cGtlqmof

)amp^) ljlzi6Ls[t nufgL sf]ifsf] lgodg tyf +rfng DaGwL 5nkmn tyf cGtlqmof

$=^ tflnd tyf ]ldgf

cflys jif )ampamp^ df af]8n] sfot hgzlQmsf] Ifdtf clej[l4sf nflu af]8 bo pRr Jojyfkg tyf ljleGg sdrfLxnfO APG n] cfof]hgf u]sf] Accessor Training APG Seoul Wokshop 2018 The Toronto Center and the Monetary Authority of Singapore n] +oQm kdf cfof]hgf u]sf] 12th Regional Leadership Programme for Securities Regulator 14th ASF Tokyo Round Table GEM Committee Annual Meeting and Conference OECD n] cfof]hgf u]sf] Advancing Financial Literacy Globally Implementation and Innovation AMF France 2018 International Seminar APEC FRTI n] cfof]hgf u]sf] Regional Seminar on Enhancing Listing Liquidity and Investor Participation in Emerging Markets Stock Exchanges - Cambodia Regional Seminar on Enforcement and Litigation - Sri Lanka Regional Seminar on Fintech and Cybersecurity - South Korea Regional Seminar on Development of Collective Investment Scheme and Implications of Emerging Trends ndash Cambodia IOSCO n] cfof]hgf u]sf] Assessment Committee Capacity Building Workshop for Self Assessment Workshop on Crypto-Assets Trends Challenges and Regulatory Implications 2019 IOSCO Seminar Training Programme - Protecting the Retail Investors A Securities Regulators Perspective 2019 IOSCOPIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets IOSCO Asia Pacific hub strenghthening cyber securities nufotsf cGtfli6laquoo tdf cfof]lht ]ldgf tyf tflnd sfoqmdx 44th Annual International Futures Industry Conference - BOCA 29th Annual International Institute for Securities Market Growth and Development - USA 2019 FATFMoney Val Joint Experts Meeting and the US Presidency Initiative on Prosecutors and Judges - Isrial Asia Pacific Forum 2019 IMF Legal Department and Institute for capacity development implementing the international anti money laundering combacting the financiaing of terrorism standardrs - Singapore tyf NISM India af6 cfof]hgf ePsf] An Overview of Securities Marketsrsquo for Officers of SEBON af]8n] xefuL ufPsf] 5 fy af]8n] sfgg k|jnLs0f ljQLo fIftf klj]If0f lgod kfngf tyf cgudg htf ljifo jtxdf d]t cGtfli6laquoo tdf cfof]lht sfoqmddf af]8sf kbflwsfL tyf sdrfLxnfO xefuL ufPsf] 5 af]8n] dLIff jifdf jt ljlgdo ahfsf] lgodg lhDd]jfLnfO k|efjsfL kdf kf ug af]8 sdrfLsf] Ifdtf clej[l4 ug] p2]Zon] eftsf] sdf]l86L 8]le]l6E ahf +rfns PdlPSndashOl08ofsf] k|fljlws xof]udf sdf]l86L 8]le]l6E ahf ljifos bO lbg] cGtlqmof sfoqmd ~rfng u]sf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

43

$=amp k|sfzg tyf hfgsfL k|jfx

af]8n] lwtf]kq ahfsf] lylt tyf jfwf0fdf lwtf]kq ahf DaGwL r]tgfsf] t clej[l4 ug] p2]Zon] af]8n] xfnfn ljleGg rgf tyf hfgsfLdns fdu|Lxsf] k|sfzg tyf hfgsfL k|jfxdf ljz]if hf]8 lbb cfPsf] 5 o cgf dLIff jifdf af]8n] o sfonfO cem ltj|tfsf fy cl3 a9fPsf] 5

lwtf]kq tYofIacute Jojyfkg k|0ffnLM af]8n] rLs[t sDkgLxsf] aflifs k|ltj]bgdf dfj]z tYof+sx tyf fli6laquoo Pj+ cGtfli6laquoo If]qsf kFhL ahf tyf cytGqFu DalGwt tYof+sx +sng uL lwtf]kqsf] s]Gb|Lo tYofIacute a+s yfkgf ulPsf]df pQm k|0ffnLdf x]sf ljj0fx cWofjlws uL fjhlgs ug] sfonfO lgGttf lbOPsf] 5 o k|0ffnLaf6 lwtf]kq ahfdf nufgL ug rfxg] jfwf0f nufgLstfxn] cfkmn] nufgL ug rfx]sf] rLs[t +ul7t +yfxsf] ljQLo ljj0f k|fKt ug Sg] Jojyf x]sf] 5 o Jojyfaf6 kFhL ahf DaGwL cWoog tyf cgGwfgstfxnfO d]t cfjZos tYof+s tyf hfgsfL pknAw xg] u]sf] 5

jflifs k|ltj]bgM lwtf]kq DaGwL P]g )^ sf] bkmf ^ n] u]sf] Jojyf cgf lwtf]kq ahfdf ePsf sfdsfjfxL ultljlw ahf ljsfsf nflu ePsf k|ofx dfj]z uL af]8n] cflys jif )amp$amp sf] jflifs k|ltj]bg -cEuml|]hLdf d]t_ k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 Ps klroM af]8 yfkgfsf p2]Zox af]8sf] sfd stJo clwsf sfoIf]q tyf 0fgLlt ~rfns af]8 tyf +u7gfTds jksf fy lwtf]kq ahfsf] hfgsfLsf fy af]8n] ahfsf] ljsf tyf ljtfsf nflu rfn]sf sbdxsf] d]t hfgsfL lbg] p2]Zon] af]8n] g]kfn lwtf]kq af]8 Ps klrosf] t]|f] +s0f k|sfzg u]sf] lyof] o cl3 f]xL kts )amp d+ldf k|yd k|sfzg -))) k|lt_ bf]|f] +s0f )amp df3df k|sfzg -))) k|lt_ ePsf] lyof] pQm Ps klrodf cWofjlws uL o cf=j=df klg kgM k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 dfrf k|sfzgM af]8sf] ultljlwxnfO jfwf0fdIf hfgsfL k|jfx ug] p2]Zon] )amp kfif b]lv g]kfn lwtf]kq af]8 dfrfsf] k|sfzgnfO lgGttf lbOPsf] 5 cflys jif )ampamp^ df pQm dfrfnfO aringdfls kdf ljleGg cIacutexsf] k|sfzg uL jfwf0f tyf f]sfjfnfnfO ljt0f ulPsf] 5

Quarterly Securities Market Indicators lwtf]kq ahfsf] cjyf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu af]8n] rfn]sf kxnxsf] Gbedf qdfls kdf jfwf0f nufgLstf tyf f]sfjfnfxnfO hfgsfL k|bfg ug] p2]Zon] cflys jif )ampamp^ af6 k|sfzg zjft ulPsf] Quarterly Securities Market Indicators nfO dLIff jifdf d]t lgGttf lbb o k|sfzgsf] gjf+ cIacuteDd k|sfzg uL DalGwt kIfxnfO ljt0f ulPsf] 5

lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|ZgxM jfwf0fnfO lwtf]kq tyf jt ljlgdo ahfsf ljljw kIfxsf] af]df k|Zgf]Q znLdf hfgsfL lbO kFhL ahfdf clelr tyf fIftf clej[l4 ug] p2]Zon] dLIff jifdf lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|Zgxsf] +s0fnfO cem Jojlyt ljt[t kdf kldfhg uL k|sfzg u]sf]] 5

cflys jif )amp^ampamp sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmddf 5nkmn tyf k|sfzgM af]8n] cflys jif )amp^ampamp df canDag ulg] lwtf]kq tyf jt ljlgod ahfDaGwL gLlt tyf sfoqmdnfO fjhlgs uL ahf ljsf tyf ljtfk|lt af]8nfO hjfkmb]xL tyf kfbzL agfpg] p2]Zon] dLIff jifdf ldlt )amp^ cfiff9 df Dk0f Da4 kIfxnfO +nUg ufO lwtf]kq ahfDaGwL k|tfljt gLlt tyf sfoqmdsf DaGwdf cGtlqmof uL k|fKt fodivideemfjxnfO d]t dfj]z uL cfufdL jif cyft cflys jif )amp^ampamp sf] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdsf] k|sfzg uL fjhlgs u]sf] 5

af]8sf] ampcf+ aflifsf]Tj k|sfzgM af]8sf] amp cf+ aflifsf]Tjsf] cjdf af]8n] lwtf]kq ahf DaGwL ljleGg gofF cWoog fdu|Lx k|sfzg u]sf] 5

y lwtf]kq ahf DaGwL ljleGg n]v rgf dfj]z ulPsf] aeligg]kfn lwtf]kq af]8 dfrf kFhL ahf n]v ljz]iffIacute )amp^AElig

y lwtf]kq tyf jt ahfDaGwL ljz]if sfggL +u|x )amp c+u|]hLdf

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

44

y lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx

r]tgfdns fdfu|LxM lwtf]kqdf nufgL ubf s] stf laifoxdf Wofg lbg k5 eGg] DaGwdf nufgLstfnfO hfgsfL lbgsf fy r]t ufpg] p2]Zon] lwtf]kqdf nufgL ubf Wofg lbgkg] sfx d]6L af]8n] krf kDkn]6 k|sfzg uL ljt0f u]sf] 5 fy af]8sf] j]afO6 laleGg fli6laquoo kqklqsf 6]lnlehg nufotsf ~rf dfWod dfkmt r]tgfdns fdfu|Lx k|sfzg tyf k|zf0f ug] sfonfO af]8n] lgGttf lbPsf] 5 Tot af]8n] jfw0f Pj+ nufgLstfsf] lwtf]kq ahf DaGwL lh1ffnfO dfwfg ug lwtf]kq ahfdf afDaf f]lwg] k|Zgxsf] Fufnf] tyf lwtf]kq ahfdf afDaf k|of]u xg] zAbxnfO d]6] lwtf]kq ahf zAbfjnL kltsf k|sfzg uL ljt0f u]sf] 5

j]afO6M lwtf]kq ahfsf ljljw kIfx DaGwdf Dj4 kIfxnfO lgGt kdf hfgsfL pknAw ufpg] p2]Zon] lwtf]kq ahfFu DalGwt P]g lgod tyf lgb]lzsfx af]8sf] klro af]8sf] jflifs k|ltj]bg af]8df ugff] lbg] 9fFrfsf fy f]sfjfnf tyf nufgLstfxsf nflu hfgsfL rgf tyf r]tgfdns fdfu|Lx dfj]z uL af]8n] tof u]sf] j]jfO6nfO cem ljt[t agfPsf] 5 af]8n] lwtf]kq ahf lwtf]kq AojfoL tyf rLs[t +ul7t +yfxsf] P]g lgodsf] kfngfsf] lylt DaGwL ljj0f Pj+ ljt[t hfgsfL d]t j]afO6df dfj]z u]sf] 5

$= cWoog tyf cgGwfg

lwtf]kq ahfsf] ljsf tyf ljtfsf] nflu cWoog tyf cgGwfgdf cfwflt gLlt lgdf0f tyf lgb]zg hfL ugkg] cfjZostf x]sf] Gbedf af]8af6 dLIff jifdf jflifs sfoqmd cgf b]xfo adf]lhdsf cWoog tyf cgGwfg sfox ePsf 5g

lwtf]kq ahfdf yfoL n]vf gDa -Kofg_ sf] Jojyf DaGwdf ulPsf] cGtlqmofdivide5nkmn sfoqmdDaGwL cWoog k|ltj]bg )amp

kflIfs nufgLstf k|lzIf0f sfoqmdsf] k[i7kf]if0f j]If0f cWoog k|ltj]bg )amp

lwtf]kq ahfsf] jtdfg cjyf ahfDaGwL g]kfn sfsf] gLlt sfoqmd ahf wfsf nflu af]8sf] tTsfnLg tyf dWosfnLg emfj )amp

lwtf]kq ahfsf] +rgfTds wf ug g]K]sf] skf]]6fOh]g gofF 6s PSr]GhDaGwL cjwf0ff kq )amp

lwtf]kq DaGwL P]g )^ sf] bkmf -s_df ePsf] Jojyf cgf g]kfn sfaf6 dfu eP adf]lhd lwtf]kq ahfsf] jtdfg cjyf ahf ljsf tyf ljtfsf] nflu lgDglnlvt ljifodf af]8sf] fo tyf emfj k]z u]sf] 5

cflys j]If0f )ampamp^ sf] nflu lwtf]kq ahf DaGwL cfjZos ljj0fx tof uL k]z ulPsf] 5

ljQLo If]q ljsf 0fgLltdf pNn]lvt sfosf] sfofGojg lylt tyf sfoof]hgfsf] vfsf DaGwdf ljQLo If]q ljsf 0fgLlt sfofGjog ldltnfO cjut ufpFb g]kfn fi6laquo a+s ljQLo If]q Jojyfkg dxfzfvf cy dGqfnodf k]z u]sf] 5

fhj Jojyfkg dxfzfvf cy dGqfnodf lwtf]kq ahf DaGwdf fhj tyf s gLlt DaGwL ljt[t emfj k]z u]sf] 5

Aff]8n] cf=j= )amp^ampamp df g]kfn sfsf] gLlt tyf sfoqmddf dfj]z ugkg] lwtf]kq ahf DaGwL ljifojtx tof uL cy dGqfnodf k]z u]sf]df f]xL cgf cf=j= )amp^ampamp sf] g]kfn sfsf] ah]6 jQmJodf dfj]z ePsf]

fy af]8n] cf=j= )amp^ampamp sf] dflb|s gLltsf DaGwdf lwtf]kq ahf DaGwL fo emfj g]kfn fi6laquo a+snfO lbPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

45

efundashkfldquorlwtf]kq ahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL

dof tyf rgftLxaf]8n] lwtf]kq ahf tyf jt ljlgdo ahfsf] ljsf tyf wf DaGwdf b]lvPsf dof tyf rgftLxnfO qmdzM

dfwfg ub ahfnfO jR5 kfblztfsf] nflu cfjZos Jojyfx ljsf ub nu]sf] 5 o qmddf dLIff cjlwdf g]kfnsf] lwtf]kq ahfsf] ljsf wf DaGwdf af]8n] dxTjk0f +rgfTds wf sfox u]sf] 5 eg] jt ljlgdo ahfnfO lgodgsf] bfofdf NofPsf] 5

k|fylds ahfdf cfjf k|0ffnLsf] kmn sfofGjog Ps g]kfnL Ps l8Dof6 vftf cfof]hgf k|efljt If]q yfgLonfO l8Dof6 vftf vf]Ngsf nflu ePsf] k|f]Tfxgdns Jojyf tyf af]8n] b]zJofkL kdf ~rfng u]sf] nufgLstf k|lzIf0f sfoqmd nufotsf sf0faf6 nufgLstfsf] +Vofdf Jofks j[l4 ePsf] b]lvG5 kl5Nnf] do lwtf]kq ahfsf] kxFr pkTosfaflx d]]t ljtf xg] qmd a9]sf] nufgLsf jslNks fwgx lelqg] sfggL jftfj0f tof ePsf] jrflnt cgnfOg sff]af k|0ffnL nfu ePsf] g]kfndf yflkt klAns sDkgLxn] ljb]zL ahfdf lwtf]kq hfL ug] tyf PgcfPgn] k|fOe]6 OlSj6L e]~r Soflk6nhtf pks0faf6 kFhL ahfdf nufgL ug Sg] Jojyfaf6 g]kfnsf] lwtf]kq ahf klg qmdzM b]zJofkL k|ljlwdqL+ Pj+ nufgLstfdqL+ eO cfwlgsLs0ftkm pGdv xFb uOx]sf] 5

af]8af6 ulPsf wfsf ljljw k|ofsf afahb ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO tf]Gglt ub nhfg] rgftL eg] sfod x]sf] 5 o qmddf lwtf]kq ahfsf] ljsf wf DaGwdf gLltut k|ljlw +yfut sfggL +rgf OToflbsf] DjGwdf dVotM b]xfo cgfsf dof tyf rgftLx x]sf 5g

s_ lwtf]kq ahf ljsf tyf wfsf dof tyf rgftL

lwtf]kq ahf wf tyf ljsfdf af]8af6 ljleGg wfsf sfox ulPtfklg o ahfsf] lbuf] tyf yfoL ljsfsf nflu b]xfo adf]lhdsf dof tyf rgftLx x]sf 5g M

kFhL ahfdf ki6 gLltut Jojyf uL ahfsf] ly bL3sfnLg ljsfsf] cjwf0ffdfkmt ahfsf] lbuf] ljsf ug]

ahfsf] yfloTj Pj+ bL3sfnLg ljsfsf nflu ll8P fdlxs nufgL sf]ifnfO b[9 kdf Jojlyt ug 6laquoi6 P]g tyf cGo DalGwt P]gx thdf uL sfggL lxfan] +rgfTds wf ug]

af]8 tyf lwtf]kq ahf xefuLsf] +yfut Ifdtf clej[l4 ub +3Lo k|fb]lzs 9fFrf cgf qmdzM b]ze ~hfn ljtf ub nhfg]

lwtf]kq ahf xefuLxsf] sfd sfjfxLnfO cem tLo Jojflos k|ltkwL agfpg]] rgftL 5 fy af]8sf] +u7gfTds +rgfnfO dok]If agfpFb lwtf]kq ahfdf of]Uo bIf Pj+ k|ltkwL Pj+ ekbf] hgzlQmnfO cfslift ug tyf ljBdfg hgzlQmnfO lgGttf lbg] sfosf fy lwtf]kq JojfoLxdf sdrfL j[lQ ljsf of]hgf tyf pQflwsfL of]hgf thdf ufO sfofGjog ufpg]

lwtf]kq ahf ~rfng lgodfjnL )^$ adf]lhd k0f sfL jfldTjdf x]sf] g]kfnsf] lwtf]kqsf] bf]|f] ahf +rfns g]kfn 6s PSr]Gh ln= sf] +rgfTds wf uL k|ltkwL Pj+ Jojflos agfpgsf fy pQm ln= n] sfofGjogdf NofPsf] jrflnt sff]af k|0ffnLdf b]lvPsf dofxiquestnfO lgfs0f uL onfO k|efjsfL ekbf] ljZjflnf] agfpg]

lwtf]kq ahfnfO yk Jojflos Pj+ k|ltkwfTds agfpg lwtf]kq ahf ~rfng lgodfjnL )^$ sf] dd adf]lhdsf] lghL If]qdf gofF 6s PSr]Gh yfkgfnfO xhLs0f ug]

lwtf]kqsf] bf]|f] ahfnfO cflys tyf Jofkfls kdf lqmo ljQLokdf Ifd lhNnfxdf qmdzM ljtf ub b]zJofkL kdf ljtf ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

46

g]K]s xfos sDkgLsf] kdf yflkt ll8P P08 lSnolEuml ln=sf] jfldTjdf +rgfTds kljtg uL wf ug] tyf g]K]sf] k|0ffnLdf afDaf dof cfOx]sf]n] f] nfO doflxt tyf cGtfli6laquoo tsf] agfpg]

lgodg tyf klj]If0f lhDd]jfLdf ePsf] j[l4nfO b[li6ut uL osf] k|efjsfL klj]If0f ug af]8sf] lgodg klj]If0f Ifdtf clea[lcent uL +rfng jfoQtf k|fKt ub hfg] sfo

g]kfn 6s PSr]~h ln= df rLs[t hnljBt DaGwL ljBfdfg sfggdf ljBt cfof]hgf +rfng cgdltsf] dofjlw )divide jifdf lsPkl5 xg] jfldTj xtfGt0fn] ]owgLxdf kg] k|efjsf DaGwdf xfn Dd klg ki6 Jojyf gxFbf hnljBt If]qsf] nufgLsf] jfldTj clglZrttfDaGwL hf]lvdnfO GogLs0f ug] f] sf DaGwdf ki6 gLltut Jojyf ug]

u cfjLo g]kfnL tyf ljb]zL +yfut nufgLstfxnfO lwtf]kqsf] bf]|f] ahfdf k|j]z ufpg cfjZos ePsf] 6s PSr]Gh bnfn JojfoL If]qdf klg ljb]zL k|ljlw nufgL leqofO k|ltkwL tyf Jojflos Ifdtf clej[lcent ug cfjZos b]lvPsf] Gbedf lwtf]kq jhfdf ljb]zL k|ljlw kFhL leqofO bf]|f] ahfsf] +rgfTds tyf k|ltkwfTds Ifdtf clej[l4 ug]

lwtf]kq ahfdf yfloTj NofO Jojlyt ug dxTjk0f eldsf v]Ng] +yfut nufgLstfxsf] xfn xeflutf xg glsx]sf] Gbedf ~rostfsf] dVo bfloTj af]s]sf] gfuls nufgL sf]]if htf +yfsf xfos sDkgLdfkmt ljz]if1 lwtf]kq JojfoL ]jfsf] Jojyf ug] tyf ljb]zL nufgLnfO +yfut nufgLstfsf] kdf leqofpg]

C0fkq ahf -sfL tyf skf]]6_ sf] ljsf Pj+ OlSj6L 8]le]l6esf] pks0fsf] bf]|f] ahf ljsf uL k|efjsfL agfpg]

fs If]qdf PsLs[t kFhL ahfsf] cjwf0ff ljsf eOx]sf] Gbedf g]kfnsf] lwtf]kq ahfnfO qmaf]8 lnli6Euml 6]laquol8Eumldf xefuL ufpg lgodg lgsfox lxt a ahf xefuLx rLs[t sDkgLxsf] Ifdtf clej[l4 ug] lgodg tyf JojfoL ultljlwdf dtf (Harmonisation) rgf k|ljlwsf] k|of]unfO tLo Pj+ Jofks agfpg] fy sfggL JojyfnfO b[9Ls0f ug]

g]kfnsf] lwtf]kq ahfdf jftljs If]qsf sDkgLxnfO cfslift ug af]8n] lwtf]kq btf tyf lgisfzg lgodfjnL )amp lwtf]kq lgisfzg tyf afF8kmfF8 lgb]lzsf )amp$ hfL uL ) k|ltzt dfq fjhlgs lgisfzg ug ldNg] Jojyf tyf fjhlgs lgisfzg Fixed Pricing df xg] u]sf]df Fixed Pricing with some cap df xg Sg] Jojyfsf] fy g]kfn sfn] rfn cflys jifsf] ah]6 jQmJodf pTkfbgdns sDkgLxiquestnfO kFhL ahf k|j]zsf nflu s 56 lxtsf] k|f]Tfxgdns Jojyf ePsf]df otf Jojyfxiquest sfofGjog uL jftljs If]qsf sDkgLxiquestnfO kFhL ahfdf pNn]Vo iquestkdf leqofpg]

lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

jfwf0f nufgLstf lwtf]kq JojfoLxsf nflu Jofks kdf k|efjsfL ljQLo lzIff tyf tflnd sfoqmdx ~rfng uL lwtf]kq ahfsf] lbuf] ekbf] Pj+ k|ltkwLkdf ljsf ug cfjZos lwtf]kq tyf jt ljlgdo ahfDaGwL k|lti7fg yfkgf uL k|lzIf0fnfO kldf0ffTds tyf u0ffTdskdf ljtf ug]

af]8 IOSCO sf] Pzf]lo6 bo es]sf] g]kfn sfn] ljb]zL nufgL tyf k|ljlw xtfGt0f P]g )amp dfkmt g]kfndf yflkt sDkgLn] ljb]zL kFhL ahfdf lwtf]kq hfL ug Sg] tyf ljb]zL +yfut sDkgLn] g]kfnsf] kFhL ahfdf d]t nufgL ug Sg] Jojyf u]sf sf0f g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo tsf] agfpg qmaf]8 lnli6Euml 6laquo]l8Eumlsf] Jojyf lgodg lgsfo rLs[t sDkgLx bnfn JojfoLlxt cGo ahf xefuLxsf] Ifdtf clej[l4 Pj+ cfjZos sfggL Jojyf ul ahfnfO Jofks agfpg]

fy b]zdf ljslt gofF +rgf cgf +3Lo k|b]z tyf yfgLo txDd lwtf]kq ahfsf ljwf sfggL Pj+ cGo lgodg kjfwfsf] ljsf tyf ljtf ug] sfo pknAw Lldt |f]t ljQLo fIftfsf] Gog tsf sf0f sl7g Pj+

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

rgftLk0f 5

v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

jt ljlgdo ahfsf] lgodg lhDd]jfL af]8nfO k|fKt ePsf] Gbedf pQm ahfsf] k|efjsfL lgodg Jojyfkg tyf ~rfng ug] j]o xfp lgdf0f nufot ahf kjfwfsf] ljsf ug] o ahfDaGwL jfwf0fdf r]tgft clej[l4 ug] Pj+ pQm ahfnfO yfgLo jtFu cfj4 ufO b]zsf] s[lif If]qsf] d]t tf]Gglt xg] uL o ahfnfO dxTjk0f +oGqsf] kdf ljsf ub nhfg]

jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

o ahfnfO b]zsf] cytGq ljQLo ahfsf cGo If]q cgsn k|ltkwL Pj+ ljjgLokdf ljsf ljtf ug u0f lgwf0f +oGq (Quality Grading Mechanism) eQmfgL lglZrttf sf]ifsf] yfkgf sff]af k|0ffnLsf] b[9 Jojyf ug]

jt ljlgdo ahfsf] ljsfsf nflu cfjZos xg] j]o xfp DaGwL sfggL +rgf gePsf]n] at lalgodahf lbuf] ljsf sl7g Pj+ rgftLk0f x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

48

cgrLndash fwf0f ]o btf tyf ljj0f kq jLs[lt

-cflys jif )ampamp^_

qm== +ul7t +yf

lgisfzg dNo k|lt ]o =

df

btf ePsf] ]osf]

sn sd = df

fjhlgs lgisfzg sd =df

lgisfzg tyf ljqmL k|aGws

cgdltkq k|bfg ldlt

slkmot

hnljBt sDkgL

1sflnsf kfj sDkgL ln=

100 120000000

120000000

sf7df8f+ Soflk6n dfs]6 ln= Unf]an cfOPdO Soflk6n ln=

20750503 jfwf0f

2lxdfno phf ljsf sDkgL ln=

100 841500000 99000000

glan OGe]i6d]G6 alsEuml ln=

20750730 yfgLo

3dWo ef]6]sf]zL hnljBt sDkgL ln=

100 4500000000 1440000000

Unf]an cfOPdO PgcfOlanP k|e nIdL llen flgdf llacfOPn Soflk6n ln=

20750629

k|j4g dxsf sdrfL sdrfL ~ro sf]ifdf of]ubfg ug] sdrfL C0f k|bfg ug] +yfsf sdrfL

4

hf]zL xfO8laquof]kfj 8]enkd]G6 sDkgL ln=-yfgLo lgZsfzgdf ljqmL gePsf] $)) lsQf lxt_

100 144846000

169047000

l4fy Soflk6n ln=

20740920 jfwf0f

5

3n]DbL xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] $ampamp) lsQf lxt_

100 110000000

155577000 leaf] Soflk6n ln= 20750816 yfgLo jfwf0f

6olgen kfj sDkgL ln=

100 2100350000

966161000

l4fy Soflk6n ln=

20750827yfgLondash))) jfwf0fndashamp^^)

7lzjgtL xfO8laquof]kfj ln=

100 1254940000

147640000

l4fy Soflk6n ln=

20750910 yfgLo jfwf0f

8kfFry kfj sDkgL ln=

100 962500000

192500000

flgdf Soflk6n ln=

20750913yfgLondash(^)) jfwf0fndash(^))

9u|LgnfOkm xfO8laquof]kfj ln=

100 1620000000

180000000

sf7df8f+ Soflk6n dfs]6 ln=

20750917 yfgLo

10lxdfno phf ljsf sDkgL ln=

100 148500000

148500000

glan OGe]i6d]G6 alsEuml ln=

20751021 jfwf0f

11

olgog xfO8laquof]kfj ln=-yfgLo lgsfzgdf ljqmL gePsf] ^amp() lsQf lxt_

100 291255000

353434000 nIdL Soflk6n ln= 20751028 jfwf0f

12

dfpG6]g xfO8laquof] g]kfn ln=-yfgLo lgisfzgdf ^^) lsQf lxt_

100 125000000

181611000

l4fy Soflk6n ln=

20751101 jfwf0f

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

49

13

lqznL hnljBt sDkgL ln=-hgtfsf] hnljBt sfoqmd cGtut clst dNosf] ) k|ltzt_

100 1852500000

370500000

Unf]an cfOPdO Soflk6n ln=

20751130 jfwf0f

14fGh]g hnljBt sDkgL ln=

100 547500000

547500000 gfuls nufgL sf]if 20751210 jfwf0f

15jfu9L xfO8laquof]kfj sDkgL ln=

100 1026315000

1026315000

l4fy Soflk6n ln=

20751230 jfwf0f

16lxdfn bf]nvf xfO8laquof]kfj s= ln=

100 1600000000

780000000

Unf]an cfOPdO Soflk6n ln=

20760125yfgLondash^)))))

jfwf0fndash^)))))

hDdf 17245206000 6877785000

n3ljQ sDkgL

1rftfL n3ljQ ljQLo +yf ln=

100 186000000

60000000

PgcfOlan P Soflk6n ln=

20750730 jfwf0f

2cfzf n3ljQ ljQLo +yf ln=

100 207400000

67400000 k|e Soflk6n ln= 20750929

3kz n3ljQ ljQLo +yf ln=

100 82963000

26963000

flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

cgrLndash ^af]8 +u7g +rgf

+rfn

s a

f]8

cWo

IfcWo

Ifsf] l

rjfno

n]vf k

LIf0f l

dlt

lgod

g ty

f Jo

jyfkg

lje

fu

sfgg

tyf

k|jnLs

0f dx

fzfv

flgod

g dx

fzfv

fJo

jyfkg

dxfzfv

flw

tf]kq

ahf l

l8P

ty

f sf]if k

lj]I

f0f

dxfz

fvf

gLlt cg

Gwfg t

yf

of]hgf d

xfzfv

f

lwtf]kq

Joj

foL

klj]I

f0f dx

fzfv

fklj]I

f0f ty

f cg

Gwfg lje

fu

dr]G6 a

+s ll

8P

tyf

qm]l8

6 ]l6Euml

pkz

fvf

lwtf]kq

ahf

ty

f lw

tf]kq

bnf

nJo

fkfL ty

f ah

f lgd

ftf pk

zfvf

lwtf]kq

ahf t

yf

Joj

foL zfv

f

+yfut

ljQ

pkz

fvf

fdl

xs n

ufgL s

f]if p

kzfv

f

+yfut

ljQ

tyf

fdl

xs

nufgL s

f]if zfv

fsfgg

zfv

f

sfgg

pkzfv

f

sfggL k

|ltI

ff pk

zfv

f

sfgg

k|jnLs

0f

zfv

f

sfgg

k|jnLs

0f pk

zfv

f

phL t

yf t

xsLs

ftpk

zfv

f

hgz

lQm Jo

jyfkg

pkz

fvf

fdf

Go k

|zf

g pk

zfv

f

n]vf pk

zfv

f

ljQLo Joj

yfkg

pkzfv

f

ljlQ

o Jo

jyfkg

zfv

f

k|zf

g zfv

flw

tf]kq

bnfn

Jo

fkfL ty

f

ahf lgd

ftf k

lj]I

f0f zfv

f

lwtf]kq

bnf

JofkfL ty

f ah

f lgd

ftf u

ynut

k

lj]I

f0f pk

zfv

f

lwtf]kq

bnf

JofkfL ty

f ah

f lgd

ftf y

nut

k

lj]I

f0f pk

zfv

f

lwtf]kq

sff]af

klj

]If0f

pkzfv

f

dr]G6 a

+s

ynut

k

lj]I

f0f pk

zfv

f

dr]G6 a

+s

uy

nut

k

lj]I

f0f pk

zfv

f

dr]G6 a

+s

klj]I

f0f zfv

f

lrs[t

sDk

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klj

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pkzfv

f

lgIf]k

bo

tyf

fkm

fkm

bo

klj

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kzfv

f

lwtf]kq

ahf t

yf ll

8P

klj]I

f0f pk

zfv

f

lwtf]kq

ahf t

yf ll

8P

klj]I

f0f zfv

f

fdl

xs n

ufgL s

f]if

klj]I

f0f pk

zfv

f

lrs[t

sDk

gL t

yf

fdlxs

nufgL s

f]if k

lj]I

f0f zfv

f

cg

Gwfg t

yf

rgf

k|ljlw

zfv

f

gLlt cg

Gwfg t

yf

of]hgf p

kzfv

f

rgf k

|ljlw

pkz

fvfcfGt

ls

n]vf

klI

fs

lzIff ty

f tfln

d pk

zfv

f

cGtfli6laquoo

Da

Gw p

kzfv

f

lzIff

tfln

d ty

f cGtfli6laquoo

Da

Gw z

fvf

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

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Page 11: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

3

phf If]qsf] ljtf Pj+ ljBtsf] lgoldt pknAwtf kglgdf0f tyf eflts kjfwf lgdf0f sfodf ePsf] tLj|tf cfBf]lus If]qdf ePsf] pTkfbg j[l4 ko6ssf] cfudgdf pTfxhgs j[l4nufotsf sf0fxn] dLIff jifsf] cflys j[l4b pRr xg] cgdfg x]sf] 5 dLIff jifdf sn ufxYo pTkfbgdf s[lif If]q u s[lif If]qsf] of]ubfg qmdzM amp k|ltzt amp k|ltzt x]sf] 5

dLIff jifdf sn ufxYo pTkfbgsf] of]ubfgdf LdfGt j[l4 NofPsf] pTkfbgdns pBf]usf] pTkfbg = k|ltztn] j[l4 xg] cgdfg 5 hg ut jif k|ltzt x]sf] lyof] ot xf]6n tyf ]i6]G6 If]qsf] j[l4b dLIff jifdf = k|ltzt xg] cgdfg 5 hg ut jif (= k|ltzt x]sf] lyof] dLIff cjlwdf ljb]zL ko6s cfudgdf j[l4 tyf cfGtls ko6gdf j[l4 phf pknAwtf aGb x8tfnhtf ultljlwxdf sdL cfPsf sf0f pBf]u tyf xf]6n ]i6]G6 If]qxdf j[l4 b]lvPsf] xf] Tot ut jif ^=$ k|ltztn] j[l4 ePsf] ljQLo dWoytf If]q dLIff jifdf ^= k|ltzt dfq j[l4 xg] cgdfg 5

pQm cjlwdf hg+Vof j[l4bsf] tngfdf sn ufxy pTkfbg-lhl8lk_ sf] j[l4b pRr ePFu k|lt JolQm cfodf =^ k|ltztn] j[l4 cfO )$ cd]lsL 8n ku]sf] cgdfg 5 hg ut jif (( cd]lsL 8n x]sf] lyof] cflys jif )ampamp^ df lhl8lkdf pkef]usf] cgkftdf sdL cfPsf] 5 eg] f]xL lhl8lkdf art tyf nufgLsf] cgkftdf eg] j[l4 cfPsf] 5 kl5Nnf] do sn ufxYo artsf] j[l4 sn kFhL lgdf0fsf] tngfdf pRr x]tf klg sn ufxYo artsf] cfwf Gog x]sf] sn kFhL lgdf0fsf] cfwf pRr x]sf sf0f art nufgLsf] cGt a9b uPsf] 5 ot dLIff jifdf ljk|]if0f cfosf] j[l4b pRr ePsf sf0f sn fli6laquoo art j[l4 ePsf] 5

dLIff jifdf dNo lylt lgolGqt cjyfdf g x]sf] b]lvG5 jflifs cfiftsf] cfwfdf cflys jif )ampamp^ pkef]Qmf db|fkmLlt b $=^ k|ltzt x]sf] 5 hg ut jif $= k|ltzt x]sf] lyof] cfklt Jojyfdf ePsf] wf l5d]sL b]z eftdf dNodf sdL cfPsf] sf0fn] dli6ut db|flkmltdf yfloTj cfPsf] xf]

v_ dflb|s tyf ljQLo If]q

cflys jif )ampamp^ df ljQLo If]q yfloTjsf rsx an x]sf 5g kl5Nnf jifxdf sn ufxYo pTkfbgdf ljt[t db|fk|bfo lghL If]qtkm k|jflxt shf tyf sn lgIf]ksf] cgkft nufotsf ljQLo k|uf9tf rsdf wf cfPsf] 5 dLIff jifdf sn ufxYo pTkfbgdf ljt[t db|fk|bfosf] cgkft )=$ k|ltzt lghL If]qtkm k|jflxt shfsf] cgkft $ k|ltzt sn lgIf]ksf] cgkft (=$ k|ltzt x]sf] 5 hg ut jif qmdzM )= k|ltzt )=^ k|ltzt ()= k|ltzt x]sf] lyof]

dLIff jifdf +slrt db|fk|bfo ljt[t db|fk|bfosf] j[l4 qmdzM =^ k|ltzt = k|ltzt x]sf] cgdfg 5 hg ut jif amp=^ k|ltzt (=$ k|ltzt x]sf] lyof] dLIff jifdf vb jb]lzs Dklt 36]sf sf0f db|fk|bfosf] ljtfdf +srg cfPsf] xf] ot f]xL cjlwdf a+s tyf ljQLo +yfaf6 lghL If]qtkm k|jfx ePsf] shf j[l4b (= k|ltzt x]sf]df lgIf]k j[l4 b eg] =) k|ltztdfq x]sf] 5 lgIf]k j[l4sf] tngfdf shfsf] ljtf pRr x]sf sf0f a+s tyf ljQLo +yfsf] nufgLof]Uo kFhLdf rfk k]sf] b]lvPsf] 5

cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] b]lvG5 ut jifsf] tngfdf lwtf]kqsf] k|fylds ahfdfkmt xg] kFhL klrfngdf fdfGo lufj6 cfPsf] 5 fwf0f ]osf] cfkltdf j[l4 alsEuml tntfdf sdL tyf Aofhbsf] ltj| pQfr9fj pRr rfn vftf 3f6f nufotsf ljljw sf0fn] nufgLstfsf] dgf]an sdhf] xg uO dLIff cjlwsf] lwtf]kqsf] bf]|f] ahfdf pQfr9fj b]lvPtfklg jifsf] cGTodf pQm ahf sffTds ag]sf] b]lvG5

dLIff jifdf k|fylds ahfdfkmt sn =$(=amp^ cj afasf] kFhL klrfng ePsf] 5 hals ut jif == ca afasf] kFhL klrfng ePsf] lyof] ut jif =( ca afasf] lwtf]kq sff]af ePsf]df dLIff cjlwdf sn = )=)amp ca afasf] lwtf]kq sff]af ePsf] 5 ot ut jif =^ laGb x]sf] g]K] rsf+sdf = k|ltztn] j[l4 cfO cflys jif )ampamp^ sf] cGTodf (=) laGb sfod ePsf] 5

u_ sfL ljQ If]q

+3Lotf Jojyfsf] sfofGjogFu cflys jif )ampamp^ af6 g]kfnsf] fjhlgs ljQ +rgfdf kljtg cfPsf] 5 dLIff jifdf sfL ljQ If]qsf] lylt fdfGo x]sf] 5 dLIff jifdf fhj = k|ltztn] j[l4 ePsf] cgdfg ulPsf] 5 eg] sfL vrdf = k|ltztn] j[l4 ePsf] cgdfg 5 ut jif pQm j[l4 b qmdzM =^ k|ltzt (=( k|ltzt x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

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rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

)amp)^ Gofolwz tyf jlsnxsf] dx g]kfn jf]Rr cbfnt af+u kFhL ahf DaGwL 5nkmn tyf cGtlqmof

)

)amp yfoL n]vf g+= -Kofg_sf] laifodf f]sfjfnfx+u 5nkmn tyf cGtlqmof

)amp^) ljlzi6Ls[t nufgL sf]ifsf] lgodg tyf +rfng DaGwL 5nkmn tyf cGtlqmof

$=^ tflnd tyf ]ldgf

cflys jif )ampamp^ df af]8n] sfot hgzlQmsf] Ifdtf clej[l4sf nflu af]8 bo pRr Jojyfkg tyf ljleGg sdrfLxnfO APG n] cfof]hgf u]sf] Accessor Training APG Seoul Wokshop 2018 The Toronto Center and the Monetary Authority of Singapore n] +oQm kdf cfof]hgf u]sf] 12th Regional Leadership Programme for Securities Regulator 14th ASF Tokyo Round Table GEM Committee Annual Meeting and Conference OECD n] cfof]hgf u]sf] Advancing Financial Literacy Globally Implementation and Innovation AMF France 2018 International Seminar APEC FRTI n] cfof]hgf u]sf] Regional Seminar on Enhancing Listing Liquidity and Investor Participation in Emerging Markets Stock Exchanges - Cambodia Regional Seminar on Enforcement and Litigation - Sri Lanka Regional Seminar on Fintech and Cybersecurity - South Korea Regional Seminar on Development of Collective Investment Scheme and Implications of Emerging Trends ndash Cambodia IOSCO n] cfof]hgf u]sf] Assessment Committee Capacity Building Workshop for Self Assessment Workshop on Crypto-Assets Trends Challenges and Regulatory Implications 2019 IOSCO Seminar Training Programme - Protecting the Retail Investors A Securities Regulators Perspective 2019 IOSCOPIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets IOSCO Asia Pacific hub strenghthening cyber securities nufotsf cGtfli6laquoo tdf cfof]lht ]ldgf tyf tflnd sfoqmdx 44th Annual International Futures Industry Conference - BOCA 29th Annual International Institute for Securities Market Growth and Development - USA 2019 FATFMoney Val Joint Experts Meeting and the US Presidency Initiative on Prosecutors and Judges - Isrial Asia Pacific Forum 2019 IMF Legal Department and Institute for capacity development implementing the international anti money laundering combacting the financiaing of terrorism standardrs - Singapore tyf NISM India af6 cfof]hgf ePsf] An Overview of Securities Marketsrsquo for Officers of SEBON af]8n] xefuL ufPsf] 5 fy af]8n] sfgg k|jnLs0f ljQLo fIftf klj]If0f lgod kfngf tyf cgudg htf ljifo jtxdf d]t cGtfli6laquoo tdf cfof]lht sfoqmddf af]8sf kbflwsfL tyf sdrfLxnfO xefuL ufPsf] 5 af]8n] dLIff jifdf jt ljlgdo ahfsf] lgodg lhDd]jfLnfO k|efjsfL kdf kf ug af]8 sdrfLsf] Ifdtf clej[l4 ug] p2]Zon] eftsf] sdf]l86L 8]le]l6E ahf +rfns PdlPSndashOl08ofsf] k|fljlws xof]udf sdf]l86L 8]le]l6E ahf ljifos bO lbg] cGtlqmof sfoqmd ~rfng u]sf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

43

$=amp k|sfzg tyf hfgsfL k|jfx

af]8n] lwtf]kq ahfsf] lylt tyf jfwf0fdf lwtf]kq ahf DaGwL r]tgfsf] t clej[l4 ug] p2]Zon] af]8n] xfnfn ljleGg rgf tyf hfgsfLdns fdu|Lxsf] k|sfzg tyf hfgsfL k|jfxdf ljz]if hf]8 lbb cfPsf] 5 o cgf dLIff jifdf af]8n] o sfonfO cem ltj|tfsf fy cl3 a9fPsf] 5

lwtf]kq tYofIacute Jojyfkg k|0ffnLM af]8n] rLs[t sDkgLxsf] aflifs k|ltj]bgdf dfj]z tYof+sx tyf fli6laquoo Pj+ cGtfli6laquoo If]qsf kFhL ahf tyf cytGqFu DalGwt tYof+sx +sng uL lwtf]kqsf] s]Gb|Lo tYofIacute a+s yfkgf ulPsf]df pQm k|0ffnLdf x]sf ljj0fx cWofjlws uL fjhlgs ug] sfonfO lgGttf lbOPsf] 5 o k|0ffnLaf6 lwtf]kq ahfdf nufgL ug rfxg] jfwf0f nufgLstfxn] cfkmn] nufgL ug rfx]sf] rLs[t +ul7t +yfxsf] ljQLo ljj0f k|fKt ug Sg] Jojyf x]sf] 5 o Jojyfaf6 kFhL ahf DaGwL cWoog tyf cgGwfgstfxnfO d]t cfjZos tYof+s tyf hfgsfL pknAw xg] u]sf] 5

jflifs k|ltj]bgM lwtf]kq DaGwL P]g )^ sf] bkmf ^ n] u]sf] Jojyf cgf lwtf]kq ahfdf ePsf sfdsfjfxL ultljlw ahf ljsfsf nflu ePsf k|ofx dfj]z uL af]8n] cflys jif )amp$amp sf] jflifs k|ltj]bg -cEuml|]hLdf d]t_ k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 Ps klroM af]8 yfkgfsf p2]Zox af]8sf] sfd stJo clwsf sfoIf]q tyf 0fgLlt ~rfns af]8 tyf +u7gfTds jksf fy lwtf]kq ahfsf] hfgsfLsf fy af]8n] ahfsf] ljsf tyf ljtfsf nflu rfn]sf sbdxsf] d]t hfgsfL lbg] p2]Zon] af]8n] g]kfn lwtf]kq af]8 Ps klrosf] t]|f] +s0f k|sfzg u]sf] lyof] o cl3 f]xL kts )amp d+ldf k|yd k|sfzg -))) k|lt_ bf]|f] +s0f )amp df3df k|sfzg -))) k|lt_ ePsf] lyof] pQm Ps klrodf cWofjlws uL o cf=j=df klg kgM k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 dfrf k|sfzgM af]8sf] ultljlwxnfO jfwf0fdIf hfgsfL k|jfx ug] p2]Zon] )amp kfif b]lv g]kfn lwtf]kq af]8 dfrfsf] k|sfzgnfO lgGttf lbOPsf] 5 cflys jif )ampamp^ df pQm dfrfnfO aringdfls kdf ljleGg cIacutexsf] k|sfzg uL jfwf0f tyf f]sfjfnfnfO ljt0f ulPsf] 5

Quarterly Securities Market Indicators lwtf]kq ahfsf] cjyf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu af]8n] rfn]sf kxnxsf] Gbedf qdfls kdf jfwf0f nufgLstf tyf f]sfjfnfxnfO hfgsfL k|bfg ug] p2]Zon] cflys jif )ampamp^ af6 k|sfzg zjft ulPsf] Quarterly Securities Market Indicators nfO dLIff jifdf d]t lgGttf lbb o k|sfzgsf] gjf+ cIacuteDd k|sfzg uL DalGwt kIfxnfO ljt0f ulPsf] 5

lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|ZgxM jfwf0fnfO lwtf]kq tyf jt ljlgdo ahfsf ljljw kIfxsf] af]df k|Zgf]Q znLdf hfgsfL lbO kFhL ahfdf clelr tyf fIftf clej[l4 ug] p2]Zon] dLIff jifdf lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|Zgxsf] +s0fnfO cem Jojlyt ljt[t kdf kldfhg uL k|sfzg u]sf]] 5

cflys jif )amp^ampamp sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmddf 5nkmn tyf k|sfzgM af]8n] cflys jif )amp^ampamp df canDag ulg] lwtf]kq tyf jt ljlgod ahfDaGwL gLlt tyf sfoqmdnfO fjhlgs uL ahf ljsf tyf ljtfk|lt af]8nfO hjfkmb]xL tyf kfbzL agfpg] p2]Zon] dLIff jifdf ldlt )amp^ cfiff9 df Dk0f Da4 kIfxnfO +nUg ufO lwtf]kq ahfDaGwL k|tfljt gLlt tyf sfoqmdsf DaGwdf cGtlqmof uL k|fKt fodivideemfjxnfO d]t dfj]z uL cfufdL jif cyft cflys jif )amp^ampamp sf] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdsf] k|sfzg uL fjhlgs u]sf] 5

af]8sf] ampcf+ aflifsf]Tj k|sfzgM af]8sf] amp cf+ aflifsf]Tjsf] cjdf af]8n] lwtf]kq ahf DaGwL ljleGg gofF cWoog fdu|Lx k|sfzg u]sf] 5

y lwtf]kq ahf DaGwL ljleGg n]v rgf dfj]z ulPsf] aeligg]kfn lwtf]kq af]8 dfrf kFhL ahf n]v ljz]iffIacute )amp^AElig

y lwtf]kq tyf jt ahfDaGwL ljz]if sfggL +u|x )amp c+u|]hLdf

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

44

y lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx

r]tgfdns fdfu|LxM lwtf]kqdf nufgL ubf s] stf laifoxdf Wofg lbg k5 eGg] DaGwdf nufgLstfnfO hfgsfL lbgsf fy r]t ufpg] p2]Zon] lwtf]kqdf nufgL ubf Wofg lbgkg] sfx d]6L af]8n] krf kDkn]6 k|sfzg uL ljt0f u]sf] 5 fy af]8sf] j]afO6 laleGg fli6laquoo kqklqsf 6]lnlehg nufotsf ~rf dfWod dfkmt r]tgfdns fdfu|Lx k|sfzg tyf k|zf0f ug] sfonfO af]8n] lgGttf lbPsf] 5 Tot af]8n] jfw0f Pj+ nufgLstfsf] lwtf]kq ahf DaGwL lh1ffnfO dfwfg ug lwtf]kq ahfdf afDaf f]lwg] k|Zgxsf] Fufnf] tyf lwtf]kq ahfdf afDaf k|of]u xg] zAbxnfO d]6] lwtf]kq ahf zAbfjnL kltsf k|sfzg uL ljt0f u]sf] 5

j]afO6M lwtf]kq ahfsf ljljw kIfx DaGwdf Dj4 kIfxnfO lgGt kdf hfgsfL pknAw ufpg] p2]Zon] lwtf]kq ahfFu DalGwt P]g lgod tyf lgb]lzsfx af]8sf] klro af]8sf] jflifs k|ltj]bg af]8df ugff] lbg] 9fFrfsf fy f]sfjfnf tyf nufgLstfxsf nflu hfgsfL rgf tyf r]tgfdns fdfu|Lx dfj]z uL af]8n] tof u]sf] j]jfO6nfO cem ljt[t agfPsf] 5 af]8n] lwtf]kq ahf lwtf]kq AojfoL tyf rLs[t +ul7t +yfxsf] P]g lgodsf] kfngfsf] lylt DaGwL ljj0f Pj+ ljt[t hfgsfL d]t j]afO6df dfj]z u]sf] 5

$= cWoog tyf cgGwfg

lwtf]kq ahfsf] ljsf tyf ljtfsf] nflu cWoog tyf cgGwfgdf cfwflt gLlt lgdf0f tyf lgb]zg hfL ugkg] cfjZostf x]sf] Gbedf af]8af6 dLIff jifdf jflifs sfoqmd cgf b]xfo adf]lhdsf cWoog tyf cgGwfg sfox ePsf 5g

lwtf]kq ahfdf yfoL n]vf gDa -Kofg_ sf] Jojyf DaGwdf ulPsf] cGtlqmofdivide5nkmn sfoqmdDaGwL cWoog k|ltj]bg )amp

kflIfs nufgLstf k|lzIf0f sfoqmdsf] k[i7kf]if0f j]If0f cWoog k|ltj]bg )amp

lwtf]kq ahfsf] jtdfg cjyf ahfDaGwL g]kfn sfsf] gLlt sfoqmd ahf wfsf nflu af]8sf] tTsfnLg tyf dWosfnLg emfj )amp

lwtf]kq ahfsf] +rgfTds wf ug g]K]sf] skf]]6fOh]g gofF 6s PSr]GhDaGwL cjwf0ff kq )amp

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cflys j]If0f )ampamp^ sf] nflu lwtf]kq ahf DaGwL cfjZos ljj0fx tof uL k]z ulPsf] 5

ljQLo If]q ljsf 0fgLltdf pNn]lvt sfosf] sfofGojg lylt tyf sfoof]hgfsf] vfsf DaGwdf ljQLo If]q ljsf 0fgLlt sfofGjog ldltnfO cjut ufpFb g]kfn fi6laquo a+s ljQLo If]q Jojyfkg dxfzfvf cy dGqfnodf k]z u]sf] 5

fhj Jojyfkg dxfzfvf cy dGqfnodf lwtf]kq ahf DaGwdf fhj tyf s gLlt DaGwL ljt[t emfj k]z u]sf] 5

Aff]8n] cf=j= )amp^ampamp df g]kfn sfsf] gLlt tyf sfoqmddf dfj]z ugkg] lwtf]kq ahf DaGwL ljifojtx tof uL cy dGqfnodf k]z u]sf]df f]xL cgf cf=j= )amp^ampamp sf] g]kfn sfsf] ah]6 jQmJodf dfj]z ePsf]

fy af]8n] cf=j= )amp^ampamp sf] dflb|s gLltsf DaGwdf lwtf]kq ahf DaGwL fo emfj g]kfn fi6laquo a+snfO lbPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

45

efundashkfldquorlwtf]kq ahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL

dof tyf rgftLxaf]8n] lwtf]kq ahf tyf jt ljlgdo ahfsf] ljsf tyf wf DaGwdf b]lvPsf dof tyf rgftLxnfO qmdzM

dfwfg ub ahfnfO jR5 kfblztfsf] nflu cfjZos Jojyfx ljsf ub nu]sf] 5 o qmddf dLIff cjlwdf g]kfnsf] lwtf]kq ahfsf] ljsf wf DaGwdf af]8n] dxTjk0f +rgfTds wf sfox u]sf] 5 eg] jt ljlgdo ahfnfO lgodgsf] bfofdf NofPsf] 5

k|fylds ahfdf cfjf k|0ffnLsf] kmn sfofGjog Ps g]kfnL Ps l8Dof6 vftf cfof]hgf k|efljt If]q yfgLonfO l8Dof6 vftf vf]Ngsf nflu ePsf] k|f]Tfxgdns Jojyf tyf af]8n] b]zJofkL kdf ~rfng u]sf] nufgLstf k|lzIf0f sfoqmd nufotsf sf0faf6 nufgLstfsf] +Vofdf Jofks j[l4 ePsf] b]lvG5 kl5Nnf] do lwtf]kq ahfsf] kxFr pkTosfaflx d]]t ljtf xg] qmd a9]sf] nufgLsf jslNks fwgx lelqg] sfggL jftfj0f tof ePsf] jrflnt cgnfOg sff]af k|0ffnL nfu ePsf] g]kfndf yflkt klAns sDkgLxn] ljb]zL ahfdf lwtf]kq hfL ug] tyf PgcfPgn] k|fOe]6 OlSj6L e]~r Soflk6nhtf pks0faf6 kFhL ahfdf nufgL ug Sg] Jojyfaf6 g]kfnsf] lwtf]kq ahf klg qmdzM b]zJofkL k|ljlwdqL+ Pj+ nufgLstfdqL+ eO cfwlgsLs0ftkm pGdv xFb uOx]sf] 5

af]8af6 ulPsf wfsf ljljw k|ofsf afahb ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO tf]Gglt ub nhfg] rgftL eg] sfod x]sf] 5 o qmddf lwtf]kq ahfsf] ljsf wf DaGwdf gLltut k|ljlw +yfut sfggL +rgf OToflbsf] DjGwdf dVotM b]xfo cgfsf dof tyf rgftLx x]sf 5g

s_ lwtf]kq ahf ljsf tyf wfsf dof tyf rgftL

lwtf]kq ahf wf tyf ljsfdf af]8af6 ljleGg wfsf sfox ulPtfklg o ahfsf] lbuf] tyf yfoL ljsfsf nflu b]xfo adf]lhdsf dof tyf rgftLx x]sf 5g M

kFhL ahfdf ki6 gLltut Jojyf uL ahfsf] ly bL3sfnLg ljsfsf] cjwf0ffdfkmt ahfsf] lbuf] ljsf ug]

ahfsf] yfloTj Pj+ bL3sfnLg ljsfsf nflu ll8P fdlxs nufgL sf]ifnfO b[9 kdf Jojlyt ug 6laquoi6 P]g tyf cGo DalGwt P]gx thdf uL sfggL lxfan] +rgfTds wf ug]

af]8 tyf lwtf]kq ahf xefuLsf] +yfut Ifdtf clej[l4 ub +3Lo k|fb]lzs 9fFrf cgf qmdzM b]ze ~hfn ljtf ub nhfg]

lwtf]kq ahf xefuLxsf] sfd sfjfxLnfO cem tLo Jojflos k|ltkwL agfpg]] rgftL 5 fy af]8sf] +u7gfTds +rgfnfO dok]If agfpFb lwtf]kq ahfdf of]Uo bIf Pj+ k|ltkwL Pj+ ekbf] hgzlQmnfO cfslift ug tyf ljBdfg hgzlQmnfO lgGttf lbg] sfosf fy lwtf]kq JojfoLxdf sdrfL j[lQ ljsf of]hgf tyf pQflwsfL of]hgf thdf ufO sfofGjog ufpg]

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lwtf]kq ahfnfO yk Jojflos Pj+ k|ltkwfTds agfpg lwtf]kq ahf ~rfng lgodfjnL )^$ sf] dd adf]lhdsf] lghL If]qdf gofF 6s PSr]Gh yfkgfnfO xhLs0f ug]

lwtf]kqsf] bf]|f] ahfnfO cflys tyf Jofkfls kdf lqmo ljQLokdf Ifd lhNnfxdf qmdzM ljtf ub b]zJofkL kdf ljtf ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

46

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g]kfn 6s PSr]~h ln= df rLs[t hnljBt DaGwL ljBfdfg sfggdf ljBt cfof]hgf +rfng cgdltsf] dofjlw )divide jifdf lsPkl5 xg] jfldTj xtfGt0fn] ]owgLxdf kg] k|efjsf DaGwdf xfn Dd klg ki6 Jojyf gxFbf hnljBt If]qsf] nufgLsf] jfldTj clglZrttfDaGwL hf]lvdnfO GogLs0f ug] f] sf DaGwdf ki6 gLltut Jojyf ug]

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lwtf]kq ahfdf yfloTj NofO Jojlyt ug dxTjk0f eldsf v]Ng] +yfut nufgLstfxsf] xfn xeflutf xg glsx]sf] Gbedf ~rostfsf] dVo bfloTj af]s]sf] gfuls nufgL sf]]if htf +yfsf xfos sDkgLdfkmt ljz]if1 lwtf]kq JojfoL ]jfsf] Jojyf ug] tyf ljb]zL nufgLnfO +yfut nufgLstfsf] kdf leqofpg]

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fs If]qdf PsLs[t kFhL ahfsf] cjwf0ff ljsf eOx]sf] Gbedf g]kfnsf] lwtf]kq ahfnfO qmaf]8 lnli6Euml 6]laquol8Eumldf xefuL ufpg lgodg lgsfox lxt a ahf xefuLx rLs[t sDkgLxsf] Ifdtf clej[l4 ug] lgodg tyf JojfoL ultljlwdf dtf (Harmonisation) rgf k|ljlwsf] k|of]unfO tLo Pj+ Jofks agfpg] fy sfggL JojyfnfO b[9Ls0f ug]

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lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

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v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

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jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

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48

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11

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49

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flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

cgrLndash ^af]8 +u7g +rgf

+rfn

s a

f]8

cWo

IfcWo

Ifsf] l

rjfno

n]vf k

LIf0f l

dlt

lgod

g ty

f Jo

jyfkg

lje

fu

sfgg

tyf

k|jnLs

0f dx

fzfv

flgod

g dx

fzfv

fJo

jyfkg

dxfzfv

flw

tf]kq

ahf l

l8P

ty

f sf]if k

lj]I

f0f

dxfz

fvf

gLlt cg

Gwfg t

yf

of]hgf d

xfzfv

f

lwtf]kq

Joj

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klj]I

f0f dx

fzfv

fklj]I

f0f ty

f cg

Gwfg lje

fu

dr]G6 a

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8P

tyf

qm]l8

6 ]l6Euml

pkz

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lwtf]kq

ahf

ty

f lw

tf]kq

bnf

nJo

fkfL ty

f ah

f lgd

ftf pk

zfvf

lwtf]kq

ahf t

yf

Joj

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f

+yfut

ljQ

pkz

fvf

fdl

xs n

ufgL s

f]if p

kzfv

f

+yfut

ljQ

tyf

fdl

xs

nufgL s

f]if zfv

fsfgg

zfv

f

sfgg

pkzfv

f

sfggL k

|ltI

ff pk

zfv

f

sfgg

k|jnLs

0f

zfv

f

sfgg

k|jnLs

0f pk

zfv

f

phL t

yf t

xsLs

ftpk

zfv

f

hgz

lQm Jo

jyfkg

pkz

fvf

fdf

Go k

|zf

g pk

zfv

f

n]vf pk

zfv

f

ljQLo Joj

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pkzfv

f

ljlQ

o Jo

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f

k|zf

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flw

tf]kq

bnfn

Jo

fkfL ty

f

ahf lgd

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lj]I

f0f zfv

f

lwtf]kq

bnf

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f ah

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ftf u

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k

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lwtf]kq

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f ah

f lgd

ftf y

nut

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lwtf]kq

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k

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f0f pk

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ahf t

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f]if

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f0f pk

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lrs[t

sDk

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f]if k

lj]I

f0f zfv

f

cg

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yf

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k|ljlw

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 12: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

4

lyof] cflys jif )ampamp^ df sfsf] rfn vr kFhLut vrsf] j[l4 b qmdzM = k|ltzt )= k|ltzt x]sf] 5 k|b]z tyf yfgLo txdf cfof]hgf sfofGjog Ifdtfsf] sdL sdrfL dfof]hg sfggL kjfwfxsf] ljsf nufotsf ljifoxn] ck]Iffs[t a9L do lnPsf sf0f kFhLut vrsf] j[l4df sdL cfPsf] b]lvG5 ut cflys jifsf] tngfdf dLIff jifdf ah]6 3f6f = k|ltztn] j[l4 ePsf] 5 eg] fhj eg] ^=^ k|ltztn] j[l4 ePsf] 5

3_ afxo If]q

g]kfn sfsf] cfoft k|ltyfkg lgoft clej[l4sf] bO wfsf] 0fgLlt cgk dLIff jifdf cfoftsf] jl4b sd xFb uPsf] 5 eg] lgoftdf wf cfPsf] b]lvG5 dLIff jifdf sn jt lgoft (=$ k|ltztn] j[l4 xFbf cfoft eg] =( k|ltztn] j[l4 ePsf] 5 pQm j[l4 b ut jif qmdzM =$ = k|ltzt x]sf] lyof] lgoftsf] tngfdf cfoftsf] j[l4b pRr xFbf dLIff jifdf Jofkf 3f6f = k|ltztn]] j[l4 eO lhl8lksf] = k|ltzt ku]sf] 5 cflys jif )ampamp^ df sn jb]lzs Jofkfdf $= k|ltztsf] j[l4 cfPsf] 5

kl5Nnf] do 36bf] bdf j[l4 eOx]sf] ljk|]if0f cfk|jfxdf dLIff jifdf eg] ^=$ k|ltztn] j[l4 cfPsf] 5 pQm j[l4b ut jif =^ k|ltzt x]sf] lyof] dnssf] f]wfgfGt lylt = ^amp=$ can] C0ffTds x]sf] 5 eg] rfn vftf =^=$ can] 3f6fdf x]sf] 5 oaf6 ljb]zL db|fsf] +lrltdf d]t x|f cfO sla amp=amp dlxgfsf] jt tyf ]jfsf] cfoft wfGg Sg] Ifdtf x]sf] 5 pQm Ifdtf ut jif sla (=$ dlxgfsf] nflu x]sf] lyof] g]kfnsf] dli6ut cflys cjyfsf] +lIfKt jk tflnsf = df k|tt ulPsf] 5

tflnsf = g]kfnsf] dli6ut cflys cjyf

qm=+= ljj0f OsfOcflys jif

207374 207475 207576

oyfy If]q dNo

s_ oyfy cflys j[l4 -cfwfet dNodf_ k|ltzt 77 63 68

s[lif k|ltzt 52 28 50

u s[lif k|ltzt 90 77 75

pBf]u k|ltzt 124 96 81

]jf k|ltzt 81 72 73

v_ k|lt JolQm sn fli6laquoo cfocd]lsL

8n877 998 1034

u_ sn pkef]udivide lhl8kL cgkft k|ltzt 866 822 795

3_ sn ufxYo jrtdividelhl8kL cgkft k|ltzt 134 178 205

ordf_ sn fli6laquoo jrtdividelhl8kL cgkft k|ltzt 464 471 524

r_ sn ly kFhL nufgLdividelhl8kL cgkft k|ltzt 314 347 369

5_ dNo j[l4 -db|f kmLlt_ cfift jflifs k|ltzt 45 42 46

dflb|s Pj+ ljQLo If]q

s_ +slrt db|f k|bfo (M1) k|ltzt 131 176 86

v_ ljt[t db|f k|bfo (M2) k|ltzt 155 194 158

u_ lghL If]qsf] shf j[l4 k|ltzt 180 223 191

3_ sn lgIf]k j[l4 k|ltzt 140 192 180

ordf_ kFhL ahfM g]K] rsf+s ljGb 15827 12124 12590

sfL ljQ If]q

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

5

s_ fhj j[l4 k|ltzt 262 186 183

v_ sfL vr j[l4 k|ltzt 393 299 111

u_ ah]6 3f6f = cadf 335 769 863

3_ sn ltg afFsL C0f = ca 6977 8439 10411

$ jfXo If]q -jb]lzs Jofkf eQmfgL_

s_ lgoft j[l4 k|ltzt 42 114 194

lgoftdividelhl8kL cgkft k|ltzt 28 27 28

v_ cfoft j[l4 k|ltzt 280 258 139

cfoftdividelhl8kL cgkft k|ltzt 381 411 409

u_ lgoftdividecfoft cgkft k|ltzt 74 65 68

3_ Jofkf 3f6f j[l4 k|ltzt 304 269 135

Jofkf 3f6fdividelhl8kL cgkft k|ltzt -353 -384 -381

ordf_ rfn vftf Gtng = ca -101 -2476 -2654

r_ zf]wgfGt jrt = ca 821 096 -674

5_ ljk|]if0f cfo = ca 6955 7551 8793

h_ ljb]zL db|f +lrlt -jt tyf ]jf cfoft wfGg kUg]]_ Ifdtf

dlxgf 114 94 77

|f]tM cflys j]If0f )ampamp^ cy dGqfno g]kfn fi6laquo a+ssf] tYofIacutedf cfwflt k|flDes cgdfgdividecklis[t

du|df dnssf clwsf+z cflys fdflhs tyf eflts kjfwf ljsfsf klrsx Gtf]ifhgs x]sf 5g fy fhgLlts yfloTj sfod ePFu nufgLsf] jftfj0fdf cfPsf] wf ljBtsf] lgoldt pknAwtf tyf yfgLo txaf6 klg ljsfsf ultljlwx a9]sf sf0f d]t cytGq j[l4sf] dfudf cl3 a9]sf] b]lvG5 oBlk b]zdf pRr lbuf]] kmflsnf] dfj]zL cflys j[l4dfkmt ulaL cdfgtf a]f]hufL tyf klgetfsf] cGTo uL lbuf] ljsf nIo xfln ub g )) Dd dWod cfo dnssf] tdf kUg] sfo eg] rgftLk0f x]sf] 5 TouL cfufdL lbgdf +3Lotf Jojyfkg tyf kjfwf ljsfdf pNn]Vo vr ug kg] b]lvPsf]n] fhj klrfng tyf fjhlgs ljQ klrfng lwtf]kq ahfsf fy cGo ljQLo ]jfsf] kxFr yfgLo txDd kyenofpg afxo If]qdf k]sf] rfknfO Jojyfkg ub cGo ultljlwxnfO k|efjsfL agfpgkg] rgftL d]t x]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

6

efundashbOlwtf]kq ahfsf] lylt

= ljZj lwtf]kq ahf

g ) df ljZj lwtf]kq ahfsf clwsf+z rsxdf lufj6 cfPsf] 5 lwtf]kq ahfsf] ljZj +u7g (World

Federation of Exchanges-WFE) n] k|sfzg u]sf] k|ltj]bg cgf cGtfli6laquoo lwtf]kq ahfsf k|dv rsf+sxdf

ttf cfPsf] b]lvPsf] 5 lwtf]kq ahf kFhLs0fdf 7nf] sdL cfPsf] ePtf klg lwtf]kqsf] bf]|f] ahfdf ePsf] sff]af

sddf pNn]Vo j[l4 ePsf] 5 ot sn rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] b]lvG5 eg] k|fylds lgisfzg

sddf d]t +srg cfPsf] 5

g ) df cd]lsL If]qsf] lwtf]kq ahfsf] kFhLs0f sla ^ k|ltztn] 36]sf]df Plof Kollkms If]qdf =amp

k|ltztn] of]k dWo kj clk|msL If]qdf =^^ k|ltztn] 36]sf] 5 oL du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0f

$=^ k|ltztn] 36]sf] 5 ut aif du| ljZjsf] lwtf]kq ahfsf] ahf kFhLs0fdf =amp k|ltztsf] pNn]Vo j[l4 ePsf]

lyof] dLIff aifdf cd]lsL If]qsf] lwtf]kqsf] bf]|f] ahf sff]af sddf )= k|ltzsf] j[l4 cfPsf] 5 otf] sff]af

sddf Plzof Kofllkms If]qdf eg] = k|ltztn] sdL cfPsf] 5 ot of]k dWokj tyf clk|msL If]qsf] lwtf]kqsf]

bf]|f] ahf sff]af sddf =$^ k|ltztsf] j[l4 ePsf] 5 oL du| ljZjdf lwtf]kqsf] bf]|f] ahf sff]af sddf

= k|ltztsf] j[l4 ePsf] 5 ut aif otf] sff]af sddf sla tLg k|ltztn] j[l4 ePsf] b]lvG5

dLIff aifdf klg rLs[t sDkgLsf] +Vofdf fdfGo j[l4 ePsf] 5 du| ljZjdf sn rLs[t sDkgLsf] +Vofdf

=amp k|ltztn] j[l4 cfPsf] 5 g )amp df otf] j[l4 =$ k|ltzt x]sf] lyof] sn rLs[t +ul7t +yfsf] sla

k|ltzt cf]u6g] Plzof Kofllkms If]qdf rLs[t +ul7t +yfsf] +Vofdf =amp k|ltztsf] j[l4 ePsf] 5 ut aif o

If]qdf pQm j[l4 k|ltztsf] xffxfLdf x]sf] lyof] o If]qdf ) sf] cGtDddf amp$amp rLs[t +ul7t +yfx

x]sf lyP of] aif ljZj ahfdf sn l6laquolnog 8nsf] k|fylds lgisfzg ePsf] 5 hg ut aifsf] tngfdf sla

k|ltztn] sdL cfPsf] xf]

of] aif cd]lsL lwtf]kq ahfdf k|fylds lgisfzgdf ^=amp k|ltztsf] j[l4 cfPsf] 5 ut aif pQm If]qdf k|fylds

lgisfzg sd sla $)=^( k|ltztn] j[l4 ePsf] lyof] Plof Kofllkms If]qdf (=$$ l6laquolnog 8nsf] k|fylds

lgisfzg ePsf] 5 hg ut aifsf] tngfdf )=^amp k|ltztn] sd xf] ot of]k dWo kj tyf clk|msL If]qdf k|fylds

lgisfzg sddf sla ( k|ltztn] sdL cfPsf] 5 ljZj lwtf]kq ahfsf] kl5Nnf] tLg jifsf] cjyfnfO tflnsf =

df k|tt ulPsf] 5

tflnsf =ljZj lwtf]kq ahf -sd cd]lsL 8n l6laquolnogdf_

qm== ljj0fcflys jif

kljtg k|ltzt

kljtg k|ltzt

2016 2017 2018 2017 2018

1 ahf kFhLs0f

cd]lsf 310 365 342 177 -63 Plzof Kofllkms 244 313 239 283 -236 of]k dWo kj clk|msL If]q 156 194 164 244 -155

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

7

sn ahf kFhLs0f 710 872 745 228 -146

2 sff]af sd

cd]lsf 439 419 546 -46 303 Plzof Kofllkms 308 302 292 -19 -33 of]k dWo kj clk|msL If]q 118 121 135 25 116 sn sff]af sd 865 842 973 -27 156

3 sff]af +Vof

cd]lsf 68 57 68 -162 193 Plzof Kofllkms 119 120 129 08 75 of]k dWo kj clk|msL If]q 19 19 21 00 105 sn sff]af +Vof 206 196 218 -49 112

4 rLs[t sDkgLsf] +Vof

cd]lsf 9971 9832 10075 -14 25 Plzof Kofllkms 25390 26661 27347 50 26 of]k dWo kj clk|msL If]q 13615 13727 14160 08 32 sn rLs[t sDkgLsf] +Vof 48976 50220 51582 25 27

5fjhlgs lgisfzg -cd]lsL 8n ljlnogdf_

cd]lsf 204 491 524 1407 67 Plzof Kofllkms 728 1035 924 422 -107 of]k dWo kj clk|msL If]q 343 523 372 525 -289 sn fjhlgs lgisfzg sd 1275 2049 1820 607 -112

|f]tM jN8 km]8]]zg ckm PSr]~h

ljZj ahfdf b]lvPsf] cflys ttf tyf fhglts ptf r9fj sRrf t]nsf] dNodf cfPsf] kljtg 7nf b]zxsf]

jLrdf b]lvPsf] Jofkf tgfj +slrt dflb|s gLltdf hf]]8 nufotsf laifon] ubf nufgLstfsf] dgf]andf sdL cfO ljZj

lwtf]kq ahfdf +srg cfPsf] b]lvG5 ljZjsf s]xL k|dv lwtf]kq ahfsf rsf+s tflnsf = df k|tt ulPsf] 5

tflnsf = ljZjsf s]xL k|dv lwtf]kq ahfsf] rsf+s

qm== rsf+s cfwf ljGb g ) hnfO g )( hnfO kljtg k|ltzt

1 Samp P BSE Sensex 1000 3654163 3739724 234

2 Nikkei225 225 2259735 2154099 -(467)

3 NYSE Composite Index 5000 1276950 1306660 233

4 FTSE 100 1000 765133 758678 -(084)

5Shanghai Composite Index 100 283118 293251 358

|f]tM Andau

TouL g ) df fs If]qsf] lwtf]kq ahf rsf+s tn tflnsf = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

8

tflnsf =g ) df fs If]qsf] lwtf]kq ahfsf] cjyf

klrsx PsfO eft g]kfn e6fg kflstfg gtLn+sf a+unfb]z dfNlbE

k|fylds lgisfzg sd

cd]lsL 8n bz nfvdf

1472413 45401 0 4867 1134 6569 0

rLs[t sDkgL +Vof 7156 215 21 558 297 561 10

6s PSr]~h +Vof 5 1 1 1 1 2 1

aflifs sff]af sd

cd]lsL 8n bz nfvdf

124944600 110757 536 11162 1930646 04

ahf kFhLs0f sd

cd]lsL 8n bz nfvdf

414476870 1309434 4914 6508221 1607133 4669112 894

sff]afdivideahf kFhLs0f

k|ltzt 3086 846 109 692 4135 0045

ahf kFhLs0fdividesn ufxy pTkfbg

k|ltzt 15202 4735 1903 2082 214 1719 1696

ljlgdo bPs cd]lsL 8n afa

7489 1096 717 13314 17222 824 1521

|f]tM DalGwt lgodg lgsfo tyf 6s PSr]~hsf]] jflifs k|ltj]bgxaf6 lnOPsf] tYof+s pknAw gePsf]

= g]kfnsf] lwtf]kq ahfg]kfnsf] lwtf]kq ahf xfnsf jifxdf +rgfTds kljtgsf sf0f cfwlgs xFb uPsf] 5 kl5Nnf] dodf lwtf]kqsf]

k0f ceflts sff]af k|fylds ahfdf cfjf tyf lndashcfjf k|0ffnL nfu eO xfn ampamp lhNnfdf g a+s tyf ljQLo +yfsf )) eGbf a9L zfvfxiquestaf6 k|fylds ahfsf] ]jf pknAw ePsf] bf]|f] ahfdf cgnfOg sff]af k|0ffnL sfofGjogdf cfPsf] k|fOe]6 OlSj6L e]~r Soflk6n tyf x]h km08htf nufgLsf jslNks fwgx k|j]zsf nflu cfwf tof ePsf] dr]G6 a+s tyf lwtf]kq bnfn JojfoLsf] pkTosf aflx zfvf ljtf xg] qmd a9]sf]n] g]kfnsf] lwtf]kq ahfsf] If]q tyf bfof kmflsnf] xFb uPsf] 5 cflys jif )ampamp^ df lwtf]kq ahf fdfGo x]sf] 5 k|fylds ahftkm C0fkq tyf fdlxs nufgL of]hgf lgisfzgdf pNn]vgLo j[l4 ePsf] 5 eg] xsk|b ]o lgisfzgdf sdL cfPsf] 5 lwtf]kqsf] bf]|f] ahfsf] ljleGg klrsx ht rLs[t sDkgLsf] +Vof ahf kFhLs0f g]K] rsf+s cflbdf eg] wf cfPsf] b]lvG5 ljut tLg cflys jifsf] lwtf]kq ahfsf] +lIfKt emns tflnsfndash=$ df k|tt ulPsf] 5

tflnsf =$lwtf]kqsf] ahfsf] +lIfKt emns

qm ljj0fcflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1 sn fjhlgs lgisfzg +Vof 101 87 65 -139 -253

2 sn fjhlgs lgisfzg sd -= cadf_ 5939 533 4976 -103 -66

3af]g ]o lxt lwtf]kq ahf dfkmt sn kFhL klrfng -= cadf_

9419 864 7646 -83 -115

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

9

4 rLs[t sDkgLsf] +Vof 208 196 215 -58 97

5 rLst sDkgLsf] rQmf kFhL 2896 3521 41228 216 171

6 jflifs sff]af sd -=cadf_ 20502 1214 11007 -408 -93

7 sff]af lbg 230 233 246 13 56

8 ahf kFhLs0f -=cadf_ 185682 143514 15675 -227 92

9 kmnf]6 ahf kFhLs0f -=cadf_ 64169 4839 55825 -246 154

10 g]K] rsf+s -ljGbdf_ 158267 121236 125902 -234 38

11 g]K] kmnf]6 rsf+s -ljGbdf_ 11614 8715 9243 -250 61

|f]tM g]kfn 6s PSr]~h ln=

cf=j= )ampamp^ df lwtf]kqsf] k|fylds tyf bf]|f] ahfsf] ljt[t ljj0f b]xfo cgf k|tt ulPsf] 5

== k|fylds ahf

ljut tLg cflys jifsf] k|fylds ahfdf +ul7t +yfxn] fwf0f ]osf] fjhlgs lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg ljlw k|of]u uL kFhL klrfng u]sf 5g eg] fdlxs nufgL sf]iftkm vnfdvL of]hgf d]t cEofdf cfPsf] 5 cf=j= )ampamp^ df fwf0f ]osf] k|fylds lgisfzgdfkmt =amp ca sf]8 xsk|b ]o lgisfzgdfkmt = ca sf]8 C0fkq lgisfzgtkm =( ca ( sf]8 Dorcn km08tkm =^ ca sf]8 uL sn =$( cj amp^ sf]8 kofF afasf] kFhL klrfng ePsf] 5 hg ut jifsf] = cj ) sf]8sf] tngfdf ^=^ k|ltztn] sd xf] dLIff jifdf C0fkqsf] lgisfzg tyf Dorcn km08sf] lgisfzgdf pNn]Vo j[l4 cfPsf] 5 tyflk fwf0f ]osf] k|fylds lgisfzg tyf xsk|b lgisfzgdf sdL cfPsf sf0f k|fylds ahfdfkmt xg] sn kFhL klrfngdf s]xL sdL cfPsf] 5 kl5Nnf] do lwtf]kqsf] k|fylds ahfdf hnljBt If]qsf sDkgLxsf] xeflutf a9b uPsf] 5 eg] dLIff cjlwdf n3ljQ sDkgLxsf] k|fylds lgisfzgdf d]t a9f]QL cfPsf] 5

cf=j= )ampamp^ df jfl0fHo a+sxn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hdf sn lgisfzgsf] ^) k|ltzt lghL xtfGt0f afFsL fjhlgs lgisfzg ePsf] 5 ut jif Ps a+sn] = ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )ampamp df kfFr rLs[t sDkgLn] = ca () sf]8 afasf] C0fkq hfL u]sf lyP ot cf=j= )^^$ df Ps rLs[t sDkgLn] =$) sf]8 afasf] cu|flwsf ]o lgisfzg u]otf cu|flwsf ]o

lgisfzgsf] cjyf eg] zGok|fo x]sf] 5 ljut tLg cflys jifsf] k|fylds ahf tflnsfndash= tyf rf6 = df k|tt

ulPsf] 5

tflnsf =lwtf]kqsf] k|fylds ahf -jflifs tYofIacutedf cfwflt_

qm ljj0fcflys jif -sd = cadf_ kljtg k|ltzt

207374 207475 207576 +Vofsf] cfwfdf sdsf] cfwfdf+Vof sd +Vof sd +Vof sd 207475 207576 207475 207576

1k|fylds

lgisfzg17 151 21 830 28 735 235 333 4497 -114

2xsk|b

lgisfzg76 4564 55 2570 19 588 -276 -655 -437 -771

3 yk lgisfzg 4 799 6 115 - - 500 - 439 -

4C0fkq

lgisfzg- - 1 3 12 2998 - 11000 - 8993

5 Dorcn km08 4 425 4 48 6 655 - 500 129 365

hDdf 101 5939 87 533 65 4976 -139 -253 -103 -66

6 af]g ]o 164 348 112 331 94 267 -317 -49 -161 -193

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

10

151

4564

799

0

425

83

257

115

3 48735

588

0

2998

655

0

10

20

30

40

50

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

sd

= ca+d

frf6 = lwtf]kqsf] k|fylds lgisfzg -sdsf] cfwfdf_

207374 207475 207576

ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfaf6 kFhL klrfng ug] +ul7t +yfsf] +Vof rf6 = df k|tt ulPsf] 5

17

76

4 0 4

21

55

61 4

2819

0

126

0

20

40

60

80

k|fylds lgisfzg xsk|b lgisfzg yk lgisfzg C0fkq lgisfzg Dorcn km08

++Vo

fsf] cfw

fdf

rf6 = lwtf]kqsf] k|fylds lgisfzg -+Vofsf] cfwfdf_

207374 207475 207576

s_ k|fylds ahfdfkmt If]qut kFhL klrfngM k|fylds ahfdfkmt ePsf] kFhL klrfngnfO If]qut kdf ljZn]if0f ubf cf=j= )ampamp^ df n3ljQ sDkgL ^ hnljBt 5 fdlxs nufgL sf]ifn] lwtf]kqsf] fjhlgs lgisfzg u]sf 5g ljut tLg jifdf fjhlgs lgisfzgdfkmt kFhL klrfng ug] sDkgLdf hnljBt sDkgLsf] +Vofdf j[l4 xFb uOx]sf] 5 dLIff jifdf vnfdvL fdlxs nufgL of]hgf d]t ~rfngdf cfPsf] 5 xsk|b ]o lgisfzgdf sdL cfPsf] o jif n3ljQ sDkgLsf] afxNotf x]sf] 5 eg] jfl0fHo asdfkmt xsk|b ]o lgisfzg ePsf] 5g

af]g ]osf] xsdf a+s ljsf a+s n3ljQ dx s afxNotf x]sf] 5 ljut s]xL jif C0fkq lgisfzgsf] cjyf zGo x]sf]df o jif af]8sf] jLs[ltdf jfl0fHo a+sn] ljleGg cjlwsf C0fkq lgisfzg u]sf 5g ljut tLg cflys jifdf lwtf]kqsf] k|fylds ahfdf ljleGg ljlwdfkmt ePsf] If]qut kFhL klrfng tflnsf =^ df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

11

tflnsf =^ k|fylds ahfdf If]qut kFhL klrfng

qm ljj0f kljtg k|ltzt

207374 207475 207576 207475 207576

+Vof sd +Vof sd +Vof sd +Vof sd +Vof sd

1 k|fylds lgisfzg

a+s - - - - - - - - - -

ljsf a+s 4 011 - - - - - - - -

ljQ sDkgL - - - - - - - - - -n3ljQ sDkgL - - 6 016 12 047 - - 1000 1938hnljBt 13 14 14 611 16 688 77 3364 143 126Dorcn km08 4 425 4 48 6 655 00 129 500 365pTkfbgdns

sDkgL- - 1 202 - - - - - -

2 yk lgisfzg

a+s 2 337 3 885 - - 500 1626 - -

ljsf a+s - - 1 01 - - - - - -

ljQ sDkgL 1 022 - - - - - - - -aLdf 1 441 1 052 - - 00 -882 - -hnljBt - - 1 204 - - - - - -

3 xsk|b lgisfzg

a+s 20 3092 6 1162 - - -700 -624 - -

ljsf a+s 39 971 17 576 1 061 -564 -407 -941 -894

ljQ sDkgL 10 205 12 275 1 036 200 341 -917 -869n3ljQ sDkgL - - 9 082 11 127 - - 222 549hnljBt 1 105 - - - - - - - -aLdf sDkgL 6 19 11 475 6 364 833 1500 -455 -234

4 C0fkq a+s - - 1 3 12 2998 - - 11000 8993

hDdf 101 5939 87 533 65 4976 -1386 -1025 -2529 -6642

5 af]g ]o

a+s 26 2276 17 2333 23 1869 -346 25 353 -199

ljsf a+s 82 687 23 302 22 269 -720 -560 -43 -109

ljQ sDkgL 28 159 10 047 9 062 -643 -704 -100 319n3ljQ sDkgL 0 0 29 146 26 124 - - -103 -151aLdf 20 28 20 344 5 074 00 229 -750 -785hnljBt 5 059 6 078 5 13 200 322 -167 667xf]6n 2 018 2 023 2 021 00 278 00 -87cGo 0 0 4 034 2 12 - - -500 2529Jofkf 1 001 0 0 1 003 -1000 -1000 - -

hDdf -af]g

]o lxt_265 9419 198 8637 160 7648 -2528 -8302 -1919 -1145

cf=j= )amp$amp b]lv n3ljQ sDkgL gflvPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

12

v_ lwtf]kq btf tyf ljj0fkq jLs[ltM lwtf]kq DaGwL P]g )^ sf] bkmf amp sf] pkbkmf df +ul7t +yfn] cfkmn] lgisfzg ug] lwtf]kq lgisfzg ug cl3 af]8df btf ufpgkg] Jojyf eP cgf dLIff jifdf fwf0f ]osf] k|fylds lgisfzg xsk|b lgisfzg C0fkq lgisfzg fdlxs nufgL of]hgf uL sn ^ +ul7t +yfn] sn =^ ca ^ sf]8 ^ nfv amp xhf dNo afasf] lwtf]kq af]8df btf ufPsf 5g hdf pQm +yfxn] sn =$( ca amp sf]8 amp nfv xhf dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt kfPsf 5g ut jif sn =^ ca ) sf]8 $ nfv ) xhf ) dNo afasf] lwtf]kq af]8df btf ePsf]df amp +ul7t +yfn] = ca sf]8 nfv xhf ( dNo afasf] lwtf]kqsf] fjhlgs lgisfzg cgdlt k|fKt u]sf lyP dLIff jifdf lwtf]kq btf ufpg] +ul7t +yfsf] +Vofdf sla = k|ltzt fjhlgs lgisfzg cgdltk|fKt sddf ^=^ k|ltztn] sdL cfPsf] 5 fjhlgs lgisfzg cgdlt kfPsf] lwtf]kqdf C0fkqsf] c+z sla ^) k|ltzt x]sf] 5

u_ fwf0f ]o lgisfzg cgdltM dLIff jifdf af]8n] ^ hnljBt sDkgL n3ljQ sDkgL uL sn +ul7t +yfnfO =amp ca $ sf]8 ^ nfv amp^ xhf o afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]sf] 5 hdf tLg hnljBt sDkgLn] yfgLojfL jfwf0fnfO lgisfzg u]sf 5g eg] rf hnljBt sDkgLn] yfgLojfLnfO lgisfzg u]sf 5g ut jif af]8n] sn +ul7t +yfnfO = ca ) sf]8 ) nfv (( xhf afasf] fwf0f ]o lgisfzg cgdlt k|bfg u]]sf] lyof] oL dLIff jifdf fwf0f ]o lgisfzg ug] +ul7t +yfsf] +Vofdf sla = k|ltztn] j[l4 cfPtfklg fwf0f ]osf] k|fylds lgisfzgdfkmt xg] kFhL klrfngdf eg] =$ k|ltztn] sdL cfPsf] 5 cf=j= )ampamp^ df ePsf] fwf0f ]o btf tyf ljj0fkq jLs[lt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut ) jifsf] fwf0f ]o lgisfzg cgdlt rf6 = df k|tt ulPsf] 5

251307

173129

311

157

698

276

151

83

735

0

1

2

3

4

5

6

7

8

9

206667 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =M fwf0f ]o lgisfzg cgdlt sd -= cadf_

3_ xsk|b ]o btf tyf lgisfzgM rLs[t +ul7t +yfn] fdfGotof cfkmgf] Jojfo ljtf ug tyf DalGwt lgodg lgsfon] tf]s] adf]lhdsf] rQmf kFhL kyenofpg xsk|b ]o hfL ug] sfodf dLIff jifdf 7nf] lufj6 cfPsf] 5 dLIff jifdf af]8n] ( rLs[t +ul7t +yfxsf] sn = ca amp sf]8 amp nfv xhf $ o afasf] xsk|b ]o btf u]sf] 5 hdf Ps ljsf a+s Ps ljQ sDkgL n3ljQ sDkgL 5 aLdf sDkgL x]sf 5g ut jif af]8n] rLs[t +ul7t +yfxsf] sn = ca amp) sf]8 $ nfv xhf ^ o amp afasf] xsk|b ]o btf u]sf] lyof] hdf 5 jfl0fHo a+s amp ljsf a+s ljQ sDkgL gf+ n3ljQ sDkgL aLdf sDkgL x]sf lyP oL dLIff jifdf xsk|b ]o lgisfzg +Vofdf $=amp k|ltzt xsk|b ]o lgisfzgdfkmt ePsf] kFhL klrfngdf ampamp= k|ltztn] sdL cfPsf] 5 cf=j= )ampamp$ sf] xsk|b ]o lgisfzg ljut jifs aeGbf 7nf] sd lgisfzg xf] hg $=^$ casf] xsk|b ]osf] lgisfzg ePsf] lyof] ocl3 cf=j= )^^^ df = ca ^ sf]8 dNo afasf] xsk|b ]o dNo jfj lgisfzg ePsf] lyof] ljut ) jifsf] xsk|b ]o lgisfzg rf6 =$ df k|tt ulPsf] 5 fy cf=j= )ampamp^ df ePsf] xsk|b ]osf] btf tyf lgisfzg cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

13

7611162 1096

505045

394 424 231

94

4564

257

588

05101520253035404550

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =$ xsk|b z]o lgisfzg sd -= cadf_

ordf_ C0fkq btf tyf lgisfzgM rLs[t sDkgLn] bL3sfnLg C0f kFhL +sng ugsf nflu jfwf0fnfO C0fkq lgisfzg ug] qmddf dLIff jifdf pNn]vgLo j[l4 cfPsf] 5 hg xfnDds pRr lgisfzg x]sf] 5 o jif jfl0fHo a+sn] sn =( ca ( sf]8 afasf] C0fkq lgisfzg u]sf 5g hg ut jifsf] tngfdf sla gf+ u0ffn] a9]x]sf] 5 ut jif Ps a+sn] tLg ca afasf] C0fkq lgisfzg u]sf] lyof] o cl3 cf=j= )^(amp) df ft a+sn] = ca sf]8 afasf] C0fkq lgisfzg u]sf lyP dLIff jifdf C0fkq lgisfzgsf] cjyfnfO cgrLndash df k|tt ulPsf] 5 fy ljutsf jifxdf C0fkq lgisfzgsf] cjyfnfO rf6 = df k|tt ulPsf] 5

93 36 30 30 85 25295

75 30 120355

145 290 300

2998

0

500

1000

1500

2000

2500

3000

3500

205455205859 206061 206162 206263 206364 206465 206566 206768 206869 206970 207071 207172 207475 207576

rf6 = C0fkq lgisfzg -sd = sf]8df_

r_ af]g ]o btfM rLs[t +ul7t +yfn] cfkmgf] Jojfo ljtf ug rQmf kFhL j[l4 ug tyf ]owgLnfO k|ltkmn ljt0f ug] p2]Zon] ljt0f ulg] af]g ]odf dLIff jifdf j[l4 cfPsf] 5 dLIff jifdf ($ rLs[t +ul7t +yfaf6 =^ ca amp) sf]8 ( nfv ^ xhf $ o ^( dNo afasf] af]g ]o btf ePsf] 5 hg ut jifsf] tngfdf sdsf cfwfdf (= k|ltztn] sd xf] ut jif rLs[t sDkgLaf6 = ca sf]8 ^( nfv ( xhf ( o (( dNo afasf] af]g ]o btf ePsf] lyof] dLIff jifdf jfl0fHo a+sn] = cj ^( sf]8 ljsf a+sn] = cj ^ sf]8 gf+ ljQ sDkgLn] =^ sf]8 kfFr aLdf sDkgLn] = amp sf]8 kfFr hnljBt sDkgLn] = ca ( sf]8 bO xf]6nn] = sf]8 ^ n3ljQ sDkgLn] = ca $ sf]8 cGo dxsf bO sDkgLn] = ca ) sf]8 dNo afasf] af]g ]o btf ufPsf 5g cf=j= )ampamp^ df ePsf] af]g ]osf] btf DaGwL ljj0f cgrLndash df k|tt ulPsf] 5

5_ fdlxs nufgL of]hgf btf tyf lgisfzgM fdlxs nufgL of]hgfsf] btfsf] +Vof tyf sdsf] lxfaaf6 cf=j= )ampamp^ aeGbf a9L kFhL klrfng ePsf] jifsf] kdf x]sf] 5 fy o cl3 g]kfndf aGbdvL k|s[ltsf fdlxs nufgL of]hgfx dfq ~rfng xFb cfPsf]df dLIff jifdf Ps of]hgf Jojyfksn] vnfdvL fdlxs nufgL of]hgf af]8df btf uL lgisfzg d]t u]sf] 5 o jif 5 +ul7t +yfn] =^ ca sf]8 dNo afasf] fdlxs nufgL of]hgf af]8df btf u]sf 5g hg ut jifsf] tngfdf ^= k|ltztsf] j[l4 xf] hdf vnfdvL of]hgf dfkmt k|yd k6s =)

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

14

sf]8 dNo afasf] of]hgf btf tyf lgisfzg ePsf] 5 oFu fdlxs nufgL of]hgfsf] +Vof xfnDd ^ ku]sf] 5 ut jif rf +ul7t +yfn] =$ ca ) sf]8 dNo afasf] fdlxs nufgL of]hgf btf u]sf lyP cf=j= )ampamp^ df ePsf] fdlxs nufgL of]hgf btf tyf lgisfzg cgdlt DaGwL ljj0f cgrLndash df k|tt ulPsf] 5 fy ljut kfFr jifdf fdlxs nufgL of]hgfsf] btf tyf lgisfzg rf6 =^ df k|tt ulPsf] 5

2

1

3

1

4 4

6

125 1

225

1

42548

655

0

1

2

3

4

5

6

7

206970 207071 207172 207273 207374 207475 207576

rf6 =^ fdlxs nufgL of]hgf btf tyf lgisfzg

of]hgfsf] +Vof of]hgfsf] sd -sd = cadf_

== lwtf]kqsf] bf]|f] ahfcf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfsf] lyltdf wf cfPsf] b]lvG5 dLIff jifdf lwtf]kqsf] rLs0f ug]

qmddf n3ljQ sDkgL hnljBt sDkgLsf] +Vofdf pNn]Vo j[l4 ePsf sf0f g]K]df rLs[t sDkgLsf] +Vofdf a9f]QL cfPsf] 5 o jif lwtf]kqsf] jflifs sff]af sddf s]xL lufj6 cfPtfklg sff]af ePsf] lwtf]kqsf] +Vofdf eg] j[l4 ePsf] b]lvG5 ljut s]xL jifxdf lgGt lufj6 cfOx]sf] g]K] tyf g]K] kmnf]6 rsf+sdf dLIff jifdf wf cfPsf] 5 ot sn ahf kFhLs0f kmnf]6 ahf kFhLs0fdf d]t j[l4 cfPsf] 5 eg] csf]tkm rLs[t lwtf]kqsf] +Vof rLs[t sDkgLsf] rQmf kFhLdf klg pNn]Vo j[l4 cfPsf] 5 ljut tLg cflys jifsf] bf]|f] ahf tflnsf =amp df k|tt ulPsf] 5

tflnsf =amp lwtf]kqsf] bf]|f] ahf

qm== ljj0f olg6cflys jif kljtg k|ltzt

207374 207475 207576 207475 207576

1rLs[t +ul7t +yf

+Vof 208 196 215 -58 97

2lwtf]kqsf] jflifs sff]af

= cadf 20502 1214 11007 -408 -93

3cft blgs sff]af sd

= sf]8df 8914 521 4 475 -416 -141

4sff]af ePsf] sn ]o +Vof

sf]8df 3929 294 3875 -252 318

5 sff]af +Vof nfvdf 1357 1311 1423 -34 85

6rLs[t lwtf]kqsf] +Vof

sf]8df 29659 35987 42066 213 169

7rLs[t lwtf]kqsf] ahf kFhLs0f

= cadf 185682 143514 156750 -227 92

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

15

8kmnf]6 ahf kFhLs0f

= cadf 64169 4839 55825 -246 154

9ahf kFhLs0fdf sff]afsf] cgkft

k|ltzt 1104 85 70 -234 -170

10

sn ufxYo pTkfbgdf ahf kFhLs0fsf] cgkft

k|ltzt 7144 477 4525 -332 -51

11

sn ufxYo pTkfbgdf ˆnf]6 kFhLs0fsf] cgkft

k|ltzt 2469 1610 1611 -348 01

12 g]K] rsf+s ljGbdf 158267 121236 125902 -234 38

13g]K] kmnf]6 rsf+s

ljGbdf 11614 8715 9243 -250 61

|f]t M g]kfn 6s PSr]~h ln=

=== lwtf]kqsf] bf]|f] ahfsf klrsx

lwtf]kqsf] sff]af ahf kFhLs0f g]K] rsf+s kmnf]6 rsf+s rLs[t +ul7t +yfx htf k|dv klrsxsf]

cfwfdf dLIff jifsf] lwtf]kqsf] bf]|f] ahfsf] b]xfo adf]lhd ldIff ulPsf] 5

s_ lwtf]kqsf] sff]afM cflys jif )amp$amp df = va ca afasf] lwtf]kqsf] sff]af ePsf]df dLIff jifdf

(= k|ltztn] x|f cfO = va ) ca afasf] lwtf]kq sff]af ePsf] 5 ot dLIff jifdf $^ lbg sff]af ePaf6

blgs cft sff]af =$$=amp sf]8 sfod ePsf] 5 hg ut jifsf] tngfdf sla $= k|ltztn] sd xf] ut jifdf

sff]af ePsf] lwtf]kqsf] cft blgs sd == sf]8 x]sf] lyof] dxut sff]afdf aeGbf a9L j[l4 pTkfbg

tyf k|zf]wg dxdf -sla ft u0ff a9L_ b]lvPsf] 5 eg] a+s dxdf klg sla ( k|ltztsf] j[l4 b]lvPsf] 5 ot

sff]afdf aeGbf pRr lufj6 ljsf a+s dxdf b]lvPsf] 5 cf=j=)amp$amp df ljsf a+s dxaf6 n3ljQ sDkgL

lemlsPsfn] klg o dxsf] sff]af sddf sdL b]lvPsf] xf] ot ljQ sDkgL aLdf dxdf klg qmdzM $ k|ltzt

$$ k|ltztn] sdL cfPsf] 5 dLIff jifdf k|df]6 ]osf] sff]afdf d]t pNn]Vo sdL cfPsf] 5 ljut tLg cflys

jifdf bf]|f] ahfdf ePsf] lwtf]kq sff]af DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf = lwtf]kqsf] bf]|f] ahfsf] sff]af lylt

qm== ljj0fcflys jif -sd = bz nfvdf_ kljtg k|ltzt

207374 207475 207576 207475 207576

1 a+s 9522030 4180028 5393857 -561 290

2 ljsf a+s 2812530 1412387 565163 -498 -600

3 ljQ sDkgL 559510 222095 101165 -603 -544

4 n3ljQ - 1011434 846503 - -163

5 aLdf 5081700 2750485 1535146 -459 -442

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

16

6 hnljBt 769780 839503 678715 91 -192

7pTkfbg tyf k|zf]wg

3963 5584 432098 409 6738

8 Jofkf 49 11992 7635 23473 -363

9 xf]6n 159250 140832 124388 -116 -117

10 cGo 271780 331805 326475 221 -16

11 Dorcn km08 188690 94262 38772 -500 -589

12k j f l ws f ]o

522 2765 093 -470 -966

13 k|df]6 ]o 1068090 1076522 956699 08 -111

hDdf 20478700 12129900 11006709 -408 -93

ljsf as dfq dfj]z ulPsf] |f]tM g]kfn 6s PSr]Gh ln=

ljut ) jifdf lwtf]kqsf] bf]|f] ahfdf ePsf] lwtf]kqsf] sff]af k|j[lt rf6 =amp df k|tt ulPsf] 5

2282 2168 1185 666 1028 2205

773 6533

16465

20502

1214 11006

0

50

100

150

200

250

206465 206566 206667 206768 206869 206970 207071 207172 207273 207374 207475 207576

rf6 =amp lwtf]kqsf] jflifs sff]af -sd = cadf_

v_ ahf kFhLs0fM ut jifsf] tngfdf ahf kFhLs0fdf wf cfPsf] 5 ut cflys jifsf] cGtdf =$ va ca x]sf] ahf kFhLs0f o jifsf] cGTodf (= k|ltztn] j[l4 eO = va ^amp ca sfod ePsf] 5 ot jfwf0fnfO hfL ulPsf] lwtf]kqsf] cfwfdf u0fgf ulg] kmnf]6 ahf kFhLs0fdf eg] ut jifsf] tngfdf $=^ k|ltztn] x|f eO =$ va ca sfod ePsf] 5 hg ut jif =^ va $ ca x]sf] lyof] ahf kFhLs0fdf sn sff]af sdsf] cgkft cl3Nnf] jifsf] tngfdf sla amp k|ltztn] lufj6 cfO pQm cgkft amp k|ltztdf em]sf] 5 hg ut jif = k|ltzt x]sf] lyof] ot kmnf]6 ahf kFhLs0fdf sn sff]jfsf] cgkftdf dLIff jifdf sla =$ k|ltztn] lufj6 cfO (=amp k|ltzt sfod ePsf] 5 pQm cgkft ut cflys jifdf =)( k|ltzt x]sf] lyof] ljut ) jifsf] sn ahf kFhLs0f kmnf]6 ahf kFhLs0fsf] k|j[lQ rf6 = df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

17

3662451294

376873234836826

51449105717

98940189013185682

143514156750

0001331

9587715071248956

3310628178

6326564169

4839055825

000 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

206465206566206667206768206869206970207071207172207273207374207475207576

-sd = cadf_cfly

s j

ifrf6 = sn ahf kFhLs0f kmnf]6 ahf kFhLs0f

kmnf]6 ahf kFhLs0f sn ahf kFhLs0f

sn ahf kFhLs0fdf jeGbf a9L lxf jfl0fHo a+ssf] -sla k|ltzt_ x]sf] 5 eg] jeGbf sd lxf Jofkf dx - k|ltzteGbf sd_ x]sf] 5 cf=j= )ampamp^ sf] If]qut ahf kFhLs0f rf6 =( df k|tt ulPsf] 5

530

42 1895 60

0156 52 13

59 74

0102030405060

-

200

400

600

800

1000

a+s pTkfbgtyf

k|zf]wg

xf]6n cGo hnljBt Jofkf u hLjgaLdf

ljsfa+s

ljQ n3ljQ hLjgaLdf

ahf k

FhLs

df If]qu

t k|ltz

t

sd

= cad

f

rf6 =(ahf kFhLs0f ahf kFhLs0fdf If]qut k|ltzt

ahf kFhLs0f ahf kFhLs0fdf k|ltzt

u_ g]K] rsf+sM dLIff jifdf g]K] rsf+sdf wf cfPsf] 5 cflys jif )amp$amp sf] cGTodf =^ ljGb x]sf] g]K] rsf+sdf = k|ltztsf] j[l4 eO cflys jif )ampamp^ cfiff9 dfGtdf (=) ljGb sfod ePsf] 5 cflys jif )amp$amp df )amp$ fpg ut]sf lbg g]K] rsf+s aeGbf pRr ^^amp=($ laGbdf ku]sf] f]xL jifdf aeGbf Gog )amp$ rt df ^= laGb sfod ePsf] lyof]

3_ kmnf]6 rsf+sM Tot dLIff cjlwdf kmnf]6 rsf+sdf wf cfPsf] 5 pQm rsf+sdf sla ^= k|ltztn] j[l4 eO (=$ laGb ku]sf] 5 pQm rsf+s ut jifsf] cGTodf amp= laGbdf x]sf] lyof] g]K] rsf+s g]K] kmnf]6 rsf+ssf] ljut ) jifsf] k|j[lQ rf6 =) df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

18

9634074910

47773 36285 38974 51833

103611 96123

171815 158267121236 125902

000 7122 4430 3067 3056 3580 7311 6847 12541 11614 8715 9243

0

500

1000

1500

2000

rf6 =) g]K] g]K] kmnf]6 rsf+s -ljGbdf_

g]K] rsf+s g]K] kmnf]6 rsf+s

ordf_ rLs[t +ul7t +yfM dLIff jifdf rLs[t +ul7t +yfsf] +Vofdf d]t j[l4 cfPsf] 5 o cjlwdf g]K]df rLs[t sDkgLsf] +Vofdf sla (=amp k|ltztn] j[l4 cfO ku]sf] 5 o jif pTkfbg tyf k|zf]wg dxdf Ps ld]G6 sDkgL yk rLs[t ePsf] 5 ut jif rLs[t sDkgLsf] +Vof (^ x]sf] lyof] o cjlwdf dh tyf k|flKtn] tLg sDkgL rLs0faf6 x6]tfklg yk +ul7t +yf -) n3ljQ hnljBt sDkgL Ps pTkfbg tyf k|zf]wg sDkgL_ g]K]df rLs[t ePsf sf0f rLs[t sDkgLsf] +Vofdf j[l4 ePsf] xf] g]K]n] rLs[t sDkgLnfO ljleGg If]qxdf ljefhg u]sf] 5 dLIff jifdf g]K]df rLs[t sn sDkgLxdWo] amp jfl0fHo a+s ljsf a+s $amp n3ljQ sDkgL ^ ljQ sDkgL aLdf sDkgL ) hnljBt rf xf]6n ( pTkfbg tyf k|zf]wg sDkgL rf Jofkf sDkgL rf cGo sDkgLx x]sf 5g rLs[t sDkgLxsf] If]qut ljj0f tflnsf =( df k|tt ulPsf] 5

tflnsf =( rLs[t +ul7t +yfsf] If]qut cjyf

qm= +=

If]q rLs[t +ul7t +yfsf] +Vof k|ltzt

1 jfl0fHo a+s 27 1256

2 ljsf a+s 32 1488

3 ljQ sDkgL 26 1209

4 n3ljQ 47 2186

5 hLjg aLdf sDkgL 7 326

6 u hLjg aLdf sDkgL 15 698

7 pTkfbg tyf k|zf]wg 19 884

8 xf]6n 4 186

9 Jofkf sDkgL 4 186

10 hnljBt 30 1395

11 cGo 4 186

hDdf 215 100

r_ lwtf]kq rLs0fM cf=j= )ampamp^ df lwtf]kqsf] bf]|f] ahfdf sf]8 amp) nfv ^ xhf lsQf afasf] k|fylds lgisfzgsf] fwf0f ]o sf]8 ( nfv ^ xhf lsQf afasf] yk lgisflzt ]o sf]8 nfv ^ xhf lsQf afasf] xsk|b ]o sf]8 nfv $ xhf lsQf afasf] af]g ]o amp nfv ( xhfsf] +yfut C0fkq rLs[t ePsf] 5

5_ rLs[t lwtf]kqsf] rQmf dNoM ut jif rLs[t lwtf]kqsf] rQmf dNo = ca ( sf]8af6 sla amp=)( k|ltztn] j[l4 eO dLIff jifdf pQm dNo =$ ca sf]8 ku]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

19

=== C0fkq ahf

g]kfndf C0fkqsf] lgisfzg sfL If]q +yfut If]qaf6 xg] u]sf] 5 +yfut C0fkq lgisfzgsf] zjft cf=j= )$ af6 ePsf] xf] sfL C0fkqdWo] ljsf C0fkqsf] rLs0f g]kfn 6s PSr]~h ln=df xg] Jojyf x]sf] 5 cf=j= )ampamp^ df g]kfnsf] C0fkq ahfsf] cfsf =^ ca sf]8 afasf] x]sf] 5 hdf sfL C0fkqsf] c+z sla k|ltzt afFsL k|ltzt +yfut C0fkqsf] x]sf] 5 kl5Nnf] do jfl0fHo a+sxn] bL3sfnLg C0f kFhL +sng ugsf nflu C0fkq lgisfzg ug] qmddf pNn]Vo j[l4 cfPsf] 5 dLIff jifdf a+sn] =(=( ca afasf] C0fkq lgisfzg u]sf 5g hg xfnDds pRr xf] ut jif Ps a+sn] tLg ca kofF afasf] C0fkq lgisfzg u]sf] lyof]

k|fylds ahfdf lgisfzg ePsf] C0fkqsf] rLs0f tyf sff]af g]kfn 6s PSr]~h ln=df x[Fb cfPsf] 5 cf=j= )ampamp^ df a+ssf] =( ca amp sf]8 afasf] +yfut C0fkq g]K]df rLs[t ePsf] 5 eg] sfsf] =)^ ca amp$ sf]8 afasf] sfL C0fkq klg g]K]df rLs[t ePsf] 5 dLIff jifdf = sf]8 nfv afasf] +yfut C0fkqsf] Dofgcn sff]af ePsf] 5 hg rLs[t C0fkqsf] dNosf] cfwfdf )= k|ltzt xf]

=== cf]l6L ahf

lwtf]kq DaGwL P]g )^ sf] bkmf amp n] lbPsf] clwsf k|of]u uL lwtf]kq ahf +rfng lgodfjnL )^$ sf] lgod sf] k|of]hgsf nflu af]8sf] jLs[lt lnO g]kfn 6s PSr]~h ln=n] cf]l6L ahf +rfng ljlgodfjnL )^ ldlt )^) b]lv nfu u]sf] lyof] ttkZrft g]kfn a++s ln= nufot cGo Ps bO sDkgLsf] sff]jf ePtfklg nfdf] dob]lv lgis[o x]sf] pQm ahfdf dLIff jifdf af]8n] ldlt )amp)()^ df g]kfn 6s PSr]Gh ln=df rLs[t gePsf klAns sDkgLxsf] lwtf]kqsf] vlb laqmL cf]l6L ahfdf ug lsg] hfgsfL sDkgL lhi6laquofsf] sfofnodf lbgsf] fy af]8n] g]kfn 6s PSr]Gh ln=nfO cf]l6L ahf Jojlyt ug lgb]lzt u]sf]df sDkgL lhi6laquofsf] sfofnoaf6 ldlt )amp) df lwtf]kq ahfdf rLs0f gePsf sDkgL lwtf]kq ahfaf6 rLs0f vf]h ulPsf tyf rLs0fsf nflu cfjZos ztx kf ug gsL rLs0f xg gs]sf klAns lnld6]8 sDkgLxsf] ]osf] sff]jf tyf gfdfL cf]l6l ahfdfkmt ug lsg] rgf k|sfzg ePkZrft pQm ahf s[o xg yfn]sf] xf]

dLIff jifdf o ahfdf +yfsf] sf]8 nfv lsQf ]o sn = ca kofF afasf] dNodf sff]af ePsf] 5 hg ut jifsf] tngfdf sla k|ltztsf] j[l4 xf] ut jif sn $ +yfsf] sf]8 ) nfv lsQf ]o sn = ca ) sf]8 dNodf sff]af ePsf] lyof] ljut tLg cflys jifdf cf]l6L ahfdf ePsf] sff]afsf] lyltnfO tflnsf =) df k|tt ulPsf] 5

tflnsf =) cf]l6L ahf

cflys jifsff]af ePsf] +ul7t

+yfsf] +Vofsff]af lwtf]kqsf] +Vof

sf]8dfsff]af sd

= cadf

207374 25 021 024

207475 54 130 130

207576 61 152 201

hDdf 140 303 355

== lwtf]kq ahf ljsf tyf wfsf kxnx lwtf]kq tyf jt ljlgdo ahfsf] lgofdg lgsfosf] kdf af]8n] xfnsf jifxdf zQm lgodg tyf klj]If0f eldsf

lgefpFb cfPsf] 5 eg] csf]tkm af]8n] ahf ljsf tyf wfsf] qmddf klg ljleGg wfsf k|ofx ulx]sf] 5 kmnjk lwtf]kqsf]] k|fylds bf]|f] ahfdf +rgfTds wf xb uPsf] b]lvG5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

20

k|fylds ahfdf cfjf l cfjf k|0ffnL nfu u] kZrft ampamp lhNnfsf] fy clwsf+z yfgLo lgsfodf klg k|fylds ahfsf] kxFr kuL s]sf] 5 rLs0fb]lv sff]afDd 5 dlxgfsf] cjlw $) lbgdf em]sf]n] nfut d]t 36g uPsf] 5 eg] csf] tkm lwtf]kq ahfsf] klj]If0fnfO zQm agfpb nhfg] qmddf lwtf]kq bnfn JojfoL lgIf]k bo of]hgf JojyfksnfO cflys hljfgf lwtf]kqsf] fjhlgs lgisfzg k|s[ofnfO yk Jojlyt ug] lwtf]kq ahfdf xg Sg] DklQ z4Ls0f DaGwL sfo f]Sg lgb]zg hfL ug] htf dxTjk0f wfx eO lwtf]kq ahf qmdzM cfwlgsLs0fsf] r0fdf k|j]z u]sf] 5

dLIff jif )ampamp^ df k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfu ulPsf] hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] zjft cfof]hgf k|efljt yfgLo JolQmnfO klg cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf af]8 sfofnodf lgoldt nufgLstf k|lzIf0f sfoqmd tyf ]l8of] sfoqmdxsf] cfDe a+ssf] xfos sDkgLnfO a|f]s nfO]G lbg] gLltut lg0fo tyf k|b]zdf yfgLo a|f]ssf] Jojyf ) lsQf dfq klg cfj]bg lbg kfpg] Jojyf fjhlgs lgisfzgdf cfof]hgf k|efljt yfgLo jflGbfnfO d]t cfjf ljwf k|bfg DklQ z4Ls0f tyf cftIacutejfbL ultljlwdf ljQLo nufgL lgjf0fDaGwL lgb]zg )amp^ hfL lwtf]kq dflhg sff]afDaGwL Jojyf vnfdvL fdlxs nufgL sf]ifsf] zjft OECD Fusf] ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL nufotsf dxTjk0f sfox DkGg ePsf 5g rfn cf=j= )ampamp^ df ulPsf sfoxnfO tn ljt[t kdf k|tt ulPsf] 5M

s_ sfggL +rgfsf] ljsf tyf b[9Ls0fdLIff aifdf k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t

nufgL sf]if lgodfjnL )amp htf] dxTjk0f lgodfjnL nfu ulPsf] 5 osf fy hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL Jojyf nufot sfggL +rgfsf] ljsf tyf b[9Ls0fDaGwL b]xfosf dxTjk0f sfox ePsf 5g M

= ljlzi6Ls[t nufgL sf]if lgodfjnL )amp nfuM g]kfn sfsf] cf=j=)ampamp^ sf] ah]6 jStAodf k|fOe]6 OlSj6L e]~r Soflk6n x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg] sfoqmd cgf lwtf]kq DaGwL P]g )^ sf] Jojyf adf]lhd af]8n] k|fOe]6 OSjL6L km08 e]Gr Soflk6n km08 x]h km08 htf aslNks nufgL sf]if k|f]Tfxg ug ljlzi6Ls[t nufgL sf]if lgodfjnL )amp agfO g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu u]sf] 5

= hgtfsf] hnljBt sfoqmdsf] nflu laz]if sfggL JojyfM g]]kfn sfsf] +IfsTjdf g]kfnsf] hnljBtsf] ljsfdf cfd jfwf0f g]kfnLnfO xefuL ufpg] p2]Zon] g]kfn sfn] Nofpg nfu]sf] hgtfsf] hnljBt sfoqmd cgf cfd jfwf0f hgtfsf] nflu Aojyf ulPsf] $( k|ltzt jM kFhL +sngsf] nflu ulg] ]o lgisfzg tyf afF8kmfF8nfO Jojlyt ug] DaGwdf af]8n] laz]if sfggL Jojyf u]sf] 5

= lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp nfuM lwtf]kqsf] rLs0f tyf sff]jf k|lqmofnfO yk Jojlyt k|ljlw tyf jhfdqL dfdlos jgfpg lwtf]kq DjGwL P]g )^ sf] Jojyf jdf]lhd ljut jif kfgf] lwtf]kq sff]af lgodfjnL )) nfO k|ltyfkg uL af]8n] lwtf]kq rLs0f tyf sff]jf lgodfjnL )amp g]kfn sfsf] jLs[ltdf )amp gtfj0f ut] b]lv nfu u]sf] 5

$= lwtf]kq sff]af ~rfng ljlgodfjnL )amp jLs[tM af]8n] jLs[lt k|bfg u]sf] lwtf]kq sff]af ~rfng ljlgodfjnL )amp g]K]n] )amp gtfj0f ) ut] b]lv nfu u]sf] 5

v= ahf kjfwfxdf wf tyf ljsf

dLIff aifdf lwtf]kq bnfn JojfoLsf] ]jf ljtf ug jLs[lt lbgsf fy yk dr]G6 a+snfO cgdlt vnfdvL fdlxs nufgL sf]ifsf] zjft u]sf] 5 ahf kjfwfdf wf ugsf] nflu lwtf]kqsf] dflhg sff]af DaGwL Jojyf ceflts lwtf]kqsf] 3foLdivided[To gfdfLdf xlhs0f Doron km08DaGwL 5sect klrssf] u0fgfsf fy jt ljlgdo ahf +rfngsf] nflu yk cfj]bg d]t dfu ulPsf] 5 ahf kjfwfxdf wf tyf ljsfsf DaGwdf b]xfosf dxTjk0f sfox dLIff aifdf DkGg ePsf 5g

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

21

= b]zsf ljleGg yfgdf lwtf]kq bnfn JojfoLsf] ]jf ljtfM b]zsf] +3Lo +rgf cgf jhf ljtf ub hfg kg] cjyf x]sf] Pj+ xfn lwtf]kq bnfn JojfoLn] zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf xg nfu]sf] Gbedf cf=j= )amp$divide)amp leq -)amp cfiff9 dfGtDd_ af]8df zfvf sfofno vf]Ng lgj]bg k]z u]sf sf7df8f+ pkTosf jflxsf xfn lwtf]kq bnfn JojfoLsf] zfvf gku]sf cflys kdf lqmotfsf] cfwfdf DefJo lhNnfdivideyfgx dx]Gb|gu -s~rgk_ la]Gb|gu -v]t_ 3f]fxL tnLk -bfordf_ exjf -kGb]xL_ hgsk -wgiff_ df zfvfjf6 xg] sff]jf DjlGwt lwtf]kq bnfn JojfoLsf] s]Gb|Lo sfofnodf cfj4 (Integrate) eO g]K]sf] k|0ffnLdfkmt xg] Jojyf ug] uL sf7df8f+ aflx cf7 lwtf]kq bnfn JojfoLnfO zfvf sfofno yfkgf ug jLs[lt lbO f] yfgxdf lwtf]kq bnfn JojfoLn] ]jf +rfng uls]sf 5g

= yk dr]G6 a+snfO cgdlt k|bfgM af]8n] dLIff cjlwdf bO jfl0fHo a+ssf xfos sDkgLxnfO dr]G6 assf] sfo ug cgdlt k|bfg u]sf] 5 af]8n] ldlt )amp k ) df sdfL as ln=sf] xfos sDkgL sdfL Soflk6n ln= ldlt )amp k ^ df df g]kfn aEumlnfb]z a+s ln= sf] xfos sDkgL g]kfn aEumlnfb]z Soflk6n ln= nfO dr]G6 a+lsEuml ]jf cGtutsf] lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf k|bfg ug Sg] uL dr]G6 a+ssf] cgdltkq k|bfg u]sf] xf]

= a+snfO a|f]s nfO]GM lwtf]kq ahfsf] bfof kmflsnf] agfpg] p2]Zo cgk tf]lsPsf] dfkb08 kf ug] afl0fHo a+sxnfO xfos sDkgLx Dffkmt ]o vlb laqmL DaGwL ]jf k|bfg ug kfpg] uL cgdtLkq k|bfg ug lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ adf]lhd af]8df lkmfl ug ldlt )amp)( df g]kfn 6s PSr]GhnfO lgb]zg lbOPsf] 5

$= +3Lo +rgf cgf lwtf]kq bnfn JojfoL yk ug]M af]8n] +3Lo +rgf cgf lwtf]kq bnfn JojfoLsf] cgdltkq k|bfg ug] sfo cufl8 a9fpg] DaGwdf ldlt )amp d+l amp df g]K]nfO lgb]zg lbPsf] 5 af]8n] cflys aif )amp)amp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf lwtf]kqsf] bf]|f] ahfsf] kx+r ljtf uL lwtf]kq ahfdfkmt yfgLotdf x]sf] art tyf nufgLnfO bL3sfnLg kFhL klrfngsf] dn k|jfxdf Nofpg +3Lo +rgf cgf ljleGg k|b]zxdf cflys kdf DefJo lhNnfdivideyfgxdf lwtf]kq bnfn ]jf +rfng cgdlt lbg af]8n] pQm lgb]zg lbPsf] xf]

= rgf k|jfx b[9 ug] 6s 8]le]l6e dfs]6sf] ljsf ug g]K]nfO lgb]zgM nufgLstfxnfO ahfDaGwL tYok0f Pj+ ljZjgLo rgf Pj+ hfgsfL pknAw ufpg rgf k|jfx b[9 ub hfg] OSo6L 8]le]l6e dfs]6sf] ljsf ug] sfoqmd cgf g]K]nfO f]sf] nflu ldlt )amp gtfj0f amp df af]8n] lgb]zg lbPsf] 5

^= ceflts lwtf]kqsf] 3foL d[To gfdfLdf xhLs0fM ll8PLaf6 k|fKt lwtf]kq s]Gb|Lo lgIf]k ]jf ljlgodfjnL )^ k6s k6s kgfjnf]sg uL cfjZos wflxt clGtd k lbOPsf] ljlgodfjnLsf] t]|f] +zf]wg k|tfj af]8jf6 o aif jLs[t ulPsf] 5 o adf]lhd eflts ceflts lwtf]kqsf] 3foL gfdfL ug d[To kZrftsf] lwtf]kq gfdfL lgIf]k bodfkmt d]t xg] Jojyf ulPsf] 5

amp= fjhlgs lgisfzgdf pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t cfjf ljwfM b]zsf] ampamp lhNnfsf fy amp)) eGbf a9L yfgLo lgsfodf cfjf ljwf dfkmt k|fylds lgisfzgdf cfj]bg lbg ldNg] ljwf klus]sf] Gbedf af]8n] pBf]u jf cfof]hgf k|efljt If]qsf yfgLo aflGbfnfO d]t ldlt )amp kmfNug ut] b]lv P]lR5s kdf cfjf k|0ffnLdfkmt cfj]bg lbg] Jojyf u]sf] 5

= lwtf]kq ahfdf vnfdvL fdlxs nufgL sf]if (Open ended mutual fund) sf] zjftM lwtf]kq ahfdf goFf ljQLo cfhf leqofpg] qmddf vnfdvL fdlxs nufgL sf]if of]hgf +rfng ug Ps of]hgf JojyfksnfO ldlt )amp^ jzfv df cgdlt k|bfg u]sf] 5 af]8sf] cf=a= )ampamp^ sf] gLlt tyf sfoqmddf lwtf]kq ahfdf fdlxs nufgL sf]if cGtut vnfdvL of]hgf (Open Ended Mutual Fund Scheme) nfO d]t k|j]z ufpg] sfoqmd x] cgk af]8n] k|flDes cfsf =) sf]8 xg] uL klxnf] vnfdvL fdlxs nufgL of]hgf +rfng ug cgdlt k|bfg u]sf] xf] pQm of]hgf cGtut klxnf] r0fdf sf]8 ) nfv afasf] OsfOx fjhlgs lgisfzgsf] dfWodaf6 laqmL vNnf xg]5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

22

(= jt ljlgdo ahf +rfngsf] nflu gofF cfj]bg dfuM jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg ug OGsf ug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL xfnnfO af]8af6 bOj6fnfO dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlw )amp^ cfiff9 ut] leq 5 +yfsf] lgj]bg k|fKt ePsf] 5 af]8n] oL jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] uL k|s[of cufl8 a9fPsf] 5

)= ls6 a|]sDaGwL Joyfdf wfM af]8n] ls6 a|]s DaGwL cGtfli6laquoo cEofsf] d]t dWogh uL ahf k|efljt ug] k|a[lQnfO lgTflxt ug g]K] rsf+s a9bf 36bf ls6 a|]s nfUg] JojyfnfO dfdlos agfpg ldlt )amp rt ( df lgb]zg lbOP cgk g]K]n] lwtf]kqsf] bf]|f] ahfsf] sff]afdf k|rngdf x]sf] ls6 a|]ssf] JojyfnfO kldfhg u]sf] 5 kljltt Jojyf cgf ldlt )amp rt ( b]lv sff]af ziquest ePsf] klxnf] Ps 306fdf rf k|ltztn] 36] jf a9]df ) ldg]6 bf]|f] 306fdf kfFr k|ltzn] 36] jf a9]df $) ldg]6 t]|f] 306f jf Tokl5sf] dodf 5 k|ltztn] 36] jf a9]df afFsL k lbgsf] sff]af ylut xg] Jojyf ulPsf] 5

= Doron km08sf] 5sect rsf+ssf] u0fgf zjftM kl5Nnf] do lwtf]kqsf] bf]|f] ahfdf Doron km08sf] xeflutf a9b uPsf] klk|]Iodf o dxsf] sff]af dNosf] jftljs cjyfsf] hfgsfLsf nflu 5sect rsf+ssf] ljsf ug af]8sf] )amp gtfj0f amp sf] lgb]zfgf g]K]n] ldlt )amp^ jzfv ( b]lv Dorcn km08sf] gofF rsf+s u0fgf zjft u]sf] 5 o rsf+ssf] cfwf ljGb ) c+ssf] xg] ePsf] 5 oFu lwtf]kqsf] bf]|f] ahfdf sn pk rsf+ssf] u0fgf xg] yfn]sf] xf] o k|sfsf] dxut rsf+sxsf] u0fgfsf] zjft cflys jif )^ af6 g ePsf] xf] g]K]n] )^ fndf ]lGl6e rsf+s )^ fndf kmnf]6 rsf+s ]lGl6e rsf+s u0fgfsf] zjft u]sf] lyof]

u= ahf klj]If0f Jojyfdf wfaf]8n] lwtf]kq ahf klj]If0f DaGwdf b]xfosf dxTjk0f sfox uL klj]If0fnfO b[9 agfpFb nu]sf] 5 M

= of]hgf JojyfksxnfO cflys hljfgfM af]8n] klxnf]k6s fdlxs nufgL of]hgfsf] ~rfng tyf Jojyfkg ug] rf of]hgf JojyfksnfO cflys hljfgf u]sf] 5 af]8jf6 of]hgf Jojyfksxsf] ynut tyf u|x|ynut lgLIf0fsf] qmddf fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod ^ sf] pklgod -_ sf] v08 -ordf_ sf] Jojyf adf]lhd of]hgf Jojyfksn] k|To]s of]hgfsf] sd nufgL ubf a+s lgIf]kdf of]hgfsf] sn DklQsf] ) k|ltzt eGbf a9L gxg] uL nufgL ugkg] Ldf pNn3+g u]sf] b]lvPsf]n] rf of]hgf JojyfksxnfO lwtf]kq DjGwL P]gsf] bkmf ) sf] pkbkmf -amp_ adf]lhd sfggL Jojyf pNn+3gsf] tsf] cfwfdf af]8jf6 bO of]hgf JojyfksnfO qmdzM = xhf cGo bO nfO = xhf hljfgf ulPsf] 5

= Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ulPsf]M af]8n] lwtf]kqsf] bf]|f] ahfdf xg] lwtf]kqsf] sff]afdf r0fa4 kdf Kofg nfu ug] ePsf] 5 g]kfn sfsf] cflys aif )amp)amp^ sf] gLlt tyf sfoqmddf ah]6 sfofGjog sfoof]hgfdf bf]gtf] ahf dfkmt ]o vlb ubf nufgLstfn] yfoL n]vf gDa lnPsf] k|df0f k]z ugkg] gLltut Jojyf ug] sfoqmd x] adf]lhd af]8af6 lj== )amp^ azfv ut]af6 bf]|f] ahfdfkmt ]o vlb ubf yfoL n]vf gDa clgjfo ug] Jojyf ulPsf]df af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL la=+= )amp^ azfv ut]af6 lwtf]kqsf] bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f]eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf af]8n] u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

23

3= ahf xefuLxsf] Jojflostf tyf t clej[l4 = ahfsf ugff Daf]wgsf nflu sfoqmdM ljZj nufgLstf Ktfx ) sf] cj kfL ldlt )amp cf]h amp df k|yd k6s g]K] ll8PL dr]G6 a+s Pf]lzog a|f]s Pf]lzog tyf nufgLstf +3x d]tsf] xsfodf lwtf]kq ahf ultljlw tyf ahf lgodgDaGwL cGtlqmof sfoqmd +rfng ulPsf]df o sfoqmdnfO yk k|efjsfL Pj+ ldtJooL agfpgsf nflu dfls kdf ]l8of]dfkmt k|ToIf k|f0f xg] uL nufgLstfFu k|ToIf +jfb sfoqmd ~rfng ug] k|of cgk ]l8of] sflGtkFu Demftf uL ldlt )amp^ jzfv $ df ljxfg ampM) b]vL M)) ah]Dd k|ToIf k|f0f ePsf] 5 of] sfoqmd lgGt ~rfng xFb cfPsf] 5

= lwtf]kqsf] dflhg sff]afDaGwL JojyfM af]8n] lwtf]kq bnfn JojfoLxdfkmt k|bfg xg] lwtf]kqsf] dflhg sff]afDaGwL ]jf ljwfdf x]sf cki6tfxnfO x6fpFb pQm ljwf sfofGjogdf Nofpg ldlt )amp df3 df g]K]nfO lgb]zg lbPsf] 5 lwtf]kqsf] bf]|f] ahfdfkmt nufgL ug] jfwf0f nufgLstfnfO cGtfli6laquoo cEof cgk dflhg sff]jf ljwf pknAw ufpg] bf]|f] ahf sff]afdf tntf clej[l4 ug] tyf lwtf]kq bnfn Jojfosf] bfof ljtf ug] p2]Zon] pQm lgb]zg lbPsf] xf] lwtf]kq bnfnn] u|fxsnfO pknAw ufpg] C0fsf] Aofhb tyf cgudg DaGwdf b]xfo cgfsf] Jojyfd]t uL dflhg sff]jf ljwf pknAw ufpg] sfo sfofGjogdf Nofpg g]kfn 6s PSr]~hnfO lgb]zg lbgsf fy o DjGwL cGo Jojyf d]t ulPsf] 5 o Jojyf adf]lhd xfn g]K]n] s]xL lwtf]kq bnfn JojfoLnfO otf] ]jf k|bfg ugsf nflu cgdlt lbOs]]sf] 5

= lwtf]kq JojfoLxnfO sdrfL lgodfjnL nfu ug lgb]zgM af]8n] lwtf]kq JojfoLxnfO sdrfL lgodfjnL agfO nfu ug lgb]zg lbPsf]df sdrfL lgodfjnL gePsf lwtf]kq bnfn JojfoLxaf6 sdrfL lgodfjnL agfO nfu ePsf] 5 ot dr]G6 a+sxnfO klg sdrfL lgodfjnL agfO nfu ug lgb]zg lbOPsf]df dr]G6 a+sxn] sdrfL lgodfjnL cfrf +lxtf af]8df k]z u]sf 5g fy ynut klj]If0fsf qmddf dr]G6 a+sxn] g]kfn sfn] tf]s] adf]lhd Gogtd HofnfeGbf sd gxg] uL a+s dfkmt sdrfLnfO tna tyf eQf k|bfg u]sf] kfOPsf] 5

ordf= cWoog tyf cgGwfg

af]8n] kl5Nnf] do ahf wf tyf ljsfsf nflu cWoog tyf cgGwfg sfonfO k|fyldstf lbb cfPsf] 5 dLIff jifdf af]8n] b]xfo adf]lhdsf] ljifodf cWoog tyf cgGwfg sfo DkGg u]sf] 5

y g]K] rsf+s Aofhb lwtf]kq cfklt DaGwL +lIfKt cWoog )amp$

y Establishment of Securities Market Institue in Nepal A Concept Paper 2017

y lwtf]kq ahfsf] jtdfg cjyf xfnfnsf wf tyf ljsf tyf wfsf] k|fyldstf )amp$

y ljZjljBfno tsf lwtf]kq DaGwL cWoognfO ks[t ug] DaGwdf k|tfj )amp$

y lwtf]kq ahf k|bzgL cfof]hgf tyf ~rfng cjwf0ff )amp$

y lwtf]kq ahf rsf+s tyf ahf kFhLs0fDaGwL hfgsfL k|jfxdf wf DaGwL cWoog )amp

y dLIff jifdf af]8n] lgDg cgf fdu|L k|sfzg ugsf fy lgoldt k|sfzgnfO d]t lgGttf lbPsf] 5M

g]kfn lwtf]kq af]8 dfrf amp cf+ alifsf]Tj ljz]iffIacute )amp^

lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx )amp^

Sebon Journal Volume VII

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -g]kfnLdf_

af]8sf] jflifs k|ltj]bg cf=j=)ampamp$ -cEuml]hLdf_

af]8sf] jflifs k|ltj]bg cf=j= )amp$amp -cEuml]hLdf_

Securities Board of Nepal An Introduction

g]kfn lwtf]kq af]8 dfrf c+s ndash

Quarterly Securities Market Indicators Issue 7-9

Securities and Commodities Market Related Laws Special Publication 2076

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

24

r= k|lzIf0f tyf hgr]tgf clej[l4

o DaGwdf dLIff jifdf af]8n] ljZj nufgLstf Ktfx k|yd k|fb]lzs kFhL ahflxt ljleGg sfoqmdx DkGg u]sf] 5 M

k|yd k|fb]lzs kFhL ahf k|bzgL DkGgM af]8n] ljZj nufgLstf Ktfxsf] cj kfL k|b]z g+= df k|yd k|fb]lzs kFhL ahf k|bzgL kmntfkjs DkGg u]sf] 5 cf]h ( ) ut] tbcgk cS6f]a ^ df g]kfnsf] cfBf]lus guL k|b]z g+= sf] ljf6gudf cfof]hgf ePsf] pQm k|bzgLsf] sfoqmdsf k|dv cltly tyf k|b]z g+= sf dfggLo dVodGqL gtL z]wg fOn] db3f6g ugePsf] lyof] pxfFn] af]8n] k|sfzg u]sf] cflys alsEuml tyf lwtf]kq ahfDaGwL k|fb]lzs klrssf] d]t ljdf]rg ugePsf] lyof] k|b]z g+ sf] cflys dfldnf tyf of]hgf dGqfnosf Nnfxsf tyf lqejg ljZjljBfnosf k|f=8f=k|df]bsdf emfsf] efkltTjdf ~rflnt pQm db3f6g sfoqmddf k|b]z g+= sf cflys dfldnf tyf of]hgfdGqL dfggLo gtL OGb| axfb cfordfaf]n] Ktfxsf] cjdf Ps g]kfnL Ps l8Dof6 vftf cleofgsf] cft ub bO hgf gofF nufgLstfnfO l8Dof6 vftf gDa k|bfg ugeof] db3f6g dff]xdf ljz]if cltlysf] kdf af]Nb g]kfn lwtf]kq af]8sf cWoIf 8f=]jtaxfb sfsLn] g]kfnsf] lwtf]kq ahfsf] zjft g ljf6guaf6 ePsf] ufjk0f OltxfnfO Ddfg ugsf nflu af]8n] klxnf] k|fb]lzs kFhL ahf k|bzgL ljf6guaf6 z u]sf] atfpgeof]

k|bzgLdf lwtf]kq ahf jftljs If]qsf] kFhL klrfng tyf cflys ljsf lwtf]kq JojfoL ]jfM g]kfnsf] Gbe DaGwL ljifo zLifsxdf k|fljlws qx +rfng ePsf] lyof] k|bzgLdf g]K]n] cgnfOg sff]afsf] df]s 6laquo]l8Eumlsf DaGwdf k|tlts0f d]t u]sf] lyof] k|bzgLdf af]8 tyf ahf xefuLxsf ) 6ndfkmt sla )))) jfwf0fnfO lwtf]kq ahfDaGwL hfgsfL cWoog fdu|Lxsf] lgMzNs ljt0f ugsf fy s]xL OR5s xefuLxnfO lgzNs l8Dof6 vftf vf]Ng] ljwf d]t lbOPsf] lyof] o k|bzgLn] pQm k|b]zdf kFhL ahfDaGwL ultljlwxdf sffTds k|efj k]sf] b]lvPsf] 5

ljZj nufgLstf Ktfx ) DkGgM d[4 g]kfnsf] cflys cfwfM ultzLn ljZjgLo tyf b]zJofkL kFhL ahf eGg] dn gfflxt oxL cf]h b]lv Dd -tbcgf cS6f]a b]lv amp Dd_ ljZj nufgLstf Ktfx ) sf] cjdf ljleGg sfoqmdx eJotfkjs DkGg ePsf 5g af]8 Pzf]]6 bo x]sf] IOSCO n] cfJxfg u] cgk jfwf0fnfO lwtf]kq ahf tyf ]jfsf DaGwdf hfgsfL lbO nufgLstfsf] zlQms0f ug] p2]Zon] cfof]hgf ulPsf] ljZj nufgLstf Ktfx ) df ahf xefuL pRr afl4s ju tyf jfwf0f nufgLstfxsf] pNn]Vo xeflutf x]sf] lyof] pQm Ktfxdf +rflnt sfoqmdx b]xfo cgf x]sf 5g M

y Ktfxdf jfwf0f nufgLstf lxt lwtf]kq ahf xefuLxsf] xeflutfdf k|eftkm]L

y jfwf0f nufgLstfnfO lrt ug tyf lwtf]kq ahfsf xefuLxsf] pklyltdf nufgLstfsf] ugff] Daf]wg ugsf nflu cf]h amp df nufgLstfsf nflu k|fljlws k|lzIf0f tyf fjhlgs gjfO sfoqmd

y g]kfndf lwtf]kq ahfsf] wf ljsf ljtf lgodg nufgLstfxsf] nufgL k|j[lQ DaGwdf nufgLstfxnfO hfgsfL lbO zlQms0f ug] p2]Zon] af]8sf] cfof]hgfdf PaLL 6]lnlehgdfkmt k|ToIf fdlxs 5nkmn sfoqmdsf] k|f0f

y lwtf]kq ahfDaGwL hfgsfL b]ze 33df xh Pj+ n kdf kyenofO lwtf]kq ahfdf jfwf0fsf] hfustf a9fpg lwtf]kq tyf jt ljlgdo gfds kflIfs ]l8of] sfoqmd zefDe ulPsf] 5 of] sfoqmd x]s dlxgfsf] klxnf] t]|f] zlgaf ]l8of] g]kfnaf6 ljxfg ampM$) b]lv ampM Dd k|f0f xg] u]sf] 5 yfgLo lgsfoDd k|fylds ahfsf] ljwf klus]sf] klk|]Iodf of] ]l8of] sfoqmd ufpF ufpFsf nufgLstfxsf nflu lgs pkof]uL xFb uPsf] 5

lgoldt nufgLstf k|lzIf0f sfoqmdsf] zjftM gof+ nufgLstfxnfO b[li6ut uL af]8n] sf7df8f+ pkTosfdf lwtf]kq ahfDaGwL lgGt k|lzIf0f tyf hgr]tgf clej[l4 nufgLstfxsf] lh1ffx Daf]wg ug 6s PSr]~h+usf] xsfodf kflIfs kdf sf7df8f+ pkTosfsf] pkoQm yfgdf nufgLstf k|lzIf0f sfoqmd +rfng

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

25

ug] sfoqmdsf] sfofGjog ug] qmddf ldlt )amp gtfj0f zqmafsf lbg klxnf] kflIfs nufgLstf k|lzIf0f sfoqmdsf] zjft u]sf] 5 nufgLstf Da4 +3+yfx JolQmut nufgLstfxsf fy g]K] ll8Pl qm]l86 ]l6Euml +yf dr]G6 a+s Pzf]lPg 6s a|f]s Pzf]lPgsf k|ltlglwx tyf cflys kqsfx lxt sla ^) hgfsf] xeflutf x]sf] lyof] xfnDd ) k6s ~rfng es]sf] of] sfoqmd lgs pkof]uL ePsf] xefuLxn] hgfPsf 5g

lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx kf7oqmddf dfj]z ug kxnM dfWolds tyf ljZjljBfnosf ljleGg txsf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojt dfj]z ugsf nflu af]8n] ldlt )amp d+l amp df kf7oqmd ljsf s]Gb| nufot b]ze x]sf ljleGg ljZjljBfnodf kqfrf uL cfjZos dGjo tyf xof]usf nflu kxn u]sf] 5 g]kfn sfsf] ljQLo If]q ljsf 0fgLltdf ljQLo If]qsf] lgldQ k|j]z txdf rflxg] hgzlQm tof ug dfWolds lzIff kl5sf] lzIff k|0ffnLdf wf ug] 0fgLlt tyf af]8sf] cf=j=)ampamp^ sf] lwtf]kq tyf jt ljlgod ahf DaGwL gLlt tyf sfoqmd -aFbf g+ ^_ df ljleGg ljZjljBfno tyf pRRf dfWolds ljBfnosf DalGwt ljifosf] kf7oqmddf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL ljifojtx dfj]z ufpg cfjZos dGjo ug] sfoqmd cgf af]8n] pSt kxn yfn]sf] xf]

k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjftM af]8n] gofF jif )amp^ b]lv dlxgfsf] klxnf] awaf cyft azfv $ ut]af6 nufgLstfFu k|ToIf ]l8of] +jfb sfoqmdsf] k|f0f ziquestjft u]sf] 5 lwtf]kq ahf tyf jt ljlgdo ahfDaGwL jfwf0fsf] r]tgf clej[l4 tyf ugffdividelh1ffxiquest Daf]wg ug] p2]Zon] ~rfng ulPsf] pQm sfoqmd ]l8of] sflGtkaf6 laxfg amp M) b]lv M)) ah]Dd k|ToIf k|f0f ePsf] xf] ttkZrftsf lbgdf pQm sfoqmd k|To]s dlxgfsf] klxnf] awaf laxfg ampM) b]lv M)) ah]Dd lgoldt iquestkdf k|ToIf k|f0f xg] u]sf] 5 jfwf0f nufgLstfn] kmf]g g+= )ndash$() $()^ df Dks uL sfoqmddf xefuL xg Sb5g of] sfoqmd ahfDaGwL ugffx dfwfg ug gLlt lgod thdf ug tyf wf ug xof]uL ePsf] 5

cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGgM af]8sf] cf=j= )ampamp^ sf] jflifs sfoqmddf k|b]zxdf kqsfxnfO cflys tyf lwtf]kq ahf tyf jt ljlgdo ahfDaGwL k|lzIf0f sfoqmd cfof]hgf ug] sfoqmd x] cgf af]8af6 ldlt )amp^ jzfv df k|b]z g+ sf] fhwfgL hgskwfddf af]8sf cWoIfsf] efkltTj tyf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf klxnf] k6s cflys tyf lwtf]kq ahfDaGwL tflnddividek|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf k|b]z g+= sf sla hgf kqsfxsf] pklylt x]sf]] lyof] ot af]8n] bf]|f] sfoqmdsf] kdf )amp^ h]7 ) ut] s0ffnL k|b]zsf] fhwfgL v]tdf pQm k|b]zsf cflys dfldnf tyf of]hgf dGqLsf]] k|dv cfltYotfdf kqsfxsf nflu k|b]ztLo cflys tyf lwtf]kq ahfDaGwL k|lzIf0f tyf cGtlqmof sfoqmd DkGg u]sf] 5 pQm sfoqmddf s0ffnL k|b]zsf sla hgf kqsfxsf] pklylt x]sf]] lyof]

af]8sf] nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzgM g]kfn lwtf]kq af]8n] cfkmgf] yfkgfsf] ht hoGtLsf] pknIodf af]8sf] ht hoGtL nf]uf] c+lst xnfs l6s6 tyf ht hoGtL dflsf lSsf k|sfzg ug] sfoqmd cgk xnfs l6s6sf] d0ffy cfj0fdf 6fFrf nufO cgfj0f ulPsf] lyof] ot ht hoGtLsf] pknIodf af]8sf] cgf]wdf g]kfn sfsf] jLs[ltdf g]kfn fi6laquo a+s 6Sf dxfzfvfn] ( ld=ld 8fold6sf] = u|fd tfn ePsf] sk|f] lgs]n (Cupro Nickel) wftsf] =)) bsf] lSsf lgisfzg u]sf] 5 f] lSsfnfO ldlt )amp^ cf ut] Ps sfoqmd jLr af]8 cWoIf 8f= ]jt axfb sfsLn] nf]sfk0f ug ePsf] lyof] fy = )) sf] otf] ht hoGtL lSsf lgs6 eljiodf lgisfzg xg] qmddf x]sf] 5

5= 5nkmn cGtlqmof tyf Dd]ng

o DaGwdf dLIff jifdf ljQLo fIftfDaGwL OECD-SEBON cGtfli6laquoo Dd]nglxt b]xfo adf]lhdsf ljleGg dxTjk0f sfoqmdx DkGg ePsf 5gM

ljQLo fIftfDaGwL k|yd cGtfli6laquoo Dd]ng DkGgM af]8n] )( hnfO ut] g]kfndf klxnf] k6s ljQLo fIftfDaGwL cGtfli6laquoo Dd]ng OECDINFE +usf] xsfodf DkGg u]sf] 5 Plof Kollkms If]qsf ljleGg b]zsf ^ ljb]zL lxt pRr clwsfLx xefuL x]sf] pQm sfoqmddf ljQLo fIftf clej[l4sf] nflu ljleGg lzifsdf kfFr qx +rfng ePsf lyP Dd]ngsf] pb3f6g ub dfggLo cydGqL ojfh vltj8fn] ljQLo lzIff lgGt k|s[of x]sf] xbfF f] k|s[ofdf hf]8 lbgkg] wf0ff JoQm ugePsf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

26

k|fOe]6 OlSj6L e]~r Soflk6nhtf cfhfdfkmt jb]zL tyf ucfjfLo g]kfnLlxt jb]lzs kFhL d]t klrfngdf xhLs0f ug] p2]Zon] tof u]sf] jslNks nufgL sf]if lgodfjnL )amp sf] dofbfdf Dk0f f]sfjfnfxsf] fo Nnfx tyf emfj lng] p2]Zon] ldlt )amp gtfj0f df 5nkmn tyf cGtlqmof sfoqmd DkGg u]sf] 5

af]8 g]kfn af Pzf]lPzgndashdlxnf ldltaringff +oQm kdf ldlt )amp efb| df lwtf]kq tyf jt ljlgdo ahfDaGwL lgodg sfggL Jojyf ljifos cGtlqmof tyf 5nkmn sfoqmd DkGg ulPsf] 5

af]8n] ldlt )amp efb| ^ df DklQ z4Ls0f lgjf0fdf lwtf]kq JojfoLsf] eldsf ljifos cGtlqmofdivide5nkmn sfoqmd DkGg u]sf] 5

a+s tyf ljQLo +yfxaf6 C0f lng] C0fLx tyf gukflnsf C0fkqxsf] d]t zfv dNof+sgsf] nflu DalGwt gu ljsf sf]ifxFu dGjo uL lgisfzg Jojyf ug] sfoqmd x]sf] Gbedf qm]l86 ]l6Euml Jojfosf] jtdfg cjyf tyf f]sf] ljljw kIfxsf]] DjGwdf qm]l86 ]l6Euml sDkgLFu 5nkmndividecGtlqmof sfoqmd DkGg ePsf] 5

lwtf]kq ahfdf rgf k|ljlwsf] k|of]u pRr xg] ePsf]n] af]8sf] cf=j= )ampamp^ sf] aflifs sfoqmd cGtut af]8sf] rgf k|lalw gLlt )amp thdf uL sfofGjog ug] ahf xefuLxsf sfdsfjfxL tyf ultljlwxnfO qmdzM Digitalised ub nhfg cfjZos Jojyf ug] sfoqmd x]sf] klk]|Iodf ljBtLo xtfIfsf] cfjZostf osf ljljw cfofdx DaGwdf Dk0f lwtf]kq bnfn JojfoLxnfO oxL ldlt )amp d+l df af]8af6 g]kfn l6laquokmfOEuml sDkgL k|f= ln= Fusf] xsfodf Ps cGtlqmof sfoqmdsf] cfof]hgf ulPsf] 5

nufgLstf k|lzIf0f sfoqmdM lwtf]kq ahf tyf jt ljlgdo ahfDaGwL hfgsfL lbg] p2]Zon] sf7df8f+ pkTosf aflx slDtdf j6f nufgLstf k|lzIf0f tyf tflnd sfoqmd ~rfng ug] sfoqmd adf]lhd af]8n] International Finance Corporation IFC Fusf] xsfodf hnljBt cfof]hgf k|efljt If]qx ndhEuml bf]nvf jf f]nvDasf yfgLo aflGbfxnfO k|lzIf0f sfoqmd ~rfng u]sf] 5 ot k|b]z g+= sf] lfxf hgsksf ljleGg yfgxdf k|b]z g+= sf] f]nvDa cf]vn9Eumlfsf ljleGg yfgxdf k|b]z g+= sf] sd -kj_ afUnEuml tgxF wflbEumlsf ljleGg yfg tyf fdbflos SofDkxdf k|lzIf0f sfoqmd DkGg u]sf] 5

==$ lwtf]kqsf] s]Gb|Lo lgIf]k ]jf

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp adf]lhd )^ fndf yflkt ll8P P08 lSnolEuml ln= n] cflys jif )amp$amp df yk cf7 j6f sDkgLxnfO lgIf]k botfsf] kdf btf uL sn ^ j6f lgIf]k boDffkmt amp j6f lhNnfdf lgIf]k ]jf k|bfg ub cfPsf] 5 dLIff jifdf nfv amp xhf ^ o l8Dof6 vftf vf]lnPsfn] sn l8Dof6 vftf +Vof nfv amp xhf ku]sf] 5 ut jif $^amp l8Dof6 vftf vf]lnPsf lyP ot dLIff jifdf $amp sf]8 ( nfv xhf o amp lsQf lwtf]kq cefltsLs0f eO ceflts[t lwtf]kqsf] +Vof sn ca ^$ sf]8 ampamp nfv xhf o lsQf ku]sf] 5 hg ut jifsf] tngfdf bO u0ffsf] j[l4 xf] ljut kfFr jifsf] lwtf]kq ahfsf] cefltsLs0f tflnsf = df k|tt ulPsf] 5

tflnsf =lwtf]kq cefltsLs0f

qm== ljj0fcflys jif

207071 207172 207273 207374 207475 207576

1 lgIf]k bosf] +Vof 10 44 56 60 68 72

2 btf sDkgLsf] +Vof 16 113 205 228 192 219

3 lxtu|fxL l8Dof6 vftfsf] +Vof 534 40934 392359 870702 1292375 1571000

4ceflts[t lwtf]kqsf] +Vof -bz nfvdf_

018 9667 122308 236954 367798 420266

|f]tM ll8P P08 lSnolEuml ln=

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

27

== qm]l86 ]l6Euml ]jf

g]kfnsf] lwtf]kq ahfdf qm]l86 ]l6Euml ]jfsf nflu bO sDkgLx ~rfngdf x]sf 5g qm]l86 ]l6Euml lgodfjnL )^ adf]lhd )^( fndf yflkt Oqmf g]kfn ln=n] dVotM slDtdf tLg sf]8 kofF eGbf a9L dNosf] ]osf] fjhlgs tyf xsk|b ]o lgisfzg C0fkq lgisfzg cu|flwsf ]o lgisfzg yk lgisfzgxsf] qm]l86 ]l6Euml ugkg] Jojyf x]sf]df cfufdL lbgdf a+s tyf ljQLo +yfxn] =) sf]8 jf f] eGbf a9Lsf] shf pkof]u ug] C0fLnfO shf k|jfx ubf jf gjLs0f ubf f] +yfsf] qm]l86 ]l6Euml Ph]GLaf6 ulPsf] ]l6EumlnfO shf dNofIacutegsf] cfwfsf] kdf lngkg] Jojyf d]t ePsf] 5

cflys jif )ampamp^ df Oqmf g]kfn ln= n] C0fkqsf] ]l6Euml rf lwtf]kq lgisfzgstf sDkgLsf] ]l6Euml k|fylds lgisfzg xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5 ot s]o ]l6Euml g]kfn ln= n]] rf C0fkq bO lwtf]kq lgisfzgstf Ps of]hgf Jojyfks k|fylds lgisfzg 5 xsk|b lgisfzg $ C0fL +yfsf] ]l6Euml u]sf] 5

= lwtf]kq ahf DaGwL gLlt tyf sfoqmd

lwtf]kq ahfsf] ljsf tyf ljtfsf nflu g]kfn sfn] ljleGg cflys jifxdf b]xfo adf]lhdsf] gLlt tyf sfoqmdx 3f]if0ff ub cfPsf] 5

-s_ cf=j= )amp$amp sf] ah]6 aQmJosf] aFbf g+= df lwtf]kq ahf DaGwdf b]xfo cgfsf] sfoqmdx dfj]z lyof] 5

y kFhL ahfsf] ljsf yfloTjsf nflu gLltut +yfut Jojyf ulg]5 pTkfbgdns sDkgLxiquestnfO kFhL ahfdf k|j]z ug k|f]Tfxg ulg] 5 lwtf]kq sff]afnfO kfbzL k0f jrflnt agfOg] 5 lwtf]kq lgodg DaGwL cGtfli6laquoo +yfsf] botf k|fKt ulg] 5

-v_ cflys jif )ampamp^ sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] lyof]

y ljQLo If]qdf lgodg lgsfoxsf] Ifdtf clej[l4 ug lwtf]kq P]gdf dofgsn +zf]wg ulg]5

y Ps cj jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f eO kFhL ahfdf rLs[t xgkg] Jojyf ulg]5 k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufOg]5

y krf sf]8 kofF jf f] eGbf a9L rQmf kFhL ePsf k|fOe]6 lnld6]8 sDkgLxnfO klAns lnld6]8 sDkgLdf kfGt0f xg k|f]Tfxg jk tLg jifsf nflu cfosdf ) k|ltzt 56 lbg] Jojyf ulg]5

-u_ cflys jif )amp^ampamp sf] ah]6 jQmJodf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu b]xfo adf]lhdsf] sfoqmd dfj]z ulPsf] 5

y a k|sfsf] lwtf]kq C0fkqsf bf]|f] ahf sff]af ljBtLo k|0ffnLdfkmt ug ljBtLo sff]af k|0ffnLnfO lIft kfbzL agfOg]5 sfL C0fkq vlbdividelaqmLsf] nflu cgnfOg k|0ffnL ljsf ulg]5 lwtf]kq bf]|f] ahfdf lglZrt sd eGbf a9L sff]af ug] nufgLstfxsf] yfoL n]vf gDa lxtsf] ljj0f g]K] tyf ll8PL fkmfkm k|0ffnLdf cfj4 ulg]5

y lwtf]kq af]8 g]kfn 6s PSr]~hsf] +yfut wf ulg]5 u cfjflo g]kfnxn] bf]|f] ahf dfkmt klg nufgL ugSg] uL kFhL ahfnfO kmflsnf] agfOg]5 6laquoi6L P]g thdf uL fdlxs nufgL sf]if ]o ceflts0f ll8PL nufotsf] sfo Jojlyt ulg]5

y ]o sff]afsf] kFhLut nfes u0fgf eflt cft nfut ljlwaf6 ug] Jojyf ldnfO ]o nufgLstfxnfO k|f]Tflxt ug xfn k|fs[lts JolQmxnfO nfUb cfPsf] ssf] b kfFr k|ltzt sfod ulg]5

sfofGjog lyltM af]8n] g]kfn sfn] ah]6 jQmJodf to u]sf] kFhL ahfDaGwL sfoqmdxnfO lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdFu fd~ho uL sfofGjognfO k|fyldstf lbb cfPsf] 5 o qmddf af]8sf] sfofGjog k|ult b]xfo adf]lhd x]sf] 5M

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

28

y ldlt )amp)( df g]kfn sf dGqLklifbaf6 jLs[t ljQLo If]q ljsf 0fgLlt -)ampamp$ndash)ampampamp_ df pNn]v ePsf] kFhL ahf DaGwL 0fgLlt tyf of]hgfx sfofGjogsf] nflu af]8n] sfoof]hgf tof uL f] sf] r0fa4 sfofGjog ub nu]sf] 5 g]kfn sfn] cf=j= )amp$amp df jt ljlgdo ahfDaGwL P]g )amp$ nfu u]Fu af]8n] klg jt ljlgdo ahfDaGwL lgodfjnL )amp$ nfu uls]sf] 5

y g]kfn sf sfgg Gofo tyf +bLo Jojyf dGqfnoaf6 af]8df k|ltlglwTj xg] bosf] +of]hsTjdf dGqfno tyf af]8sf k|ltlglwxiquest x]sf] ldlt )amp gtfj0f amp df u7g ePsf] ldltn] lwtf]kq DaGwL P]g )^ +zf]wg ug ljw]os dofbf cy dGqfnodf k]z u]sf] 5

y Ps ca jf f] eGbf a9Lsf] kFhLdf yflkt a pTkfbgdns sDkgLxnfO kFhL ahfdf k|j]z ufpg cfjZos Jojyf ug] nufot cGo yk dfdlos Jojyfxiquest d]t ug sDkgL P]g +zf]wg ug] jf gofF sfgg thdf ug] DaGwdf g]kfn sfn] sfgg wf cfof]unfO lhDd]jfL lbPsf]df cfof]un] af]8sf] d]t xeflutfdf cfof]lht Ps cGtlqmof sfoqmddf af]8n] cfˆgf] fo emfj lbPsf] 5 fy af]8 kbflwsfL tyf lhi6laquof sfofnosf kbflwsfLxiquestFu cfjZos 5nkmn eO pQm pTkfbgdns sDkgLxsf] nut tof ug sDkgL lhi6laquofsf] sfofnoFu cfjZos dGjo ex]sf] 5

y af]8n] nufgLstf tyf Da4 kIfxFu ulPsf] 5nkmnsf] emfj tyf lgisif Pj+ g]kfn sf cy dGqfnoaf6 k|fKt pRrtLo ljQLo If]q dGjo ldltsf] a7ssf] lg0fofgfsf] lgb]zgnfO b[li6ut uL )amp^ azfv ut]af6 bf]|f] ahfdf Ps k6sdf = nfv jf f]eGbf a9L sff]jf ug] nufgLstfxnfO yfoL n]vf gDa -Kofg_ clgjfo ug] f] eGbf sd nufgL ug] tyf fgf nufgLstfxnfO k|f]Tflxt ug xfnnfO P]lR5s kdf ug Sg] Jojyf nfu ulPsf] 5

y af]8n] k|fOe]6 OlSj6L e]~r km08 x]h km08 nufotsf gofF +yfxnfO kFhL ahfdf k|j]z ufpg g]kfn sfsf] jLs[ltdf ldlt )amp kmfug b]lv nfu xg] uL ljlzi6Ls[t nufgL sf]if lgodfjnL )amp hfL u]sf] fy pQm lgodfjnLdf x]h km08 lgodgDaGwL s]xL Jojyf d]t dfj]z ulPsf] 5

=$ jt ljlgdo ahfljut sla ) jifb]lv lagf lgodg ~rfng ex]sf] jt ljlgdo jhfsf] ljsf tyf ~rfng nufgLstfsf] lxt

+If0f jtsf] sff]jf fkmfkm tyf km5of6 j]o xfp ~rfng DjGwL JojfonfO lgodg ug g]kfn sfaf6 jt ljlgdo ahf DjGwL P]g )amp$ ldlt )amp$ efb| df hfL ePsf]df pQm P]gsf] sfofGjogsf] nflu P]g k|dfl0fs0f ePsf] ( cf+ lbg cyft ldlt )amp$ d+l ( b]lv nfu xg] uL g]kfn sfsf] jLs[ltdf af]8n] jt ljlgdo jhf DaGwL lgodfjnL )amp$ hfL u]sf] 5 o Fu jt ljlgdo ahfsf] ljsf ljtf ug] lhDd]jfL d]t af]8df cfPsf] 5

af]8af6 jt ljlgdo ahfDaGwL Jojfo ~rfng ug rfxg] +ul7t +yfn] af]8sf] cgdlt lnP dfq pQm Jojfo ug ufpg ldlt )amp$ d+l df rgf k|sfzg ugsf fy ~rfngdf x]sf ahfxnfO gofF sfsf] sff]afdf f]s nufOPsf] lyof] jt ljlgdo ahf +rfng ug af]8df kfFr j6f k|tfljt sDkgLxn] kj jLs[ltsf nflu lgj]bg k]z u]sf]df dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fnfO d]t b[li6ut uL jt ahf DaGwL lgodfjnL )amp$ sf] lgod -_ adf]lhd pQm sDkgLxn] Dk0f sfuhft tyf ljj0fx k]z u]sf] gb]lvPsfn] jt ljlgdo ahf ~rfng ug kj jLs[ltsf nflu cfPsf kfFr lgj]bsxnfO af]8n] kj jLs[lt k|bfg gug] lg0fo u]sf] lyof]

dnssf] cytGqsf] cfsf cfBf]lus Jojfosf] ljsf jt sff]jfsf] DefJotf tyf nufgLstfsf] lxt +If0fsf] cfwfdf d]t xfnnfO af]8af6 bOj6f dfq jt ljlgdo ahf ~rfng ug jLs[lt k|bfg ulg] gLltut lg0fo uL ldlt )amp^ jzfv df gofF cfj]bg lbg rfxg] cfj]bssf nflu bO dlxgfsf] do lbO af]8n] cfJxfg u]sf] lyof] OGsf ulPsf cfj]bsn] d]t kj jLs[ltsf nflu kgM cfj]bg ug Sg] Jojyf d]t ulPsf] lyof] o qmddf pNn]lvt dofjlwleq 5 +yfsf] lgj]bg k|fKt ePsf] 5 oL af]8n] jt ljlgdo ahf +rfngsf nflu kj jLs[lt k|bfg ubf k|tfljt sDkgLsf] kFhL 0fgLlts fem]bf k|tfljt k|ljlw Jojflos of]hgf +yfut jfldTj +nUgtf Jojyfkgsf] of]Uotfsf] cfwfdf pTs[i6 bOj6f cfj]bsnfO 5gf6 ulg] k|s[of cufl8 a9fPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

29

efu ndash tLg

af]8sf] k|zflgs tyf ljQLo cjyf= af]8sf] yfkgf

g]kfndf cflys pbfLs0fsf] ug] gLlt lnOP kZrft kFhL ahfdf lghL If]qsf] k|j]z z eof] hn] ubf lwtf]kq vlb laqmL s]Gb| cfkmn] ahf Jojyfkg lgodgsf] sfo ubf jfy aflemg Sg] lylt d]tnfO Wofgdf fvL )$( fndf lwtf]kq sff]jf P]g )$) nfO +zf]wg uL lwtf]kq ahfsf] jfoQ lgodg lgsfosf] kdf g]kfn sfaf6 )) h]7 ut] lwtf]kq af]8sf] yfkgf ePsf] xf]

lwtf]kq sff]jf P]g )$) nfO k|ltyfkg uL lwtf]kq DaGwL cWofb]z )^ hfL eO lwtf]kq af]8sf] gfdfs0f g]kfn lwtf]kq af]8 ulPsf]df kl5 lj== )^ df f] cWofb]znfO k|ltyfkg uL lwtf]kq DaGwL P]g )^ hfL ePsf] lyof] lwtf]kq DaGwL P]g )^ sf] p2]Zo b]zsf] cflys ljsfsf nflu kFhL ahfsf] ljsf uL lwtf]kqdf nufgL ug] nufgLstfsf] lxt +If0f ug lwtf]kqsf] lgisfzg vlb laqmL ljt0f tyf ljlgdonfO Jojlyt jgfO lwtf]kq ahf lwtf]kq Jojfodf +nUg JolQmxsf] sfd sfjfxLnfO lgoldt tyf Jojlyt ug] x]sf] 5 gofF P]g adf]lhd g]kfn lwtf]kq af]8n] lgodg lgsfosf] kdf du| lwtf]kq ahfsf] lgodg sfo ub cfOx]sf]]df g]kfn sfaf6 ldlt )amp$ efb| b]lv jt ljlgdo ahf DaGwL P]g )amp$ hfL eP kZrft af]8n] jt ljlgdo ahfsf] lgodg ug] lhDd]jfL d]t kfPsf] 5

= af]8sf] sfd stJo clwsfx

-s_ lwtf]kq DaGwL P]g )^ adf]lhd af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5g M

lwtf]kq fjhlgs kdf lgisfzg ug Sg] uL yfkgf ePsf] +ul7t +yfsf] lwtf]kq btf ug]

lwtf]kq fjhlgs lgisfzgsf nflu tof ulg] ljj0fkq jLs[t ug]

lwtf]kq ahf +rfng ug rfxg] +ul7t +yfnfO lwtf]kq ahf +rfng ug cgdlt lbg]

lwtf]kq ahf tyf lwtf]kq JojfoLsf sfd sfafxLsf] lgodg ug]

lwtf]kq Jojfo +rfng ug rfxg] sDkgL jf +yfnfO lwtf]kq Jojfo +rfng ug cgdltkq lbg]

fdlxs nufgL sf]if +rfng ug jLs[lt lbg]

lwtf]kq DaGwL cfjZos lgod ljlgod tyf lgb]lzsfx agfpg]

lwtf]kq ljlgdo ahf lwtf]kq JojfoL lwtf]kq sff]af tyf du| lwtf]kq ahfsf] klj]If0f ug]

lgodg Jojyfsf] kfngf gug] +yfxnfO P]g lgod cgf sfjfxL cufl8 a9fpg]

lwtf]kq ahf DaGwdf cWoog cgGwfg uL cfjZos lgb]zg lbg] tyf r]tgfdns sfoqmd ~rfng ug]

lwtf]kq ahfFu DalGwt ljifodf gLlt tyf sfoqmd thdf ug g]kfn sfnfO cfjZos kfdz lbg]

lwtf]kq tyf lwtf]kq ahf ljsfsf DaGwdf cfjZos cGo sfox ug] ufpg]

-v_ jt ljlgdo ahf DaGwL P]g )amp$ adf]lhd af]8sf b]xfo adf]lhd dVo sfd stJo clwsfx x]sf 5g M

jt ljlgdo ahf tyf jt sff]afsf] ljsfFu DalGwt ljifodf g]kfn sfnfO fodivideemfj lbg]

jt ljlgdo ahfsf] ljsfsf] nflu bL3sfnLg tyf cNksfnLg of]hgf tyf gLlt jLs[t ug]

jt ljlgdo ahf ~rfng DaGwL DefJotf cWoog ug]

jt ljlgdo ahfdf sff]af ug lsg] jt tyf jt sfsf] btf ug]

sg jt rLs0f ufpg jf rLs0faf6 x6fpg jf sg sff]af f]Ssf ug DalGWft jt ljlgdo ahfnfO lgb]zg lbg]

jt ljlgdo ahfsf] ljBtLo sff]af k|0ffnLdf sg dof b]lvPdf jf wf ugkg] b]lvPdf Totf] wf gu]Ddsf nflu sff]af yug ug cfb]z lbg]

af]8df btf ePsf] jt tyf jt sfsf] vlb laqmL xtfGt0fnfO lgoldt tyf Jojlyt ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

30

cgdltkq k|fKt +yf tyf sff]afdf +nUg kIfsf] sfd sfafxLsf] lgodg tyf cgudg ug] tyf cgdltkq k|fKt +yfsf] ljlgod jLs[t ug]

nufgLstfsf] lxt +If0f ug DalGwt cgdltkq k|fKt +yfnfO ljlgoddf cfjZos Jojyf ug lgb]zg lbg]

jt jf jt sf DaGwL ljifodf klj]If0f tyf lgodg ug cGo lgodg lgsfoFu dGjo ug]] tyf tf]lsP adf]lhdsf cGo sfox ug]

-u_ DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g -bf]|f] +zf]wgd]t_ )^$ adf]lhd lgodg lgsfosf] kdf af]8sf] dVo sfd stJo clwsfx b]xfo adf]lhd x]sf 5gM

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zgsf] kfngf ug] jf ufpg]

DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf pQm P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg jf cfb]zsf] Jojyf kfngf eP gePsf] DaGwdf lgodgsf nflu rs +yfsf] kdf af]8af6 cgdltkq k|fKt JojfoLnfO tf]lsPsf] Totf] rs +yfsf] cfjZostf cgf ynut lgLIf0f tyf uynut klj]If0f jf cgudg ug]

rs +yfn] ug] sg Jojfo jf k]zf btf ubf jf Jojfosf] nflu cgdltkq jf Ohfhtkq lbFbf k]zf jf Jojfo ~rfng ug] JolQmn] P]g adf]lhdsf] sfd sfafxL tyf bfloTj kf ug kg] zt tf]Sg]

rs +yfsf] Jojfout klj]If0f -k|8]lGon klehg_ DaGwL cfwfet dfGotfdf cGtlglxt DklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL Jojyfsf] klkfngf ufpg]

rs +yfn] DklQ z4Ls0f -dgL nfpG8lEuml_ lgjf0f P]g jf o P]g cGtut ag]sf] lgod jf hfL ulPsf] lgb]lzsf jf lbOPsf] lgb]zg adf]lhdsf] bfloTj klkfngf ufpg rs +yfdf x]sf] hgs k|sfsf] rgf hfgsfL tyf sfuhft pknAw ufpg cfb]z lbg] tyf ssf] cgGwfg DaGwL sfodf cfjZos xof]u kyenofpg] nufotsf clwsf x]sf 5g

= ~rfns af]8

g]kfn lwtf]kq af]8df ljleGg sfL tyf lghL If]qsf lgsfoxsf] k|ltlglwTj xg] uL amp boLo +rfns af]8 xg] Jojyf x]sf] 5 af]8df g]kfn sfaringff lgoQm sfosfL cWoIfsf fy g]kfn sf cy dGqfnosf xndashlrj g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnosf xndashlrj g]kfn fi6laquo a+ssf k|ltlglw -sfosfL lgb]zs_ g]kfn pBf]u jfl0fHo dxf+3sf k|ltlglw -pkfWoIf_ g]kfn rf68 PsfpG6]G6 +yfsf k|ltlglw -pkfWoIf_ tyf g]kfn sfn] dgf]gog ug] kFhL ahf lj1 bo xg] Jojyf x]sf] 5 dLIff jifdf af]8sf] a7s k6s a]sf] 5 ut jif ~rfns af]8sf] a7s k6s a]sf] lyof] cf=j= )ampamp^ df af]8sf] ~rfns af]8df xgePsf boxsf] kljtg o DaGwL ljj0f tflnsf = df k|tt ulPsf] 5

tflnsf =cf=j= )ampamp^ df af]8sf] ~rfns af]8sf box

qm== gfd +yf b]lv Dd

gtL dgf]lgt xg] qmddf x]sf]

8f= ]jt axfb sfsL g]kfn sf af6 dgf]lgt cWoIf )amp)^) )amp^)^(

gtL pQ sdf vqLndashbo xndashlrj g]kfn sf cy dGqfno )amp$) )amp)$)

gtL xlz0f k8fgLndashbo xndashlrj g]kfn sf cy dGqfno )amp)$ )amp^)amp

gtL o1 k|fb 9+u]nndashbo xndashlrj g]kfn sf cy dGqfno )amp^)amp( xfnDd

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

31

gtL km0fLGb| uftdndashbo xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp))amp )amp

gtL lgdnf clwsfL esectfOndashbo

xndashlrj sfgg Gofo tyf +bLo dfldnf Jojyf dGqfno

)amp xfnDd

$ gtL g axfb yfkfndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp)) )amp^))

8f= u0ffs esectndashbo sfosfL lgb]zs -k|ltlglw_ g]kfn fi6laquo a+s

)amp^) xfnDd

gtL s[i0f k|fb cfrfondashbo

pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp)$) )amp^)$)amp

gtL dbg s[i0f zdfndashbo pkfWoIf -k|ltlglw_ g]kfn rf68 Psfp06]06 +yf

)amp^)$) xfnDd

^ gtL z]v uf]N5fndashbo jli7 pkfWoIf -k|ltlglw_ g]kfn pBf]u jfl0fHo dxf+3

)amp$)) xfnDd

amp gtL lgn axfb f du g]kfn sfaf6 dgf]lgt lj1 bo )amp) )amp)$

gtL leid fh 9+ufgf g]kfn sfaf6 dgf]lgt lj1 bo )amp^)^)^ xfnDd

=$ +u7g +rgf tyf hgzlQm Jojyfkg

lwtf]kq ahfsf] bfof lbg k|lt lbg a9b uOx]sf] klk|]Iodf lwtf]kq ahf rLs[t +ul7t +yf lwtf]kqsf] s]GrsaquoLo lgIf]k sDkgL lgIf]k bo fdlxs nufgL sf]if qm]l86 ]l6Euml sDkgL lwtf]kq bnfn tyf dr]06 a+s ]o lhi6laquof uL $) eGbf a9L sDkgLsf] lgodg tyf klj]If0f ugkg] lhDd]jfL af]8n] kf ub cfPsf] 5 af]8n] cfˆgf] lhDd]jfL k|efjsfL kdf DkGg ugsf nflu +yfut Ifdtfdf dofgsn clej[l4 ug kg] sfnfO dWogh ub ljBdfg +u7g +rgfsf] 9fFrfdf kgfjnf]sg uL gofF +u7g +rgf nfu u]sf] 5 af]8df xfn hDdf ( hgf sdrfLx sfot x]sf 5g dLIff jifdf af]8df sfot sdrfLsf] ljj0f tflnsf = df k|tt ulPsf] 5 fy af]8sf] +u7g +rgf cgrLndash df k|tt ulPsf] 5

tflnsf =af]8 sdrfL +Vofsf] ljj0f

qm== kb +Vof

sfosfL lgb]zs

pk sfosfL lgb]zs ^

lgb]zs (

$ sf=d= lgb]zs xfos lgb]zs

^ sf=d= xfos lgb]zs

amp jli7 xfos

sf=d= jli7 xfos

( xfos

) jfL rfns

xof]uL sdrfL

hDdf (

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

32

= ldltx

af]8sf] sfd sfjfxL k|efjsfL kdf Dkfbg ug tyf cfjZos xof]usf nflu af]8df ljleGg yfoL k|s[ltsf ldltxiquest sfot x]sf 5g oL ldltxn] cflys jif )ampamp^ df u]sf sfdsfjfxLx lgDgfgf x]sf 5g M

== sfgg tyf k|jnLs0f ldlt

af]8af6 tof ugkg] ljleGg lgodfjnL lgb]lzsf tyf cGo sfggL Jojyfxsf] dofbf tof ug tyf af]8 dIf k]z ePsf hl6n sfggL ljifosf DaGwdf cWoog tyf cgGwfg uL kfdz lbgsf] fy lwtf]kq DaGwL P]g lgodsf] kfngfnfO k|efjsfL ufpg] htf sfd sfafxLsf] nflu g]kfn sf sfgg Gofo tyf +bLo dfldnf dGqfnoaf6 k|ltlglwTj ug xg] af]8 bo +of]hs x]sf]] sfgg tyf k|jnLs0f ldlt x]sf] 5 pQm ldltdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv tyf sfgg tyf k|anLs0f dxfzfvfsf k|dv bo tyf Ps jfXo lj1 bo xgxG5 cflys jif )ampamp^ df pQm ldltn] lgDg sfox u]sf] 5 M

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf ljlgdofjnLdf kldfhglxt +zf]wgsf nflu clGtd k lbPsf]

g]kfn lwtf]kq af]8 jb]lzs e|d0f sfoljlw )amp nfO clGtd k lbPsf]

lwtf]kq lgisfzg tyf afF8kmfF8 -kfFrf +zf]wg_ lgb]lzsf )amp kgfjnf]sg uL clGtd k lbOPsf]

lwtf]kq JojffoL -lwtf]kq bnfn JofkfL tyf ahf lgdftf_ lgodfjnL -t]|f] +zf]wg_ )amp^ sf] dofbfnfO clGtd k lbOPsf]

fdlxs nufgL sf]if lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

qm]l86 ]l6Euml lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL -bf]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

lwtf]kq btf tyf lgisfzg lgodfjnL -t]|f] +zf]wg_ sf] dofbfnfO clGtd k lbPsf]

== ljQLo k|zfg tyf rgf ljZn]if0f ldlt

af]8sf] jflifs sfoqmd tyf ah]6 tof uL clGtd k lbg jflifs ah]6 tyf vrsf] cfjlws kdf kgfjnf]sg ug tyf n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg cWoog uL clGtd k lbg] tyf ljQLo rgf ljZn]if0f ljQLo k|zfg DaGwL cGo sfox ug af]8df ljQLo k|zfg tyf rgf ljZn]if0f ldlt x]sf] 5 pQm ldltdf g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf af]8sf] lgodg tyf Jojyfkg ljefusf k|dv bo af]8sf] ljQLo Jojyfkg zfvf k|dv bo lrj x]sf 5g cflys jif )ampamp^ df pQm ldltsf] +of]hgdf b]xfo adf]lhdsf] sfox ePsf 5g M

af]8sf] cflys jif )amp^ampamp sf] gLlt tyf sfoqmd ah]6 tofL u]sf]

n]vfkLIfsaf6 k|fKt cflys jif )amp$amp sf] n]vfkLIf0f k|ltj]bgsf] cWoog uL f]sf] k|ToQ tof u]sf]

af]8sf] x]sf] nufgLof]Uo sdnfO ljleGg a+sxdf fVgsf nflu lkmflz u]sf]

== n]vfkLIf0f ldlt

af]8sf] ljQLo ljj0fsf] kgfjnf]sg ug af]8sf] lgod kfngfsf] cjyfsf] kgfjnf]sg ug +rfns dltnfO xof]u kyenofpg cflys kfblztf +yfut zfgnfO dhat agfpg cfGtls n]vfkLIfssf] lgolQm ug kflgtlds tyf ljwf lgwf0f ug jtGq n]vfkLIfssf] n]vfkLIf0f k|s[of lgwf0f ug tyf dNofs+g ug] htf sfox ugsf nflu g]kfn rf68 PsfpG6]G6 +yfaf6 af]8df k|ltlglwTj ugxg] af]8 bosf] +of]hsTjdf g]kfn fi6laquo a+ssf] tkmaf6 af]8df k|ltlglwTj ugxg] af]8 bo tyf af]8sf] sfgg dxfzfvfsf k|dv bo lrj xg] uL n]vfkLIf0f ldlt x]sf] 5

dLIff cjlwdf o ldltn] cflys jif )ampamp^ sf] af]8sf] cfGtls n]vfkLIf0f sfo ugsf] nflu gtL lkjfOL P08 Pf]lzo6nfO lgolQm u]sf] f] n]vfkLIfsaf6 k|fKt n]vfkLIf0f k|ltj]bg kgfjnf]sg uL JojyfkgnfO cfjZos lgb]zg lbOPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

33

=^ af]8sf] ljQLo cjyf

cflys jif )amp$amp df af]8sf] jfnftsf] cfsf =(^ sf]8 nfv xhf x]sf]df dLIff jif cyft cf=j= )ampamp^ df pQm jfnftsf] cfsf (=( k|ltztn] j[l4 eO =)^ sf]8 $amp nfv amp) xhf ku]sf] 5 cl3Nnf] cflys aifsf] tngfdf dVokdf ly Dklt nufgL clu|d cfo s eQmfgLdf ePsf] j[l4n] ubf sn DklQdf (=) k|ltztn] j[l4 ePtfklg rfn bfloTj cl3Nnf] cf=j= sf] tngfdf $amp=^ k|ltztn] j[l4 ePsf]n] vb Dkltdf (=( k|ltztn] dfq j[l4 ePsf] 5

cflys jif )amp$amp df af]8sf] hDdf cfDbfgL =$) sf]8 ) nfv amp xhf x]sf]df dLIff aifdf af]8sf] cfDbfgL = k|ltztn] 36L = sf]8 nfv $ xhf ku]sf] 5 o aif lwtf]kq sff]jf tyf rLs0f bt cfDbfgLdf j[l4 ePtfklg rLs[t +ul7t +yfxsf] xsk|b tyf af]g ]o lgisfzgdf sdL ePsf] sf0fn] o cjlwdf af]8sf] cfDbfgL s]xL 36g uPsf] 5 oBlk d2tL lgIf]k nufgLdf j[l4sf sf0fn] af]8sf] Jofh cfDbfgLdf eg] j[l4 ePsf] 5 af]8n] cfDbfgLtkm ljz]ift lwtf]kq btf tyf lgisfzgsf nflu jLs[lt k|bfg fdlxs nufgL of]hgf jLs[lt qm]l86 ]l6Euml ]jf zNs ll8P P08 lSnolEuml sDkgL tyf lwtf]kq ahf cgdlt kq gjLs0f bt dr]G6 alsEuml tyf a|f]s k|df0fkq gjLs0f bt lwtf]kq sff]af bt ljleGg cfj]bg zNs ljj0fkq k|zf]wg zNs cgdlt kq zNsaf6 =$ sf]8 nfv amp xhf cfDbfgL -sn cfosf] ^(=( k|ltzt_ u]sf] 5 eg] Jofh cfDbfgLaf6 =) sf]8 ^ nfv xhf -sn cfosf] (=( k|ltzt_ ljljw cfotkm =) nfv () xhf -sn cfosf] )= k|ltzt_ k|fKt u]sf] 5

cflys jif )amp$amp df af]8sf]] sn vr =) sf]8 nfv amp xhf dfq x]sf]df dLIff aifdf af]8sf] sn vr amp^=)( k|ltztn] a9] =( sf]8 amp nfv xhf ku]sf] 5 hdWo] cfossf] Jojyf = ^ sf]8 $ nfv xhf x]sf] 5 o aif af]8sf] sdrfL +Vofdf j[l4 ePFu sdrfL vrdf j[l4 ePsf] e|d0f tyf eQf vr x|f slsect vrdf j[l4 ePsf] fy o aif b]lv ljQLo If]qsf] csf] lgodg lgsfo g]kfn fi6laquo a+s tyf lgodg lgsfonfO cfos gnfUg] cGtfli6laquoo cEofsf ljkLt af]8nfO cfossf] bfodf kflPsf]n] cfo ssf] Jojyf d]t ug k]sf]n] sn vr a9]sf] xf] ut jif =( sf]8 ^ nfv () xhf art ePsf]df dLIff jifdf f] sddf $^=) k|ltztn] sdL cfO jrt = sf]8 ( nfv xhf ku]sf] 5 cf=j= )ampamp^ sf] cklis[t jfnft cfondashJoo ljj0f tyf gub k|jfx ljj0f qmdzM cgrLndashamp ( df k|tt ulPsf] 5

=amp cGtfli6laquoo DaGw

af]8af6 kl5Nnf] dodf g]kfnsf] lwtf]kq ahfsf] ljsf ljtf tyf wfsf sfox ePFu lwtf]kq ahf lgodg lgsfoxsf] cGtfli6laquoo +yf (International Organisation of Securities Commissions ndash IOSCO) sf] botf lngsf] nflu pRr tLo j]If0f (High Level Survey) sf] k|ToQ DnUg uL lgj]bg k|lqmof cufl8 a9fOPsf]df IOSCO af6 af]8sf] lgj]bg jLs[t eO )^ hnfOdf af]8nfO Pzf]lo6 botf k|fKt ePsf] 5 oaf6 g]kfnsf] lgodg lgsfon] cGtfli6laquoo dfGotf kfPsf] 5 eg] g]kfnsf] lwtf]kq ahfnfO cGtfli6laquoo t cgk ljsf ugkg] lhDd]jfL af]8df ylkPsf] 5 IOSCO df xfn ^ fwf0f bo Pzf]lo6 bo ^ clkmlno6 bo x]sf 5g

dLIff jifdf lwtf]kq lgodg lgsfoxsf] cGtfli6laquoo ++yf (IOSCO) sf] fwf0f botf k|fKt ugsf] nflu IOSCO +u Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (MMoU) df xtfIf ug] DaGwdf MMoU Fu DalGwt k|ZgfjnLsf k|Zgxsf] k|ltpQ tof ug] IOSCO Fu MMoU df xtfIf ug] DaGwdf cfjZos ljifoxsf] hfgsfLsf] nflu kqfrf ug] sfo ex]sf] 5

Tot g]kfnsf] lwtf]kq ahfsf] cGtfli6laquoos0f uL t clej[l4 ug] p2]Zo cgk af]8sf] dGjodf g]kfnsf] tkmaf6 ll8P P08 lSnolEuml ln= nfO Association of National Numbering Agencies (ANNA) sf] bo aGgsf nflu clwsf k|Tofof]hg u]sf]df cfd]lgofdf )^ hg df ePsf] ANNA sf] fwf0f efaf6 pQm ln= n] ( cf+ botf k|fKt u]sf] xf] ANNA df xfn g]kfn nufot ( k0f bo tyf cGo amp kf6g x]sf 5g

g )) df yflkt Asia Forum for Investor Education (AFIE) sf] +yfks bosf] kdf af]8n] f]xL cgksf] eldsf lgjfx ub cfOx]sf]] 5 af]8 fs If]qsf lgodg lgsfoxsf] +3 (South Asian Securities Regulators Forum- SASRF) sf] bosf] kdf cGo bo lgodg lgsfoxFu lgGt DaGw fVb cfjZos 1fg tyf rgfx cfbfg k|bfg ugsf fy xof]u dGjo ub cfOx]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

34

af]8sf] cflys jif )ampamp^ sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmd cgf ljQLo fIftf k|j4g tyf 1fg clej[l4 ug OECD aringff g )) df yflkt International Network on Financial Education-INFE sf] botf lng] sfoqmd cgf hgjL )( af6 nfu xg] uL af]8n] pQm +yfsf] k0f botf k|fKt u]sf] 5 pQm +yfsf] k0f botf k|fKt ug]df af]8 g]kfnsf] klxnf] lgsfo ag]sf] 5 k0f botf kfPsf] af]8n] pQm +yfsf] k|fljlws ldlt Nnfxsf ldlt tyf ljleGg sfout dxdf xefuL eO OECDINFE o cGtut ~rfng xg] ljQLo fIftfDaGwL ultljlwsf] ~rfng tyf t clej[l4df lqmo xeflutf b]vfpg Sg]5 o +yfn] ljZjJofkLkdf fgf tyf demfnf Jojfo ljQLo dfj]lztf ojf tyf dlxnf ju bL3sfnLg art tyf nufgL nufotsf ljljw If]qxdf ljQLo fIftf clej[l4sf nflu sfoqmdx ~rfng ub cfPsf] b]lvG5 oaf6 ljQLo fIftfDaGwL cGtfli6laquoo ultljlw tyf ljQLo fIftfsf] t clej[l4df af]8sf] d]t k|ToIf xeflutfsf] cj pknAw ePsf] 5 xfn o +yfdf ljZjsf ^$ b]zsf ^ +yfx k0f bosf] kdf x]sf 5g eg] lgoldt botkm ( b]zsf amp +yfx x]sf 5g

Tot ljZj as PlzofnL ljsf as IOSCO OECD Asia-Pacific Economic Cooperation (APEC) Toronto Centre tyf laleGg b]zsf lwtf]kq ahfsf] lgodg lgsfoxn] cfof]hgf ug] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL sfoqmdxdf af]8sf] xeflutf xFb cfPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

35

efundashrfaf]8sf sfdsfjfxLx

lwtf]kq ahf lwtf]kq JojfoL fdlxs nufgL sf]if l8kf]lh6L lgIf]k bo qm]l86 ]l6Euml tyf cGo lwtf]kq Jojfo ug k|fKt lgj]bgxsf] cWoog uL cgdltkqdividebtf k|df0fkq k|bfg ug] tyf gjLs0f ug] +ul7t +yfxsf] lwtf]kqx btf ug] ljj0fkq laqmL k|tfj xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0f kltsf jLs[t ug] ljj0f kltsf k|sfzg ug +ul7t +yfxnfO jLs[lt k|bfg ug] jhf lrs[t sDkgL fdlxs nufgL sf]if lgIf]k ]jf qm]l86 ]l6Euml Ph]GL tyf lwtf]kq JojfoLsf] uynut klj]If0f ug] lwtf]kq ahfdf sff]jf xg] rLs[t sDkgL sff]jf sd sff]jf xg] lwtf]kq cflb DaGwdf g]kfn 6s PSr]~hdf xg] lwtf]kq sff]jfsf]] Real Time Surveillance ug] du| lwtf]kq ahfsf] ynutdivideuynut klj]If0f ug] lwtf]kq DaGwL sfgg dfdlos agfpg] k|fKt ugff]xsf] Daf]wg ug] sfggL Jojyfxsf] pNn+3g DaGwdf sfgg k|jnLs0f ug] lwtf]kqdf nufgL ug] nufgLstfxsf] r]tgfsf] t clej[l4 ug b]zsf ljleGg yfgxdf nufgLstf k|lzIf0f tyf cGtlqmof sfoqmdx +rfng ug] nufotsf ljleGg lgoldt sfox DkGg u]sf] 5

cflys jif )ampamp^ df DkGg k|dv sfox +lIfKtdf b]xfo cgf x]sf 5g

$= cgdltkq k|bfg tyf gjLs0f

lwtf]kq DaGwL ]jf k|bfg ug] ljleGg ahf xefuLxn] cflys jif )ampamp^ df ahf DaGwL ]jf k|bfg ug cgdltkq gjLs0fsf] nflu lgj]bg lbP cgf af]8n] cfjZos wf ug oL +yfxnfO Wofgfsif0f ufpb lgDg +yfxsf] cgdltkq gjLs0f u]sf] 5

$== g]kfn 6s PSr]Gh lnld6]8sf] cgdltkq gjLs0f

lwtf]kq DaGwL P]g )^ tyf lwtf]kq ahf +rfng lgodfjnL )^$ sf] Jojyf cgf g]kfn 6s PSr]Gh lnld6]8af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df af]8n] pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== s]Gb|Lo lgIf]k sDkgLsf] cgdltkq gjLs0f

lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd s]Gb|Lo lgIf]k sDkgLsf] kdf x]sf] ll8P P08 lSnolEuml ln=af6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k]z ePsf]df pQm lnld6]8sf] cgdltkq gjLs0f u]sf] 5

$== dr]G6 a+s cgdltkq k|bfg gjLs0f

dLIff jifdf af]8n] kfFr +yfnfO dr]G6 a+ssf] sfo ug cgdlt k|bfg u]sf] 5 oL cgdlt kfpg] +yfxdf sdfL Soflk6n ln= g]kfn a+unfb]z Soflk6n ln= hgtf Soflk6n ln= ]~rL Soflk6n dfs]6 ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy af]8n] dLIff jifdf dr]G6 a+ssf] cgdltkq gjLs0f d]t u]sf] 5 af]8af6 cgdltkq k|fKt dr]G6 a+s DaGwL ljj0f cgrLndash) df k|tt ulPsf] 5

$==$ lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f

cflys jif )amp$amp df lwtf]kq bnfn JojfoLsf] +Vof ) x]sf]df dLIff jifdf klg pQm JojfoLsf] +Vof oyfjt x]sf] 5 lwtf]kq DaGwL P]g )^ tyf lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ lgodfjnL )^$ sf] lgod df x]sf] Jojyf adf]lhd ) lwtf]kq bnfn JojfoLxaf6 cgdltkq gjLs0fsf nflu af]8df lgj]bg k|fKt ePsf]df af]8n] Dk0f lwtf]kq bnfn JojfoLxsf] cgdltkq gjLs0f u]sf] 5 cgdltkq gjLs0f u]sf lwtf]kq bnfn JojfoLxiquestsf] gfdfjnL cgrLndash df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

36

$== lgIf]k bo btf tyf k|df0fkq gjLs0f

dLIff jifdf af]8n] tLg sDkgLnfO lgIf]k bosf] kdf btf uL btf k|df0fkq k|bfg u]sf] 5 oL btf k|df0fkq k|fKt ug] sDkgLxdf j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= s]=L=Pn= c6o6 Soflk6n ln= d]uf Soflk6n dfs]6 ln= x]sf 5g fy lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp sf] lgod sf] Jojyf adf]lhd dLIff jifdf ^( lgIf]k boxn] btf k|df0fkq gjLs0fsf nflu af]8df lgj]bg lbPsf]n] pQm lgIf]k boxsf] btf k|df0fkq gjLs0f ulPsf] 5 dLIff jifdf lgIf]k bosf] sn +Vof amp ku]sf] 5 af]8af6 lgIf]k botf k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$==^ q]ml86 ]l6Euml sDkgLsf] cgdltkq k|bfg tyf gjLs0f

Aff]8n] q]ml86 ]l6Euml lgodfjnL )^ sf] Jojyf adf]lhd yflkt qm]l86 ]l6Euml sDkgLx Oqmf g]kfn ln= s]o g]kfn ln= sf] q]ml86 ]l6Eumlsf]] cgdltkq gjLs0f ulPsf] 5 qm]l86 ]l6Euml Jojfodf cl3Nnf] cf=j=df gofF sDkgL ylkPFu ]l6Euml Jojfo k|ltkwL Pj+ Jojflos ePsf] 5

$==amp of]hgf Jojyfks tyf l8kf]lh6Lsf] cgdltkq gjLs0f

cflys jif )amp$amp df of]hgf Jojyfks tyf l8kf]lh6Lsf] sfo ug] +yfsf] +Vof gf+ x]sf]df dLIff jifdf yk Ps +yfnfO cgdltkq k|bfg ulPsf] 5 of]hgf Jojyfks tyf l8kf]lh6Lsf] ljj0f tflnsf $= df k|tt ulPsf] 5

tflnsfndash$=of]hgf Jojyfks tyf l8kf]lh6L

qm=+= of]hgf Jojyfks tyf l8kf]lh6L

1 glan OGe]i6d]G6 alsEuml ln=

2 l4fy Soflk6n ln=

3 PgPdla Soflk6n ln=

4 PgcfOljPn Soflk6n ln=

5 nIdL Soflk6n ln=

6 Unf]an cfOPdO Soflk6n ln=

7 lljcfOPn Soflk6n ln=

8 flgdf Soflk6n ln=

9 PgcfOL Plzof Soflk6n ln=

10 gfOh Soflk6n ln=

$== cfjf bosf] cgdltkq gjLs0f

dLIff jifdf lwtf]kqsf] k|fylds ahfdf cfjfDaGwL ]jf k|bfg ugsf nflu a+s tyf ljQLo +yfnfO cfjf bosf] cgdlt k|bfg u]sf] 5 fy af]8n] $amp cfjf bo a+s tyf ljQLo +yfsf] cgdlt kq gjLs0f d]t u]sf] 5 oL cfjfDaGwL sfo ug] as tyf ljQLo +yfsf] +Vof ku]sf] 5 pQm cfjf boxn] b]zsf] ampamp lhNnfdf )) eGbf a9L zfvfxdfkmt k|fylds ahfsf] ]jf k|bfg ub cfPsf 5g af]8af6 cfjf bosf] k|df0fkq k|fKt ug] +yfsf] ljj0f cgrLndash df k|tt ulPsf] 5

$= sfggL Jojyf sfgg k|jnLs0f tyf fo emfj

dLIff jifdf af]8n] lwtf]kq ahfsf] ljsf tyf ljtf ugsf] nflu sfggL Jojyf tyf k|jnLs0fnfO yk b[9Ls0f u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

37

$== sfggL Jojyf

dLIff jifdf P]g lgodfjnL tyf lgb]lzsf DaGwdf b]xfo adf]lhdsf sfox af]8n] u]sf] 5 M

y lwtf]kq DaGwL P]g )^ df +zf]wg ljw]ossf] dofbf tof eO ljwfog k|lqmofsf nflu ldlt )amp) df cy dGqfno k]z u]sf]

y lwtf]kqsf] rLs0f tyf sff]af lgodfjnL )amp cy dGqfnoaf6 jLs[t eO ldlt )amp)$) b]lv nfu eOs]sf]

y 6laquoi6 P]gsf] k|flDes cjwf0ff kq tof eO ldlt )amp)(( df cy dGqfnodf k]z u]sf]

y aeligljlzi6Ls[t nufgL sf]if lgodfjnL )ampAElig thdf uL g]kfn sf cy dGqfnoaf6 jLs[lt eO ldlt )amp b]lv nfu eOs]sf]

y lwtf]kq ahf dfkmt DklQ z4Ls0f xg Sg] sfonfO lgoGq0f ug aeligDklQ z4Ls0f tyf cftIacutejfbL lqmofsnfkdf ljQLo nufgL lgjf0f DaGwL lgb]zg )amp^AElig agfO af]8sf] ldlt )amp^)) sf] lg0foaf6 jLs[t eO ldlt )amp^)$) b]lv nfu ePsf]

y lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf jhf lgdftf lgodfjnL_ )^$ sf] +zf]wg k|tfj jLs[tLsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y fdlxs nufgL sf]if lgodfjnL )^amp sf] +zf]wg k|tfj jLs[ltsf nflu ldlt )amp^)) df cy dGqfno k]z u]sf]

y qm]l86 ]l6Euml lgodfjnL )^ sf] bf]|f] +zf]wg k|tfj jLs[ltsf nflu af]8sf] ldlt )amp^)) sf] lg0fofgf ldlt )amp^)$)^ df cy dGqfno k]z u]sf]

y lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ sf] bf]|f] +zf]wg dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

y lwtf]kqsf] leqL sff]jf lgif]w DaGwL lgodfjnL )amp sf] dofbf tof eO af]8df k]z eO sfgg k|jnLs0f ldltdf k7fPsf]

$== sfgg k|jnLs0f

cf=j= )ampamp^ df af]8n] sfgg k|jnLs0fdf ljz]if hf]8 lbb b]xfo adf]lhdsf ljleGg sfox u]sf] 5

-s_ ugff] dfwfgtkm

y nufgLstfaf6 af]8df -lnlvt tyf Od]n dfkmt_ k|fKt ) j6f ugffxdWo] a6f klj]If0f dxfzfvfdf k7fOPsf] amp a6f +af]wgsf] k|s[ofdf x]sf] tfd]nLdf flvPsf] ^ a6f dfwfg ulPsf] 5 osf fy af]8df a6f ugffx af]wfysf] kdf k|fKt ePsf 5g

-v_ d2fdfldnf sfjfxL tyf cflys hljfgf

y jf]Rr cbfntdf j6f l6 lgj]bglxtsf d2f ljrflwg cjyfdf x]sf] 5 f] dWo] lwtf]kq JojfoL gtLxl ]Soll6h k|f=ln=sf tfTsflng k|dv gtL GbLk hnfgnfO af]8n] =) xhf hljfgf u]sf]df f] lj2 pRr cbfnt kf6gdf af]8 lj2 kgfj]bg lbPsf]df cbfntaf6 af]8sf] lg0fo ab xg] uL kmnf ePsf]df af]8sf] tkmaf6 f] kmnf pk jf]Rr cbfntdf kgfj]bg btf uL d2f ljrffwLg cjyfdf x]sf]

y gSsnL ]o sff]af DaGwdf uf]ljGb l3ld] lj2 cleof]ukq btf eO d2f ljrffwLg x]sf]df lgh j]kQf g x]sf]n] 7]ufgf vnfO cfPsf] jvtdf kgM hufO sfjfxL ug] uL sf7df8f+ lhNnf cbfntn] d2f tfd]nLdf fv]sf] cjyf x]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

38

$== fo emfj

af]8n] lwtf]kq JojfoL +yfsf] k|aGwkq tyf lgodfjnL +zf]wg DaGwdf sDkgL lhi6laquofsf] sfofnonfO $ j6f sDkgLsf DaGwdf fodividek|lts[of lbPsf] 5

$= klj]If0f tyf cgudg

lwtf]kq ahfsf] a9bf] cfsf sff]afsf] cfotg tyf af]8n] lwtf]kqsf] lgodg lgsfoxsf] cGtfli6laquoo +yf cfOPsf] (IOSCO) sf] Pzf]lo6 botfd]t lnOs]sf] klk|]Iodf klj]If0f sfonfO yk k|efjsfL Jojlyt agfpg af]8n] lwtf]kq ahfdf xg] Dk0f ultljwLxsf] lgoldt klj]If0f tyf cgudg ub cfPsf] 5

$== lwtf]kq ahfsf] klj]If0f

jR5 kfbzL tyf k|efjsfL lwtf]kq ahf ljsf uL nufgLstfsf] lxt +If0f ug tyf af]8n] hfL u]sf lgb]zgxsf] cgkfngfsf] lyltsf] k|efjsfL cgudg ug af]8n] lwtf]kq ahf klj]If0f sfonfO cf=j= )ampamp^ df yk k|efjsfL agfPsf] 5 dLIff jifdf ePsf klj]If0f DaGwL ljj0f b]xfo adf]lhd x]sf 5g

y lwtf]kq bnfn JojfoLxsf] kjfwf]jfsf] cjyf fkmfkm u|fxs klxrfg nufotsf ljifodf o cjlwdf ) j6f -) k|ltzt_ lwtf]kq bnfn JojfoLxsf] ynut klj]If0f ulPsf] klj]If0faf6 k|fKt k|ltj]bgsf] cfwfdf ft lwtf]kq bnfn JojfoLxnfO sfjfxLsf] nflu lkmflz ulPsf] tyf tLg lwtf]kq bnfn JojfoLxnfO kli6s0f dfu ulPsf] tyf Ps lwtf]kq bnfn JojfoLnfO hu ufPsf] 5

y fjhlgs lgisfzg xsk|b lgisfzg lwtf]kq afF8kmfF8 tyf dr]G6 a+ssf] sfdsfjfxLsf] lgLIf0f ug] qmddf dLIff jifdf - k|ltzt_ dr]G6 a+ssf] ynut lgLIf0f u]sf] 5

y cf=j= )amp$amp df sf7df8f+ pkTosfdf pkTosf aflx uL -$$ k|ltzt_ lgIf]k boxsf] lgIf]k ]jf DaGwdf ePdivideu]sf sfdsfjfxLsf] ynut cgudg ulPsf] 5 lgIf]k ]jfsf DaGwdf b]lvPsf dof tyf pQm ]jfnfO yk Jojlyt ug cfjZos lgb]zg lbPsf] 5

$== k|fylds lgisfzgsf] cgudg

lwtf]kqsf] fjhlgs lgisfzg sfosf] undashynut cgudg cGtut lwtf]kq DaGwL lgodfjnL tyf lgb]lzsfdf ePsf] Jojyfcgf dLIff jifdf af]8af6 b]xfosf] ljifodf cgudg ulPsf] 5

y cfj]bg kmfd +Vof tyf +slnt sdsf] ljj0f tf]lsPsf] doleq k]z ePdividegePsf]

y +sng s]Gb|af6 k|fKt ljj0f tyf lgisfzg tyf laqmL k|aGwsaf6 af]8df k]z ulPsf] kl5Nnf] ljj0fdf kms ePdividegePsf]

y laqmL aGb ePsf] lbgleqdf 8laquofˆ6 DaGwL ljj0f af]8df k]z ePdividegePsf]

y +slnt sd laqmL aGb ePkl5 tf]lsPsf] doleq tf]lsPsf] doDdsf nflu g]kfn fi6laquo a+sdf hDdf u]dividegu]sf]

y lwtf]kq afF8kmfF8sf] gdgf afF8kmfF8 ugeGbf tLg sfo lbg cl3 af]8df k]z u]dividegu]sf]

y lwtf]kqsf] afF8kmfF8 tyf lkmtf eQmfgL tf]lsPsf] doleq u]dividegu]sf]

y +slnt sd lgisfzg a+sdf hDdf u]sf] DaGwL ljj0f af]8df k]z ePdividegePsf]

y tf]lsPsf] doleq ]osf] rLs0fsf nflu lgj]bg lbPdivideglbPsf]

y fjhlgs lgisfzgdf sd lkmtf eQmfgL ubf lgisfzg tyf laqmL k|aGwsn] bvftjfnfxnfO lghn] bvft kmfddf pNn]v u]sf] vftfdf clgjfo kdf lkmtf eQmfgL u]dividegu]sf]

y bvftjfnfn] Psf3 kljf afx]s Ps eGbf a9L bvft kmfd dfj]z uL cfj]bg lbPsf] cjyfdf k|To]s bvftfjfnfn] cfˆg PsfpG6 k]oL r]sdfkmt sd hDdf u]dividegu]sf]

y lwtf]kq lgisfzgsf] qmddf af]8af6 jLs[t ePsf] ljj0fkq xsk|b ]o lgisfzg DaGwL Jojyf tyf ljj0fx ljj0f kltsf laqmL k|tfjx nufgLstfn] xh kdf x]g Sg] uL Totf ljj0fx DalGwt lgisfzg tyf laqmL k|aGws tyf lgisfzgstf sDkgL k|To]ssf] j]afO6df lwtf]kq laqmL aGb gePDd fv]dividegfv]sf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

39

pkoQm ljifoxdf af]8af6 fjhlgs lgisfzg cgdlt kfO lgisfzg u]sf dr]G6 as tyf cfjf bosf] do dodf ynut undashynut cgudg d]t ulPsf] 5

$== lwtf]kqsf] bf]|f] ahf sff]jfsf] cgudg

lwtf]kqsf] bf]|f] ahf sff]afnfO lgoldt Jojlyt ufpg af]8af6 g]kfn 6s PSr]Gh ln= Fu lwf Dks

yflkt uL ljBtLo dfWod dfkmt cf++lzs jftljs do klj]If0f k|0ffnL (Partial Real Time Surveillance System) ljsf ulPsf] 5 af]8af6 lgoldt kdf sff]afsf s]xL kIfxsf] cgudg tyf klj]If0f ug] ulPsf] 5 sff]af

ex]sf] ljj0fsf] cWoog uL z+sfkb sff]af gf]6 ug] tyf cfjZostf cgk DalGwt lwtf]kq bnfnnfO ljj0f tyf

cfjZos sfuhft dfu uL yk ki6 ug nufpg] ulPsf] 5 f] k|0ffnL dfkmt af]8af6 k|To]s lbg lwtf]kq sff]af ug] JolQm

tyf +yf nufot sff]af ePsf] +ul7t +yf sff]af dNo ]o +Vof DaGwdf cgudg ug] ulPsf] 5

dLIff jifdf rLs[t sDkgL OlGkmlg6L n3ljQ ljQLo +yf lnld6]8sf] ]o sff]af g]K]n] 2 u]sf] eGg] k|fKt

ugff]sf] cfwfdf g]K]+u ljj0f dfu ulPsf] tyf lwtf]kqsf] bf]|f] ahf sff]af k|0ffnLsf] af]df g]K]+u hfgsfL tyf

ljj0fx dfu uL cWoog u]sf] 5

lwtf]kqaf]8n] bf]|f] ahf sff]af cgudgsf qmddf blgs sff]af DaGwL +lIfKt k|ltj]bg fKtflxs sff]afsf]

+lIfKt k|ltj]bg Dofgcn sff]af DaGwL k|ltj]bg fKtflxs kdf lwtf]kq bnfnxsf] sn sff]af sd DaGwL +lIfKt

ljj0f +yfks ]o sff]afsf] clen]v tof ugsf fy lgoldt kdf klj]If0f clen]v tof ug] u]sf] 5

$==$ lwtf]kq ahf xefuLxsf] ljj0f k|jfxsf] cgudg

dLIff jifdf af]8n] b]xfo adf]lhdsf] ahf xefuLxsf] ljj0f k|jfxsf] cgudg u]sf] 5

lwtf]kq ahfsf] ljj0f k|jfxsf] cgudgM lwtf]kq ahf ~rfng lgodfjnL )^$ n] lwtf]kq ahfn] k|To]s

cflys jif dfKt ePsf] tLg dlxgfleq pQm cflys jifsf] n]vf kLIf0f ePsf] ljQLo ljj0f jflifs k|ltj]bg

tyf k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg k]z ugkg] Jojyf u]sf] 5 fy lwtf]kq

bnfn tyf JojfoLxnfO u]sf] sfjfxLsf] sf0f lxtsf] ljj0f sfjfxL ePsf] amp lbgleq lwtf]kq bnfn

JojfoLxsf] lglIf0f ljj0f lglIf0f u]sf] cjyfdf lglIf0f dfKt ePsf] ) lbg leq af8 dIf k]z ugkg]

Jojyf 5 g]kfn 6s PSr]~h ln=af6 cflys jif )amp$amp sf] n]vf klIf0f ePsf] ljQLo ljj0f af]8df

l9nf] uL )amp)( df k|fKt ePsf] 5 fy af]8 dIf k]z ugkg] qdfls k|ltj]bg cf=j= )amp$amp df

Dk0f qdfsf] qdfls ljj0f dod k]z u]sf] 5

lwtf]kqsf] s]Gb|Lo lgIf]k sDkgLsf] ljj0f k|jfxsf] cgudgM lwtf]kqsf] s]Gb|Lo lgIf]k ]jf lgodfjnL )^amp

df ePsf] Jojyf cgf s]Gb|Lo lgIf]k sDkgLn] cfkmgf] +rfngsf] cfGtls n]vf kLIf0f ug] Jojyf ldnfpg

kg]5 f]sf] k|ltj]bg cflys jif dfKt ePsf] tLg dlxgfleq af]8 dIf k]z ugkg] cflys jif dfKt ePsf] tLg

dlxgfleq n]vf kLIf0f ufpg kg] n]vf kLIf0f DkGg ePsf] Ps dlxgfleq ljQLo ljj0f af]8 dIf k]z ugkg]

cfkmgf] jflifs k|ltj]bg cflys aif dfKt ePsf] 5 dlxgfleq af]8 dIf k]z ugkg] jflifs fwf0f ef lsPsf]

) lbgleq pQm fwf0f efdf k|tt laifo tyf ePsf lg0folxtsf] ljj0f af]8dIf k]z ugkg] qdfls k|ult

k|ltj]bg qdfls cjlw dfKt ePsf] ) lbgleq lgIf]k bonfO sg sfjfxL u]df Totf] sfjfxL u]sf] ft

lbgleq DalGwt lgIf]k bosf] gfd sfjfxLsf] ljj0f tyf sfjfxL ugk]sf] sf0flxtsf] ljj0f lgIf]k

bosf] lgLIf0f u]sf] cjyfdf lgLIf0f dfKt ePsf] ) lbgleq ttDaGwL k|ltj]bg af]8dIf k]z ugkg]]df

dLIff jifdf ll8P P08 lSnolEuml ln=af6 cflys jif )amp$amp sf] qdfls ljj0fx dod+ af]8df k]z xg

cfPsf] 5 fy pQm ln= n] aflifs k|ltj]bg dod+ n]vfklIf0f ePsf] ljQLo ljj0f l9nf] uL af]8 dIf k]z

u]sf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

40

dr]G6 a+ssf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -dr]G6 a+s_ lgodfjnL )^$ df ePsf] Jojyf adf]lhd cflys jif dfKt ePsf] tLg dlxgfleq cfkmn] u]sf] lwtf]kq sff]aflxt gfkmf gf]Sfg lxfj jfnft tyf gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg af]8 dIf k]z ugkg]df cflys aif )ampamp^ df dr]G6 a+sn] jflifs k|ltj]bg dod tyf ) dr]G6 a+sn] l9nf] uL yk ulPsf] dodf af]8df k]z u]sf 5g cflys jif )ampamp^ df dr]G6 a+sn] lgodfgf k]z ugkg] k|yd cwjflifs ljj0f dod+ tLg dr]G6 a+sn] l9nf] uL k]z u]sf lyP tyf Ps dr]G6 a+sn] pQm ljj0f yk do dfu u]sf] lyP

qm]l86 ]l6Euml sDkgLsf] ljj0f k|jfxsf] cgudgM qm]l86 ]l6Euml lgodfjnL )^ df ePsf] Jojyf adf]lhd k|To]s qm]l86 ]l6Euml +yfn] qdfls cjlw dfKt ePsf] ) lbgleq qm]l86 ]l6EumlDaGwL ljj0fx dfj]z ePsf] qdfls k|ltj]bg af]8dIf k]z ugkg]df pQm k|ltj]bgx tf]lsPsf] dodf af]8df k]z ePsf] 5

fdlxs nufgL sf]ifsf] ljj0f k|jfxsf] cgudgM fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $-_ df Jojyf eP adf]lhd k|To]s of]hgf Jojyfksn] cfkmn] +rfng u]sf] of]hgfsf] qdfls k|ltj]bg k|To]s qdfls cjlw dfKt ePsf] ) lbgleq sf]if kLj]Ifs tyf af]8 dIf k]z ugkg]df sf]if Jojyfksxn] k|To]s qdfsf] clGtd dlxgfsf] dfls ljj0fnfO g qdfls ljj0fsf] kdf af]8 dIf k]z ub cfOx]sf]df af]8af6 qdfls ljj0f 5sect k]z ug lgb]zg lbOPsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -^_ df sf]if kLj]Ifsn] k|To]s cwjflifs cjlw dfKt ePsf] $ lbg leq sf]if klj]If0fDaGwL sfdsf] cwjflifs kLj]Ifssf] af]8 dIf k]z ugkg] Jojyfgf g cf= j= )ampamp^ sf] k|yd cw jflifs k|ltj]bg Ps km08 kLj]Ifssf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] tyf bf]|f] cw aflifs k|ltj]bg bO km08 kLj]Ifsxsf] k|ltj]bg af]8df l9nf uL k|fKt ePsf] 5

y fdlxs nufgL sf]if lgodfjnL )^amp sf] lgod $ -_ df Jojyf eP adf]lhd of]hgf Jojyfksn] k|To]s of]hgf DaGwL cfkmn] u]sf sfdsf] ljj0fx k|To]s dlxgf dfKt ePsf] lbgleq sf]if kLj]Ifs af]8nfO hfgsfL ufO klqsfdf slDtdf Ps k6s k|sfzg ugkg]df a of]hgf Jojyfksaf6 pQm adf]lhdsf] ljj0f k|sfzg eO af]8df dodf g k|fKt ePsf] 5

lwtf]kq bnfn JojfoLsf] ljj0f k|jfxsf] cgudgM lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )^$ df lwtf]kq bnfn JojfoLxn] cfkmgf]] lwtf]kq sff]af nufot gfkmf gf]Sfg lxfj jfnft gub k|jfx ljj0f lxtsf] jflifs k|ltj]bg cflys jif dfKt ePsf] tLg dlxgf leq af]8dIf k]z ugkg] Jojyf x]sf]n] lwtf]kq bnfn JojfoLxn] cflZjg dfGtDd pQm ljj0f k]z ug Sg] 5g ot lwtf]kq bnfn JojfoLxn] lwtf]kq JojfoL -lwtf]kq bnfn lwtf]kq JofkfL tyf ahf lgdftf_ -k|yd +zf]wg_ lgodfjnL )amp$ df lwtf]kq bnfn JojfoLxn] k|To]s qdfls cjlw dfKt ePsf] ) lbgleq qdfls k|ltj]bg af]8 dIf k]z ugkg] Jojyf x]sf]df f]xL cgf cflys jif )ampamp^ sf] klxnf] qdfdf $ lwtf]kq bnfn JojfoLxn] dod pQm ljj0f aemfPsf] bO lwtf]kq bnfn JojfoLnfO Wofgfsif0f ufPsf] bf]|f] rfyf] qdfdf Dk0f ) lwtf]kq bnfn JojfoLn] dod t[tLo qdfls k|ltj]bg tyf $ lwtf]kq bnfn JojfoLxn] dod bO lwtf]kq bnfn JojfoLxn] l9nf] uL] qdfls k|ltj]bg af]8 dIf k]z u]sf 5g ot lwtf]kq bnfn JojfoLxn] af]8 dIf cwaflifs kdf k]z ugkg] cgkfngf k|ltj]bg klxnf] aflifs k|ltj]bg a lwtf]kq bnfn JojfoLxn] dod k]z u]sf] tyf $( lwtf]kq bnfn JojfoLn] dod k]z u]sf] tyf dod k]z gug] Ps lwtf]kq bnfn JojfoLnfO af]8n] Wofgfsif0f ufPsf] 5

rLs[t +ul7t +yfsf] ljj0f k|jfxsf] cgudgM lwtf]kq btf tyf lgisfzg lgodfjnL )amp sf] lgod ^ sf] pklgod -_ adf]lhd af]8df lwtf]kq btf u]sf +ul7t +yfn] k|To]s cflys jif dfKt ePsf] ldltn] kfFr dlxgfleq jflifs k|ltj]bg af]8dIf k]z ugkg] Jojyf adf]lhd dLIff jifdf rLs[t sDkgLdWo] klxnf] qdfls k|ltj]bg rLs[t +ul7t +yfn] bf]|f] qdfls k|ltj]bg rLs[t +ul7t +yfn] t]|f] qdfls k|ltj]bg ^ rLs[t +ul7t +yfn] clGtd qdfls k|ltj]bg ^^ rLs[t +ul7t +yfn] af]8 dIf k]z u]sf 5g rLs[t +ul7t +yfsf] aflifs k|ltj]bg af]8 dIf k|fKt xg] qmdd x]sf] 5 ljut kfFr jifsf] cjwLdf rLs[t sDkgLsf] qdfls ljQLo ljj0f k|jfxsf] cjyf tflnsf $= df k|tt ulPsf] 5

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

41

tflnsf $=rLs[t +ul7t +yfxsf] ljj0f k|jfx

ljj0f cf=j= )ampamp cf=j= )ampamp cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^klxnf] qdfls 177 64 157 140 153bf]|f] qdfls 175 161 146 118 151t]|f] qdfls 175 156 140 159 163rfyf] qdfls 162 135 134 140 166

dfly k|tt ljj0f k|jfxsf] k|j[lQ x]bf rLs[t sDkgLxnfO dodf k|ltj]bg aemfpgdf ljz]if ts ufO ljj0f k|jfx lyltdf wf Nofpgkg] b]lvG5

rLs[t +yfxsf] jflifs fwf0f efM rLs[t +ul7t +yfxn] cflys jif dfKt ePsf] ldltn] 5 dlxgf leq jflifs fwf0f ef ufpgkg] Jojyf x]sf] 5 rLs[t +ul7t +yfsf] fwf0f ef DaGwL hfgsfL af]8df k]z ug] u]sf 5g tflnsf $= df k|tt ulPsf] 5

tflnsf $=rLs[t +ul7t +yfxsf] jflifs fwf0f ef DaGwL ljj0f

ljj0f cf=j= )ampamp$ cf=j= )amp$amp cf=j= )ampamp^dodf jflifs fwf0f ef DkGg ug] rLs[t +ul7t +yfxsf] +Vof

34 32 54

rLs[t +ul7t +yfxsf] sn +Vof 208 196 215

$=$ nufgLstf k|lzIf0f tyf tflnd sfoqmd

af]8aringff dLIff jifdf b]zsf ljleGg yfgxdf yfgLo pBf]u jfl0fHo +3 zlIfs +yf fdflhs +3 +yfxFu xsfo uL b]zsf bud lhNnfxlxt ftj6 k|b]zsf ljleGg 7fpFxdf sn $$ nufgLstf k|lzIf0f sfos|d ~rfng uL sla $)) yfgLo nufgLstf pBf]uL JojfoL k|fWofks tyf laBfyLxnfO kFhL ahf tyf jt ljlgod ahfsf ljljw kIfxsf] af]df hfgsfL k|bfg ulPsf] 5 ut tLg cf=j=df af]8n] +rfng u]sf] nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd k|b]zut kdf tn tflnsf $=$ df k|tt ulPsf] 5

tflnsf $=$nufgLstf r]tgf tyf kFhL ahfDaGwL k|lzIf0f sfoqmd

k|b]zcflys aif )ampamp$ cflys aif )amp$amp cflys aif )ampamp^

sfoqmd +Vof pklylt sfoqmd +Vof pklylt sfoqmd +Vof pklylt

k|b]z 0 0 3 460 8 1108

k|b]z 0 0 3 514 7 833

k|b]z 1 125 16 2167 10 1158

u08sL 5 600 2 204 4 566

k|b]z 2 240 2 312 1 116

s0ffnL 7 850 0 0 1 87

b klZrd 6 750 5 713 3 340

af]8 sfofnodf +rflnt kflIfs nufgLstf k|lzIf0f

- - - - 10 335

hDdf 21 2565 31 4370 44 4543g]kfn 6s PSr]~hsf] cfof]hgf af]8sf] xcfof]hgfdf +rflnt sfoqmd +Vof tLg

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

42

$= 5nkmn tyf cGtlqmof sfoqmd

af]8n] dLIff aifdf kFhL ahfsf] lbuf] Pj+ ljZjgLo ljsfsf nflu o If]qsf Da4 kIf cy dGqfno g]kfn 6s PSr]~h ln= ll8P P08 lSnolEuml ln= Oqmf g]kfn ln= gfuls nufgL sf]if lwtf]kq JojfoLx nufgLstf +3x nufgLstfx tyf kqsfxFu dLIff cjlwdf ljleGg ljifodf 5nkmn tyf cGtlqmof sfoqmdx +rfng u]sf] 5 dLIff jifdf DkGg ePsf 5nkmn tyf cGtlqmof sfoqmdx DaGwL ljj0f Tfflnsf $= df k|tt ulPsf] 5

tflnsf $= lwtf]kq tyf jt ljlgdo ahfDaGwL cGtlqmof sfoqmd

ldlt sfoqmdsf] laifo xefuL

)amp^)$ ljlzi6Ls[t nufgL sf]ifsf] dofbfdf 5nkmn sfoqmd ))

)amp^) dlxnf Gofolwz tyf jlsnxsf] nflu lwtf]kqsf] sfggL Jojyf DaGwL 5nkmn tyf cGtlqmof

()

)amp)^amp ljZj nufgLstf Ktfxsf] ) cjdf lwtf]kq tyf jt ljlgdo ahf+u DalGwt f]sfjfnfx+u 5nkmn tyf cGtlqmof

sla $))

)amp)^ Gofolwz tyf jlsnxsf] dx g]kfn jf]Rr cbfnt af+u kFhL ahf DaGwL 5nkmn tyf cGtlqmof

)

)amp yfoL n]vf g+= -Kofg_sf] laifodf f]sfjfnfx+u 5nkmn tyf cGtlqmof

)amp^) ljlzi6Ls[t nufgL sf]ifsf] lgodg tyf +rfng DaGwL 5nkmn tyf cGtlqmof

$=^ tflnd tyf ]ldgf

cflys jif )ampamp^ df af]8n] sfot hgzlQmsf] Ifdtf clej[l4sf nflu af]8 bo pRr Jojyfkg tyf ljleGg sdrfLxnfO APG n] cfof]hgf u]sf] Accessor Training APG Seoul Wokshop 2018 The Toronto Center and the Monetary Authority of Singapore n] +oQm kdf cfof]hgf u]sf] 12th Regional Leadership Programme for Securities Regulator 14th ASF Tokyo Round Table GEM Committee Annual Meeting and Conference OECD n] cfof]hgf u]sf] Advancing Financial Literacy Globally Implementation and Innovation AMF France 2018 International Seminar APEC FRTI n] cfof]hgf u]sf] Regional Seminar on Enhancing Listing Liquidity and Investor Participation in Emerging Markets Stock Exchanges - Cambodia Regional Seminar on Enforcement and Litigation - Sri Lanka Regional Seminar on Fintech and Cybersecurity - South Korea Regional Seminar on Development of Collective Investment Scheme and Implications of Emerging Trends ndash Cambodia IOSCO n] cfof]hgf u]sf] Assessment Committee Capacity Building Workshop for Self Assessment Workshop on Crypto-Assets Trends Challenges and Regulatory Implications 2019 IOSCO Seminar Training Programme - Protecting the Retail Investors A Securities Regulators Perspective 2019 IOSCOPIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets IOSCO Asia Pacific hub strenghthening cyber securities nufotsf cGtfli6laquoo tdf cfof]lht ]ldgf tyf tflnd sfoqmdx 44th Annual International Futures Industry Conference - BOCA 29th Annual International Institute for Securities Market Growth and Development - USA 2019 FATFMoney Val Joint Experts Meeting and the US Presidency Initiative on Prosecutors and Judges - Isrial Asia Pacific Forum 2019 IMF Legal Department and Institute for capacity development implementing the international anti money laundering combacting the financiaing of terrorism standardrs - Singapore tyf NISM India af6 cfof]hgf ePsf] An Overview of Securities Marketsrsquo for Officers of SEBON af]8n] xefuL ufPsf] 5 fy af]8n] sfgg k|jnLs0f ljQLo fIftf klj]If0f lgod kfngf tyf cgudg htf ljifo jtxdf d]t cGtfli6laquoo tdf cfof]lht sfoqmddf af]8sf kbflwsfL tyf sdrfLxnfO xefuL ufPsf] 5 af]8n] dLIff jifdf jt ljlgdo ahfsf] lgodg lhDd]jfLnfO k|efjsfL kdf kf ug af]8 sdrfLsf] Ifdtf clej[l4 ug] p2]Zon] eftsf] sdf]l86L 8]le]l6E ahf +rfns PdlPSndashOl08ofsf] k|fljlws xof]udf sdf]l86L 8]le]l6E ahf ljifos bO lbg] cGtlqmof sfoqmd ~rfng u]sf] lyof]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

43

$=amp k|sfzg tyf hfgsfL k|jfx

af]8n] lwtf]kq ahfsf] lylt tyf jfwf0fdf lwtf]kq ahf DaGwL r]tgfsf] t clej[l4 ug] p2]Zon] af]8n] xfnfn ljleGg rgf tyf hfgsfLdns fdu|Lxsf] k|sfzg tyf hfgsfL k|jfxdf ljz]if hf]8 lbb cfPsf] 5 o cgf dLIff jifdf af]8n] o sfonfO cem ltj|tfsf fy cl3 a9fPsf] 5

lwtf]kq tYofIacute Jojyfkg k|0ffnLM af]8n] rLs[t sDkgLxsf] aflifs k|ltj]bgdf dfj]z tYof+sx tyf fli6laquoo Pj+ cGtfli6laquoo If]qsf kFhL ahf tyf cytGqFu DalGwt tYof+sx +sng uL lwtf]kqsf] s]Gb|Lo tYofIacute a+s yfkgf ulPsf]df pQm k|0ffnLdf x]sf ljj0fx cWofjlws uL fjhlgs ug] sfonfO lgGttf lbOPsf] 5 o k|0ffnLaf6 lwtf]kq ahfdf nufgL ug rfxg] jfwf0f nufgLstfxn] cfkmn] nufgL ug rfx]sf] rLs[t +ul7t +yfxsf] ljQLo ljj0f k|fKt ug Sg] Jojyf x]sf] 5 o Jojyfaf6 kFhL ahf DaGwL cWoog tyf cgGwfgstfxnfO d]t cfjZos tYof+s tyf hfgsfL pknAw xg] u]sf] 5

jflifs k|ltj]bgM lwtf]kq DaGwL P]g )^ sf] bkmf ^ n] u]sf] Jojyf cgf lwtf]kq ahfdf ePsf sfdsfjfxL ultljlw ahf ljsfsf nflu ePsf k|ofx dfj]z uL af]8n] cflys jif )amp$amp sf] jflifs k|ltj]bg -cEuml|]hLdf d]t_ k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 Ps klroM af]8 yfkgfsf p2]Zox af]8sf] sfd stJo clwsf sfoIf]q tyf 0fgLlt ~rfns af]8 tyf +u7gfTds jksf fy lwtf]kq ahfsf] hfgsfLsf fy af]8n] ahfsf] ljsf tyf ljtfsf nflu rfn]sf sbdxsf] d]t hfgsfL lbg] p2]Zon] af]8n] g]kfn lwtf]kq af]8 Ps klrosf] t]|f] +s0f k|sfzg u]sf] lyof] o cl3 f]xL kts )amp d+ldf k|yd k|sfzg -))) k|lt_ bf]|f] +s0f )amp df3df k|sfzg -))) k|lt_ ePsf] lyof] pQm Ps klrodf cWofjlws uL o cf=j=df klg kgM k|sfzg u]sf] 5

g]kfn lwtf]kq af]8 dfrf k|sfzgM af]8sf] ultljlwxnfO jfwf0fdIf hfgsfL k|jfx ug] p2]Zon] )amp kfif b]lv g]kfn lwtf]kq af]8 dfrfsf] k|sfzgnfO lgGttf lbOPsf] 5 cflys jif )ampamp^ df pQm dfrfnfO aringdfls kdf ljleGg cIacutexsf] k|sfzg uL jfwf0f tyf f]sfjfnfnfO ljt0f ulPsf] 5

Quarterly Securities Market Indicators lwtf]kq ahfsf] cjyf lwtf]kq ahfsf] ljsf tyf ljtfsf nflu af]8n] rfn]sf kxnxsf] Gbedf qdfls kdf jfwf0f nufgLstf tyf f]sfjfnfxnfO hfgsfL k|bfg ug] p2]Zon] cflys jif )ampamp^ af6 k|sfzg zjft ulPsf] Quarterly Securities Market Indicators nfO dLIff jifdf d]t lgGttf lbb o k|sfzgsf] gjf+ cIacuteDd k|sfzg uL DalGwt kIfxnfO ljt0f ulPsf] 5

lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|ZgxM jfwf0fnfO lwtf]kq tyf jt ljlgdo ahfsf ljljw kIfxsf] af]df k|Zgf]Q znLdf hfgsfL lbO kFhL ahfdf clelr tyf fIftf clej[l4 ug] p2]Zon] dLIff jifdf lwtf]kq ahf tyf jt ljlgdoaf] afDaf f]lwg] k|Zgxsf] +s0fnfO cem Jojlyt ljt[t kdf kldfhg uL k|sfzg u]sf]] 5

cflys jif )amp^ampamp sf] lwtf]kq tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmddf 5nkmn tyf k|sfzgM af]8n] cflys jif )amp^ampamp df canDag ulg] lwtf]kq tyf jt ljlgod ahfDaGwL gLlt tyf sfoqmdnfO fjhlgs uL ahf ljsf tyf ljtfk|lt af]8nfO hjfkmb]xL tyf kfbzL agfpg] p2]Zon] dLIff jifdf ldlt )amp^ cfiff9 df Dk0f Da4 kIfxnfO +nUg ufO lwtf]kq ahfDaGwL k|tfljt gLlt tyf sfoqmdsf DaGwdf cGtlqmof uL k|fKt fodivideemfjxnfO d]t dfj]z uL cfufdL jif cyft cflys jif )amp^ampamp sf] lwtf]kq ahf tyf jt ljlgdo ahfDaGwL gLlt tyf sfoqmdsf] k|sfzg uL fjhlgs u]sf] 5

af]8sf] ampcf+ aflifsf]Tj k|sfzgM af]8sf] amp cf+ aflifsf]Tjsf] cjdf af]8n] lwtf]kq ahf DaGwL ljleGg gofF cWoog fdu|Lx k|sfzg u]sf] 5

y lwtf]kq ahf DaGwL ljleGg n]v rgf dfj]z ulPsf] aeligg]kfn lwtf]kq af]8 dfrf kFhL ahf n]v ljz]iffIacute )amp^AElig

y lwtf]kq tyf jt ahfDaGwL ljz]if sfggL +u|x )amp c+u|]hLdf

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

44

y lwtf]kq tyf jt ljlgdo ahf ljsf tyf wfsf cfofdx

r]tgfdns fdfu|LxM lwtf]kqdf nufgL ubf s] stf laifoxdf Wofg lbg k5 eGg] DaGwdf nufgLstfnfO hfgsfL lbgsf fy r]t ufpg] p2]Zon] lwtf]kqdf nufgL ubf Wofg lbgkg] sfx d]6L af]8n] krf kDkn]6 k|sfzg uL ljt0f u]sf] 5 fy af]8sf] j]afO6 laleGg fli6laquoo kqklqsf 6]lnlehg nufotsf ~rf dfWod dfkmt r]tgfdns fdfu|Lx k|sfzg tyf k|zf0f ug] sfonfO af]8n] lgGttf lbPsf] 5 Tot af]8n] jfw0f Pj+ nufgLstfsf] lwtf]kq ahf DaGwL lh1ffnfO dfwfg ug lwtf]kq ahfdf afDaf f]lwg] k|Zgxsf] Fufnf] tyf lwtf]kq ahfdf afDaf k|of]u xg] zAbxnfO d]6] lwtf]kq ahf zAbfjnL kltsf k|sfzg uL ljt0f u]sf] 5

j]afO6M lwtf]kq ahfsf ljljw kIfx DaGwdf Dj4 kIfxnfO lgGt kdf hfgsfL pknAw ufpg] p2]Zon] lwtf]kq ahfFu DalGwt P]g lgod tyf lgb]lzsfx af]8sf] klro af]8sf] jflifs k|ltj]bg af]8df ugff] lbg] 9fFrfsf fy f]sfjfnf tyf nufgLstfxsf nflu hfgsfL rgf tyf r]tgfdns fdfu|Lx dfj]z uL af]8n] tof u]sf] j]jfO6nfO cem ljt[t agfPsf] 5 af]8n] lwtf]kq ahf lwtf]kq AojfoL tyf rLs[t +ul7t +yfxsf] P]g lgodsf] kfngfsf] lylt DaGwL ljj0f Pj+ ljt[t hfgsfL d]t j]afO6df dfj]z u]sf] 5

$= cWoog tyf cgGwfg

lwtf]kq ahfsf] ljsf tyf ljtfsf] nflu cWoog tyf cgGwfgdf cfwflt gLlt lgdf0f tyf lgb]zg hfL ugkg] cfjZostf x]sf] Gbedf af]8af6 dLIff jifdf jflifs sfoqmd cgf b]xfo adf]lhdsf cWoog tyf cgGwfg sfox ePsf 5g

lwtf]kq ahfdf yfoL n]vf gDa -Kofg_ sf] Jojyf DaGwdf ulPsf] cGtlqmofdivide5nkmn sfoqmdDaGwL cWoog k|ltj]bg )amp

kflIfs nufgLstf k|lzIf0f sfoqmdsf] k[i7kf]if0f j]If0f cWoog k|ltj]bg )amp

lwtf]kq ahfsf] jtdfg cjyf ahfDaGwL g]kfn sfsf] gLlt sfoqmd ahf wfsf nflu af]8sf] tTsfnLg tyf dWosfnLg emfj )amp

lwtf]kq ahfsf] +rgfTds wf ug g]K]sf] skf]]6fOh]g gofF 6s PSr]GhDaGwL cjwf0ff kq )amp

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cflys j]If0f )ampamp^ sf] nflu lwtf]kq ahf DaGwL cfjZos ljj0fx tof uL k]z ulPsf] 5

ljQLo If]q ljsf 0fgLltdf pNn]lvt sfosf] sfofGojg lylt tyf sfoof]hgfsf] vfsf DaGwdf ljQLo If]q ljsf 0fgLlt sfofGjog ldltnfO cjut ufpFb g]kfn fi6laquo a+s ljQLo If]q Jojyfkg dxfzfvf cy dGqfnodf k]z u]sf] 5

fhj Jojyfkg dxfzfvf cy dGqfnodf lwtf]kq ahf DaGwdf fhj tyf s gLlt DaGwL ljt[t emfj k]z u]sf] 5

Aff]8n] cf=j= )amp^ampamp df g]kfn sfsf] gLlt tyf sfoqmddf dfj]z ugkg] lwtf]kq ahf DaGwL ljifojtx tof uL cy dGqfnodf k]z u]sf]df f]xL cgf cf=j= )amp^ampamp sf] g]kfn sfsf] ah]6 jQmJodf dfj]z ePsf]

fy af]8n] cf=j= )amp^ampamp sf] dflb|s gLltsf DaGwdf lwtf]kq ahf DaGwL fo emfj g]kfn fi6laquo a+snfO lbPsf]

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

45

efundashkfldquorlwtf]kq ahf tyf jt ljlgdo ahf ljsf tyf wfDaGwL

dof tyf rgftLxaf]8n] lwtf]kq ahf tyf jt ljlgdo ahfsf] ljsf tyf wf DaGwdf b]lvPsf dof tyf rgftLxnfO qmdzM

dfwfg ub ahfnfO jR5 kfblztfsf] nflu cfjZos Jojyfx ljsf ub nu]sf] 5 o qmddf dLIff cjlwdf g]kfnsf] lwtf]kq ahfsf] ljsf wf DaGwdf af]8n] dxTjk0f +rgfTds wf sfox u]sf] 5 eg] jt ljlgdo ahfnfO lgodgsf] bfofdf NofPsf] 5

k|fylds ahfdf cfjf k|0ffnLsf] kmn sfofGjog Ps g]kfnL Ps l8Dof6 vftf cfof]hgf k|efljt If]q yfgLonfO l8Dof6 vftf vf]Ngsf nflu ePsf] k|f]Tfxgdns Jojyf tyf af]8n] b]zJofkL kdf ~rfng u]sf] nufgLstf k|lzIf0f sfoqmd nufotsf sf0faf6 nufgLstfsf] +Vofdf Jofks j[l4 ePsf] b]lvG5 kl5Nnf] do lwtf]kq ahfsf] kxFr pkTosfaflx d]]t ljtf xg] qmd a9]sf] nufgLsf jslNks fwgx lelqg] sfggL jftfj0f tof ePsf] jrflnt cgnfOg sff]af k|0ffnL nfu ePsf] g]kfndf yflkt klAns sDkgLxn] ljb]zL ahfdf lwtf]kq hfL ug] tyf PgcfPgn] k|fOe]6 OlSj6L e]~r Soflk6nhtf pks0faf6 kFhL ahfdf nufgL ug Sg] Jojyfaf6 g]kfnsf] lwtf]kq ahf klg qmdzM b]zJofkL k|ljlwdqL+ Pj+ nufgLstfdqL+ eO cfwlgsLs0ftkm pGdv xFb uOx]sf] 5

af]8af6 ulPsf wfsf ljljw k|ofsf afahb ahfnfO cem jy kfbzL ekbf] k|ltkwL Pj+ nufgLstfdqL agfO tf]Gglt ub nhfg] rgftL eg] sfod x]sf] 5 o qmddf lwtf]kq ahfsf] ljsf wf DaGwdf gLltut k|ljlw +yfut sfggL +rgf OToflbsf] DjGwdf dVotM b]xfo cgfsf dof tyf rgftLx x]sf 5g

s_ lwtf]kq ahf ljsf tyf wfsf dof tyf rgftL

lwtf]kq ahf wf tyf ljsfdf af]8af6 ljleGg wfsf sfox ulPtfklg o ahfsf] lbuf] tyf yfoL ljsfsf nflu b]xfo adf]lhdsf dof tyf rgftLx x]sf 5g M

kFhL ahfdf ki6 gLltut Jojyf uL ahfsf] ly bL3sfnLg ljsfsf] cjwf0ffdfkmt ahfsf] lbuf] ljsf ug]

ahfsf] yfloTj Pj+ bL3sfnLg ljsfsf nflu ll8P fdlxs nufgL sf]ifnfO b[9 kdf Jojlyt ug 6laquoi6 P]g tyf cGo DalGwt P]gx thdf uL sfggL lxfan] +rgfTds wf ug]

af]8 tyf lwtf]kq ahf xefuLsf] +yfut Ifdtf clej[l4 ub +3Lo k|fb]lzs 9fFrf cgf qmdzM b]ze ~hfn ljtf ub nhfg]

lwtf]kq ahf xefuLxsf] sfd sfjfxLnfO cem tLo Jojflos k|ltkwL agfpg]] rgftL 5 fy af]8sf] +u7gfTds +rgfnfO dok]If agfpFb lwtf]kq ahfdf of]Uo bIf Pj+ k|ltkwL Pj+ ekbf] hgzlQmnfO cfslift ug tyf ljBdfg hgzlQmnfO lgGttf lbg] sfosf fy lwtf]kq JojfoLxdf sdrfL j[lQ ljsf of]hgf tyf pQflwsfL of]hgf thdf ufO sfofGjog ufpg]

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lwtf]kq ahfnfO yk Jojflos Pj+ k|ltkwfTds agfpg lwtf]kq ahf ~rfng lgodfjnL )^$ sf] dd adf]lhdsf] lghL If]qdf gofF 6s PSr]Gh yfkgfnfO xhLs0f ug]

lwtf]kqsf] bf]|f] ahfnfO cflys tyf Jofkfls kdf lqmo ljQLokdf Ifd lhNnfxdf qmdzM ljtf ub b]zJofkL kdf ljtf ug]

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

46

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g]kfn 6s PSr]~h ln= df rLs[t hnljBt DaGwL ljBfdfg sfggdf ljBt cfof]hgf +rfng cgdltsf] dofjlw )divide jifdf lsPkl5 xg] jfldTj xtfGt0fn] ]owgLxdf kg] k|efjsf DaGwdf xfn Dd klg ki6 Jojyf gxFbf hnljBt If]qsf] nufgLsf] jfldTj clglZrttfDaGwL hf]lvdnfO GogLs0f ug] f] sf DaGwdf ki6 gLltut Jojyf ug]

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lwtf]kq ahfdf yfloTj NofO Jojlyt ug dxTjk0f eldsf v]Ng] +yfut nufgLstfxsf] xfn xeflutf xg glsx]sf] Gbedf ~rostfsf] dVo bfloTj af]s]sf] gfuls nufgL sf]]if htf +yfsf xfos sDkgLdfkmt ljz]if1 lwtf]kq JojfoL ]jfsf] Jojyf ug] tyf ljb]zL nufgLnfO +yfut nufgLstfsf] kdf leqofpg]

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fs If]qdf PsLs[t kFhL ahfsf] cjwf0ff ljsf eOx]sf] Gbedf g]kfnsf] lwtf]kq ahfnfO qmaf]8 lnli6Euml 6]laquol8Eumldf xefuL ufpg lgodg lgsfox lxt a ahf xefuLx rLs[t sDkgLxsf] Ifdtf clej[l4 ug] lgodg tyf JojfoL ultljlwdf dtf (Harmonisation) rgf k|ljlwsf] k|of]unfO tLo Pj+ Jofks agfpg] fy sfggL JojyfnfO b[9Ls0f ug]

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lwtf]kq ahf rgfFu +j]bgzLn ahf ePsf] Gbedf rLs[t sDkgLxaf6 ahfdf xg] rgf k|jfxnfO yk kfbzL Jojlyt agfpgsf fy tL sDkgLxsf] +yfut zfgdf clej[l4 ub lwtf]kq sff]afdf ssf] kdf x]sf] leqL sff]afnfO yk Pj+ ki6 sfggL Jojyfdfkmt GogLs0f uL jR5 jy kfbzL lwtf]kq ahf ljsf ug]

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

47

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v_ jt ljlgdo ahf ljsf tyf wfDaGwL dof tyf rgftL

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jt ljlgdo ahfDaGwL P]g tyf lgodfjnL adf]lhd Jojflos tyf k|ltkwL sDkgLxnfO ahf +rfng cgdlt jt ljlgdo ahf JojfoL ]jfsf nflu pkoQm cfwfx tof uL JojfoL ]jfsf] cgdlt lbO k|ltkwLkdf +rfngdf Nofpg]

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48

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11

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49

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flgdf Soflk6n ln=

20751103 jfwf0f

4u0fklt kmfOqmf]kmfOgfG ljQLo +yf ln=

100 103500000

33500000

PgcfOlan P Soflk6n ln=

20751207 jfwf0f

5g]kfn Pu|f] n3ljQ ljQLo +yf ln=

100 49777800

16177800

g]kfn PaLcfO dr][G6 a+lsu+ ln=

20751218 jfwf0f

6ufF n3ljQ ljQLo +yf ln=

100 77500000

25000000

PgcfOlan P Soflk6n ln=

20751226 jfwf0f

7hg]jL n3ljQ ljQLo +yf ln=

100 144330000

46330000

PgPdaL Soflk6n ln=

20760102 jfwf0f

8jfledfg dfOqmf]kmfOgfG ljQLo +yf ln=

100 61861000

19861000

l4fy Soflk6n ln=

20760111 jfwf0f

9OlGkmlg6L n3ljQ ljQLo +yf ln=

100 207400000

67400000

llen Soflk6n dfs]6 ln=

20760123 jfwf0f

10cfFlwLvf]nf n3ljQ ljQLo +yf ln=

100 100000000

40000000

PgcfOlan P Soflk6n ln=

20760305 jfwf0f

113f]8L3f]8f n3ljQ ljQLo +yf ln=

100 27625000

13260000 k|e Soflk6n ln= 20760306 jfwf0f

12asf] n3ljQ ljQLo +yf ln=

100 165000000

53000000

PgcfOlan P Soflk6n ln=

20760313 jfwf0f

hDdf 1413356800 468891800

sn hDdf 18658562800 7346676800

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

50

cgrLndash xsk|b ]o btf tyf lgisfzg

-cflys jif )ampamp^_qm== +ul7t +yf cgkft cgdlt k|fKt sn sd = lgisfzg k|aGws cgdlt k|bfg ldlt

ljsf a+s

1 dlQmgfy ljsf a+s ln= 102 61295202500 leaf] Soflk6n ln= 20760330

hDdf 61295202500

ljQ sDkgL

1dN6Lkkf]h kmfOgfG s= ln= -ljQLo +yf_

11 35852640000 llen Soflk6n dfs]6 ln= 20760205

hDdf 35852640000

aLdf

1 Pe]i6 OGof]]G s=ln= -k|df]6 ]o_ 1105 14033250000 l4fy Soflk6n ln= 20750704

2 o nfOkm OGof]]G sDkgL ln= 107 79233000000 PgcfOl Plzof Soflk6n ln=

20750812

3 g]kfn OGof]]G sDkgL ln= 1065 40146520000 Unf]an cfOPdO Soflk6n ln= 20751013

4 Plzog nfOkm OGof]]G s= ln= 106 75403530000 PgcfOlan P Soflk6n ln= 20751027

5 Pe]i6 OGof]]G s=ln= 13 82194750000 l4fy Soflk6n ln= 20751227

6 ogfO6]8 OGof]]G s= -g]kfn_ ln= 124 72576000000 PgPdaL Soflk6n ln= 20760308

hDdf 363587050000

n3ljQ sDkgL

1 j]bzL n3ljQ ljQLo +yf ln= 11 11500000000 PgcfOl Plzof Soflk6n ln=

20750424

2dfxnL fdbflos n3ljQ ljQLo +yf ln=

21 3000000000 gfOh Soflk6n ln= 20750614

3 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 21 2402500000 llen Soflk6n dfs]6 ln= 20750625

4 gf8]k n3ljQ ljQLo +yf ln= 11 16000000000 glan OGe]i6d]G6 a+lsu+ ln= 20750715

5 ldlynf n3ljQ ljQLo +yf ln= 21 3298900000 sf7df+8 Soflk6n dfs]6 ln=

20750913

6 pGgtL dfOqmf]kmfOgfG ljQLo ln= 51 1100000000 l4fy Soflk6n ln= 20760205

7 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 11 32890000000 Unf]an cfOPdO Soflk6n ln= 20751013

8 u|fld0f ljsf n3ljQ ljQLo +yf ln= 105 32750000000 PgcfOlan P Soflk6n ln= 20751129

9hgpTyfg fdbflos n3ljQ ljQLo +yf ln=

11 2880000000 l4fy Soflk6n ln= 20760312

10 jf]dL n3ljQ ljQLo +yf ln= 11 10108800000 l4fy Soflk6n ln= 20760312

11 Unf]an cfOPdO ljQLo +yf ln= 11 11045750000 nIdL Soflk6n dfs]6 ln= 20760324

hDdf 126975950000

sn hDdf 587710842500

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

51

cgrLndash C0fkq lgisfzg -cflys jif )ampamp^_

qm gfd +Vof dNo sn sd fjhlgs lgisfzg

lghL xtfGt0f lgisfzg k|aGws

cgdlt k|bfg ldlt

1PgcfOl a+s ln=

1830000 1000

1830000000

366000000 1464000000

glan OGe]i6d]G6 alsu+ ln=

20750505

2)Uuml flgdf l8a]~r )

2000000 1000 2000000000 400000000 1600000000

sf7df8f+ Soflk6n dfs]6 ln=

20750707

3)=Uuml l4fy l8a]~r )

2250000 1000

2250000000

450000000 1800000000

PgcfOlaPn P Soflk6n ln=

20750806

4

)Uuml Unf]an cfOPdO l8a]~r ))divide

1500000 1000

1500000000

600000000 900000000

PgcfOlaPn P Soflk6n ln=

20750930

5)Uuml PgcfOl Plzof l8a]~r )divide^

4000000 1000 4000000000

1600000000 2400000000 g]kfn PlacfO Soflk6n ln=

20750930

6)Uuml PgPdla a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

l4fy Soflk6n ln=

20751114

7)Uuml gfOh a+s l8a]~r ))

1000000 1000 1000000000 400000000 600000000 k|e Soflk6n ln=

20751201

8)=Uuml PglalaPn l8a]~r )

2000000 1000

2000000000

800000000 1200000000

glan OGe]i6d]G6 alsu+ ln=

20760123

9)=Uuml g]kfn OGe]i6d]G6 a+s l8a]~r )

2000000 1000

2000000000

800000000 1200000000

l4fy Soflk6n ln=

20760207

10)=Uuml df5fkR5|] a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

PgPdla Soflk6n ln=

20760304

11)Uuml lxdfnog a+s l8a]~r )

3000000 1000

3000000000

1200000000 1800000000

nIdL Soflk6n dfs]6 ln=

20760309

12

)=Uuml PgcfOl Plzof l8a]~r )divide$

4400000 1000

4400000000

1760000000 2640000000

flgdf Soflk6n ln=

20760326

hDdf 19580000 29980000000 10776000000 9204000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

52

cgrLndash $ af]gz ]o btf

-cflys jif )ampamp^_qm== +ul7t +yf cflys jif af]g b btf sd = btf ldlt

a+s 1 l4fy a+s ln= 207374 1400 955656402 20750401

2 lxdfnog a+s ln= 207374 2500 1622905900 20750410

3 d]3f a+s g]kfn ln= 207374 1075 998695153 20750505

4 a+s ckm sf7df8f+ ln= 207374 1325 827513300 20750610

5 ]GrL sdlzon a+s ln= 207374 500 383973092 20750705

6 PgPdla a+s ln= 207374 1500 1140493595 20750718

7 PgcfOl Plzof a+s ln= 207475 1000 803111700 20751024

8 d]3f a+s g]kfn ln= 207475 100 103094875 20751107

9 ll6hG OG6g]zgn a+s ln= 207475 360 291445773 20751129

10 PgPdla a+s ln= 207475 1000 874378422 20751129

11 a+s ckm sf7df8f+ ln= 207475 1400 990205400 20751205

12 l4fy a+s ln= 207475 500 423219264 20751205

13 Unf]an cfOPdO a+s ln= 207475 1600 1422140133 20751212

14 nIdL a+s ln= 207475 850 698841691 20751221

15 g]kfn OGe]i6d]G6 a+s ln= 207475 1800 1944308200 20751221

16 lxdfnog a+s ln= 207475 500 405726500 20751224

17 g]kfn PlacfO a+s ln= 207475 500 402345263 20760102

18 s[lif ljsf a+s ln 207475 600 510312960 20760119

19 k|e a+s ln= 207475 800 658715882 20760125

20 glan a+s ln= 207475 1200 968624400 20760221

21 sdfL a+s ln= 207475 1275 85 1522178139 20760325

22 llen a+s ln= 207374 1025 744079312 20760329

hDdf 18691965356

ljsf a+s

1 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207374 861 41746120 20750416

2 sfdgf ]jf ljsf a+s ln= 207374 550 130470193 20750519

3 b]j ljsf a+s ln= 207374 1710 47092341 20750525

4 u08sL ljsf a+s ln= 207374 1931 445092250 20750625

5 flu+|nf 8]enkd]G6 a+s ln= 207374 250 61130400 20750718

6 uldf ljsf a+s ln= 207475 1000 253488000 20750818

7 dxfnIdL ljsf a+s ln= 207475 800 210703796 20751001

8 xfd|f] ljsf a+s ln= 207475 240 11813700 20751009

9 fOg ]Eumlf ljsf a+s ln= 207475 1770 244049900 20751016

10 dlQmgfy ljsf a+s ln= 207475 1825 472996900 20751018

11 j]i6g 8]enkd]G6 a+s ln= 207374 1741 74756200 20751018

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

53

12 Ktsf]zL 8]enkd]G6 as ln= 207475 300 15255300 20751023

13 lGw ljsf a+s ln= 207374 563 28080817 20751122

14 sfa]nL ljsf a+s ln= 207475 3500 3706600 20751129

15 flu+|nf 8]enkd]G6 a+s ln= 207475 400 100255400 20751129

16 sGsfO ljsf a+s ln= 207475 300 15000000 20751215

17 efue ljsf a+s ln= 207374 556 26400000 20751224

18 ltgfp ljsf a+s ln= 207475 1200 60832189 20760102

19 ldg 8]enkd]G6 a+s ln= 207475 1100 57120822 20760108

20 sGrg 8]enkd]G6 a+s ln= 207475 500 25300000 20760112

21 g]kfn sDolg6L 8]enkd]G6 a+s ln= 207475 100 5264000 20760208

22 ldt]L 8]enkd]G6 a+s ln= 207475 1700 85000000 20760208

hDdf 2685554928

ljQ sDkgL

1 ogfO6]8 kmfOgfG ln= 207374 1900 127813970 20750424

2 d~hgtL kmfOgfG ln= 207374 571 43462710 20750505

3 kf]vf kmfOgfG ln= 207374 826 62293349 20750623

4 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207374 2657 167978568 20750412

5 kf]vf kmfOgfG ln= 207475 500 40822500 20750929

6 ]G6laquon kmfOgfG ln= 207374 876 66384600 20751022

7 gtL OGe]i6d]G6 P08 kmfOgfG sDkgL ln= 207475 123 9850000 20751215

8 lhgf kmfOgfG ln= 207475 1500 60102000 20760214

9 h]laN kmfOgfG ln= 207374 207475 357 124 38928186 20760214

hDdf 617635883

xf]6n

1 f]N6L xf]6n ln= 207475 1000 66611630 20751022

2 cf]lo06n xf]6n ln= 207475 1500 140135458 20750809

hDdf 206747088

hnljBt

1 fwL ljBt sDkgL ln= 207374 1000 41004000 20750514

2 flgdf dfO xfO8laquof]kfj ln 207475 1000 211000000 20750909

3 ll8 xfO8laquof]kfj 8]enkd]G6 s= ln= 207475 600 30063300 20750926

4 lrlnd] hnljBt sDkgL ln= 207475 2000 793022630 20751029

5 a6jn kfj sDkgL ln= 207475 1000 221883400 20751115

hDdf 1296973330

aLdf

1 Plzog nfOkm OGof]]G sDkgL ln= 207374 400 48335594 20750508

2 o nfOkm OGof]]G sDkgL ln= 207374 1200 121275000 20750623

3 nfOkm OGof]]G skf]]zg -g]kfn_ ln= 207374 1200 160161300 20760221

4 g]gn nfOkm OGof]]G sDkgL ln= 207374 1350 357713200 20760306

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

54

5 uFf nfOkm OGof]]G sDkgL ln= 207374 800 47520000 20760312

hDdf 735005094

Jofkf

1 fN6 6laquo]l8Euml skf]]g ln= 207475 2500 30742400 20760112

n3ljQ sDkgL

1 of]bo n3ljQ ljQLo +yf ln= 207374 1900 7600000 20750409

2 sflnsf n3ljQ ljQLo +yf ln= 207374 2121 17500000 20750505

3 ld6 n3ljQ ljQLo +yf ln= 207374 1754 25000000 20750610

4 jf]huf n3ljQ ljsf a+s ln= 207475 2000 24499552 20750818

5hgpTyfg fdbflos n3ljQ ljQLo +yf ln= 207475 2000 4800000 20750828

6 d]f] dfOqmf]kmfOgfG ljQLo +yf ln= 207475 1500 42900000 20750828

7 hfgsL kmfOgfG sDkgL ljQLo +yf ln= 207374 2200 88746600 20741028

8 lgwg pTyfg n3ljQ ljQLo +yf ln= 207475 2000 200000000 20751013

9fgf lsfg ljsf n3ljQ ljQLo +yf ln= 207475 2500 157206982 20751107

10 g]gn dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 30527000 20751115

11 l8k|f]S n3ljQ ljQLo +yf ln= 207475 1000 70310040 20751122

12 cfPl8L n3ljQ ljQLo =yf ln= 207475 1000 57592000 20751212

13 dtf dfOqmf]kmfOgfG ljQLo +yf ln= 207475 667 3792000 20751213

14 cfPdl8L n3ljQ ljQLo +yf ln= 207475 1000 72672600 20751215

15 jfjnDag n3ljQ ljQLo +yf ln= 207475 2500 125777700 20751227

16 ld6 n3ljQ ljQLo +yf ln= 207475 2353 40000000 20751227

17 llen n3ljQ ljQLo +yf ln= 207475 400 4389000 20760108

18kmjf8 sDolg6L dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2500 77506300 20750112

19 ldld] n3ljQ ljQLo +yf ln= 207475 2400 24926400 20760119

20 Unf]an cfOPdO n3ljQ ljQLo +yf ln= 207475 1500 14407500 20760125

21 ljho n3ljQ ljQLo +yf ln= 207475 1000 17710000 20760130

22 PgPdla n3ljQ ljQLo +yf ln= 207475 1500 21131250 20760231

23 g]8] n3ljQ ljQLo ++yf ln= 207475 1500 51867000 20760302

24 dfxnL fdbflos n3ljQ ljQLo +yf ln= 207475 2000 12000000 20760302

25 of]bo n3ljQ ljQLo +yf ln= 207475 4275 32319000 20760306

26 lsfg dfOqmf]kmfOgfG ljQLo +yf ln= 207475 2900 13934500 20760324

hDdf 1239115424

cGo

1 gfuls nufgL sf]if 207374 2206 199228966 20750929

2 hnljBt nufgL tyf ljsf sDkgL ln= 207475 1000 1000000000 20751212

hDdf 1199228966

sn hDdf 26702968469

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

55

cgrLndash fdlxs nufgL of]hgf btf tyf lgisfzg

-cflys jif )ampamp^_

qm== of]hgfk|sf

olg6 +Vofof]hgfsf] sn

sd =sf]if Jojyfks btf ldlt

1 glan Aofn]G km08ndashaGbdvL

120000000 1200000000glan OGe]i6d]G6 a+lsu ln=

20751210

2ll6hG Dorcn km08 ndash

aGbdvL100000000 1000000000

llacfOPn Soflk6n ln=

20760106

3PgcfOlaPn xeflutf km08

vnfdvL50000000 500000000

PgcfOlaPn P Soflk6n ln=

20760109

4 PgPdla )aGbdvL

120000000 1200000000PgPdla Soflk6n ln=

20760229

5PgcfOl Plzof Aofn]G km08

aGbdvL125000000 1250000000

PgcfOl Plzof Soflk6n ln=

20760325

6l4fy OGe]i6d]G6 u|f]y lsd

aGbdvL140000000 1400000000 l4fy Soflk6n ln= 20760326

hDdf 480000000 6550000000

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

56

cgrLndash ^af]8 +u7g +rgf

+rfn

s a

f]8

cWo

IfcWo

Ifsf] l

rjfno

n]vf k

LIf0f l

dlt

lgod

g ty

f Jo

jyfkg

lje

fu

sfgg

tyf

k|jnLs

0f dx

fzfv

flgod

g dx

fzfv

fJo

jyfkg

dxfzfv

flw

tf]kq

ahf l

l8P

ty

f sf]if k

lj]I

f0f

dxfz

fvf

gLlt cg

Gwfg t

yf

of]hgf d

xfzfv

f

lwtf]kq

Joj

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klj]I

f0f dx

fzfv

fklj]I

f0f ty

f cg

Gwfg lje

fu

dr]G6 a

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8P

tyf

qm]l8

6 ]l6Euml

pkz

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lwtf]kq

ahf

ty

f lw

tf]kq

bnf

nJo

fkfL ty

f ah

f lgd

ftf pk

zfvf

lwtf]kq

ahf t

yf

Joj

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f

+yfut

ljQ

pkz

fvf

fdl

xs n

ufgL s

f]if p

kzfv

f

+yfut

ljQ

tyf

fdl

xs

nufgL s

f]if zfv

fsfgg

zfv

f

sfgg

pkzfv

f

sfggL k

|ltI

ff pk

zfv

f

sfgg

k|jnLs

0f

zfv

f

sfgg

k|jnLs

0f pk

zfv

f

phL t

yf t

xsLs

ftpk

zfv

f

hgz

lQm Jo

jyfkg

pkz

fvf

fdf

Go k

|zf

g pk

zfv

f

n]vf pk

zfv

f

ljQLo Joj

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pkzfv

f

ljlQ

o Jo

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f

k|zf

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flw

tf]kq

bnfn

Jo

fkfL ty

f

ahf lgd

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lj]I

f0f zfv

f

lwtf]kq

bnf

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f ah

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ftf u

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k

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lwtf]kq

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f ah

f lgd

ftf y

nut

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lwtf]kq

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k

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f0f pk

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ahf t

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f]if

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f0f pk

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lrs[t

sDk

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f]if k

lj]I

f0f zfv

f

cg

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yf

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k|ljlw

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cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

57

cgrLndashamp g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

jfnft -ckLis[t_-)amp^ cfiff9 ut]sf]_

ljj0f )amp^ cfiff9 )amp cfiff9

-sd =_ -sd =_ sf]if tyf hu]8f

sf]if tyf hu]8fx 1064770973 927336877

hDdf 1064770973 927336877

DklQ

ly DklQ

kn dNo 54576298 53250608

GogMx|f slsect 33388470 32774832

afFsL dNo 21187828 20475776

nufgL 1080366082 566714907

rfn DklQ

a+s dfHbft 26467476 406810968

k]ZsL wf6L tyf clu|d eQmfgL 112146110 29484453

k|fKt ugkg] cfDbfgL 30223447 43196419

sn rfn DklQ 168837033 479491839

GogM rfn bfloTj (96385531) (39924745)

Gog M Aojyf (109234440) (99420901)

vb rfn DklQ (36782937) 340146194

hDdf 1064770973 927336877

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

58

cgrLndashg]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn

cfo Joo lxfa -cklis[t_-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

cfo tkm lwtf]kq ahfaf6 cfDbfgL 245827810 325957228

Aofh cfDbfgL 102623632 76309709

laljw cfDbfgL 3090399 2811276

hDdf cfDbfgL 351541842 405078213

Joo tkm

sdrfL vr 53260159 51493958

cGo k|zflso vr 63246101 52079658

x|f slsect vr 6739741 5313975

hDdf vr 123246001 108887591

cfos cl3sf] art 228295841 296190622

cfos Jojyf -) k|ltztn]_ 68488752 -

afF8kmFf8sf nflu flPsf] sd 159807089 296190622

afF8kmFf8

cIfo sf]if 39951772 74047656

sdrfL If0f sf]if 6392284 11847625

fwf0f hu]8f sf]if 97482324 180676280

sdrfL sNof0f sf]if 15980709 29619062

sn afF8kmFf8 159807089 296190622

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

59

cgrLndash(g]kfn lwtf]kq af]8

hfjnfv]n nlntk g]kfn gub k|jfx ljj0f -cklis[t_

-)amp gtfj0f b]lv )amp^ cfiff9 ut] Ddsf]_

ljj0f )ampdivideamp^ -sd _

)amp$divideamp -sd _

~rfng ultljlwsf] gub k|jfx o jifsf] afF8kmfF8 kjsf] art 159807089 296190622

hf]8M Xf slsect vr 6739741 5313975

hf]8M pkbfg vr Jojyf 2028409 3863353

hf]8M cfiflw vr Jojyf 5275497 3138441

hf]8M sdrfL labf vr Aojyf 1437484 2336386

hf]8M sdrfL If0f vr Aojyf (29619062) (35338319)

GogM ly Dklt laqmL af6 cfDbfgL (1051183) -

GogM Aofh cfDbfgL (102623632) (76309709)

sfolzn kFhL kjsf] +rfng gub k|jfx 41994342 199194750

rfn DklQdf slddivide-j[l4_ (55694264) (15669419)

rfn bfloTjdf j[l4divide-sld_ 70099139 (2306548)

pkfbfg ljbf afktsf] sd eQmfgL (4450166) -

cGo -sg ePdf_ (869969) -

+rfng ultljlwaf6 gub k|jfx 51079082 181218783

nufgL ultljlwsf] gub k|jfx

Aofh cfDbfgL -sf]ifxdf k|ffKt Aofh lxt_ 102623632 76309709

hf]8M ut jifsf] cGtdf k|fKt ug afFsL Aofh 9169962 12547723

GogM o jifsf] cGtdf k|fKt ugkg] Aofh (23164384) (9169962)

o jifsf] vb gub Aofh cfDbfgL 88629211 79687470

GogM ly DklQ vLb (8172650) (9750642)

hf]8M ly Dklt laqmL 1772041 -

GogM yk -nufgL_dividelaqmL (513651175) 100446406

nufgL ultljlwaf6 vb gub k|jfx (431422573) 170383234

gubdf ePsf] sn j[l4divide-sld_ (380343491) 351602017

jiffDedf gub tyf a+s dfHbft 406810968 55208951

jiffGtdf gub tyf a+s dfHbft 26467476 406810968

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

60

cgrLndash)dr]G6 a+s

qm =

Gffd Jojfo 7]ufgfdivideDks g+dividekmofS g+

=gfOh Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnkf]vL sf7df8f+ Dks g+=M$$) $$^^)kmofS g+= M $$^

= PgPdla Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $)(^ $$amp(^kmofS g+= M $$$

= Gffuls nufgL sf]if

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zggofF afg]Zj sf7df8f+ Dks g+=M $amp $amp(kmofS g+= M $amp)

$=Unf]an cfOPdO Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

hdn sf7df8f+ Dks g+=M $^$)kmofS g+= M $$

= lejf] Soflk6n ln= lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg s[i0fuNnL nlntk

Dks g+=M $amp( $amp($

^= llen Soflk6n dfs]6 ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkgsdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M $^amp$

amp=k|e Soflk6n ln=

lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg sdnfbL sf7df8f+ Dks g+=M $($^ $(kmofS g+= M $)

= gljn OGe]i6d]G6 alsEuml ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $$^)$ $$ampkmofS g+= M $$)$

(= nIdL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gofF afg]Zj Dks g+=M $amp) $ampkmofS g+= M $amp)

)=PgcfOlaPn P Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

nflhDkf6 sf7df8f+ Dks g+=M $))))kmofS g+= M $)))$

=s[lt Soflk6n P08 OGe]i6d]G6 ln=

nufgL Aojyfkg +yfut kfdz ]jfGwff sf7df8f+ Dks g+=M $^^ $$($

= Dj[l4 Soflk6n ln= nufgL AojyfkggofF afg]Zj sf7df8f+ Dks g+=M $$)^ $$)^

= g]zgn dr]G6 a+s ln= nufgL Aojyfkgsflnsfyfg sf7df8f+ Dks g+=M $$)amp$^

$=l4fy Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df8f+ Dks g+=M $ampamp^ampkmofS g+= M $ampamp^

=k|f]le8]G6 dr]G6 a+s ln= ]o lhi6laquo]zg nufgL Aojyfkg AffnsdfL nlntk

Dks g+=M $amp)(amp $amp(

^= llacfOPn Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkgl8lNnahf sf7df8f+ Dks g+=M $$^^amp $$ampkmofS g+= M $()^

amp= flgdf Soflk6n ln lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL AojyfkggSfn sf7df8f+ Dks g+=M $$(^kmofS g+= M $()^

= la=cf]=s]= Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M $^^$kmofS g+= M$^^(

(= g]kfn PlacfO dr]G6 a+s ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

xfQLf sf7df8f+ Dks g+=M $$^ampkmofS g+= M $$^

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

61

)=PgcfOl Plzof Soflk6n ln=

lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

aadxn sf7df8f+ Dks g+=M $(($kmofS g+= M $$

= cfljlj dr]G6 a+lsEuml ln= lgisfzg tyf laqmL k|aGw lwtf]kq k|Tofelt ]o lhi6laquo]zg nufgL Aojyfkg6]s sf7df8f+ Dks g+=M $( $$^

= cfsfz Soflk6n ln= nufgL JojyfkgktnL8s sf7df8f+ Dks g+=M $$)(^ $$)(

= cfs Soflk6n P8efOh ln= nufgL JojyfkgyfkfynL sf7df8f+ Dks g+=M $)^amp^

$=j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln=

nufgL Jojyfkgdltb]jL sf7df8f+ Dks g+=M $$^^$

= s]=l=Pn= c6o6 Soflk6n ln= nufgL JojyfkgxfQLf sf7df8f+ Dks g+=M)ndash$$($( $$()

^ sdfL Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

gSfn sf7df08f Dks g+=M)ndash$$amp$$$))

amp g]kfn aEumlnfb]z Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$amp)

hgtf Soflk6n ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

yfkfynL sf7df8f++ Dks g+=M )ndash$^amp

( ]~rL Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

sdnfbL sf7df8f+ Dks g+=M )ndash$^^(

) d]uf Soflk6n dfs]6 ln=lgisfzg tyf laqmL k|aGw ]o lhi6laquo]zg lwtf]kq k|Tofelt nufgL Jojyfkg +yfut kfdz ]jf

lqk]Zj sf7df8f++ Dks g+=M )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

62

cgrLndashlwtf]kq bnfn JojfoL

qm= += Gffd 7]ufgf zfvf 6]lnkmf]g g+= kmofS g+=

= cu|jfn ]Soll6h k|f= ln= l8NnLahf sf7df8f+ ljf6gu hgsk $$$$)^ $$$^amp

= lk|ldo ]Soll6h k|f= ln= fdzfxky sf7df8f+ kf]vf $( $^^$

= lKnf ]Soll6h k|f= ln= lvrfkf]vL sf7df8f+ ndash $amp $)amp

$+ j]tf ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $$$$amp( $$^(^

= y|fOe a|f]s]h xfp k|f= ln= gSfn sf7df8f+ kf]vf $$() $$^)

^= lqzn ]Soll6h k|f= ln= ktnL8s sf7df8f+ gffof0f3f6 $$$)amp)( $$(amp

amp= lk|jL ]Soll6h k|f= ln= sk08f]n nlntk ndash )amp) ))^

= k|1fg ]Soll6h k|f= ln= sdnfbL df]8 sf7df8f+ ljf6gu $$( $$(

(= sdfL ]Soll6h k|f= ln= l8NnL ahf sf7df8f+ kf]vf $$)^ $$^(

)= dNn P08 dNn 6s a|f]lsIacute s+ k|f= ln=

l8NnL ahf sf7df8f+ ndash $$) $$amp)

= cfztf]if a|f]s]h P08 ]Soll6h k|f= ln=

lvrfkf]vL sf7df8f+ O6xL $amp) $$)^

= udfyf ]Soll6h k|f= ln= cgfdgu sf7df8f+ ndash $$( $$(

= k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ lju~h $^amp $^$

$= dfs]6 ]Soll6h PSr]Gh sDkgL ln=

lvrfkf]vL sf7df8f+ ndash $$(amp $$(

= g]kfn OGe]6d]G6 P08 ]Soll6h 6]laquol8Euml k|f=ln=

led]guf]nf sf7df8f+ ljf6gu $$($) $$()ampamp

^= 6s a|f]s cf]k]n ]Soll6h 6]laquol8Euml k|f= ln=

afnjf6f sf7df8f+ ndash $$)( $$)(

amp= g]kfn 6s xfp k|f= ln= cgfdgu sf7df8f+ kf]vf $^ $amp

= c0f ]Soll6h k|f= ln= ktnL8s sf7df8f+ ndash $(^amp $(^

(= gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ ljf6gu $$$ $$(

)= h]= Pkm= ]Soll6h k|f= ln= Gof]8 sf7df8f+ ndash $^)(( $$^amp

= PljL ]Soll6h k|f= ln= OGb|rf]s sf7df8f+ wfg $)ampamp $^)amp

= ld8f 6s a|f]lsEuml sDkgL k|f= ln=

sdnfbL sf7df8f+ a6jn $$))( $$)

= Plzog ]Soll6h k|f= ln= ktnL8s sf7df8f+ a6jn $$$ $$(

$= lge ]Soll6h k|f= ln= sdnfbL sf7df8f+ O6xL $^^) $^amp

= d] ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$$$amp$) $$$)(

^= ODk]lon ]Soll6h k|f= ln= cgfdgu sf7df8f+ g]kfnu~h lj]Gb|gu $))$ $$$

amp= sflnsf ]Soll6h k|f= ln= ktnL8s- sf7df8f+ g]kfnu~h $))amp$ $)$$

= j0fnIdL ]Soll6h k|f= ln= ktnL8s sf7df8f+ x]6f+8f $$ampamp $$ampampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

63

(= blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnfbL sf7df8f+ a6jn $^amp^$) $^amp$

)= lbklzvf lwtf]kq sff]af sDk-gL k|f= ln=

cgfdgu sf7df8f+ wgu8L dx]Gb|gu $) $$$()

= sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f= ln=

sdnkf]vL sf7df8f+ kf]vf $$$ $$$amp

= 8fOgflds dgL d]g]h ]Soll6h k|f= ln=

sdnfbL sf7df8f+ ag]kf $$$ $$$

= lehg ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf exjf $ampamp)$) $$$

$= ]So8 ]Soll6h ln= ktnL8s sf7df8f+ ljtfdf]8 $^^ $$

= gL ]Soll6h k|f= ln= hdn sf7df8f+ gffof0f3f6 $^^)) $^^))^

^= fpy Plzog aN k|f= ln= sn]Zj sf7df8f+ ljtfdf]8 $$amp $$amp

amp= lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ a6jn $$^(^amp $$^()^

= lqmPl6e ]Soll6h k|f= ln= ktnL8s sf7df8f+ ag]kf $$(amp $^)

(= lqzlQm ]Soll6h k|f= ln= ktnL8s sf7df8f+ kf]vf $ $

$)= lqmi6n s~rgh+uf ]Soll6h k|f= ln=

ktnL8s sf7df8f+ ljf6gu $)amp^ $))amp

$= cgnfOg ]Soll6h k|f= ln= afuahf sf7df8f+ wfg $^( $$^(

$= cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln=

cgfdgu sf7df8f a6jn 3f]fxL $(^ $(amp

$= e[s6L 6s a|f]lsEuml sDkgL k|f= ln=

Gof]8 sf7df8f+ O6xL $$$^^ $$^$

$$= OGe]i6d]G6 Dofg]hd]G6 g]kfn k|f= ln=

lqk]Zj sf7df8f+ kf]vf $^( $^()

$= cSkmf]8 ]Soll6h k|f= ln= sfnLdf6L sf7df8f+ gffof0f3f6 $amp) $amp

$^= gtLxl ]Soll6h k|f= ln= sdnfbL sf7df8f+ ljtfdf]8 $$amp^ $$amp$^

$amp= ]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f x]6f+8f $^^$ $^^$$

$= Gwff ]Soll6h k|f= ln= Gwff sf7df8f+ a]zLzx $ $^

$(= gff ]Soll6h sDkgL ln= gSfn sf7df8f+ lju~hhgsk $$$)$ $$$)

) lbAof ]Soll6h P08 6s xfp k|f= ln=

ktnL8s sf7df8f+ afUnEuml $$$ $$

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

64

cgrLndashlgIf]k bo

qm= lgIf]k bosf] gfd 7]ufgf kmf]g g+=

llen Soflk6n dfs]6 ln= sdnfbL sf7df8f+ )mdash$^^^$

nIdL Soflk6n dfs]6 ln= kNrf]s sf7df8f+ )mdash^

gljn OGe]i6d]G6 alsEuml ln= gSfn sf7df8f+ )mdash$$^)$

$ PgPdla Soflk6n ln= gSfn sf7df8f+ )mdash$$amp((amp

PgcfOlaPn P Soflk6n ln= nflhDkf6 sf7df8f+ )mdash$))))

^ lqzn ]Soll6h P08 OGe]i6d]G6 ln= ktnL8s sf7df8f+ )ndash$$$)amp)(

amp Pe]i6 a+s ln= nflhDkf6 sf7df8f+ )mdash$$$ampamp

a+s ckm sf7df08 ln= sdnkf]vL sf7df8f+ )mdash$$$$

( gfOh Soflk6n ln= sdnkf]vL sf7df8f+ )mdash$$(^amp^

) Unf]jn cfOPdO Soflk6n ln= hdn sf7df8f+ )mdash$$$^)

l4fy Soflk6n ln= aadxn sf7df8f+ )mdash$ampamp^amp

k|e Soflk6n ln= sdnfbL sf7df8f+ )ndash$((

]So8 ]Soll6h ln= ktnL8s sf7df8f+ )mdash$^(

$ hgtf a+s ln= gofF afg]Zj sf7df8f+ )mdash$amp^))

lqzlQm ]Soll6h k=ln= ktnL8s sf7df8f+ )mdash$

^ lbklzvf lwtf]kq sff]jf s+=k|f=ln= cgfdgu sf7df8f+ )mdash$)$

amp ll6hG a+s OG6g]zgn ln= sdnfbL sf7df8f+ )mdash$^()^amp

g]kfn 6s xfp k|f=ln= cgfdgu sf7df8f+ )mdash$^

( leaf] Soflk6n ln= s[i0f uNnL nlntk )mdash$amp(

) cfotff OGe]i6d]G6 P08 ]Soll6h k|f=ln= cgfdgu sf7df8f+ )mdash$(^

cgnfOg ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)

blIf0fsfnL OGe]i6d]G6 P08 ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$^^$)

PgcfOl Plof a+s ln= yfkfynL sf7df8f+ )mdashamp(

$ fpy Plzog aN k|f=ln= sn]Zj sf7df8f+ )mdash$amp$))

]jf ]Soll6h k|f= ln= lqk]Zj sf7df8f+ )mdash$^^$

^ gtLs[i0f ]Soll6h ln= l8NnLahf sf7df8f+ )mdash$$$

amp cu|jfn ]Soll6h k|f=ln= l8NnLahf sf7df8f+ )mdash$$$$)^

ODk]lon ]Soll6h s+= k|f=ln= cgfdgu sf7df8f+ )mdash$))$

( k|fOdf] ]Soll6h k|f= ln= ktnL8s sf7df8f+ )mdash$^)(

) lnGr 6s dfs]6 ln= gofF afg]Zj sf7df8f+ )mdash$$^(^amp

Plzog ]Soll6h k|f=ln= afuahf sf7df8f+ )mdash$$)^)(

dfs]6 ]Soll6h P08 PSr]~h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$$(amp

k|e a+s ln= aadxn sf7df8f+ )mdash$))

$ lqmi6n s+rgh+3f ]Soll6h k|f=ln= GoKnfhf sf7df8f+ )mdash$))amp

d] ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$$amp$)

^ sf]lxg OGe]i6d]G6 P08 ]Soll6h k|f=ln= xfQLf sf7df8f+ )mdash$$$amp

amp e[s6L 6s a|f]lsEuml sDkgL k|f=ln= Gof]8 sf7df8f+ )mdash$$^^

g]kfn aEumlnfb]z a+s ln= sdnfbL sf7df8f+ )mdash$amp)

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

65

( lKnf ]Soll6h k|f=ln= lvrfkf]vL sf7df8f+ )mdash$amp

$) lqmol6e ]Soll6h k|f=ln= ktnL8s sf7df8f+ )ndash$^)

$ lehg ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$^

$ cfztf]if ]Soll6h k|f=ln lvrfkf]vL sf7df8f+ )ndash$)amp^

$ s[lt Soflk6n P08 OGe]i6d]G6 ln= Gwff sf7df8f+ )mdash$amp^amp^

$$ gL ]Soll6h s+= ln= hdn sf7df8f+ )mdash$^^)))

$ Plal ]Soll6h k|f=ln= OGb|rf]s sf7df8f+ )mdash$)ampamp

$^ gtLxl ]Soll6h k|f=ln= sdnfbL sf7df8f+ )mdash$$amp$^

$amp cSkmf]8 ]Soll6h k|f=ln= sflndf6L sf7df8f+ )ndash$amp)

$ 8fOgflds dgL d]g]h ]Soll6h k|f=ln= ktnL8s sf7df8f+ )mdash$$$

$( lbJof ]Soll6h P08 6s xfp k|f=ln= ktnL8s sf7df8f+ )mdash$$$

) lk|ldo ]Soll6h s+=ln= ktnL8s sf7df8f+ )mdash$(

]~rL sdlon a+s ln= ktnL8s sf7df8f+ )ndash$$$)^

sdfL a+s ln= ktnL8s sf7df8f+ )mdash$$amp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG ln= kNrf]s nlntk )ndash$$$^

$ dxfnIdL ljsf a+s ln= fdzfxky sf7df8f+ )ndash$$amp(

g]kfn qm]l86 P08 sd a+s ln= afuahf sf7df8f+ )ndash$$^((

^ g]kfn a+s ln= wdky sf7df8f+ )ndash$

amp gff ]Soll6h sDkgL ln= gSfn sf7df8f+ 01-4440384

snfz ljsf a+s ln= ktnL8s sf7df8f+ )ndash$$$)$

( df5fkR5|] a+s ln= nflhDkf6 sf7df8f+ )ndash$$^

^) g]kfn PlacfO a+s ln= xfQLf sf7df8f+ )ndash$$^amp

^ g]kfn l8lk xfp ln= -bz j6f lwtf]kq bnfn JojfoLaringff +oQm kdf yflkt _

ktnL8s sf7df8f+ )mdash$)(

^ flgdf a+s ln= gSfn sf7df8f+ )ndash$$(amp(

^ g]zgn dr]06 a+s ln= Kf]KLsf]nf sf7df8f+ )ndash$$)amp$^

^$ k|f]le8]G6 dr]06 a+s ln= afnsdfL sf7df8f+ )ndash$amp)(amp

^ cflala dr]G6 a+lsEuml ln= 6]s sf7df8f+ )ndash$$^

^^ k|fOd sdlzon a+s ln= sdnkf]vL sf7df8f+ )ndash$$$

^amp ogfO6]8 kmfOgfG ln= bjfdfu sf7df8f+ )ndash$$^$

^ s[lif ljsf a+s ln= fdzfxky sf7df8f+ )ndash$amp

^( cfO=l=Pkm=l= kmfOgfG ln= ef6e6]gL sf7df8f+ )ndash$$(

amp) j]Ny Dofg]hd]G6 P08 dr]G6 a+lsEuml ln= dltb]jL sf7df8f+ )ndash$$^^$

amp s]=L=Pn= c6o6 Soflk6n ln= xflQf sf7df8f+ )ndash$$($(

amp d]uf Soflk6n dfs]6 ln= lqk]Zj sf7df8f+ )ndash$^ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

66

cgrLndashcfjf bo

l= g+= cfjf bosf] gfd cgdlt k|fKt ldlt

]~rL sdlon a+s ln= )amp)()

gfOh a+s ln )amp)()

snfz ljsf a+s ln= )amp)()

$ ll6hG OG6g]zgn a+s ln= )amp)()

nIdL a+s ln= )amp)()

^ flgdf a+s ln= )amp)()

amp l4fy a+s ln= )amp)()

PgcfOL Plof a+s ln= )amp)()

( g]kfn au+nfb]z a+s ln= )amp)()

) cf]d 8]enkd]06 a+s ln= )amp)()

g]kfn OGe]i6d]06 a+s ln= )amp)()

PgPdla a+s ln= )amp)(

d]uf a+s g]kfn ln= )amp)(

$ dxfnIdL ljsf a+s ln= )amp)(

Unf]jn cfOPdO a+s ln= )amp)(

^ a+s ckm sf7df08 ln= )amp)(

amp k|fOd sdlon a+s ln )amp)(

g]kfn qm]l86 P08 sd a+s ln= )amp)(

( llen a+s ln= )amp)(amp

) glan a+s ln= )amp)(amp

Dff5fkR5|] a+s ln= )amp)$)

k|e a+s ln= )amp))

NflDagL ljsf a+s ln= )amp))^

$ s[lif ljsf a+s ln= )amp))^

dlQmgfy ljsf a+s ln= )amp))amp

^ Gf]kfn PlacfO a+s ln= )amp)$

amp 6of088 rf68 a+s g]kfn ln= )amp)$

f+lu|nf 8]enkd]G6 a+s ln= )amp)(

( Pe]i6 a+s ln= )amp)(

) lxdfnog a+s ln= )ampamp

cfO=l=Pkm=l= kmfOgfG ln= )ampamp

ux]ZjL dr]06 a+lsEuml P08 kmfOgfG )ampamp

u8ljn kmfOgfG ln= )ampamp

cflys jif )amp amp^ sf] jflifs k|ltj]bg g]kfn lwtf]kq af]8

67

$ ]G6laquon kmfOgfG ln= )ampamp

d~hgtL kmfOgfG ln= )ampamp

^ uldf ljsf a+s ln= )ampamp

amp ogfO6]8 kmfOgfG ln= )amp$)$

Hfgtf a+s g]kfn ln= )amp$)$

( fli6laquoo afl0fHo a+s ln= )amp$)$

$) Gf]kfn a+s ln= )amp$)$(

$ sdfL a+s ln= )amp$)$(

$ sfdgf ]jf ljsf a+s ln= )amp$)$)

$ lGw ljsf a+s ln= )amp$)$

$$ zfOg ]Eumlf 8]enkd]06 a+s ln= )amp$)$)

$ PS]n 8]enkd]G6 a+s ln= )amp$)$

$^ s~rg 8]enkd]G6 as ln= )amp$)(

$amp gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

$ df5fkR5laquo] a+s ln= )amp)$)

$( sfdgf ]jf ljsf a+s ln= AElig

) gtL OGe]i6d]G6 P08 kmfOgfG s+= ln= )amp)$)

zfOg ]Eumlf 8]enkd]G6 a+s ln= AElig

kf]vf kmfOgfG ln= AElig

ldg 8]enkd]G6 a+s ln= )amp)$)^

cflys jif )amp amp^ sf] jflifs k|ltj]bgg]kfn lwtf]kq af]8

68

cgrLndash$fdlxs nufgL sf]if

qm = fdlxs nufgL sf]ifsf] gfd sf]if k|j4s7]ufgf Dks g+

l4fy Doron km08 l4fy a+s ln= gSfn sf7df8f+ )ndash$$$((

gljn Doron km08 gljn a+s ln= gSfn sf7df8f+ )ndash$amp

PgPdla Doron km08 PgPdla a+s ln= gSfn sf7df8f+ )ndash$$^^)

$ Unf]an cfOPdO Doron km08 Unf]an cfOPdO a+s ln= hdn sf7df8f+ )ndash$^$amp

PgcfOljPn Doron km08 g]kfn OGe]i6d]G6 a+s ln= nflhDkf6 sf7df8f+ )ndash$(

^ nIdL Doron km08 nIdL a+s ln= gofF afg]Zj sf7df8f+ )ndash$$$$^$

amp flgdf Doron km08 flgdf a+s ln= gSfn sf7df8f+ )ndash$$(ampamp

ll6hg Doron km08 ll6hg OG6g]zgn a+s ln= l8NnLahf sf7df8f+ )ndash$$amp$

( PgcfOl Plof a+s Doron km08 PgcfOl Plof a+s ln= aadxn sf7df8f+ )ndashampamp

) llen Doron km08 llen a+s ln= sdnfbL sf7df8f+ )ndash$^()$)

gfOh Doron km08 gfOh a+s ln uLwff sf7df8f+ )ndash$))$^)

gLlt cgGwfg tyf of]hgf dxfzfvf klj]If0f tyf cgGwfg ljefu

kf]=a+=g+= () hfjnfv]n nlntkkmf]g g+= ))(ampampndashndash$)amp ^ $$)ampamp

ˆofS g+= ))(ampampndashndash$)Od]n Msupportsebongovnp

j]efO6 M wwwsebongovnp6f]n k|mL g+= ^^)ndash)ndash$$$

  • _GoBack
Page 13: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 14: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 15: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 16: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 17: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 18: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 19: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 20: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 21: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 22: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 23: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 24: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 25: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 26: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 27: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 28: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 29: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 30: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 31: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 32: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 33: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 34: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 35: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 36: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 37: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 38: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
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Page 40: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 41: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 42: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 43: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 44: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 45: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 46: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
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Page 55: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 56: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 57: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 58: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 59: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 60: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 61: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 62: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 63: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 64: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 65: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 66: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 67: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 68: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 69: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 70: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 71: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 72: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 73: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 74: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 75: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 76: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh
Page 77: g]kfn lwtf]kq af]8{ - SEBON · 2020. 8. 31. · g]kfn lwtf]kq af]8{>L lg/h lu/L sfo{sf/L lgb]{zs >L k/Li6gfy kf}8\ofn sfo{sf/L lgb]{zs >L ljgob]j cfrfo{pk sfo{sf/L lgb]{zs 8f=gj/fh