Introduction

Stock market is a type of secondary market where the transactions of old and existing shares and securities are made.

About Shares

• Shares refer to the shared capital of the company.
• It represents the portion of the ownership of the shareholder in the company and also describes the right of the holder to the specified amount of the share capital of the company.

Capital of a Company

1. To be established under Company Act, every company has to prepare a detailed document, which is called MOA (Memorandum of Association). All the external affairs of the Company are regulated according to the MOA. Therefore, it is regarded as Constitution of the Company.
2. To deal with the internal issues of the company, another document is prepared called Articles of Association (AOA).
3. Under MOA apart from other information, company also declares its maximum capital and on behalf of this capital it raises more funds in Capital Market. Declared capital is known as Authorize Capital.
1. Issued Capital – It is that part of Authorized Capital for which shares are issued.
1. It is either equal to or less than authorized capital.
2. Subscribed Capital – It is that part of issued Capital which is subscribed by the public.
1. Oversubscription: Number of shares is 100 crores and demand is high. i.e., demand for the shares is more than number of shares.
2. Undersubscription – Demand of share is less than the number of shares. If the subscript is less than 90% of the total share, Company is not allowed to launch its IPO.
4. Paid-Up Capital: it is that capital which is acquired by the Company at the end of the process.
5. Dividend is the profit distributed on the basis of face value of the company.

Types of Shares

• Public Issue or Equity Share
• Issued for all.
• Preference Share
• The holders of such shares get the dividend first.
• Bonus Share
• When dividend is given in the form of shares instead of cash.
• Sweat Equity Share
• These are specific type of shares issued only for the employees of the company on behalf of their Extra-Ordinary achievements on behalf of Company.
• Blue – Chip Shares
• Those companies that have strong fundamentals and business models as well as profit making are known as blue-chip companies and their shares blue chip shares.
• Alpha – Shares
• Largely transacted shares are called Alpha Shares.
• Right Issue
• It is issued only for old and existing shareholders.
• It is one of the ways to raise funds.

Indian Stock Exchanges

At national level there are 4 important stock exchanges

1. Bombay Stock Exchange (BSE)
• It was established in 1875
• At present 7,300 companies are listed with it.
2. National Stock Exchange (NSE)
• It was established in 1992, on the recommendation of Pherwani Committee.
• At present 2,300 Companies are listed with it.
3. Over the Counter Stock Exchange of India (OTCEI)
• It is the Stock Exchange of Small Companies which are not established on the pattern of NASDAQ (National Association of Securities Dealors Automated Quotations). NASDAQ is in USA.
4. Multi Commodity Exchange (MCX-SX)
• It has got permission to function in share and securities in 2017.

Commodity Exchange in India

Under Commodity Exchange, more than 90 primary products like – Gold, Silver, Metals, Food Grains, Pulses etc are transacted through Electronic mode of delivery.

There are 4 important Commodity Exchanges in India:

1. MCX
• It is the largest commodity exchange in the country.
• It is in Mumbai
2. NCDX
• National Commodity and Derivative Exchange
• It is in Mumbai
3. NMCE
• National Multi Commodity Exchange
• It is in Ahmedabad
4. ICEX
• Indian Commodity Exchange
• It is in Gurgaon.

Stock Exchange for Crude Oil

• NYMEX
• Brent

Regulators of Commodity Exchange

Forward Market Commission (FMC)

• It is regulator of Commodity Exchange.

Other Regulators:

• IRDA – Insurance Regulator Development Authority
• TRAI - Telecom Sector
• PFRDA – Provident Fund

Share Index

These are prepared to track the fluctuations in the prices of shares and for the purpose various types of indices are prepared, but some of them are very sensitive, like in India sensitive indices are:

1. SENSEX – belongs to BSE
2. NIFTY – belongs to NSE

SENSEX

It is based upon the value of 30 blue chip companies listed under BSE.

• It was started in 1986 with base 100
• At present its value is around 49,398.29 (19^th Jan, 2020)
• 250 to 3 Lakh crore transactions per day.

NIFTY

• There are 50 companies listed in NIFTY

Important Miscellaneous

1. SEBI
2. Bull/Bear
3. Credit Ratings
4. Depository
5. ADR/GDR
6. VCF
7. Zero Coupon Bonds
8. Merchant Banks
9. Mutual Funds

SEBI

Security and Exchange Board of India

• It is an Autonomous body, was established in 1988 but got statutory status in 1992.
• Headquarter is at Mumbai.
• Chairman – Ajay Tyagi (Jan, 2020)
• Its main function is to regulate capital market, control the activities of share brokers, stock exchanges and to protect the interests of investors.

Bull/Bear/Stag

Bull/Bear – these are share market speculators, those who think stock will go up and start purchasing stock called Bull, and the trend of market is called Bullish,the reverse is called Bearish.

Their activities are also termed as Liwali/Bikwali(in Hindi)

Credit Ratings

It’s a mechanism to evaluate the financial position and credit worthiness of an individual, company or of a country.

In India following agencies are involved:

• CRISIL
• ICRA
• CARE
• ONCRA
• CIBIL

International credit rating companies:

• S & P (Standard and Poors)
• Moody
• Fitch Rating

Depository

It is a kind of database where shares and securities are maintained in electronic format or D-mat form.

In India there are 2 depositories:

1. NSDL – National Stock Depository Limited
2. CDSL – Central Depository Securities Limited

Shares of all the listed companies are handled or stored by these two.

ADR/GDR

• ADR – American Depository Receipt
• GDR – Global Depository Receipt

ADR are issued by American Depositories to allow any foreign company to function in American Capital market.

GDR is used for the same purpose by the countries other than America.

VCF – Venture Capital Fund

It is a kind of specific fund which is available for those entrepreneurs, those who have much experience, ideas and capacity to earn profit but lack of capital.

Merchant Banks

These are Capital market intermediaries and arrange funds for other companies, also functions like under-writers. (If shares not purchased by Public, these companies will buy it).

Mutual Funds

These are professionally-managed trust that pools the savings of many investors and invests them in securities like stocks, bonds, short-term money market instruments and commodities.

It is the most suitable investment for the cautious investor as it offers an opportunity to invest in a diversified professionally managed basket of securities at a relatively low cost.

Mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of Government of India and Reserve Bank of India.

In 1987, the entry of non-UTI public sector mutual funds was set up by public sector banks.

SBI Mutual Fund was the first non-UTI mutual fund.

Net Asset Value: It is the amount which a unit holder would receive if the mutual fund is wound up. It is the value of all assets less liabilities.

New Fund Offer (NFO)

Net Asset Value (NAV)

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Introduction

The first discovery of rock paintings in 1867-68 by archaeologist Archibold Carlleyle.

The most common sites of pre-historic times are:

• caves of Madhay Pardesh,
• Uttar Pardesh
• Andhra Pradesh
• Karnataka
• Bihar
• Kumaon Hills
• Lakhudiyar in Uttarakhand(rock shelters on banks of River Suyal).

The Paintingsfrom this times are divided into three categories:

• Man
• Animals
• Geometric pattern in white, black and red ochre (found in Kupgallu, Pikhlihal, Tekkalkota).

Upper Palaeolithic Period

Bhimbetka vindhya hills, Madhya Pardesh is richest in paintings.

It was first discovered by V.S. Wakankar.

The theme of paintings has great variety includes hunting, dancing, sacred and roual images, animl fighting and other household scenes.

The rock art at Bhimbetka is divided into three periods:

• Upper Paleolithic,
• Mesolithic and
• Calcolithic.

Linear representations of animals and humans in green and red are found in the caves.

Mesolithic Period

Hunting scenes dominate the paintings.

These people loved to paint animals like elephant, bison, tiger, boar, deer etc.

Animals are depicted in naturalistic style while humans are depicted in stylist manner.

Chalcolithic Period

• The paintings reveal association, contact and mutual exchange of requirements. Pottery and metal tools are also shown. Different colors are used.
• Hence, prehistoric paintings help us to understand about early human beings, their lifestyle, their food habits, their daily activities and above all their mind.
  
  
• Prehistoric period remains are a great witness to the evolution of human civilization, through numerous rock weapons, tools, ceramic and bones. Hence, rock paintings are the greatest wealth the primitive human beings of this period lift behind.

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The Population of a State is divided into 2 classes – Citizensand Aliens.

Citizens enjoy full civil and political rights; aliens do not enjoy all of them.

Citizens are the member of the political community to which they belong. They are the people who composed the State.

Aliens are further classified as friendly alien or enemy alien.

Alien enemy includes not only subjects of a State at war with India but also Indian citizens who voluntarily reside in or trade with such a State.

According to Article11, Parliament is empowered to regulate citizenship by making a law.

Subsequently, Parliament enacted citizenship act, 1955, this act was amended a number of times in – 1986, 2003, 2005 etc.

Citizenship Amendment Act 1955

According to citizenship amendment act, 1955 and subsequent amendments, Indian citizenship can be acquired on any of the following 5 grounds:

1.By Birth –

A person born in the territory of India can be considered as Indian Citizen, only if at the time of its birth, either of the parent is a citizen of India.

2.By Descent –

A person born outside the territory of India, can be given Indian citizenship only if at the time of his birth, either of the parent is a citizen of India (Hereditary Citizenship).

3.By Registration –

Under these following categories of persons can apply for Indian Citizenship:

Minor children of Indian citizen born outside India and got citizenship of that country.

A female belonging to foreign country and married to Indian man can apply for Indian citizenship after 7 years of residency in India. (Earlier it was 6 months).

By citizenship amendment Act, 1986, it was extended to male also belong to the foreign country and married to Indian female. Presently the condition is after 7 years of residency in India he can apply for Indian Citizenship.

4.By Naturalization –

Any foreigner can apply for Indian Citizenship without marrying Indian citizen, if foregoing conditions are to be fulfilled:

He must belong to the country, where similar provisions given for Indian citizen.

He can apply for certificate of naturalization only after 12 years and valid residency in India. (For commonwealth countries citizen it is still 5 years)

He must have good moral character.

Working knowledge of Indian language s essential.

5.By Incorporation of Territory –

If any foreign territory is acquired by India, the citizens belong to that category automatically becomes citizens of India – Goa, Sikkim.

A person may lose its Indian Citizenship on any of the following grounds:

a)Renunciation – If any citizen acquires citizenship of any foreign country, he is required to surrender Indian Citizenship in fact, renunciation means voluntary surrender by doing this its Indian Citizenship is lost.

b) Termination – It is a legal act. After getting citizenship of any other country, if Indian citizen doesn’t surrender Indian citizenship then its Indian citizenship is terminated by legal action of government.

c) Deprivation – If any person gets Indian citizenship by fraudulent means or by misrepresentation of facts, then he is deprived of Indian citizenship and man be deported to its own country or legal action can be taken against it.

Citizens vs Aliens Rights

Citizens of India have the following rights, which aliens do not have:

Some of the Fundamental Rights belong to citizens alone, such as – Articles 15, 16, 19.

Only citizens can have the following offices:

The President

Vice-President

Judge of the Supreme Court or of a High Court

Attorney-General

Governor of a State

Advocate General

The right of suffrage for election to the Lok Sabha (House of the People) and Vidhan Sabha (Legislative Assembly) are also confined to citizens.

Enemy aliens suffers from a special disability; they are not entitled to the benefit of the procedural provisions in Clause (1) – (2) of Article 22, related to arrest and detention.

Citizenship Amendment Act 1986

To make Indian citizenship difficult for illegal migrants from neighboring countries, Indian citizenship Act was amended in 1986, following are the important provisions:

a) The person born in territory of India on or after 26 January 1950 and before commencement of this act in 1986, or a person born in the territory of India on or after commencement of this act in 1986, shall be considered as Indian citizen only if at the time of his birth either of a parent is a citizen of India.

b) A female married to Indian male can applied for Indian citizenship under registration only after 5 years of residency in India earlier it was 6 months.

c) This act also extended Indian citizenship to any male belong to foreign country married to Indian citizen and wants Indian citizenship can get it after 5 years of residency in India.

This act increases the time period for a foreigner belong to non-commonwealth country who applied for citizenship under naturalization only after 10 years of residency in India (earlier it was 5 years) for commonwealth and non-commonwealth countries in India.

Citizenship Amendment Act 2003

This act provides for-

a) Dual Citizenship

b) Compulsory registration for Indian citizen. According to this act the persons of Indian origin residing in 16 countries and acquired citizenship of those countries can apply for additional Indian Citizenship (Dual Citizenship) these countries are – Australia, Canada, Finland, France, Italy, New Zealand, Netherland, Portugal, Cyprus, USA, UK, Greece, Ireland, Sweden, Switzerland, Israel.

Dual citizenship has 3 limitations:

a) There shall be no right to vote.

b) They can’t hold any constitutional positions in India.

c) This act provides for a National Identity Card for these dual citizens.

Notes making is an important task while preparing for the competitive exam. Indian Polity is one of the significant subjects of the IAS Exam from both prelims and mains Exams. The topics under Polity range from –Constitution, individual’s rights, duties and responsibilities, citizenship of India, power, functions and responsibilities of various institutions of administration.

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The Indus Valley Civilization (IVC) was a Bronze Age civilization (2600-1900 BCE) extending from what today is North-east Afghanistan to Pakistan and North-west India. It flourished in the basins of the Indus River, one of the major rivers of Asia, and the Ghaggar-Hakra River, that once coursed through North-west India and Eastern Pakistan.

The Early Harappan Period

The characteristics of the early Harappan period are:

• The diverse agriculture communities would have been living in and around the Indus region i.e. Baluchistan, Sindh, Punjab and Rajasthan.
• These small agricultural settlements emerged into distinct regional traditions.
• The use of similar kinds potteries, representations of a horned deity and finds of terracotta mother goddesses show the way to the emergence of a unifying tradition.
• Trading relations of Baluch people with the towns of Persian Gulf and Central Asia took place during this time.
• Technological advancements i.e. use of copper, bronze and stone tools led to greater exploitation of fertile plains that resulted in increased grain production. This created possibility for greater surpluses and thus development of trade relations with other countries.
• The larger surpluses would have permitted the elaboration of non-farming specialization.
• This is how emergence of priests, potters and craftsmen would have happened.
• Few early Harappan sites in Indus region are:
• Amri -> Stone and mud brick houses; Granaries; fortification
• Kot-Diji -> decorative pottery; fortification
• Mehrgarh -> prosperous town; use of lapis-lazuli; seals;
• Kalibangan -> mud bricks houses; pottery in different shapes; ploughed field surface.

Emergence of the Harappan Civilization

Some of the reasons that may have led to the emergence of the Harappan civilization are:

·The Existence of many agricultural groups and pastoral nomadic communities were living in close contact with each other.

·This must have led to conflict among them.

·The agricultural communities would have fought with each other for the control of more fertile tracts of land which is the possible reason for defensive walls.

·This led to emergence of Mature Harappan period.

Features of Harappan Civilization

The Harappan society was characterized by the presence of

·specialized craftsmen,

·long distance trade,

·the existence of rich and poor people and

·the presence of kings.

The Harappan communities staying in Rajasthan, Punjab or Sindh may have been using the same sets of weights and measures.

The copper-bronze tools used by them were also uniform in design, shape and size, the bricks they used had a proportion 4:2:1.

The towns were characterized by uniformities in the planning of the buildings, citadels etc.

The seals, shell(shankh) bangles, carnelian beads and the disc beads of steatite were also uniformly designed in the entire geographical space covered by the cities of the Harappan Civilization.

Most of the time a Harappan site is identified by the use of a pinkish pottery with bright red slip. This pottery had standard representations of trees, animals, birds and geometric motifs in black.

It is the oldest civilization of India and also known as the first Urbanization.

After independence it was called "Harappan Civilization”. As Harappa was the first largest city excavated.

Important Centers

During the civilization there were around 1000 cities.

Harappa

• It was the first site to be excavated.
• Substantial section of population was engaged in activities related to administration, trade, craft work or religion.
• It was located in the midst of some important trade routes of the world.

Mohenjodaro

• It is the largest site of Harappan Civilization. It is also called "Mound of the Dead”.
• It is one of the world’s earliest major urban settlements.

Kalibangan

• It has the largest concentration of the Harappan Civilization.

Lothal

• It is located in the coastal flats if the Gulf of Cambay.
• It is called as the dockyard of the Harappan times.

Dholavira

• Located in the Rann of Kannch is most recently excavated place.

Ancient History adds at least 4 – 5 questions in the UPSC Prelims. UPSC has been focussing on Art & Culture which is a part of Ancient History’s syllabus. Many aspirants ignore Ancient History. History is a continuous flow of events. In order to better understand Modern History, we need to have clarity about Ancient History also.

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Gupta Age Art and Architecture

Introduction

The emergence of Gupta Empire is called as the Golden Age of Indian Architecture.

The temple architecture, Buddhist architecture and cave traditions reached its climax.

Caves tradition in Western India

1. Mainly there are three types of Indian art and Architecture that were executed while building caves in Western India:

·Apsidal vault-roof Chaitya halls examples Ajanta, Pitalkhora, Bhaja

·Apsidal vault-roof pillarless hall, examples, Thana-Nadsur

·Flat-roof quadrangular hall with circular chamber, example, Kondivite.

2. The front of Chaitya is dominated by motif of a semi-circular Chaitya arch and a Stupa at the back is also common.

3. At Karla, biggest rock-cut Chaitya was excavated.

·Chaitya hall pillars are decorated with human and animal figures.

·Viharas included hall, cell and veranda. They are found atAjanta & Nashik. The interior decorative motifs like that in Chaitya and vihara are found over cell doors of cave. The front pillars are carved with ghata-base and ahata-capital with the human figures.

4. One Vihara at Junnar is called Ganeshleni as one image of Ganesha is instilled here.

5.Most important sites are: Ajanta, Ellora, Nashik, Junnar Karla, Kanheri, Junagarh and Bhaja.

Ajanta Caves

·It is located in Aurangabad district of Maharashtra.

·There are 29 caves, 25 viharas and 4 chaityas. There are 1-2 storey caves.

·The large chaityas-viharas are decorated with sculptures and paintings (from 1^st-5^th CE). They were primarily built during Gupta period.

·The biggest Buddha image of Mahaparinibbana is found in 26^th cave.

·Pillared virandha and halls and cells, and the back wall is considered as the Buddha Shrine.

·Bhoomiparshmudra: Buddha showing right hand indicating to earth -> it is the largest sculpture panel in Ajanta.

·Multi coloured paintings depicting Jatakas and Avadanas.

·Frescos are also found of rice husk, limestone and natural colours.

·For example, preaching Buddha, flying apsaras, a bodhisttva holding lotus.

·Both Hinayana and Mahayana art are found.

Ellora Caves

·These caves are located in Aurangabad.

·These were built during the rule of Rashtrakutas.

·There are 34 caves which include the Buddhist, Brahaminical and Jain caves. It mostly includes Mahayana art only.

·Caves are usually 3-storey caves.

·Under Shaivite theme, Ravana shaking the Mt. Kailash; Andhakasurvada; Kalyanasundra.

·Under Vaishnavite theme, avatars of Vishnu are depicted.

·These are unique in stylistic eclecticism i.e. confluence of many styles at one place.

·Rock-cut temples are also carved. For example: Kailashnath temple.

Elephanta Caves

·These are located in Mumbai.

·It was originally a Buddhist site but later dominated by Shaivite Sect. The sculptures show stark light and dark effects.

·Some examples are: Maheshmurti (3 headed deity), Bhairava and Uma.

Eastern India Caves

·Coastal region of Andhra (Guntapelle) and in Odisha have structured monasteries.

·Anakapalli Cave has the biggest rock-cut stupa.

·Udaygiri and Khanadigri Caves of Odhisa has mostly Jainist caves.

Udayagiri caves

·These are located in Vidisha, Madhya Pradesh.

·These were created under the patronage of Chandragupta II.

·The caves have one of the earliest Hindu sculptures.

·Some caves are dedicated to Shiva.

Other Caves

Bagh Caves

·These are located in Madhya Pradesh.

·There are 9 Buddhist caves developed around 6^thCentury A.D.

Junagadh Caves

·These caves are located in Gujarat.

·These are Buddhist caves.

·A 30-50 ft high citadel known as Upar Kot is found in front of the prayer hall.

Nasik Caves

·These are located in Maharashtra.

·It is a group of 24 Buddhist Caves.

·Thses are also called as Pandav Leni.

·It has influence of both the Hinayana sect and the Mahayana sect.

Stupas

Dhamek stupa at Sarnath near Varanasi is an example of Stupa developed during this period.

History is considered as one of the UPSC optional subjects in competitive exam. The syllabus of History includes archaeology, historical architecture, art and cultural heritage. Specified under the syllabus of General Studies I for UPSC Civil Services Mains, Indian Art and Culture is taken as one of the important topics in the Civil Services preparation. As this is a very wide topic, you should you stick to the syllabus and study only the relevant portions.

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