(i) Issue of shares at Par:
Normally shares are issued at their face value or par value i.e at a price mentioned on the face of share certificate concerned. There are no legal restrictions on issuing shares at par/face value.
(ii) Issue of securities at discount:
When the shares are issued at a price below the face value they are said to be issued at a discount. For example, a share having the face value of Rs 10 is issued at Rs 8. The companies act 2013, prohibits the issue of shares at discount (Section 53), except sweat Equity share.

The recent methods of recruiting by organisations include the following methods:
(i) Outsourcing: There are outsourcing firms that help in the process of recruiting through screening of applications and finding the right person for the job for which job they are paid service charges.
(ii) Poaching: Organisations instead of training and developing their own employees, hire employees of other competitive companies by paying them more both financial and non-financial benefits. It is called raiding.

(i) A consumer as defined under Consumer Protection Act, 1986
(ii) A registered Voluntary Consumer Association
(iii) Central Government
(iv) State Government / Union Territory
(v) One or more consumer representing numerous consumers having the same interest

The Indian Corporate Governance framework requires listed companies,
(i) To have independent directors on the board; Atleast one-third of the directors have to be independent directors.
(ii) To have atleast one independent woman director.
(iii) To disclose all deals and payments to related parties.
(iv) To disclose details of managerial compensation
(v) CEO and CFO to sign stating that the governance norms have been complied with in the financial statements.

(i) Gathering and analysing market information
(ii) Market planning
(iii) Product designing and development
(iv) Standardisation and grading
(v) Packaging and labelling
(vi) Branding
(vii) Customer support services
(viii) Pricing of products
(ix) Promotion and selling
(x) Physical distribution
(xi Transportation
(xii Storage and warehousing

(i) Aptitude test is a test to measure suitability of the candidates for the post/role.
(ii) It actually measures skill sets of the candidate.
(iii) It helps in predicting the ability and future performance of the candidate.

Insider trading means the buying and selling of securities by directors Promoters, etc. Who have access to some confidential information about the company and who wish to take advantage of the confidential information.

(i) NSE was incorporated in November, 1992.
(ii) It is a countrywide, screen based, Online and order driven trading system.
(iii) It uses satellite link to spread trading throughout the country thereby connecting members scattered all over the India.
(iv) Through computer network, member's orders for buying and selling within prescribed prices are matched by central computer with each other and instantly communicate to the trading member.
(v) NSE has two segments, i.e. Debt segment and capital segment. It has ushered in transparent, screen based and user friendly trading of global standards.

(i) The period between 1947 and 1973 marked the development of infrastructure for capital market.
(ii) During this period, a network of development financial institutions such as IFCI, ICICI, IDBI and UTI, SFCs and SIDCs were established. These financial institutions strengthened the capital market.
(iii) During the period between 1980 and 1992, debenture emerged as a powerful instrument of resource mobilization in the primary market. The public sector bonds were introduced. A number of stock exchanges came into existence. There was a momentous growth in the secondary market.
(iv) SEBI emerged as an effective regulatory body for the primary and secondary markets and afford a measure of protection to small investors. New financial services such as credit rating was introduced.
(v) A number of committees were constituted in order to suggest measures to revamp and restructure the working of the secondary market and cause buoyancy in the primary market.
(vi) A High Powered Study Group on Establishment of New Stock Exchange, A Committee on Trading in Public Sector Bonds and Units of Mutual Funds.

Is Management a Science:
(i) Management is an in exact science, because in pure science, the principles are put into test in a laboratory and they are either proved or disproved exactly and precisely.
(ii) Similarly the management principles can be put to test in an organization where men, machine, money, and materials (4 Ms) are practically integrated towards achieving some chosen organizational goals.
(iii) These principles cannot be exactly proved or disproved either as they tend to be flexible to changing environment, policies and practical difficulties while synchronizing them together.
(iv) Everyone believes that management is an art. No, it is not an art in Toto. Because, the concept of art denotes the learning of skills and practicing them in day to day life.
(v) To conclude, Management is neither a science nor an art, but a combination of both requiring people holding managerial positions.

Secretary has to discharge non-statutory functions in relation to directors, shareholders and office and staff. These functions are briefly mentioned.
(a) Functions as an agent of directors;
(b Functions towards shareholders;
(c) Functions towards office and staff.
(i) Functions in Relation to Directors: A company secretary acts under the full control of the board of directors and carries out the instructions of the directors. The secretary provides necessary advice and information to the board to formulate company policy and arrive at decisions.
(ii) Functions in Relation to Shareholders: The company secretary must serve in the best interests of the shareholders.
(iii) Functions in Relation to Office and Staff: The Secretary is the kingpin of the whole corporate machinery. He is responsible for the smooth functioning of the office work. He exercises overall supervision, control, and coordination of all clerical activities in the office.

(i) Employee referral: The existing employees of the organisation may recommend some of their relatives or known people who will be suitable for the existing vacancies.
(ii) Government/Public Employment Exchanges: These are exchanges established by Government which facilitates recruitment throughout the country.
(iii) Private Employment Agencies: These are similar to Public employment exchanges except that the ownership is the hands of private parties.
(iv) Employment consultancies: These types of firms facilitate recruitment on behalf of client companies at cost.
(v) Professional associations: Organisations seeking applicants of high calibre and repute with technical knowledge approach professional associations like Institute of chartered accountants, The Indian Medial association and All India Management Association etc.
(vi) Deputation: A person who is already an employee of an organisation can be deputed for a specific job for a specified period as a short term solutions.
(vii) Labour contractors: Organisations recruit unskilled and manual labourers through these contractors.

Dimension	Salaried Employment	Self Employment
Income	Dependable and probably higher income during the initial stages but limited by promotion opportunities	The fluctuation of income depending upon economic conditions and endeavors of the entrepreneur
Working Hours	Fixed Working Hours	Absolute freedom in choosing the working time.
Job Security	Fixed tenure jobs in respect of public sector appointments and absolute unstable job in private sector appointments.	Stable job till the business is solvent
Financial Risk	There is no financial risk in salaried employment as the employee does not invest in the capital of the employer organization	There is high degree of risk of losing the investment due to continuous loss.
Personal Satisfaction	An employee may derive job satisfaction	Owner derives a sense of personal satisfaction
Responsibility	The size of responsibility increases as an employee moves up the organizational ladder.	The size of responsibility is always higher for various stakeholders.

As of 2016, there are 60 stock exchanges in the world. Of these, there are 16 exchanges with a market capitalization of dollar1 trillion or more, and they account for 87% of global market capitalization. Apart from the Australian Securities Exchange, these 16 exchanges are all in North America, Europe, or Asia.

The process of MBO is explained below:
(i) Defining Organisational Objectives: Initially, organisational objectives are framed by the top level employees of an organisation. The definition of organisational objectives states why the business is started and exists.
(ii) Goals of Each Section : Objectives for each section, department or division are framed on the basis of overall objectives of the organisation. Goals or objectives are expressed in a meaningful manner.
(iii) Fixing Key Result Areas: Key result areas are fixed on the basis of organisational objectives premises. Key Result Areas (KRA) are arranged on a priority basis. KRA indicates the strength of an organisation.
(iv) Setting Subordinate Objectives or Targets : The objectives of each subordinate or individual are fixed. It is preferable to fix the objectives at lower level in quantitative units. There should be a free and frank discussion between the superior and his subordinates.
(v) Matching Resources with Objective : The objectives are framed on the basis of availability of resources. If certain resources (technical personnel or scarce raw material) are not adequately available, the objectives of an organisation are changes accordingly.
(vi) Periodical Review Meetings: The superior and, subordinates should hold meetings periodically in which they discuss the progress in the accomplishment of objectives.
(vii) Appraisal of Activities: At the end of the fixed period for achieving the objectives, there should be a discussion between the superior and subordinates.

(i) Coachin Method: In the coaching method of training, the superior teaches or guides the new employee about the knowledge and skills relevant to a given job. In this method superior plays the role of coach or guide and an instructor.
ii) Mentoring method : Mentoring is the process of sharing knowledge and experience of an employee. Mentoring is always done by senior person, it is also one-to-one interaction, like coaching. It is mostly used for managerial employees.
(iii) Job Rotation Method : Job rotation is an important method for broadening the knowledge of executives. Under this method, a trainee is periodically shifted from one work to another work and from one department / division to another department / division for a particular period of time.
(iv) Job Instruction Techniques : In this method, a trainer superior gives some instructions to an employees to how to perform his job and its purpose.
(v) Apprenticeship Training Method : The apprentice or trainee learns the job knowledge and skills from the trainer or superior or senior worker. Generally, the apprenticeship training is given to , the technical cader like that Mechanics, Electricians, Craftsmen, Welders, Fitter etc.

Advantage of E-Marketing :
(i) Any Time market: E - Marketing provides 24 hours and 7 days "24/7" service to its users. So consumer can shop or order the product anytime from anywhere.
(ii) Direct contact of end consumer by the manufacturers cuts down the substantially intermediation cost. Thus products bought through e-marketing become cheaper.
(iii) Customer can buy whatever they want/ need just by browsing the various sites.
Disadvantages of E-Marketing :
(i) E-Marketing a strong Online advertising campaign need for which company have to spend large amount for website design, software, hardware, maintenance of business site, Online distribution costs.
(ii) It is not suitable for small size business and also deters customers from buying who lives on long distances.
(iii) While the number of customers is continuously growing, companies hardly update the information on website.
(iv) Many buyers are suspicious about the security of the Internet. As a result, many visitors of business web sites do not like to use their credit card to make a purchase. So, there is a fear of their cards being misused by fraudulent practitioners.

The various steps involved in starting a venture have been highlighted.
(i) Selection of the product:
An entrepreneur may select a product according to his aspiration, capacity, and motivation after a thorough scrunity of the micro and macro environment of business.
(ii) Selection of form ownership: 
Entrepreneur has to choose the form of organization suitable and appropriate for his venture namely family ownership, partnership, and private limited company.
(iii) Selection of Site:
(i) Entrepreneur has to choose suitable plot for accommodating his venture.
(ii) Entrepreneur may buy private land and develop it for industrial use.While choosing the site, consider Nearness to native place, Incentives provided by theGovernment, Nearness to market, Infrastructure Facilities.
For example Nearness to native place, Incentives provided by the Government, Near to market.
(iv) Designing Capital Structure:
Entrepreneur has to determine the souce of fhnance for funding the venture, He/she may mobiline funds from his own savings, lons from friends and relatives, term loans from banks and financial institutions.
(v) Acquisition of Manufacturing know-how: 
Entrepreneur can acquire manufacturing know-how from Government research laboratories, research and development divisions of industries, and individual consultants.
(vi) Preparation of project report:
Project reports nreds to be prepared accoring to the form t prescribed in the loan application from of term lending instítutions,An entrepreneur can get the report prepared either by technical consultancy oryanisation or by auditors or by consultants or by developrneht agencies.

Features of a cheque :
(i) Instrument in writing : A cheque or a bill or a promissory note must be an instrument in writing.Though the law does not prohibit a cheque being written in pencil, bankers never accept it because of risks involved.
(ii) Unconditional order : The instrument must contain an order to pay money.It is not necessary that the word 'order' or its equivalent must be used to make the document a cheque.
(iii) Drawn on a Specified Banker Only: The cheque is always drawn on a specified banker.A cheque vitally differs from a bill in this respect as latter can be drawn on any person including a banker.
(iv) A Certain Sum of Money Only : The order must be for payment of only money. If the banker is asked to deliver securities, the document cannot be called a cheque.Further, the sum ofmoney must be certain.
(v) Payee to be Certain : The cheque must be made payable to a certain person or to the order of a certain person or to the bearer of the instrument.The word, person includes bodies corporate, local authorities, associations, holders of office of an institution etc.
(vi) Signed by the Drawer : The cheque is to be signed by the drawer.Further, it should tally with specimen signature furnished to the bank at the time of opening the account.
 

Ability Test :
(i) A test designed to measure an individuals cognitive function in a specific area such as variety of skills, mental aptitude, problem solving, knowledge of particular filed, reasoning ability, intelligence, etc.
(ii) Thistest is used to find the suitability of a candidate for a given job role. It comprises the following:
(1) Aptitude test :
Aptitude test is a test to measure suitability of the candidates for the post/ role. It actually measures skills sets of the candidates. It helps in predicting the ability and future performance of the candidate. Aptitude test can be measured by the following ways:
* Numerical Reasoning test
* Verbal Reasoning test
* Inductive Reasoning test
* Mechanical Reasoning test
* DiagrammaticReasoning test
* Spatial Reasoning test
* Situational judgment test
* Mental Arithmetic test
* Vocabulary test
* Number sequence test
(2) Achicvement Test :
This test measures a candidate's capacity to achieve in a particular field. In other words this test measures a candidate's level of skill in certain areas, accomplishment and knowledge in a particular subject. The regular examination conducted in educational institution represents achivement test.It is also called proficiency test.
(3)Intelligence Test :
Intelligence tests are one of the psychological tests, that is designed to measure a variety of mental ability, individual capacity of a candidate. The main aim of these tests is to obtain an idea of the person's intellectual potential.
(4) Judgement Test :
This test is conducted to test the presence of mind and reasoning capacity ofthe candidates.
B.Personality Test :
Personality test refers to the test conducted to find out the non intellectual traits of a candidate namely temperamcnt, emotional response, capability, and stability. There is no right or wrong in the test. It comprises the following tests.
(i) Interest Test
(ii) Personality Inventory test
(iii) Projective test / Thematic appreciation test
(iv) Attitude test.

The managerial functions are as follows:
(i) Planning:
Planning is deciding in advance, what to do, how to do and who is to do it.
It bridges the gap between where we are and where we want to go.
It helps in the systematic operation of business.
(ii) Organising:
It includes division of work among employees by assigning each employee their duties, delegation of authority as required and creation of accountability to make employees responsible.
(iii) Directing:
It involves issue of orders and instructions along with supervision, guidance and motivation to get the best out of employees.
This reduces waste of time, energy and money and early attainment of organisational objectives.
(iv) Controlling :
The control process includes fixing of standards, measuring actual performance, comparing actual with standard laid down, measuring deviations, and taking corrective actions.
This is made possible through observation, supervision, reports, records and audit.

The functions of SEBI are as follows:
(i) Safeguarding the interests of investors by means of adequate education and guidance.
(ii) Regulating and controlling the business on stock markets.
(iii) Conduct inspection and inquiries of stock exchanges, intermediaries and self-regulating organisations and to take appropriate measures wherever required.
(iv) Barring insider trading in securities.
(v) Prohibiting deceptive and unfair methods used by financial intermediaries operating in securities markets.
(vi) SEBI Issues Guidelines and instructions to businesses concerning capital issues.

 
S.No Features Money Market Capital Market 1. Duration of
funds It is a market for short-term loanable funds for a period of not exceeding one year. It is a market for long-term funds
exceeding period of one year. 2. Deals with
Instruments It deals with instruments like commercial
bills (bills of exchange, treasury bill, commercial papers, etc.) It deals with instruments like shares debentures,government bonds, etc. 3 Money Value Each single money market instrument is of large amount.Each certificate of deposits or commercial paper is for minimum of  ₹ 5 lakhs Each single capital market instrument is of small amount. Each share value is ₹10. Each debenture value is ₹100. 4 Role of major
institutions The central bank and commercial banks are the major institutions in the money market Development banks and Insurance
companies play a dominant role in the
capital market. 5 Risk Low credit and market risk High credit and market risk. 6 Liquidity High liquidity in Money Market Low liquidity in Capital Market

Functions of management can be classified into two categories.
A. Main functions; and
B. Subsidiary functions.
A. Main functions:
(i) Planning:
(a) Planning is the primary function of management.
(b) Nothing can be performed without planning.
(c) E.g. Writing a book starts with planning.
(ii) Organising:
(a) Organising is the process of establishing harmonious relationship among the members of an organisation.
(b) Organsing function work is assigned to employees who are given authority to carry out the work assigned and made accountable for it.
(iii) Staffing:
(a) Staffing function comprises the activities of selection and placement of competent personnel.
(b) Staffing refers to placement of right persons in the right jobs.
(iv) Directing:
(a) Directing denotes motivating, leading, guiding and communicating with subordinates.
(b) Employees are kept informed of all necessary matters by circulars, instructions man uals, newsletters, notice-boards, meeting, participative mechanism, etc.
B. Subsidiary functions:
(i) Innovation:
(a) Innovation refers to the preparation of personnel and organisation to face the changes made in the business world.
(b) Innovation includes developing new material, new products, new techniques in production, new package, new design of a product and cost reduction.
(ii) Representation:
(a) A manager has to act as representative of a company.
(b) Manager has dealings with customers, suppliers, government officials, banks, financial institutions, trade unions, etc.
(c) It is the duty of every manager to have good relation with others.
(iii) Decision-making:
(a) Everyemployee of an organisation has to take a number of decisions everyday.
(b) Decision - making helps in the smooth functioning of an organisation.
(iv) Communication:
(a) Communication is the transmission of human thoughts, views or opinions from one person to another person.
(v) Workers are informed about what should be done, where it is to be done, how it is to be done and when it is to be done.

"First directors" means those directors who hold office form the date of incorporation of the company. The first directors are usually named in the articles of association or are appointed by the directors.

Entrepreneur requires two types of finance namely long term and short term. While long-term requirements are needed for acquiring fixed assets, short-term requirement are meant for meeting working capital needs. Entrepreneur has to bring in promoters contribution (seed capital) prescribed by financing agencies.

The certificate of deposits are available for subscription by individuals, corporations, trusts, associations and NRIs.

MBO is a management system in which each member of the organisation effectively participates and involves himself. This system gives full scope to the individual strength and responsibility. MBO harmonises the goal of an individual with the organisation's goal.

The functional area of management are : export management, personnel management, general management, production management, marketing management and financial management.

One of the way by which consumers are being exploited is 'Artificial Scarcity'. In milk books and in cinema house use find 'No Stock' and 'House full' board outside. But milk and cinema tickets are available at a higher price in the black market.

Intelligence tests are one of the psychological tests, that is designed to measure a variety of mental ability, individual capacity of a candidate.The main aim of these tests is to obtain an idea of the person's intellectual potential.

(i)The branch of management that deals with managing human resource is known as Human resource management.
(ii) Human resource management is a function of management concerned with hiring, motivating and maintaining people in an organisation. It focuses on people in an organisation.

(i) The normal trading time for equity market is between 9.15 a.m. to 3.30 p.m., Monday to Friday.
(ii) It is closed on the weekends and National holidays.

Debt Market is the financial market for trading in Debt Instrument (i.e. Government Bonds or Securities, Corporate Debentures or Bonds).