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WSWS : v^W h` |@L;n : a#mk` mh`Qpy

@j~RJ dBV. Ÿ a@PK;ky` aO @ls

b# @
2000 a@g~S 8

a`rMXk mhjn a@ly (Initial public offering -- IPO):

sm`gmK y v&`p`r vS }m vw`vt mhjny` @vw a@ly s>h` W m. aO @ls W @k@rn M pW, @b`@h~ t, nW rr#v m @n` v, @k`tS `G[nyt N wm v&`p`r vS s>h` @p` @vl> @p`lK @s`yn @y_vn, d` sm`gMvlt ayW y. aO l v&`p`r vS l gNn` a`@y~jk@y~ s`m`n&@yN \`l l`Xvl h#y`v sMbN[@yN s#ly avq`nM X`r g#mt q`nM y Ww`h.

(l`œyŸ k#MP@bL a`R. h`R@B@G Hypertextual Finance Glossary (aŽ;y l& p`X`k pq m`l`v))

@j~RJ dBV.  pBkN pK; svt k#tpl@yN l#m sh a#mk` eKsW jnpq@Y l< jn`Žp @M @h`> v`q`yk wWvyk m, a#mk` @Q\p`ln@Y sMq`k Nt av, W k`vn vR[ny. @l~k@Y a\N m sARn sh blg cwyN sw rtk r`j& [`y` m wb` r`j& aŽk`@Y kvr wnrK s>h` vW @w~r`gw bv y#@vn vK o@G v`Rw`@V n#w.

@k` aN b#vW o@G w@Y pl q\k hwr r`m arnK n#v ib`g`@W a#Qq @sK @m . o yTn`M Q[yt r#Q[ @n` y, nW @b`@h~ vrs`w wr#nyN @mN hq`vt b>v` g#@mN m< h#r mt o y pL sb>w` @y`q` g. @tKs`S @wL kRm`Nwy l as`R}k v&`p`r pyk @y@mN sh @k`Asy l a`snyK n` g#@M as`R}k yWnyN pv, v^Wy @BS@b~L kNd`ymk @k`tSk`r kr#@v bvt ov pW kl p@L wvN@G uWs`hyNt N vNnt o q\lK;p@y bvt pW y.

@p@nn h#yt o@G w@Y @vnW kl @qyK o @n` q#n s` @j~RJ dBV.  @Q\`plny sMbN[@yN wvW brpwl uWs`hyK q# y. v`Rw` vn a`k`ryt, o@G @qm`yN@G avv`qy @n`wk` 1994 @tKs`S a`Nk`r pqy s>h` wr< kr jygW@W y. a`Nk`rvr@y @ls vsr phhm`rK @Svy @mN anr#v mN m v`@G j`k @Q\p`lny b>v aWq#mK n#v sh j`w&Nwr kt sMbN[v avm q#mK vW n#v, @ls iA kw` mt sh mt @n` q#n o q#N [vl mNr@Y epWw ud .

@L sb>kM s` sh sm`j wWv@yN pBkN pK;@Y r`j& Rb`[ @g`d@vqkM @vwt b#Šm h#r @j~RJ dBV.  o@G w@Y v# k`lyK @Q\p`lny @k@r @|; unNvK qR\ny @n` k@L y. o o@G wy زk`n @Q\p`ln sb>kM sw plk gwkr a#wW aWq#M vN v# ymK ukh` gW bvt slnK vW n#w.

o yM a`qR\yK lb` a#w`K rt, bly sh [ny o @vw @gn a` h# v#r sMbN[w` y# slk lbn |v`sy l E yLl @g` kl h# y. o@G s`R}kWv@Y pqnm mK q? smhr#Nt av ot @h`> nhvK a# awr p`lk pN@Y kL l s#h#L@vN g#vy h# y. @tKs`s@Y a`Nk`ry` @ls o @m@wK n a# sm`j qR\nyN l , Ev` XKmW stN p`vN vs` q#y h# y o gmny k@L y.

pBkN n`m@y~jn` s>h` o@G uQ@{~;n@Y pl aqyrvl @j~RJ t a# smhr |nvl eb‹ yMvlt v#qgWkmK a#w. y@m@G w k`ly l cwy sh m@n~q&`v o@G b`r @pm mw Ev`@Y sl wb. @m @pNM @k@rN@N, wm` vk` @ls a#< @Br`g#mt smW ay bv qNn`, wv rtW v@h`W, wm` krqryk v# kl wm`t a#p @Br` g#mt aN ay rr#v m t a# Qgl@yK y.

@n` yvn, QŽmy unNvK n# @sK vn @j~RJ  a#mk` sm`jy l v#qg#Mmkt n#, w, stkpt yLlN@G k#dpw.

 @n` g#„r# at@yK bv h‹n` gNn` ekm m`[&y @l~k sm`jv` @vB ady pmnK @n` @V. V@y~RK tMS py, pBkN a@PK;ky` g#n Wk`vn SwryK l @m@S y Ÿ " mhw` mN m ah„ a@PK;k@y; vsr phhm`rkt ihw o@G pl @Q\p`ln pWm b`rgNn` r# o@G w k`l@yN v# hyK ib`g`@W gw kl sh eKsW jnpqy @SW @n` qW @n~qk` uQ[Cc@y. e@hW q#N o mhjn mw mMvl i@yN . nW o @W pW v @h`W, p y yv@S On$m jn`Žpvryt vd` mhjn @Svy l avm wWvyN ptN gNn` w#n#Ww` o v a#w.

" mhw`@G @|; gmN p}ymW a#<M krN@N, @Wr#M g#mt kr S}r l q#vn @Hk`vK @ls o n @sy. pBkN pK;@Y a‹r# k`ly (blind date) @ls ov Swr m v#mnW @qyK y h# nW o@G |v`syN sh n`ykWv@Y Svr$py sMbN[@yN \L m`nyK -- o @kb‹ jn`Žp@y @V q yNn g#n -- ap#h#v pv.

j`@Y ihlm ly @qst i‹r`m a@Q\p`lk @s wL kr l#b @M ay}` SvX`vy @vw rcn` kvr# sh v^Wy [@N|vr m`[&@V yyW p#@n. o@G y`@G jn`Žp k`\k m`RN TS@v~tR N 1990 gnN l @j~RJ dBV.  g#n kl phw s>hN Swr o ut` qKvŸ

"@j~RJ dBV. @SW m @Q\p`lny @h~ pWy @k@r unNvK @n` @pN y. ap wv rtW pWy g#n kw` m mt mwk n#w. a#Ww vs@yN m ... @j~RJ dBV. jn`Žpkm sh pl @k@r o@G |ty sMbN[@yN a\N m a@Q\p`lk @hN o a`Nk`rkm s>h` wr< vn t mm kMpnyt pW @n."

y @prt yŸ

"1979 o @k`Asy s>h` as`R}k @ls wr< v#@M o @m@hy @N g#„rt Lb#sgW q^v`q`Wmk v#tM N @n` v @k`AS sk@y m s#nLlk# yn Ll N bv @r~ y.

"v#@Y av[`nyt lK@M sh o@B vlt mh h#d# nhvN lb` g#@M @h`>m mvN ekK vN@N @Q\p`ln@Y s`R}km . @p@nn @lst nM.  mhw` em av[`ny @qst kMm wL a# bvK @p@n. e@S a#W@W o@G @Q\p`ln |v`syN s` vnv`t vd`, o e@ls av[`nyt lKm sN aW Šm h` ot ey yhpW s` y."

e @mm kk K;ny gl` eŸ

"ز v`Rw` uNpL@lN yvn, [`yk ‡ sthN y@M o@G k#m#Ww g#n wr krn sh @b`@h~ |n sMbN[@yN aL shgw, @Q\p`ln qR\nv`qyK g#n w` m sMbN[@yN a s`K sw @j~RJ  mhw` q# @ls m QŽ@r~Ž@y. @M yL@lN aqhS @k@rN@N |wv m o S gLl$LlK bv @n` @V. nW s`@PK;v @n` p#h# v yn a@y."

@j~RJ @G s@h~qr F@l~d`@V a`Nk`r @jB  pv` pBkN sM@Mln k`ly l r$pv` sMš s`kCc` v`Rw`kr#@vt k`\ k@L, o@G s@h~qry` pBkN a@PK;ky` @M h#y`vK a#w# vsrkt @pr nM wmN |v`s @n` kr a# bv y.

@j~RJ  s>h` g#@M ekm @qy o@G pL n`my pm. @Q\p`ln p#y زk`n k`Ry X`ryK i kr a#, E s>h` mn`vN pv` krn` nW b`l @G h šWvyt Em aw& as`m`n& vR[ny. vRwm`n psry l  n`my mN, @Q\p`ln qR\n p}y mw vd`W a@l kl h# X`Ndy bvt @j~RJ  pWkr l#b a#w.

a@lkrn @l~p`y @n` p#h# stN p`ykt wb` a#n gs l#b a#w. "qy`vNw wWv`rK;ky`", @k@S nW, q&`l mp`@n~Wsv pvWvN@n, @tKs`s@Y v&`p`ky @h~ a`Nk`rvry` yn ek w#nk vW @G cw`pq`ny l kvr`k`r @h~ qy`vK g#n y@vn vK n#w. iw` @h`‰N qNn` p @tKs`S r`j& mNry l o@G p`ln k`ly l @j~RJ  mrn q‡vm p#nM 130k ln qr` a#w. sAgw sh @p~sN s>h` b vrs`q @M sh p`sk sh a`rK;k ĵL @M imhW @@w bvK @pNv` a# nW PpN@G br s#h#L @M mn @h~ yvryNt o @r~[y p` a#w.

"qy`vNw wWv`rK;kv`qy" Svy qKn`Ak @vW mN d`vt lKv a# ay s>h` v#@rn k‹ bvt >@v.

a#mk` @Q\p`ln n`yt eb‹ v#qg#Mmkt n#Ww wL kr l#b a#W@W a#? eKsW jnpqy l ktvl wWvy g#n o@G a@PK;kWvy mK eqrV kr q? ek wlyk @G s#lMshgw @Q\p`ln iqR\nyK n#kmm o@G a@PK;kWvy ihlt o@s`v lbn sAgw bl@Vg s>h` a`kR;y @s bvt ov pW krnv` y h# y. eb‹ ac`r @s am`n vs@yN ph@vN uvmn` awk @m@hyy h# y. nW vd`W k wlyk , @j~RJ dBV. @G n#m a#mk` @Q\p`ln@Y h` sm`j@Y @@v;k vnw`vK ġ„ kl y.

[vl mNr@Y lwl aLl`@gn NnN wrm @SW m @y~ @n` @v. nW @|;@yN sm^QŽmW sh a`d& k`lpC@Cqvl -- 1920 gnN sh 20 vn yv@S ag q\k @qk @mN -- sh mh` aRqyN @qst k‹ g#@sn prSpr@r~[yN l -- L Q[yt @pr 1950 q\ky @mN -- ayN N jn`Žpkm qr l#b a#w.

aK aN, @|; aRq k`lvl [vl mNr@Y lwl q#m s>h` @|; cw a# N @s`y` g#mt a#mk` p`lk pNyt h# k`l pC@Cq a#w. s$m jn`Žpvr@yK m a#mk` [nv`q@Y @Qy h` @Qy k av\&w`vN a`rK;` mt b#Š . nW smhr# j`w&Nwr kt b> av@b~[yK, s`K;rw` qK;w`v @h~ v&Kw kkWvyK sw زk`n @Q\p`ln aWq#MvN lb`gW @Q\p`ln `G[nykt kM y. @s ay Q[y @h~ s`my yn @qN ekk oN@G cwy \KmW krn sh a#mk` [nv`q@Y kt g#n vg bl`g#@M k`RyX`ry s>h` oNv q`nM krn Qgk kr pK;nvN smWv .

y@m y@d~R r$S@vLT g#n kLpn` krN@N nM, a#mk`v aŽr`j&v` blyK @ls iSm m @v@vN kWvy gWw` q l`X pQ[@Y زk`n sk&w`v s>h` mh` sAgwyN@G bly p`lny @M av\&w`v h‹n`gWw` q @Q\p`ln@yK sh q r@yŸ D@r~ LsN [vl mNry @vw Emt @pr, QŽyt pW v&vS}`my \`S@yK awr a#mk`v pl vn @l~k Q[y kr` @gn @Y y. $NKN r$S@vLT, 1933 jn`Žp lyt pWmt @pr V@y~RK `Nw r`j& sh j`k @Q\p`lny yn @q@K m lb`gW vsr gnn`vk aWq#M q pK;{`wv N kl argl@Y sq`c`rmy v`y q ot . asNdR, pk@lk @g~LF d`vt kM q#Kv`t v# @p_r;@y -- @qvn @l~k Q[@Y sA[`n@Y qK;@yK sh s#ly Qgl@yK y.

@kn pv`, jn`Žp bvt pWmt @pr q r@y m sh @k`Ns@Y q`hwr vsrK m g#n rs`rM @q y. b` sl aRqy g#n m$w W @kr# k}n v`Rw`vlt av @kn @|; n @Q\p`ln@y.

wWvyk Kmw` sh sARnw` hny kr g#mt `ny, aWq#m sh [`w`v jn`Žp pqy sMbN[@yN s#ly v#qgWkmK qrn kr# @V. a@nK awt, r`j&y @N a`nvNwkm, aWq#M rw bv sh arqR bv p#vm a#mk` p`lk pNyt pmnK @n` v @l~kyt m mh` anr# @gn e.

 @y~jny krN@N, p#r @Q\p`ln Wv@Y r`pWm q [nvN sh vrs`wyN awr nv, g#„N m g` @k`tSvl n#g Em q yn sm`Nwr y`vN @qkk aNwR @Cqny .

p y q\k @qk l a#mk`@V pmnK @n` v j`w&Nwrv m [@N|vr pK;vlW @Q\p`lnyN@GW k# @p@nn ph`yK sl @B. @M vn` aN yLltmW vd` sm`j asm`nw`v@Y vR[n@yN q a`Rk m@G ihl n Tvk @y~[ @p`@h`sW mN q sl @kr# amhW @vnSkM q\kyN y. vrs`w N sh mhjny` awr prwry plL a#v`K @mN m [@N|vr sm`j pqnm q pv @B. pBkN sh @m`#K yn a#mk` [nv`q@Y pK; @qk @p` jnw`v@gN vdvd`W @vN v pv.

e plyK @ls, @Q\p`ln n`ykyt kN av\& v k qK;w`vyN pv` -- plL jn kNd`yM smg sX`g gw@M sh v#d @M h#y`v -- avm`ny a#w. aq @Q\p`lnyN iw`m p kvyN N @w~r l#b iw` k@~r @ls a@l @k@r. @j~RJ dBV.  E b> v @h`> m uq`hrny. a#mk` mhjny`@gN imhW bwryK ev#N@nK n bv q#n g#mt pv` @pr pBkN jn`Žpvrn n`m @y~jn` o lb`gW@W y.

E smg m p`lk pN@Y ihl p#l#Ny l m v#qgW @vnSkM a#w. @k`tS @vl> @p`@L Gg#Sn uWp`wy sh L v p#r#n sm@PK;n@Y @p` psryk plyK @ls, nv @p`@h`sN kLyK v#@mN @p`@h`sN@G sh blvN@G s`m`kWvy Mb l#b a#w. @mm S wrm s#ly v&`p`ryK @g`d @n` ng` a\`l mTtmk [nyK @k k`lyK l @g`d gs`gWwN y.

v&`p`ryK @g`dn#@M sh kr avS}`vl a`rK;` @M arglyN nk pK;`vt b‹N @n` , @k`tS vWkMvl vn`kM ihl y`m mN [nvWk@M ihlt m n# sh @v~L y l m @d`lR yn gnN vW krn eb‹ Qgl@y~ sMq`y @h~ wmN@G K;k av\&w`vN@gN ett q#KmK n#W@w~ y.

wN ey kr gW@W @k@S q# @n` q#n \`l [nyK @g`d gs` gWwN a#W@W k@q@nK @n` @V.

v&`p`r sMbN[ shj h#y`vN sw, pgnk v#dsthN @k@r qK;w`vyK a# @h~ n aqhsK vR[ny m s>h` r#kmK a# ayt pv` oN@G y`k`Wv@Y w K@@yN eh`t a#W@W m> av@b~[y.

e@S vW, eb‹ Qgl@y~ oN@G [n@Y bl@yN @Q\p`ln K@y l v#qgW @sLlMk`ryN bvt pWy h# y; pW@v. nW e@ls m @mm ;y K@@Y oN@G y`k`WvyN vv lbN@N @k k`n uWkyN m; a#mk` [nv`q@Y av\&w` g#n vd`W L, vd`W r qKn` av@b~[yN @w`rv y.

 @b@hN m eb‹ bl@Vgvl k}k@y. o @Q\p`ln sMq`yK sw plN p#v#w eN@N nW o@G cw lK;n @b`@h~ @sN ar$p vN@N sm@PK;n uWp`w@Y k`l pC@Cqy l p`lk p#l#Nyt sMbN[ n sm`j S}r@Y aWq#mt y.

y s@Y L@dLy`@V S k$qryN h` vrs`wyN  g#n yt pW @Y nM E vn` sM@Mln @Y ay wmN@G ġ„v @tKs`S a`Nk`ry` N @h.

eKsW jnpq ih`sy @pNv` a# p, Q[ uph#rnyk y#n`K @mN, L p#yN @gqr lNt en k`ly h#mt m p#@N. a#mk` sm`jy @vl`@gn a# prSpr @r~[yN iKmN @h~ kLp wmN@G n it r` y`mN @w`rv y@mt Ev` smg a@w`rK n#v @sLlM kl @n` h# y.

aNwR j`l @k`tSvl m$w kd`v#M mN q#ntmW @pNM kr a# p v@rk Mb l# @d`T.@k`M @k`tS @vl> @p`@L a`|cRyyN |nyt b‹N kr l#b a# awr Ev`@Y @k`tS l K shgw kr s>h` l`XyK ipm v&`p`rvN iLl` l#b a#w. @k`tS vn`kM > v#@tn awr I@Y @vl> @p`l wr# aq bA@k`@l`W @v.

 @mN Mbn lq @Q\p`ln sm@PK;n p`wyN E h` sm`n irnmK a@PK;` kr. o Il< jn`Žp @vnv` q n#Qq yNn i@Y q#k g#mt a# @qy. nW h@l~ky mw sm`jmy vs@yN vd`W qhn r@T kt @m@hymt [`n [np pK; @q@kN ekK evN @s pW kr @M kr#n m eKsW jnpq@Y @Q\p`ln aRq@Y g#„r g#n @qS @q.

aq`l @vnW

r`j& @qp`Rw@MNv "m#r r`j&" @ym aW h
nr#mWvy h` eKsW jnpq @Q\ v@w aRqy

2000 12

a#mk` sm`jv` kMkr# pK;y eyN @g`Ns`@LS QŽ@Y wm @Q\p`ln @vw @vnS k@L @k@S q?
2000 09

eyN @g`Ns`@lS qhS kr g#m (a#mk`) sm`jv` kMkr# pK;y N @hl` q lb
2000 07

KNtN@G v`Rk r`j&-wWv @Q\nyŸ
vAc`@V h` a`Wm vAc`@V aX&`syK

2000 @pbrv` 08


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