IFS Unit 4 Financial Services
Indian Financial System
Financial Services
Financial Services
Meaning
Financial services refer to services provided by the banks and financial institutions in a financial system.
In general, all types of activities which are of financial nature may be regarded as financial services. In a broad sense, the term financial services mean mobilisation and allocation of savings. Thus, it includes all activities involved in the transformation of savings into investment.
Definition
The term financial services can be defined as “activities, benefits, and satisfactions, connected with the sale of money, that offer to users and customers, financial related value. within the financial services industry the main sectors are banks, financial institutions, and non-banking financial companies.
Characteristics or Nature of Financial Services
The following are the characteristics of financial services,
1. Intangibility: Financial services are intangible. Therefore, they cannot be standardised or reproduced in the same form. The institutions supplying the financial services should have a better image and confidence of the customers. Otherwise, they may not succeed. They have to focus on quality and innovation of their services. Then only they can build credibility and gain the trust of the customers.
2. Inseparability: Both production and supply of financial services have to be performed simultaneously. Hence, there should be perfect understanding between the financial service institutions and its customers.
3. Perishability: Like other services, financial services also require a match between demand and supply. Services cannot be stored. They have to be supplied when customers need them
4. Variability: In order to cater a variety of financial and related needs of different customers in different areas, financial service organisations have to offer a wide range of products and services. This means the financial services have to be tailor-made to the requirements of customers. The service institutions differentiate their services to develop their individual identity.
5. Dominance of human element: Financial services are dominated by human element. Thus, financial services are labour intensive. It requires competent and skilled personnel to market the quality financial products.
6. Information based: Financial service industry is an information based industry. It involves creation, dissemination and use of information. Information is an essential component in the production of financial services.
Importance of Financial Services
The importance of financial services may be understood from the following points:
1. Economic growth: The financial service industry mobilises the savings of the people, and channels them into productive investments by providing various services to people in general and corporate enterprises in particular. In short, the economic growth of any country depends upon these savings and investments.
2. Promotion of savings: The financial service industry mobilises the savings of the people by providing transformation services. It provides liability, asset and size transformation service by providing huge loan from small deposits collected from a large number of people. In this way financial service industry promotes savings.
3. Capital formation: Financial service industry facilitates capital formation by rendering various capital market intermediary services. Capital formation is the very basis for economic growth.
4. Creation of employment opportunities: The financial service industry creates and provides employment opportunities to millions of people all over the world.
5. Contribution to GNP: Recently the contribution of financial services to GNP has been increasing year after year in almost countries.
6. Provision of liquidity: The financial service industry promotes liquidity in the financial system by allocating and reallocating savings and investment into various avenues of economic activity. It facilitates easy conversion of financial assets into liquid cash.
Types of financial services
Financial services provided by various financial institutions, commercial banks and merchant bankers can be broadly classified into two categories.
1. Asset based/fund based services.
2. Fee based/advisory services.
Asset based/fund based services
The asset/ fund based services provided by banking and non - banking financial institutions as discussed below briefly.
1. Equipment Leasing/ Lease Financing
Leasing is a arrangement that provides a firm with the use and control over assets without buying and owning the same. It is a form of renting assets. However, in making an investment, the firm need not own the asset. It is basically interested in acquiring the use of the asset. Thus, the firm may consider leasing of the asset rather than buying it. Since payment of lease rentals is similar to payment of interest on borrowings and lease financing is equivalent to debt.
2. Hire Purchase and Consumer Credit
Hire purchase means a transaction where goods are purchased and sold on the terms that (i) payment will be made it installments, (ii) the possession of the goods is given to the buyer immediately, (iii) the property ownership) in the goods remains with the vendor till the last instalment is paid,(iv) the seller can repossess the goods in case of default in payment of any instalment, and (v) each instalment is treated as hire charges till the last instalment is paid. In a consumer credit transaction the individual/ consumer/ buyer pays a part of the cash purchase price at the time of the delivery of the asset and pays the balance with interest over a specified period of time.
3. Bill discounting:
Discounting of bill is an attractive fund based financial service provided by the finance companies. In the case of time bill (payable after a specified period), the holder need not wait till maturity or due date. If he is in need of money, he can discount the bill with his banker. After deducting a certain amount (discount), the banker credits the net amount in the customer’s account
3.Venture Capital
Venture capital simply refers to capital which is available for financing the new business ventures. It involves lending finance to the growing companies. It is the investment in a highly risky project with the objective of earning a high rate of return. In short, venture capital means long term risk capital in the form of equity finance.
4. Insurance Services
Insurance is a contract between two parties. One party is the insured and the other party is the insurer. Insured is the person whose life or property is insured with the insurer. That is, the person whose risk is insured is called insured. Insurer is the insurance company to whom risk is transferred by the insured. That is, the person who insures the risk of insured is called insurer.It is a contract between the insurer and insured under which the insurer undertakes to compensate the insured for the loss arising from the risk insured against.
5. Factoring
Factoring is an arrangement under which the factor purchases the account receivables (arising out of credit sale of goods/services) and makes immediate cash payment to the supplier or creditor. Thus, it is an arrangement in which the account receivables of a firm (client) are purchased by a financial institution or banker. Thus, the factor provides finance to the client (supplier) in respect of account receivables. The factor undertakes the responsibility of collecting the account receivables. The financial institution (factor) undertakes the risk. For this type of service as well as for the interest, the factor charges a fee for the intervening period. This fee or charge is called factorage.
8. Forfaiting:
Forfaiting is a form of financing of receivables relating to international trade. It is a non-recourse purchase by a banker or any other financial institution of receivables arising from export of goods and services. The exporter surrenders his right to the forfaiter to receive future payment from the buyer to whom goods have been supplied. Forfaiting is a technique that helps the exporter sells his goods on credit and yet receives the cash well before the due date
9. Mutual fund: Mutual funds are financial intermediaries which mobilise savings from the people and invest them in a mix of corporate and government securities. The mutual fund operators actively manage this portfolio of securities and earn income through dividend, interest and capital gains. The incomes are eventually passed on to mutual fund shareholders.
B. FEE BASED ADVISORY SERVICES
1. Merchant Banking
Merchant banking is basically a service banking, concerned with providing non-fund based services of arranging funds rather than providing them. The merchant banker merely acts as an intermediary. Its main job is to transfer capital from those who own it to those who need it. Today, merchant banker acts as an institution which understands the requirements of the promoters on the one hand and financial institutions, banks, stock exchange and money markets on the other. SEBI (Merchant Bankers) Rule, 1992 has defined a merchant banker as, “any person who is engaged in the business of issue management either by making arrangements regarding selling, buying or subscribing to securities or acting as manager, consultant, advisor, or rendering corporate advisory services in relation to such issue management
2.Credit Rating
Credit rating means giving an expert opinion by a rating agency on the relative willingness and ability of the issuer of a debt instrument to meet the financial obligations in time and in full. It measures the relative risk of an issuer’s ability and willingness to repay both interest and principal over the period of the rated instrument. It is a judgement about a firm’s financial and business prospects. In short, credit rating means assessing the creditworthiness of a company by an independent organisation.
3.Stock - Broking
Stockbroker is a member of a recognised stock exchange who buys, sells or deals in shares/ securities. It is mandatory for each stockbroker to get him/ herself registered with SEBI order to act as a broker. SEBI is empowered to impose conditions while granting the certificate of registration.As a member of a stock exchange, he will have to abide by its rules, regulations and bylaws
4. Custodial services:
In simple words, the services provided by a custodian are known as custodial services (custodian services). Custodian is an institution or a person who is handed over securities by the security owners for safe custody. Custodian is a caretaker of a public property or securities. Custodians are intermediaries between companies and clients (i.e. security holders) and institutions (financial institutions and mutual funds). The duty of a custodian is to keep the securities or documents under safe custody. For rendering these services, he gets a remuneration called custodial charges. Thus custodial service is the service of keeping the securities safe for and on behalf of somebody else for a remuneration called custodial charges.
5. Loan syndication:
Loan syndication is an arrangement where a group of banks participate to provide funds for a single loan. In a loan syndication, a group of banks comprising 10 to 30 banks participate to provide funds wherein one of the banks is the lead manager. This lead bank is decided by the corporate enterprises, depending on confidence in the lead manager.
Factoring Services
Meaning
Factoring is a continuing arrangement between the financial institutions (factor) and business concern (client) which sells goods and services to trade customers whereby, the factor purchases the clients accounts receivables either with or without recourse to the client and in relation there to controls the credit extended to customers and administers sales ledger.
Functions or services provided by factor
Some of the basic services provided are:
1. Provision of finance: Receivables or book debts is the subject matter of factoring. A factor buys the book debts of his client. Generally a factor gives about 80% of the value of receivables as advance to the client. Thus the nonproductive and inactive current assets i.e. receivables are converted into productive and active assets i.e. cash.
2. Administration of sales ledger: The factor maintains the sales ledger of every client. When the credit sales take place, the firm prepares the invoice in two copies. One copy is sent to the customers. The other copy is sent to the factor. Entries are made in the ledger under open-item method. In this method each receipt is matched against the specific invoice. The customer’s account clearly shows the various open invoices outstanding on any given date. The factor also gives periodic reports to the client on the current status of his receivables and the amount received from customers. Thus the factor undertakes the responsibility of entire sales administration of the client.
3. Collection of receivables: The main function of a factor is to collect the credit or receivables on behalf of the client and to relieve him from all tensions/problems associated with the credit collection. This enables the client to concentrate on other important areas of business. This also helps the client to reduce cost of collection.
4. Protection against risk: If the debts are factored without resource, all risks relating to receivables (e.g., bad debts or defaults by customers) will be assumed by the factor. The factor relieves the client from the trouble of credit collection. It also advises the client on the creditworthiness of potential customers. In short, the factor protects the clients from risks such as defaults and bad debts.
5. Credit management: The factor in consultation with the client fixes credit limits for approved customers. Within these limits, the factor undertakes to buy all trade debts of the customer. Factor assesses the credit standing of the customer. This is done on the basis of information collected from credit relating reports, bank reports etc. In this way the factor advocates the best credit and collection policies suitable for the firm (client). In short, it helps the client in efficient credit management.
6. Advisory services: These services arise out of the close relationship between a factor and a client. The factor has better knowledge and wide experience in the field of finance. It is a specialised institution for managing account receivables. It possesses extensive credit information about customer’s creditworthiness and track record. With all these, a factor can provide various advisory services to the client. Besides, the factor helps the client in raising finance from banks/financial institutions.
Mechanics of Factoring
- The firm (client) having book debts enters into an agreement with a factoring agency/institution.
- The client delivers all orders and invoices and the invoice copy (arising from the credit sales) to the factor.
- The factor pays around 80% of the invoice value (depends on the price of factoring agreement), as advance.
- The balance amount is paid when factor collects complete amount of money due from customers (client’s debtors).
- Against all these services, the factor charges some amounts as service charges. In certain cases the client sells its receivables at discount, say, 10%. This means the factor collects the full amount of receivables and pays 90% (in this case) of the receivables to the client. From the discount (10%), the factor meets its expenses and losses. The balance is the profit or service charge of the factor.
- Thus there are three parties to the factoring.
- They are the buyers of the goods (client’s debtors), the seller of the goods (client firm i.e. seller of receivables) and the factor.
- Factoring is a financial intermediary between the buyer and the seller.
Types of factoring agreement/Types of Factoring
There are different types of factoring. These may be briefly discussed as follows:
1. Recourse Factoring: In this type of factoring, the factor only manages the receivables without taking any risk like bad debt etc. Full risk is borne by the firm (client) itself.
2. Non-Recourse Factoring: Here the firm gets total credit protection because complete risk of total receivables is borne by the factor. The client gets 100% cash against the invoices (arising out of credit sales by the client) even if bad debts occur. For the factoring service, the client pays a commission to the factor. This is also called full factoring.
3. Maturity Factoring: In this type of factoring, the factor does not pay any cash in advance. The factor pays clients only when he receives funds (collection of credit sales) from the customers or when the customers guarantee full payment.
4. Advance Factoring: Here the factor makes advance payment of about 80% of the invoice value to the client.
5. Invoice Discounting: Under this arrangement the factor gives advance to the client against receivables and collects interest (service charge) for the period extending from the date of advance to the date of collection.
6. Undisclosed Factoring: In this case the customers (debtors of the client) are not at all informed about the factoring agreement between the factor and the client. The factor performs all its usual factoring services in the name of the client or a sales company to which the client sells its book debts. Through this company the factor deals with the customers. This type of factoring is found in UK.
7. Cross boarder factoring: It is similar to domestic factoring except that there are four parties, viz,
a) Exporter, b) Export Factor, c) Import Factor, and d) Importer.
It is also called two-factor system of factoring. Exporter (Client) enters into factoring arrangement with Export Factor in his country and assigns to him export receivables. Export Factor enters into arrangement with Import Factor and has arrangement for credit evaluation & collection of payment for an agreed fee. Notation is made on the invoice that importer has to make payment to the Import Factor. Import Factor collects payment and remits to Export Factor who passes on the proceeds to the Exporter after adjusting his advance, if any. Where foreign currency is involved, factor covers exchange risk also
Forfaiting,
Forfaiting is a form of financing of receivables relating to international trade. It is a non-recourse purchase by a banker or any other financial institution of receivables arising from export of goods and services. The exporter surrenders his right to the forfaiter to receive future payment from the buyer to whom goods have been supplied. Forfaiting is a technique that helps the exporter sells his goods on credit and yet receives the cash well before the due date
Lease Financing in India.
A lease is a contractual agreement between the lessor (owner) and the lessee (second party) for a specified asset, which can be property, a house or apartment, business or office equipment, an automobile or even a horse. The lessee receives the right to total ownership for a spelled out period of time and conditions in return for payments. Do not confuse a lease with a rental, although these words are often interchanged. A rental is for a short period of time, such as a month, where, in this case, the agreement is renewed or the terms are changed monthly.
Benefits of leasing:
1. Permits alternative use of funds: enables use of asset without the huge capital expenditure. 2. Faster and cheaper credit: Acquisition of assets is cheaper and faster than any other source of funds
3. Flexibility: leasing arrangements may be tailored as per lessees needs.
4. Facilitates additional borrowing
5. Protection against obsolescence: it is highly useful in those assets which become obsolete or outdated at a faster rate.
6. No restrictive covenants: declaration of dividends,debt equity ratio are absolutely absent in lease agreement
7. 100 % financing: enables to acquire use of asset without any such down payment.
8. Boon to small firms: as acquiring asset with no down payment and utilising the same fund for other avenues.
Disadvantages of Leasing:
1. Lease in not suitable mode of project finance.
2. Tax benefits cannot be availed
3. Value of capital assets may increase during the lease period.
4. Cost of financing could be higher. Termination of contract in the middle of the agreement period becomes difficult
5. Lessor would suffer loss if rentals are not paid regularly.
6. Lessee is not entitled for any protection if there is a breach of warranties.
Venture Capital
Meaning
Venture Capital Financing Services
capital is a form of equity financing designed especially for funding high risk, technology and high reward projects. It is a capital provided by the firm of professionals who invest alongside management in young, rapidly growing or changing companies that have potential for high growth.
Definition:
It is a financing institution which joins an entrepreneur as a co promoter in a project and shares the risk and rewards of the enterprise.
Features:
1. it is in the form of an equity formation
2. Investment is made only on high risk but high growth potential projects.
3. It involves commercialisation of new ideas or new technology.
4. It joins the entrepreneurs as co promoter in projects.
5. Investment is usually made in small or medium scale enterprise.
6. There is continuous involvement in business even after making an investment by the investors.
Importance of Venture Capital.
1. Advantages to investing public: Public is safe as there is a detailed scrutiny of the company by the venture capital officials so that the credentials are justified.
2. Advantages to promoters: It is easy for the entrepreneurs to get funds from Venture fund by just convincing the officials than convincing tons of underwriters, investors etc
3. It reduces the time gap between technological innovations and its commercial exploitation.
4. It helps in developing new process and projects.
5. It induces the entry of large no of technocrats in industry.
6. It acts as an intermediary between the investors and entrepreneurs in search of needed capital
Stages of investment
Stages of Venture Capital Financing
Venture capital takes different forms at different stages of a project. The various stages in the venture capital financing are as follows:
1. Early stage financing:
This stage has three levels of financing.These three levels are:
(a) Seed financing: This is the finance provided at the project development stage. A small amount of capital is provided to the entrepreneurs for concept testing or translating an idea into business.
(b) Start up finance/first stage financing: This is the stage of initiating commercial production and marketing. At this stage, the venture capitalist provides capital to manufacture a product.
(c) Second stage financing: This is the stage where product has already been launched in the market but has not earned enough profits to attract new investors. Additional funds are needed at this stage to meet the growing needs of business. Venture capital firms provide larger funds at this stage.
2. Later stage financing:
This stage of financing is required for expansion of an enterprise that is already profitable but is in need of further financial support. This stage has the following levels:
(a) Third stage/development financing: This refers to the financing of an enterprise which has overcome the highly risky stage and has recorded profits but cannot go for public issue. Hence it requires financial support. Funds are required for further expansion. (b) Turnarounds: This refers to finance to enable a company to resolve its financial difficulties. Venture capital is provided to a company at a time of severe financial problem for the purpose of turning the company around.
(c) Fourth stage financing/bridge financing: This stage is the last stage of the venture capital financing process. The main goal of this stage is to achieve an exit vehicle for the investors and for the venture to go public. At this stage the venture achieves a certain amount of market share.
(d) Buy-outs: This refers to the purchase of a company or the controlling interest of a company’s share. Buy-out financing involves investments that might assist management or an outside party to acquire control of a company. This results in the creation of a separate business by separating it from their existing owners.
Types of Venture Capitalists
Generally, there are three types of venture capital funds. They are as follows:
1. Venture capital funds set up by angel investors (angels): They are individuals who invest their personal capital in start up companies. They are about 50 years old. They have high income and wealth. They are well educated. They have succeeded as entrepreneurs. They are interested in the start up process.
2. Venture capital subsidiaries of Corporations: These are established by major corporations, commercial banks, holding companies and other financial institutions.
3. Private capital firms/funds: The primary source of venture capital is a venture capital firm. It takes high risks by investing in an early stage company with high growth potential.
Angel Investment
Meaning
Features of Angel Investment
1. Most angel investors are current or retired executives business owners or high net worth individuals who have the knowledge expertise and funds that help start-ups match up to industry standards.
2. They bear extremely high risk and are usually subject to dilution from future investment rounds.
3. They expect a very high return on investment.
4. Apart from investing funds most angels provide proactive advice guidance industry connections and mentoring start-ups in its early days.
5. Their objective is to create great companies by providing value creation and simultaneously helping investors realize a high return on investments.
6. They have a sharp inclination to keep abreast of current developments in a particular business arena mentoring another generation of entrepreneurs by making use of their vast experience.
Importance of Angel investment
- They play a vital role in the development of the economy by providing the risk capital which contributes to the economic growth and technological advances.
- Early financing of the start ups to some extent has become more dependent on angel investors as they provide loans on relatively easier interest rates than venture capital.
- They make a major difference with a startup's success as well as its failure.Many times they are the first and foremost investors.
- The effective interest rate of return for a successful portfolio investor ranges from 20% to 30% which is beneficial for the investors and for the entrepreuners .This makes it a perfect for them as they will be struggling financially during their initial phases of their business.
Crowd Funding
Meaning-Crowdfunding is the use of small amounts of capital from a large number of individuals to finance a new business venture. Crowdfunding makes use of the easy accessibility of vast networks of people through social media and crowdfunding websites to bring investors and entrepreneurs together, with the potential to increase entrepreneurship by expanding the pool of investors beyond the traditional circle of owners, relatives, and venture capitalists.
Types of Crowdfunding
Basically there are three types of crowdfunding. Namely;
1. Equity-Based Crowdfunding:-
Equity crowdfunding allows contributors to become part-owners of the company by trading capital for equity shares. The equity owners receive a financial return (share of the profits in the form of a dividend or distribution.) in the proportion of their contribution. This is the most popular form of crowdfunding.
2. Reward-Based Crowdfunding
Reward-based crowdfunding, involves individuals contributing to a business in exchange for a reward typically a form of the product or service which the company offers.
In this type of funding distance between the creator and investor does not matter. Many characteristics of rewards-based crowdfunding known as non-equity crowdfunding.
This type of funding is used in many cases like; funding for free software development, motion picture promotion, scientific research, civic projects, and new inventions etc.
3. Donation-based crowdfunding
It is a way to source money for a project by asking a large number of contributors to individually donate a small amount without any expectation of return.
This type of funding is done mainly for social causes and nothing is expected in return for such funding. Common initiatives for such funding include; natural calamities, disaster relief, charities, and medical bills.
Mutual Funds
Meaning of Mutual funds
Small investors generally do not have adequate time, knowledge, experience and resources for directly entering the capital market. Hence they depend on an intermediary. This financial intermediary is called mutual fund.
Mutual funds are corporations that accept money from savers and then use these funds to buy stocks, long term funds or short term debt instruments issued by firms or governments. These are financial intermediaries that collect the savings of investors and invest them in a large and well diversified portfolio of securities such as money market instruments, corporate and government bonds and equity shares of joint stock companies. They invest the funds collected from investors in a wide variety of securities i.e. through diversification. In this way it reduces risk.
Definition of Mutual Funds
According to the Mutual Fund Fact Book (published by the Investment Company Institute of USA), “a mutual fund is a financial service organization that receives money from shareholders, invests it, earns return on it, attempts to make it grow and agrees to pay the shareholder cash demand for the current value of his investment”.
SEBI (mutual funds) Regulations, 1993 defines a mutual fund as ‘a fund established in the form of a trust by a sponsor, to raise monies by the trustees through the sale of units to the public, under one or more schemes, for investing in securities in accordance with these regulations.
Features of Mutual Funds
Mutual fund possesses the following features:
1. Mutual fund mobilizes funds from small as well as large investors by selling units.
2. Mutual fund provides an ideal opportunity to small investors an ideal avenue for investment.
3. Mutual fund enables the investors to enjoy the benefit of professional and expert management of their funds.
4. Mutual fund invests the savings collected in a wide portfolio of securities in order to maximize return and minimize risk for the benefit of investors.
5. Mutual fund provides switching facilities to investors who can switch from one scheme to another.
Types of Mutual Funds
These may be briefly described as follows:
A. On the basis of Operation
1. Close ended funds: Under this type of fund, the size of the fund and its duration are fixed in advance. Once the subscription reaches the predetermined level, the entry of investors will be closed. After the expiry of the fixed period, the entire corpus is dis-invested and the proceeds are distributed to the unit holders in proportion to their holding.
B. On the basis of return/ income
1. Income fund: This scheme aims at generating regular and periodical income to the members. Such funds are offered in two forms. The first scheme earns a target constant income at relatively low risk. The second scheme offers the maximum possible income.
2. Growth fund: Growth fund offers the advantage of capital appreciation. It means growth fund concentrates mainly on long run gains. It does not offers regular income. In short, growth funds aim at capital appreciation in the long run. Hence they have been described as “Nest Eggs” investments or long haul investments.
3. Conservative fund:
This aims at providing a reasonable rate of return, protecting the value of the investment and getting capital appreciation. Hence the investment is made in growth oriented securities that are capable of appreciating in the long run.
C. On the basis of Investment
1. Equity fund: it mainly consists of equity based investments. It carried a high degree of risk. Such funds do well in periods of favourable capital market trends.
2. Bond fund: It mainly consists of fixed income securities like bonds, debentures etc. It concentrates mostly on income rather than capital gains. It carries lower risk. It offers secure and steady income. But there is no chance of capital appreciation.
3. Balanced fund: It has a mix of debt and equity in the portfolio of investments. It aims at distributing regular income as well as capital appreciation. This is achieved by balancing the investments between the high growth equity shares and also the fixed income earning securities.
4. Fund of fund scheme: In this case funds of one mutual fund are invested in the units of other mutual funds.
5. Taxation fund: This is basically a growth oriented fund. It offers tax rebates to the investors. It is suitable to salaried people.
6. Leverage fund: In this case the funds are invested from the amounts mobilized from small investors as well as money borrowed from capital market. Thus it gives the benefit of leverage to the mutual fund investors. The main aim is to increase the size of the value of portfolio. This occurs when the gains from the borrowed funds are more than the cost of the borrowed funds. The gains are distributed to unit holders.
7.Index funds-these are linked to a specific index of share prices which means funds mobilised under such schemes are invested principally in the securities of companies whose securities are included in the index concerned and in the same proportion.The value of these index linked funds will automatically go up whenever the market index goes up and vice versa.
8.Money market mutual funds-These are basically funds having all the features of open ended mutual funds .But the investment made is highly liquid and safe securities like commercial paper, certificates of deposits,treasury bills etc.
9.Off-shore mutual funds-The sources of investment for these funds are from abroad.
10.Guilt funds-In this type funds are invested in guilt edged securities like government securities.It means funds are not invested in corporate securities like shares ,bonds etc
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