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Kpi Jh{b yyll hnu cnJ i cnCp mjkj yBk, mnkj yBk, mjkj J vcmjkj vic, mjkj J vcmjkj JmbmL, Jkm cncb[U, DM DiC jL-cnjLRv J#$ ipypuu Dmlv Kpi Jh{bv Yvi[ kjCm ckU jv oCci mjkj pv Dpyl kUl vn. hC mcvpvb Duhclu v GkuCj Dvk Mv jpkjCbv J mvo DOkNbv Sk lj h[l vnl EkJ lb Gj lbv pvcpl Tk Dmll. cnCv l jp kjll DC Dcn H j(i)[l yml. Kpi Jh{b yyllu mJ& Flnm mkuv Jj ku Dml Dm D{Uv l k, cyh mjkjv J mjkj DKljlu jPJ& yBkv Sk pilk JmhJj MmJ Puu mbkuhv mbhC& hjYJ ku Dn. mJ& Kpi Jh{bJj vb$C JCm jPJ& yBk kv pv ku Dn. hC Dhu kuhvMvlv J Dk&#clv jPJ& yBkv mJ& Gi vJn lj mcv cCmn kC c[v ku Dn. Gihl, MDj ouu, hJa HmJCk kvn vcvjU jnuu ƮHb[Ju Flo #$l Gljl Dmu hnv k[k vcJu yvJCm nJ nl J lJ{Ǯ k[k oKjK JCm nJ nl. JR mj#ll DC kp&ojb hlchv DvJ& JnJm nJ nl. hjbl Km cnjvpj Puu Kpi Jh{bv mJ& J<blv m oCl Du. n<&o cnlv kuu IU vpjmcj Dmlvn pj jPJn& yBk iHu jnu Dmu lj oMlu 100 kj[ pvlu Ju kC? kj[ yBk oJUKjvblj mJ& mnkj yBkbv 50 npj hbhl箳 JR Jc GljJC DvJ& kjCl Du nl. h{ uvJ{vmj l c&o JUJU J{JCln Du. ci Kpi Jh{bv cOv k yj JiUCl Du? h{ vcJu yvJlvn Dm iHuhC oKJCl Du. mJ& Kpi Jh{v ov Cl JYiCl Du. Jj Clu Jh{v lb v cuk jkc (Net Owned Funds) h Flk lj kv Clu Jh{v lb v cuk jkc o[h Yju Flk hm ypjlv GY kjC hjJvi oCl Du. Dl mnpk Mv GY jnl k, pj Dhu mO箳 Dk[Jjvmj, vcbvmj Jj Cl DmCm uk juu Jh{ kn Jdz DLJ Mmkdz kjCv kv Cl iu lj k yj kjJ? hjbl Dmu kc&oj Mv H lcn-Dcnu h[ Mkll. oMu YjYjk[ vCm ky Puu jPJn& yBku Dm kjbhC Mv mJhvln h[u vn. c$ pJn DM hjmLl KjKj mcj GY ku lJn `Jojbk[v iU kuu J m hjmLll vch# DOk juu hm Kpi Jh{bv DhupJU JCm njkl vn` Dm hjh$k k{v nuJ箳 IjJj lUMh$ Tv jPJn& yBk ckU Pu. vcb SM lM. yvJC plk mh lnvn JkJC DOk mh.
v cukǮ hM箳 nMyln Kpi Jh{bv iHul ku p vpjm Tvn mJ& mbybOl ihh ymu. kjC j^dzk=l yBkbv vHwl oKJCm Dphl nǮ nluK Jhjl nl. y[l kp& jkwkc n lUybocO pc ypm oKJv v cukǮ hM DJJ箳 mJJ HiJuu jkwkc hYl Ov ypjlv 50 l 100 h jkwkc GY kjCm Kpi Jh{bv jPJn& yBku pj lybO kjl Du Dml. vov Jmu v Puu kpx v cukǮ hMbl OjCm cvF& kjl Du Dml. hC hk knn v kjl jPJn& yBk cp yIl ymu. cUbl kCln h{u Dhu Yi Yb[Ju箳 50 l 100 h jkwkc ypjlv GY kjCm hjJvi olv jPJn& yBkv 50 l 100 JU Jj kjJm nJ nl. pJn n y[y[ Hu lJn Kh GMj Pu nl.
Yjldz jPJn& yBk (mOjC) ko 1997 cC mJ& Kpi Jh{bv kckp m kjChJa jPJn& yBkk[ vWoC kv IC DvJ& kjCl Du Dn. n ko DmllJl lv p Kpi Jh{ DOhmv Gil Dmlu lbv vWoC kv ICm Dp& kjCm mn cnvb kuJO oCl Du. moj kvJ vWoC kjCm jPJn& yBkv DM Dp&ojb nMy hmlk lhmv EkJ Flj ci&v Dp&oj n Kuu DR hl&l kjl Dmu Kljpc kv IC km DYl Dn. pj DR hl&l nl vmu lj vWoC vkjC hC& DOkj jPJn& yBkm kv ou Dn.
1. moj Jh{ lb mO箳 DC YJ<lu Jojb hm oCm m#c Dn DC h{n Dmu. 2. moj Jh{Ǯ mO DC YJ<lu kjYj lb mO箳 DC YJ<lu Jojb nlu nvkjk vmu.
3. moj Jh{Ǯ mO EkJ YJ<lu JJmLhkdz I[ n pvnlJjO DLJ h{Ǯ Jojb nlm Okwk hnJCj vmu. 4. moj Jh{k[ mi Yb[Ju GhuyOl J mi GlhV l Dmlu.
Dl Flk mmh DOkj J pyyoj kv mho& kuJjn Yjldz jPJn& yBk `Yjldz jPJn& yBkk[u vWoC cnCp hjlJ nc vJn` DM DM箳 cc pnjl cK Jl&cvh$bl oTv Dhu ypyyojhC J Dk&#cl oM&v kCl DOjJj kjl Dn yj? Duhk Hvvm u. h{Ǯ yylln Yjldz jPJn& yBkv Dhu vWoCh$ 21-8-1998 jp pj ku nl. cnCp kv mbkuhuu lhmC kv moj h{ mO箳 DC YJ<lu Jojb hm oCm m#c Dn DC h{n Dmu lcC moj Jh{Ǯ mO DC YJ<lu kjYj lb mO箳 DC YJ<lu Jojb nlu nvkjk vmu lm moj Jh{Ǯ mO EkJ YJ<lu JJmLhkdz I[ n pvnlJjO DLJ h{Ǯ Jojb nlm Okwk hnJCj vmu DC moj Jh{k[ mi Yb[Ju GhuyOl J GlhV l Dmlu. mJ& iR Yjldz jPJn& yBkv K$ kv IluǮ nl Dm mcpCm lJ vn. iclǮ i DM k, 31 c& 1999 jp cnCp vWoCh$箳 ljKhmv mn cnvbl moj h{ `KUl Yb[JuDYJ` Dpj Pu kyu kbhv ko cb[U箳 mcj h{lHx moj kjCl Duu MhLh$bl oCl Du Dn. lv ov DL& vI Mkll. Sk lj Yjldz jPJn& yBkv Dhu Ivo kl&J mi jlv hj h[Cl nUmb[ ku DC Jh{M mbivcl kv lbv vWoCh$ pj ku EkJ omj moj Jh{v Dhu hmlkl yko HjHj kv EkJ ml hjmLl o[Jv Jv Yjldz jPJn& yBkm DC pvlm HmJu. ovn h&bmboY&l moj h{ n kCln kj mnvYlhC& mJul cUCm Dh$ jl. L yyl kv `nMy hmlk lhmv EkJ Flj ci&v` DM ljlo kjC cK kjC Ovl J. Yjldz jPJn& yBkv H nMy hmlk lhmCJj Jmbyv v jnl Flj ci祮n DJuby kv Jju mJ& DR hl&l nl Dmu Kljpc kv IC km DYl Dn. l ivy cK DM Dn k, moj h{Ǯ hlvO&jC kjCN mJ mbmLv (ICRA Ltd.) lb vcbvmj moj h{Ǯ hlchv op&cO mv 1996-97 J 1997-98 KlJb DOjv mll khl ku nl. lm lb JJmLhv hlJj lm vH kcJC箳 #clyyln Mbk GhmLl ku nl. hC mJ& Ivc hnl DlcnJ箳 i Yjldz jPJn& yBk KpiClln Dmu oml vn. Yjldz jPJn& yBk Dk&#cl J yHkjǮ yU ju Dnl Dc cOcJia Joj. Dl Yjl mjkjyu k yuJ DC k unJ yj? cyh mjkj l. jpIv kn Dm. Kmojnl KmojmK Kmojbv Kmojbm Kmojb jp cnCp ukMn DM lb c Dn. s Jojbm iU k{voKu ko kjlv c$ Jojb nlk[ mmkjhC ou&# kjC kc Dc jpklx k pCl. hjl kuu mJ& ko n ib[UCmǮ Dmll n lj $kuyOl ml cnCJ uiu. Yjldz kbhv kl h{v J y[Jum M# oC ljlo kjlvn Ok=l DOkNv lj v kum c$ l M# oCm vuun oKu ICm cppJ kjC knlj mcƮl kjC Dn k? cnCp p箳Jj Dv nCj l Joju v cUCm kC lj h OjCMJ h& vn. hjl p hj[ p[ Dmu lǮ lU Ok=l DOkj Guv OjCj. kjC DM lj kjC l mjkj Ok=l DOkNJj ybOvkjk vn EkJ l l Ivo kl&Jn vn. l vkl Puu H kjCl Dc pvlu DuǮ Dn.
vuv kv Ghhl mbybOlbv mbukbv Dk kuǮ vn. mJJj k[ cnCp Kpi Jh{b mbukbv lbiJm箳 M# kuclv mbhC&hC JiUCl Du Dn. k yj? l k pvcpl mOmbl Dmu oK ITv Obl Glju nl k k? Yjldz ukMnǮ Sk Kml cnCp ypyyojhC. oMl kCǮ kCu pyyoj vn. lJn Yjldz ukMnǮ Sk Dbi DmCN Kpi Jh{bv lj vcu DhJo DmC k kjC Dn? ln Jojb hm oCm kCu pyyoj k DmJl DM koƮl Yjl mjkj Yck DmJ.
Yjl mjkjv vkl mjkj J mnkj yBkbk[u kp&ojbv Juu LkykmbybO Sk ko (Securitization Act 2002) kv lbk[u inCJ kuu cucb nmlbljCl nCN vuv kmjl J Juby bv H ou. cU mjkj J mnkj yBkbk[u kp& Jmum Ji Du. D& i DM k Kpi Jh{b cOcJiab J hjl kjCl u{ku kjlv D|Lk cbo J lov<bik Lkuu kpx b JjbJj GuuK nl Dmlvn cyh mjkju Jju ko l D|Lk hjmLlǮ iUl luu Kpi Jh{bv ui kjJm Ju vn.
Kpi Jh{b mJ& kjCl cOcJia箳 DMJj yU HjJCl cu Yck ypJudz l Yjl mjkjv vcuu kbhv ko cb[Ubv vcv. Yjldz kbhv k箳 10 F& kucKu kbhv ko cb[Ub mLhv kjCl Du Dn. kbhv ko cb[Ubv ynu kuu DOkjcO Jojb nlj#C kjl Dmu DYm Dn. hC cb[Ubv Dhu vc DhC yvJC cY oTv klu hnu cr I[k kjCl Du. mJl:m vc yvJlbv kC uk mJl:u D[Cl DCu? DL&l kbhv ko cb[Ub vcln mJ& DOkj J m kbhv ko cb[Ubk[ Dn. Yjldz jPJn& yBk k箳 45 J kuclu kwS GhkuccC :
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ljlomh# k kbhv ko cb[Uv mbybOl Jh{m J yyl nlmbybO DmCN mJ& JR yp cb[C hjM mbO oF&u.``
JJ! k hC ko! mjkj KM! pvl hC KM! hC kbhv ko cb[Ubm l k n? kbhv kcOu mJl:nv DL& SklHa mvJCm mbcl Dm OjCl kCu JJi JC kn kjC vJnl. lm SK ovkbl pnjl oum Jojbm mvJCǮ i mbO ou iu Dm mcpJ Dmn vcbl mcJ kjCv vm|ik v yp jKC mhmkjn hC& Pu.
`h{b nlj#C` cnCp lb oiuyp mbukb nlj#C DM mmkj mcpl kv ITv, n J Flk Dhu DJljk& Dmu箳 Ll O[O[ DoM vhuklj kC ou Dml lj Sk iojU cpu Dml. Skn kjCl km DYl DmCj `mJ& Jojbm JǮ jkwkc DLJ l kn nmm lJjl oC DoM` kOǮ hnJm cUu vmu DC Sk l lv J<l hjl kjC箳 yuJj Iluu jkcbv DCK lv l h J<祮 colJ{ oC kCln lk&Mm$l yml vmu lj Dp v G Dhu hm lj cUlu DMJj Joj pil nl. hC h{ mJ& kjCb hjCl mbybOl JJ{Ǯ oJUKjl nF&u Dm c$ kCu Ju vn. `voxMl Yi, voxMl JUl J voxMl DRJj` Myoib Flk SklHa DL& k{l F&u, Dm ko Jlv mJhvbln l vn.
mJ&mOjChC vm|ik v箳 lJvmj pv yko Jl&v ku Dmu lu Yo[ JnJm nJ. hC L lj k箳 J JiCj mJ& pC Skn DhJo v nl y#m ITv plnl DC lb ijJl&vv Yj[u iuu mJ& cOcJia ckv M# Yilnl DMǮ hjmLl Du Dn. yyl Sk iǮ vWo IC pj Dn k j^dz nk lj vJjC cbvn Sk Dhu箳 mvJCojcv DM DoMbyyl l Jh{b ypv Pkuu Jl Dmu DY J ku Dn. mJ& iWOUl cU klu `lJjl` Myok[ kCu u# oCm Hjml kv nCj yj? `kbhv ko cb[U mcOv` MyoCuyyl lj Jojb Hj c ijmcp Pu nl. mbybOl h{v EkJ lb mbukbv hM箳 yyll kCln ijJJnj ku vJnl DLJ vcy jlv hm iU ku EkJ Jhju vJnl DLJ shh ci&v MDjypj EkJ mJl: Flj Obbk[ JUJu vJnl yyl lm kbhv ko J jPJn& yBk ko b kkjhC huv ku nl mbybO n mcOv DmJ Dm YUm Jojbv Ju Dmum vJu vn. hC kbhv kbl mbukbv mi o#lv (Due Diligence) kjYj kjC J l v kum lb h{Ǯ oCyyl pyyoj Dc&ol kjC (Unlimited Liability) n DblY&l Dmvn kbhv ko cb[Uv c$ yyl DOk kuhJ v kjl yml h{lHx moj kjCl CN l%h$Jj mcOv jnC iuYhC Dphl oKJu Dn. hm oC uil Dmlbv hM JJmL k ku vn Dmu Mv kbhv ko cb[Ubv kCln h{m JjJ DM Dh# Jojbv yUiC KUhC u#C vn k yj? Yjldz jPJn& yBk klu mmh MyoiJv lj kbhv ko cb[U k&k# LkJuu (Defaulted) JRhjlǮ c&ol Dn, Dm oml. cnCp p J hjlJm o Puu vmlu lbyyll kbhv ko cb[Uu k&k# vn.
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