Risk Management of Derivatives in BSE

Xmsa F`gèbfbgt ki Dbrmv`tmvbs

Xmsa F`gèbfbgt ki Dbrmv`tmvbs mg H_B @ _uffbr ^rklbot Xbpkrt _uhfmttbd tk Rta`c Rgmvbrsmty mg tjb ^`rtm`c Iucimccfbgt ki Dberbb ki F`stbr ki Img`gob & Okgtrkc. (8>>= ‟ 00)

_uhfmttbd hy hy

Dmccmp Ajugtm` A A jugtm` jugtm` Xkcc Gk. ‟‟ 0?5>Y>=0>00 Rgdbr tjb Eumd`gob ki ki

Dr. Asjmtmhjus`g D`s D`s

Fr. O. Y`sudbv`g Y`sudbv`g

Xb`dbr,

Ebgbr`c F`gèbr,

^.E. Dbp`rtfbgt ki Okffbrob

H_B Mgstmtutb,, H H _B Tr`mgmge Mgstmtutb

Rta`c Rgmvbrsmty Rgmvbrsmty..

Hkfh`y _tkoa Bxoj`geb Cmfmtbd Cmfmtbd..

F@_TBX KI IMG@GOB & OKGTXKC ^.E. DB^@XTFBGT KI OKFFBXOB, OKFFBXOB, RTA@C RGMYBX_MT], RGMYBX_MT], HJRH@GB_U@X. HJRH@GB_U@X.

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Hkfh`y _tkoa Bxoj`geb Cmfmtbd.


DBOC@X@TMKG

M dk jbrbhy dboc`rb tj`t tjb prklbot bgtmtcbd –Xmsa F`gèbfbgt ki Dbrmv`tmvbs H_B‖ Dbrmv`tmvbs mg H_B ‖‖ ms suhfmttbd tk Rta`c Rgmvbrsmty ikr tjb p`rtm`c iucimccfbgt ki dberbb ki F`stbr ki Okgtrkc, Rta`c Rgmvbrsmty. Tjb prklbot ms `g Img`gob `gd Okgtrkc ùtjbgtmo pmbob ki wkra dkgb hy fb ugdbr tjb eumd`gob ki Dr. Asj Asjm mtmhjusj`g D`s, Xb`dbr, ^.E. Dbp`rtfbgt ki mm tmhjusj`g D`s Okffbrob, Rta`c Rgmvbrsmty `gd mt j`s gbmtjbr hbbg suhfmttbd ikr `w`rd ki `gy ktjbr dberbb tk `gy ktjbr Rgmvbrsmty, @o`dbfy, Mgstmtutmkg gkr puhcmsjbd mg `gy fè`zmgb kr `gywjbrb bcsb mg p`rt kr iucc tk hbst ki fy agkwcbdeb.

^C@OB< HJRH@GB_U@X HJRH@GB_U@X D@TB<

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(DMCCM^ AJRGTM@)



@OAGKUCBDEBFBGT Tjb s`tmsiòtmkg tj`t òokfp`gmbs tjb suoobssiuc okfpcbtmkg ki `gy t`sa wkucd hb mgokfpcbtb wmtjkut fbgtmkgmge pbkpcb wjk f`db mt pkssmhcb, wjksb bgokurèbfbgt `gd okgsmstbgt eumd`gob orkwgbd fy biikrts wmtj suoobss. @t tjb kutsbt, M wkucd cmab tk bxtbgd fy smgobrb er`tmtudb `gd rbvbrbgob tk tjb bstbbfbd kre`gmz`tmkg, Hkfh`y _tkoa Bxoj`geb Cmfmtbd `gd mts f`gèbfbgt ikr prkvmdmge fb wmtj tjb kppkrtugmty tk pursub p ursub fy suffbr prklbot. M wkucd cmab tk tj`ga Fr. O. Y`sudbv`g, Ebgbr`c F`gèbr, Hkfh`y _tkoa Bxoj`geb Cmfmtbd `gd Fr. ûcàbsj Dutt`, Dbputy F`gèbr, HTM, Hkfh`y _tkoa Bxoj`geb Cmfmtbd, ikr `cckwmge fb tk wkra kg tjms prklbot tj`t gkt kgcy mgtbrbstmge hut j`s `csk `ddbd tk fy agkwcbdeb. M `f `csk tj`gaiuc tk ^rkduot `gd _tr`tbey dbp`rtfbgt `gd Fr. ]kebsj _ugd`r`f, Okgsuct`gt `gd @g`cyst, Hkfh`y _tkoa Bxoj`geb Cmfmtbd, ikr bgcmejtbgmge fb wmtj gu`gobs ki tjb rmsa f`gèbfbgt prkobdurb ikcckwbd hy tjb Hkfh`y _tkoa Bxoj`geb Cmfmtbd `gd òagkwcbdeb tjb suppkrt `gd jbcp ki bfpckybbs ki ^rkduot `gd _tr`tbey Dbp`rtfbgt ikr tjbmr `ssmst`gob mg okfpcbtmkg ki tjms prklbot. M wkucd cmab tk bxprbss fy jb`rtibct mgdbhtbdgbss `gd dbbp sbgsb ki er`tmtudb tk fy iòucty eumdb Dr. Asjm Asj mtmhjusj`g D`s ikr sj`rmge jms agkwcbdeb `gd emvmge fb mm tmhjusj`g eumd`gob `gd ebgbrkus ok-kpbr`tmkg. M `f `csk tj`gaiuc tk fy ktjbr iòucty fbfhbrs `gd fy irmbgds ikr tjbmr okgtmgukus suppkrt `gd bgokurèbfbgt. C`st hut gkt tjb cb`st tk FX. F`djusud`g _`ju wmtjkut wjksb jbcp mt w`s dmiimouct tk tàb kg `g mgtbrgsjmp `t H_B ^C@OB< HJRH@GB_U@X D@TB<

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(DMCCM^ AJRGTM@)



Dr. Asjmtmhjusj`g D`s Xb`dbr, ^.E. Dbp`rtfbgt ki Okffbrob Rta`c Rgmvbrsmty

Obrtmimo`tb Tjms tk obrtmiy tj`t tjb prklbot bgtmtcbd –Xmsa F`gèbfbgt ki Dbrmv`tmvbs mg H_B‖ ms ` rbokrd ki hkgìmdb rbsb`roj wkra o`rrmbd kut hy Dmccmp Ajugtm` ugdbr fy supbrvmsmkg `gd eumd`gob. Mt bfhkdmbs rbsuct ki jms krmemg`c okgtrmhutmkg. Tjb prklbot j`s rbòjbd tjb st`gd`rd ki iucimccmge tjb rbqumrbfbgts ki tjb rbeuc`tmkg rbc`tmge tk tjb dberbb ki F`stbr ki Img`gob `gd Okgtrkc. Gk p`rt ki tjms prklbot j`s hbbg suhfmttbd tk `gy ktjbr mgstmtutmkg ikr tjb `w`rd ki `gy ktjbr dberbb.

M wmsj jmf `cc suoobss mg jms iuturb bgdb`vkurs.

^C@OB< HJRH@GB_U@X D@TB<

(Dr. Asjmtmhjusj`g D`s)

^.E. Dbpt. ki Okffbrob Ok ffbrob Rta`c Rgmvbrsmty.

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BZBORTMYB _RFFBX] Mg tjms prklbot –Xmsa F`gèbfbgt ki Dbrmv`tmvbs mg H_B‖, tjb f`lkr khlbotmvb w`s tk imgd kut ku t tjb biibotmvbgbss `gd biimombgoy ki tjb rmsa f`gèbfbgt prkobss ki H_B ikr dbrmv`tmvbs sbefbgt. Ikr òjmbvmge tjms khlbotmvb ` survby w`s okgduotbd, wjbrbmg skfb ki tjb hrkabrs `rb mgtbrvmbwbd `gd tjb dbt`mcs ki tjb rmsa f`gèbfbgt prkobss ki dbrmv`tmvbs mg H_B w`s `g`cyzbd. _BHM eumdbcmgbs `gd omrouc`rs `rb `csk ikcckwbd ikr tjms purpksb. Durmge tjb survby mt w`s ikugd tj`t tjb rmsa f`gèbfbgt prkobss ki H_B ms biimombgt `gd o`g hb okfp`rbd wmtj `gy ki tjb f`lkr stkoa bxoj`geb ki tjb wkrcd. Tjb _^@G f`remgmge systbf tj`t H_B ikcckws ikr f`remg o`couc`tmkg ms `g biibotmvb systbf ki rmsa f`gèbfbgt `gd fkst ki tjb bxoj`gebs ki tjb wkrcd ikcckw tjms fbtjkd ikr f`remg o`couc`tmkg. Tjb skitw`rb Ô _^@G®, usbd hy H_B ikr _^@G f`remg o`couc`tmkg ms rbcm`hcb `gd usbr irmbgdcy skitw`rb. Mg o`sb ki rmsa f`gèbfbgt, H_B cès hbjmgd G_B mg kgb `rb` m.b. fkgmtkrmge. G_B j`s `g mgtber`tbd systbf (^XM_F) ikr fkgmtkrmge tjb rmsa, wjbrb`s H_B dkbs gkt j`vb suoj iòmcmty iò mcmty Tjus tjb rbokffbgd`tmkg mg òokrd`gob wmtj tjms prklbot wkucd hb tj`t H_B sjkucd tàb èerbssmvb stbps ikr bxp`gsmkg ki mts dbrmv`tmvbs sbefbgt. Tjms okupcbd wmtj ` ibw wmtj tjb rmsa f`gèbfbgt prkobss suoj `s prkvmdmge rb`c tmfb mgikrf`tmkg `hkut tjb p`r`fbtbrs1 bspbom`ccy tjb rmsa `rr`y `gd tjb tr`dmge mgikrf`tmkg mg t`huc`r ikrf r`tjbr tj`g er`pjmo`c ikrf, usb ki hbttbr fkgmtkrmge systbf ikr rmsa f`gèbfbgt wkucd jbcp H_B tk mfprkvb mts f`rabt pksmtmkg mg dbrmv`tmvbs.

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OKGTBGT_ Dboc`r`tmkg…………………………………………………………………………………… Dboc`r`tmkg………………………………… ………………………………………………………………………………………………. ……………………………………………. m @oagkwcbdebfbgt………………………………………………………… @oagkwcbdebfbgt………………………………………………………………………………………………………………… ……………………………………………………………. ……. mm Obrtmimo`tbs…………………………………………………………………………………… Obrtmimo`tbs………………………………… ……………………………………………………………………………………………… …………………………………………… mmm Bxboutmvb _uffbry…………………………………………………………… _uffbry……………………………………………………………………………………………………………… ……………………………………………………… …… mv OJ@^TBX 0< MGTXKDROTMKG 0.0 Mgtrkduotmkg……………………………………… Mgtrkduotmkg…………………………………………………………………………………………… ……………………………………………………… …8 0.8 X`tmkg`cb………………………………………………… X`tmkg`cb………………………………………………………………………………………………… ………………………………………………… …8 0.? Khlbotmvb………………………………………………………………………… Khlbotmvb…………………………………………………………………………………………………… ………………………… ? 0.4 Xbsb`roj Fbtjkdkckey…………………………………………………………………………….. Fbtjkdkckey…………………………………………………………………………….. ? 0.2 Cmfmt`tmkg………………………………………… Cmfmt`tmkg……………………………………………………………………………………………… ……………………………………………………….. ….. 4 0.9 Oj`ptbrms`tmkg………………………………… Oj`ptbrms`tmkg……………………………………………………………………………………… ……………………………………………………….. ….. 4 OJ@^TBX 8< OKF^@G] ^XKIMCB 8.0 Okfp`gy ^rkimcb ……………………………………………… ………………………………………………………………………………………. ………………………………………. 5 8.8 Jmstkry …………………………………………………………… ……………………………………………………………………………………………………. ………………………………………. : 8.? ^rkfmgbgt ^ksmtmkg ……………………………………………………… …………………………………………………………………………………. …………………………. : 8.4 @ ^mkgbbr ………………………………………………………………………………………………… ………………………………………………………………………………………………… = 8.2 @w`rds ……………………………………………………………………………………………………. ……………………………………………………………………………………………………. = 8.9 H_B _UKT ………………………………………………………………………………………………. ………………………………………………………………………………………………. 0> OJ@^TBX ?< MGTXKDROTMKG TK DBXMY@TMYB_ ?.0 Dbrmv`tmvbs ……………………………………………………… …………………………………………………………………………………………….. …………………………………….. 0? 0? ?.8 Dbrmv`tmvbs prkduots ……………………………………………… …………………………………………………………………………….. …………………………….. 04 ?.? ^`rtmomp`gts ki Dbrmv`tmvbs F`rabt ………………………………………………………. 09 ?.4 Oc`ssmimo`tmkg ki Dbrmv`tmvbs …………………………………………………………………. …………………………………………………………………. 09 ?.2 Bokgkfmo _megmimo`gob ki Dbrmv`tmvbs …………………………………………………… 0: ?.9 Jmstkry ki Dbrmv`tmvbs ……………………………………………………………………………. ……………………………………………………………………………. 0: ?.5 Mgtbrg`tmkg`c Dbrmv`tmvb F`rabt ……………………………………………………………. 8> ?.: Mgdm`g Dbrmv`tmvb F`rabt ………………………………………………………… … ……………………………………………………………………. ……………. 8> ?.= G_B”s Dbrmv`tmvb _befbgt ……………………………………………………………………. 88 OJ@^TBX 4< XM_A @GD XM_A F@G@EBFBGT 4.0 Xmsa ………………………………………………………………………… ………………………………………………………………………………………………………... ……………………………... 82 4.8 Xmsa F`gèbfbgt ^rkobss ……………………………………………………………………. ……………………………………………………………………. 89

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs 4.? Xmsa @sskom`tbd wmtj Dbrmv`tmvbs …………………………………………………………. 85 4.4 Xmsa F`gèbfbgt ki k i Dbrmv`tmvbs ………………………………………………………….. ?> OJ@^TBX 2< @G@C]_M_ @GD MGTB^XBT@TMKG 2.0 Tjb _^@G F`remgmge _ystbf ………………………………………………………………… ………………………………………………………………… ?? 2.8 Ukramge ki _^@G F`remgmge F` remgmge _ystbf …………………………………………………….. …………………………………………………….. ?9 2.? F`remg …………………………………………………… …………………………………………………………………………………………………… ……………………………………………… ?9 2.4 F`ra-tk-F`rabt ki F`remg ……………………………………………………………………. ?5 2.2 Bxpksurb Cmfmts ……………………………………………………………………………………. ……………………………………………………………………………………. ?5 2.9 ^ksmtmkg Cmfmts ……………………………………………………………………………………… ……………………………………………………………………………………… ?: 2.5 Img`c _bttcbfbgt …………………………………………………………………………………… …………………………………………………………………………………… ?= OJ@^TBX 9< _RFFBX] @GD OKGOCR_MKG 9.0 F`lkr Imgdmges ………………………………………………………… ………………………………………………………………………………………. ……………………………. 40 40 9.8 _ueebstmkgs ………………………………………………… …………………………………………………………………………………………. ………………………………………. 48 9.? Okgocusmkg …………………………………………………… …… ……………………………………………………………………………………… ……………………………………… 4? 9.4 Hmhcmker`pjy …………………………………………………… …… ……………………………………………………………………………………. ……………………………………. 42

CM_T KI IMERXB_ ?.0 Oc`ssmimo`tmkg ki Dbrmv`tmvbs Dbrmv`tmvbs ………………………………………………………………………………………….… ………………………………………………………………………………………….… 05 ?.8 Husmgbss Erkwtj ki Dbrmv`tmvb mg Mgdm` …………………………………………………………………………... 88 ?.? Bqumty Dbrmv`tmvb F`rabt ki Mgdm` ………….………………………………… …… …….………………………………………………………………………… ……………………………………… 8? ?.4 @vbrèb D`mcy Turgkvbr ki Mgdm`”s Dbrmv`tmvb F`rabt ….………………………………………………… 8?

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OJ O J@ KGB O J J @^TBX @ @ ^TBX KGB MGTXKDROTMKG MGTXKDROTMKG

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs 0.0 MGTXKDROTMKG

@ okugtry ms tbrfbd prkspbrkus mi mts bokgkfy ms dkmge wbcc. Tjbrb `rb ` c`reb gufhbr ki mgicubgomge iòtkrs wjmoj dbtbrfmgbs tjb prkspbrmty ki tjb bokgkfy, cmab ^br-o`pmt` mgokfb ki pbkpcb, ED^, Mfpkrts & Bxpkrts, Ikrbx Xbsbrvbs, bto. Mg sjkrt mt o`g hb tkcd tj`t Img`gom`c F`rabt ms `g mfpkrt`gt okgtrmhutkr tk tjb bokgkfy. Mg tjms img`gom`c f`rabt, o`pmt`c f`rabt pc`ys ` smegmimo`gt rkcb. Tjb o`pmt`c f`rabt `cw`ys rbpcmo`tbs tjb pkwbr `gd `hmcmty ki tjb mgvbstkrs `gd tjbmr i`mtj mg tjb f`rabt. B`rcmbr tjb o`pmt`c f`rabt w`s sjy. Hut f`rabt dbrbeuc`tmkgs, erkwtj mg eckh`c tr`db `gd tbojgkckemo`c dbvbckpfbgt j`vb rbvkcutmkgmzbd tjb img`gom`c f`rabt pcòb. @ hy prkduot ki tjms rbvkcutmkg ms mgorb`sbd f`rabt vkc`tmcmty, wjmoj j`s cbd tk ` okrrbspkgdmge mgorb`sb mg rmsa f`gèbfbgt prkduots. Tjms dbf`gd ms rbicbotbd mg tjb erkwtj ki img`gom`c dbrmv`tmvbs `gd dbrmv`tmvbs f`rabt. Hut, qubstmkg `rmsbs, `rb tjbsb dbrmv`tmvbs rmsa irbb; @s wkrcd”s kgb ki tjb erb`tbst mgvbstkr kgob s`md, –Xmsa ms ` p`rt ki Ekd”s e`fb, `cmab ikr f`g `gd g`tmkg‖

Tjus mt o`g hb s`md tj`t tjbsb rmsa f`gèbfbgt mgstrufbgts `rb gkt rmsa irbb. Tjms mgdmo`tbs tjb bssbgob ki rmsa f`gèbfbgt ki dbrmv`tmvbs. 0.8 X@TMKG@CB

Mg tjms wkrcd ki ugobrt`mgty rmsa f`gèbfbgt j`s `g mffbgsb mfpkrt`gob ikr okrpkr`tb. Img`gom`c dbrmv`tmvbs wjmoj `rb mgtrkduobd wmtj ` prmfb khlbotmvb ki jbdemge rmsa, wjbg usbd ikr spbouc`tmvb purpksbs rbsuctbd wmtj mgorb`sbd rmsa. Tjus, rmsa f`gèbfbgt ki img`gom`c dbrmv`tmvbs ms ` f`lkr `rb` ki okgobrg. Mg o`sb ki `g bxoj`geb, `s bxoj`geb pc`ys tjb rkcb ki okugtbrp`rty ikr hktj huybr `gd sbccbr, mt ms fkrb bxpksbd tk okugtbrp`rty rmsa `gd `cc ktjbr rmsa `sskom`tbd wmtj tjb img`gom`c dbrmv`tmvbs. Tjms cb`ds tk tjb bssbgob ki rmsa f`gèbfbgt ki dbrmv`tmvbs mg bxoj`gebs. Tjb v`rmkus tkkcs usbd hy tjb bxoj`gebs ikr rmsa f`gèbfbgt mgocudbs f`remgs, pksmtmkg cmfmts, `gd v`rmkus v`rmku s rucbs `gd rbeuc`tmkgs c`md dkwg hy h y tjb rbeuc`tkry ùtjkrmty ikr dbrmv`tmvb tr`dmge. @cc tjbsb prkobss ki rmsa f`gèbfbgt ms dkgb hy wjkccy okfputbrmzbd prkobss `gd wmtj spbomimo skitw`rb. Tjb mgocusmkg ki c`tbst tbojgkckey j`s f`db tjb rmsa f`gèbfbgt prkobss fkrb rbcm`hcb. Tjb rmsa f`gèbfbgt ki

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs dbrmv`tmvbs gkt kgcy sbourbs _tkoa Bxoj`gebs, hut `csk orb`tbs okgimdbgob mg tjb fmgds ki tjb mgvbstkrs. Tjms bgj`gobs fkrb mgvbstfbgts mg tjb dbrmv`tmvbs f`rabt, wjmoj cb`ds tk husmgbss prkspbrmty. Tjus tjb fkst ki tjb bxoj`gebs j`vb tjbmr rmsa f`gèbfbgt prkobdurb ikr rmsa f`gèbfbgt ki dbrmv`tmvbs. 0.? KHLBOTMYB

Kg tjb `hkvb kutsbt, tjb ikcckwmge `rb tjb c`md dkwg `s tjb khlbotmvb ki tjms study, M. MM.

Tk study tjb rmsa `sskom`tbd wmtj dbrmv`tmvb f`rabt `gd dbrmv`tmvb tr`dmge. Tk study tjb rmsa f`gèbfbgt tkkcs usbd mg Hkfh`y _tkoa Bxoj`geb Cmfmtbd ikr fmtme`tmge tjbsb rmsas.

MMM.

Tk study tjb f`remgmge systbf ikr dbrmv`tmvbs.

MY.

Tk study tjb skitw`rb usbd ikr f`remgmge systbf.

Y.

Tk dk okfp`r`tmvb `g`cysms ki tjb rmsa f`gèbfbgt prkobss ki H_B wmtj tj`t ki G_B

YM.

Tk emvb sueebstmkg `gd rbokffbgd`tmkgs ikr mfprkvbfbgt mg rmsa f`gèbfbgt prkobss ki dbrmv`tmvbs mg H_B.

0.4 XB_B@XOJ FBTJKDKCKE] 0.4.0 _OK^B

Tjb sokpb ki tjms prklbot ms okgimgbd tk tjb study ki rmsa f`gèbfbgt ki dbrmv`tmvbs mg H_B, `hkut tjb f`remgmge systbf. Tjb skitw`rb usbd ikr tjms purpksb, dbt`mcs `hkut tjb prkobss `gd tkkcs ki rmsa f`gèbfbgt `gd v`rmkus prkhcbfs iòbd hy tjbf. 0.4.8 TMFB IX@FB

Tjb prklbot j`s hbbg ugdbrtàbg kg tjb h`sms ki mgikrf`tmkg prkvmdbd hy H_B”s dbrmv`tmvbs sbefbgt wjmoj okgsmsts ki tjb d`mcy prmobs `gd vkc`tmcmty ki dbrmv`tmvb sbefbgt ki H_B ikr tjb c`st tbg yb`rs. Tjms d`t` okgsmst ki dbt`mcs `hkut tjb d`mcy prmobs ki dbrmv`tmvbs prkduots `gd prkpkrtmkg ki mgvbstfbgt mg bòj `gd bvbry dbrmv`tmvbs mgstrufbgt. 0.4.? _KRXOB_ KI D@T@

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs Tjb d`t` j`s hbbg okccbotbd irkf hktj prmf`ry `gd sbokgd`ry skurobs. Tjb prmf`ry d`t` `rb okccbotbd hy mgtbrvmbwmge hrkabrs `gd skfb kiimom`cs ki H_B. _kfb d`t` `rb okccbotbd irkf pbrskggbc ki tjb v`rmkus dbp`rtfbgts mg H_B, cmab ^rkduot `gd _tr`tbey Dbp`rtfbgt, H`ga ki Mgdm` _j`rbjkcdmge Cmfmtbd. (Ocb`rmgejkusb ki H_B). Tjb sbokgd`ry d`t` okgsmsts ki hkkas `gd lkurg`cs prkvmdbd hy H_B, _BHM omrouc`rs `gd Eumdbcmgbs. Tjms `csk okgt`mgs tjb d`t` ki dbrmv`tmvb sbefbgt ki G_B, wjmoj w`s okccbotbd irkf tjb wbhsmtb ki G_B. 0.4.4 TKKC_ @GD TBOJGMPRB_

Tjb d`t` sk okccbotbd wbrb oc`ssmimbd `gd t`huc`tbd ikr `g`cysms `gd mgtbrprbt`tmkg. Tjb tkkcs `gd tbojgmqubs usbd mg tjms prklbot `rb `cc okfputbrmzbd prker`ffmge. Tjb d`t` `rb prker`ffbd mg skitw`rb cmab vmsu`c h`smo, h`sm o, F@TC@H, bto, bt o, tk imgd tjb mfpcmbd vkc`tmcmty `gd prmob so`g r`geb. Img`ccy `cc tjbsb mfpcmbd vkc`tmcmty `gd prmob so`g r`geb `rb prkobssbd mg Ô ‟ _^@G (skitw`rb ikr o`couc`tmkg ki f`remg) tk imgd kut tjb f`remg rbqumrbfbgt ki dmiibrbgt p`rtmomp`gts ki tjb dbrmv`tmvb f`rabt. Tjb turgkvbr ki dbrmv`tmvbs sbefbgt ki H_B `gd G_B ms dr`wg mg er`pjs tk okfp`rb tjbsb twk f`rabts. 0.2 CMFMT@TMKG

_kfb ki tjb cmfmt`tmkgs tj`t `rb iòbd durmge tjb prklbot `rb1 0. Tjb mgikrf`tmkg okccbotbd ms cmfmtbd hy tjb ùtjbgtmomty `gd òouròy ki mgikrf`tmkg prkvmdbd hy tjb mgtbrvmbwbbs. Tjb d`t` okccbotbd irkf tjb wbhsmtbs `rb cmfmtbd. Obrt`mg mgikrf`tmkg w`s gkt dmsocksbd tk f`mgt`mg tjb sborboy ki tjb bxoj`geb. 8. Tjb tmfb prbdbimgbd ikr tjms prklbot w`s : wbbas, wjmoj ms vbry sjkrt ikr okvbrmge suoj ` hme prklbot.

0.9 OJ@^TBXM_@TMKG

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs Tjms prklbot ms `hkut tjb rmsa f`gèbfbgt ki dbrmv`tmvbs mg H_B. Y`rmkus tbojgmo`cmtmbs tj`t `rb mgvkcvbd mg tjms prkobss j`s hbbg bxtbgsmvbcy dmsoussbd `gd db`ct wmtj tjms rbpkrt. Tjb rbpkrt okgt`mgs tjb ikcckwmge smx oj`ptbrs, wjmoj `rb suff`rmzbd hbckw. Oj`ptbr kgb hbemgs wmtj tjb mgtrkduotmkg tk tjb prklbot rbpkrt, st`tmge tjb mfpkrt`gob, khlbotmvbs `gd rbsb`roj fbtjkdkckey `dkptbd. Cmfmt`tmkgs mgjbrbgt tk tjb prklbot `rb `csk c`md dkwg. Oj`ptbr twk db`cs wmtj tjb jmstkry `gd pktbgtm`cmty ki Hkfh`y _tkoa Bxoj`geb Cmfmtbd. ,mts fmssmkg `gd vmsmkg `rb `csk c`md dkwg. F`lkr bvbgts tj`t sj`pbd tjb sbourmtmbs f`rabt mg tjb okugtry `gd jbcpbd H_B tk erkw j`vb hbbg fbgtmkgbd. Tjb tjmrd oj`ptbr db`cs wmtj tjb okgobptu`c study ki dbrmv`tmvbs `gd mts fboj`gmsf. @ sg`psjkt ki mgtbrg`tmkg`c `gd Mgdm`g dbrmv`tmvb f`rabt w`s `csk c`md dkwg. @ hrmbi mdb` `hkut bqumty dbrmv`tmvbs w`s `csk fbgtmkgbd mg tjms oj`ptbr. Oj`ptbr ikur okgt`mgs tjb okgobptu`c mdb` ki rmsa f`gèbfbgt prkobss. Tjms oj`ptbr `csk tjrkws cmejt kg tjb bssbgob ki rmsa f`gèbfbgt1 rmsa `sskom`tbd wmtj dbrmv`tmvbs tr`dmge `gd rmsa f`gèbfbgt ki dbrmv`tmvbs. Tjb imitj oj`ptbr okfprmsbs ki `g`cysms `gd mgtbrprbt`tmkg p`rt. Oj`ptbr smx okgt`mgs tjb suff`rmzbd cmst ki `cc mfpkrt`gt imgdmges. @gd img`ccy, tjb uctmf`tb oj`ptbr `mfs `t prkvmdmge skfb rbcbv`gt sueebstmkgs `gd rbokffbgd`tmkgs tk mfprkvb tjb prbsbgt f`rabt pksmtmkg ki H_B.

08 | ^ ` e b



OJ@^TBX TUK OKF^@G] ^XKIMCB

0? | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs 8.0 OKF^@G] ^XKIMCB

Hkfh`y _tkoa Bxoj`geb Cmfmtbd ms tjb kcdbst stkoa bxoj`geb ki @sm` `gd kgb ki tjb kcdbst mg Ukrcd wmtj ` rmoj jbrmtèb. @s tjb imrst stkoa bxoj`geb mg Mgdm`, tjb Hkfh`y _tkoa Bxoj`geb Cmfmtbd ms okgsmdbrbd tk j`vb pc`ybd ` vbry mfpkrt`gt rkcb mg tjb dbvbckpfbgt ki okugty”s o`pmt`c f`rabt. Tjb H_B ms tjb c`rebst stkoa bxoj`geb ki 84 bxoj`gebs mg Mgdm`, wmtj kvbr 9>>> cmstbd okfp`gmbs. Mt ms `csk tjb imitj c`rebst bxoj`geb mg tjb wkrcd wmtj ` f`rabt o`pmt`cmz`tmkg ki $499 hmccmkg.

Tjb Hkfh`y _tkoa Bxoj`geb Cmfmtbd usbs H_B _BG_BZ, `g mgdbx ki ?> c`reb, dbvbckpbd H_B stkoas. Tjms mgdbx emvbs ` fb`surb ki kvbr`cc pbrikrf`gob ki H_B `gd ms tròabd wkrcdwmdb.

Mg `ddmtmkg tk mgdmvmdu`c stkoas tjb Hkfh`y _tkoa Bxoj`geb Cmfmtbd `csk ` f`rabt ikr dbrmv`tmvbs, wjmoj w`s imrst mgtrkduobd mg Mgdm`. Cmstbd dbrmv`tmvbs kg tjb bxoj`geb mgocudb stkoa iuturbs `gd kptmkgs, Mgdbx iuturbs `gd kptmkgs `gd wbbacy kptmkgs. Tjb Hkfh`y _tkoa bxoj`geb ms `csk òtmvbcy mgvkcvbd wmtj tjb dbvbckpfbgt ki rbt`mc dbht f`rabt.

Tjb Bxoj`geb j`s ` g`tmkgwmdb rbòj wmtj mts prbsbgob mg 405 omtmbs `gd tkwgs ki Mgdm`. Tjb systbfs `gd prkobssbs ki tjb bxoj`geb `rb dbsmegbd tk sìbeu`rd f`rabt mgtbermty `gd bgj`gob tr`gsp`rbgoy mg tjb kpbr`tmkgs. Tjb Bxoj`geb prkvmdbs `g biimombgt `gd tr`gsp`rbgt f`rabt ikr tr`dmge mg bqumty, dbht `gd dbrmv`tmvb mgstrufbgts. Tjb H_B prkvmdbs kgcmgb tr`dmge wmtj tjb H_B”s Kgcmgb tr`dmge _ystbf (HKCT), wjmoj ms ` prkprmbt`ry systbf ki tjb bxoj`geb `gd ms H_ 55==-8-8>>8 obrtmimbd. Tjb _urvbmcc`gob `gd Ocb`rmge _bttcbfbgt iugotmkg ki tjb Bxoj`geb `rb M_K =>>0<8>>> obrtmimbd. YM_MKG –Bfbreb `s tjb prbfmbr Mgdm`g stkoa bxoj`geb hy bst`hcmsjmge eckh`c hbgojf`ra‖

04 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs 8.8 JM_TKX]

Kgb ki tjb kcdbst stkoa bxoj`gebs ki tjb wkrcd `gd tjb imrst mg tjb okugtry tk hb er`gtbd pbrf`gbgt rbokegmtmkg ugdbr tjb _bourmtmbs Okgtròt (Xbeuc`tmkg) @ot, 0=29, Hkfh`y _tkoa Bxoj`geb Cmfmtbd j`s j`d `g mgtbrbstmge rmsb tk prkfmgbgob kvbr tjb p`st 0?? yb`rs. Tjb Hkfh`y _tkoa Bxoj`geb Cmfmtbd tròbs mts jmstkry tk tjb 0:2>s, wjbg ikur Eul`r`tm `gd kgb ^`rsm stkoa hrkabr wkucd e`tjbr ugdbr tjb h`gy`g trbb mg irkgt ki tjb Tkwg J`cc, wjbrb tjb Jkrgmf`g Omrocb ms gkw smtu`tbd. @ dbo`db c`tbr, tjb hrkabrs fkvbd tjbmr vbgub tk `gktjbr sbt ki ikcmèb, tjms tmfb ugdbr h`gy`g trbbs `t tjb lugotmkg ki Fb`dkws _trbbt `gd F`j`tf` E`gdjm Xk`d. @s tjb gufhbr ki hrkabrs mgorb`sbd, tjby j`d tk sjmit irkf pcòb tk pcòb `gd wjbrbvbr tjby wbgt, tjrkuej sjbbr j`hmt, tjby kvbrickwbd tk tjb strbbts. @t c`st, mg 0:54, ikugd ` pbrf`gbgt pcòb. Tjb gbw pcòb w`s, `ptcy, o`ccbd D`c`c _trbbt. Tjms erkup ki hrkabrs mg 0:52 ikrfbd `g kiimom`c kre`gmz`tmkg agkwg `s –Tjb G`tmvb _j`rb `gd _tkoa Hrkabrs @sskom`tmkg‖. Mg 0=29, H_B hbo`fb tjb imrst stkoa bxoj`geb tk hb rbokegmzbd hy tjb Mgdm`g Ekvbrgfbgt ugdbr tjb _bourmtmbs Okgtròt (Xbeuc`tmkg) @ot, 0=29. Mg 0=5=, H_B mgtrkduobd mts Mgdbx _BG_BZ `gd irkf tj`t tmfb mt òjmbvbd f`gy fmcbstkgbs mg tjb o`pmt`c f`rabt. Mg 8>>8, tjb g`fb –Tjb Bxoj`geb, Fufh`m‖ w`s oj`gebd tk Hkfh`y _tkoa Bxoj`geb. _uhsbqubgtcy kg @ueust 2, 8>>2, tjb bxoj`geb turgbd mgtk ` okrpkr`tb bgtmty irkf `g @sskom`tmkg ki ^brskgs (@K^), ugdbr tjb prkvmsmkg ki Okfp`gmbs @ot, 0=29, pursu`gt Tk H_B (Okrpkr`tmz`tmkg `gd Dbfutu`cmz`tmkg) _ojbfb, 8>>2 gktmimbd hy _bourmtmbs `gd Bxoj`geb Hk`rd ki Mgdm` (_BHM). Tjbg mt ms rbg`fbd `s tjb –Hkfh`y _tkoa Bxoj`geb Cmfmtbd‖. 8.? ^XKFMGBGT ^K_MTMKG

Tjb lkurgby ki H_B ms `s bvbgtiuc `gd mgtbrbstmge `s tjb jmstkry ki sbourmtmbs f`rabts ki Mgdm`. Mgdm`”s hmeebst hkursb, mg tbrfs ki cmstbd okfp`gmbs `gd f`rabt o`pmt`cmz`tmkg, H_B j`s pc`ybd ` pmkgbbrmge rkcb mg Mgdm`g sbourmtmbs f`rabt. Fuoj hbikrb tjb òtu`c cbemsc`tmkgs wbrb bgòtbd, H_B j`d ikrfuc`tbd okfprbjbgsmvb sbt ki

02 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs rucbs `gd rbeuc`tmkgs ikr Mgdm`g o`pmt`c f`rabts. Mt `csk c`md dkwg hbst pròtmobs `dkptbd hy Mgdm`g o`pmt`c f`rabt ìtbr Mgdm` e`mgbd mts mgdbpbgdbgob. ^brj`ps, tjbrb wkucd gkt hb `gy cb`dmge okrpkr`tb mg Mgdm`, wjmoj j`s gkt skurobd H_B”s sbrvmobs mg rbskurob fkhmcmz`tmkg. 8.4 @ ^MKGBBX

H_B `s hr`gd ms sygkgyfkus wmtj tjb o`pmt`c f`rabts mg Mgdm`. Tjb H_B _BG_BZ ms tjb hbgojf`ra bqumty mgdbx tj`t rbicbots tjb rkhustgbss ki tjb bokgkfy `gd img`gob. @t p`r wmtj mgtbrg`tmkg`c st`gd`rds, H_B j`s hbbg ` pmkgbbr mg sbvbr`c `rb`s. Mt j`s ` sbvbr`c imrsts tk mts orbdmt, Imrst mg Mgdm` tk mgtrkduob Bqumty Dbrmv`tmvbs. Imrst mg Mgdm` tk cùgoj ` Irbb Ick`t Mgdbx. Imrst mg Mgdm` tk cùgoj R_$ vbrsmkg ki H_B _BG_BZ. Imrst mg Mgdm` tk cùgoj Bxoj`geb Bg`hcb Mgtbrgbt Tr`dmge ^c`tikrf. Imrst mg Mgdm` tk kht`mg M_K obrtmimo`tmkg ikr _urvbmcc`gob, Ocb`rmge `gd _bttcb. Imrst tk j`vb bxocusmvb iòmcmty ikr img`gom`c tr`mgmge. ‚H_B Kg-Cmgb Tr`dmge _ystbf” (HKCT) j`s `w`rdbd wmtj tjb eckh`c rbokegmzbd Mgikrf`tmkg _bourmty F`gèbfbgt _ystbf _t`gd`rd H_55==-88>>8. Fkvbd irkf Kpbg Kutory tk Bcbotrkgmo Tr`dmge wmtjmg lust 2> d`ys. @g bqu`c mfpkrt`gt òokfpcmsjfbgt ki H_B ms tjb cùgoj ki ` g`tmkgwmdb mgvbstkr `w`rbgbss o`fp`meg ‟ _ìb Mgvbstmge mg tjb _tkoa F`rabt ‟ ugdbr wjmoj g`tmkgwmdb `w`rbgbss o`fp`megs `gd dmssbfmg`tmkg ki mgikrf`tmkg tjrkuej prmgt `gd bcbotrkgmo fbdmuf w`s ugdbrtàbg. H_B `csk òtmvbcy prkfktbd tjb sbourmtmbs f`rabt `w`rbgbss o`fp`meg ki tjb _bourmtmbs `gd Bxoj`geb Hk`rd ki Mgdm` (_BHM). 8.2 @U@XD_

Hkfh`y _tkoa Bxoj`geb Cmfmtbd j`s f`gy `w`rds tk mts g`fb ikr mts bxobccbgob mg sbvbr`c imbcds, tjbsb `rb

09 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs 

Tjb Ukrcd Okugomc ki Okrpkr`tb Ekvbrg`gob j`s `w`rdbd tjb Ekcdbg ^bòkoa Eckh`c O_X @w`rd ikr H_B”s mgmtm`tmvbs mg Okrpkr`tb _kom`c Xbspkgsmhmcmty (O_X).



Tjb @ggu`c Xbpkrts `gd @ookugts ki H_B ikr tjb yb`r bgdbd F`roj ?0, 8>>9 `gd F`roj ?0, 8>>5 j`vb hbbg `w`rdbd tjb MO@M @w`rds ikr bxobccbgob mg img`gom`c rbpkrtmge.



Tjb Juf`g Xbskurob F`gèbfbgt `t H_B j`s wkg tjb @sm` ‟ ^òmimo JXF @w`rd ikr mts biikrts mg bfpckybr hr`gdmge tjrkuej t`cbgt f`gèbfbgt `t wkra, jb`ctj f`gèbfbgt `t wkra `gd bxobccbgob mg JX tjrkuej tbojgkckey.

8.9 H_B _UKT

_TXBGEJ_< 

H_B j`s mgjbrbgt `dv`gtèbs< mts jmstkry, c`rebr sormp h`sb `gd ` strkgebr hr`gd.



Tjb _BG_BZ (H_B”s ?>-sj`rb sbgsmtmvb mgdbx) ms kgb ki tjb fkst rbokegmzbd mgdbxbs `gd tròabd wkrcdwmdb.



@p`rt irkf cèbr h`sb ki cmstbd okfp`gmbs, H_B `csk j`s ` jmstkrmo`c pbrspbotmvb.



Mts kgcmgb trbgdmge systbf (HKCT) j`s `w`rdbd wmtj tjb eckh`c rbokegmzbd Mgikrf`tmkg _bourmty F`gèbfbgt _ystbf _t`gd`rd H_55==-8-8>>8.



Mt ekt tjb M_K obrtmimo`tmkg ikr mts survbmcc`gob `gd ocb`rmge `gd sbttcbfbgt.

UB@AGB__ 

Tjb H_B _BG_BZ, wjmoj dbcmvbrs mgibrmkr jbdemge biibotmvbgbss `gd jmejbr mfpòt okst.



@t prbsbgt H_B j`s ibwbr tj`g 08% sj`rb òrkss tjb o`sj `gd dbrmv`tmvb f`rabt ki bqumty f`rabts.



@t prbsbgt, H_B ms `cfkst gkg-bxmstbgob mg dbrmv`tmvbs spòb.



H_B `csk còas mg tbrfs ki prkvmdmge hbttbr sbrvmobs tk mts oustkfbrs `gd ms gkt prkòtmvb.

05 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs K^^KXTRGMTMB_ 

Okrpkr`tmz`tmkg wmcc mfprkvb mgtbrg`c f`gèbfbgt systbfs `gd mgvbstkr rbc`tmkgs, `gd hbgbimt okfp`gmbs tj`t `rb cmstbd kg H_B.



Dbrmv`tmvbs f`rabt ms erkwmge `t bxpkgbgtm`c r`tb `gd H_B wmtj mts c`reb mgir`struoturb `gd ckge prbsbgob mg tjb o`pmt`c f`rabt j`s tjb o`p`hmcmty tk bxp`gd mts f`rabt sj`rb mg tjms sbefbgt.



Mi c`reb ` prmv`tb sbotkr h`ga pmoas up ` str`tbemo stàb mg H_B, mt okucd emvb tjb bxoj`geb òobss tk ` c`reb dmstrmhutmkg gbtwkra `gd prkfktb gbw prkduots cmab dbrmv`tmvbs. Tjb str`tbemo mgvbstkr okucd `csk hb ` f`rabt fàbr (prkvmdmge huy `gd sbcc quktbs `t `gy emvbg tmfb).



?> tk 4> pbrobgt ki tjb mgokfb ki bxoj`geb cmab G@_D@P `gd G]_B ms irkf vbgdmge d`t`. Ikr H_B, mt”s fb`scy 4 pbrobgt. Tjb pktbgtm`c ikr erkwtj tjbg, ms mffbgsb.

TJXB@T_ 

@eerbssmvb okfpbtmtkr cmab G_B pksbs f`lkr tjrb`t tk H_B”s iuturb.

 G_B”s

tkp 0>> stkoas `ckgb òokugt ikr gb`rcy gb`rc y :> pbrobgt ki mts o`sj sbefbgt”s

turgkvbr, mgdmo`tmge tj`t G_B ms ocb`rcy tjb prbibrrbd dbstmg`tmkg ikr tr`dmge mg tjb tkp stkoas.

0: | ^ ` e b



OJ@^TBX TJXBB MGTXKDROTMKG TK DBXMY@TMYB_

0= | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs ?.0 DBXMY@TMYB_

Xmsa ms ` oj`ròtbrmstmo ib`turb ki `cc okffkdmty `gd o`pmt`c f`rabts. Kvbr tmfb, v`rm`tmkgs mg tjb prmobs ki èrmouctur`c `gd gkg-èrmouctur`c okffkdmtmbs koour `s ` rbsuct ki mgtbròtmkg ki dbf`gd `gd suppcy ikrobs. Tjb c`st twk dbo`dbs j`vb wmtgbssbd ` f`gy-ikcd mgorb`sb mg tjb vkcufb ki mgtbrg`tmkg`c tr`db `gd husmgbss dub tk tjb bvbr erkwmge w`vb ki eckh`cmz`tmkg `gd cmhbr`cmz`tmkg swbbpmge òrkss tjb wkrcd. @s ` rbsuct, img`gom`c f`rabts j`vb bxpbrmbgobd r`pmd v`rm`tmkgs mg mgtbrbst `gd bxoj`geb r`tbs, stkoa f`rabt prmobs tjus bxpksmge tjb okrpkr`tb wkrcd tk ` st`tb ki erkwmge img`gom`c rmsa.

Mgorb`sbd img`gom`c rmsa oùsbs ckssbs tk `g ktjbrwmsb prkimt`hcb kre`gmz`tmkg. Tjms ugdbrcmgbs tjb mfpkrt`gob ki rmsa f`gèbfbgt tk jbdeb è`mgst ugobrt`mgty. Dbrmv`tmvbs prkvmdb `g biibotmvb skcutmkg tk tjb prkhcbf ki rmsa oùsbd hy ugobrt`mgty `gd vkc`tmcmty mg ugdbrcymge `ssbt. Dbrmv`tmvbs `rb rmsa f`gèbfbgt tkkcs tj`t jbcp `g kre`gmz`tmkg tk biibotmvbcy tr`gsibr rmsa. Dbrmv`tmvbs `rb mgstrufbgts wjmoj j`vb gk mgdbpbgdbgt v`cub. Tjbmr v`cub dbpbgds upkg tjb ugdbrcymge `ssbt. Tjb ugdbrcymge `ssbt f`y hb img`gom`c kr gkg-img`gom`c.

Tjb tbrf –dbrmv`tmvb‖ o`g hb dbimgbd `s ` img`gom`c okgtròt wjksb v`cub ms dbrmvbd irkf tjb v`cub ki `g ugdbrcymge `ssbt. _botmkg 8(ò) ki _bourmtmbs Okgtròt (Xbeuc`tmkg) @ot, (_OX@), 0=29 dbimgbs dbrmv`tmvbs `s, `) –` sbourmty dbrmvbd irkf ` dbht mgstrufbgt, sj`rb, ck`g wjbtjbr sbourbd kr ugsbourbd, rmsa mgstrufbgt kr ` okgtròt ikr dmiibrbgob kr `gy ktjbr ikrf ki sbourmtmbs1 h) –` okgtròt wjmoj dbrmvbs mts v`cub irkf tjb prmobs, kr mgdbx ki prmobs, ki ugdbrcymge sbourmtmbs‖.

Tjb ugdbrcymge `ssbt f`y hb ` stkoa, hkgd, ` ikrbmeg ourrbgoy, okffkdmty kr bvbg `gktjbr dbrmv`tmvb sbourmty. Dbrmv`tmvb sbourmtmbs o`g hb usbd hy mgdmvmdu`cs, okrpkr`tmkgs, `gd img`gom`c mgstmtutmkgs tk jbdeb `g bxpksurb tk rmsa.

8> | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs ?.8 DBXMY@TMYB ^XKDROT_

Dbrmv`tmvb okgtròts j`vb sbvbr`c v`rm`gts. Tjb fkst okffkg v`rm`gts `rb ikrw`rds, iuturbs, kptmkgs `gd sw`ps. Y`rmkus dbrmv`tmvbs okgtròts `rb dbsormhbd hbckw,

?.8.0 IKXU@XD_

@ ikrw`rd okgtròt ms ` oustkfmzbd okgtròt hbtwbbg twk bgtmtmbs, wjbrb sbttcbfbgt tàbs pcòb kg ` spbomimo d`tb mg tjb iuturb `t tkd`y”s prb-èrbbd prmob. @ ikrw`rd okgtròt ms `g èrbbfbgt hbtwbbg twk p`rtmbs tk huy kr sbcc `g `ssbt `t ` spbomimo pkmgt ki tmfb mg iuturb `gd tjb prmob wjmoj ms p`md /rbobmvbd hy tjb p`rtmbs ms dbomdbd `t tjb tmfb ki bgtbrmge tjb okgtròt.

?.8.8 IRTRXB

@ iuturb okgtròt ms `g èrbbfbgt hbtwbbg twk p`rtmbs tk huy kr sbcc `g `ssbt `t ` obrt`mg tmfb mg tjb iuturb `t ` obrt`mg prmob. Iuturb okgtròts `rb st`gd`rdmzbd ikrw`rd okgtròts. Iuturb okgtròts `rb tr`dbd mg bxoj`gebs `gd bxoj`geb sbts tjb st`gd`rdmzbd tbrfs mg tbrf ki qu`gtmty, qu`cmty, prmob qukt`tmkg, d`tb `gd dbcmvbry d`tb (mg o`sb ki okffkdmtmbs).

?.8.? K^TMKG_

@g kptmkg okgtròt, `s tjb g`fb sueebsts, ms mg skfb sbgsb `g kptmkg`c okgtròt. @g kptmkg ms tjb rmejt, hut gkt tjb khcme`tmkg, tk huy kr sbcc skfbtjmge `t ` st`tbd d`tb `t ` st`tbd prmob. Kptmkgs `rb ki twk typbs1 •

O@CC K^TMKG_< @ o`cc kptmkg emvbs tjb huybr ki tjb kptmkg tjb rmejt, hut gkt

tjb khcme`tmkg tk huy ` emvbg qu`gtmty ki tjb ugdbrcymge `ssbt, `t ` emvbg prmob `gd kg kr hbikrb ` emvbg d`tb. •

^RT K^TMKG< ût kptmkgs emvb tjb huybr tjb rmejt, hut tjb khcme`tmkg tk sbcc `

emvbg qu`gtmty ki ugdbrcymge `ssbt `t ` emvbg prmob kg hbikrb ` emvbg d`tb.

80 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs Kptmkgs o`g `csk hb Burkpb`g kptmkgs `gd @fbrmo`g kptmkgs. Tjms oc`ssmimo`tmkg ms h`sbd kg tjb bxbromsb ki tjb kptmkgs. Burkpb`g kptmkgs o`g hb bxbromsbd `t tjb f`turmty d`tb ki tjb kptmkg. Kg tjb ktjbr j`gd, @fbrmo`g kptmkgs o`g hb bxbromsbd `t `gy tmfb up tk `gd mgocudmge tjb f`turmty d`tb.

?.8.4 U@XX@GT_

Kptmkgs ebgbr`ccy j`vb cmvbs ki up-tk kgb yb`r. Ckge d`tbd kptmkgs `rb o`ccbd `s w`rr`gts `gd ebgbr`ccy tr`dbd kvbr-tjb-okugtbr.

?.8.2 CB@^_

Ckge-Tbrf-Bqumty-@gtmomp`tbd _bourmtmbs `rb kptmkgs j`vmge ` f`turmty ki fkrb tj`g tjrbb yb`rs kr mg ktjbr wkrds kptmkgs j`vmge ` f`turmty ki fkrb tj`g tjrbb yb`rs `rb tbrfbd `s CB@^_.

?.8.9 H@_ABT_

H`sabt kptmkgs `rb kptmkgs kg pkrtikcmk ki ugdbrcymge `ssbts. Bqumty mgdbx kptmkgs `rb ` ikrf ki h`sabt kptmkgs

?.8.5 _U@^_

@ sw`p fb`gs ` h`rtbr kr bxoj`geb. Tjus, ` sw`p ms `g èrbbfbgt hbtwbbg twk p`rtmbs tk bxoj`geb strb`f ki o`sj ickws kvbr ` pbrmkd ki tmfb mg iuturb. Tjb twk okffkgcy usbd sw`ps `rb, m) MGTBXB_T X@TB _U@^_< _w`ps wjmoj bgt`mc sw`ppmge kgcy tjb mgtbrbst rbc`tbd o`sj ickws hbtwbbg tjb p`rtmbs mg tjb s`fb ourrbgoy. mm) ORXXBGO] _U@^_< Tjbsb bgt`mc sw`ppmge hktj prmgomp`c `gd mgtbrbst hbtwbbg twk p`rmtmbs, wmtj o`sj ickws mg kgb dmrbotmkg hbmge mg dmiibrbgt ourrbgoy tj`g tjksb mg tjb kppksmtb dmrbotmkg.

?.? ^@XTMOM^@GT_ MG DBXMY@TMYB F@XABT

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs Tjb rb`skg ikr wjmoj dbrmv`tmvbs `rb sk `ttròtmvb ms tj`t tjby j`vb `ttròtbd dmiibrbgt typbs ki mgvbstkrs `gd j`vb ` erb`t db`c ki cmqumdmty. Ujbg `g mgvbstkr w`gts tk tàb kgb smdb ki ` okgtròt, tjbrb ms usu`ccy gk prkhcbf mg imgdmge skfbkgb tj`t ms prbp`rbd tk tàb tjb ktjbr smdb. Tjrbb hrk`d amgds ki p`rtmomp`gts o`g hb ikugd mg dbrmv`tmvbs f`rabt, g`fbcy, jbdebrs, spbouc`tkrs `gd `rhmtrèburs.

0. Jbdebrs< Tjby usb dbrmv`tmvbs f`rabts tk rbduob kr bcmfmg`tb tjb rmsa `sskom`tbd

wmtj prmob ki `g `ssbt. F`lkrmty ki tjb p`rtmomp`gts mg dbrmv`tmvbs f`rabt hbckges tk tjms o`tbekry.

8. _pbouc`tkrs< Tjby tr`gsòt iuturbs `gd kptmkgs okgtròts tk ebt bxtr` cbvbrèb mg

hbttmge kg iuturb fkvbfbgts mg tjb prmob ki `g `ssbt. Tjby o`g mgorb`sb hktj tjb pktbgtm`c e`mgs `gd pktbgtm`c ckssbs hy h y usèb ki dbrmv`tmvbs mg ` spbouc`tmvb vbgturb.

?. @rhmtrèburs< Tjbmr hbj`vmkur ms eumdbd hy tjb dbsmrb tk tàb `dv`gtèb ki `

dmsorbp`goy hbtwbbg prmobs ki fkrb kr cbss tjb s`fb `ssbts kr okfpbtmge `ssbts mg dmiibrbgt f`rabts. Mi, ikr bx`fpcb, tjby sbb tjb iuturbs prmob ki `g `ssbt ebttmge kut ki cmgb wmtj tjb o`sj prmob, tjby wmcc tàb kiisbttmge pksmtmkgs mg tjb twk f`rabts tk ckoa mg ` prkimt.

?.4 OC@__MIMO@TMKG KI DBXMY@TMYB_

Hrk`dcy dbrmv`tmvbs o`g hb oc`ssmimbd mgtk twk o`tbekrmbs, okffkdmty dbrmv`tmvbs `gd img`gom`c dbrmv`tmvbs. Mg o`sb ki okffkdmty dbrmv`tmvbs, tjb ugdbrcymge `ssbt o`g hb okffkdmtmbs cmab wjb`t, ekcd, smcvbr bto1 wjbrb`s mg o`sb ki img`gom`c dbrmv`tmvbs tjb ugdbrcymge `ssbts `rb stkoas, ourrbgombs, hkgds `gd ktjbr mgtbrbst hb`rmge sbourmtmbs bto. @ imeurb hbckw sjkws tjb oc`ssmimo`tmkg ki dbrmv`tmvbs,

Imeurb ‟ ?.0 Oc`ssmimo`tmkg ki Dbrmv`tmvbs

8? | ^ ` e b



H`smge kg tjb typb ki f`rabt, dbrmv`tmvb f`rabt ms ki twk typbs, bxoj`gebtr`dbd dbrmv`tmvbs f`rabt `gd kvbr-tjb-okugtbr dbrmv`tmvb f`rabt. Mg tjb bxoj`gebtr`dbd dbrmv`tmvbs, tjb dbrmv`tmvbs wjmoj `rb st`gd`rdmzbd mg g`turb `rb tr`dbd. Tjb

tr`dmge ki tjb dbrmv`tmvbs ms wbcc rbeuc`tbd hy tjb bxoj`gebs. Tjb kvbr-tjb-okugtbr f`rabt ms `g mfpkrt`gt dbrmv`tmvb f`rabt `gd j`s c`rebr vkcufb ki tr`db tj`g tjb bxoj`geb-tr`dbd f`rabt. Mt ms ` tbcbpjkgb- `gd okfputbr- cmgabd gbtwkra ki db`cbrs. Tr`dbrs `rb dkgb kvbr tjb pjkgb `gd `rb usu`ccy hbtwbbg twk img`gom`c mgstmtutmkgs kr hbtwbbg ` img`gom`c mgstmtutmkg `gd kgb ki mts ocmbgts. Tbcbpjkgb okgvbrs`tmkgs mg tjb KTO f`rabt `rb usu`ccy t`pbd. Mi tjbrb ms ` dmsputb `hkut wj`t w`s èrbbd, tjb t`pbs `rb rbpc`ybd tk rbskcvb tjb mssub. @ aby `dv`gtèb ki kvbr-tjb-okugtbr f`rabt ms tj`t `cc tjb prkduots `rb oustkfmzbd. F`rabt p`rtmomp`gts `rb irbb tk gbektm`tb `gy futu`ccy `ctbrg`tmvb db`c. @ dms`dv`gtèb ms tj`t tjbrb ms usu`ccy orbdmt rmsa mg `g kvbr-tjbokugtbr tr`db. Tjb kvbr-tjb-okugtbr f`rabt ms gkt rbeuc`tbd hy `gy rbeuc`tkry hkdy `gd jbgob pkssbs ` jueb okugtbrp`rty rmsa. ?.2 BOKGKFMO _MEGMIMO@GOB KI DBXMY@TMYB_

_kfb ki tjb smegmimo`gob ki img`gom`c dbrmv`tmvbs o`g hb bgufbr`tbd `s ikcckws1

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs 0) Tjb fkst mfpkrt`gt iugotmkg ki dbrmv`tmvbs ms rmsa f`gèbfbgt. Img`gom`c dbrmv`tmvbs prkvmdb ` pkwbriuc tkkc ikr cmfmtmge rmsas tj`t mgdmvmdu`cs `gd kre`gmz`tmkgs iòb mg krdmg`ry okgduot ki tjbmr husmgbss. 8) Tjb prmobs ki dbrmv`tmvbs okgvbreb wmtj tjb prmobs ki ugdbrcymge `t tjb bxpmr`tmkg ki dbrmv`tmvb okgtròt. Tjus, dbrmv`tmvbs jbcp mg dmsokvbrmge tjb iuturb `s wbcc `s ourrbgt prmobs. ?) @s dbrmv`tmvbs `rb ocksbcy cmgabd wmtj tjb ugdbrcymge o`sj f`rabt, wmtj tjb mgtrkduotmkg ki dbrmv`tmvbs, tjb ugdbrcymge o`sj f`rabts wmtgbss jmejbr tr`dmge vkcufbs. Tjms ms hboùsb1 fkrb pbkpcb p`rtmomp`tb mg stkoa f`rabt dub tk tjb rmsa tr`gsibrrmge g`turb ki dbrmv`tmvbs. 4) _pbouc`tmvb tr`db sjmit tk ` fkrb okgtrkccbd bgvmrkgfbgt ki dbrmv`tmvb f`rabt. Mg tjb `hsbgob ki `g kre`gmzbd dbrmv`tmvbs f`rabt, spbouc`tkrs tr`db mg tjb o`sj f`rabts. F`remgmge, fkgmtkrmge `gd survbmcc`gob ki v`rmkus p`rtmomp`gts hbokfb bxtrbfbcy dmiimouct mg tjbsb amgds ki fmxbd f`rabts. 2) Dbrmv`tmvbs tr`dmge òts `s ` o`t`cyst ikr gbw bgtrbprbgburm`c òtmvmtmbs. Mg ` gut sjbcc, dbrmv`tmvbs f`rabts bgokurèb mgvbstfbgt mg ckge rug. Tr`gsibr ki rmsa bg`hcbs f`rabt p`rtmomp`gts tk bxp`gd tjbmr vkcufb ki òtmvmty. ?.9 JM_TKX] KI DBXMY@TMYB_

Tjb jmstkry ki dbrmv`tmvbs ms qumtb okckriuc `gd surprmsmgecy ` ckt ckgebr tj`g fkst pbkpcb tjmga. Tjb krmemg ki dbrmv`tmvbs o`g hb tròbd mg Hmhcb. Mg Ebgbsms Oj`ptbr 8=, hbcmbvbd tk hb `hkut tjb yb`rs 05>> H.O., Lòkh puroj`sbd `g kptmkg okstmge jmf sbvbg yb`rs c`hkur tj`t er`gtbd jmf tjb rmejt tk f`rry C`h`g”s dùejtbr Xòjbc. @rkugd 2:> H.O., Tj`cbs tjb Fmcbsm`g puroj`sbd kptmkg kg Kcmvb prbssbs `gd f`db ` ikrtug`tb kii ki ` hufpbr orkp mg Kcmvbs. _k, dbrmv`tmvbs wbrb hbikrb tjb tmfb ki Ojrmst.

Tjb imrst bxoj`geb ikr tr`dmge dbrmv`tmvbs `ppb`rbd tk hb Xky`c Bxoj`geb mg Ckgdkg, wjmoj pbrfmttbd ikrw`rd okgtròtmge kg tucmp huchs `t `rkugd 09?5. Tjb imrst –iuturbs‖ okgtròts `rb ebgbr`ccy tròbd tk tjb ]kd`y` rmob f`rabt mg Ksà`, L`p`g `rkugd 092>. Tjbsb wbrb bvmdbgtcy st`gd`rdmzbd okgtròts, wjmoj f`db tjbf fuoj

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs cmab tkd`y”s iuturbs, `ctjkuej mt ms gkt agkwg wjbtjbr tjb okgtròts `rb f`rabd tk f`rabt d`mcy, `gd/kr j`d orbdmt eu`r`gtbb.

^rkh`hcy tjb gbxt f`lkr bvbgt, `gd tjb fkst smegmimo`gt `s i`r `s tjb jmstkry ki dbrmv`tmvbs f`rabts, w`s tjb orb`tmkg ki Ojmoèk Hk`rd ki Tr`db mg 0:4:. Dub tk mts prmfb cko`tmkg, Ojmoèk w`s dbvbckpmge `s ` f`lkr obgtrb ikr tjb stkrèb, s`cb, `gd dmstrmhutmkg ki Fmdwbstbrg er`mg. Dub tk sb`skg`cmty ki er`mg, jkwbvbr Ojmoèk”s stkrèb iòmcmtmbs wbrb ug`hcb tk òokffkd`tb tjb bgkrfkus mgorb`sb mg suppcy tj`t koourrbd ikcckwmge tjb j`rvbst. _mfmc`rcy, mts iòmcmtmbs wbrb ugdbrutmcmzbd mg sprmge. Ojmoèk”s spkt prmobs rksb `gd i`cc dr`stmo`ccy. Tk rbskcvb tjms prkhcbf ` erkup ki er`mg tr`dbrs orb`tbd –tk-`rrmvb‖ okgtròts wjmoj pbrfmttbd tjb i`rfbrs tk ckoa mg tjb prmob `gd dbcmvbr tjb er`mgs mg iuturb. Tjbsb tk-`rrmvb okgtròts `rb o`ccbd `s ikrw`rd okgtròts. Tjb ikrw`rd okgtròts prkvbd `s ` usbiuc dbvmob ikr jbdemge tjb prmob rmsa. Jkwbvbr, –orbdmt rmsa‖ rbf`mgbd `s sbrmkus prkhcbf. Tk db`c wmtj tjms prkhcbf, ` erkup ki Ojmoèk husmgbssfbg ikrfbd tjb Ojmoèk Hk`rd ki Tr`db (OHKT), mg 0:4:. Tjb prmf`ry mgtbgtmkg ki OHKT w`s tk prkvmdb ` obgtr`cmzb cko`tmkg ikr huybrs `gd sbccbrs tk gbektm`tb ikrw`rd okgtròts. Mg 0:92, OHKT wbgt kgb stbp iurtjbr `gd cmstbd tjb imrst –bxoj`geb tr`dbd‖ dbrmv`tmvbs mg R_, wjmoj `rb tbrfbd `s –Iuturbs Okgtròts‖. Mg 0=0=, Ojmoèk Huttbr `gd Bee Hk`rd, ` spmg-kii ki OHKT, ekt `pprkv`c ikr iuturbs tr`dmge. Mts g`fb w`s oj`gebd tk Ojmoèk Fbro`gtmcb Bxoj`geb (OFB). Mg 0=82, tjb imrst ocb`rmge jkusb ikr dbrmv`tmvbs tr`dmge w`s bst`hcmsjbd.

_mgob tjbg, dbrmv`tmvbs `rb tr`dbd mg f`gy bxoj`gebs, `ctjkuej tjbmr tr`dmge w`s h`ggbd hy Ekvbrgfbgt ki dmiibrbgt okugtrmbs irkf tmfb tk tmfb. Hut, tjb fkdbrg dbrmv`tmvb f`rabt j`s krmemg`tbd mg 0=5>”s. Tjms ms dub tk tjb ugprbobdbgtbd vkc`tmcmty mg tjb mgtbrg`tmkg`c img`gom`c bgvmrkgfbgt, st`rtmge wmtj tjb hrbàdkwg ki Hrbttkgwkkds systbfs kg 02 @ueust 0=50 `gd bgdmge wmtj tjb wbcc-agkwg _`turd`y gmejt tj

f`ssòrb ki Ibdbr`c Xbsbrvb kg 9 Kotkhbr 0=5=. Tjb hrbàdkwg ki Hrbttkgwkkds systbf rbsuctbd mg mgic`tmkg, vkc`tmcmty mg tjb f`rabt pcòb `gd ourrbgoy turfkmc. Tjms st`tb ki ìi`mrs jbr`cdbd tjb bfbrebgob ki img`gom`c dbrmv`tmvbs.

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs Tjb gbxt f`lkr imccmp ikr dbvbckpfbgt ki dbrmv`tmvbs w`s prkvmdbd mg Kotkhbr 0=5=, wjbg tjb R_ Ibdbr`c Xbsbrvb st`rtbd mts pkcmoy ki mgtbrbst r`tb dbrbeuc`tmkg `gd `gtm-mgic`tmkg`ry fkgbt`ry pkcmoy. Tjms rbsuctbd mg mgorb`sbd mgtbrbst r`tbs. Tjms f`rabd tjb bfbrebgob ki mgtbrbst r`tb dbrmv`tmvbs tk jbdeb mgtbrbst r`tb rmsa. Tjb jmstkry ki img`gom`c dbrmv`tmvbs ms okgourrbgt wmtj tjb jmstkry ki v`rmkus rmsas mg tjb img`gom`c wkrcd. Tjb i`somg`tmkg wmtj rmsa `gd mts okfpkgbgts st`rtbd durmge tjb b`rcy 0=5>”s j`s erkwg suhst`gtm`ccy smgob tjbg, rbsuctmge mg tjb bxp`gsmkg ki img`gom`c dbrmv`tmvbs f`rabt. ?.5 MGTBXG@TMKG@C DBXMY@TMYB F@XABT

Tjb img`gom`c dbrmv`tmvbs wjmoj wbrb fb`gt tk `ddrbss tjb gbbds ki i`rfbrs `gd fbroj`gts j`vb gkw ` f`lkr sj`rb mg tjb img`gom`c f`rabt pcòb. _t`rtbd wmtj tjb bst`hcmsjfbgt ki Ojmoèk Hk`rd ki Tr`db (OHKT), dbrmv`tmvbs `rb gkw tr`dbd mg `cfkst `cc f`lkr stkoa bxoj`gebs ki tjb wkrcd. Hkkstbd wmtj tjb hrbàdkwg ki Hrbttkgwkkds systbf, tjb dbrmv`tmvbs ekt tjb rbokegmtmkg ki rmsa f`gèbfbgt mgstrufbgts `gd `rb usbd hy `cc mgvbstkrs st`rtmge irkf mgdmvmdu`c mgvbstkr tk mgstmtutmkg`c mgvbstkr. Tjus, tjb eckh`c dbrmv`tmvb f`rabt ms gkw ` wmdb sprb`d f`rabt wmtj ` pktbgtm`c ki iurtjbr erkwtj. Mg c`st twk dbo`dbs dbrmv`tmvbs j`s sjkwg ` trbfbgdkus erkwtj `gd `csk okgtmgumge tk erkw mg iuturb. F`lkr stkoa bxoj`gebs ki dbrmv`tmvbs tr`dmge `rb Ojmoèk Fbro`gtmcb Bxoj`geb (OFB), Burbx, Jkgeakge Iuturbs Bxoj`geb, Tjb Ckgdkg Mgtbrg`tmkg`c Img`gom`c Iuturbs `gd Kptmkgs Bxoj`geb (CMIIB), _mge`pkrb Bxoj`geb, _ydgby Iuturbs Bxoj`geb bto. @p`rt irkf tjbsb stkoa bxoj`gebs ktjbr stkoa bxoj`gebs ki v`rmkus okugtrmbs j`s sjkwg ` jueb erkwtj mg dbrmv`tmvbs tr`dmge. ?.: MGDM@G DBXMY@TMYB F@XABT

Dbrmv`tmvbs f`rabts mg Mgdm` j`vb hbbg mg bxmstbgob mg kgb ikrf kr tjb ktjbr ikr ` ckge tmfb. Mg tjb `rb` ki okffkdmtmbs, tjb Hkfh`y Okttkg Tr`db @sskom`tmkg st`rtbd iuturbs tr`dmge w`y hòa mg 0:52. Mg 0=28, tjb Ekvbrgfbgt ki Mgdm` h`ggbd o`sj sbttcbfbgt `gd kptmkgs tr`dmge. Dbrmv`tmvbs tr`dmge sjmitbd tk mgikrf`c ikrw`rds f`rabts. Mg rbobgt yb`rs, ekvbrgfbgt pkcmoy j`s sjmitbd mg i`vkur ki `g mgorb`sbd rkcb

85 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs ki f`rabt-h`sbd prmomge `gd cbss suspmomkus dbrmv`tmvbs tr`dmge. Tjb imrst stbp tkw`rds mgtrkduotmkg ki img`gom`c dbrmv`tmvbs tr`dmge mg Mgdm` w`s tjb prkfuce`tmkg ki tjb _bourmtmbs C`ws (@fbgdfbgt) Krdmg`gob, 0==2. Mt prkvmdbd ikr wmtjdr`w`c ki prkjmhmtmkg kg kptmkgs mg sbourmtmbs. Tjb c`st dbo`db, hbemggmge tjb yb`r 8>>>, s`w cmitmge ki h`g kg iuturbs tr`dmge mg f`gy okffkdmtmbs. @rkugd tjb s`fb pbrmkd, g`tmkg`c bcbotrkgmo okffkdmty bxoj`gebs wbrb `csk sbt up.

Dbrmv`tmvbs tr`dmge okffbgobd mg Mgdm` mg Lugb 8>>> ìtbr _BHM er`gtbd tjb img`c `pprkv`c tk tjms biibot mg F`y 8>>0 kg tjb rbokffbgd`tmkg ki C. O Eupt` okffmttbb. _bourmtmbs `gd Bxoj`geb Hk`rd ki Mgdm` (_BHM) pbrfmttbd tjb dbrmv`tmvb sbefbgts ki twk stkoa bxoj`gebs, G_B `gd H_B, `gd tjbmr ocb`rmge jkusb/okrpkr`tmkg tk okffbgob tr`dmge `gd sbttcbfbgt mg `pprkvbd dbrmv`tmvbs okgtròts. Mgmtm`ccy, _BHM `pprkvbd tr`dmge mg mgdbx iuturbs okgtròts h`sbd kg v`rmkus stkoa f`rabt mgdmobs suoj `s, _&^ OGZ, Gmity `gd _BG_BZ. _uhsbqubgtcy, mgdbx-h`sbd tr`dmge w`s pbrfmttbd mg kptmkgs `s wbcc `s mgdmvmdu`c sbourmtmbs.

Tjb tr`dmge mg H_B _BG_BZ kptmkgs okffbgobd kg Lugb 4, 8>>0 `gd tjb tr`dmge mg kptmkgs kg mgdmvmdu`c sbourmtmbs okffbgobd mg Lucy 8>>0. Iuturbs okgtròts kg mgdmvmdu`c stkoas wbrb cùgojbd mg Gkvbfhbr 8>>0. Tjb dbrmv`tmvbs tr`dmge kg G_B okffbgobd wmtj _&^ OGZ Gmity Mgdbx iuturbs kg Lugb 08, 8>>>. Tjb tr`dmge mg mgdbx kptmkgs okffbgobd kg Lugb 4, 8>>0 `gd tr`dmge mg kptmkgs kg mgdmvmdu`c sbourmtmbs okffbgobd kg Lucy 8, 8>>0. _mgecb stkoa iuturbs wbrb cùgojbd kg Gkvbfhbr =, 8>>0. Tjb mgdbx iuturbs iut urbs `gd kptmkgs okgtròt okg tròt kg G_B `rb h`sbd kg _&^ OGZ. Mg Lugb 8>>?, G_B mgtrkduobd Mgtbrbst X`tb Iuturbs wjmoj wbrb suhsbqubgtcy h`ggbd dub tk prmomge mssub. _mgob tjb sokpb ki tjms prklbot ms cmfmtbd tk bqumty dbrmv`tmvbs kgcy, sk tjb iurtjbr dmsoussmkg wmcc hb okgimgbd tk bqumty dbrmv`tmvbs kgcy. Bqumty dbrmv`tmvbs f`rabt mg Mgdm` j`s rbemstbrbd `g "bxpcksmvb erkwtj" `gd ms bxpbotbd tk okgtmgub tjb s`fb mg tjb yb`rs tk okfb. Mgtrkduobd mg 8>>>, img`gom`c dbrmv`tmvbs f`rabt mg Mgdm` j`s sjkwg ` rbf`ra`hcb erkwtj hktj mg tbrfs ki vkcufbs `gd gufhbrs ki tr`dbd okgtròts. G_B `ckgb òokugts ikr == pbrobgt ki tjb dbrmv`tmvbs tr`dmge mg Mgdm`g f`rabts. Tjb mgtrkduotmkg ki dbrmv`tmvbs j`s hbbg wbcc rbobmvbd hy

8: | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs stkoa f`rabt pc`ybrs. Tr`dmge mg dbrmv`tmvbs e`mgbd pkpuc`rmty skkg ìtbr mts mgtrkduotmkg. Mg dub okursb, tjb turgkvbr ki tjb G_B dbrmv`tmvbs f`rabt bxobbdbd tjb turgkvbr ki tjb G_B o`sj f`rabt. Ikr bx`fpcb, mg 8>>:, tjb v`cub ki tjb G_B dbrmv`tmvbs f`rabts w`s Xs. 0?>, =>,455.52 Or. wjbrb`s tjb v`cub ki tjb G_B o`sj f`rabts w`s kgcy Xs. ?,220,>?: Orkrb. Mi M okfp`rb tjb tr`dmge imeurbs ki G_B `gd H_B, pbrikrf`gob ki H_B ms gkt bgokurèmge hktj mg tbrfs ki vkcufbs `gd gufhbrs ki okgtròts tr`dbd mg `cc prkduot o`tbekrmbs. Imeurb ?.8 Husmgbss Erkwtj ki Dbrmv`tmvbs mg Mgdm` irkf 8>>>- 8>00(F`y)

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G_B”_ DBXMY@TMYB _BEFBGT

Tjb G`tmkg`c _tkoa Bxoj`geb òokugts `cfkst ==% ki tjb Mgdm`g dbrmv`tmvbs f`rabt mg tbrfs ki turgkvbr, vkcufb bto. Mts bqumty dbrmv`tmvbs f`rabt ms fkst hkkstbd kgb `gd mg turgkvbr mt ms ` f`lkr stkoa bxoj`geb. @cc prkduots mg bqumty dbrmv`tmvb sbefbgt m.b. Mgdbx Iuturbs `gd Kptmkgs `gd _tkoa Iuturbs `gd Kptmkgs j`vb f`rabd ` trbfbgdkus erkwtj kvbr tjb c`st dbo`db. Tjb er`pj hbckw sjkws tjb `vbrèb yb`rcy turgkvbr mg bòj bqumty dbrmv`tmvb prkduots `gd `vbrèb d`mcy turgkvbr ki dbrmv`tmvb sbefbgt ki G_B. Imeurb ‟ ?.? Bqumty Dbrmv`tmvb F`rabt ki Mgdm`

8= | ^ ` e b


Xmsa F`gèbfbgt ki D rmv`tmvbs ��

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Imeurb ‟ ?.4 @vbrèb D`mcy Turgkvbr ki Mgdm`”s Dbrmv`tmvbs F `rabt

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OJ@^TBX IKRX XM_A @GD XM_A F@G@EBFBGT

?0 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs 4.0 XM_A

Kvbr tjb p`st twk dbo`dbs `gd sk, tjb f`rabts j`vb sbbg dbhòcb ìtbr `gktjbr, bòj ki wjmoj j`s hrkuejt mts cbsskgs ‟ irkf skfb ki wjmoj tjb f`rabts j`vb cb`rgbd `gd irkf f`gy ki wjmoj f`rabts stmcc gbbd tk cb`rg. Tjb Erb`t Dbprbssmkg ki 0=?>”s j`s hrkuejt rbf`mgdbr tk `cc img`gom`c f`rabts kr tjb bokgkfmbs `s ` wjkcb. Tjb 0=:5 or`sj tùejt f`rabts tjb d`gebrs ki ùtkf`tbd tr`dmge fkdbcs `gd tjb sbokgd `gd tjmrd-krdbr biibots ki orbdmt ormsms. Mg 0==>, U`cc _trbbt cb`rgbd tjb jkrrkrs ki jkcdmge jueb mccmqumd mgvbstfbgts. Mg 0==4”s spbotòuc`r hkgd f`rabt okcc`psb, img`gom`c bxboutmvbs s`w ikr tjb imrst tmfb jkw okrrbc`tbd eckh`c f`rabts j`d hbokfb `s tjb i`cckut irkf Ibdbr`c Xbsbrvb Hk`rd r`tb jmabs swbpt irkf tjb R_ tjrkuej Burkpb, hbikrb dbv`st`tmge Fbxmok `gd ktjbr bfbremge f`rabts. Tjb Xussm`g fbctdkwg mg @ueust 0==: w`s wmdbsprb`d `gd fkugtmge. H`gas `gd hrkabrèb imrfs tkka turgs `ggkugomge tr`dmge ckssbs irkf bfbremge f`rabts, jmej ymbcd, bqumtmbs, kr db`cmges wmtj jbdeb iugds. Fkst rbobgtcy, tjb Eckh`c Img`gom`c Fbctdkwg, wjmoj w`s st`rtbd wmtj tjb R_ suh-prmfb fkrteèb ormsms, j`s o`pturbd `cfkst `cc bokgkfmbs ki tjb wkrcd. F`gy h`gas hbokfb h`garupt, f`gy ckss tjbmr lkh, mgorb`sbd hudebt`ry dbimomts `rb tjb rbsuct ki tjms ormsms. Tjus, mt o`g hb s`md tj`t, tjb img`gom`c f`rabt ms iucc ki rmsa `gd ugobrt`mgtmbs. Img`gob j`s gbvbr hbbg sk okfpbtmtmvb, sk i`r-icuge, `gd sk qu`gtmt`tmvb. Mgikrf`tmkg ickw j`s gbvbr hbbg sk i`st. Hut wmtj tjb p`ssèb ki tmfb, img`gom`c f`rabts `rb hbokfmge fkrb skpjmstmo`tbd mg prmomge, mskc`tmge, rbpòaèmge, `gd tr`gsibrrmge rmsas. Tkkcs suoj `s dbrmv`tmvbs `gd sbourmtmz`tmkg okgtrmhutb tk tjms prkobss, hut tjby pksb tjbmr kwg rmsas. Tjb i`mcurb ki òokugtmge `gd rbeuc`tmkg tk abbp `hrb`st ki dbvbckpfbgts mgocudbs ybt fkrb rmsas, wmtj koo`smkg`ccy spbotòuc`r okgsbqubgobs. ^ròtmo`c `ppcmo`tmkgs ‟ mgocudmge rmsa cmfmts, tr`dbr pbrikrf`gob-h`sbd okfpbgs`tmkg, pkrtikcmk kptmfmz`tmkg, `gd o`pmt`c o`couc`tmkgs ‟ `cc dbpbgd kg tjb fb`surbfbgt ki rmsa. Mg tjb `hsbgob ki ` dbimgmtmkg ki rmsa, mt ms ugocb`r wj`t, bxòtcy, suoj fb`surbfbgts rbicbot. Oj`rcbs Tsoj`fpmkg, tjb FD ki tjb $2> hg EF ^bgsmkg iugd, kgob s`md ‟ –Mgvbstfbgt f`gèbfbgt ms gkt `g `rt, gkt sombgob, mt ms bgemgbbrmge. Ub `rb mg tjb

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs husmgbss ki f`gèmge `gd bgemgbbrmge img`gom`c i mg`gom`c mgvbstfbgt mg vbstfbgt rmsa‖1 tjb oj`ccbgeb –ms tk imrst gkt tàb fkrb rmsa tj`g wb gbbd tk ebgbr`tb tjb rbturgs tj`t ms kiibrbd‖. Mt ms ` prkikugd st`tbfbgt tj`t wbcc o`pturbs tjb pjmckskpjmo`c `gd f`tjbf`tmo`c okggkt`tmkg ki ‚Xmsa”. Tjb tbrfs rmsa `gd ugobrt`mgty `rb kitbg usbd mgtbroj`geb`hcy tjkuej tjbrb ms ` ocb`r dmstmgotmkg hbtwbbg tjbf. Obrt`mgty ms ` st`tb ki hbmge okfpcbtbcy okgimdbgt, j`vmge gk dkuhts ki wj`tbvbr hbmge bxpbotbd. Rgobrt`mgty ms lust kppksmtb ki tj`t. Xmsa ms smtu`tmkg wjbrb tjbrb `rb ` gufhbr ki spbomimo, prkh`hcb kutokfbs, hut mt ms gkt obrt`mg `s tk wjmoj kgb ki tjbf wmcc òtu`ccy òtu`ccy j`ppbg. Mg tj`t okgtbxt rmsa ms gkt `g `hstròt okgobpt. Mt ms ` v`rm`hcb, wjmoj o`g hb o`cmhr`tbd, fb`surbd `gd okfp`rbd. _k tk dbimgb rmsa, rmsa bgt`mcs twk bssbgtm`c okfpkgbgts1 bxpksurb `gd ugobrt`mgty. Tjus, rmsa ms tjb bxpksurb tk ugobrt`mgty. 4.8 XM_A F@G@EBFBGT ^XKOB__

F`rabt mgtber`tmkg, cmhbr`cmz`tmkg, eckh`cmz`tmkg `gd tbojgmo`c `dv`gobfbgt j`s rbsuctbd wmtj `g mgorb`sbd okfpbtmtmkg mg tjb f`rabt `gd tjb okrpkr`tb `rb jbgob bxpksbd tk rmsa. Tjus ` prkpbr `gd ughm`sbd `ssbssfbgt ki rmsa ms ` prbrbqumsmtb ikr ` skugd f`gèbfbgt prkobss. Fkrbkvbr, wmtj tjb `dv`gobfbgt ki okffugmo`tmkg systbf `gd tbojgkckey, tjb f`rabts kvbr tjb wkrcd `rb ebttmge mgtbrokggbotbd. Tjus fàmge `g biibotmvb rmsa f`gèbfbgt systbf ms tjb gbbd ki tjb jkur. Xmsa f`gèbfbgt ms tjb prkobss mg wjmoj rmsa ms fmgmfmzbd wmtj tjb `ppcmo`tmkg ki obrt`mg tkkcs. Tjb rmsa f`gèbfbgt prkobss bssbgtm`ccy okfprmsbs ki obrt`mg stbps, suoj `s, mdbgtmimo`tmkg, `ssbssfbgt, prmkrmtmz`tmkg, ikcckwbd hy okkrdmg`tbd `gd bokgkfmo`c `ppcmo`tmkg ki rbskurobs tk fmgmfmzb, fkgmtkr `gd okgtrkc mt. Tjbsb stbps `rb dbsormhbd hbckw,

4.8.0 MDBGTMIMO@TMKG

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs Tjb rmsa f`gèbfbgt prkobss st`rts wmtj tjb mdbgtmimo`tmkg ki tjb iòtkrs wjmoj `rb bxpksbd tk rmsa. Mt ms `cw`ys ki prmf`ry okgobrgs tk mdbgtmiy tjb iòtkrs wjmoj `rb fkrb vucgbr`hcb `gd wbà pkmgts mg tjb systbf. 4.8.8 @__B__FBGT

@itbr mdbgtmiymge tjb rmsa bxpksurb pkmgts, mt tjbg tk hb `ssbssbd, m.b. tk wj`t bxtbgt mt ms susobptmhcb tk tj`t p`rtmouc`r rmsa tj`t j`s tk hb fb`surbd. @ssbssfbgt ki rmsa jbcps mg agkwmge tjb bxtbgt ki vucgbr`hmcmty ki ` p`rtmouc`r iòtkr wjmoj ms rmsa bxpksbd. 4.8.? ^XMKXMTM\@TMKG

Tjb gbxt stbp ki rmsa f`gèbfbgt prkobss ms tjb prmkrmtmz`tmkg ki iòtkrs wjmoj `rb fkrb vucgbr`hcb. Tjb `ssbssfbgt ki rmsa rbsucts mg mdbgtmiymge tjb iòtkrs wjmoj `rb fkrb rmsa bxpksbd `gd tjbg tjbsb iòtkrs `rb prmkrmtmzbd irkf rmsa f`gèbfbgt pkmgt ki vmbw. 4.8.4 @^^CMO@TMKG KI XB_KRXOB_ TK FMGMFM\B XM_A

@itbr mdbgtmiymge tjb fkst vucgbr`hcb iòtkr, tjb f`gèbfbgt tb`f `ppcmbs bokgkfmo rbskurobs tk fmgmfmzmge tjb rmsa. Tjms ms tjb fkst mfpkrt`gt stèb ki rmsa f`gèbfbgt `s `gy wrkge stbp o`g rbsuct ` fkrb susobptmhcb smtu`tmkg. 4.8.4 FKGMTKX

Tjb img`c stbp ki rmsa f`gèbfbgt ms fkgmtkrmge tjb rmsa f`gèbfbgt prkobss. _mfpcy `ppcymge tjb rbskurobs tk fmgmfmzb tjb rmsa ms gkt tjb c`st stbp ki rmsa f`gèbfbgt, `s mt ms gbbdbd tk `g`cyzb tjb suoobss ki tjb rmsa f`gèbfbgt prkobss. Ikr tjms rb`skg tjb bgtmrb prkobss ms fkgmtkrbd `gd mi `gytjmge ekbs wrkge, mt ms rbotmimbd. 4.? XM_A @__KOM@TBD UMTJ DBXMY@TMYB_ TX@DMGE

Tjb okgtmgumge dmsoussmkg ki rmsas `gd mts f`gèbfbgt mg dbrmv`tmvb f`rabts mccustr`tbs tj`t tjbrb ms cmttcb èrbbfbgt kg wj`t tjb rmsas `rb `gd jkw tk okgtrkc mt. Kgb

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs skurob ki okgiusmkg ms tjb sjbbr prkiusmkg ki g`fbs dbsormhmge tjb rmsas `rmsmge irkf dbrmv`tmvbs. Hbsmdbs tjb –prmob rmsa‖ ki ckssbs kg dbrmv`tmvbs irkf oj`geb mg ugdbrcymge `ssbt v`cubs, tjbrb ms –dbiùct rmsa‖, –sbttcbfbgt rmsa‖, `gd –kpbr`tmkg`c rmsa‖. C`st, hut obrt`mgcy gkt tjb cb`st, ms tjb spbotbr ki –systbfmo rmsa‖ tj`t j`s o`pturbd sk fuoj okgerbssmkg`c `gd rbeuc`tkry `ttbgtmkg. @cc tjbsb rmsas `sskom`tbd wmtj dbrmv`tmvbs f`rabt `rb dbsormhbd hbckw, 4.?.0 ^XMOB XM_A

^rmob `rmsbs ikr tjb smfpcb rb`skg tj`t tjb prmob ki tjb ugdbrcymge `gd prmob ki tjb dbrmv`tmvbs `rb okrrbc`tbd. Mi tjb prmobs ki tjb ugdbrcymge mgorb`sbs, tjb mfpòt ms sbbg mg okrrbspkgdmge prmobs ki dbrmv`tmvbs prkduots m.b. tjbmr prmobs `csk mgorb`sb. Ikr `g mgvbstkr wjk ms sjkrt mg ` iuturbs okgtròt kr ckge mg ` put kptmkg kr sjkrt mg ` o`cc kptmkg, tjbrb `rb pktbgtm`c ckssbs. Tjus, jb kr sjb f`y dbiùct mg tjb khcme`tmkg ki tjb dbrmv`tmvb okgtròt. Tjms ms prmob rmsa `sskom`tbd wmtj tjb dbrmv`tmvbs. Dbiùct dub tk ^rmob rmsa ms fmtme`tbd hy mfpksmge skfb rmsa f`gèbfbgt tkkcs mg bxoj`geb-tr`dbd dbrmv`tmvbs, hut mg o`sb ki kvbr-tjb-okugtbr f`rabt, smgob mt ms c`rebcy ugrbeuc`tbd, dbiùct ms fkrb dub tk prmob rmsa. 4.?.8 DBI@RCT XM_A

Tjms f`y tjb fkst pkpuc`r `gd j`z`rdkus rmsa `sskom`tbd wmtj tjb dbrmv`tmvbs. @s dbrmv`tmvbs `rb okgtròts kr èrbbfbgts, tjby gbbd tjb khcme`tmkgs tk hb pbrikrfbd. Mi `gy p`rty dbiùct irkf tjb okgtròt, tjbg tjb okgtròt ms fb`gmgecbss. Tjb rmsa tj`t `rmsbs irkf tjb dbiùct ki `gy p`rty mg dbrmv`tmvbs ms o`ccbd `s dbiùct rmsa. Tjms ms okffkg rmsa tj`t ms ikugd mg kvbr-tjb-okugtbr dbrmv`tmvb f`rabt, hut mg bxoj`gebtr`dbd f`rabt, tjms typb ki rmsa ms fmgmfmzbd hy rbeuc`tmge tjb tr`gsòtmkgs. Dbiùct rmsa ms tjb rmsa tj`t ckssbs wmcc hb mgourrbd dub tk dbiùct hy tjb okugtbrp`rty. @s gktbd `hkvb, p`rt ki tjb okgiusmkg mg tjb ourrbgt dbh`tb `hkut dbrmv`tmvbs stbfs irkf tjb prkiusmkg ki g`fbs `sskom`tbd wmtj tjb dbiùct rmsa. Tbrfs suoj `s –orbdmt rmsa‖ `gd –okugtbrp`rty rmsa‖ `rb bssbgtm`ccy sygkgyfs ikr dbiùct rmsa. –Cbe`c rmsa‖ rbibrs tk tjb bgikrob`hmcmty ki tjb okgtròt. Tbrfs suoj `s –_bttcbfbgt rmsa‖ `gd –Jbrst`tt rmsa‖ rbibr tk dbiùcts tj`t koour `t ` spbomimo pkmgt mg tjb cmib ki tjb

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs okgtròt< d`tb ki sbttcbfbgt. Tjbsb tbrfs dk gkt rbprbsbgt mgdbpbgdbgt rmsas1 tjby lust dbsormhb dmiibrbgt koo`smkgs kr oùsbs ki dbiùct. Dbiùct rmsa j`s twk okfpkgbgts< tjb bxpbotbd bxpksurb `gd tjb prkh`hmcmty tj`t dbiùct wmcc koour. Tjb bxpbotbd bxpksurb fb`surbs jkw fuoj o`pmt`c ms cmabcy tk hb `t rmsa sjkucd tjb okugtbrp`rty okugtbrp`rt y dbiùcts. Tjb prkh`hmcmty ki dbiùct ms tjb fb`surb ki tjb pkssmhmcmty tj`t tjb okugtbrp`rty wmcc dbiùct. 4.?.? _]_TBF@TMO XM_A

Kgb ki tjb prkfmgbgt okgobrgs ki rbeuc`tkrs ms –systbf`tmo rmsa‖ `rmsmge irkf dbrmv`tmvbs. @ctjkuej tjms rmsa ms r`rbcy dbimgbd `gd `cfkst gbvbr qu`gtmimbd, tjb systbfmo rmsa `sskom`tbd wmtj tjb dbrmv`tmvb okgtròts ms kitbg bgvmsmkgbd `s ` pktbgtm`c dkfmgk biibot mg wjmoj dbiùct mg kgb dbrmv`tmvb okgtròt sprb`ds tk ktjbr okgtròts `gd f`rabts, uctmf`tbcy tjrb`tbgmge tjb bgtmrb img`gom`c systbf. Ikr tjb purpksb ki tjms p`pbr, systbfmo rmsa o`g hb dbimgbd `s wmdbsprb`d dbiùct mg `gy sbt ki img`gom`c okgtròts `sskom`tbd wmtj dbiùct mg dbrmv`tmvbs. Mi dbrmv`tmvb okgtròts `rb tk oùsb wmdbsprb`d dbiùct mg ktjbr f`rabts, tjbrb imrst fust hb c`reb dbiùcts mg dbrmv`tmvb f`rabts. Mg ktjbr wkrds, smegmimo`gt sm egmimo`gt dbrmv`tmvb dbiùcts `rb ` gbobss`ry okgdmtmkg ikr systbf`tmo prkhcbfs. Mt ms `reubd tj`t wmdbsprb`d okrpkr`tb rmsa f`gèbfbgt wmtj dbrmv`tmvbs mgorb`sbs tjb okrrbc`tmkg ki dbiùct `fkge img`gom`c okgtròts. Uj`t tjms `reufbgt i`mcs tk rbokegmzb, ms tj`t tjb `dvbrsb biibots ki stkoas kg mgdmvmdu`c imrfs sjkucd hb sf`ccbr prbomsbcy hboùsb tjb s`fb sjkoas `rb sprb`d fkrb wmdbcy. Fkb mfpkrt`gt, tk tjb bxtbgt imrfs usb dbrmv`tmvbs tk jbdeb tjbmr bxmstmge bxpksurbs, fuoj ki mfpòt ki stkoas ms hbmge tr`gsibrrbd irkf okrpkr`tmkgs `gd mgvbstkrs cbss `hcb tk hb`r tjbf tk okugtbrp`rtmbs hbttbr `hcb tk `hskrh tjbf. Mt ms okgobmv`hcb tj`t img`gom`c f`rabts okucd hb jmt hy ` c`reb dmsturh`gob. Tjb biibot ki suoj dmsturh`gobs dbpbgds, mg p`rtmouc`r, kg tjb dur`tmkg ki tjb dmsturh`gobs `gd wjbtjbr imrfs suiibr okffkg kr mgdbpbgdbgt sjkoas. Mi tjb dmsturh`gob wbrb c`reb hut tbfpkr`ry f`gy kutst`gdmge dbrmv`tmvbs wkucd hb bssbgtm`ccy ugìibotbd

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs hboùsb tjby spbomiy kgcy rbc`tmvb mgirbqubgt p`yfbgt. Tjbrbikrb, ` tbfpkrb dmsturh`gob wkucd prmf`rmcy ìibot okgtròts wmtj rbqumrbd sbttcbfbgts durmge tjms pbrmkd. Mi tjb sjkoa wbrb pbrf`gbgt, mt wkucd ìibot tjb dbrmv`tmvbs mg ` fuoj j`z`rdkus w`y. 4.4 XM_A F@G@EBFBGT KI DBXMY@TMYB_

Dbrmv`tmvbs, wjmoj okfb tk cmejt `s ` jbdemge mgstrufbgt è`mgst vkc`tmcmty ki f`rabt `gd f`rabt rbc`tbd rmsa, orb`tbd rmsa wjbg tjbrb ms ` dbiùct. Tjms e`vb rmsb tk tjb bssbgob ki rmsa f`gèbfbgt ki dbrmv`tmvbs `gd dbrmv`tmvbs tr`dmge. Mg o`sb ki KTO dbrmv`tmvbs, `s mt ms gkt rbeuc`tbd, mt ms fkrb rmsay `gd tjbrb ms gk rmsa f`gèbfbgt `t `cc. Hut mg o`sb ki bxoj`geb tr`dbd dbrmv`tmvbs, sbvbr`c rmsa f`gèbfbgt tkkcs `rb `ppcmbd tk bgsurb tjb mgtbermty ki tjb f`rabt. Tjb tkkcs usbd ikr rmsa f`gèbfbgt ki dbrmv`tmvbs `rb dbsormhbd hbckw1 4.4.0 F@XEMG_

F`remgs `rb upirkgt p`yfbgt hy tjb p`rtmomp`gts ki tjb dbrmv`tmvbs f`rabt tk tjb bxoj`gebs. Tjms upirkgt p`yfbgt ms okccbotbd tk bgsurb tj`t gkgb wmcc dbiùct mg iuturb mg khcmemge jms khcme`tmkg. Mi skfbkgb dbiùcts tjbg tjb ocb`rmgejkusb sbttcbs tjb okgtròt irkf tjms f`remg òokugt. Bxoj`geb”s ocb`rmgejkusb okccbots tjb f`remg irkf tjb ocb`rmge fbfhbr, tjb ocb`rmge fbfhbr okccbots tjb f`remg irkf tjb tr`dmge fbfhbr kr tjb hrkabrs `gd mt ms tjb rbspkgsmhmcmty ki tjb tr`dmge fbfhbrs tk okccbot tjb s`fb irkf mts ocmbgts. 4.4.8 F@XA-TK-F@XABT F@XEMG

Mg o`sb ki iuturbs okgtròts, tjb f`remg ms f`ra-tk-f`rabt kg d`mcy h`sms m.b. tjb e`mg kr ckss ki ` d`y ms sbttcbd tk tjb f`remg òokugt kg ` d`mcy h`sms. Mi tjb ckge pksmtmkg e`mgs, e`mg s, tjbg tjb `fkugt jb e`mgbd wmcc hb tr`gsibrrbd tk t k jms òokugt mg tjb bgd ki tjb d`y. _mfmc`rcy, mi tjb mgvbstkr ckssbs, tjb `fkugt tj`t jb ckst ms wmtjdr`wg irkf jms òokugt. 4.4.? BZ^K_RXB CMFMT_

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs Mi `g mgvbstkr jkcds qumtb ` c`reb pksmtmkg tj`g jms o`pòmty, tjbg tjb prkh`hmcmty tj`t jb wmcc dbiùct ms fkrb. Ikr tjms rb`skg, tjb rbeuc`tkry hkdy ki tjb dbrmv`tmvb f`rabt put `g bxpksurb cmfmt ikr tjb p`rtmomp`gts hbykgd wjmoj kgb o`ggkt tàb pksmtmkg mg tjb f`rabt. Tjms wmcc bgsurb tjb mgtbermty mgtbermt y mg tbrf tj`t gkhkdy wmcc dbiùct. 4.4.4 ^K_M_TMKG CMFMT_

^ksmtmkg cmfmt ms fkrb `ppcmo`hcb ikr tjb jmej gbt wkrtj mgdmvmdu`cs, tjb IMMs `gd tjb futu`c iugds. Tjms ms hboùsb, tjbsb pbkpcb j`vb jueb mgvbstmhcb o`sj `gd tjby o`g dmrbot tjb f`rabt `s tjbmr wmsj. Tjms wmcc j`rf tjb f`rabt `gd ktjbr p`rtmomp`gts ki tjb f`rabt. Tjus ` pksmtmkg cmfmt ms mgtrkduobd ikr tjms typb ki rmsa hy tjb rbeuc`tkrs ikr tjb skugd ruggmge ki tjb f`rabt. 4.4.2 IMG@C _BTTCBFBGT

Img`c sbttcbfbgt ms tjb c`st p`rt ki rmsa f`gèbfbgt mg o`sb ki dbrmv`tmvbs. Tjb sbttcbfbgt ms dkgb hy tjb ocb`rmge jkusb ki tjb bxoj`geb. Kg bxbromsb tjb sbttcbfbgt ms dkgb kg tjb ocksmge prmob ki tjb dbrmv`tmvb prkduot `gd img`c sbttcbfbgt tàbs pcòb kg T+0 h`sms. Mi tjb ckge pksmtmkg bxbromsbs jms rmejt, tjbg tjb sbttcbfbgt ms dkgb hy r`gdkfcy `ssmegmge tjb khcme`tmkg kg ` sjkrt pksmtmkg `t tjb bgd ki tjb d`y. Ir`gacy spbàmge rmsa f`gèbfbgt ki dbrmv`tmvbs okfprmsbs ki twk tjmges m.b. f`remgmge rbqumrbfbgt `gd tjb rbeuc`tkry rbqumrbfbgt. Tjus rmsa f`gèbfbgt ki dbrmv`tmvbs ms gktjmge hut, okfpcymge tjb rucbs `gd rbeuc`tmkg c`md dkwg hy tjb rbeuc`tkr `gd s`tmsiymge tjb f`remg rbqumrbfbgt.

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OJ@^TBX IMYB MGTBX^XBT@TMKG @GD @G@C]_M_

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs Mg tjb okursb ki study ki tjb rmsa f`gèbfbgt prkobss usbd mg H_B ikr dbrmv`tmvb sbefbgt, tjb ikcckwmge tjmges `rb khsbrvbd. Tjb rmsa f`gèbfbgt ki dbrmv`tmvbs mg H_B j`s twk p`rts1 kgb ms tjb f`remgmge systbf `gd tjb rbeuc`tkry rbqumrbfbgt. Tjb dbt`mcs ki tjbsb `rb bxpc`mgbd hbckw, Ikr f`remgmge tjb H_B ms ikcckwmge pkrtikcmk h`sbd f`remgmge systbf `gd tjb f`remg o`couc`tmkg ms dkgb hy skitw`rb agkwg `s Ô _^@G. Tjb pkrtikcmk h`sbd f`remgmge fkdbc `dkptbd hy tjb bxoj`geb tàbs `g mgtber`tbd vmbw ki tjb rmsa mgvkcvbd mg tjb pkrtikcmk ki bòj `gd bvbry mgdmvmdu`c ocmbgt okfprmsmge ki jms pksmtmkgs mg `cc dbrmv`tmvbs okgtròt tr`dbd kg dbrmv`tmvb sbefbgt. Tjb _^@G (_t`gd`rd ^krtikcmk @g`cysms ki Xmsa _ystbf) ms ` pkrtikcmk h`sbd f`remgmge systbf dbvbckpbd hy Ojmoèk Fbro`gtmcb Bxoj`geb `gd mt ms hbmge usbd hy `cfkst `cc stkoa bxoj`gebs gkw. Ikr sbttmge tjb f`remg tjb bxoj`geb j`s ` f`remg okffmttbb, wjmoj dbomdbs `hkut v`rmkus iòtkrs tk hb okgsmdbrbd wjmcb o`couc`tmge tjb f`remg rbqumrbfbgts. 2.0 TJB _^@G F@XEMGMGE _]_TBF

Tjb _^@G f`remgs `rb bstmf`tbs ki oj`gebs mg iuturbs `gd iuturbs-kptmkgs okgtròt prmobs tj`t wkucd koour ugdbr v`rmkus gbxt-d`y rb`cmz`tmkgs ki iuturbs prmobs `gd mfpcmbd vkc`tmcmty. Tjb mgputs mgtk _^@G `rb1 tjb iuturbs prmob so`g r`geb, tjb mfpcmbd vkc`tmcmty so`g r`geb, tjb fmgmfuf sjkrt kptmkg oj`reb, tjb o`cbgd`r sprb`d oj`reb, tjb mgtbr-okffkdmty sprb`d oj`reb. Tjbsb `rb dbsormhbd hbckw1 hbck w1 2.0.0 TJB IRTRXB”_ ^XMOB _O@G X@GEB<

Tjb prmob so`g r`geb mgputs sbts tjb f`xmfuf ugdbrcymge prmob fkvbfbgt tj`t tjb f`remg okffmttbb ojkksbs tk okgsmdbr mg sbttmge f`remg okcc`tbr`c rbqumrbfbgts. Tjb iuturb”s prmob so`g r`geb ms tjb ocb`rmgejkusb f`remg rbqumrbfbgt kg ` gàbd iuturb pksmtmkg `gd okgtrkccmge mgput mgtk tjb kptmkg prmomge fkdbc smfuc`tmkg tj`t uctmf`tbcy dbtbrfmgbs tjb f`remg rbqumrbfbgts. Tjb iuturb so`g r`geb ms sbt hy tjb f`remg okffmttbb ìtbr bx`fmgmge jmstkrmo`c prmob fkvbfbgts `gd `ppcymge suhlbotmvb ludefbgts.

4> | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs 2.0.8 TJB MF^CMBD YKC@TMCMT] _O@G X@GEB<

Tjb mfpcmbd vkc`tmcmty so`g r`geb ms tjb c`rebst fkvbfbgt mg mfpcmbd vkc`tmcmty tj`t f`remg okffmttbb ojkksbs. Tjb f`remg okffmttbb sbts mgput so`g r`gebs ìtbr `g`cyzmge jmstker`fs ki `hskcutb v`cub ki d`y-tk-d`y oj`gebs mg tjb mfpcmbd vkc`tmcmty ki tr`dbd iuturbs-kptmkg okgtròts. Tjb ugdbrcymge `vbrèb mfpcmbd vkc`tmcmty bstmf`tb tj`t ms `g`cyzbd ms ` smfpcb `vbrèb ki bmejt okgtròts mfpcmbd vkc`tmcmty kg ` emvbg f`turmty< tjb imrst ms mg-tjb-fkgby `gd imrst tjrbb kut-ki-tjb-fkgby mfpcmbd vkc`tmcmty bstmf`tbs ikr hktj o`ccs `gd puts. 2.0.? TJB FMGMFRF _JKXT K^TMKG OJ@XEB<

Tjb fmgmfuf sjkrt kptmkg oj`reb kr fmgmfuf f`remg kg `g kptmkg okgtròt ms sbt `t 8.2% ki tjb ocb`rmge fbfhbr”s iuturbs prmob so`g r`geb. 2.0.4TJB O@CBGD@X _^XB@D OJ@XEB<

Tjb o`cbgd`r sprb`d oj`reb ms put mgtk tjb _^@G ms ` p`r`fbtbr tj`t sbts tjb `fkugt ki f`remg okcc`tbr`c, tjb ocb`rmgejkusb okccbots è`mgst o`cbgd`r sprb`d h`sms rmsa mg pkrtikcmks. Tjb o`cbgd`r sprb`d h`sms ms tjb dmiibrbgob hbtwbbg prmobs ki okgtròts wmtj dmiibrbgt f`turmtmbs. Tjb h`sms hbtwbbg gb`rbst qu`rtbrcy `gd gbxt qu`rtbrcy iuturbs okgtròt ms o`couc`tbd. Jmstker`fs ki tjb `hskcutb v`cub oj`gebs mg h`sms sbrmbs `rb okgstruotbd ikr dmiibrbgt wmgdkws pbrmkds, `gd tjb jmstker`fs `rb okgsmdbrbd hy tjb f`remg okffmttbb wjmcb o`couc`tmge f`remg. 2.0.2 TJB MGTBX-OKFFKDMT] _^XB@D OJ@XEB<

Tjb mgtbr-okffkdmty sprb`d oj`reb ms `g mgput tj`t sbts tjb okcc`tbr`c rbqumrbfbgt tj`t fust hb pkstbd tk prktbot è`mgst okrrbc`tmkg rmsa mg mgtbr-okffkdmty sprb`d pksmtmkgs. Mg _^@G, iuturbs `gd iuturbs kptmkgs oj`gebs `rb bstmf`tb ugdbr `ctbrg`tmvb sobg`rmk tj`t `rb dbtbrfmgbd hy tjb v`cubs ojksbg ikr tjb prmob `gd mfpcmbd vkc`tmcmty so`g r`geb mgputs. Mg tjb smfuc`tmkg `g`cysms, tjb v`cub ki bòj kptmkg okgtròt ms bstmf`tbd ikr ikcckwmge d`y usmge Hcòa Kptmkg ^rmomge Fkdbc. Tjb gbxt-d`y okgtròt

40 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs prmobs `rb dbtbrfmgbd ugdbr `ctbrg`tmvb sobg`rmks mg wjmoj ugdbrcymge iuturbs okgtròt”s prmob `gd mfpcmbd vkc`tmcmty fkvb hy prbdbtbrfmgbd iugotmkg ki tjbmr so`g r`geb. Tjb iuturbs prmob `gd mfpcmbd vkc`tmcmty so`g mgputs `rb tr`gsc`tbd mgtk 09 dmiibrbgt sobg`rmks tj`t rbprbsbgt `ctbrg`tmvb okfhmg`tmkgs ki iuturbs prmob `gd mfpcmbd vkc`tmcmty oj`gebs. Ikr bòj sobg`rmk smfuc`tbd, tjb okgtròt”s v`cub ms rbpkrtbd `s `g bcbfbgt o`ccbd –_^@G rmsa `rr`y‖. Tjms `vbrèb mfpcmbd vkc`tmcmty ms tjbg –sjkoabd‖ hy tjb mfpcmbd vkc`tmcmty vk c`tmcmty so`g r`geb mg tjb _^@G smfuc`tmkgs. smfuc`tmkgs . Tjb gbxt d`y d` y smfuc`tbd okgtròt prmobs `rb okfp`rbd wmtj tjb prmkr d`y”s tjbkrbtmo`c sbttcbfbgt prmob `gd okgtròt e`mgs `gd ckssbs `rb o`couc`tbd `s tjb dmiibrbgob mg tjbsb prmobs. Mg bxtrbfb prmob fkvb sobg`rmks, tjb OFB”s f`remg okffmttbb j`s dbomdbd tk f`remg ?2% ki tjb smfuc`tbd prmob fkvb e`mg kr ckss ms tjb v`cub rbpkrtbd mg tjbsb bxtrbfb prmob fkvb _^@G `rr`y bgtrmbs. Tjb _^@G rmsa `rr`y ms emvbg hbckw, 0. Rgdbrcymge ugoj`gebd1 vkc`tmcmty up 8. Rgdbrcymge dkwg1 vkc`tmcmty dkwg ?. Rgdbrcymge up hy 0/? ki prmob so`g r`geb1 vkc`tmcmty up 4. Rgdbrcymge dkwg hy 0/? ki prmob so`g r`geb1 vkc`tmcmty dkwg 2. Rgdbrcymge dkwg hy 0/? ki prmob so`g r`geb1 vkc`tmcmty up 9. Rgdbrcymge up hy 0/? ki prmob so`g r`geb1 vkc`tmcmty dkwg 5. Rgdbrcymge up hy 8/? ki prmob so`g r`geb1 vkc`tmcmty up :. Rgdbrcymge dkwg hy 8/? ki prmob so`g r`geb1 vkc`tmcmty dkwg =. Rgdbrcymge dkwg hy 8/? ki prmob so`g r`geb1 vkc`tmcmty up 0>. Rgdbrcymge up hy 8/? ki prmob so`g r`geb1 vkc`tmcmty dkwg 00. Rgdbrcymge up hy 0 ki tjb prmob so`g r`geb1 vkc`tmcmty up 08. Rgdbrcymge dkwg hy 0 ki tjb prmob so`g r`geb1 vkc`tmcmty dkwg 0?. Rgdbrcymge dkwg hy 0ki prmob so`g r`geb1 vkc`tmcmty up 04. Rgdbrcymge up hy 0 ki prmob so`g r`geb1 vkc`tmcmty dkwg 02. Rgdbrcymge up bxtrbfb fkvb, dkuhcb tjb prmob so`ggmge r`geb 09. Rgdbrcymge dkwg bxtrbfb fkvb, dkuhcb tjb prmob so`ggmge r`geb

2.8 UKXAMGE KI _^@G F@XEMG _]_TBF

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Xmsa F`gèbfbgt ki Dbrmv`tmvbs Tjb ocb`rmgejkusb ki tjb bxoj`geb bcbotrkgmo`ccy dmstrmhutbs ` _^@G rmsa `rr`y ikr bvbry dbrmv`tmvb prkduot tj`t mt ocb`rs `gd sbttcbs. Ocb`rmge fbfhbrs imrfs rbobmvb tjbsb `rr`ys `gd usb tjbf tk o`couc`tb tjbmr f`remg rbqumrbfbgts ikr tjbmr oustkfbrs òokugt. Tjb f`xmfuf ckss òrkss tjb 09 sobg`rmks hbokfbs tjb –^rbcmfmg`ry‖ _^@G f`remg ikr tj`t òokugt. Tjb img`c f`remg rbqumrbfbgts f`y dmiibr irkf tjms prbcmfmg`ry f`remg kwmge tk `ddmtmkg`c f`remg rbqumrbfbgts tj`t rbsuctbd irkf f`remg rbqumrbfbgt kg o`cbgd`r sprb`ds `gd fmgmfuf f`remg rbqumrbfbgt ikr wrmttbg kptmkgs okgtròts. Mgtbr-okffkdmty sprb`d oj`rebs `csk bgtbr mgtk tjb img`c f`remg o`couc`tmkg. Bòj wrmttbg kptmkg okgtròt ms suhlbotbd tk fmgmfuf f`remg rbqumrbfbgt. Ikr ` pkrtikcmk, tjms f`remg rbqumrbfbgt ms tjb prkduot ki tjb gufhbr ki wrmttbg kptmkgs tmfbs tjb fmgmfuf sjkrt kptmkg oj`reb. 2.? F@XEMG_

Tjb H_B okccbots f`remg okcc`tbr`c mg `dv`gob tk fmgmfmzb mts rmsa bxpksurb. Tjb f`remg rbqumrbd ikr dmiibrbgt bqumty dbrmv`tmvbs `rb bxpc`mgbd hbckw1 k

Tjb mgmtm`c f`remg rbqumrbfbgts kg `cc dbrmv`tmvb prkduots `rb h`sbd kg wkrsto`sb ckss ki pkrtikcmk `t ocmbgt cbvbc tk okvbr ==% Y`ry kvbr kgb d`y jkrmzkg. Tjb mgmtm`c f`remg rbqumrbfbgt ms gbt `t ocmbgt cbvbc `gd sj`cc hb kg erkss `t tjb tr`dmge `gd ocb`rmge fbfhbr cbvbc.

k

Ikr tjms purpksb, tjb prmob so`g r`geb ki mgdbx prkduots `gd stkoa prkduots ms tàbg `s ?Ϗ `gd ?.2Ϗ rbspbotmvbcy. Tjb prmob so`g r`geb ki kptmkgs `gd iuturbs kg mgdmvmdu`c sbourmtmbs ms `csk cmgabd tk cmqumdmty. Tjms ms fb`surbd mg tbrfs ki mfpòt okst ikr `g krdbr smzb ki Xs. 2 cày o`couc`tbd kg tjb h`sms ki krdbr hkka sg`psjkts mg tjb prbvmkus smx fkgtjs. Mi tjb mfpòt okst bxobbds hy 0%, tjb prmob so`g r`geb ms mgorb`sbd hy squ`rb rkkt ki tjrbb.

k

Ikr stkoa iuturbs `gd sjkrt stkoa kptmkgs okgtròts ` fmgmfuf mgmtm`c f`remg bqu`c tk 5.2% ki tjb gktmkg`c v`cub ki tjb okgtròt h`sbd kg tjb c`st `v`mc`hcb prmob ki iuturbs `gd kptmkg okgtròt rbspbotmvbcy ms okccbotbd. okc cbotbd. Ikr mgdbx iuturbs ` fmgmfuf f`remg bqu`c t 2% ki tjb gktmkg`c v`cub ki tjb okgtròt ms okccbotbd. Ikr mgdbx kptmkgs ` fmgmfuf ki ?% ms oj`rebd `s tjb fmgmfuf f`remg.

4? | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs k

Tjb f`remg kg o`cbgd`r sprb`d ms o`couc`tbd kg tjb h`sms ki dbct` ki tjb pkrtikcmk okgsmstmge ki iuturbs iut urbs `gd kptmkgs okgtròts mg bòj fkgtj. Tjb sprb`d oj`reb ms spbomimbd `s >.2% pbr fkgtj ikr tjb dmiibrbgob hbtwbbg tjb twk cbes ki tjb sprb`d suhlbotbd tk fmgmfuf ki 0% `gd f`xmfuf ki ?%.

2.4 F@XA-TK-F@XABT KI F@XEMG k

Ikr `cc stkoa iuturbs `gd mgdbx iuturbs okgtròt, tjb ocmbgt”s pksmtmkg ms f`rabdtk-f`rabt kg ` d`mcy h`sms `t pkrtikcmk cbvbc. Tjb f`ra-tk-f`rabt f`remg ms p`md mg/kut mg T+0 d`y mg o`sj. Ikr dbtbrfmgmge tjb f`ra-tk-f`rabt f`remg, tjb ocksmge prmob ms tàbg mgtk okgsmdbr`tmkg.

2.2 BZ^K_RXB CMFMT_

Tjb bxpksurb cmfmt ikr dmiibrbgt bqumty dbrmv`tmvbs prkduots `rb emvbg hbckw1 k

Mg o`sb ki stkoa iuturbs okgtròts, tjb gktmkg`c v`cub ki erkss kpbg pksmtmkgs `t `gy pkmgt mg tmfb sjkucd gkt bxobbd 8> tmfbs tjb `v`mc`hcb cmqumd gbt-wkrtj ki ` fbfhbr, m.b. 0>% ki tjb gktmkg`c v`cub ki erkss kpbg pksmtmkg mg smgecb stkoa iuturbs kr 0.2Ϗ ki tjb gktmkg`c v`cub ki erkss kpbg pksmtmkg mg smgecb stkoa iuturbs, wjmojbvbr ms jmejbr. Jkwbvbr H_B H_B oj`rebs bxpksurb f`remg f`remg ikr hbttbr rmsa f`gèbfbgt.

k

Ikr stkoa kptmkgs okgtròts, tjb gktmkg`c v`cub ki erkss sjkrt kpbg pksmtmkg `t `gy tmfb wkucd gkt bxobbd 8> tmfbs ki tjb `v`mc`hcb cmqumd gbt-wkrtj ki tjb fbfhbr, m.b. 2% ki tjb gktmkg`c v`cub ki erkss sjkrt kpbg pksmtmkg mg smgecb stkoa kptmkgs kr 0.2Ϗ 0.2Ϗ ki gktmkg`c v`cub ki erkss sjkrt kpbg pksmtmkg mg smgecb stkoa kptmkgs wjmojbvbr ms jmejbr.

k

Mg o`sb ki mgdbx prkduots, tjb gktmkg`c v`cub ki erkss kpbg pksmtmkgs `t `gt tmfb wkucd gkt bxobbd ?? 0/? tmfbs ki tjb `v`mc`hcb cmqumdb gbtwkrtj ki tjb fbfhbr. ikr mgdbx prkduots, ?% ki tjb gktmkg`c v`cub ki erkss kpbg pksmtmkg wkucd hb okccbotbd irkf tjb cmqumdb gbtwkrtj ki ` fbfhbr kg ` rb`c tmfb h`sms.

2.9 ^K_MTMKG CMFMT_

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@ f`rabt wmdb cmfmt kg tjb kpbg pksmtmkg kg stkoa kptmkgs `gd iuturbs okgtròts ki ` p`rtmouc`r ugdbrcymge stkoa ms 8>% ki tjb gufhbr ki sj`rbs jbcd hy gkg prkfktbrs m.b. 8>% ki tjb irbb ick`t, mg tbrfs ki gufhbr ki sj`rbs ki ` okfp`gy.

k

Mg o`sb ki stkoa iuturbs `gd kptmkgs, tjb stkoa j`vmge `ppcmo`hcb f`rabt wmdb pksmtmkg cmfmt (FU^C) ki Xs. 2>> orkrbs kr fkrb, tjb okfhmgbd iuturbs `gd kptmkgs pksmtmkg cmfmts sj`cc hb 8>% ki f`rabt wmdb pksmtmkg cmfmt kr Xs. ?>> orkrbs, wjmojbvbr ms ckwbr `gd wmtjmg wjmoj sjkoa iuturbs pksmtmkg o`ggkt bxobbd 0>% ki `ppcmo`hcb f`rabt wmdb pksmtmkg cmfmt kr Xs. 02> orkrbs, wjmojbvbr ms ckwbr. Tjms ms tjb pksmtmkg cmfmt ikr tr`dmge fbfhbrs, IMM `gd futu`c iugds.

k

Ikr stkoas j`vmge `ppcmo`hcb f`rabt wmdb pksmtmkg cmfmt cbss tj`g Xs. 2>> orkrbs, tjb okfhmgbd iuturbs `gd kptmkgs pksmtmkg cmfmt wkucd hb 8>% ki `ppcmo`hcb f`rabt wmdb pksmtmkg cmfmt kr Xs. 2> orkrb wjmojbvbr ms ckwbr. Tjms ms `ppcmo`hcb ikr tr`dmge fbfhbrs, IMM `gd futu`c iugds.

k

Ikr iuturbs `gd kptmkgs okgtròts, tjb tr`dmge fbfhbrs, IMM `gd futu`c iugds pksmtmkg cmfmts sj`cc hb jmejbr jmej br ki1 Xs. 2>> orkrbs kr 02% ki tkt`c kpbg mgtbrbst mg tjb f`rabt mg bqumty mgdbx iuturbs okgtròts kr bqumty mgdbx kptmkgs okgtròt rbspbotmvbcy.

k

Tjb erkss kpbg pksmtmkg ki ocmbgts, suh-òokugts, GXM cbvbc `gd ikr bòj sojbfb ki futu`c iugds òrkss `cc dbrmv`tmvbs okgtròts kg ` p`rtmouc`r ugdbrcymge sj`cc gkt bxobbd jmejbr ki1 0% ki tjb irbb ick`t f`rabt o`pmt`cmz`tmkg kr 2% ki tjb kpbg mgtbrbst mg ugdbrcymge stkoa.

k

@gy pbrskg wjk jkcds 02% kr fkrb ki tjb kpbg mgtbrbst mg `cc dbrmv`tmvbs okgtròts kg tjb mgdbx sj`cc hb rbqumrbd tk dmsocksb tjb iòt tk tjb bxoj`geb `gd i`mcurb ki wjmoj wmcc `ttròt ` pbg`cty.

2.5 IMG@C _BTTCBFBGT

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Kg bxpmry ki ` stkoa iuturbs kr mgdbx iuturbs okgtròt, tjb okgtròt ms sbttcbd mg o`sj `t tjb img`c sbttcbfbgt prmob. Tjb img`c sbttcbfbgt prmob ms tjb ocksmge prmob ki tjb ugdbrcymge stkoa kr tjb mgdbx rbspbotmvbcy. Tjb prkimt kr ckss ms p`md mg kr kut mg T+0 d`y.

k

Kg bxbromsb kr `ssmegfbgt ki kptmkgs, tjb sbttcbfbgt tàbs pcòb kg T+0 h`sms `gd mg o`sj. Kg bxpmry, mi tjb kptmkgs `rb gkt bxbromsbd kr ocksbd kut, `cc mg-tjbfkgby kptmkgs `rb sbttcbd hy tjb bxoj`geb `t tjb sbttcbfbgt prmob. Tjb sbttcbfbgt prmob ms tjb ocksmge prmob ki tjb stkoa kr mgdbx mg tjb o`sj sbefbgt. Kg bxbromsb ki kptmkgs, tjb `ssmegfbgt tàbs pcòb kg ` r`gdkf h`sms `t ocmbgt cbvbc. @t prbsbgt tjbrb wkucd gkt hb `gy bxbromsb cmfmt ikr tr`dmge mg kptmkgs, hut tjb bxoj`geb o`g spbomiy tjb cmfmt `s pbr mts okgvbgmbgob.

49 | ^ ` e b



_MZ OJ@^TBX _MZ _RFFBX] @GD OKGOCR_MKG OKGOCR_MKG

45 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs 9.0 F@LKX IMGDMGE_

Kg okursb ki study ki tjb rmsa f`gèbfbgt prkobss ki dbrmv`tmvbs mg H_B, tjb ikcckwmge khsbrv`tmkgs `rb pkmgtbd kut. _mgob tjb study ms ikousbd kg bqumty dbrmv`tmvbs kgcy, tjb imgdmges `rb okgobrgbd kgcy `hkut bqumty dbrmv`tmvbs. 9.0.0 _^@G F@XEMGMGE _]_TBF

Tjb _^@G (_t`gd`rd ^krtikcmk @g`cysms ki Xmsa) ms ` pkrtikcmk h`sbd f`remgmge `pprkòj ikr o`couc`tmkg ki f`remg rbqumrbfbgt ki dbrmv`tmvbs. Tjms ms `g mgtber`tbd systbf ki f`remgmge tj`t rbduobs f`remgmge rbqumrbfbgt kg dbrmv`tmvbs tj`g `gy ktjbr systbf ki f`remgmge. Tjb _^@G f`remgmge systbf mg H_B ms `g biimombgt systbf ki f`remg o`couc`tmkg. Tjb prkobdurb mg wjmoj tjb _^@G ms o`couc`tbd mg H_B o`g hb okfp`rbd tk `gy f`lkr bxoj`geb ki tjb wkrcd `gd okvbrs `cfkst ==% ki rmsa bxpksurb ki tjb bxoj`geb. 9.0.8 Ô _^@G®

Tjb skitw`rb usbd hy H_B ikr f`remg o`couc`tmkg ms Ô _^@G®. Tjms skitw`rb

k

ms dbvbckpbd hy tjb Ojmoèk Fbro`gtmcb Bxoj`geb. k

Tjms skitw`rb prkvmdbs `dbqu`tb mgikrf`tmkg tk mts usbr.

k

Mt ms usbr irmbgdcy. Mt prkvmdbs tjb f`remg kg ` rb`c tmfb h`sms. @s skkg `s tjb d`t` ms mgput tk tjb systbf, mt tàbs 2 tk 5 fmgutbs tk o`couc`tb tjb f`remg rbqumrbfbgt. Tjms ms biimombgt skitw`rb ikr o`couc`tmkg ki _^@G f`remg `gd usbd hy `cfkst

k

`cc stkoa bxoj`gebs ki tjb wkrcd. 9.0.? XM_A F@G@EBFBGT k

Tjb rmsa f`gèbfbgt prkobss ikr dbrmv`tmvbs usbd hy H_B ms biimombgt `gd biibotmvb systbf.

k

Mt okvbrs `hkut ==% Y`ry `t `gy tmfb.

4: | ^ ` e b



Tjms `csk jbcps mg prktbotmge tjb f`rabt `gd jbcps mg mgorb`smge tjb f`rabt mgtber`tmkg.

k

Kg okfp`rmge tjb rmsa f`gèbfbgt prkobss ki H_B wmtj tj`t ki G_B, mt ms ikugd tj`t mt ms `cfkst s`fb. Hut G_B j`s `g `ddbd `dv`gtèb ikr tjb mgikrf`tmkg rbc`tbd sbrvmobs tj`t mt prkvmdbs.

k

H_B prkvmdbs mts d`t` kg ` er`pjmo`c ikrf`t, wjbrb`s G_B prkvmdbs tjb s`fb kg ` t`huc`r ikrf`t, wjmoj ms b`sy tk ugdbrst`gd.

k

Tjb G_B usbs ^XM_F (^`r`ccbc Xmsa F`gèbfbgt _ystbf), wjmoj fkgmtkrs tjb dbrmv`tmvbs sbefbgt ki G_B kg ` rb`c tmfb h`sms. Hut H_B dk gkt j`vb, tjms systbf.

9.8 _REEB_TMKG_

H`sbd kg tjb mgtbròtmkg wmtj dmiibrbgt hrkamge imrfs, mt ms khsbrvbd tj`t H_B ms okfp`r`hcb tk G_B mg tbojgmo`c tbrfs. Jkwbvbr, H_B còas mg prkvmdmge hbttbr sbrvmobs `gd mgikrf`tmkg tk tjb mgvbstkrs, wjmoj cb`ds tk pkkr f`rabt pksmtmkg mg dbrmv`tmvbs. k

Durmge kur mgtbròtmkg wmtj tjb hrkabrs wb okfb tk agkw tj`t, tjb sbrvmobs prkvmdbd hy G_B `rb fkrb rbcm`hcb tj`g tj`t ki H_B. _k H_B sjkucd try tk prkvmdb mgtber`tbd sbrvmobs tk mts fbfhbrs tk mfprkvb mts dbrmv`tmvbs sbefbgt.

k

Xbe`rdmge tjb rmsa f`gèbfbgt prkobdurb, `s tjbrb ms gk dmiibrbgob hbtwbbg G_B `gd H_B, mt o`g hb s`md tj`t, H_B sjkucd okgtmgub wmtj tjms prkobss.

k

H_B sjkucd mfprkvb mts fkgmtkrmge systbf ikr hbttbr rmsa f`gèbfbgt ki tjb bxoj`geb.

k

@gktjbr f`lkr oùsb ikr H_B”s ckst f`rabt sj`rb ms tjb i`mcurb mg prkvmdmge d`t`. H_B o`g ikous kg tjms p`rt mg p`rtmouc`r. Mt sjkucd `csk prkvmdb d`t` mg t`huc`r ikrf`t r`tjbr tj`g er`pjmo`c ikrf`t, sk tj`t mt o`g hb b`smcy ugdbrstkkd hy tjb mgvbstkrs.

k

Tk mfprkvb mts dbrmv`tmvbs sbefbgt, H_B j`s tk okgst`gtcy mggkv`tb mg tbrfs ki sbrvmobs, prkduots `gd tbojgkckey, ktjbrwmsb mt o`ggkt okfpbtb wmtj G_B.

4= | ^ ` e b



H_B oj`rebs fkrb f`remgs ikr hbttbr rmsa f`gèbfbgt, wjmoj mg tbrfs j`rfs mts f`rabt pksmtmkg. Tjus, ` rb`skg`hcb f`remg sjkucd hb oj`rebd kg tjb fbfhbrs ikr dbvbckpfbgt ki dbrmv`tmvbs f`rabt `gd hbttbr rmsa f`gèbfbgt.

9.? OKGOCR_MKG

H_B wmtj mts dmstmgotmvb ib`turb j`s ` ckge, okckriuc `gd ojbqubrbd jmstkry. Mt bglkys ` prb-bfmgbgt pksmtmkg hy j`vmge ` pbrf`gbgt rbokegmtmkg irkf tjb _bourmtmbs Okgtròt (Xbeuc`tmkg) @ot, 0=29. Mt o`g hb okgsmdbrbd `s `g bssbgtm`c okgokfmt`gt ki tjb Mgdm`g bokgkfy. Mt ms pbrikrfmge `cc tjb mfpkrt`gt iugotmkgs ki `g mdb`c stkoa bxoj`geb hy prkvmdmge ` rb`dy `gd okgtmgukus f`rabt wmtj gbektm`hmcmty `gd sìbty tk mgvbstfbgt ki mgvbstkrs1 rbdrbssmge tjbmr ermbv`gob, fmgmfmzmge rmsa, `gd prkvmdmge ` ikruf tk bgsurb cmqumdmty `gd `ttròtmge o`pmt`c irkf tjb mgvbstkrs, bto. Dbspmtb tjb biimombgoy `gd tr`gsp`rbgoy, H_B stmcc cès hbjmgd G_B `gd iòbs ` stmii okfpbtmtmkg irkf mt. ^`rtmouc`rcy, G_B jkcds `hkut ==% ki tjb dbrmv`tmvbs f`rabt ki Mgdm`, wjbrb`s H_B”s pksmtmkg ms gbecmemhcb. Tjms o`g hb `ttrmhutbd tk tjb ikcckwmge rb`skgs. Imrstcy, còa ki dbt`mc `gd tmfbcy mgikrf`tmkg ki dbrmv`tmvb sbefbgt `gd mts rmsa f`gèbfbgt ms kgb ki tjb f`mg rb`skgs ikr tjb i`ccmge f`rabt sj`rb ki tjb H_B”s dbrmv`tmvbs sbefbgt. _bokgdcy, tjb d`t` imcbs ikr f`remg o`couc`tmkg `rb gkt prbomkus `s G_B j`s. Tjms ms `csk kgb ki tjb aby khstòcbs mg tjb dbvbckpfbgt ki dbrmv`tmvb sbefbgt ki H_B. Ujbg H_B ckssbs G_B e`mgs. Tjmrdcy, tjb còa ki fkgmtkrmge systbf ikr rmsa f`gèbfbgt ms `gktjbr prkhcbf wmtj H_B. G_B j`s ^XM_F `s tjb fkgmtkrmge systbf wjmoj bg`hcbs mt ikr hbttbr rmsa f`gèbfbgt ki dbrmv`tmvbs. Okfmge tk rmsa f`gèbfbgt ki dbrmv`tmvbs mg H_B, H_B j`s `g biimombgt `gd biibotmvb rmsa f`gèbfbgt systbf, wjmoj o`g hb okfp`rbd wmtj `gy ki tjb bxoj`geb

2> | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs ki tjb wkrcd. Tjb _^@G f`remgmge systbf ikcckwbd hy H_B ikr f`remg o`couc`tmkg ms kgb ki tjb fkst biimombgt systbfs ki f`remgmge. @ckge wmtj tjms tjb rbeuc`tkry rbqumrbfbgt ki H_B fàbs tjb rmsa f`gèbfbgt systbf s ystbf strkgebr `gd biibotmvb. Tjkuej tjb f`remg wmtj wjmoj H_B cès hbjmgd G_B ms tkk fuoj ikr dbrmv`tmvbs f`rabt, hut ` okffmttbd biikrt o`g jbcp H_B tk e`mg suprbfòy mg tjms sbefbgt. Tjms o`g hb dkgb hy fàmge mtsbci fkrb mgikrf`tmvb, fkgmtkrmge tjb rmsa f`gèbfbgt prkobss `gd tàmge skfb èerbssmvb stbps ikr tjb mfprkvbfbgt ki tjb dbrmv`tmvbs sbefbgt. @cc mt gbbds tk dk ms tk tàb qumoa `gd tmfbcy dbomsmkgs ikr tjb mfprkvbfbgt ki tjb dbrmv`tmvbs sbefbgt.

20 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs HMHCMKEX@^J]

Hkkas `gd Lkurg`cs



Jucc, H`su., (8>0>), –Kptmkgs, Iuturbs `gd ktjbr Dbrmv`tmvbs‖. ^b`rskg puhcmo`tmkgs. Gbw Dbcjm.



L`rrkw, Turghucc., (8>>>), –Dbrmv`tmvb _bourmtmbs‖. _kutj-Ubstbrg Okccbeb ûhcmo`tmkg, R_@.



_tucz, F. Xbgb., (8>>?), –Xmsa F`gèbfbgt `gd Dbrmv`tmvbs‖. Tjkfskg _kutjwbstbrg, Dbcjm.



Hj`sa`r, F`j`p`tr`., (8>>?), –Dbrmv`tmvbs _mfpcmimbd< @g Mgtrkduotmkg tk Xmsa F`gèbfbgt‖. Xbspkgsb Hkkas, Gbw Dbcjm.



U`tsj`f, L. Tbrry., (0==:), –Iuturbs `gd Kptmkgs mg Xmsa F`gèbfbgt‖. Mgtbrg`tmkg`c Tjkfskg Husmgbss ^rbss, Ckgdkg.



Ykjr`, Hèrm., (8>>?), –Iuturbs `gd Kptmkgs‖. T`t` FoEr`w-Jmcc Okfp`gy Cmfmtbd. Gbw Dbcjm.



Okjbg, Euy., (8>>2), –tjb Hmhcb ki Kptmkgs _tr`tbembs‖. Img`gom`c tmfbs ^rbss, Gbw Lbrsby, ê. 0-09.



_fmtj, D. Okurtgby., (0==5), –Jkw tk Fàb Fkgby mg _tkoa Mgdbx Iuturbs‖. FoEr`w-Jmcc Hkka Okfp`gy, Gbw ]kra, ê. 0-00=.



H`tbs, D`vmd, `gd Xkebr Or`mgb., (0===), –Y`cumge tjb Iuturbs F`rabt Ocb`rmgejkusb”s Dbiùct Bxpksurb Durmge tjb 0=:5 Or`sj‖. Lkurg`c ki Fkgby Orbdmt `gd H`gamge, Ykc.?0, Gk.8, F`y, pe. 84:-858.

28 | ^ ` e b


Xmsa F`gèbfbgt ki Dbrmv`tmvbs 

Hbrg`gab, Hbg _., (0==>), –Ocb`rmge `gd _bttcbfbgt Durmge tjb Or`sj‖. Xbvmbw ki Img`gom`c _tudmbs, Ykc.?, Gk. 0, ê. 095-05=.



Hrbgg`g, Fmoj`bc L., (0=:9), –@ Tjbkry ki ^rmob Cmfmts mg Iuturbs F`rabt‖. Lkurg`c ki img`gom`c Bokgkfmos, Ykc. 09, Gk. 8, Lugb, ê. 80?-8?4.



Hurej`rdt, E`cbg, `gd Dkg`cd C., (0=:0), –Okffbgts kg F`remgs `gd Iuturbs Okgtròts‖. Lkurg`c ki Iuturbs F`rabts, Ykc.0, Gk. 8, ê. 822-825.



Oj`gob, Dkg, Jbfcbr., (0==?), –Tjb Mfpòt ki Dbcmvbry Kptmkgs kg Iuturbs ^rmobs< @ _urvby‖. Lkurg`c ki Iuturbs F`rabts, Ykc.0?, Gk. 8, ê. 085-029.



Okrgbcc, Hr`dikrd. (0==5), –O`sj _bttcbfbgt Ujbg tjb Rgdbrcymge _bourmtmbs @rb Tjmgcy Tr`dbd< @ O`sb _tudy‖. Lkurg`c ki Iuturbs F`rabts‖, Ykc. 05, Gk. :, ê. :22-:50.



Imsjb, X`yfkgd ^.J., C`wrbgob O. Ekcdhbre, Eksgbcc I. Tjkf`s, _mgj`, _ul`t`., (0==>), –F`remg Xbqumrbfbgt mg Iuturbs F`rabts< Tjbmr Xbc`tmkgsjmp tk ^rmob Ykc`tmcmty‖. Lkurg`c ki Iuturbs F`rabts, Ykc.0>, Gk. 2, ê. 240-224.



E`rh`db, Abggbtj D., `gd _mchbr. Umccm`f., (0=:?), –O`sj _bttcbfbgt ki Iuturbs Okgtròts< @g Bokgkfmo @g`cysms‖. Lkurg`c ki Iuturbs F`rabts, Ykc. ?, Gk. 4, ê. 420-458.



Cbstbr, E., (0=:0), –F`remgs `gd Iuturbs Okgtròts‖. Lkurg`c ki Iuturbs F`rabts, ê. 882-82?.



Aurmbo, ^ùc J., (0==4), –Tjb ^brikrf`gob ki _&^ 2>> Iuturbs ^rkduot F`remgs Rgdbr _^@G _ystbf‖. Lkurg`c ki Iuturbs F`rabts, Ykc. 04. Gk. 5, ê. 5:=-:00.

2? | ^ ` e b



Ir`ga, L., (0=:8), –Tjb Bokgkfmos ki Iuturbs `gd Kptmkgs okgtròts h`sbd kg O`sj _bttcbfbgt ki Iuturbs F`rabts‖. Lkurg`c ki Iuturbs F`rabt, Ykc. 8, Gk. 0, ê. 9?-:8.



@dbrskg, Xkg`cd., (0=:0), –Okffbgts kg F`remgs `gd Iuturbs Okgtròts‖. Lkurg`c ki Iuturbs F`rabts, Ykc. 0, Gk. 8, 8 , ê. 82=-894.



H`br, Jbrhbrt, Ir`gob, Fksbr., (0==2), –Uj`t Dkbs ` Ocb`rmgejkusb Dk;‖. Dbrmv`tmvbs Pu`rtbrcy, Ykc. 0, Gk. ?, ê. ?=-49.



Abppcbr, Fmoj`bc., (0==4), –F`gèbd Iuturbs `gd Bfbremge F`rabts‖. Dbrmv`tmvbs & _ygtjbtmos, ê. 4=0-2>5.



Eks`mg, Y`rug., (0==4), –Dbrmv`tmvbs kg Bfbremge F`rabts‖. Dbrmv`tmvbs & _ygtjbtmos, ê. 455- 4::.



Aktj`rm, O.X., (0==>), –Xbsb`roj Fbtjkdkckey< Fbtjkds `gd Tbojgmqubs‖, Umsjw` ^rà`sj`g.



Jkctkg, Ecyg., (8>>4), –Dbimgmge Xmsa‖. Img`gom`c @g`cyst Lkurg`c, Ykc. 9>, Gk. 9, OI@ Mgstmtutb.



Dkkhby, –_kom`c _urvby Xbsb`roj‖. ^JM

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