Thursday, September 3, 2020

Under the Blood Red Sun Character Journal Essay Example

Under the Blood Red Sun Character Journal Paper Character Journal Billy’s mother I accept in the event that you train your kids well, they will be acceptable also. Simultaneously let them comprehend what the terrible is, and why they shouldn’t tail it. I can see the Wilsons hate the Japanese that live here, much the same as all the kindred Americans. I surmise with me working at the medical clinic I have had the option to talk and help a wide range of individuals out of luck. A specific individual isn't terrible due to their race, however on the off chance that they it is the sort of people they are of themselves not their nation or shading. I have never gotten frantic at the sorts of companions my kids have made. In the event that my kids do bring their companions over to this house, I ensure I treat them as a visitor, and cause them to feel at home. How I treat them is the means by which I might want my child too to be treated as a visitor in their homes. Keet I abhor how most of the Japanese simply come here and attempt to assume control over our territory, they want to do anything they desire. Tomi particularly, thinks since we permit him to live in our property they can live the manner in which they do in their home in Japan a similar path here. Don’t these individuals comprehend in the event that you go to another nation, you’re assume to observe their standards. Yet, rather they despite everything fly their Japan banner with satisfaction as though they have to flaunt that Japan can come here. For what reason do they generally need to bow when they state hello there? That’s not our custom. We will compose a custom article test on Under the Blood Red Sun Character Journal explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test on Under the Blood Red Sun Character Journal explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test on Under the Blood Red Sun Character Journal explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer

Wednesday, August 26, 2020

How to choose a minor in college

Step by step instructions to pick a minor in school The best minors for your English major Find out about the best minors from our rundown and choose whether you need to match Spanish with brain research or semantics. Brain science Study brain science for a superior comprehension of the human instinct. You can either be a fiction sweetheart or a math fan, however on the off chance that you commit yourself to finding out about people’s figuring, you will before long acknowledge you can compose a novel mental enough to win the Nobel prize! Additionally, you will have the option to grasp various societies and their psychological perspectives separated from the ability to dissect anecdotal characters and why understudies delay consistently. There is an explanation we need brain science to be our minor, and that’s not on the grounds that composing undertakings are not so muddled (they really are). After you get a brain science certificate, life out of nowhere is by all accounts increasingly differing, and that’s just the start. Humanities On the off chance that you have an energy for composing that can’t be controlled and can examine the word causes for quite a long time, at that point welcome to the humanities group. You will have the option to seek after the historical backdrop of the language and inundate into scholarly workmanship like an ace, managing ideas and structures that have been created by journalists as the centuries progressed. Not a long ways from history, humanities would be an ideal decision for anybody remotely inspired by language issues and will unquestionably add to your comprehension of semantics, in the event that you put forth enough attempt. In addition, you can generally get a reward for being a specialist in word definitions and anecdotal ideas. Unknown dialect Let’s be straightforward †unknown dialect implies astonishing openings for work, and hello, who wouldn’t be happy to get an advancement? On the off chance that you are learning a subsequent language, in any case, remember to do your examination and track the insights †Chinese despite everything involves the primary spot alongside Spanish, and you can discover numerous individuals making a trip to Spain for a similar explanation. In the event that you are too apathetic to even think about choosing a minor immediately, we suggest you perusing short stories in another dialect with the goal that you rehearse and enhance your jargon day by day. As it's been said, learning is one of the joys of life on the off chance that you realize how to do it. Out of nowhere, the world has more shading to it and we should state being bilingual doesn't do any harm! History History is somewhat connected with humanities, however you will be astounded how much there is to think about the current situation. You may have understood Pride and Prejudice, yet do you realize it was very progressive for now is the right time? Some of the time, you simply need history to find out about circumstances and logical results and the outcomes of enormous political choices on the world field. In addition, you can add that to your minor rundown and still have the option to go to your significant course, since history overviews along theme classes. News-casting For individuals who realize they need to compose and just can’t help it, this course ought to be astonishing. You need to recollect, in any case, that dream is done something you can enjoy once you become a news supervisor †hi, truth! In this way, set yourself up for the difference in the subject: rather than your own musings and feelings (however they despite everything might be available in blog), you should offer approach to lawmakers, government pioneers and political delegates. Exhausting? It tends to be, particularly on the off chance that you are shown the gauges of the exploratory writing, yet at that point, you likewise increase a great deal of understanding and invest most of your energy with the similar individuals. Meeting big names is likewise included, which can be viewed as a little something extra here and there. Don’t be hesitant to investigate the new skylines with a minor!

Saturday, August 22, 2020

Surface and Interface States of Ga Compound Research Paper

Surface and Interface States of Ga Compound - Research Paper Example The paper talks about different issues identified with the gallium compound semiconductors including both the interface and the surface properties. It examines the arrangement of the surface state and the charges at the interface state when interfaced with different metals. Foundation Surface state: Intrinsic and outward A significant number of clean semiconductor surfaces give indications of both natural and extraneous surface states. Surface conditions of materials can be characterized as the electronic states that are found at the material’s surface. Surface states are framed because of the sharp progress from strong materials that ends with the surface. Surface states are typically discovered near the surface in the nuclear layer. The progressions of the electronic band structure to vacuum from the mass materials are brought about by the surface material end. After the end of the surface material, a debilitated potential is made at the surface which prompts the arrangement of new electronic states know as the surface state [3]. The groups of the strong on the outside of semiconductor precious stones get identified with vacuum vitality since it takes a lot of vitality to expel the electrons from the gem to the vacuum. This because of the way that the arrangement of gem from far independent iotas bring down the vitality consequently the high measure of vitality engaged with the electron evacuation. The substance securities at the outside of the precious stone have their occasional example hindered at the surface which thusly results into unsaturated securities [1]. After the interference, the unsaturated securities at that point modify themselves through surface reproduction which might be soaked by a layer of iotas. The re-course of action of the immersed bonds brings about changes in both the permitted energies and the surface precious stone structure. The arrangement of surface states can be best depicted by Bloch’s Theorem which permits the wave vector capacity to be a mind boggling number. On a fundamental level, a nonexistent wave vector compares to a damped wave work which is exponential in nature. In impeccable limited non physical gem that doesn't encounter periodicity infringement and encounters a translational balanced break permitting wave vector with nonzero nonexistent parts [6]. With the conditions satisfied, it can in this way be indicated that the subsequent states are limited at the surface. The energies of the framed states are situated at the surface which shapes a different band of surface states. The quantity of molecules per region at the outside of a gem incredibly decides the quantity of surface states per region of the precious stone. The quantity of states can anyway be undermined of states in the gem without limit would have added to the conduction groups or the valence groups [5]. On account of inborn semiconductors, the quantity of filled surface states is comparable to the quantity of electro ns expelled from the mass valence band because of the adjustment in nonpartisanship. The filled surface states are viewed as benefactor like states given that they have electrons that can be given to the void accessible states. Void surfaces states then again can be considered as acceptor like given that they have void accessible surface states which can be involved by electrons [3]. Characteristic surface states Intrinsic surface

Changes in the structure of the British family

Changes in the structure of the British family How has the structure of the family changed in Britain in the course of the most recent hundred years? Demonstrate the ramifications of the progressions for the training framework. I am going to begin by characterizing what a family is from a sociology word reference. A gathering of people identified with each other by blood ties, marriage and reception. ( In the nineteenth century the family structure was molded by the modern unrest. It spread all through Britain, and there was a monstrous increment in the quantity of production lines. As the quantity of manufacturing plants developed, individuals moved from the wide open into towns searching for better paid work. The towns were not prepared for this incredible increment of individuals and lodging was very packed. Rooms were leased to entire families. Family size right now was between six to twelve youngsters and they all dozed and took care of in a solitary room. Muncie, et al (1993) refered to that Smith (1986:pg 18) indicated that in 1860 the normal marriage created seven youngsters. Additionally part of the family living in one room were the grandparents, this is known as a more distant family. They lived and were taken care of by the family since they were an important asset, as a childminder. Kinfolk were a significant wellspring of help in basic life circumstances for instance, maturing guardians, who lived with and were bolstered by their wedded kids, gave a kid disapproving of administration which permitted the mother to work. (Elliot 1986:p46). Toward the start of the nineteenth century schools were not exceptionally normal and none were given by the state. Kids, in the average workers, were viewed as advantages to the family as they were sent to work in the processing plants to help acquire cash for the family. There was no obligatory training yet Burnett (1982 ) clarifies that extension of the Sunday school development was of an incredible significance. It carried training chances to the individuals who worked 6 days every week. Burnett (1982) additionally clarifies that occasionally even the poor kids couldn't go to Sunday school as they didn't have reasonable garments or shoes, and the rich went to much better Sunday schools. Indeed, even before state instruction was around the class isolate was extraordinary, the rich would do well to training and the poor couldnt even go to because of being so poor. Britain was acquainted with all inclusive, free instruction by these Sunday schools and this built up the arrangement of day-tutoring. As the kinds of work turned out to be progressively assorted, the apparatus in the production lines turned out to be increasingly specialized and required talented laborers to work them. This implied there was a requirement for increasingly instructed laborers and the state acknowledged that it expected to give training to the common laborers. David (1980:pg33) recognizes this The contentions for the state to give instruction to the regular workers just won acknowledgment as the economy turned out to be increasingly differentiated, the requirement for talented and prepared work turned out to be progressively basic. Another motivation behind why training was required for the regular workers was the change in womens business. Kids had no consideration and required some place to go while their folks were busy working. From 1893 all regular workers youngsters needed to go to class for at any rate six years, from five years of age to the age of eleven. After this kids were permitted to be absolved from school as long as they had confirmation they were going into work. Sunderland (1971) disclosed that this lead to most kids being excluded from school at eleven years old as the family required them to work to give a pay. Just 14% of the youngsters on the registers of investigated schools were matured twelve and over Sunderland (1971:pg44) The First World War brought new open doors for ladies. The men were sent to war and the ladies had the option to fill a wide range of jobs in the workforce. This was immediately pulled back after the war and ladies were relied upon to pull back from working and come back to full-time care of the house and kids. Tragically because of downturn cash had been pulled back from giving school suppers and nursery care for their kids had been compelled to close and this made it harder for ladies to have the option to work. Guardians were again compelled to depend on their own assets for the consideration of their kids David (1980:pg58). Ladies battled for increasingly equivalent rights and in 1918 ladies beyond thirty years old had the option to cast a ballot and in 1928 the age was brought down to twenty-one. This gave females more rights and opportunity in their decisions. Lamentably there was an extraordinary wretchedness and joblessness was high so ladies couldn't work and in this manner remained at home to take care of the family. After World War Two, instruction in Britain changed, because of the 1944 Education Act. This demonstration made auxiliary instruction obligatory and until the age of fifteen. As of now there was an acknowledgment that Britains economy should have been revamped and Britain called for foreigner specialists. It pulled in just because huge quantities of laborers and families from the Caribbean, Indian and Pakistan (got to 14/03/11). This implied Britains non-white populace quickly expanded. This inundation was not very generally welcomed by the British individuals and the administration over and again examined how to attempt to limit the migration from these nations. In schools bigotry and partition in social class was high and except if you were white, working class and non-impeded; your time at school was viewed as a period of preference, disappointment and lost chance. Variables that added to this avoidance were the distinctive language and culture the fami lies carried with them. This added to them being not able to blend in with the British society it was significantly because of individuals being uneducated in different societies and religions. Sidney Webb (1894) composed that we have to create a collection of orderly political idea as a prime assignment of the individuals who would have liked to show others how for all intents and purposes to change England into a Social Democratic Commonwealth. In 1976 the Race Relations Act was acquainted and it got legal with victimize anybody on grounds of race, shading and nationality (counting citizenship) (Hope 2011). This has lead to an adjustment in training which has as of late come into schools; Citizenship classes. An ignorance of these societies and dialects and the contrasts between the understudies prompted citizenship classes being acquainted with the educational plan in September 2002. The national system acquaints citizenship as a subject with create sound standards of opportunity, correspondence, equity and harmony. It permits the understudies to connect with one another and their locale. Anyway not every person consented to the importance of citizenship classes and guardians needed to know why Muslims and Jehovah witnesses were permitted to remove their youngsters from the school supplications and they werent permitted, as non-devotees, to expel their kids from the citizenship classes. On twentieth January 2011, there was a significant survey of the national educational plan by the instruction secretary Michael Gove and he needed to downgrade citizenship to a discretionary subject (Shepherd 2011). Instructors contended this would neutralize points of the huge society and Chris Waller (H ead of the Association of Citizenship Teaching) said it would slow down England 15 years to when it was the least politically proficient nation in the created world. In schools, the distinction between the understudies in their capacities is viewed as being because of their financial status and phonetic decent variety. Bernstein (1971) recommended that there is a contrast between common laborers and white collar class youngsters because of the regular workers kids being semantically denied. On account of the childs diverse tone, accents and dialects spoken, this is viewed as not Standard English in this manner they are misjudged in schools. While Labov (1977) proposed that there is a distinction not a shortage in this manner we ought to be additionally tolerating and ready to comprehend these distinctions. The citizenship classes should assist with shutting this partition and permit understudies as well as educators to have a more noteworthy comprehension and permitting them to be i nstructed similarly as white collar class understudies. Remaining with the here and now Im going to take a gander at the family in present day society. There has been a vanishing of the conventional family unit and now there are a wide range of kinds of the family. These incorporate gay and lesbian connections, appropriation and cultivating, partition and separation, re-marriage and single-guardians. Numerous elements have changed so as to make these various sorts. Age at parenthood and first parenthood has risen, family size has fallen and childlessness has expanded. Dwelling together has gotten normal, both before marriage and between marriage; rising separation rates and a close trebling in the quantity of solitary parent families. (Mcrae S, 1999:pg5) An expansion of separation since the Divorce Law Reform Act 1969 and an increment of births outside of marriage have prompted an expansion in single-parent families. Normally the single parent in the single-parent families is the mother living all alone with her youngsters; she does the more prominent portion of thinking about her kids both monetarily and inwardly. Having the option to accommodate your family as a solitary parent has gotten simpler with the assistance of state advantages and social or sponsored lodging: however as a rule the mother is typically compelled to work in a manual activity or be jobless. There is a worry if youngsters are at an instructive drawback in these homes. Spencer (2004) of the school of wellbeing and social examinations reports that solitary parenthood is related with instructive issues and that these families are fundamentally distraught contrasted and couple families. In the solitary parent homes it is recommended that there is a material burden and low maternal instruction. Maternal training is the imbalance in a childs home which doesn't permit a kid to take in things from their mom that will assist them with creating in life, for example, what is correct

Friday, August 21, 2020

The National Assessment System (Nas) in Kenya Essays

The National Assessment System (Nas) in Kenya Essays The National Assessment System (Nas) in Kenya Essay The National Assessment System (Nas) in Kenya Essay Throughout the most recent couple of years Kenya has consistently looked to improve the instructive framework for its understudies. The National Assessment System (NAS) is a basic arrangement of deciding quality confirmation in Education. It includes the checking of learning accomplishments of understudies to survey the nature of training. It is additionally an orderly assessment of understudy learning accomplishment the nation over. The explanatory outcomes are utilized by approach producers and professionals to illuminate the training quality change process.With information that is tantamount across different locales of the Country and after some time, strategy creators and partners can distinguish holes and achieve enhancements in the educational program, instructing and homeroom bolster rehearses, just as in the improvement of learning helps. Kenya’s National Assessment is at present set up as follows: 1. Standard One †Standard Eight : Kenya Certificate of Primary Edu cation 2. Structure One †Form 4: Kenya Certificate of Secondary Education 3. School/University: Various degree examinationsNAS can be partitioned into six gatherings to be specific, Early Childhood Development Education (ECDE) , Primary level ( 8. 4. 4),Secondary Level (8. 4. 4), Tertiary Level, University Level and work world. The instruction framework is confronting a significant emergency at the optional and college level. At present there is a team on the realignment of the present training framework with the new constitution in the offer to help this issue NAS at the Secondary level spotlights on the psychological (or information) domain.Students get familiar with a few subjects isolated into classes, dialects, humanities, sciences and specialized subjects. Article 11 (ii) (an) of the constitution expresses that the educational program ought to advance Science and Indigenous Technologies in this way understudies learn subjects, for example, Biology, Chemistry, Physics and Agriculture. The KCSE test is taken by understudies in all open and tuition based schools and by applicants who embrace private investigation including detainees. Each individual has a privilege to instruction (Article 43).A competitor must take in any event two of three science subjects and just a limit of two humanities subjects. KCSE doesn't test in the friendship area, with the exception of, maybe subjects in the morals and strict investigations which center around information as opposed to character arrangement. The psychomotor space is likewise not secured, aside from, maybe pragmatic subjects like Physics, Agriculture, Home Science and Chemistry however once more, the appraisal centers around information as there is constrained time and degree to evaluate long lasting abilities and know how.Performance in KCSE to a great extent decides movement to college and the calling or occupation in the realm of work. Likewise there is NAS at the college level. State funded college evalu ations and tests are administered by the senate guidelines under the University Act directing every one of the seven state funded colleges. Senates have given a few forces to College Academic Boards (CABs) and school or Faculty Academic Boards.Private college tests and appraisals are overseen by the separate senates, yet subject to the Commission for Higher Education (CHE) under the Universities Act. Oversight on the educational plan (and maybe the test procedure) is progressively being practiced by accreditation offices and the pertinent expert affiliations like the Kenya Medical and Dental Practitioners Board and the Kenya Medical Association or the Kenya Dentists Association, separately. College tests at the undergrad level are to a great extent summative and still spotlight on the subjective (or information) domain.The full of feeling and psychomotor areas are still not (adequately) surveyed, tried or analyzed There have been worries that University Education has now become a bu siness adventure such a significant number of colleges are starting courses absent a lot of accentuation on quality however concentrating rather on the benefits they can make. In spite of the fact that the CHE has set up instruments to guarantee that quality training is given in foundations of higher learning the follow up isn't predictable and it is hard to assess the instructing process.As an outcome numerous Universities are discharging understudies that are not exactly prepared to confront the activity advertise as the accentuation isn't guaranteeing understudies are accomplishing the learning goals however that the understudies are paying for the training. As more Universities offer comparative courses it is significant that a uniform evaluation framework is adjusted to guarantees that understudies don't leave school silly however are prepared to enter the activity showcase. By the day's end evaluation should bolster learning just as measure it.

Tuesday, August 18, 2020


Numbers First of all: my apologies! Junior year has seized me, spun me around, and left me in a somewhat disheveled state. Theres homework, lab, extracurriculars, office hours so much going on that while Ive started writing at least six blog entries in the past month or so, I havent had a chance to finish or post any of them :( (Interruption: Ahmed 12 is sitting next to me. He says hi. lol) But today, I wanted to make some time and write about something special: numbers. See if you can make sense of the following: 102 25 5 39 7 56 50 98 Any patterns jumping out at you? At some point or another, each of these numbers has felt to me like a definition. My high school rank. My highest test grade at MIT. My lowest test grade at MIT. My birthday. And so on. Ive cried over some of these numbers and rejoiced over others. At one point or another, each of these numbers meant more to me than all others. One of the most common questions Ive received as an MIT student is, What was your SAT score? My answer is always the same, I could tell you my score but to tell you the truth, I dont think itll help you very muchjust do your best! I stand by that answer. Growing up, my mother always told me that instead of comparing myself to others, I should compare myself to myself: I should seek to beat my own scores, improve my own standards, etc. My moms advice is probably one of the best pieces of advice Ive ever received. This week has been particularly rough on several of my friends here at MIT and, for that matter, on me as well: tests, problem sets, untimely sickness alone, any one these items is easily managed. But together, they only seem intimidating and impossible: every little failure seems huge. Case in point: on my 7.03 (genetics) exam this past Monday, the average was a 46, with a standard deviation of 17. Monday night, I checked my grade online and was entirely shocked and disappointed. Today, the professor encouraged us all to stay in the class: a 46 on the exam corresponded to a B. Which just goes to show you that much of what you know about numbersis false. Numbers *dont* define you in any sense of the matter. The importance of your high school rank will linger through your college app process and fade away after you graduate from high school. The same goes for your SAT score. I will be the first to tell you that its important to work hard, to aim high, and to celebrate great scores and accomplishments. But two years of MIT have shown me that there is more to life than numbers, that there is more to anyone than a bad test grade. Anyway I felt like this was enough of an issue that I wanted to get my thoughts out. Good luck with all your college apps and dont stress out too much about numbers!   ?

Sunday, June 21, 2020

Understanding The Corporate Debt Market In India Finance Essay - Free Essay Example

The Planning era began since 1951 and DFIs were increasingly encouraged to finance the project funding needs of the Indian corporate sector. The Government of India and RBI facilitated the concessional rates for corporate sector by giving the following to the DFIs: Access to low cost funds Permission to issue bonds with government guarantee Allocations from budget With the onset of economic reforms, the budgetary support and government guarantee to DFIs was withdrawn. The DFIs converted themselves into commercial banks to have access to the public deposit mechanism and served as source of long term finance to the Indian corporate sector. Primary issuance market, in the corporate debt market, is dominated by non-banking finance companies and relatively small amount of funds are raised through issuance of debt papers by manufacturing and other service industries. The following are some of the different types of corporate debt securities issued: Non-Convertible Debentures Partly-Convertible Debentures/Fully-Convertible Debentures (convertible in to Equity Shares) Secured Premium Notes Debentures with Warrants Deep Discount Bonds PSU Bonds/Tax-Free Bonds The sections herein explain the following: Significance of a vibrant corporate bond market Prerequisites for the development of corporate debt market Reasons for under-development of the corporate bond market in India Significance of a well developed corporate bond market 1. Reduce dependence on banks for long term finance Due to regulatory constraints and absence of proper incentives to opt for corporate debt, the corporate sector in India prefers the banks as a source of long term finance. The East Asian crisis showed the pitfall of excessive reliance on bank financing. 2. Create a source of long term financing Developing countries like India will have opportunities for long term investments, especially in infrastructure projects. Banks, having short term liabilities, may not be able to continue and meet the growing needs of a developing country with long term financing requirements. A vibrant bond market gives access to such long term debt. The ability of raise funds has a long lasting effect of the growth of the economy of a country. Hence creating a more stable source of long term finance is crucial. 3. Cheaper source of finance Corporates with good credit rating lose out on the opportunity to raise funds directly from the market. As the corporate debt market develops and becomes liquid, the cost of raising funds will also reduce and also bring stability. Prerequisites Less complex regulatory framework for public issues The main deterrence to corporate in issuing debt securities to the public is the lengthy and rigorous procedure that entails it. Thus the regulatory framework needs to be simplified and made more conducive and issuer friendly to good credit rated companies. Reduction in time and cost of issuances The time required and the costs incurred in making public issues must be reduced to incentivise the corporate sector. Reduction of corporate sector dependence on banks The mindset of the Indian Corporate sector to depend on banks to finance their long term investment needs must change. Legal Structure There must a robust legal structure in place to encourage innovative financial products that would cater to various risk-return appetite of a diverse set of investors. Market Infrastructure The market must be made more conducive to the trading, reporting and settlement of trades in the corporate bond market. Transparency must brought in through efficient price discovery process. Presence of rating agencies Credible rating agencies must be present in the market to give information about the credit worthiness of the issuer and the debt securities Developed Government securities market The G-Sec market needs to be well-developed as the price and yield of corporate bonds are marked on the basis of the benchmark G-Sec prices and yields. Reasons for slow development of Indian corporate debt market Lengthy regulatory requirements and disclosures The regulatory requirements for public issues were rigorous in terms of quality and type of disclosures Utilization of funds The utilization of funds raised through public debt securities was required approval and was mandatorily needed to be disclosed to the retail investors. Minimum Investment Grade Bonds had to have a certain minimum investment grade for it to be issued in the primary market. Those below this minimum investment grade were not allowed to be issued to the public. This clause was removed as per circular to amend the DIP (Disclosure and Investor Protection) Guidelines, 2000. Risks Involved The offer document must contain the issueracirc;â‚ ¬Ã¢â€ž ¢s perception of risk on matters such as assets and debtors, dilution risk (changes in credit quality of pool of assets), currency, interest and other risks. Disclosures Disclosures regarding the public offer, the debt instruments, the issuer, the originator, the servicer, the Trustees, the transaction structure and cash flows. The rigorous norms that have to be followed for issuing bonds make this process lengthy and burdensome process as compared to raising funds from the banks or other institutions or through private placement option Listing of debt securities Filing on stock exchanges: The firm needs to make an application to one or more recognized stock exchanges for listing of their debt securities. Draft offer documents: The firm needs to file draft offer documents with the designated stock exchange and have it posted on the websites (if any) of the company, lead merchant banker and the designated stock exchanges. Excessive dependence on bank loans and private placement The Corporate prefers bank loans to finance its long term investment needs to issuing debt securities in the primary market. Also, they can raise funds in the primary market through public issue of bonds or through the private placement route. The Indian corporate sector still prefers private placement as the firms find issuance of public debt securities is a lengthy and rigorous task. Also, the cost of issuance exceeds the cost of private placement. Another factor is that more funds can be raised through the private placement route. Non-transparency The corporate bond market was non-transparent as there was no system to enable efficient price discovery and allow comparison of prices quoted by seller and strike the best deals. Non-availability of information Till 2007, there was no information available on the trading activities in the corporate debt market. To improve this, SEBI, in 2007, permitted BSE and NSE to set up reporting as well as trading platforms to get real time information of trade volume, trading prices and other trading activity related data. Trading on OTC market could be reported through the reporting tool of NSE or BSE. Issuance costs Advertisements The public issue needs to be accompanied by advertisements in a national daily with wide circulation informing the public about the issue and giving truthful information. Credit Rating Earlier, bond issuers had to obtain rating from two separate credit rating agencies increasing the cost of issuances. This clause has been amended since 2007 to obtain rating from just one rating agency. Minimum Subscription The issuer may decide on a minimum amount of debt it seeks to raise from the public and it must be mentioned in the offer document. In the event of non-receipt of the minimum subscription, the money needs to be refunded to the applicants. Thus all costs involved for issuance like merchant banker charges, advertisement costs will have to be incurred with no result. Dematerialization of instruments Also, the issuer has to enter into an arrangement with a registered depository for dematerialization of the securitized debt instruments that are proposed to be issued to the public. Auditing expenses An auditor and a valuer may be appointed to look into the books of accounts of the entity and for proper valuation of asset pools. The expenses of such an audit may be borne by the originator. Fees Application fees, registration fees, annual fees, filing fees for offer documents. Settlement and Clearing System There was no settlement and clearing system in place for the corporate bonds. The settlement on BSE is done on a rolling basis using BOLT (BSE Online Trading) whereas NSE uses its NSCCL (National Securities Clearing Corp. Ltd) platform to settle corporate bonds trades. However, majority of the transaction is in the OTC market with bilateral settlement. Investor diversity Most of the investors do not have a long term view in mind. The household which could form a major part of the investor base is practically absent in the corporate debt market in India.