Lifecycle of a Tyre and Creative Intervention Essay

The increased number of vehicles has led to a tremendous growth in the volume of used tyres. Over a billion tyres reach their end of life in the world each year (cited Brown & Watson, 2002) of which about 200000000 arises in Europe and 290000000 in the United States (cited RMA, 2003). From 1998 to 2008 this is expected to change by 2% every year. Vast quantities of tyre are stocked piled in designated landfills or illegally dumped. Besides posing pressure on the environment and the existing waste management sector, this erroneous waste flow also create opportunities for new recycling market to evolve. The tyre lifecycle traditionally comprises four main stages. These include production, consumption, collection of used tyres and waste management (Organisation for Economic Co-operation and Development, 2006: 134). The final stage in the life cycle describes the ultimate destination where used tyres arrive. The term â€Å"used tyre† defines a tyre at the end of its first lifecycle. Two sub-types of used tyres are distinguished. The â€Å"part worn tyre† is a used tyre that can either directly be reused or retreaded. The â€Å"worn out† or â€Å"scrap tyre† is a used tyre that cannot be reused for its original purpose but may have a further use as a material or for energy recovery (Limbachiya & Roberts 2004: 273) The current solution of recycling is commercial development of a new building material made from recycled tires called the ‘Tire Log’. The Tire Log is a patented innovation made from waste tires with a unique and energy efficient approach to recycling tires. RTP recycling method is based on a simple procedure that helically wraps the steel belted tread of the tire around a core of tire treads to essentially any length or diameter. The net result is a building material that engineers say could revolutionize flood control, earthquake survivability and homeland security (Re-Tread Products, Inc. (RTP), 2008). References Limbachiya, M. C & Roberts, J. J. (2004). Sustainable waste management and recycling: used/ post-consumer tyres. Tokyo: Thomas Telford. Organisation for Economic Co-operation and Development. (2006). Improving recycling markets. Paris: OECD Publishing. Re-Tread Products, Inc. (RTP). (2008, Jan 30). New York company announces new solution for recycled tires. Retrieved May 25, 2010, from www. environmental-expert. com: http://www. environmental-expert. com/resulteachpressrelease. aspx? cid=24895&codi=26319

Islam †The Life of Muhammad Essay

A prophet is someone through whom Allah speaks. The Qur’an names 25 prophets, but tradition says there have been 124,000 in all. For Muslims, Muhammad in Allah’s last prophet, known as the ‘seal of the Prophets.’ The exact date of Muhammad’s birth in Mecca is unknown, but it is thought to have been no later than 570 AD. His father was called Abdullah, which means ‘servant of God’ and his mother Aminah- ‘peaceful’. Both were members of the Hashim clan, a sub-division of the Quraysh tribe which had lately abandoned its nomadic life as desert Bedouins and risen to dominate the trading city of Mecca. Muhammad had a sorrowful early childhood. The name Muhammad is said to have been given to him as a result of a dream his grandfather had. He is also said to have had other names, such as Abul-Qasim, Ahmad, and Mustafa. There were many legends about Muhammad. One said that before his birth his mother Aminah heard a voice telling her the child would be a great leader. Another told of a heavy shower of rain, a blessing that ended a long drought. Yet another legend was that two angels removed Muhammad’s heart, washed it clean, then weighed it against first one man, then ten, then a hundred , then a thousand. Finally they said ‘Let it be. Even if you set the whole community in the scale, he would still outweigh it.’ These stories show that Allah was preparing Muhammad for his prohetetic mission in future. His father was dead by the time of his birth and his mother died before he was six, meaning he was raised as an orphan. According to Quraysh law he was to be given to a Bedouin foster mother and sent of into the desert, and would be unable to inherit from his father’s estate. So almost from the beginning of his life he was both poor and something of an outcast from Meccan society. This shows that muslims are taught to trust in Allah’s goodness, and to accept death as a stage in their life and not the end of it. It is, however, known for certain that when he was eight Muhammad was sent to live with his uncle, a merchant called Abu Talib. From the age of 12 Abu Talib took him with him on his long trading trips, which sometimes lasted for many months. A number of stories surround Muhammad in this period of his life. One tells how he and his uncle stopped at a Christian monastery on their travels, and a monk named Bahira recognised the mark of a prophet on Muhammad’s shoulder.His future prophetic status was indicated by certain marks on his body and by miraculous signs in nature. Muhammad first worked as a camel driver, but as both his horizons and business acumen expanded, he became known as The Trusted One (al-Amin) for being fair in his dealings and honoring his obligations. The most important hadith about his early life, and the ones with some of the largest degree of unanimity, are about a trip to Syria, where he was recognised by a Christian monk as Shiloh – the non-Jewish Prophet whose coming was foretold in the book of Genesis. It seems that Muhammad, from an early age, believed himself to be Shiloh, the first and last non-Jewish Prophet who would bring the final message and warning to mankind in the last days before the end of the world. It may have been for this reason that he became something of a mystic, spending long periods of isolated meditation in the desert. From his early twenties onwards he began to have religious experiences and visions of various sorts, but was on the whole confused by their significance. He is also reported to have become a expert on the Jewish and Christian religions and to have engaged in long religious debates with both monotheists and pagans. At the age of 25 Muhammad’s social status changed markedly. He had been employed by a wealthy widow, Khadijah, to run her trading interests and, after they had prospered, she asked him to marry her. He accepted, even though she was to prove faithful, understanding and supportive wife and the marriage was happy. They had six children-two sons, Qusim and Abdullah, and four daughters, Zainab, Ruqaiyyah, Umm Kulthum and Fatima. The two boys died in infancy. The couple had only one surviving child, a daughter called Fatima who in later life became a fanatical Muslim. After her death he had several others, perhaps the best known of whom was the young Aisha. Muhammad’s uncle Abu Talib fell on hard times, and Muhammad repaid his kindness by taking responsibility for his little son Ali. Another child in the house was Zaid ibn Haritha, a slave boy given to Khadijah as a present. One day Zaid’s father, who had been searching for him for years, discovered where he was and offered to buy him back. Zaid was asked what he wished to do and chose to stay with Muhammad. Muhammad was so moved that he freed the boy instantly, and raised him as his own son. At that time Mecca was tumultuous melting pot of Christianity, Judaism, and the various pagan religions practiced by the desert tribes and Meccan clans. Khadijah’s family had been exposed to monotheism, which was growing in popularity in its various forms and it is known that her uncle was a practicing Christian. In contrast, the pagan clan cults of the Qursysh in the city had become decadent, especially in their shameless worship of material goods and worldly wealth and the consequent huge disparities between rich and poor, which Muhammad, with his varied background, was able to appreciate. These problems, springing from the difficult transition of the Quraysh from nomadic poverty to sedentary merchant wealth, concerned him greatly, and social injustice-especially the treatment of orphans like himself-is the theme of many of the early surahs of the Qur’an. The cults of the pagan deser t Bedouin clans, who visited Mecca only occasionally, were equally divisive, degenerate and cruel. Human sacrifice and female infanticide were widely practiced. Each Arab tribe had its own gods and worshiped idols. The most important of these was the House of God (Ka’bah), located in Mecca itself. When Muhammad was a young man it contained 360 pagan idols, worshipped by dozens of separate tribes and clans. His clan, the Hashemites, had the honour of guarding it, through tradition which held that the monument had been re-built by their ancestors Ibrahim and Isma’il after the original- believed to have been built by Adam at the beginning of time- had fallen into disrepair. The Quyrash’s wealth was based on the dozens of pagan cults who used the Ka’bah as their central shrine. They sold idols, and Mecca’s position as a trading city was largely based on contacts made with the visiting tribes. New religions were welcomed as good for business. At first Islam was seen as just another money-making cult and Muhammad was encouraged to use the Ka’ba alongside the others in a spirit of fair and toleration. But in 613 Muhammad began preaching to the public at large, rejecting all other religions, demanding the removal of idols from the Ka’ba and therefore threatening trade. As Quyrash hostility grew Muhammad showed himself to be skillful politician as well as a learned theologian. Steadily he gathered around him the elders of minor clans and middle ranking merchants through preaching a return to the religion of Ibrahim. Whilst the Quyrash continued to ridicule him, called him a madman and an impostor. Muhammad had begun to receive Allah’s final message to mankind in the form of the Qur’an through miraculous revelations which did not come until he was – by the standards of the time- already an old man. The Qur’an Muhammad received his first revelation during the month of Ramadan in the year 610 AD when he was about 40 years old. He was engaged in one of his regular periods of solitary meditation in a cave known as Hira near the top of Mount Jabal Nur, near Mecca, when he received a visitation from the angel Gabriel(Jibreel). Muhammad had experienced religious visions before, but this was quite different. Angel Gabriel (Jibreel) commanded him to ‘Recite in the name of your Lord’, and the Prophet lost control of himself and, Muslims believe, began to speak the actual words of Allah. Eventually he was told to recite what is now the beginning of Chapter 96 of the Koran: Recite in the name of your Lord who created, created man from blood congealed. Recite! Your Lord is the most beneficent, who taught by the pen, taught men that which they did not know. After a short period during which he received no further revelations, they then began again and continued until the end of his life. In the 23 remaining years of his life Muhammad received a total of 114 separate revelations which were compiled as the Qur’an after his death. Muhammad was illiterate so he would repeat each revelation afterwards. Some were written down on whatever was available, from parchment to palm leaves and animals bones, but the majority, in the tradition of the times, were memorized. A year after Muhammad’s death they were collected together by his secretary, Zayd, under the supervision of a committee, shown to many of the Prophet’s companions, and agreed to be accurate. But by about thirty years after his death a number of different versions were circulating and being recited, so a definitive ‘canonical’ version was issued and sent to the four main Islam cities of Basra, Damascus, Kufh and Medina. Two of these original copies still exist today. One is in Tashkent in Soviet Uzbekistan and other is in the Topkapi palace in Istanbul, Turkey. The text is divided into 114 surahs, each containing the words of one revelation. The number of verses, or ayahs, in each surah varies from three to 286 and totals 6,239. Each has a title, and 86 have sub-headings indicating they were received in Mecca, whilst another 28 were received in Medina. The Meccan surahs are shorter, more mystical and warn about the dangers of paganism, marked by vigorous semi-poetic language, and concerned with warnings that men would inevitably be judged by God for their behaviour in this world and severely punished if they did not mend their ways. The Medinan surahs are in general longer, less urgent in tone, and deal in great detail with aspects of Allah’s law such as the rules for declaring war, accepting converts, divorce proceedings and the mandatory punishments for various crimes – more concerne d with the solution of practical problems facing him and his followers. The structure of the Qur’an is unusual and, apparently, illogical. In general the longer Medinan surahs, given last, are at the front of the Book and shorter Meccan surahs, the earliest, at the back. There is no logical explanation for their order but at the same time Western scholars, attempting to reorganise them on this basis, have found that no other order works without splitting the surahs up into scattered verses. Sunni Muslims hold that the order was dictated by Jibree to give the Qur’an an esoteric inner meaning reflecting the Divine rather than human order of things. Acceptance of every word of the Qur’an as the literal word of Allah is a binding obligation on all Muslims. The idea that Muhammad was the author of the Qur’an, or any part of it, is rejected absolutely. At the heart of the Qur’an is the simple, repetitive warning that mankind must renounce paganism, accept Allah as the one God of all mankind and live according to his laws. The message is directly addressed to the pagans, Jews and Christians of Mecca, amongst whom Muhammad lived, complete with threats of dire consequences if they failed to mend their polytheistic ways. The first revelation received by Muhammad deals with this very theme. In another early revelation Allah openly threatens Muhammad’s brother-in-law Abu Lahab, who, as head of his Hashemite clan, had disowned Muhammad and annulled the marriage between his son and Muhammad’s daughter Fatima. Allah also shows himself to be equally angry with Abu Lahab’s wife, who had ridiculed the idea of Muhammad’s Prophethood. The Hijah Muhammad’s flight into exile is the most significant episode in the Prophet’s life apart from the revelations he received which made up the Qur’an. It marks the point in the Prophecy when Allah demanded not just a reform of the religious life of Mecca, but a total break with it. It also marks the start of jihad (Holy War – both spiritual and physical) against the pagan Quyrash and, ultimately, all those oppressing Muslims and opposing by force the spread of Allah’s word. The date of this declaration of war was later chosen as the first day of the Muslim calendar, with 622 the first year of the Age of Hijrah. By this time most of Medina’s population regarded themselves as his followers. Many, in addition, had signed military treaties with his followers in Mecca promising military aid. They now eagerly awaited Muhammad’s declaring of war. But instead, after receiving fresh revelations, he decided to first convert the nomadic Bedouins in the surrounding desert. Between 622 and 628 Muhammad set in motion the biggest tribal avalanche Arabia had ever seen. The tribal chieftains rapidly converted to Islam and joined Muhammad’s army. The process was helped by Islam’s being an entirely new religion free from the feuding assocations of both the localised pagan cults and the ‘foreign’ monotheist doctrines of Judaism and Christainity. Muhammad showed himself to be a brilliant military leader in early skirmishes with the Quyrash and this, along with further revelations promising Allah’s support and certain victory, is likely to have persuaded yet more shayks to join. In just six years Muhammad assembled an army of 10,000 Arabs – a huge force for those times – and marched with the people of Medina against Mecca. The force was so overwhelming the city was taken without resistance. Muhammad issued a general amnesty to the Quyrash and urged them, without pressure, to convert to Islam, which they slowly did. The conquest of Mecca also gave him control of the Ka’bah and he resumed his preaching to pagan pilgrims as they visited the shrine. Conversion was rapid and only nine months after the occupation of Mecca his army had grown to 30,000. More clans and tribes converted to Islam. Muhammad died at Mecca on June 8th 11 AH/632 AD. Respect is shown towards Muhammad by saying peace be upon him (PBUH). He was respected as a man who was close to God, who thought deeply and was kind and wise. Muhammad had known the Ka’ba all his life, with it’s many shines. He had also known the greed, exploitation, lack of compassion of the rich merchants. Muhammad spent his life searching for spiritual guidance, drawing ever closer to God. Islam is not just a matter of ritual prayers or fasting or feasts. It is the conscious bringing of every moment of the day, every decision, every detail of the muslim’s thoughts and actions, into deliberate line with what they accept as being the will of Allah. How is the will of Allah known? The muslim bases all decisions on the revealed words of the Holy Qur’an, the messages that were delivered, over a period of 23 years, to the inspired prophet Muhammad. Not one word in the Qur’an is believed by muslims to be the thought or teaching of Muhammad himself- although he is refered above all human beings as one od the most perfect of Allah’s messengers. Other messengers were Abraham, Moses, Jesus and, in fact, at least 24,000 prohets. Muhammad’s ministry was not based on any mircles other than the receiving of the Qur’an. Muhammad is so important to muslims because be was the last prophet, the seal of all that was revealed to the prophets before him. Muslims family life The Qur’an speaks about the family more than any other topic and deals with the rights and responsibilities of husbands and wives, divorce, orphans, inheritance and so on. The Sunnah also deals with relationships within the family: in one tradition, the Prophet says that a man is the guardian of his family and a women is guardian of her husband’s home and children. Two particular Qur’anic verses underline the Islamic view of the family: . . . he created for you mates that you may dwell in tranquillity with them and he has put love and mercy between your hearts . . . 30:21 We created you from a simple pair of a male and a female. . . that you may know each other (not that you may dispise each other) 49:13 This declares the essential equality between men and women but Islam does not see this as contradicting different roles played by men and women. For example, muslim men carry the heavy burden of family maintenance and are supposed to be the only, or the main, breadwinners supporting not only their wives and children but other married or widowed women in the family. If a man’s wife does not wish to live with his family or anyone else, he must respect her wishes. The major responsibility which falls to the woman is creating a harmonious family atmosphere and bringing up the children. Women may kake up paid work outside the home but it is not expected of them as part of the equal partnership and many muslims feel women should only do so if there is a real need for the money. Mature muslim men and women are allowed to mix at work, in public places and social gatherings. Divorce Islam allows divorce if circumstances warrant or necessitate it. Islam has permitted divorce reluctantly, neither liking nor recommending it. The Prophet of Islam has said: â€Å"Among lawful things, divorce is most disliked by Allah† Islam has not made it necessary that the grounds of divorce should be publicized. It, however; does not mean that Islam views divorce lightly. In fact, publicity of grounds may not be of any positive consequence. The grounds may not be pronounced but genuine. On the other hand, the grounds may be stated and may in reality be false. Islam does not also want washing dirty linen of private affairs in public or in the court except in exceptional circumstances. It is for this reason that court comes in as a last resort in the Islamic scheme of separation of husband and wife. The Quran states as regards grounds of divorce in very general terms: â€Å"And if you fear that the two (i.e husband and wife) may not be able to keep the limits ordered by Allah, there is no blame on either of them if she redeems herself (from the marriage tie) † (2 : 229). The general ground of divorce in the Quran, therefore, is hopeless failure of one or both parties to discharge their marital duties and to consort with each other in kindness, peace and compassion. Long absence of husband without any information, long imprisonment, refusal to provide for wife, impotence etc. are some of the grounds on which wife can ask for divorce. Either party may take steps to divorce in case of chronicle disease, insanity, deceptive misrepresentation during marriage contract, desertion etc. A Muslim male is allowed three chances, that is to say, acts of divorce on three different occasions provided that each divorce is pronounced during the time when the wife is in the period of purit y. A husband may divorce his wife once and let the Iddat (the period of waiting after divorce) pass. During the waiting period the two have the option of being reconciled. If however the waiting period passes without reconciliation, they stand fully divorced. If after the first divorce the husband is reconciled with his wife but the hostility and conflict begins all over again, he may divorce her a second time in the same manner as stated above. In this case also he can return to her during the Iddat (or waiting period). If however, after second reconciliation, he divorces the wife the third time, he can not take back the wife during the Iddat. She is totally prohibited for him. The lady, thereafter can marry any person she likes according to her choice. The wife can divorce her husband if this condition is stipulated in the marriage contract. This kind of divorce is called ‘Delegated Divorce’ (Talaq Taffiz). Marriage can also be dissolved through mutual consent. This is called Khula in the technical language of Islamic law. Marriage can also be dissolved by judicial process through the court on complaint of the wife on the grounds explained before. One of the consequences of the divorce is the commencement of waiting period for the wife. This usually lasts three months. If there is a pregnancy, it lasts as long as pregnancy lasts. The waiting period is basically a term of probation during which reconciliation can be attempted. It is also required to establish whether the wife has conceived. It also allows time for planning the future. Maintenance of wife during the waiting period is on husband. The wife can not be expelled from her place of residence and he can not in any way harass her. These will constitute moral as well as criminal offence. In case of divorce, the young children remain in the custody of their divorced mother. However, the father has to provide the cost of maintenance of young children though they remain under the custody of mother. Islamic law of divorce is based on practical considerations. The process of separation is basically a matter of husband and wife. However; when conflict arises, attempts should be made for reconciliation. It has not made judicial process obligatory in divorce for reasons explained earlier. The intervention of court has nowhere reduced the number of divorce. Judicial process in Islam is the last resort in so far as divorce is concerned. Islamic law on divorce if followed in true spirit will enhance the dignity of man and woman, reduce conflict and ensure justice. The Holy Qur’an explicitly prohibits the divorcing husbands from taking back their marriage gifts no matter how expensive or valuable these gifts might be In the case of the wife choosing to end the marriage, she has to return the marriage gifts or money to her husband. Returning the marriage gifts in this case is a fair compensation for the husband who is keen to keep his wife while she chooses to leave him. But the majority of ulamma’ have agreed that to act unfairly against the husband is not allowed and the marriage cannot be annulled by such way. The Holy Qur’an has instructed Muslim men not to take back any of the gifts they have given to their wives except in the case of the wife choosing to dissolve the marriage. Also, a woman came to the Prophet Muhammad seeking the dissolution of her marriage, she told the Prophet that she did not have any complaints against her husband’s character or manners. Her only problem was that she honestly did not like h im to the extent of not being able to live with him any longer. The Prophet asked her: â€Å"Would you give him his garden (the marriage gift he had given her) back?† she said: â€Å"Yes†. The Prophet then instructed the man to take back his garden and accept the dissolution of the marriage. The children usually stay with their mother unless she is shown to be incapable or unsuitable but she loses the right of custody of her children if she remarries. Marriage The most important ingredients in a Muslim marriage are shared values and beliefs, so that even if a couple come from different cultures and backgrounds they possess the same basic world view, attitudes and habits which will bind them together. Many Muslims seem to marry their cousins, Islam neither encourages nor refuses this practise. The prophet’s seventh wife, Zaimab bint Jahsh, was his cousin, but he only married her when she was 39 after his foster son Zaid divorced her. Cousin marriages inbreeds genetic disorders, and makes it very hard for a couple to divorce from a failed marriage if other close relatives will be offended. Muslim boys may marry Christians and Jews, but Muslim girls are not permitted to marry non- Muslims because in Islam the children have to take the religion of the father, and so w ould become non-Muslims. The prohet said : ‘A woman should only be married to a person who is good enough for her or compatible to her.’ The prophet permitted marriages between people of vastly different social status and financial backgrounds, knowing it was not these factors which made for compatibility, but what they were like in their hearts. Do not marry only for a person’s looks, their beauty might become the cause of moral decline. Do not marry for wealth, since this may become the cause of disobedience. Marry rather on the grounds of religious devotion. ( Haddith) Islam sees marriage as the only moral and legal status for a sexual relationship as it provides in public for the security and well being of man and woman. The ceremony itself is extremely simple and takes the form of a basic contract set in a social gathering. It can take place anywhere usually in a home in Muslim countries but in Britain it is most likely to be in a mosque. The imam does not need to be present and there is no fixed formula but it must be clear that both man and woman agree to the marriage and there may be readings from the Qur’an on the theme of married life. The contract- Aqd nikah- is written, as well as spoken, and bride and groom sign three copies. They keep one each and, in a Muslim country, the third is kept by officials. The Qur’an requires that the groom give the wife mahr- a sum of money or property or some other gift of value. It remains hers, whatever happens, and they agree between them what it is to be and when it is to be given. Jihad Arabic for â€Å"exerting one’s utmost efforts to a determined objective†, such objective normally being the struggle against anything that is not good. Two kinds of jihad traditionally exist for mainstream Muslims: the â€Å"greater† (al-jihad al-akbar) and the â€Å"lesser† ( al-jihad al-asghar). The greater jihad is also known as jihad al-nafs, and is understood as an individual’s inner, spiritual struggle against vice, passion, and ignorance. The lesser jihad is defined as meaning â€Å"holy war† against infidel (non-Muslim) lands and subjects. It has both legal and doctrinal significance in that it is prescribed by the Koran and mainstream Muslim hadiths (recorded sayings and actions ascribed to the Prophet Muhammad and accorded a status on a par with revelation). â€Å"Holy war† is the sole form of war that is theoretically permissable in mainstream Islam. Muslim law has traditionally divided up the world into dar al-Islam (abode of Islam) and dar al- harb (abode of war, that is, of non-Muslim rule). As Islam is the last, most superior and universal of man’s divinely ordained religions, it is believed that the entire world must ultimately surrender to its rule and law, if not its faith. Until that time, a jihad against non-Muslim neighbours and neighbouring lands is the duty of all adult, male, and able-bodied Muslims. According to this traditional view, Muslims who die in jihad automatically become martyrs of the faith and are awarded a special place in Paradise. According to the law-books, two kinds of non-Muslim enemies exist, kafir (pagans) and ahl al- kitab (people of the book). The term â€Å"people of the book† originally meant only Jews and Christians, but later on it included other groups such as followers of Zoroastrianism. â€Å"People of the book† need only submit to Muslim political authority to avoid or end jihad and may keep their original faith: their status, defined as dhimmi (a â€Å"protected† non-Muslim), is inferior to that of a Muslim and they must pay the prescribed â€Å"jizya† (poll tax). As for pagans, that is, those whom Muslims do not recognize as a â€Å"people of the book†, such as Buddhists and Hindus, they must either convert to Islam or suffer execution. This drastic alternative, however, was rarely enforced in practice. There can be no going back for a convert to Islam-be that person a dhimmi or pagan-since it is a capital offence to abandon Islam, even for a former religion with a recognized revelation. However, ways of avoiding the strict enforcement of the law were often found. Jihad can also be defensive, that is, for the purpose of protecting Muslim lands from non-Muslim incursions such as, for example, the crusades of the Christians in the Holy Land during the Middle Ages or the Spanish Reconquista. Some modern Muslim scholars have stressed the defensive aspect of jihad above others. In contrast to the Sunnis, some Muslim groups like the Imami and Bohora-Ismaili Shiites are forbidden from participating in offensive jihad. This is because for both sects the only person legitimately capable of conducting an offensive jihad is their Imam, and he is presently in occultation (that is, in hiding and incommunicado until the end of time). The two sects, however, are permitted participation in defensive jihad. I have been asked to evaluate the following statement ‘The Qur’an would be more useful to everyone if it were translated into modern English. Whether the Qur’an may be translated from its original Arabic into another language, and, if so, under what circumstances a translation may be used, has also been a matter of dispute. Nevertheless, it has been translated by Muslims and non-Muslims into a variety of languages. Today there are many versions available in English and the other major languages of the world. Although it can now be read in at least 40 languages, all translations lose part of the inspiration and meaning, and are not treated with the same respect as the original. Since the Qur’an is believed to be from Allah, every word, every letter, is sacred to muslims. It is therefore considered very important to keep the Qur’an in the language in which it was first spoken i.e. Arabic. Muslims were taught to recite it, and it must still be learnt in Arabic. As Islam spread from Arabia, its language was adopted by a number of Islamic countries, and is still spoken in these countries today. Muslims in these countries should find the Qur’an quite easy to read, even though the style of modern Arabic has naturally changed since Muhammad’s time. In other countries, muslims need to learn enough Arabic to take part in their worship and to read the Qur’an. You can find translations of the Qur’an for people who do not know Arabic, or copies with both Arabic and another language for those who do not have Arabic as their first language, but muslims do not accept these translations as proper Qur’ans. The main argument used to defend the Divine authorship of the Qur’an is the incomparable quality of writing. Much of it is composed in rhyming Arabic and the language is particularly beautiful and graceful. The surahs were given in Arabic and, since it would be a sin to alter the word of Allah, Arabic remains the sacred language of Islam. Non- Arabic speaking muslims can use translations but the Qur’an is so important to them that many learn Arabic just so they can read it in its original form. Muslims and non-believers alike agree the full power and beauty of its writing can only be appreciated in the original. But for muslims it goes further than that. Translations can only be interpretations which cannot truly say what is said in Arabic. The combination of the words and rhythms in the original language- the way the Qur’an sounds when recited- is also an important part of its power. Muslims think of the Qur’an as a complete philosophy, a comprehensive description of the universe and the entirety of the law by which people must live. The longer and later Medina surahs stress Allah’s merciful nature more fully, with extensive friendly practical advice on personal and family matters. The Qur’an is also the focus of Islamic art. Many individuals copies of the Book are major works of art in their own right – with sublime Arabic calligraphy on superb hand-made paper, and high quality decorative leather and metal work. Figurative art is forbidden by classical Islam, especially the creation of images of Allah and the Prophets, and the astonishingly fine decorative art found in many mosques is largely based on Arabic calligraphy, woven into patterns repeating passages from the Book. Even the most sceptical non-believer, Muslims insist, is forced to admit that the Qur’an is a book of immense beauty and importance – not least because it has now almost certain become the most widely read and memorised book in the world. The preface to one of the most widely available Qur’an in English, the Tahrike Tarsile translation, puts it like this: ‘The Qur’an’s miracle lies in its ability to offer at least something to non-believers and everything to believers’. Learning large parts of the the Qur’an by heart is an important part of Muslim religious devotion and children start memorising it at an early age. In many Muslim countries learning the Qur’an by heart forms the basic curriculum of primary school education. Muslims who memorise its contents in their entirety are given the honourable title of al-hafiz.

Explanatory Synthesis Hydrogen Fuel May Be The Future Essay

Explanatory Synthesis Hydrogen Fuel May Be The Future - Essay Example Hydrogen power is also very friendly to the environment. Air pollution has been reduced tremendously with the use of the hydrogen energy. Vehicles are not machines that can be carried around like iPods. They use fuel that cost the owners so much to buy fuel. For this reason, the automakers worldwide not just in the USA but also in Germany and Russia have been rethinking the way in which they can do away with the internal combustion in the cars due to the threat to the environment. Replacing the internal combustion engines that are usually fueled by the petroleum products can be very expensive. Due to this reason, the car makers have come up with various ways of replacing the internal combustion with: hydrogen power, ethanol power and mostly the electric power. The advantages of the internal combustion engine are that it is cheap. It also has a high level of durability as compared to the other forms of energy. The disadvantage of the internal combustion engine is that the high oil pri ces in the world today make vehicle users shy away from using their cars on a daily basis. The major advantage of gasoline and diesel over hydrogen power is that they are usually very cheap to transport and can be stored with much ease. Another dominant factor is that the two give more power per gallon compared to the other kinds of fuels. To use the other forms of the fuel to drive the auto world, the cost might majorly be a problem. Advanced batteries are needed to power the vehicles that are needed for today’s use. The cars also have to be redesigned to be lighter and also be aerodynamic. It is very bad to think that the gasoline stations will be a rare thing. This is because the gasoline energy is what the people world over use. Hydrogen energy and power can be used, but it will need a lot of time for adjustment. The other thing is that the companies that make vehicles in the world today will need to be scrapped due to the need to produce the cars that use hydrogen power. This

Computer Game Improves the Motivation of Learning Mathematics Research Paper

Computer Game Improves the Motivation of Learning Mathematics - Research Paper Example According to Azevedo, mathematics or math games are fun activities. They usually encourage motivation, call for deep thinking, require both chance and skills, and provide multiple approaches to problem-solving. These games implement certain mathematical strategies and skills by leveraging the natural inclination of the student to play. The games can either be played by an individual, a small or large group; it can be cooperative and/or competitive. Mathematical games have been proved to have some rewarding impacts to students. Azevedo argues that games are usually part of after-school activities. Math games can provide the students with suitable contexts for developing both socially and mathematically. In addition, Shin, Sutherland, Norris & Soloway affirm that students can explore and discuss new strategies with their peers and use these strategies to solve and calculate mathematical problems. Furthermore, math games allow the students to participate at a level of their choice and b uild on their knowledge and understanding. There exists limited empirical literature that supports the hypothesis with most of those advocating for the technique being the game developers and investors, which makes the supporting results relatively biased.There have been many studies showing how computer games find their place at the elementary school class and students. In order to support the hypothesis that computer games improve motivation in learning mathematics in elementary school, four studies from different sources are considered.

Marketing analysis-Charity Essay Example | Topics and Well Written Essays - 2500 words

Marketing analysis-Charity - Essay Example The charitable sector offers its citizens a variety of services such as care, support, accommodations, and counselling, training to the children or families, people with disabilities, the unemployed, older people and also offers its services to those who are suffering from different harmful addictions, the homeless people and the refugees (Industry Commission, 1995). According to the statistics, it has been noted that around 700,000 young people are being taken care of at their home at Australia deserving choice in care and accommodation (Youngcare, 2010). Australian Red Cross Out of the various national Red Cross societies, Australian Red Cross Society is one of the members. It was founded in the year 1914 by Lady Helen Munro Fergusan. The mission of this organisation is to serve the people in Australia with the aim to improve the lives of the helpless people through the promotion of the humanitarian values and laws and is being recognised as a humanitarian organisation in Australia . The main competitor of the organisation is the Lions Club. The number of trained volunteers is more than 30,000 and the entire program is funded with the help of the donation by the public and the corporate partnership. The structure of the Australian Red Cross has been divided into high levels namely the council, the boards and the chief executive officer (Australian Red Cross, 2010). It has been found that the financial position of the organisation has been improving since last few years. Literature Review Revenue & funding Providing services Branding reputation Cost of advertising There are large numbers of non profit organisations in Australia that embrace the idea of participating in the market in order to maximise their revenue. The non profit organisations raise funds from the government grants and contracts, fees that are paid by the members and other fund-raising activities (Barraket, 2008). Volunteering is one of the activities that are chosen in the non profit organisat ion as a means of providing services (Zappala, 2000). Brand reputation or status provides communication regarding what the charity organisation did, what are its values and causes (Hankinson, 2006). Cost of advertising depends upon the nuisance cost towards the viewers, the expected advantages to advertisers from the viewers and the substitutability of program factors as this affects the equilibrium advertising levels to be low or high (Anderson & Coate, 2005). Development of trust between non-profit organisation and its constituencies (Ritchie & Et. Al., 2006). Inconsistency in the delivery of services is a real challenge for the organisation (Dall’Olmo Riley & Chernatony, 1999). According to Stride (2006), it has been noted that the concept of branding is being adopted by the charities at an increasing rate. The charities are value-based organisations. The author opines that a clear understanding of how the values are conceptualised in branding is imperative for the establi shment of whether branding is suitable and an efficient tool in the charity business (Stride, 2006). According to Ritchie & Et. Al. (2006), brand plays a vital role in the non profit sector as it provides innumerable benefits making the non profit sector a powerful tool. It is to be remembered that the branding may not be good or appropriate for all kinds of

Creating Web Presence Case Study Example | Topics and Well Written Essays - 1000 words

Creating Web Presence - Case Study Example Although Wordpress is primarily considered as an authoring platform (Shamah), it has effectively exceeded this reputation and has extended the locus of its influence beyond blogs. Since its inception, Wordpress has continuously added to its arsenal of extremely useful tools and features. Wordpress allows integration of advanced features such as using shopping carts, mailing lists, and integration with social networking websites which helps generate and maintain traffic on a blog, which is essentially its lifeline. Another important factor that tipped the decision scale in Wordpress’ favor was the availability of widgets and plugins. Wordpress allows users to upload information in a very easy, simple and elegant way (Shamah). In a nutshell, these capabilities have allowed Wordpress to become a content management system. Another reason why Wordpress was preferable to other platforms is its multilingual capability as it is available in all the major and minor world languages including some of the archaic ones as well. However, the crucial factor that helped finalize Wordpress as the platform for my Web Presence was the fact that Wordpress is free and easy to set up. Wordpress software is readily available online and can be downloaded for installation on web host of our choice and this allowed me to finalize Wordpress as the platform of my choosing. The process of creation began with signing up for Wordpress and a URL https://yimingzeng.wordpress.com/ was selected. Blogs on Wordpress rely heavily on themes and pre-designed Hemingway theme was chosen. As required by assignment instructions, five pages were created namely Home, About Me, Pizza Hut, Making a Pizza and Exegesis. The theme was customized slightly to include a picture of my choice and to give the blog a Title.  Ã‚  

Decision Making Process Essay Example | Topics and Well Written Essays - 2250 words

Decision Making Process - Essay Example On a practical note, decision making involves identifying all possible choices of solution, analyzing the pros and cons of choosing each decision and finalizing on the appropriate one. The choice of appropriateness is further befuddled by number of other aspects. The perfect choice depends on identifying the stakeholders involved in the decision, the impact of it to them, the moral values, the ethical goodness and finally, the desired result. So, decision making even in its ubiquitous explanation, involves so much complication. In addition, if there is an added pressure that human lives are at stake at every decision being made, then every simple decision needs a humongous amount of thinking and courage to be put in by the decision maker. Such is the profession of nursing where the nurses are made to make decisions, day in and day out. Over the years, the facilities and teaching processes that back the profession of nursing have improved so much that the current generations of nurses are equipped very well on how to execute any decision that is made but there is still an element of uncertainty involved in their profession – the real time decision making process. Several researches have been done and methods have been proposed that guide the nurses in these decision making processes. ... The patient was operated for inguinal hernia mesh repair and had a LMA (laryngeal mask airway) in-situ to allow him to breathe as he recovered from the operation. The problem that she encountered in this setting was when the senior nurse decided to leave her in-charge for few minutes as she had decided to take a break. The fear of facing any emergencies alone; the possibility of aftermath that she had to face in case of any mishaps and, her inexperience prompted her to make the decision of questioning the senior staff. The inquiry included a question about the repercussions of leaving an inexperienced nurse alone with a just operated patient and a suggestion of possible replacement till the senior nursing staff returns. Patterns of Knowing Barbara Carper, in 1978, established four fundamental patterns of knowing in the belief that it could help a great deal for the betterment of the nursing profession both in teaching as well as learning aspects. It becomes mandatory to give a brief description about the four patterns of knowing before divulging more about their relationships with the decision made (Carper, 1978). Empirics: The science of Nursing According to this knowing, nursing is a science where the knowledge mainly focuses on empirical data. According to Barbara, nursing in this aspect is researched and theorized in terms of factual data so that most of the empirical knowledge can be analyzed to form laws and regulations that could provide a structure to the study of nursing. There is a strong urge among the nursing practitioners and researches in identifying the structures and models of nursing. And the output of

The Issues in Juvenile Justice Research Paper Example | Topics and Well Written Essays - 500 words

The Issues in Juvenile Justice - Research Paper Example Overview In order to understand, the issue of balancing between individualized and formal sanctions, it is necessary to understand three fundamental points. Firstly, it should be noted that the juvenile criminal system is large and complex, internal and external systems are divided into several complex structures and the trends of this system changes. Thus, the question whether it is possible to balance between individualized and formal sanctions? The balancing between individualized and formal sanctions is not possible for several reasons. Firstly, the literature demonstrates that the entire juvenile sanction system is diverse and vast. This indicates that the guidelines for the adoption of sanctions differ from one state to another. The aim of consistent and formal sanctions is to ensure that there is no disparity and discrimination in the juvenile system. Stinchcomb, Bazemore, and Riestenberg (2006) asserts that â€Å"The widespread belief, evident in many sentencing guidelines, is that (a) judicial discretion causes disparity and inconsistency and (b) that offense-based systems can eliminate or reduce these problems.  Both beliefs prevail despite the fact that little empirical evidence exists to support them.† Majority of the guidelines adopted by the states frequently â€Å"use offense-based criteria for determining which types of sanctions to apply†

Juwan howard case study (part B) Essay Example | Topics and Well Written Essays - 500 words

Juwan howard case study (part B) - Essay Example The concept is designed to give an overall picture of the operation. It is included primarily for additional clarity of purpose. Thus not only does it ensure precision it also makes implementations of new projects successful to a greater extent. However, despite that fact that highly useful information is made available through such a document, it has its limitations. Since the entire concept revolves around written material with no visible proof observed the message or purpose of such a document is not fully achieved. It is usually designed in situations where events occur simultaneously. In such circumstances, if one event would require changes or lead to changing of further events the entire study could be proved useless, which makes its relevance highly dubious. Also, the fact that it is concentrated on an individual viewpoint or confined to the vision of a group of people means that when taken to a more integrated level where opinions of various people are concerned a number of changes will have to be made in the actual scenario. Lastly, no matter how accurate one tries to develop operational scenarios they can always vary greatly as compared to the actual situation that may occur.

Rational Database Assignment Example | Topics and Well Written Essays - 250 words

Rational Database - Assignment Example The journalists write the story of the news they collect and enter it into a form. After they write their stories, they submit it to the database by pressing the â€Å"submit† on their screens. Immediately they press the "submit"; the data enters the database. The data is stored in the database in tables that are called store tables.   These tables are organized to have the headlines, the dates, the venues and cities, the content, the images and other attributes of the story. Then the query that will display which information is written down. Therefore whenever a visitor visits the website, the query runs and will show the news as HTML to him when he strikes on the query.   There are important things in choosing it as a good primary key for the database. First, it is unique; there is no other ‘formula 1’. Secondly, the key will be easy to see and easy to access the information from it. It will also be used as a link to the story in the table that cannot be written directly.

Meaning of Life and Br Essay Example for Free

Meaning of Life and Br Essay Fabio Moon and Gabriel Ba illustrated a story through comics that represent different moods and feelings in a series titled Daytripper. Comic books are a form of art, and they provide the reader with a broad spectrum of topics. Artist express the world through colors, symbols, and themes to show feelings, thoughts, and ideas and this can be done through various forms of art, which includes comic books. The illustrations in comic books help to convey the meaning of the story. In Daytripper, Moon and Ba describe Bras de Oliva Domingo’s life and how choices produce outcomes both good and bad. At a young age Bras believes that anything is possible, and one never knows what is in store for him at the end. His philosophy in life are the same principles as in fishing as one casts a line the excitement builds because one never knows what is on the end of the line. Water is reoccurring in the story, and it symbolizes Bras de Oliva Domingo’s struggles to stay above water through his sea of memories of his life. In the beginning, Bras feels there are no boundaries and one can explore as many opportunities life has to offer. Life’s daily decisions shape the outcomes both good and bad. The purpose is to learn from ones past decisions and make changes improve our relationships and to be content with our lives in the end. The main character has ample opportunity to make changes along his journey for he experiences death at each phase of his life. Bras discovers endless possibilities from the seas from Iemanja, the spirit of the waters, in a dream they are riding in a boat through rough seas being tossed around with baskets that represent wishes and desires. Moon and Ba illustrate how in Bras dreams his lifes goals are laid out as he wishes. Just as water flows in and out, Bras dreams come in and out each night in his sleep. Bras flows through life just like water flows in and out never knowing where it will end up. Rougher waves represent new opportunities that continuously arise, but if one waits to long to take advantage of the opportunity then the waves may carry away the opportunity. As waves are continuously moving new chances will be present time and time again. Bras misses many opportunities because he is not willing â€Å"to go after his dreams† (203). His dreams tell him time is running out, and he needs to make the most of his opportunities. Each dream ends with â€Å"wake up before it’s too late† (203). Bras dreams about his possibilities and wishes he could take a chance to change his life, but he never does. Bras is just an observer in his dreams watching as the water passes by carrying the baskets. The dark colors and spirit of the waters are a main part of the artwork in the comic. Bras has responsibilities to his job and his wife, and he is content with both just cruising through each day. His life is similar to the ocean how the waves move along to the shore and effortlessly move back out to sea. He learns lessons along the way which he has no control and finds his wife frustrated with him from living a content and everyday life. Illustrations show water running full blast when they are not doing dishes or running any water. She later clinches the sink that is overflowing with water because Bras does not understand their life has joy and love. She wants her life to be less stressful so that the sink will stop overflowing. Just by Bras listening to his wife the water pressure will lessen, and the sink will not fill as quickly. Bras turns a deaf ear and does not listen, and the water just flows over the kitchen sink onto the floor. The overflow of water represents her stress, and he comes to realize he can help decrease the stress by making a few simple changes. She keeps trying to explain to him she cannot do it all on her own while he just sits there and listens. The overflow of water represents the burdens she feels by their life and needs Bras help to alleviate some of the daily pressures from her. As she pours him tea, the water flows up to the dining room table, and he finally understands her frustration over his laziness. At this point, Bras realizes by helping his family they will not be so overwhelmed and the water will stop overflowing. Just as the seas calm at times, Bras too feels tranquility at the end of his life. One late night he steps in the ocean and stares at the sky as it changes from dark and ordinary to a burst of stars symbolizing the calmness of the night. The peacefulness of the water helps Bras feel satisfied with his life. He feels at peace with his relationships with his dad, wife, and son. He smiles as he looks out on the calm ocean accepting his final destiny to be swept away by the sea. He stands in the water thinking for a long time accepting his fate, and the calm water represents he is at harmony with his life. The reader is left to complete his fate, which may just be Bras swimming out as far as he can until he the water carries him out to sea. The story connects water and life as a cycle that is continuously flowing. Water represents constant change just as one’s life changes through the years. Psychiatrists have used water for years as a representation of ones mind because the deeper you go the more problems one may see. The ocean represents power and strength and people have the same characteristics. Every day we make choices and some outcomes can be predicted and others cannot. The beauty of the ocean is the unknown and change and how the meaning relates to life. One can change their behavior and possibly the outcome may change. It all is part of the cycle of life. Works Cited Moon, Fabio and Gabriel Ba. Daytripper. New York: DC Comics, 2011.

Its The Beauty Pageants Media Essay

Its The Beauty Pageants Media Essay By definition, the beauty pageant is a competition in which young women are judged by physical appearance alone. As the old saying goes, beauty is in the eye of the beholder. Beauty, as determined by a panel of judges (the beholders), means that someone who is considered attractive to one person may not necessarily appeal to another, and it allows judges to set the standard of what is beautiful or not. If this was a perfect world, maybe everyone would follow the wise words of this old saying and admit that evaluating beauty is only a matter of personal taste and contemporary standards and trends. However, society often turns every aspect of a persons life into a competition. The beauty pageant is perhaps one competition society could do without. Beauty pageants are an unnecessary entertainment of society because they set unrealistic beauty standards for an audience of easily influenced young women, they encourage judging a persons worth based on appearance only, rather than on a persons character, and they objectify young women. In the world of beauty pageants, there is only one kind of beauty. This one kind of beauty is Barbie: tall, long-legged, tiny waist, straight white teeth, long thick hair. These beauty pageants can be misleading and harmful, not only to women without this body type, but to society as a whole. The standard that beauty pageants strive for is not an all-encompassing idea of beauty, but one that is shallow and looks only at a womans physical appearance. Beauty pageant organizers have striven for years to ensure that contestants have an opportunity to show their skills before they are crowned a beauty queen, but the reality is that a woman not fitting the physical standards of beauty competition would nev er be considered to enter a competition. Beauty pageants promote the idea that looks are superior to a persons abilities, feelings and heart. These young women are judged only on the basis of physical appearance. The talent component of competition just does not have much weight simply because an ugly person (a person who does not have a body fitting with the accepted standards of the time) could never win a competition, and often would not compete at all. Judging young women primarily on their looks takes important character developments out of focus because other qualities, such as intelligence, are not seen as part of ideal femininity and therefore not as things to which women should aspire. Miss USA 2002 went to a tall, blonde Texas woman who won the crowd when she stated that education was important and that you can tell if someone has an education by looking at them (Cornforth, 1). Perhaps her intent was to promote the value of education, but the statement instead implied that important character traits and intelligence can be summed up by a glance. (Dont judge a book by its cover, to use another familiar saying.) Young women are judged mainly on their physical appearance, while their personal qualities and talents are not judged. Beauty pageants include quizzes in which the contestants show their intelligence by answering questions that are really just demonstrations of adhering to the social norms of the time. These questions are always very simple, broad questions involving current issues such as health care, gay marriage, and abortion. The contestants are discouraged from answering in a way that demonstrates their own personal opinions; if a girl is on a stage being evaluated by a panel of liberal judges in front of a liberal audience, she would never speak against gay marriage or abortion, but would give the answer that would most likely please the crowd. In this way, she is only learning to give the popular answer and not analyze what her own beliefs are, and then learn to defend those beliefs. Beauty pageants are misleading to young women. Very few women are born with a body that fits the current standard of beauty. A majority of young women dont have a body which adheres to the current social standard of the time. These young women tend to be viewed as plain but they can clean up and look beautiful but they cannot stand the pressure. After watching beauty pageants, plain young women often lower their self esteem (these young women dont do this on purpose) and some young women then try to make themselves look more attractive. Besides, for beauty pageants winners, their success often gives them the need to do after ward is to keep up and improve their physical beauty (physical body), and as a result many no longer live up to further education or other ways of professional development. Beauty pageants strongly promote the negative aspect that young women are seen as objects of sexual interest. These contests fail to challenge harmful political attitudes to young women. They do nothing to aid the liberation of young women. By promoting looks as the most important feminine quality, they harm young womens liberation in general. On the 17th of February the Campus National Organization for Women protested the Miss MAO Beauty Pageant (Gats, 1). They handed out four-hundred protest flyers which stated their disgust with Florida Blue Key and the University of Florida for holding a sexist pageant where women must be checked out in swimsuits and parade themselves in skin-tight evening gowns in order to be awarded scholarship money. (Gats, 1) In this way, beauty pageants encourage young women to see and promote themselves as an object (like a car) to be judged by men. Beauty pageants hurt young women by treating them as objects held up to a strict standard of beauty, a standa rd that is painful, time consuming, and expensive for young women to try to achieve. Beauty pageants can be misleading by having young women lower their personal standards of sexuality. At what age is it appropriate for a young woman to be called sexy? Young women have a huge role model role in a little girl. Little girls look up to these young women because they are beautiful, if these young women are wearing immodest clothes to be sexy, then these little girls will want to do the same. These little girls should not be worried about trying to be sexy, they should enjoy a healthy childhood as girls who are developing talents and interests and whose worth is evaluated by their poise, intelligence, hard work, kindness, and grace. Beauty pageants are well promoted by the media with television and images, which influence young womens opinions on appearance. The participants of these pageants are poor role models for these young women as they set a standard for an almost unhealthy body weight, unrealistic breast size, and flawless complexion standards. Only a small minority of women can realistically achieve this ideal female body. The media pressures all young women to conform which can encourage unhealthy dieting and eating disorders, tanning, cosmetic surgery, and simply to keep working to achieve unrealistic, temporary goals that often have irreversible damages. An article, titled Thoughts about Miss Teen USA, out of a local American magazine was written by a young women teen in 2005, who had just watched Miss Teen on NBC. Her wrap up of the beauty pageant was; White teeth. White teeth. Prom-style dress. Blonde. White teeth. Blonde. Chandelier earrings. Tan. Blonde. Tan. Strapless gown. followed by, Thats al l you need to know (Callow, 1). The statement made by this young women teen is not one that is from a minority. She is one of thousands that view this as the norm for a woman of beauty. It is not healthy or realistic for a young woman to think there is one type of beauty or one type of accepted body. It is harmful and could lead to both physical and emotional damage. The media has so many affects of young women; they wish to be as perfect as the beauty queen on television, magazines, and internet. These young women will do anything it takes to become the next beauty queen, even it causes them to go on diets or get plastic surgery. In a high percentage of Hollywood films, even those in which the young woman should be portrayed as a strong willed, independent heroine, usually feature young women being played off as sex objects. Though there is nothing wrong with a woman being classified as sexy, it should not be the main focus. One made of uniqueness, intelligence and charm is what should be promoted. Movies such as Lara Croft: Tomb Raider and Charlies Angels send the same message to young woman that beauty pageants do, which is that only one kind of body is acceptable. This is harmful to a majority of young women as beauty pageants are encouraging men to treat them as an object rather than young women with opinions and uniqueness. Joel Yager, M.D. writes: Every society has a way of torturing its women, whether by binding their feet or by sticking them into whalebone corsets. What contemporary American culture has come up with is designer jeans. (94). With media pressuring young women to be thin and a millions of dollars spent towards dieting, higher rates of eating disorders in the population are growing (Gats, 2). Many beauty pageant contestants suffer from some form of eating disorder. Anorexia (starvation to loose weight) and bulimia (binge eating) are the two main eating disorders. Young women who suffer from anorexia have the fear of being fat so severe that they starve themselves to weight loss, often leading to death (Gats, 2). Even when anorexic young women are thin, they think of themselves too fat. A low self esteem causes them to fear even taking a small amount of food. Bulimia is binge eating that following a pattern such as, eating compulsively and then throwing it up. After a binge young women eats, they try to control themselves by throwing up their food through vomiting. Young women have extreme habits of both eating and exercising. Ideally, beauty pageants should be healthy role models, but this is not the case. To be beautiful in the world means that a young woman never feels decent about herself, she is always putting herself down. If a woman does not see her body as acceptable, she will often be driven to change it, and these changes are often drastic. Plastic surgery can be used to alter any body part: the breasts, lips, thighs, and stomach are among the most popular. Plastic surgery can be especially harmful to adolescents. When a young women have plastic surgery done at such a early age, the risk for diseases such as breast cancer are extremely high. Many young women are striving to look their best, and they feel that plastic surgery is the only way to go. They do not stop to think about the long-term consequences of the surgery. They want instant results, meaning that they will often pay thousands of dollars to alter bodies that had nothing wrong them in the first place. The promotion of this single standard of physical beauty is harmful to women everywhere because it discourages girls to love the body they are born with. The simple and realistic truth is that there are some physical aspects of a persons body that are impossible to change, and promoting the tall, slim, supermodel figure as being the only accepted body type excludes different styles. Every year more than one million people are diagnosed with skin cancer in the United States. Despite this fact, hundreds of thousands of people routinely visit tanning salons (Cornforth, 1). Tanning beds generally give off 93% to 99% UVA radiation (Cornforth, 1). This is three times the UVA radiation given off by the sun! Over time, the effects of too much UVA exposure can lead to many different problems such as eye damage, immune system changes, wrinkles and premature aging of the skin, and skin cancers. The most common cancer is malignant melanoma, it is the deadliest form and its degree is flat out rising in young women under 40 (Cornforth, 1). Beauty pageants are an unnecessary element in society because they set unrealistic beauty standards for an audience. There are beauty pageants out there which attempt to create a judgment of well-balanced young women. These sorts of competitions are trying to promote the intelligence mixed with beauty side, which should be heavily commended. However, beauty pageants in which beauty is emphasized as a solitary basis for winning are dangerous and harmful to society. Young women are fragile, as they try to find a place for themselves in this world. When someone sees the pain of a young women struggling with eating disorders, hears a young women beg to convince her parents to allow her to get plastic surgery because they cant stand a certain part of their body, it can be concluded that beauty pageants do a great disservice to the winners, the losers, and all children. Personal hope would be that an organization such as to find a better way to lift up the spirit of our young women. WORK CITED: Gats, Thomas. Are Beauty Pageants Harmful?. October 27, 2008 >. Cornforth, Tracee. Are Indoor Tanning Booths Safe?. September 09, 2009 . Callow, Clare. How Beauty Contests Harmful. Septemeber 10, 2009: 2004.

Iron Jawed Angels Essay | Film Analysis

Iron Jawed Angels Essay | Film Analysis The movie Iron Jawed Angels is about a woman named Alice Paul, who strongly believed that women should receive the right to vote. Along with her friend, Lucy Burns and other women, they fought for womens rights and the ratification of the 19th Amendment. These activists showed their strong support by marching during President Wilsons inauguration and protesting in front of the White House during a war, which many men were angry about. The protests in front of the White House led to activists being arrested and charged them with â€Å"obstruction of traffic.† Inside the prison, Alice Paul and the other women went on a hunger strike and were forced fed by authorities with raw eggs and milk. Later, the harsh treatment of the authorities were publicized on newspapers which put pressure on the President that led to the ratification of 19th Amendment, giving women the right to vote. Carrie Chapman Catt is the chairman of the National American Woman Suffrage Association (NAWSA) who did not see protesting, marching, and hunger strike as the procedure that women should take in order to achieve their goals. She believed that the constitutional amendment that gives women the right to vote will only be vetoed in the Senate and will be a waste of time. In other words, she as well as the other women in their group prefer a â€Å"state-by-state† approach While Alice Paul, thought that in order to achieve their goal they must fight for it no matter what it will cost them. The different views from both, led to Alice Paul getting out of the NAWSA group, and creating her own that they called the Congressional Union for Women Suffrage. In my opinion, Alice Paul was not known too well by people as much as the other figures because she was not the only woman who fought for the voting rights for women. There were too many women that fought for it, therefore making it difficult for people to remember who exactly succeeded. Also, the fact that our country do not like to pay attention to what women did for our society, because some still do not agree with the decision that gave women the right to vote. Still, a few people believed that women should not have a voice in this country. The significance of the masturbation scene was to show how Alice Paul is longing for a man to lover her. But because she wanted to strongly fight for womens rights, she put all of her own pleasure behind and focused on the passage of the constitutional amendment for women. This scene also portrayed that women are seen as sex objects rather than as a person who should have a voice in the country like men does. Overall, the movie was very good. I learned so many things that I did not know actually happened. The one thing that surprises me the most was the force-feeding during the hunger strike. I thought that the force-feeding was unnecessary and it was very disturbing. Another thing that I saw disturbing was the masturbation scene. It was a little offending to some women, because in my opinion, it shows how women are seen as sex objects and it lessens the value of women, loosing the full respect that women should be getting. I was very impressed on how Alice Paul and all the other activists sacrificed so many things just to have their goals achieve. For example, like the Senators wife, she left her husband and children to join the group and fought for womens rights, which in the long run, she knew would help her daughters in the future. Another example was when this woman named Ines knew that she was sick she still agreed to fight. I thought these were very impressive decisions. For me, i t was upsetting how women went through all of these hardships while men did not even have to and were automatically given these rights. It was unfair. The meaning that the movie was trying to portray was very powerful. And for those people who watched this movie were absolutely touched by the meaning of it, and maybe view things a little different now than before. Movie Analysis: Iron Jawed Angels

Position Paper Concerning the Use of Biblical Quotations in Matter of Science :: essays research papers

Position Paper. â€Å"Concerning the Use of Biblical Quotations in Matter of Science† 1) Is Galileo right that Joshua passage cannot be taken literally, and that some interpretation is necessary no matter which system of the world is being considered? Yes. Literal reading of Joshua will bring us to unpleasant consequences. If only Sun’s and Moon’s spheres will be stopped, laws of Ptolemy will be broken (f.ex. relationship between planets and Sun-Earth line). In Copernican Universe, with modern discoveries of Galileo’s, sudden stop of Earth will be at least as destructive as the Deluge. But as there’s no doubt that the event took place, and there are no records about something strange that happened on that day. We need some interpretation. 2) Is the literal reading of Joshua incompatible with either system of world? Yes. Ptolemy: If just Sun’s and Moon’s spheres were isolated from the rest and stopped, spheres of planets and star ball will continue to rotate (and they should as they weren’t asked to stop and it’s their nature to rotate) Heavens perfection will be either disturbed (centers of epicycles of inferior planets will no longer lie on Sun-Earth line, Sun may appear in other constellation of zodiac), or planets and starball will violate principle of uniform motion (moving in a special way to compensate for Sun’s behavior). Copernicus: Sudden stop of Earth will probably destroy entire civilization as everything including waters of oceans, buildings and, finally, people will attempt to continue to move in the same direction with the same speed. 3) Must Joshua passage be interpreted? Yes. Literal reading leads us to nowhere. That means that Holy Scripture provided us with false information what is a critical hit on the most sacred values of mankind. This is a catastrophe. But interpretation may save the situation. 4) If the passage must be interpreted, then can it be interpreted to fit the Copernican system as well as the Ptolemaic system? Ptolemy: Joshua just didn’t say the whole thing. Considering position, reputation and experience of the Executant of the pray, concerns about side effects must be rejected. Due to God’s authority mortals may trust God on doing the most important things, asking just for the final result, assuming that God will do all necessary actions so the result will have divine quality. So, most likely, all spheres were stopped. Copernicus: If something is staying still it simply means that location of the object with respect to us stays the same.

Peer To Peer Piracy :: File Sharing Network MP3

Peer To Peer Piracy Everyone loves good tunes, and that’s okay. In this media heavy society, everyone has a favorite type of music, or a favorite artist. However, expanding one’s horizons in music beyond mainstream was terribly expensive, until Napster. Napster, Shawn Fanning’s brainchild, was a revolution. People began trading music over the internet through peer to peer file sharing, and next thing you know, everyone could have thousands and thousands of songs. Napster had shown a society a method for getting what they wanted, for free. It was only a matter of time until users started trading a lot more than just music; movies, software, and games were all in demand. Napster was formulated off of a simple concept of sharing music, but it turned out to be revolutionary by becoming a catalyst to a much larger peer to peer pirating system. Napster helped computer literate users share music through a system of indexing. When a user logged on, the user’s computer would send data with which mp3s, or songs, were in their predestinated â€Å"shared folder† to the index computer. The index computer would then tell that user where other files were stored over the network, on other user’s computers. With this system, a user could download an entire album of Jimi Hendrix from another user either two states away, or two doors down. Since Napster only dealt in mp3 files, it was targeted by the music companies, who sued until it Shawn had to take down the Central Index Server. It was replaced though, by networks like Gnutella which use a referral system. When one computer comes onto the Gnutella network, it finds another computer on the network, and introduces itself. Then, like a spreading rumor, the word gets around the network. The computer that just learned tells 8 others about the new one, then those 8 tell 7 more about the new one, and so on. This way, each client has a larger number of other clients who know it is online and what content it has available (Wikipedia). However, without a main server to regulate, users could distribute whatever they wanted. Software piracy was very prominent. Any user could punch in the search terms â€Å"AutoCAD† and download a thousand dollar program for free.

The Little Foxes by Lillian Hellman :: play, marxism,

Throughout the play The Little Foxes by Lillian Hellman, the influence of Marxism is commonly displayed. The Hubbard’s are portrayed as constantly going against the social conforms that would be set in a Marxist society. They each pursue wealth or a social status. For what they covet, they go above and beyond to obtain. In the process they hurt other people. They each sacrifice their integrity to gain this wealth and status. Hellman’s title highlights the opposition of Marxism that is portrayed in the play. The title of the play comes from the bible. In that portion referred to it states that the foxes, which are represented by the Hubbard’s, will destroy the glory of the new south because their greed for power is so great. (Watson 173). The Hubbard’s all destroy each other for money. They want to build a cotton factory where costs are cheep and they make a lot of profit. However, to achieve this they have to step on many people toes and exploit workers (Hellman 159). Regina’s determination to gain wealth was unwavering. She let her husband die because he was not going to report her brothers for stealing his bonds. Regina then turns on her brothers and demands a greater percentage of the money since she can destroy them because they stole Horace’s bonds. To Regina, money means freedom to escape and go to the south where social standing is measured by the cloths and jewelry you have. This is against Marxist society because Marxists believe that everyone should be equal in money and standing (Hamilton 172). Regina wants to go to Chicago and Paris but in the process she lets her husband die and looses the love of Alexandra (Galens 165). She now has the option to have the bright, flamboyant social life she wanted but she can only have it alone now. Ben Hubbard has cheated and manipulated to gain his wealth. In the play Regina states that Ben has cheated so many men to get where he is now that his reputation is ruined around the area. Ben has no need for money; he ultimately wants to remain childless and wifeless. Thus, his desire for money is solely for a capitalist purpose. He is only interested in build his empire (Hamilton 172). To build his empire he needs to land a deal with Marshall. To do so he tries to make a big point of how much better his father rules Birdy’s family’s plantation and the differences between old southern aristocracy and new one.

Study on Mutual Funds

OBJECTIVE OF THE STUDY The main objective of the present study to understand how mutual funds function in India. Specifically the study seeks to answer the following question: 1. What is the present status of mutual funds industry in India? How does it compare with mutual funds in foreign countries? 2. How mutual funds operate to create value for their investors? 3. What consideration an investors should keep in mind while making investment in mutual funds? 4. What is the regulatory frame work for mutual funds in India? 5. What are the problems faced by mutual funds industry in India & what are its future prospects? RESEARCH DESIGN & METHADOLOGY The Present study has been completed on the basis of secondary data colleted from internet and from various books, publicity materials and brochures issued by various mutual funds co. Reference has also been made to the regulations issued by securities and exchange board of India in regard to mutual funds. The data and the resource material so collected have been analysed within the frame work of 5 sections each focusing on a particular questions the study seeks to answer. PLAN OF THE STUDY The Study has been completed within the frame work of five sections. The Section wise plan is as follows:- I. PRESENT STATUS OF MUTUAL FUND INDUSTRY II. OPERATION OF MUTUAL FUNDS III. INVESTMENT CRITERIA IV. REGULATORY FRAME WORK OF MUTUAL FUNDS V. PROBLEMS AND PROSPECTUS I PRESENT STATUS OF MUTUAL FUNDS IN INDIAN CAPITAL MARKET Retail investors usually want to participate in the capital market, but due to paucity of funds, lack of expertise knowledge and limited risk-bearing capital, they have limited access to capital market. Mutual funds provide a mechanism that helps the retail investors enter the capital market. the mutual funds manage their funds for maximum gain with minimum risk and in the most professional way and work as agent for growth and stability of capital market. Till 1964, there were no mutual funds in India. In 1963, UTI Act, 1963 was enacted for the establishment of first mutual fund. The UTI launched its first scheme, US-64; in1964 which later became the most popular unit scheme in India. In1987, the RBI issued guidelines for bank-sponsored mutual funds. The evolution of mutual funds in India is consisting of different phases as follows: PHASE I: History of mutual funds started in India in 1964 when the first mutual fund in the name of Unit Trust of India was established in July 1964. UTI launched its first scheme US-64 which eventually became the most popular scheme and could accumulate the largest corpus. After 1964, it started several other schemes also. Till 1987, UTI remained the synonym for mutual fund in India. It was a sole player and gathered shape of monolithic mutual fund with millions of investors in several schemes. PHASE II: In 1987, the Government allowed the public sector banks to establish mutual funds. SBI Mutual Fund in 1987. Other mutual funds to follow suit were Canbank Mutual Fund (1987), PNB Mutual Fund (1989), IndBank Mutual Fund (1989), LIC Mutual Fund (1989), GIC Mutual Fund (1990), etc. The position continued till 1992 and other mutual funds were also established. PHASE III: There was a historical change in 1993 when the government allowed private sector mutual funds also. The first mutual fund in the private sector was Kothari Pioneer. Thereafter, in 1994, the foreign mutual funds were also allowed to operate schemes in India, and Morgan Stanley was the first foreign mutual fund in India whose initial issue of units was overwhelmingly subscribed by the investors. In 1992, SEBI was established and it issued guidelines for the working and supervision of mutual funds. PHASE IV: In 1966 a need was felt for the modification of SEBI (Mutual Funds) Regulations. On the basis of ‘Mutual Funds-2000’ Report, SEBI framed new Regulations in 1996. There have been several amalgamations of mutual funds. After 1996, a number of foreign mutual funds as well as Indian mutual funds have been established. At the end of march 2004, there were 33 mutual funds and Assets Under Management of Rs 1,39,616 crores. After 1996, mutual funds have become very popular among retail investors. The increase in number of mutual funds and their schemes speak of the underlying strength of the investors’ confidence in them. As in April, 2005, there were 28 mutual funds operating in India. Some of the mutual funds operating in India at present are as follows (in alphabetical order): ABN AmroDSP Merril LynchJM Sahara Bank of Beroda Escorts Kotak Mahindra SBI Benchmark Fidelity LIC Standard Chartered Birls Sunlife Franklin Tempelton Morgan Sundarum Canbank HDFC Principal Tata Cholamandalam HSBC Prudential Tauras Deutsche ING Vysya Reliance UTI A large number of mutual funds have intensified competition and led go to product innovation. Each of these mutual funds has a number of schemes operating with different features and characteristics. There are more than 500 schemes in operation at present. II OPERATION OF MUTUAL FUNDS A mutual fund is a financial intermediary which acts as an instrument of investment. It collects funds from different investors to a common pool of investible funds and then invests these funds in a wide variety of investment opportunities. Small investors who are unable to participate in capital market, can access the stock market through the medium of mutual funds which can manage their funds for maximizing return. The investment may be diversified to spread risk and to ensure a good return (dividend or capital gain or both) to the investors. The mutual funds employ professional experts and investment consultants to conduct investment analysis and then select the portfolio of securities where the funds are to be invested. Thus, a mutual fund is a pool of funds contributed by individual investors having common investment preferences. FEATURES AND CHRACTERISTICS OF MUTUAL FUNDS A mutual fund is a financial intermediary and works as an investment company. It has distinct features and characteristics which differentiate it from other financial intermediaries. Some of the features of mutual funds are: (i) Mutual fund is a pool of financial resources. Investors bring their individual funds together. Sometimes, the funds which otherwise may not come for investment in the capital market, are invested through mutual funds. (ii)Mutual funds are professionally managed. The resources collected by mutual funds are managed by professionals and experts in investment. These professionals can undertake specialized investment analysis such as fundamental analysis, technical analysis, etc. , which are not otherwise expected on the part of individual investors. (iii)Mutual fund is an indirect investing. The individual investors invest in the mutual funds which in turn invest in the shares, debentures and other securities in the capital market. The proportionate funds given by an investor are represented by the units of mutual fund. Investors own these units. The shares, debentures are owned by the mutual fund. Investors have no direct claim on these securities. In case of closure or liquidation of the proceeds of these securities are proportionally distributed among the unitholders. (iv)Investment in mutual fund in not borrowing-lending relationship. Investors do not lend money to the mutual fund. Consequently, the investors have to share the gains or losses of operations of the mutual fund. (v)Mutual fund is a representative of investors. The mutual funds collect the funds from investors under a particular investment scheme. as a representative, the mutual fund has to invest these funds as per the designated scheme only. MECHANISM OF MUTUAL FUND OPERATIONS A mutual fund represents pooled savings/funds of individual investors. Professional managers of the mutual fund invest these funds in different types of securities. They have to take different decisions from time to time. The revenue returns may be distributed by the mutual funds to the unitholders. Capital appreciation in the mutual funds also belong to the investors. MUTUAL FUND SCHEMES One of the main objectives of mutual funds is to provide better returns to investors at minimum risk. Mutual funds issue units to the investors in proportion to the funds contributed by the investors. The income of the funds are shared by the investors in the proportion to the number of units held. These mutual funds offer different types of schemes from time to time to attract investors and to take care of their needs, on the basis of nature of investment, type of operations and type of income distribution. Mutual funds may launch different schemes to offer one or more of the following: (a)Regular and steady flow of income, (b)High capital appreciation, c)Capital appreciation and regular return,and (d)Return with tax benefits. There are different ways in which various mutual fund schemes can be classified. Following shows the classification of mutual fund schemes with reference to schemes being offered in India: 1. On the basis of Life Span. (a) Close-ended Schemes (b) Open-ended Schemes 2. On the basis of Income Mode (a) Income schemes (b) Growth schemes 3. On the basis of Portfoli o (a) Equity schemes (b) Debt schemes (c) Balanced schemes 4. On the basis of Maturity of Securities (a)Capital Market Schemes (b)Money market Schemes 5. On the basis of Sectors Different Sectoral Schemes 6. On the basis of Load (a) Load Schemes (b)No Load Schemes 7. Special Schemes: (a) Index Schemes (b)Offshore Schemes (c) Gilt Securities Schemes (d) Exchange Traded Funds (ETF) (e) Fund of Funds. Some of these schemes have been explained below: OPEN-ENDED AND CLOSE-ENDED MUTUAL FUNDS SCHEMES As per SEBI Regulations, 1996, open-ended scheme means a scheme of mutual fund which offers units for sale without specifying any duration for redemption. On the other hand, close-ended scheme is one in which the period of redemption is specified. The open-ended mutual fund scheme sells and repurchases the units of mutual fund on a continuous basis. Any investor can become a member (by purchasing units) or can exit (by selling these units back to the mutual fund). These sales and repurchases of units take place at a price called Net Assets Value (NAV) which is calculated periodically on the basis of the market value of the portfolio of the mutual fund. The sale and repurchase prices are announced by the mutual fund on a periodic basis. The Unit Scheme-1964 (US-64) was an open-ended mutual fund scheme. The essential feature of open-ended scheme is the liquidity. On the other hand, close-ended mutual fund scheme is only one in which the limited number of units are sold to investors during a specified period only. Thereafter, any transaction in these units can take place only in secondary market, ie, the stock exchanges. So, after the initial public offering, the mutual fund goes out of the picture and subsequent sale and purchase take place among the investors. The market price of the units of a closed-ended mutual fund scheme is determined by the market forces of demand and supply. The liquidity to investors provided by the market. However, all the closed-ended mutual fund schemes are redeemable at the end of a specified period when all the investment of the scheme are sold and the proceeds are distributed among the unit holders on a proportionate basis. There are several close-ended schemes such as Master Share Scheme of the UTI. INCOME FUND AND GROWTH FUND The mutual funds are called income funds when they promise a regular and/or guaranteed return in the form of dividends to the investors. For example, UTI launched several Monthly Income Schemes. The portfolio of these schemes is usually consisting of fixed income investments such as bonds, debentures, etc. The income schemes are also known as dividend schemes. These schemes are ideal for investors who need or seek intermediate cash flows in the form of dividend payment. A growth fund scheme is one which offers capital appreciation as well as a variable dividend opportunity to the investors. The investors may get dividend income from the mutual fund on a regular basis and the capital appreciation is available in the form of increase in market price. Growth schemes are good and suitable for investors having long-term investment perspective. In addition, there may also be income-cum-growth (hybrid funds) where the investor may be offered fixed incomes as well as growth opportunities. An example of a growth fund is UTI Growth and Value Fund which is an open-ended equity oriented scheme. The objective is to seek capital appreciation by making investments primarily in listed securities of Indian companies. A variant of income fund is known as Dividend Yield Fund. These invest funds in shares of those companies that pay high dividends. In addition, any appreciation of share price adds or subtracts investors return. DOMESTIC FUNDS AND OFF-SHORE FUNDS The domestic funds schemes are those which are open for subscription by the investors of the country of origin only. Most of the mutual funds launched in India are domestic mutual funds. The off-shore mutual funds bring funds (in the form of foreign exchange) to the capital market. At present, several off-shore mutual fund schemes have been floated in India. Ind Bank Off-Shore Mutual Fund, 1993 and Common Wealth Equity Mutual Fund, 1993 are examples of off-shore mutual fund schemes. TAX-SAVING SCHEMES These mutual fund schemes are designed to avail tax exemptions and concessions to the investors. These schemes help individual investors in their tax planning. CANPEP MEP 1994, PNB-ELSS were some of the tax-savings schemes. These schemes are also known as Equity-linked savings schemes were entitled to tax benefit under Section 88 of the Income Tax Act. Recently, private sector mutual funds have also launched these schemes such as HDFC Tax Plan, KP Tax Shields, etc. MONEY MARKET MUTUAL FUNDS (MMMF) SEBI Regulations, 1996 define an MMMF, as one which has been set up with the objective of investing in money market investments which include commercial papers, commercial bills, ‘T-Bills, etc. The funds collected by these mutual funds are invested exclusively in money market instruments. Money market mutual funds are a part of short-term pooling arrangement of funds. These are open-end funds. These funds are very liquid and risk free because of nature of their investments. MMMF provide better returns than short-term bank deposits and are often considered to be good alternative to bank deposits. The Reserve Bank of India has announced Guidelines for money market mutual fund in April 1992. However, at present, the MMMF are also regulated under SEBI Regulations, 1996. SPECIALISED SECTOR FUNDS Sector funds schemes are those under which the funds are planned to be invested in a particular region, industry or sector. For example, Pharma (D) Scheme of Franklin Templeton Mutual Fund, Technology Company Scheme of DSP Merill Lynch Mutual Fund, Banking (D) of Reliance Mutual Fund are some specialised sector schemes of mutual funds. INDEX SCHEMES In this case, the funds collected by the mutual funds are invested in the shares forming the Stock Exchange Index. These funds are also known as growth funds. The funds are allocated o the basis of proportionate weight of different shares in the underlying Index. For example, Nifty Index Scheme of UTI Mutual Fund, Index Fund (Sensex) of Tata Mutual Fund, Index Fund (D) of Principal Mutual Fund are Index Schemes. There are 13 Index Funds which use S & P CNX NIFTY as the underlying index. EQUITY FUNDS SCHEMES Under these schemes, the funds are invested primarily in equity shares only. The equity fund schemes are high on the risk scale as the share prices are volatile. These funds try to reduce the risk by diversifying the investments in different types of shares. If invested rationally and properly, these schemes may give high returns commensurate with risk taken. The choice of investee companies is made by the mutual fund. These schemes may be income schemes or growth schemes. Fidelity Equity Fund is an open ended equity growth scheme with the objective of generating long term capital growth from a diversified portfolio of equity and equity-related securities (95%) and Money Market Instrument (5%). DEBT FUNDS SCHEMES In case of debt funds, the collected funds are invested in debt securities. A variant of debt funds schemes may be in the form of government securities funds scheme wherein the funds are invested in government securities only. Debt schemes are generally income scheme. A debt fund scheme is an ideal option for investors who are averse to risk which is associated wit equity schemes. BALANCED FUNDS A balanced fund provides both growth and regular incomes as these schemes invest both in debts and equity instruments in the proportion as disclosed in the offer document. These schemes are appropriate for investors who look for moderate growth. The NAV of these schemes are likely to be less volatile than the pure equity funds. GILT FUNDS The funds of these schemes are invested exclusively in government securities. These funds are low return and low risk and popular among the risk averse investors. Some of the gilt funds operating in India are Gilt Plus (Birla Sunlife Mutual Fund), Gilt Investment (Cholamandalum Mutual Fund), FT Gilt (Franklin Templeton Mutual Fund), Gilt long-term (HDFC Mutual Fund), Gilt Treasury (Prudential ICICI Mutual Fund), etc. SCHEMES BASED ON MARKET CAPITALIZATION In recent past, mutual funds in India have launched several schemes with a focus on market capitalization of companies. For example, UTI Large Cap Fund, UTI Small-Cap Fund, Chola Multi-Cap Fund, HDFC Premier Multi-Cap Fund, etc. are schemes based on market capitalization. It may be noted that the classification between large, small and mid-cap is arbitrary and can vary from market to market. In India, the National Stock Exchange defines mid-cap companies as those having average 6-months market capitalization between Rs. 75 crores to Rs. 750 crores. In Case of multi-cap or flexi-cap schemes, the investments ar e made across companies with different market capitalization-large, small or mid. LOAN AND NO-LOAN FUNDS A load fund is one that charges a % of NAV (Net Assets Value) as entry or exit fees. Whenever an investor buys or sells the units, a fee is charged by the fund to meet the administrative expenses. On the other hand, a no-loan fund is one which does not charge any fees for entry or exit. In case of no-loan fund, all transactions of sale and repurchase of units are done at NAV while in case of load funds, the repurchase is made at a price less than NAV and sale is made at a price more than NAV. FUND OF FUNDS A fund of funds scheme means a scheme that invests primarily in other schemes of same mutual fund or other mutual funds. Benchmark Mutual Fund has started a FOF under the name of FOF Junior BeES. EXCHANGE TRADED FUNDS Exchange Traded Funds (ETFs) refers to basket of securities that are tradeable at a stock exchange. They are somewhat similar to Index Fund Schemes. The ETFs are so called because they are listed on a stock exchange and are traded as any other listed security. So, ETFs have characteristics of open-ended mutual funds as well as that of listed shares. ETFs do not sell their units directly to the investors. Rather, a security firm creates an ETF by depositing a portfolio of shares in line with an Index selected. The security firm creates units against this portfolio of shares. These units are sold to the retail investors. So, the ETF has portfolio of shares as well as a liability towards the holders of ETF units. ETFs are different from Mutual Funds in the sense that ETF units are not sold to the public for cash. Instead, the Asset Management Company that sponsors the ETF (fund) takes the shares of companies comprising the index from various categories of investors like authorized participants, large investors and institutions. In turn, it issue them a large block of ETF units. Since dividend may have accumulated for the stocks at any point in time, a cash component to that extent is also taken from such investors. In other words, a large block of ETF units called a â€Å"Creation Unit† is exchanged for a â€Å"Portfolio Deposit† of stocks and â€Å"Cash Component†. The number of outstanding ETF units is not limited, as with traditional mutual funds. It may increase if investors deposit shares to create ETF units; or it may reduce on a day if some ETF holders remeed their ETF units for the underlying shares. These transactions are conducted by sending creation/ redemption instructions to the Fund. In case of mutual funds, the portfolio of the investments made under the scheme may change, but in case of ETF, this is not so, because the ETF portfolio created once does not change. The market value of the units of ETF changes in line with the Index automatically. The funds managers are not required to actively manage the portfolio resulting in lower expense level of the fund. Consequently, the NAV of the ETF would be higher than the NAV of the Index Fund with the same portfolio. As the ETFs are listed on a stock exchange, they provide a lot of liquidity and price is determined by the demand and supply forces and the market value of the shares held. As opposed to ETF, the sale/ purchase prices of the units of a mutual fund are based on the NAV. A comparison of ETF, Open-ended funds and close-ended funds has been presented in table below: 1. Parameter Open-ended Fund (OEF) Closed-ended Fund (CEF) Exchange Traded Fund (ETF) Find Size Flexible Fixed Flexible 2. NAV Daily Daily Real Time 3. Liquidity Provider Fund itself Stock Market Stock Market/Fund itself 4. Sale price At NAV plus load, if any Significant Premium/Discount to NAV Very close to actual NAV of Scheme 5. Availability Fund itself Through Exchange where listed Through Exchange where listed/ fund itself. 6. Portfolio Disclosure Monthly Monthly Daily/Real-time ETFs have edge over the ordinary mutual funds. In case of latter, an investor cannot take the benefit of intra-day movement of price of shares because the mutual fund units can be traded at the closing NAV based rate. However, the performance of ETF is based on the underlying index and ETF can be traded through out the day taking benefit of intra-day movement in price. In India, several ETFs, have been created so for. Bench Mark Mutual Fund has created 5 ETFs. 1. Liquid BeES 2. Nifty BeES 3. Nifty Junior BeES 4. Bank BeES, and 5. FOF Junior BeES All these 5 ETFs are listed and traded at the capital market segment of the NSE. Prudential ICICI Mutual Fund has launched SPICE which tracks the Sensex. It combines features of both open-ended scheme and exchange traded share. It is listed at Mumbai Stock Exchange and can be traded in a lot of one unit. Value of one SPICE is 1/100 of the Sensex value. UTI Mutual Funds has launched SUNDERS, which is also listed at Mumbai Stock Exchange. Certain ETFs traded at American Stock Exchange are QUBES (Representing NASDAQ-100), SPIDERS (representing S&P 500), DIAMONDS (Representing Dow Jones Industrial Average), etc. NET ASSETS VALUE (NAV) OF A MUTUAL FUND Investors are the owners of the mutual fund. Funds collected under a particular scheme are invested in different securities. So the ownership interest of the unit holders is represented by these securities. Net Assets Value (NAV) refers to the ownership interest per unit of the mutual fund, i. . , NAV refers to the amount which a unit holder would receive per unit if the scheme is closed. NAV is represented as follows: An amount of Rs. 50,00,000 has been collected by a mutual fund by the issue of 5,00,000 units of Rs. 10 each. The amount has been invested in different securities. The market value of these securities at present is Rs. 56,00,000 and the mutual fund has a liability of Rs. 4, 50,000 in respect of expenses, etc. The NAV of the fund is: The units of an open-ended mutual fund scheme are sold and purchased by the mutual fund at a price based on NAV. The NAV of a mutual fund scheme is calculated by dividing the net assets of the scheme by the number of outstanding units under that scheme on the date of valuation. SEBI Regulations, 1996 provide that while determining the price of the units, the mutual fund has to ensure that the repurchase price is not lower than 93% of the NAV and the selling price is not higher than 107% of the NAV. Further that the difference between the selling price and the repurchase price shall not exceed 7%, calculated on the selling price of the units. The NAV varies from time to time and is published in newspapers so as to enable the nvestors to know the value of their investments. SEBI Regulations, 1996 require that the NAV of a mutual fund scheme shall be calculated and published at least in two daily newspapers at an interval of not exceeding one week. III INVESTMENT CRITERIA MAKING THE INVESTMENT DECISION Ones main considerations as an investor, besides choosing which vehicles are right, lie in the a reas of risk management, taxes and inflation, and asset allocation. In order to reach your financial objectives, you must choose from diverse investment alternative – all of which vary greatly in the degree and type of risk and potential return. The key to developing a sound portfolio is to strike the right balance between potential reward and risk, based on your financial objectives, financial situation and investment style. We’ve all heard the expression, â€Å"Nothing ventured, nothing gained. † Perhaps nowhere does this maxim hold truer than in the financial markets, where pursuing potentially higher returns means accepting higher levels of risk. Before you venture anything, you should determine your personal level of risk tolerance, given your needs and goals. To do this, you should familiarize yourself with the various kinds of risk and how they affect different types of investments. THE MANY OF FACES OF RISK Risk is the possibility that one may lose some or all of his investment in real terms, or that his investment may not increase in value. Several factors may influence the amount of risk one can comfortably accept, including ones age, family situation, income, time horizon and financial goals. When investing, one faces the following key risks: †¢Market Risk: This is the possibility that an investment (e. g. , a stock) will decline in value. As a result, if you sold the investment, you would receive less than what you initially paid for it. †¢Credit Risk: This is the possibility that the issuer of an investment (e. g. , a corporate bond) may not live up to its financial obligations. A default by the issuer could mean that you lose your invested capital and the expected interest payments. †¢Inflation Risk: This is the possibility that the value of a long-term asset (e. g. , a government bond) may not grow enough to keep up with inflation, reducing your purchasing power as a result. †¢Reinvestment Risk: This is the possibility that interest rates will fall as an investment (e. . , a bond) matures. If this occurs, you may be unable to reinvest matured assets at the rate of return you were accustomed to receiving. This type of risk also applies to reinvesting the coupon payments received from bonds and other fixed-income payments. †¢Liquidity Risk: This is the possibility that you will be unable to liquid ate an asset (e. g. , real estate) when you want and at the price you want. As a result, you may be forced to retain the asset or accept less than you wanted for the sake of liquidity. †¢National, International, and Political Risk: The possibility that a country’s government will suddenly change its policies. Events such as wars, embargos, coups, and the appointments of individuals with unfavorable economic policies can impact the financial markets, especially concerning investments related to that country. Possible results changes in tax structures and changes in bond or stock ratings. †¢Economic Risk: The risk that the economy will suffer a downturn as a whole. Such an event generally affects all the financial markets across the board, from product prices to the job market. †¢Industry Risk: The risk that a specific industry will suffer a downturn. Often, industries related to the one that experiences problems will suffer as well. Tax Risk: The risk that high taxes will make investments less profitable for both businesses and investors. Businesses that have no pay expand or improve. Investments that carry heavy tax baggage generally lead to lower dividends for an investor. How Much Risk Is Right? The amount of risk that is right depends upon person to person. To determine the r isk comfort level, one may ask this himself: Am I willing to tolerate greater volatility for potentially higher returns from my investments, or do I place more emphasis on quality, with less risk? Several factors may influence the amount of risk one can comfortably accept in ones portfolio, including: †¢Age †¢Family situation †¢Income †¢Financial goals In addition, the markets evolve and ones personal goals will inevitably change with time. One of the best ways to keep ones investments on target is to meet with financial professional regularly. In these meetings, the investor and his financial professional can discuss the investment objectives, determine the individual risk tolerance level and help to understand the various risks associated with an investment. The financial professional can also help an investor build a portfolio that has the potential to provide the highest returns consistent with the amount of risk one wish to assume. HOW TO CHOOSE WHICH RISKS TO TAKE? Whenever one considers a new investment, he may wish to ask his financial professional the following questions: †¢What types of risk are involved? Once the financial professional has explained the risks, one must ask how he or she can help to manage or minimize the different kinds or risk for the investment one is considering. Not all kinds of risk will apply to every investment. †¢What could happen to the principal in a â€Å"worst-case† scenario? The financial professional can explain how diversifying ones portfolio can help mitigate the effect of a downturn in any one market or industry. For example, assume you invested in the stock of a highly speculative biotechnology company. The stock’s trading price could fall substantially if the company’s only product fails to get FDA approval or is shown to be inferior to a competitor’s product. Spreading ones money across different asset classes – stocks, fixed – income investments, and cash equivalents – could help one manage the risk better than investing all his funds in this one stock. †¢How will adding this investment to the holdings help to manage the portfolio’s overall risk? Managing market risk through a balance of financial assets in ones portfolio is a significant component of long-ter m investment success. Ideally, ones portfolio should offer a measure of protection during inevitable market downturns and be positioned for opportunity when markets heat up. In addition to risk there are other factors also which need to be considered before investing, as stated below: INFLATION: Inflation taxes are two factors always on the minds of investors. Inflation is the persistent increase in the cost of goods and services, and the reason why the same loaf of bread that costs you $1. 00 today will probably cost you $1. 05 next year. For your purchasing power to grow in â€Å"real† terms, your returns must outpace the inflation rate. TAXES: Additionally, taxes must be a consideration. There are investments available that are both taxable and tax-free; others are tax-deferred or tax-deductible. The differences are significant, but not as dizzying as they seem. ASSET ALLOCATION: Asset allocation refers to the diversification of your portfolio across all the different classes of assets. The goal of effective asset allocation is to develop an appropriate mix of investments based on your specific investment objectives that maximizes performance potential with an acceptable level of investment risk. The goal is more consistent returns, lower volatility and a greater chance of achieving financial objectives. SELECTION OF A MUTUAL FUNDS There are thousands of funds to choose from, but there are some general guidelines that can help you choose a fund. †¢Define your investment time horizon and financial goals. Meeting a long-term goal (e. g. , starting a college fund for a newborn) will require different investments than in meeting a short-term goal (e. g. , accumulating money to purchase a car). †¢Understand your risk tolerance and the risk of different mutual funds. Risk tolerance is based on your comfort level in the fluctuation of price, which will affect your investment principal. Once this is determined, you can match fund types that have historically shown commensurate price movement. Keep in mind, however, that past performance is no guarantee of future results. †¢Combine your goals, time horizon and risk tolerance and find a fund category that matches these objectives. This will help in deciding what types of funds you may want to consider. You will find that there are still many funds to choose from within a specific category. Your prudential financial professional will be able to perform a comparative analysis of the individual funds to find the most appropriate choice. Check with your tax advisor prior to investing in a tax-exempt or tax-managed fund. Match the term of the investment to the time you expect to keep it invested. Money you may need right away (for example, if your car breaks down) should be in a money market account. Money you will not need until your retire in decades (or for a newborn’s college education) should be in longer- term investments, such as stock or bond funds. Putting money you will need soon in stocks risks having to sell them when the market is low and missing out on the rebound. Expenses matter over the long term, and of course, cheaper is usually better. You can find the expense ratio in the prospectus. Expense ratios are critical in index funds, which seek to match the market. Actively managed funds need to pay the manager, so they usually have a higher expense ratio. Sector funds often make the â€Å"best fund† lists you see every year. The problem is that it is usually a different sector each year. Also, some sectors are vulnerable to industry-wide events (airlines do come to mind). Avoid making these a large part of your portfolio. Closed-end funds often sell at a discount to the value of their holdings. You can sometimes get extra return by buying these in the market. Hedge fund managers love this trick. This also implies that buying them at the original issue is usually a bad idea, since the price will often drop immediately. Mutual funds often make taxable distributions near the end of the year. If you plan to invest money in the fund in a taxable account, check the fund company’s website to see when they plan to pay the dividend; you may prefer to wait until afterwards if it is coming up soon. Research. Read the prospectus, or as much of it as you can stand. It should tell you what these strangers can do with your money, among other vital topics. Check the return and risk of a fund against its peers with similar investment objectives, and against the index most closely associated with it. Be sure to pay attention to performance over both the long-term and the short-term. A fund that gained 53% over a 1-yr. period (which is impressive), but only 11% over a 5-yr. period should raise some suspicion, as that would imply that the returns on four out of those five years were actually very low (if not straight losses) as 11% compounded over 5 years is only 68%. Diversification can reduce risk. Most people should own some stocks, some bonds, and some cash. Some of the stocks, at least, should be foreign. You might not get as much diversification as you think if all your funds are with the same management company, since there is often a common source of research and recommendations. The same is true if you have multiple funds with the same profile or investing strategy; these will rise and fall together. Too many funds, on the other hand, will give you about the same effect as an index fund, except your expenses will be higher. Buying individual stocks exposes you to company-specific risks, and if you buy a large number of stocks the commissions may cost more than a fund will. The compounding effect is your best friend. A little money invested for a long time equals a lot of money later. The decision to invest in a mutual fund is one you have to make on your own. However, when you try to choose an investment, it’s usually best to seek the guidance of an investment representative. Why? Consider that there are more mutual funds than there are stocks listed on the New York Stock Exchange. While many of these funds share the same objectives, no two are exactly alike. Similarly, as an investor, your goals are unique. An investment representative can help you determine the fund that’s right for you. A mutual fund investor has more options than ever before – stock, bond, and money market funds to satisfy all outlooks, from the most conservative to the most venturesome. Generally speaking, in investment management, intelligently assumed risk creates the opportunity for greater returns. †¢A money market mutual fund aims for current income at minimal risk. †¢A municipal bond mutual fund aims for current tax-free income. †¢Government income funds aim for current income with principal security. †¢Corporate bond funds aim for a high rate of current income. †¢An income fund aims for a higher rate of current income. A balanced fund aims for current income with some capital appreciation. †¢Growth and income funds offer the possibility of more growth than a balanced fund, but probably less income. †¢A growth fund aims for the accumulation of capital, with little or no current income. †¢Aggressive growth funds offer the prospect of maximum capi tal appreciation, with more than average risk. In addition, specialized funds are available – for instance, those that invest only in certain geographic regions or in certain sectors or industries (like health care, technology, or energy). There are even funds that have adopted certain social objectives or that follow specific investment philosophies. For more complete information, including charges and expenses, obtain the mutual fund’s prospectus. Read it carefully before you invest or send money. The Securities and Exchange Commission (SEC) requires every open-mutual fund (where the fund’s managers issue new shares on demand) to provide you with a copy of its prospectus before – or coinciding with – a purchase of shares. A prospectus is a key source of information regarding a mutual fund and often is the best place to start when you are considering investing in one. It will describe the fund’s objectives, risks, and operations. TURNOVER Turnover is a measure of the amount of securities that are bought and sold, usually in a year, and usually expressed as a percentage of net asset value. It shows how actively managed the fund is. A caveat is that this value is sometimes calculated as the value of all transactions (buying, selling) divided by 2; i. e. , the fund counts one security sold and another one bought as one â€Å"transaction†. This makes the turnover look half as high as would be according to the standard measure. Turnover generally has tax consequences for a fund, which are passed through to investors. In particular, when selling an investment from its portfolio, a fund may realize a capital gain, which will ultimately be distributed to investors as taxable income. The very process of buying and selling securities also has its own costs, such as brokerage commissions, which are borne by the fund’s shareholders. The Dalbar Inc. consultancy studied stock mutual fund returns over the period from 1984 to 2000. Dalbar found that the average stock fund returned 14 percent; during that same period, the typical mutual fund investor had a 5. percent return. This finding has made both â€Å"personal turnover† (buying and selling mutual funds) and â€Å"professional turnover† (buying mutual funds with a turnover above perhaps 5%) unattractive to some people. IV REGULATORY FRAME-WORK OF MUTUAL FUNDS Immediately after its constitution, SEBI issued the Mutual Fund Regulations in 1993. However, with the growth of mutual funds, it was imperative that they should follow prepared a ‘Mutual Fund 2000 Report’ and on the basis of this report, it prepared more stringent and comprehensive regulations in 1996, known as SEBI (Mutual Fund) Regulations, 1996. ince then, there have been number of amendments in Regulations, 1996. Besides, SEBI has also issued several guidelines in respect of working of mutual funds. Some of the provisions of the SEBI (Mutual Fund) Regulations, 1996 (as amended from time to time) have been summarized hereunder: 1. The sponsor, who wants to establish a mutual fund, should have a sound track record and a general reputation of fairness and integrity, i. e. , must be in business of financial services for 5 years, and must have contributed at least 40% of the net worth of the Asset Management Company. 2. A mutual fund is constituted in form of trust. The trust shall incorporate an Asset Management Company (AMC). The trustees shall ensure that the AMC has been managing the schemes independently of other activities. 3. Two-thirds of the trustees shall be independent persons and not be associated with the sponsor. 4. The trustees shall ensure that activities of the AMC are in accordance with the Regulations, 1996. 5. The trust shall periodically review the investors’ complaints received and shall be redressed by the AMC. 6. The mutual fund shall appoint a custodian to carry out the custodial services for the schemes. The sponsor or its associates shall no have 50% or more of the share capital of the custodian. 7. No scheme shall be launched by the AMC unless the offer document contains disclosures which are adequate in order to enable the investors to make informed investment decisions. 8. Advertisement in respect of every scheme shall be in conformity with the Advertisement Code. 9. Every close-ended scheme shall be listed at a recognized stock exchange, or there will be a repurchase facility. 10. The close-ended schemes may be converted into open-ended schemes under certain conditions. A close-ended scheme may be allowed to be rolled over if necessary disclosures about NAV, etc. , are made to the unit holders. 11. In case of over-subscription for a new scheme, the applicants applying for upto 5,000 units shall be allotted full. The refund to applicants, if any, shall be made within 6 weeks from the data of closure of the list. 12. No guaranteed return shall be provided in a scheme, unless such return is fully guaranteed by the sponsor or the AMC. 13. An open-ended scheme shall be would up after the expiration of the mixed period, or in case, 75% of the nit holders decide so, after repaying the amount due to the unit holders. 14. The money collected under any scheme shall be invested only in transferable securities in money market or capital market or private placed debts or securitized debts. 15. The mutual fund shall not borrow any money except to meet temporary liquidity needs and borrowing, if any, need not be more than 20% of NAV of the scheme, and for period o f less than 6 months. 16. The funds of a scheme shall not be used in option trading or a carry forward transaction. However, derivatives can be traded by a mutual fund at a recognized stock exchange for portfolio balancing. 7. A mutual fund can enter into underwriting agreement. 18. NAV for each scheme shall be calculated by dividing the total assets of the scheme by the number of outstanding units. The NAV of the scheme shall be published in two daily newspapers at interval of not exceeding one week. 19. In case of open-ended schemes, the repurchase and sale price shall be published at least once a week. 20. The mutual fund shall ensure that the repurchase price of a unit is not less than 93% of NAV and the sale price is not more than 107% of NAV. In case of close-ended schemes, the repurchase price shall not be less than 95% of the NAV. 1. The AMC may charge the mutual fund with investment and advisory fees as per rates prescribed in the Regulations. The issue expenses and redempt ion expenses of a scheme shall not exceed the limits given in the Regulations. 22. The mutual funds are required to raise at least Rs. 20 crores or Rs. 50 crores (for close-ended and open-ended schemes respectively) or 60% of the target amount, otherwise the entire subscription be refunded. Each scheme should have a minimum of 20 investors and not single investor should account for more than 25% of the corpus of the scheme. 23. The unquoted debt instruments shall not exceed 10% in case of growth funds and 40% in case of income funds. 24. Investment in one company under any scheme should be restricted to 5% of the corpus of the scheme. Under all schemes, the investment in one company should be restricted to 5% of the paid-up capital of the company. Total investment in all securities (debts and shares) in one company shall be restricted to 10% of the corpus of the mutual fund. 25. Funds under the same AMC mutual not be lent or invest from one scheme to another, unless the funds are transferred at the prevailing market price. 26. All mutual fund must distribute a minimum of 905 of their profits in any given year. The e3arnings must be segregated as current income, short-term capital gain and long-term capital gain. 27. Trading by mutual funds shall be restricted to hedging and portfolio balancing purposes only. The securities held shall be marked to market by the AMC to ensure full coverage of the investments made in derivative products. 28. Mutual funds are permitted to participate in the Securities Lending Scheme of SEBI under certain guidelines. 29. Mutual funds are allowed to invest in ADRs/GDRs issued by Indian companies. They can also invest in foreign securities under certain conditions and within limits. 30. Mutual funds can also invest up to 10% their funds in equity of listed overseas companies which have a shareholding of at least 10% in an Indian company listed on a recognized stock exchange. 31. The AMC and the trustees are required to review and disclose the performance of their schemes. They are also required to disclose the performance of the benchmark indices. Any of the following indices may be selected for this purpose: BSE Sensex, S&P CNX Nifty, BSE 100, BSE 200 or S&P CNX Nifty 500. 32. Several Guidelines have been prescribed in respect of Advertisement to be issued by mutual funds. Any advertisement, communication, sales literature, or presentation, etc. , should not be misleading. 33. Detailed guidelines are prescribed for valuation of investments. For this purpose, the investments are classified into traded, thinly traded and non-traded investments. 34. Guidelines for identification and provisioning for NPA are also provided. For this purpose, an asset is NPA if the principal/ interest is not received for one quarter. On NPA, no interest shall be accrued. If any interest is already accrued, it shall be provided. A provision @ 10%, 20% or 25% of the book value of NPA is required depending upon the period for which it is NPA. 35. A mutual fund and the AMC shall, before the expiry of 1 month from the close of half year, shall publish its financial results in respect of that half year. MUTUAL FUND INVESTMENT AND INVESTORS’ PROTECTION IN INDIA In case of mutual funds, small investors park their funds in expectation of a suitable return and safety of their funds. Mutual funds take decisions on behalf of the investors. There is a relationship of trust between the mutual fund and the investors. Market regulators should take a cognizance of this fact. The interest of the investors should be protected by framing a comprehensive set of regulatory provision. As the first mutual fund in India, the UTI was created as a statutory body under the UTI Act, the relevant provision regarding investment policies, etc. were all given in the UTI Act itself. However, the position changed after 1992 with the constitution of SEBI. The basic objective of SEBI is to â€Å"protect the interest of the investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental therewith. So, the regulation of mutual funds activities was make a matter under purview of SEBI. SEBI issued the Mutual Fund Guidelines, 1993 as a first attempt to provide for a regulatory framework to give directions to the functioning of mutual funds and to protect the interest of the mutual funds investors. Keeping in view the changing scenario, SEBI issued a new set of Mutual Funds Guidelines in 1996. A detailed list of the provisions of Guidelines, 1996 is already given in this chapter. Some other provision specifically dealing with investors protection are: (i)Each mutual fund must be registered with SEBI. The sponsor must have a sound track record and experience in financial services of at least 5 years. (ii)Number of terms and conditions have been provided in respect of Asset Management Company (AMC). The Directors of the AMC should here adequate professional experience in finance and financial services. (iii)The custodian of the mutual fund should also be approved and registered with SEBI. (iv)No mutual fund scheme can be launched unless approved with the trustees. (v)Minimum and Maximum amount to be raised under the scheme should be notified. (vi)Lot of disclosures are required in respect of the scheme in the prospectus. vii)No scheme with a guaranteed return can be issued unless such return is guaranteed by the AMC or the sponsor. (viii)Periodic report in respect of each of the scheme is to be published. Any information that has an adverse bearing on the investment should also be disclosed. (ix)There are investment norms provided for mutual fund investment with a view to contain t he investment risk. Investors’ interest is protected by prohibiting mutual funds from excessive risk exposure. (x)SEBI can impose several types of monetary penalties for violations of SEBI Regulations and Guidelines.