By: Shaifali Rachna Puri

The Problem

Every year new innovations, new concepts and new ways of doing things in all areas of human endeavor emerge. The wider the horizon of our mental outlook, the more and more problems occur to us. The problem solving process continues like an unending spiral. Preliminary problems lead to more intrinsic problems. The field of education being no exception to this general rule of human knowledge also abounds in problems of diverse nature but every problem cannot be termed worthwhile. Since the goal of education has been recognized as national, social and individual development. So the need and importance of research has been realized increasingly in the field of education.

Those who are experienced know that research is often tedious, slow in nature and rarely spectacular. They realize that the research for truth and the solutions of the important problems take a lot of time and energy and the intensive application of logical thinking. Research makes its contribution to human welfare by countless small additions to knowledge. The researcher has some of the characteristics of ant, which is capable of bringing its single grain of sand to the anthill.

                 According to P.M.Cook: “Research is an honest, exhaustive, intelligent searching for facts and their meanings or implications with reference to a given problem. It is the process of arriving at dependable solutions to problems through the planned and systematic collections, analysis and interpretation of data.  The best research is that which is reliable, verifiable and exhaustive so that it provides information in which we have confidence

Objectives Of Study

Without clear formulation of aims and objectives of research, the investigator is likely to wander aimlessly in the field and achieve nothing worthwhile.

Hypothesis

When attacking a problem, an educator, a chemist or detective gathers many facts. But he is not merely interested in ‘Facts, facts and only facts’. The most authentic and widely prevalent method of conducting research on scientific line is to assume hypothesis, which may be accepted or rejected at the end of the inquiry.

Hypothesis is guidance in the research of evidence. It determines the particular line along with the experiment is built. Hypothesis is a guess, a supposition and proposition assumed for the sake of argument. It is a Speculation, an explanation for offering imaginary answers to a question, a temporary explanation for an event. It is a theory, a thesis, and a principle yet to be proved or disapproved by reference to facts or evidence.

                 According to Best, John W. –  “ Hypothesis is a shrewd guess or inference that is formulated and provisionally adopted to explain observed facts or conditions and to guide in further investigation”

              According to Bruce. W. –  “ A hypothesis then could be designed as an explanation about event based generalization of the assumed relationship between variables”

                 According to Mouley G.J.-  “ Hypothesis is an assumption or preposition whose testability is to be tested on the basis of the empirical evidence with previous knowledge”

Thus, a hypothesis is defined as a statement for the tentative relationship of two or more variables. The relationship of the variables may either be normative or casual relationship. It should be based on some rational. It should be based on accepted facts, testable, tenable, possible, clear, expert and deductive reasoning.

Delimitation Of The Problem

        In the words of Best John.W, “ Delimitations are the boundaries of the study.”

To trim an investigation to manageable size, a researcher may confine his attention to the events that occurred during the given segment of time or in a given place or to the relationship between two or more clearly identified variables.

Method

By method we mean a systematic approach towards a particular phenomenon Methodology used in an investigation to determine its destiny. It is the nature of techniques and procedures adopted which determines the reliability, precision and validity.

In research there are various methods & procedures to be applied.

(1) Historical method

(2) Experimental method

(3) Descriptive method

It is the nature of the problem under investigation, which determines the adoption of a particular method and procedure. There is need to make judicious selection of the techniques, keeping in view the aims and objectives of the study, time factor, availability of the subjects and other resources at the disposal of investigator. Various writers have classified descriptive studies into different categories. Some have been classified on the basis of purposes they achieve, some on the basis of techniques they employ. These classifications mostly range from the survey in which they describe to the status quo of the educational variables to the co relational study, which investigate the relationship between variables. For the sake of convenience descriptive studies may be classified into the following three categories: –

(1)   Survey studies

(2)   Interrelationship studies

(3)   Development studies

Also, there are many procedures, which can be developed to meet the needs of different purposes and conditions. Thus when one desires facts from people about themselves he may interview them, ask them to submit a text or examination or to produce something evidencing their skill or interest. In all, six different types of normative surveys are recognized when the basis is the technique employed. These are: –

(1)   Survey Testing

(2)   Questionnaire Inquiries

(3)   Case studies

(4)   Interview studies

(5)   Observation studies

(6)   Appraisal Procedures

By: Aamarpali Puri

Q: What all workers and medical staff who are likely to be near radioactive or ionizing sources must wear to monitor their exposure to radiations?

A: To monitor their exposure to radiations they must wear lapel radiation badges containing photographic film.

Q: The aprons of those who are involved in radiotherapy treatment are lined with which element?

A: Lead.

Q: What will be the order of danger from alpha, beta and gamma radiations if the radioactive source gets inside the body?

A: The ‘danger’ order is alpha > beta > gamma.  The bigger the mass or charge of the particle, the bigger will be its ionizing impact on atoms/molecule. Because the order of mass is 4 > 1/1850 > 0, and for electric charge the order is 2+ > -1 > 0.  If the radioisotope is in the body the radiation impacts directly on cells with the consequences described above.

Q: What will be the order of danger from alpha, beta and gamma radiations if the radioactive source is outside the body?

A: If the radioactive source is outside the body, the order danger is reversed to gamma > beta > alpha because the danger order follows the pattern of penetrating power. The smaller the mass and charge the more penetrating the radiation (reverse the order of above). Gamma and beta are the most penetrating and will reach vital organs in the body and be absorbed.  Most gammas passes through soft tissue but some is inevitably absorbed by cells.  Alpha radiation would not penetrate clothing and is highly unlikely to reach living cells.

Q: How radioactive isotopes help in smoke detecting?

OR

Q: How α particles work in smoke detectors?

A: As Alpha particles are easily stopped, an alpha source is used in some smoke detectors. A sealed alpha source of Americium-241 (half-life 458 years, producing constant signal) sends a stream of alpha particles to a sensor across an air gap. Any smoke present will block the alpha particles and change the sensor signal, this change in signal triggers the alarm. Beta and gamma radiation would be of no use because the smoke particles would not stop them. There will be no change in signal and no alarm will be triggered.

Q: How cartilaginous fishes solve the problem of conserving body water in strongly hypertonic environment?

A: They solve this problem by maintaining a high concentration of urea in their blood.

Q: Why is water great solvent?

A: That’s because the charged ends of the water molecules are attracted to the charges on other molecules. Water molecules will surround soluble molecules or ions in a hydration shell. This helps keep the molecules in solution.

Q: What makes insects capable of walking on the surface of water?

A: Surface tension of water.

Q: Which important defensive compound is present in plant?

A: Terpenes.

Q: Which bond maintains protein’s proper shape?

A: Hydrogen bond between water molecules and amino acids.

Q: In human body calories ingested in a meal and not used immediately by tissues are converted to triglycerides and transported to fat cells to be stored? Excess of these triglycerides is harmful for human body, why?

A: They are harmful because they cause body to produce excess cholesterol.

Q: What is the function of formic acid in ants?

A: Alarm and defense.

Q: How the motion of planets in an orbit and that of electrons in orbit different?

A: Planet moves around the sun in an orbit which can be plotted and electrons are in orbital which is the space around nucleus where probability of finding electrons is maximum.

Q: When a metal is melted what happens to its bonds?

A: On melting bond is loosened not broken.

Q: Why moss is used in dressing of wounds?

A: It has ability to absorb blood or any liquid substance.

Q: Occurrence of aquatic moss at some place indicates presence of which element in soil?

A: Calcium

Q: How Bryophytes prevent soil erosion?

A: They prevent soil erosion due to their trample resistant structure and their regenerative ability.

Q: How Bryophytes aid in moisture conservation?

A: They envelop the forest floor and tree trunks and aid in moisture conservation.

Q: Why Merceya, Mielichhoferia elongate are known as copper mosses?

A: They are known as copper bryophytes because they grow in copper rich soil.

 By : Aamarpali Puri

Q: Why cooked apple doesn’t turn brown?

A: The oxidation reaction is slowed or prevented by inactivating the enzyme with heat (cooking). Heat denatures the enzyme.

Q: Why cutlery that has corrosion should not be used in cut apples, pears, bananas, peaches and potatoes?

A: Using cutlery that has some corrosion (as is seen with lower quality steel knives) can increase the rate and amount of the browning by making more iron salts available for the oxidation reaction.

Q: Why browning of apple slice is faster than that of rusting of iron?

A: Fresh cut apples turn brown when iron-containing chemicals inside apple cells react with oxygen in the air.  We see this every day when iron objects rust, or when scabs on cuts turn brown. The chemical reaction is called “oxidation”, and the enzyme that regulates oxidation in apples is called “polyphenol oxidase” (PPO), also known as “tyrosinase”. In case of rusting or browning of iron, enzyme is not available to accelerate the reaction. So reaction is slow.

Q: Why adult male have usually deep voice then that of female?

A: The male vocal cords are longer than female vocal cords due to which male voice is deeper.

Q: Why is it that when an animal is excited its blood flow to the muscles increases?

A: This actually increases the level of oxygen in muscles at the time of excitement.

Q: Why in the presence of ozone allergies have tendency to become desensitized?

A: In allergic reactions deprived of oxygen, white blood cells malfunction. They fail to eliminate invaders and even turn against normal healthy cells. Ozone significantly raises the oxygen level in blood, which stimulates proper functioning and production of white blood cells in our body.

Q: If cancerous cell is exposed to ozone what will happen?

A: Ozone is antineoplastic. This means that ozone inhibits the growth of new tissue because rapidly dividing cells shift their priorities away from producing the enzymes needed to protect themselves from the ozone. Cancer cells are rapidly dividing cells and are inhibited by ozone.

Q: What is the effect of ozone on petrochemicals?

A: Ozone degrades petrochemicals. These chemicals have a potential to place a great burden on the immune system. They also worsen and even cause allergies and are detrimental to your long-term health.

Q: Why it is good to weep some times?

A: An enzyme called lysozyme is present in tears that destroy the cell membranes of certain bacteria thus protecting our eyes from them.

Q: While running which tendon elevates the heel in the springy motion essential for running and jumping?

A: Achilles’ tendon, which is by necessity the toughest and strongest of human tendons.

Q: Why without recycling activities of micro organisms life would grind to a standstill?

A: If micro organisms stop their recycling activity all nutrients would get locked up in dead plants and animals.

Q: Why paper industry prefers to use algal pigments rather than chemical dyes and coloring agents?

A: While recycling paper algal dye decomposes easily but chemical dye doesn’t decompose. So paper made from algal dye can be recycled but that made from chemical dye cannot be recycled.

Q: What is bio hydrogen?

A: Bio hydrogen is hydrogen produced via biological processes or from biomass.

Q: Why algae live close to surface of some sponges?

A: Sponge protects it from predators.

Q: Lichen is not a single organism rather it is a combination of two organisms which live intimately together. Which are they?

A: Fungus with green algae or fungus with cyanobacterium together forms Lichen.

Q: Why thermal conductivity of ice reduces with increasing pressure?

A: It happens due to pressure induced bending of the hydrogen bonding thus decreasing the transverse sound velocity.

Q: Oligosaccharides are present on cell membranes and surfaces. What is there function?

A: They serve as cell marker.

Q: What is the difference between orbit and orbital? Are these terms same?

A: Path traveled by planet around the sun is orbit and the space around nucleus where probability of finding electrons is maximum is orbital. So orbit and orbital are not the same.

Q: How lichen survives in arid conditions?

A: Lichen produces secondary compounds, including pigments that reduce harmful amounts of sunlight and powerful toxins that reduce herbivory or kills bacteria.

Q: How cartilaginous fishes solve the problem of conserving body water in strongly hypertonic environment?

A: They solve this problem by maintaining a high concentration of urea in their blood.

By: Aamarpali Puri

ABSTRACT:

Presence of sulphate in cane juice has detrimental effect it leads to formation of hard scales on the surface of evaporators. Near Infrared Spectrophotometer of Elico (India) in the spectral range of 600-2500nm has been used for the quantitative estimation sulphate in cane juice. A calibration model was set up for this in transmission mode using Partial Least Square Regression Analysis with thirty samples of cane juice containing varying concentrations of sulphate. Statistical parameters like standard error of calibration and correlation coefficient have been evaluated. The model was used to predict the concentration of sulphate in twenty unknown samples of cane juice not present in the calibration file. The standard error of prediction was found to be 0.522 for sulphate. Multi Linear Regression Analysis was also done and the wavelengths have been identified at which the absorbance correlated well with the concentrations of sulphate.

Keywords: sulphate, calibration, transmittance, partial least square regression, stepwise multi linear regression

INTRODUCTION:

The NIR region is the one portion of IR region towards the visible wavelength region and ranges from 0.8 mm (wave number: 12500 cm^-1) and goes up to 2.5 mm (wave number: 400 cm^-1).

NIR spectroscopy is effective for determination of moisture, fat and protein content in the fish and other meats (Solid and Solberg, 1992; Osborne et al., 1993; Shimamoto et al., 2003) NIR analysis is used for the determination of cotton in polyester yarns (Blanco et al., 1994), and seed oil content and fatty acid composition in sunflower through the analysis of intact seeds, husked seeds, meal and oil (Vich et al, 1998).

In sugar industry the testing of sugarcane for pol, brix, sucrose content, invert and other common constituents have traditionally been done by a series of ICUMSA (International Commission for Uniform Methods of Sugar Analysis) and AOAC (Association of Official Agricultural Chemists) test methods. As many of these methods are time consuming, operator dependent and involve the use of hazardous reagents so Near-Infrared analysis has gained rapid acceptance as an alternative method. NIR spectroscopy can be used for determination of moisture, alcohol, oil, protein, fat, starch, amino acids, hydroxyl ion, film thickness, latex, total carbohydrates, nicotine, attributes like stability and internal damage etc. It can be successfully applied in the areas of baked foods, beverages, fruits, grains, dairy products, meats, flows, pharmaceuticals, paper, textiles, plastics, sugar, vegetable and petrochemicals etc. The various applications (Edye and Clarke, 1996) of NIR in sugar industry are analysis of raw sugar, refinery liquors, run-off syrups, remelts streams, molasses and low purity streams. Near Infrared analysis of shredded (Schaffler and Meyer, 1996) cane is being used as potential replacement for direct analysis of cane. NIR spectroscopy is used for determination of chemical composition (Brix, sugar content, purity) of molasses (Salgo, Nagy and Miko, 1998). NIR spectrophotometeric analysis is an alternative polarization method for raw sugar that uses NIR wavelengths (Player et al., 2000). As near infrared wavelengths specific to individual component can be identified, so it can be used for quantitative analysis of constituents of sugarcane. It is beneficial to opt this method because with it the results are produced in a matter of seconds, with little or no sample preparation required. It calibrates against approved primary methods. Moreover, the light in the near Infrared region is able to penetrate sugarcane juice, molasses and dark color solutions of massecuites etc. Thus, it can be used to predict the values of impurity content in cane juice, purity, pol and brix directly of a given sample without clarification using lead sub acetate. It is online (Fiedler et al, 2001) situation and permits rapid multicomponent analysis by spectrally scanning the sample. It is accurate with minimum of chemical expertise (Davies and Grant, 1986). It is simple (Bruijn, 1997) fast and versatile, with only dilution of liquid samples required, their easy disposal and uses filters.

The average sulphate (Mathur, 1986) content is 300 to 500 ppm of juice. Sometimes, it is much higher and is as high as 2000 ppm SO₃ per litre of juice, depending upon the cultural practices and soil conditions. The sulphate content in mixed juice has a great influence on the operational results. If the sulphate content is over 800 ppm of juice, the scale formation constituting sulphate scale in the last vessel of the multiple effect evaporator is well marked. It is a very hard scale, insoluble in acids and difficult to remove even by mechanical scrappers. A good amount of sulphate in juice passed on from the evaporator gets precipitated in the crystallization process and fouls the heating tubes of the pans.

Treating the juice with superphosphate can reduce the intensity of the sulphate scaling. Online estimation of phosphate (Kaur and Aamarpali, 2004) and silica (Puri and Kaur, 2006) has already been done using NIR spectroscopy. So in continuation with my studies, NIR spectroscopic method for analysis of sulphate in cane juice is given in the present investigation, which is essential in factories before starting the process of clarification of cane juice.

 INSTRUMENTATION

• Near Infrared Spectrophotometer of Elico (India): Spectral range 600-2500nm, bandwidth 10nm, accuracy +5nm, repeatability + 0.2nm and with advanced state of the art MS Windows^® based software for data acquisition was used. With this instrument processing, storage, retrieval and interpretation of complex spectra can be done. This spectrophotometer helps in quantitative estimation of impurities in cane juice using regression analysis. The instrumental set up is shown in the Figure.1. It is PC based user friendly and menu driven. It is having high performance concave grating monochromator and two colour detector.

MATERIALS AND METHODS:

The initial concentration of sulphate was found to be 410 ppm in cane juice. As the accuracy of NIR analysis is wholly dependent on the quality of calibration set so utmost care was taken in gathering, selecting and preparing samples to be used for calibration. While collecting samples it was taken into consideration that the samples should cover wide range of constituent’s concentration. The cane juice samples undergo chemical and biological (microbial) degradation with time. So the samples were analyzed on the same day without any delay. The instrument was away from direct sunlight and electromagnetic radiations. There was no radio frequency interference. The lab was well ventilated with ambient temperature maintained between 288-308 K and relative humidity 45 – 80 %. The samples were scanned in transmittance mode. While scanning there was no dust and corrosive gases. Scanning was done in the surroundings, which was free of vibrations and shocks. In this particular application NIR light is transmitted through the cane juice samples. The samples used for calibration were containing added sulphur in such a manner so as to cover it’s complete range in different local cane-juice varieties. In this spectroscopic analysis the samples are illuminated with light, which gives different wavelengths. The sample reacts with light producing a unique spectrum. This resultant transmittance spectrum gives the measure of the composition of sugar cane juice. In calibration process the sample specific transmittance data is compared with known wet chemical analysis of a selected set of sample so that if the sample transmission data matches with calibration sample set, it gives accurate results.

Calibration model was prepared for sulphate in cane juice using PLSR. For setting calibration model, thirty samples of this sulphate were scanned in transmittance mode. Calibration file was having a concentration range sulphate 300-500 ppm. While preparing calibration file for the sulphate the range was adjusted by dilution with water and by more addition of the sulphate. The dilution effect was nullified by having constant volume of solution in each sample.

Prediction file was prepared for sulphate in cane juice. For the preparation of prediction file twenty samples of cane juice having varying concentrations of sulphate were scanned and their prediction was done using respective calibration models. The prediction value is obtained from software, which gives required value by comparing with the calibration file chosen. Very carefully calibration file was chosen which was generated from same mode through the same range.

RESULTS AND DISCUSSION:

Two multivariate calibration procedures ie Partial Least Square Regression analysis (PLSR) and Stepwise Multivariate Linear Regression analysis (SMLR) were applied. Calibration model was set up for sulphate. Calibration models were set up using Partial Least Square Regression analysis. Standard error of calibration (SEC) and correlation coefficient were determined. The Standard Error of Prediction (SEP) and it’s correlation coefficient were also determined. SEC/SEP were determined using (Eq. 1)

SEC/SEP   =             Σ (Y-X)²   (N-1)                                    (.1)

Where Y is the result predicted from chemical analysis or the actual value, X is predicted from NIR measurements and N is the number of samples in the calibration/ prediction set. The actual values and NIR predicted values for sulphate in ppm are given in the table .1.

The summary statistics for the calibration of sulphate in cane juice is reported in the table .2. The table shows the standard error of calibration along with a multiple regression of the analyte. The SEC is found to be negligible for sulphate.

The summary statistics for prediction of sulphate in cane juice is reported in the table .3. The correlation is found to be almost 1 and SEP is also very less. Good agreement was found between the actual and the NIR predicted values. The error may vary to some extent depending on geographical location of samples used for prediction, difference in lab personnel or error from lab methods. Standard Error of Calibration (SEC) is found to be much less then the Standard Error of Prediction (SEP).

Stepwise Multivariate Linear Regression analysis has also been carried out to identify the wavelengths, which respond well to impurity under consideration. The order of correlation was determined. From the spectrum of each impurity, eight wavelengths were selected, out of these best-correlated wavelengths were selected. For selection of best-correlated wavelengths the regression was applied to the wavelength that correlated maximum and the standard deviation was determined. To this next wavelength was added in turn and retained only if it helped lower the standard deviation. The absorbances at specific wavelengths are correlated with concentrations of absorbing species. The quantity of the analyte (C) was determined. This can be expressed (Eq. 2) as follows.

         C    =    k₀    +   k₁ [A]_x    +     ———–k_n [A]_x                             (2)

Where k₀, k_1——n are constants and [A]_x are the absorbance values at different wavelengths. The data at these wavelengths has been reported in table .4. It also shows standard deviations of the analyte. The standard deviation for sulphate is found to be . The table .5 shows wavelengths identified for sulphate in cane juice. The plot of sulphate content (ppm) in cane juice vs. absorbance values of the selected wavelengths can help knowing concentration of sulphate in given cane juice sample very easily. In this study the results are confined to zero order derivative because at higher order derivative the value of SEP was found to be very high. So best prediction was obtained at zero order derivatives.

CONCLUSIONS:

In the calibration models set up by the Partial Least Square Regression analysis, SEC was found to be negligible which confirms the reliability of calibration model set up for sulphate in cane juice. The standard error of prediction was found to be very less with best correlation so NIR spectroscopic method can be successfully used for accurate prediction of the concentration of unknown samples of cane juice in few seconds. The best-correlated wavelengths were identified with Stepwise Multivariate Linear Regression analysis for sulphate. These wavelengths can give useful information about particular impurity in cane juice. From the results it was confirmed that the Partial Least Square analysis give much better results than Stepwise Multi Linear Regression analysis.

ACKNOWLEDGEMENT:

Corresponding Author Dr. Aamarpali Ratna Puri is very thankful to her mother (Ms.Sneh Lata) for her invaluable support and Guru Nanak Dev University, Amritsar. for providing necessary instruments and infrastructure for the present research.

 REFERENCES:

Blanco, M. Coello, J. Iturriaga, H. Maspoch, S. and Bertan, E., 1994. Analysis of cotton Polyester yarn by Near Infrared Spectroscopy. Analyst. 119: 1779-1782.

Bruijn, J, M., 1997. Development and application of automatic NIRS in factory laboratories. Technical Session, Brit Sug. 3B (iii), 11.

Davies, A. M. C., Grant, A. 1986. Review: Near Infrared analysis of food. Int. J. Food. Sci. Tech., 22: 191-207.

Edye, L. A., Clarke, M. A., 1996. Near Infrared Spectroscopy in sugar refining: Five years down the road. Proc. Annual. Meeting. Sug. Ind. Tech. 55, 1-8.

Fiedler, F. M., Edye, L. A., Watson, L. J., 2001. The application of discriminant analysis to online near infrared spectroscopy of prepared sugar cane. Proc. Aust. Sug. Cane Tech. 23, 317-321.

Kaur, S., Aamarpali., 2004. Quantitative estimation of phosphate in cane juice using near infrared Spectrophotometer. Indian Sugar, Vol (LIV), 513-517. Oct.

Mathur, R.L. (1986). “Handbook of cane sugar technology”. IInd Edition, Oxford and IBH Publishing Co., India, 96.

Osborne, B. G., Fearn, T., Hindle, P. H., 1993. Practical spectroscopy with application in food and beverage analysis. UK, Longman Scientific & Technical.

Puri, A. R., Kaur, S., 2006. Estimation of silica in cane juice using near infrared spectroscopy, Cooperative sugar, Vol (37): No 6. 29-33. Feb.

Player, M. R., Rowe, G. S., Urquhart, R. M., McCunnie, K. A., McCarthy, D., 2000. Polarization of raw sugar without basic lead acetate: Int. Collaborative test. Proc. 22^nd Conf. Aust. Soc. Sug. Tech., 385-392.

Salgo, A., Nagy, J., Miko, E., 1998. Application of near infrared spectroscopy in the sugar industry. J. NIR. Spectrosc. 6: 101-106.

Schaffler, K. J and Meyer, J. H., 1996. Near Infrared analysis of shredded cane: A potential replacement for direct analysis of cane, Proceeding of South African. Sugar. Technologists .Association. 70, 5, 131-139.

Shimamoto, J., Hiratsuka, S., Hasegawa, K., Sato, M., Kawano, S., 2003. Rapid non-destructive determination of fat content in frozen skipjack using a portable near infrared spectrophotometer, Fisheries Sci. 69. 856-60.

Solid, H, and Solberg, C., 1992. Salmon fat content estimation by Near-Infrared transmission spectroscopy. J Food Sci. 57: 792-93.

Vich, B.P., Velaso, L, Martinez, J. M. F., 1998. Determination of seed oil content and fatty acid composition in sunflower through the analysis of intact seed, husked seed meal and oil by Near Infrared Reflectance Spectroscopy. J. Am. Oil Chem. Soc. 75 (5) 547-555.

TABLES:

Table .1 Showing actual values and values predicted from the NIR spectroscopy of sulphate (ppm) in cane juice. 

Table .2 Summary statistics for the PLS calibration of sulphate (individually) from 30 samples of cane juice.

Where: SEC = Standard Error of Calibration, MR =Multiple Regression coefficient

Table .3 Summary statistics for the prediction of sulphate (individually) from 20 samples of cane juice.

Where: SEP = Standard Error of Prediction, R = correlation coefficient

Table .4 Regression coefficients and Standard Deviation (s) data for sulphate using Stepwise Multivariate Linear Regression (SMLR) analysis.

Table .5 Wavelengths identified from Stepwise Multivariate Linear Regression analysis that respond well to impurity under consideration.

By: Aamarpali Puri

“Pharmaceutical Aids” or “Pharmaceutical Necessities” are the term used for the chemical substances have no therapeutic value but are must for the preparation of certain Tablets, Injections, Ointments and Cosmetics etc. Various types Pharmaceutical Aids are explained as follow:

1. Antioxidants: These are mainly used to prevent rancidity of oils and fats through oxidation. These when added prevent microbial growth in various pharmaceutical products, cosmetics and food. Example: Sodium Sulphite, Butylated hydroxyl Toulene, Butylated hydroxynsaisole.
2. Preservatives: These are bacteriostatic, bactericidal, antibacterial or antifungal in their action so act as antimicrobial preservatives. The help in preservation of Pharmaceutical products, cosmetics and food products. Example: Benzoic acid (antifungal), Cresol and Phenol (anti-infective agent), Chloroform and Propylparaben (anti-microbial agent), sodium benzoate (fungistatic agent)
3. Colouring Agents: These subtstances are used in Pharmaceutical products to impart colour. They can be natural or synthetic colouring agents. Natural colouring agents include mineral colours (ferric oxide, titanium dioxide), chlorophyll, Beta Carotens etc. Synthetic dyes include Nitro dyes, Azodyes, Rosanilines etc.  The common colouring agents are Amaranth, Caramel, Cochineal, Erythrosin and Eosin.
4. Flavouring Agents: These are mostly aromatic compounds which makes pharmaceutical product palatable. Essential oils and powders obtained from plants and minerals are used to give flavor to pharmaceutical product. Example: Benzaldehyde, Methyl salicylate and Vanilin.
5. Sweetening Agents: Various Pharmaceutical Syrups, Beverages and Canned foods are sweetened with these agents. They improve taste and make it palatable. Example: Sucrose, Saccharin and Sorbitol etc.
6. Emulsifying Agents: An emulsifying agent is an inert substance used to homogenize two immiscible phases by reducing surface tension. Example: Acacia, Agar, Bentonite, Carbomer, Gelatine and Povidone etc.
7. Ointments base: Ointments are smooth semisolid substances applied to the skin externally. The ointment contains an inert base and medically active compound. The bases can be formed of the Arachis oil, Olive oil, Oleic acid, Spermaceti (Waxy substance obtained from head of Sperm Whale) , White bee wax, Wool fat and Wool alcohol etc.
8. Diluents: When an active medical compound is to be administered in very small amount then diluents are added to increase the bulk. Example: Lactose, Starch and Sucrose etc.
9. Binders: They bind the powdered medically active compound. The cohesive properties of these binders help in making tablets. Example: Mucilage and liquid Glucose.
10. Disintegrating Agent: It facilitates breaking of tablets. Example: Starch.
11. Lubricants: When tablet is prepared lubricants improve rate of flow. Example: Stearic acid, hydrogenated vegetable oil and Talc
12. Coating: The surface coating of a tablet is formed of gelatin, and paraffin etc.
13. Solvents: Other then water some organic liquids are used as solvents in pharmaceutical preparations. Example: Acetone (dissolves Fats and Resins), Dimethyl Sulphoxide (polar hygroscopic liquid), Ethanol (Preparation of tinctures and spirits) , Denatured spirit (Unfit for human consumption used for surface coating), Glycerol & Glycerine (used in creams, jellies, and pastes for his moisturizing properties), Propylene Glycol (Substitute of Glycerine), Isopropyl Alcohol (skin cleansing), Oils (Arachies and Sesame etc) and Ether (General purpose solvent in pharmaceutical industry.

 By: Subhajit Chattopadhyay

Future Roles of Stock Exchanges in India

Introduction:

Indian Stock exchanges commenced their operations way back in 1875, when Bombay Stock Exchange started functioning. This was followed by the formation of Calcutta and Madras stock exchanges in the year 1908. As business expanded, capital requirement and need for investment increased. So several exchanges were formed as of now there are 23 stock exchanges functioning in India. Apart from stock exchanges, there are several dedicated commodity exchanges, too.

Harvey (2007) identified two broad factors which impacted the operation of stock exchange operation, first changes in the business scenario and changes in the regulatory environment. Increased technological capabilities of Alternative Trading System have put pressure on traditional role of stock exchanges as order matching intermediary. Further, innovation financial instruments and its derivatives have caused exchanges to look for ways to enter into these markets. Regulatory interventions like Regulation on ATS (adopted 1998) and regulation on National Market System (adopted in 1975) in US impacted the operation of exchanges.

Further in UK, MFID’s intent to stimulate competition and European Commission’s aim to consolidate the market to reduce cost of raising fund impacted the functioning of exchanges. Moreover, gap between standards between Europe and U.S. regulatory environment made the EU a more favoured destination for raising capital.

To manage the difference across countries three pronged approach were taken –

1. Harmonisation
2. Competition
3. Convergence

Indian Stock Exchanges – Two decades of existence

The performance of the stock exchanges if analysed till last year since inception of liberalisation policies during ‘90s till, a distinctive phenomena can be noticed. Following table captures the performance of the stock exchanges in a nutshell –

Table 1: Performance of Stock Exchanges – 1992 – 2001

(* measure in crores)

The first decade marked strong performance of stock exchange as turnover in the cash segment registered 9 times (approx) growth compared to same in 1992-93. Out of the 23 stock exchanges, 18 recorded a positive growth. ISE recorded highest growth whose turnover increased by 180 times within a period of 3 years from 1999. But in terms of annual average volume of transaction NSE ranked at the top within 7 years of inception. The next table summarises the performance in the second till 2012.

Table 2: Performance of Stock Exchanges –  2002 – 2012

From the table above, it can be noted that out of 23 exchanges, 21 recorded a negative growth. Only exceptions are NSE and BSE, which recorded consistent growth. It can be observed that during this decade, there were only 4 exchanges which functioned though volumes of transactions that were decreasing steadily. The regional stock exchanges became redundant and failed to encourage the investors to invest through them.

Evolving Roles of Stock Exchange & Related Concerns

Traditional roles of stock exchange are providing a platform where corporate can raise capital in an efficient manner and at the same time protecting interest of the investors is also paramount.  Over the years, the traditional roles have evolved, where stock exchanges actively participate in creating new asset classes for investment, promoting investors’ awareness, maintaining transparency in operation, creating an effective mechanism for grievance redressal of investors at the same time to create new products for investment, new technology and devising more techniques to manage risk.

But as the stock exchanges themselves evolved as a profit making companies and their stocks were registered in their respective stock exchanges then issues of conflict of interest, concern on comprise on quality of surveillance & implementation of regulations emerged.   According to the report published by OICU – ISCO (2006), following concerns came up from different countries –

1. A) Balancing commercial and public functions – Concerns were raised as the exchanges become for-profit organisation, which may compel the stock exchanges to look after the members’ interest by compromising interest of the broader market. Further, in order to boost profit such exchanges may reduce spending on regulatory standards and on implementation of other compliance related issues.
2. B) Misuse of regulatory power – Most of the exchanges are entrusted with some amount of regulatory power to make the market. Concerns were raised as profit makers where such regulatory roles are susceptible to misuse of power for commercial benefit. This may happen particularly where such exchange is subject to little completion. This may happen in two ways, first initiating regulatory actions which are disadvantageous to competition and second using its power to finance operation through regulatory income.
3. C) Conflicts due to self-listing – Demutualisation of an exchange has its benefit as exchanges get access to more capital and the promoters/ member realise the value that has been created. In such scenarios doubts have been raised as whether they can works as their own regulator.
4. D) Financial Risk & Exchange viability – The report also raises question whether for-profit exchanges may take more risk than other type of exchanges.

The OICU-IOSCO report (2006) enlists the following approaches to contain various concerns that were voices in the report –

1. Governance arrangement – The essence of remedies discussed under this section primary deals with composition and power of the governing body of the exchange e.g. appointment of independent or public directors in governing bodies.
2. Separation of functions within an exchange – Issues discussed under this section basically underlines that regulatory functions should be insulated from commercial compulsions of the exchange. And there should be specific provisions for appointment or removal of head of regulations, regulatory oversight or audit by independent or public directors

iii. Restriction on ownerships – Ownership related issues revolve around 3 categories of actions. First, placing specific eligibility (fit/ proper) requirement on controlling/ substantial shareholders; secondly, public disclosure once threshold limit is exceeded and third placing restriction on permitted size of shareholding with/ without discretion to approve higher levels.

1. Oversight arrangement – This section suggests increasing oversight by regulators, special oversight to deal with self-listing and specific terms included to exchanges authority.
2. Transfer or removal of functions

Problem Statement

In this era of global economy and free movement of capital, the role of a stock exchange is inextricably linked with the continuous development taking place around the world. Development in terms of innovation in financial products & technology, functioning of market intermediaries, harmonisation of international standards and operation procedures keeps changing the role of stock exchanges and style of functioning. In Indian context concentration of trades in two stock exchanges viz. NSE & BSE while other regional stock exchanges are steadily decaying. Thus we shall look into the following issues –

1. Infusing or attracting liquidity into stock exchanges – this may be of relevance to the regional exchanges
2. Exploring market structure and its determinants – this could include different types of trading strategies, order routing services as emerging in various developed markets
3. Auxiliary roles of stock exchanges like promoting investor awareness / education which play a direct role in protecting investor’s interest and also an indirect role in increase the depth of the market.

Research Methodology

Research methodologies are designed based on the issues that are being explored or investigated and the objective of the research. Given the research topic which dwells with anticipating future roles or operational style of stock exchange can only be analysed by studying the new developments taking place in Indian stock market. To understand the Indian picture, tracing global changes is required to serve as a context. Thus, approach here is to review concerned literatures and unveil the trends in stock market operation.

Some researchers have defined various terms like approaches or paradigm. Chalmers (1982) has underlined that paradigm has the following dimensions –

• Explicitly stated laws and/ or assumptions
• Standard ways of applying the fundamental laws to a variety of situations.
• Instrumentation and instrumental techniques that bring the laws of the paradigm to bear on the real world.
• General metaphysical principles that guide work within the paradigm.
• General methodological prescriptions about how to conduct work within the paradigm.

Various authors have identified three basic paradigms – a. post-positivism b. critical theory c. interpretivism. Apparently the approach to research is segregated as qualitative and quantitative. But both these approaches depend upon two terms like Ontology and Epistemology. Epistemology is connected to exploration for the proof/ characteristics of existence and identifying the method which will help in establishment of existence whereas Ontology is concerned with the reality of existence. The entire approach of quantitative methods of research is a derivative post-positivism approach whereas qualitative research has been classified by Creswell (1997) as ethnographic, interpretive and critical research. The difference between these two approaches are characterised by the difference in approach toward exploring or examining realities and how to understand what we know. It is observed qualitative methods are adopted to describe and explain phenomena, current experience with an objective to develop a new theory where as quantitative methods are used to confirm the validity of a theory which is different in different sisituations and also to modify it increase the depth of understanding.

In qualitative research issues or phenomena are studied to make a sense of the phenomena and also to interpret the same. To carry out information/ data in various forms e.g. personal experiences, life stories, introspective, interviews, observational & historical interaction are studied.

In the present context it is basically a comparative study wherein an attempt has been made to examine the actions taken in India with respect to the various emerging phenomena (which is continuously emerging and has the potential of impacting the operations of stock exchanges). Such phenomena could range from liquidity, product innovation, innovation taking place in terms trading strategies (including market integration, efficiency and transparency), technological issues impacting trades, maintaining transparency, protection of investors’ interest etc.

Data:

In order to capture data pertaining to capture recent changes taking place in global stock market various research reports especially conducted by IOSCO have been referred to. Simultaneously, various reports, concepts papers and reports of various committees have been reviewed to understand the future style of operation of stock exchanges in India.

Operation of an Indian stock exchange is strictly regulated by SEBI (Security Exchange Board of India). Thus, the spirit of the research method is to explore and capture the recent changes taking place around the world as evident in various publications of the recognised bodies. The attempt is to underline the new changes as revealed by the various public reports, consultation and working papers.

Empirical Studies:

Liquidity:

Liquidity is critical for sustenance of stock exchange. A report published on liquidity in emerging markets (OICU-IOSCO, 2007) underlines following factors to boost liquidity –

1. Reducing concentration of ownership and thereby increasing free-float level in publicly listed companies. Also more active participation of pension funds is sought to ensure infusion of capital.
2. Liberalising intermediary sector and opening foreign participation. Reduction of transaction cost by lowering commission and taxes. Encouraging cross-listing & dual listing will increase liquidity.
3. Availability of more investment products viz. structured and call warrants hedge funds etc.
4. Capital Raising Process

Indian perspective – modernising capital raising process

In terms of boosting liquidity and making stock market a lucrative source of finance SEBI pondering upon modernising capital raising process. A group consisting of representatives of stock exchanges, depositaries, merchant banks etc has been formed to ponder upon reduction of post-issuance cost, participation of retail investors in IPO, and reduction of post issues settlement period from 12 days. In this context a concept paper has been released on January, 2015. Following the though process investors are allowed to submit their application to SEBI registered stock broker, depository participant, self certified bank. Simultaneously investors could also apply online through the web-portals of the above mentioned entities. This process ensured that post-issue timelines reduced from 12days to 6 days. To encourage use stock market as a source of capital fast track issuance was initiated (available to enlisted entities). This obviated the necessity of filing of draft offer document with SEBI and can open the issue with Red Herring prospectus. Further, SEBI is currently examining the relevance of the conditions of having Rs3000 crore of public shareholding requirement and relevance of public float criteria.

Attracting Foreign Investment in Stock Market

Role and impact of foreign capital is significant. In order to encourage such investment SEBI has attempted to minimise regulatory hurdles of foreign investors. SEBI formed a committee to study the existing provisions and came out with a report (June, 2013) on Rationalisation of Investment Routes and Monitoring of Foreign Portfolio Investments. The salient features of the recommendation of committee is as follows –

1. To create one single route by merging FII, sub-account and QFI. The relaxations given to PIO/ NRI should be retained where more sector should be permitted to access foreign venture capital.
2. It also suggested that foreign portfolio investors (FPI) need not directly register with SEBI. Eligible entities can directly approach designated depositary participant (DDP) which will register them on behalf of SEBI. It is DDP which will carry out due diligence, maintain investment, disseminate information of investment made an FPI.
3. FPI should be a resident of a country which either a signatory of IOSCO’s MOU or have bilateral MOU with SEBI.
4. FPI and DDP shall ensure that total shareholding should always be less than 10% of the paid-up equity capital of a investee company. Aggregate shareholding of all FPIs shall not exceed the lower of 24% of the paid-up equity or sect oral cap.

Crowd funding – a challenge to existing stock exchanges

Crowd funding is a financing methods which has surfaced very recently. The method is currently in a very nascent stage in which people fund a creative venture (perhaps in small amounts). Such capital could be sought from various online platforms including social media. IOSCO (2014) has come out with a working paper which indicates four types of funding mechanism like social lending, reward, peer-to-peer lending and equity crowd funding. Similarly SEBI also came out with one consultation paper in June, 2014.It offers various benefits ability to raise capital at a lower cost, compliance cost and cost concerning due diligence. Emergence of crowd funding made its space in the domain dominated venture capital funds and private equity. Along with its advantages it came out with its own risk, especially for the investors there is hardly any protection in case default, fraud, information asymmetry (given its dependence on internet) and absence of regulatory framework. However, the consultation paper on crowd funding mentions the ambit of SEBIs role in monitoring as follows –

1. Recognition of crowd funding portals and period inspection of the same
2. Oversight and regulation of crowd funding market
3. No role in vetting of private placement offer of the issuing companies
4. Issuing guidelines pertaining to information disclosure needed while making such offer.

To protect the interest of retail investors the consultation paper proposes that participation of retail investors are limited to following categories –

1. Who receive advice from investment advisor/ uses services of portfolio manager/ having relevant qualification.
2. And having a minimum gross income of Rs10 lacs, having income tax return for last 3 years,
3. And will not invest more than Rs.60,000 in crowd funding and not more than 10% of their net worth.

The paper proposes that three categories of entities can create trading platform. Existing stock exchanges and SEBI registered depositaries which constitutes category-I. Category – II is comprised of technology business incubator promoted by central or state government or non-profit making societies having 5 years of experience with minimum of Rs. 10 crores.  Also association or networks of private equity or angel investors having a paid-up share capital of 2 crores, registered under companies act 2013 with a minimum of 100 active members.

Further, following information have been sought in the consultation paper in the private placement offer letter –

1. Name and address of the company
2. Description of the exiting venture
3. Issue size, target offering, intended usage of funds and valuation of securities.
4. Past history of funding

Co-location / proximity server hosting:

Executing trade fast provides an advantage to the investors in exploiting the favourable conditions. Keeping the global trend in mind SEBI has permitted collocation and stock exchanges like NSE, BSE and MCX-SX provide this facility to enhance speed in carrying out transaction. This has also led to faster adoption high frequency trading practices. As of February, 2013, in NSE 94.16% of equity derivative order, 73.88% of cash market comes from collocated servers. For BSE is 7.06% and 17.96% respectively. Further, SEBI has proposed to offer the service in a manner which is fare, equitable and transparent. The stock exchanges should maintain infrastructure adequate to accommodate the vast segment of investors and at the same time non-collocated investors have also fair access to stock exchanges’ trading system.

Different types of orders & its execution

Keeping the diverse motives of the investors various types of ordering options has been devised. For example reserve order (where only a part of the order is visible while entire order is placed for execution), discretionary order (which has a visible price and a non-displayed discretionary price), hidden order, various kinds of PEG orders, inter-market sweep order, post only order.

In most of the cases best execution of order is defined as the most favourable price for the investor, given the circumstances.

But as competition increases and new trading platforms become available, other factors like cost of transaction, speed of execution, order size etc. has to be considered as indicated MiFID (OICU-IOSCO, 2013). Countries like Canada & USA have adopted Order Protection Rule which requires that better priced order to trader prior to inferior orders. Malayasia, Singapore, Mexico requires clients order to be traded ahead of the proprietary orders.

The same report indicates that in presence of multiple trading platforms, firms have to make information pertaining to venue of execution of order (order routing principles).

 Different types of trading platforms & trading mechanism

The recent changes taking places in modus operandi of stock exchanges impacts the market structure. According to the report on Market Structure (OICU-IOSCO, 2013) entire European Union is experiencing increase in number of multilateral trading facilities. Italy and Germany particularly witnessed growth to the tune of 250%, whereas UK had a growth of 21% (though higher in terms of absolute numbers) during the period 2008 to 2012. Glaring contrast emerged as the number of regulated markets decreased for Italy, UK & Netherlands. In USA, involvement of undisplayed trading centres came to prominence as these exchanges account for 25.4% of share volume (SEC, 2010). Further offering of collocation services, role of dark pools i.e. alternative trading centres (which is catering to institutional investors) executing large orders without impacting affecting the price and reduced trading cost also presented a different paradigm of trading. The report has also pointed out that another type of trading arrangement which called broker-dealer internalisation (which is treated as underplayed liquidity) where trades are carried out internally.

In case of India, it can be seen that innovation with respect to various types of trade order are limited. Whereas in terms of embracing technological advances it is at par with the global practice. Indian stock exchanges are found to be promoting wireless/ mobile trading, internet trading, algorithmic trading, smart order routing facilities.

India’s initiative:

Protection of Investors’ Interest:

Given the poor financial literacy amongst Indian investors two pronged strategy has been adopted – one is to prevent spread of biased or misleading information, penalise insider trading and second one is to promote awareness and increase financial literacy.

SEBI Research Analyst Regulation:

SEBI sensed that there is a need to ensure impartial report to protect investors’ interest. Accordingly SEBI came out with Research Analysts Regulation in 2013. Following entities comes under the ambit of the regulation –

1. Independent research analyst
2. Intermediaries that employ research analyst and issues research reports
3. Research analysts giving recommendation in the public media.

However, entities providing research reports to their unit holders shall not be required to be registered under these regulations. But incase their views are publicised through the public media then they need to comply with the regulation. This regulation imposes following conditions-

1. To devise comprehensive, objective and written internal control system to avoid any conflict of interest. Further research analyst or the intermediary shall not trade within 30 days before or 5 days after publication of a research report.
2. No report can be published or recommendation can be made in the research analyst/ intermediaries traded in the last 30 days.
3. They cannot trade in any securities before the issuers’ initial public offering which is being tracked by the research analyst.
4. Further, compensation of a research analyst cannot be linked with the brokerage of any merchant/ investment bank. Compensation of research analyst is to be documented and approved by the board of directors. And such compensation won’t be subjected to monitoring of any employee of investment/ merchant bank.
5. Analysts cannot make public appearances for a company where he was involved. Similarly they are prohibited from road shows/ sales and marketing activities.
6. Incase analyst predicts a price target for a security within a time period in its report then the report should indicate the past closing prices of similar duration or last three year whichever is shorter.
7. Analysts making their comments in the public media should disclose their registration details and financial interest, if any.

Insider trading:

High level committee of SEBI reviewed the SEBI (prohibition of insider trading) Regulations 1992 and came out with a new proposal on December 7, 2013. In the following section salient points of proposed regulation is underlined –

1. Not only sharing or disclosing of unpublished price sensitive information (UPSI) is made unlawful but even the act of procuring UPSI has also been made unlawful.
2. Persons having UPSI are prohibited from trading and in case of trade it shall be on the person to prove that no undue advantage has been taken. Further it allows the persons perpetually having UPSI to trade in securities provided their trading plan is approved by the compliance officer. And once this is approved the persons having UPSI can not deviate from the plan.
3. Specific provisions have been created to inform the company while buying the shares and its impact on shareholding status. Further codes of fair disclosure to be stipulated and intimation of trading undertaken by the insider have to be published.

Investor Education:

ISOCO (October, 2014) released a strategic framework for investor education. It emphasises on investment knowledge and understanding, financial skills and competence and programme design & delivery management. The report summarises the current practices of members participating in the study including India.

Members are found to be increasing awareness about availability of different investable products and its suitability. They are also engaged in developing short, medium and long term education plan to serve the investors’ need.  A number of members found that they structure their website according to life events and stages and other focuses behavioural issues.

The report pointed out that it is important to identify various investor segment and then develop content for that segment. Segments can be created with the help of demographic variables.

Stock exchanges in India (only BSE and NSE) have developed short term programmes, certification exams and long-term professional programmes in connection to the regulatory bodies to facilitate promotion of financial literacy.  But regional stock exchanges are not actively pursuing such initiatives.

Way Ahead

O’Hara (2004) in his article has attempted to underline the direction of evolution of securities regulation. Advancement in IT which has significantly impacted the information searching cost (a component of transaction cost) significantly and also helped various exchanges to share/ integrate information. This changes the market dynamics where stock exchanges face competition as transaction cost reduced significantly and number of competitors increased. Consequently, the securities trading started to fragment into multiple venues instead of concentrating. This also impacted the style of functioning and changes exchanged structure.  The competition facilitated the exchanges migration from a membership driven structure to a corporate structure (demutualised) – this enables the exchanges outside capital formation and aligns incentive and risk associated with an exchange. This paper envisages that such exchanges should be allowed to be self-regulated as investors will prefer those exchanges which protect investors’ interest the best.

 Social Stock Exchanges

Social financing refers to financing companies working as social business. Yunus (2009) defined social business as “once whose purpose is to address and solve social problems, not to make money for its investors. It’s a non-loss, non-dividend paying company … these profits remain with the company and are used to expand its outreach to increase the quality of the product or service it provides and to design methods to bring down the cost of the product or service.” In social finance framework, social stock exchanges are functioning in South Africa as an advance stage of formation in UK. In this context South Africa has taken pioneering initiative as it has established worlds’ first social stock exchange (SASIX) that offers an opportunity to buy shares in various social projects (which is exactly not same as social business entity) as follows –

1. Food security
2. Small business development
3. Vulnerable people
4. Animal protection
5. Education
6. Health
7. Environment and conservation

There is a listing framework which uses following criteria for enlistment –

1. A primary social objective
2. Financially sustainable business model
3. Accountability and transparency mechanism
4. Specific development interventions addressing an identified need in a community
5. Clear and measurable deliverables
6. Past track record in similar projects
7. Conformity with SASIX good practice guidance

In UK the concept of SSE emerged from the report of Social Investment Task Force (SITF). SITF identified following challenges which needs to be addressed to encourage investments in social business –

1. Consistent performance tracking
2. Market definition of social business and structure
3. Inadequate standards for measuring social impact against performance benchmarks.

Moreover issues related to accreditation process, rating agencies and remuneration for key personnel also needs attention for effective and efficient functioning of social stock exchanges.

Indian stock exchanges also have initiated following actions on the following issues to ensure transparency and accountability –

 Conclusion:

As illustrated in the previous sections the recent changes taking place in Indian stock market are geared towards speed, ease of trade and transparency. In the recent future we might see our exchanges moving towards following direction –

1. Stock exchanges would be adopting more mechanism to encourage investor to participate. Like usage of wireless technologies in trade execution would broaden the investor base similarly use of smart order routing, algorithmic trading also attract sophisticated and intensive investor to trade,
2. System complying more transparent practices about providing unbiased information (monitoring credit rating agencies/analysts’ recommendation/ kind of information disseminated in IPO prospectus etc), initiatives to provide quick clarifications and cost-effective dissemination of information of trading activities would also be adopted by the stock exchange.
3. Given scanty participation of retail investors and lack of financial knowledge would not encourage our regulators to allow Alternative Trading System, formation of alternative trading system (with lesser regulation) or allowing Dark Pools/ Dark Liquidity. Similarly Broker-Dealer internalisation which can be considered as undisplayed liquidity may not be allowed till Indian stock market allows more maturity.
4. Since trades are concentrated in two stock exchanges so the scope of coming out with different routing techniques are also limited. But since stock exchanges has the leeway in designing different types of order it can be anticipated that stock market will witness some witness some innovation in that respect.
5. The stock exchanges may provide structured retail products for various categories of retail investor after assessing its suitability.

References

1. SEBI, Report on Rationalisation of Investment Routes and Monitoring of Foreign Portfolio Investments, June 2014
2. SEBI, Discussion Paper on Revisiting the Capital Raising Process, January 2015
3. SEBI, Discussion paper on Co-location / Proximity Hosting Facility Offered by the Stock Exchanges, May , 2013
4. SEBI, Consultation Paper On Proposed Regulation Of Research Analysts, November 2013
5. SEBI, Report of High Level Committee to Review SEBI (Prohibition of Insider Trading Regulation, 1992), December 2013
6. SEBI, Consultation Paper on Crowdfunding in India , June 2014
7. SEBI, The Annual Report, 2013
8. SEBI, The Annual Report, 2010
9. SEBI, The Annual Report, 2009
10. SEBI, The Annual Report, 2008
11. OICU-IOSCO, Strategic Framework for Investor Education (Final Report), October 2014
12. OICU-IOSCO, Factors Influencing Liquidity in Emerging Markets , December 2007
13. OICU-IOSCO, Regulatory Issues Raised by Change in Market Structure, March 2013
14. OICU-IOSCO, Report on IOSCO Social Media & Automation of Advice Tools Surveys, July 2014
15. OICU-IOSCO, Regulatory Issues in Emerging Markets, June 2012
16. OICU-IOSCO, Issues Raised by Dark Liquidity, June 2010
17. Securities & Exchange Commission, Concept Release Securty Market Structure, April 2010
18. OICU-IOSCO, Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency, October 2011
19. M K Maheswari, H L Verma, B S Bhatia, Future Regional Stock Exchange: A Case for Revival, Indian Management Studies Journal, 2009 (13).

APPENDIX – I

By: Rajesh G Konnur

The universe was born with sound. Harmonic wave ignites and soothes mind and body.  The human body, from the time of conception, incorporates music into its functions. Music is especially useful in nursery and pediatric wards, labor rooms, waiting halls of OPD and OTs. The effect of music on healing is quite apparent  in post operative intensive care units (ICUs) too, where it reduce anxiety and pain and have a soothing, tranquilizing effect”.

    The term “dance therapy” was coined in the US and the American Dance Therapy Association defines this discipline as “the psycho-therapeutic use of movement as a process that furthers emotional, cognitive and physical integration in individuals”. Dance therapy with medical guidance is a fun filled way to engage and express you while also improving physical and emotional condition”. It quickens the healing process & helps divert a patient’s mind and improve their emotional state”. Both, music and dance therapy allay anxiety and fear. It helps patients adjust to their environment and tend to recover fast. Slow rhythmic dance helps to strengthen muscles & abates pain. Research shows that, profound beneficial effects are in the neurology and neuro ICUs. Patients who are paralyzed, comatose or semi – comatose respond to sound, particularly familiar tunes or voices, with enhanced will and recovery, to the extent as therapy.

   Music therapy can help children with communication, attention, motivation and behavioral problem. They must have high quality and well maintained instruments. It is good for treating mood disorders, ADHD, depression, and learning disorders. Music can improve one’s mood by reducing stress and lowering anxiety levels, which can help counteract or prevent depression.

 Dance therapy has been utilized since its inception in the 1940’s to promote healing in people diagnosed with physical disabilities and mental illness. Dance therapists work with people who are dealing with variety of medical conditions including disorders such as traumatic brain injuries, Parkinson’s, multiple sclerosis, spinal cord injuries, cancer, fibromyalgia and chronic pain. It focuses on movement behavior and body movement, as the core component of dance, simultaneously provides the means of assessment and the mode of intervention for dance / movement therapy.

Nurses play a vital role. Identifying the client, assessment and evaluation is primary responsibilities. Collaborating with dance and music therapist including medical professionals is paramount concern. She acts as mother, advocate, guide and researcher at different settings and roles.

By: Shaifali Rachna Puri

Survey of related literature means a careful perusal of researches already done and write ups published or lectures delivered on issues directly or indirectly connected with the problem being proposed for investigation. It means having a soaking into the waters of knowledge, which has relevance to the study in hand

Every research begins from where the previous researchers have left it and goes forward, may be one inch or even less towards the solution of the problem or answer of a question. Therefore for every researcher it is essential to acquaint himself with what has already been thought, expressed and done about the problem under investigation. This is possible only if he/she reviews and surveys books, journals, newspapers, records, documents. Thesis, indexes, abstracts, dissertations and other sources of information directly or indirectly concerned with problem of investigation.

The study of related literature implies locating, reading and evaluating reports of research as well as reports of casual information and opinions that are related to the individual’s planned research project.

Research takes advantage of the knowledge that has accumulated in the past as a result of constant endeavor. It can never be undertaken in isolation of the work that has already been done on the problems, which are directly or indirectly related to the study proposed by the researcher. A careful review of the related literature on the problem similar or related to the one been investigated is one of the important steps in the planning of any research

Importance of Related Literature

(1) The review of related literature enables the researcher to define the limits of his field. It helps him to delimit and define his problem.

(2) By reviewing the related literature, the researcher can avoid unfruitful and useless problem areas. He can select those areas in which positive findings are very likely to result and his endeavors would likely add knowledge in a meaningful way.

(3) It helps a researcher to know about the tools and instruments which Proved to be useful and promising in the previous studies. The advantage of related literature is also to provide an insight into the statistical method through which validity of the results is to be established.

(4) Through the review of literature, a researcher can avoid unintentional duplication of well established findings. It is no use to replicate a study when the stability and validity of its results is to be established.

(5) Another purpose for reviewing the related literature is to know about the recommendations of previous researchers for further research which they have listed in their studies.

(6) It helps in speculating useful hypothesis and provides helpful suggestions for significant investigation. The studies that show substantial agreements and those that seem to present conflicting conclusions help the researcher to sharpen his understanding.

(7) The existing knowledge in problem area provides background of research project and makes the researcher aware of the status of the problem.

(8) By reviewing the related literature, the researcher is able to formulate an appropriate research design. The researcher studies the procedure employed by previous researchers and on the basis of this knowledge is able to formulate a design suitable to problem in hand. Analysis of measures, sampling and methods of previous research may lead to a more sophisticated design.

(9) It helps the researcher in locating the sources of data and to collect the pertinent data useful in the interpretation of results. It helps to provide suggestions for possible modifications in the research to avoid unanticipated difficulties.

Someone has said, if one fails to build the foundation of knowledge provided by review of literature, one’s work is likely to be shallow and naïve, and will often duplicate the work which has already been done.