SEBI's Role In Capital Market

7/21/2019 SEBI's Role In Capital Market

1/57

WAH KIGKJI KI]WKWXWH @N UDJIIKIL JIG CJIJLHCHIW

UXIH

J U_@FHMW _HU@_W @I

Oj}km Nkijimkjd Cjijlhchiw6

]HOK} _`dh Ki wah Mjukwjd Cjrbhw

J _hu`rw }xockwwhg ki ujrwkjd nxdnkddchiw `n wah rhzxkrhchiw n`r

wah j|jrg `n wah ghlrhh `n Cj}whr `n Ox}kih}} Jgckik}wrjwk`i)

Xighr wah H}whhchg Lxkgjimh `n

Gr) ^k~hb Gk~hbjr

Njmxdw{ KKUC$ UXIH

Ur`fhmw Jijd{vhg . G`mxchiwhg O{

GkqkwjU`r|jd$ ULUN\:5#:?K]OH#J Urjwkb Ljigak$ XLUN\5;#:?KKUC _jf|ki Ujwhd$ XLUN\5;#:?K]OH ]jljr J) Jlrj|jd$ XLUN\5;#:?KKUC


2/57

]HOK}_`dhkiMjukwjdCjrbhw

]HOK} _`dh ki

Mjukwjd Cjrbhw


3/57


Jmbi`|dhglhchiw

\h ahjrwkd{ wajib `xr Ur`fhmw ki#majrlh$ Ur`n) ^k~hb Gk~hbjr$ Njmxdw{ KKUC$

Uxih) \a`}h him`xrjlhchiw2 lxkgjimh jig }xuu`rw nr`c wah kikwkjd w` wah nkijd

dh~hd hijodhg ch w` gh~hdù ji xighr}wjigkil `n wah }xofhmw) \h jrh lrjwhnxd n`r

]kr} mìwrkoxwkì w`|jrg} wah hqhmxwkì `n `xr ur`fhmw)

Dj}wd{$ |h `nnhr `xr rhljrg} jig odh}}kil} w` jdd `n wa`}h |a` }xuu`rwhg x} ki ji{

rh}uhmw gxrkil wah m`cudhwkì `n wah Ur`fhmw)


4/57


HQHMXWK^H ]XCCJ_[

Wah rhu`rw himju}xdjwh} wah }wxg{ `n j urùhr xighr}wjigkil `n ]HOK jig kw}

rhlxdjwkì} |akma jrh jmwxjdd{ urjmwkmhg ki wah cjrbhw) Jdìl |kwa j wa`r`xla

}wxg{ `n wah oj}km mìmhuw} `n ]HOK jig kw} u`dkmkh} |kwa rh}uhmw w` wah Mjukwjd

Cjrbhw}$ wah rhu`rw jd}` hidklawhi} ì j nh| mj}h} |akma cjgh j mì}kghrjodh

kcujmw ì wah l`~hrijimh `n ]HOK)


5/57


KIGHQ

]r)I@ UJ_WKMXDJ_] UJLH#I@

: @ofhmwk~h . ]mùh `n wah Ur`fhmw >

? Kiwr`gxmwkì w` wah ]HOK Kiwr`gxmwkì W` wah Mjukwjd Cjrbhw

Mjukwjd Cjrbhw Ki KIGKJ Kcu`rwjimh `n Mjukwjd Cjrbhw

:$ dh~{kil

~jrk`x} nhh} jig `wahr majrlh}$ mìgxmwkil ihmh}}jr{ rh}hjrma n`r jo`~h uxru`}h}

jig uhrn`rckil }xma `wahr nximwkì} j} cj{ oh urh}mrkoh} nr`c wkch w` wkch)

]HOK j} wah |jwmag`l `n wah kigx}wr{ aj} ji kcu`rwjiw jig mrxmkjd r`dh ki wah

cjrbhw ki hi}xrkil wajw wah cjrbhw ujrwkmkujiw} uhrn`rc wahkr gxwkh} ki jmm`rgjimh

|kwa wah rhlxdjw`r{ i`rc}) Wah ]w`mb Hqmajilh j} j rh}uì}kodh ]hdn _hlxdjw`r{

@rljikvjwkì !]_@+ nximwkì} w` rhlxdjwh wah cjrbhw jig kw} urkmh} j} uhr wah

urh~jdhiw rhlxdjwkì}) ]HOK jig wah Hqmajilh udj{ m`cudkchiwjr{ r`dh} w`

hiajimh wah ki~h}w`r ur`whmwkì jig wah `~hrjdd zxjdkw{ `n wah cjrbhw)

]HMX_KWKH] JIG HQMAJILH O@J_G @N KIGKJ6 ]HOK6#

\ajw g`h} ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj # ]HOK Chji0Wah rhlxdjw`r{ o`g{ n`r wah ki~h}wchiw cjrbhw ki Kigkj)Wah uxru`}h `n wak} o`jrg

k} w` cjkiwjki }wjodh jig hnnkmkhiw cjrbhw} o{ mrhjwkil jig hin`rmkil rhlxdjwkì} ki

wah cjrbhwudjmh)

Ki~h}wùhgkj hqudjki} ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj # ]HOK

Wah ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj k} }kckdjr w` wah X)]) ]HM) Wah ]HOK

k} rhdjwk~hd{ ih| !:;;?+ oxw k} j ~kwjd m`cuìhiw ki kcur`~kil wah zxjdkw{ `n wahnkijimkjd cjrbhw} ki Kigkj$ o`wa o{ jwwrjmwkil n`rhkli ki~h}w`r} jig ur`whmwkil

Kigkji ki~h}w`r}


10/57


H]WJODK]ACHIW @N ]HOK

Wah ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj !]HOK+ |j} h}wjodk}ahg ki :;11) Kw l`w

j dhljd }wjwx} ki :;;?) ]HOK |j} urkcjrkd{ }hw xu w` rhlxdjwh wah jmwk~kwkh} `n wahchrmajiw ojib}$ w` mìwr`d wah ùhrjwkì} `n cxwxjd nxig}$ w` |`rb j} j ur`c`whr

`n wah }w`mb hqmajilh jmwk~kwkh} jig w` jmw j} j rhlxdjw`r{ jxwa`rkw{ `n ih| k}}xh

jmwk~kwkh} `n m`cujikh}) Wah ]HOK |j} }hw xu |kwa wah nxigjchiwjd òfhmwk~h$ /w`

ur`whmw wah kiwhrh}w `n ki~h}w`r} ki }hmxrkwkh} cjrbhw jig n`r cjwwhr} mìihmwhg

wahrh|kwa `r kimkghiwjd wahrhw`)/

\kwa wah jii`ximhchiw `n wahkr n`rc} ujmbjlh ki:;;:$ wah ~`dxch `n ox}kih}} kio`wa wah urkcjr{ jig }hmìgjr{ }hlchiw `n wah mjukwjd cjrbhw aj} ohhi kimrhj}hg

hi`rc`x}d{ wkdd i`|) J cxdwk#mr`rh }hmxrkwkh} }mjc r`mbhg wah Kigkji nkijimkjd

}{}whc ki :;;? !Ajr}ajg Chawj }mjc+) Wah wahi hqk}wkil rhlxdjw`r{ nrjch|`rb

|j} n`xig w` oh nrjlchiwhg jig kijghzxjwh jig ahimh$ j ihhg n`r ji jxwì`c`x}$

}wjwxw`r{$ jig kiwhlrjwhg `rljikvjwkì w` hi}xrh wah }c``wa nximwkìkil `n mjukwjd

cjrbhw |j} nhdw) W` nxdnkdd wak} ihhg$ wah ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj

!])H)O)K+$ |akma |j} jdrhjg{ kihqk}whimh }kimh Jurkd :;11$ |j} mìnhrrhg

}wjwxw`r{ u`|hr} w` rhlxdjwh wah mjukwjd cjrbhw)

Wah ]HOK l`w dhljd whhwa war`xla ji `rgkijimh k}}xhg ì =5 Fjixjr{ :;;?) Wah

`rgkijimh mìnhrrhg |kgh rjilkil u`|hr} ì wah ]HOK$ kimdxgkil wah jxwa`rkw{ w`

uràkokw ki}kghr wrjgkiljig rhlxdjwh }xo}wjiwkjd jmzxk}kwkì `n }ajrh} jig wjbh`~hr

`n ox}kih}}h}) Wah nximwkì `n cjrbhw gh~hdùchiw kimdxgh} mìwjkikil rk}b2 o`jrg

oj}kil$ cjkiwjkikil cjrbhw kiwhlrkw{ jig ur`c`wkil dìl#whrc ki~h}wchiw) Wah

]HOKJmw$:;;? |akma h}wjodk}ah} wah ]HOK |kwa n`xr#n`dg òfhmwk~h} `n ur`whmwkì

`n wah kiwhrh}w} `n ki~h}w`r} ki}hmxrkwkh}$ gh~hdùchiw `n wah }hmxrkwkh} cjrbhw$

rhlxdjwkì `n wah }hmxrkwkh} cjrbhw jig cjwwhr} mìihmwhg wahrh |kwa jig kimkghiwjd


11/57


wahrhw`)

Wah ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj !]HOK+ rhlxdjwh wah mjukwjd cjrbhw$

k)h)$ wah cjrbhw n`r hzxkw{ jig ghow }hmxrkwkh}) Wah ]HOK aj} nxdd jxwì`c{ jig

jxwa`rkw{ w` rhlxdjwh jig gh~hdù wah mjukwjd cjrbhw) Wah l`~hrichiw aj} nrjchg

rxdh} xighr wah }hmxrkwkh} mìwrjmw} !rhlxdjwkì+ Jmw !]M_J+$ wah ]HOK Jmw jig wah

Ghu`}kw`rkh} Jmw)

Wah ]HOK aj} nrjchg rhlxdjwkì} xighr wah ]HOK Jmw jig wah Ghu`}kw`rkh} Jmw n`r

rhlk}wrjwkì jig rhlxdjwkì `n jdd cjrbhw kiwhrchgkjrkh}$ n`r urh~hiwkì `n xinjkr

wrjgh urjmwkmh}$ jig ki}kghr wrjgkil) J} h~hr{ìh m`xdg bi`| wajw wah}h k)h) wah

L`~hrichiw jig wah ]HOK k}}xh i`wknkmjwkì}$ lxkghdkih} jig mkrmxdjr} |akma ihhg

w` oh m`cudkhg |kwa o{ cjrbhw ujrwkmkujiw}) Jdd wah rxdh} jig rhlxdjwkì} jrh

jgckik}whrhg o{ wah ]HOK)


12/57


CK]]K@I @N ]HOK

]hmxrkwkh} . Hqmajilh O`jrg`n Kigkj !]HOK+ n`rchg xighr wah ]HOK Jmw$ :;;?

|kwa wah urkch òfhmwk~h `n

Ur`whmwkil wah kiwhrh}w} `n ki~h}w`r} ki }hmxrkwkh}$ Ur`c`wkil wah gh~hdùchiw `n$ jig _hlxdjwkil$ wah }hmxrkwkh} cjrbhw jig n`r cjwwhr} mìihmwhg wahrh|kwa

`r kimkghiwjd wahrhw`)

N`mx} ohkil wah lrhjwhr ki~h}w`r ur`whmwkì$ ]HOK aj} ohm`ch j ~klkdjiw

|jwmag`l

U_HJCODH

Wah Urhjcodh `n wah ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj gh}mrkoh} wah

oj}km nximwkì} `n wah ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj j}w` ur`whmw wah

kiwhrh}w} `n ki~h}w`r} ki }hmxrkwkh} jig w` ur`c`wh wah gh~hdùchiw `n$ jig w`

rhlxdjwh wah }hmxrkwkh} cjrbhw jig n`r cjwwhr} mìihmwhg wahrh|kwa `r kimkghiwjd

wahrhw`


13/57


O@J_GCJIJLHCHIW

!:+ Wah O`jrg }ajdd mì}k}w `n wah n`dd`|kil chcohr}$ ijchd{6 #

!j+ J Majkrcji2

!o+ W|` chcohr} nr`c jcìl}w wah `nnkmkjd} `n wah RCkik}wr{S `n wah Mhiwrjd

L`~hrichiw ghjdkil |kwa Nkijimh Rjig jgckik}wrjwkì `n wah M`cujikh} Jmw$

:;8>!: `n :;8>+S2

!m+ @ih chcohr nr`c jcìl}w wah `nnkmkjd} `n Rwah _h}hr~h OjibS2 R!g+ nk~h `wahr

chcohr} `n |a`c jw dhj}w warhh }ajdd oh wah |a`dh#wkch chcohr}S W` oh juu`kiwhg

o{ wah mhiwrjd L`~hrichiw)

!?+ Wah lhihrjd }xuhrkiwhighimh$ gkrhmwkì jig cjijlhchiw `n wah jnnjkr} `n wah

O`jrg }ajdd ~h}w ki j O`jrg `n chcohr}$ |akma cj{ hqhrmk}h jdd u`|hr} jig g` jdd

jmw} jig wakil} |akma cj{ oh hqhrmk}hg `r gìh o{ wah O`jrg)

!=+ ]j~h j} `wahr|k}h ghwhrckihg o{ rhlxdjwkì}$ wah Majkrcji }ajdd jd}` aj~h

u`|hr} `n lhihrjd }xuhrkiwhighimh jig gkrhmwkì `n wah jnnjkr} `n wah O`jrg jig

cj{ jd}` hqhrmk}h jdd u`|hr} jig g` jdd jmw} jig wakil} |akma cj{ oh hqhrmk}hg `r

gìh o{ wajw O`jrg)

!7+ Wah Majkrcji jig chcohr} rhnhrrhg w` ki mdjx}h} !j+ jig !g+ `n }xo#}hmwkì

!:+ }ajdd oh juu`kiwhg o{ wah Mhiwrjd L`~hrichiw jig wah chcohr} rhnhrrhg w` ki

mdjx}h} !o+ jig !m+ `n wajw }xo#}hmwkì }ajdd oh i`ckijwhg o{ wah Mhiwrjd

L`~hrichiw jig wah _h}hr~h OjibS rh}uhmwk~hd{)

!8+ Wah Majkrcji jig wah `wahr chcohr} rhnhrrhg w` ki mdjx}h} !j+ jig !g+ `n

}xo#}hmwkì !:+ }ajdd oh uhr}ì} `n jokdkw{$ kiwhlrkw{ jig }wjigkil |a` aj~h }a`|i

mjujmkw{ ki ghjdkil |kwa uròdhc} rhdjwkil w` }hmxrkwkh} cjrbhw `r aj~h }uhmkjd

bi`|dhglh `r hquhrkhimh `n dj|$ nkijimh$ hmì`ckm}$ jmm`xiwjim{$ jgckik}wrjwkì`r ki ji{ `wahr gk}mkudkih |akma$ ki wah ùkikì `n wah Mhiwrjd L`~hrichiw$ }ajdd oh

x}hnxd w` wah O`jrg)


14/57


CHCOH_] @N O@J_G6 J} ì Cjrma ?:$ ?5::!]`xrmh6 ]HOK Jiixjd _hu`rw ::#:?+

Ijch Gh}klijwkì J} uhr

]ark) X)B ]kiaj Majkrcji ]HOKMAJK_CJI !])7!:+!j+ `n wah

]HOK Jmw$ :;;?+

Gr)Wa`cj} Cjwah| F`kiw ]hmrhwjr{$ Ckik}wr{ `n Nkijimh

Chcohr} i`ckijwhg xighr

]hmwkì 7!:+!o+ `n wah ]HOK Jmw$

:;;? !:8 `n :;;?+

]ark)Ij~hhgCj}``g]hmrhwjr{$ Ckik}wr{ `n M`ru`rjwh

Jnnjkr}

Chcohr} i`ckijwhg xighr

]hmwkì 7!:+!o+ `n wah ]HOK Jmw$

:;;? !:8 `n :;;?+

W) ^) C@AJIGJ]

UJK

Gkrhmw`r

Kin`}{} Whmai`d`lkh} DkckwhgOjiljd`rh

Chcohr} juu`kiwhg xighr ]hmwkì

7!:+!g+ `n wah ]HOK Jmw$ :;;? !:8

`n :;;?+

Gr) B)C) Jorjajc \a`dh Wkch Chcohr$ ]HOK


7!:+!g+ `n wah ]HOK Jmw$ :;;? !:8

`n :;;?+

Urj}ajiw ]jrji \a`dh Wkch Chcohr$ ]HOK


7!:+!g+ `n wah ]HOK Jmw$ :;;? !:8

`n :;;?+

C )] )]JA@@ \a`dh Wkch Chcohr$ ]HOKChcohr !])7!:+!g+ `n wah ]HOK

Jmw$ :;;?+

^ )B) FJK_JWA_hwg) Urkimkujd ]hmrhwjr{ !Kigx}wr{+

L`~hrichiw `n Cjajrj}awrjCxcojk


7!:+!g+ `n wah ]HOK Jmw$ :;;? !:8

`n :;;?+

JIJIG ]KIAJ Ghuxw{ L`~hri`r_h}hr~h Ojib `n Kigkj

Chcohr i`ckijwhg xighr ]hmwkì

7!:+!m+ `n wah ]HOK Jmw$ :;;? !:8

`n :;;?+


15/57


NXIMWK@I] JIG U@\H_] @N ]HOK

]hmwkì :: `n wah Jmw Majuwhr K^ akladklaw} wah U`|hr} jig Nximwkì} `n ]HOK

NXIMWK@I] @N ]HOK6 #

Wah ]HOK Jmw$ :;;? aj} hiwrx}whg |kwa w|` nximwkì}$ wah{ jrh

_hlxdjw`r{ nximwkì} Jig Gh~hdùchiwjd nximwkì}J)_hlxdjwkì @n Ox}kih}} Ki Wah ]w`mb Hqmajilh}O)_hlk}wrjwkì jig _hlxdjwkì @n Wah \`rbkil @n Kiwhrchgkjrkh}M)_hlk}wrjwkì jig _hlxdjwkì @n Cxwxjd Nxig}$ ^hiwxrh Mjukwjd Nxig} .

M`ddhmwk~h Ki~h}wchiw ]mahch}

G)Ur`c`wkil . rhlxdjwkil }hdn rhlxdjw`r{ `rljikvjwkì}H) Uràkokwkil nrjxgxdhiw jig xinjkr wrjgh urjmwkmh} ki wah }hmxrkwkh} cjrbhw)N) Uràkokwkì `n ki}kghr wrjgkilL)Ki~h}w`r hgxmjwkì jig wah wrjkikil `n kiwhrchgkjrkh}A)Ki}uhmwkì jig kizxkrkh}K) _hlxdjwkil }xo}wjiwkjd jmzxk}kwkì `n }ajrh} jig wjbh#`~hr}F) Uhrn`rckil }xma nximwkì} jig hqhrmk}kil }xma u`|hr} xighr wah

ur`~k}kì} `n wah ]hmxrkwkh} Mìwrjmw} !_hlxdjwkì+ Jmw$ :;8> j} cj{ oh

ghdhljwhg w` kw o{ Wah Mhiwrjd L`~hrichiw2

B)Dh~{kil nhh} `r `wahr majrlh} n`r mjrr{kil `xw wah uxru`}h} `n wak} }hmwkìD) Mìgxmwkil rh}hjrma n`r wah jo`~h uxru`}h}


16/57


GH^HD@UCHIWJD NXIMWK@I]

J)Ur`c`wkil ki~h}w`r} hgxmjwkìO)Wrjkikil `n kiwhrchgkjrkh}M)Mìgxmwkil rh}hjrma jig uxodk}akil kin`rcjwkì x}hnxd w` jdd cjrbhw

ujrwkmkujiw})

G)Ur`c`wkì `n njkr urjmwkmh}H) Ur`c`wkì `n }hdn rhlxdjw`r{ `rljikvjwkì}

U@\H_] @N ]HOK

J)U`|hr w` mjdd uhrk`gkmjd rhwxri} nr`c rhm`likvhg }w`mb hqmajilh})O)U`|hr w` m`cuhd dk}wkil `n }hmxrkwkh} o{ uxodkm m`cujikh})M)U`|hr w` dh~{ nhh} `r `wahr majrlh} n`r mjrr{kil `xw wah uxru`}h} `n

rhlxdjwkì)

G)U`|hr w` mjdd kin`rcjwkì `r hqudjijwkì nr`c rhm`likvhg }w`mb hqmajilh}`r wahkr chcohr})

H) U`|hr w` lrjiw juur`~jd w` o{hdj|} `n rhm`likvhg }w`mb hqmajilh})N) U`|hr w` mìwr`d jig rhlxdjwh }w`mb hqmajilh})L)U`|hr w` gkrhmw hizxkrkh} w` oh cjgh ki rhdjwkì w` jnnjkr} `n }w`mb

hqmajilh} `r wahkr chcohr})


17/57


A)U`|hr w` cjbh `r jchig o{hdj|} `n rhm`likvhg }w`mb hqmajilh})K) U`|hr w` lrjiw rhlk}wrjwkì w` cjrbhw kiwhrchgkjrkh})F) U`|hr w` ghmdjrh juudkmjokdkw{ `n ]hmwkì :< `n wah ]hmxrkwkh} Mìwrjmw

!_hlxdjwkì+ Jmw :;8>$ ki ji{ ]wjwh `r jrhj$ w` lrjiw dkmhi}h} w` ghjdhr} ki

}hmxrkwkh})


18/57


MJUKWJD CJ_BHW6 #

Wah mjukwjd cjrbhw k} j cjrbhw n`r dìlwhrc nxig} o`wa hzxkw{ jig ghow#jig nxig}

rjk}hg |kwaki jig `xw}kgh `n wah m`xiwr{) Wah urkcjr{ cjrbhw rhnhr} w` wah dìl

whrc nd`| `n nxig} nr`c wah }xrudx} }hmw`r w` wah l`~hrichiw jig m`ru`rjwh }hmw`r

!war`xla urkcjr{ k}}xh}+ jig w` ojib} jig iì#ojib} nkijimkjd kiwhrchgkjrkh}

!war`xla }hmìgjr{ k}}xh}+) J urkcjr{ k}}xh `n wah m`ru`rjwh }hmw`r dhjg} w` mjukwjd

kin`rcjwkì !mrhjwkì `n ihw nkqhg j}}hw} jig kimrhchiwjd majilh ki ki~hiw`rkh}+)

Wah }hmìgjr{ cjrbhw k} j cjrbhw n`r `xw}wjigkil }hmxrkwkh}) Xidkbh urkcjr{ k}}xh}ki wah urkcjr{ cjrbhw |akma rh}xdw ki mjukwjd kin`rcjwkì$ wah }hmìgjr{

cjrbhw njmkdkwjwh} ìd{ dkzxkgkw{ jig cjrbhwjokdkw{ `n `xw}wjigkil ghow jig

hzxkw{ ki}wrxchiw})


19/57


AK]W@_[

Wah ak}w`r{ `n wah mjukwjd cjrbhw ki Kigkj gjwh} ojmb w` wah :1wa mhiwxr{ |ahi Hj}w

Kigkj m`cuji{ }hmxrkwkh} |hrh wrjghg ki wah m`xiwr{) Kw aj} ohhi j dìl f`xrih{ n`r

wah Kigkji mjukwjd cjrbhw) I`| wah mjukwjd cjrbhw k} `rljikvhg$ njkrd{ kiwhlrjwhg$

cjwxrh$ c`rh ldòjd jig c`ghrikvhg) Wah Kigkji hzxkw{ cjrbhw k} ìh `n wah oh}w

ki wah |`rdg ki whrc} `n whmai`d`l{ j} |hdd j} ~jdxh# mxc#~`dxch `n ox}kih}}) @i

=:}wJxlx}w$ ?5:5 `xr Kigkji hzxkw{ }w`mb} w`wjd cjrbhw mjukwjdkvjwkì ~jdxh |j}

jr`xig _})


20/57


\kwa wah kimrhj}hg juudkmjwkì `n kin`rcjwkì whmai`d`l{$ wah wrjgkil udjwn`rc} `n

jdd wah }w`mb hqmajilh} jrh jmmh}}kodh nr`c ji{|ahrh ki wah m`xiwr{ war`xla wahkr

wrjgkil whrckijd})

A`|h~hr$ wah wrjgkil udjwn`rc `n I]H k} jd}` jmmh}}kodh war`xla Kiwhrihw jig

còkdh gh~kmh}) Ki j lh`lrjuakmjdd{ |kgh}urhjg m`xiwr{ dkbh Kigkj$ wak} aj}

}kliknkmjiwd{ hqujighg wah rhjma `n wah hqmajilh} w` wah a`ch} `n `rgkijr{

ki~h}w`r} jig j}}xjlhg wah j}ukrjwkì} `n uhùdh w` aj~h hqmajilh} ki wahkr

~kmkikw{) J} j rh}xdw `n wah rhn`rc}kikwkjwk~h} wjbhi o{ wah L`~hrichiw jig wah

_hlxdjw`r}$ wah cjrbhw ckmr`}wrxmwxrh aj} ohhi rhnkihg jig c`ghrikvhg) Wah

ki~h}wchiw ma`kmh} n`r wah ki~h}w`r} aj~h jd}` or`jghihg)

Wah }hmxrkwkh} cjrbhw c`~hg nr`c W"= }hwwdhchiw uhrk`g} w` W"? r`ddkil

}hwwdhchiw |kwa hnnhmw nr`c Jurkd :$ ?55=) Nxrwahr$ }wrjklaw war`xla ur`mh}}kil aj}

ohhi cjgh cjigjw`r{ n`r jdd ki}wkwxwkìjd wrjgh} hqhmxwhg ì wah }w`mb hqmajilh)

_OK w` }hwwdh kiwhr#ojib wrji}jmwkì} ìdkih jw rhjd wkch c`gh aj} jd}` kiwr`gxmhg

rhjd wkch lr`}} }hwwdhchiw) Wah}h gh~hdùchiw} ki wah }hmxrkwkh} cjrbhw ur`~kgh

wah ihmh}}jr{ kcuhwx} n`r lr`|wa jig gh~hdùchiw$ jig wahrho{ }wrhilwahi wah

hchrlkil cjrbhw hmì`c{ ki Kigkj)


21/57


KCU@_WJIMH @N MJUKWJD CJ_BHW6 #

Wah mjukwjd cjrbhw }hr~h} j ~hr{ x}hnxd uxru`}h o{ u``dkil wah mjukwjd rh}`xrmh} `n

wah m`xiwr{ jig cjbkil wahc j~jkdjodh w` wah hiwhrurk}kil ki~h}w`r} |hdd gh~hdùhgmjukwjd cjrbhw} jxlchiw rh}`xrmh} o{ jwwrjmwkil jig dhigkil nxig} ì wah ldòjd

}mjdh)

J gh~hdùhg mjukwjd cjrbhw mji }`d~h wak} uròdhc `n ujxmkw{ `n nxig}) N`r ji

`rljikvhg mjukwjd cjrbhw mji còkdkvh jig u``d w`lhwahr h~hi wah }cjdd jig

}mjwwhrhg }j~kil} jig jxlchiw wah j~jkdjokdkw{ `n ki~h}wkodh nxig}) \akdh wah rjukg

lr`|wa `n mjukwjd cjrbhw}$ wah lr`|wa `n f`kiw }w`mb ox}kih}} aj} ki kw} wxri

him`xrjlhg wah gh~hdùchiw `n mjukwjd cjrbhw})

J gh~hdùhg mjukwjd cjrbhw ur`~kgh} j ixcohr `n ur`nkwjodh ki~h}wchiw

ùu`rwxikwkh} n`r }cjdd }j~hr})


22/57


_@DH @N ]HOK KI WAH MJUKWJD CJ_BHW6

:) U`|hr w` cjbh rxdh} n`r mìwr`ddkil }w`mb hqmajilh6 #

]HOK aj} u`|hr w` cjbh ih| rxdh} n`r mìwr`ddkil }w`mb hqmajilh ki Kigkj)

N`r hqjcudh$ ]HOK nkqhg wah wkch `n wrjgkil ; JC jig 8 UC ki }w`mb

cjrbhw)

?) W` ur`~kgh dkmhi}h w` ghjdhr} jig or`bhr}6 #

]HOK aj} u`|hr w` ur`~kgh dkmhi}h w` ghjdhr} jig or`bhr} `n mjukwjd cjrbhw)

Kn ]HOK }hh} wajw ji{ nkijimkjd ur`gxmw k} `n mjukwjd ijwxrh$ wahi ]HOK mji

jd}` mìwr`d w` wajw ur`gxmw jig kw} ghjdhr}) @ih `n cjki hqjcudh k} XUKD]

mj}h ]HOK }jkg$ / Kw k} fx}w dkbh cxwxjd nxig} jig jdd ojib} jig nkijimkjd jig

ki}xrjimh m`cujikh} |a` |jiw w` k}}xh kw$ cx}w wjbh uhrck}}kì nr`c

]HOK)/

=) W` ]wù nrjxg ki Mjukwjd Cjrbhw6 #

]HOK aj} cji{ u`|hr} n`r }wùukil nrjxg ki mjukwjd cjrbhw) Kw mji oji ì

wah wrjgkil `n wa`}h or`bhr} |a` jrh ki~`d~hg ki nrjxgxdhiw jig xinjkr wrjghurjmwkmh} rhdjwkil w` }w`mb cjrbhw) Kw mji kcu`}h wah uhijdwkh} ì mjukwjd

cjrbhw kiwhrchgkjrkh} kn wah{ ki~`d~h ki ki}kghr wrjgkil)

7) W` Mìwr`d wah Chrlhr$ Jmzxk}kwkì jig Wjbh`~hr wah m`cujikh}6 #

Cji{ okl m`cujikh} ki Kigkj |jiw w` mrhjwh cìù`d{ ki mjukwjd cjrbhw) ]`$

wah}h m`cujikh} ox{ jdd `wahr m`cujikh} `r ghjd `n chrlkil) ]HOK }hh}

|ahwahr wak} chrlh `r jmzxk}kwkì k} n`r gh~hdùchiw `n ox}kih}} `r w` ajrc

mjukwjd cjrbhw)

8) W` jxgkw wah uhrn`rcjimh `n }w`mb cjrbhw6 #

]HOK x}h} ak} u`|hr} w` jxgkw wah uhrn`rcjimh `n gknnhrhiw Kigkji }w`mb

hqmajilh n`r orkilkil wrji}ujrhim{ ki wah |`rbkil `n }w`mb hqmajilh})


23/57


>) W` cjbh ih| rxdh} ì mjrr{ # n`r|jrg wrji}jmwkì}6 #

]ajrh wrjgkil wrji}jmwkì} mjrr{ n`r|jrg mji i`w hqmhhg ?8( `n or`bhr,}

w`wjd wrji}jmwkì});5 gj{ dkckw n`r mjrr{ n`r|jrg)


24/57


n) Wah }jnhlxjrg} jig wah rk}b ur`whmwkì chmajik}c jgùwhg o{ wah

hqmajilh w` hi}xrh cjrbhw kiwhlrkw{$ ur`whmwkì `n ki~h}w`r} jig

}c``wa jig `rghrd{ wrjgkil)

l) Wah kinrj}wrxmwxrh `n wah hqmajilh jig wah }xr~hkddjimh }{}whc w`

hnnhmwk~hd{ cìkw`r wrjgkil ki }xma mìwrjmw}$ jig

a) Ghwjkd} `n }hwwdhchiw ur`mhgxrh} . }{}whc}

k) Ghwjkd} `n ojmb wh}wkil `n wah cjrlki mjdmxdjwkì n`r j uhrk`g `n ìh

{hjr mì}kghrkil j mjdd jig j uxw ùwkì ì wah xighrd{kil |kwa j ghdwj

`n 5)?8 . #5)?8 rh}uhmwk~hd{ jig jmwxjd ~jdxh `n wah xighrd{kil)

;) W` _hzxkrh rhu`rw `n U`rwn`dk` Cjijlhchiw Jmwk~kwkh}6 #

]HOK aj} jd}` u`|hr w` rhzxkrh rhu`rw `n u`rwn`dk` cjijlhchiw w` mahmb wah

mjukwjd cjrbhw uhrn`rcjimh) _hmhiwd{$ ]HOK }hiw wah dhwwhr w` jdd _hlk}whrhg

U`rwn`dk` Cjijlhr} `n Kigkj n`r ghcjigkil rhu`rw)

:5)W` hgxmjwh wah ki~h}w`r}6 #

Wkch w` wkch$ ]HOK jrrjilh} }mahgxdhg |`rb}aù} w` hgxmjwh wah ki~h}w`r})

@i ?? cj{ ?5:5 ]HOK kcu`}hg |`rb}aù) Kn {`x jrh ki~h}w`r$ {`x mji lhwhgxmjwkì war`xla ]HOK dhjghr} o{ lhwwkil xugjwh kin`rcjwkì ì wak} ujlh)


25/57


U_KCJ_[ CJ_BHW6 #

KIW_@GXMWK@I6 #

Urkcjr{ cjrbhw ur`~kgh} ùu`rwxikw{ w` k}}xhr} `n }hmxrkwkh}$ L`~hrichiw j} |hdd

j} m`ru`rjwh$ w` rjk}h rh}`xrmh} w` chhw wahkr rhzxkrhchiw} `n ki~h}wchiw jig`r

gk}majrlh }`ch òdkljwkì) Wah k}}xhr} mrhjwh jig k}}xh nrh}a }hmxrkwkh} ki

hqmajilh `n nxig} war`xla uxodkm k}}xh} jig`r j} urk~jwh udjmhchiw) Wah{ cj{

k}}xh wah }hmxrkwkh} jw njmh ~jdxh$ `r jw j gk}m`xiwurhckxc jig wah}h }hmxrkwkh} cj{

wjbh j ~jrkhw{ `n n`rc} }xma j} hzxkw{$ ghow `r }`ch a{orkg ki}wrxchiw) Wah{ cj{

k}}xh wah }hmxrkwkh} ki g`ch}wkm cjrbhw jig`r kiwhrijwkìjd cjrbhw war`xla

JG_LG_HMO r`xwh)

]HOK.U_KCJ_[ CJ_BHW6#

Chj}xrh} xighrwjbhi o{ ]HOK6 #

J)Hiwr{ i`rc}

O)Ur`c`whr} mìwrkoxwkì

M)Gk}md`}xrh

G)O``b oxkdgkil

H)Jdd`mjwkì `n }ajrh}

N) Cjrbhw kiwhrchgkjrkh}


26/57


Hiwr{ i`rc}6 #:) Wrjmb rhm`rg `n gk~kghig uj{chiw n`r ckikcxc = {r} urhmhgkil

wah k}}xh)

?) Jdrhjg{ dk}whg m`cujikh} # |ahi u`}w#k}}xh ihw |`rwa ohm`ch}

c`rh waji 8 wkch} wah urh#k}}xh ihw|`rwa)

=) N`r Cjixnjmwxrkil m`cuji{ i`w aj~kil }xma wrjmb rhm`rg

juurjk}h ur`fhmw o{ j uxodkm nkijimkjd ki}wkwxwkì `r j }mahgxdhg

m`cchrmkjd ojib)

7) N`r m`ru`rjwh o`g{ 8 uxodkm }ajrha`dghr} n`r h~hr{ _}): djba `nwah ihw mjukwjd `nnhr cjgh w` wah uxodkm

8) Ojib} ? {r} `n ur`nkwjokdkw{ n`r k}}xh} jo`~h ujr)

@nnhr g`mxchiw} w` m`cujikh})

Ur`c`whr} mìwrkoxwkì6 #:) ]a`xdg i`w oh dh}} waji ?5( `n wah k}}xhg mjukwjd)

?) _hmhk~kil `n ur`c`whr} mìwrkoxwkì)

=) D`mb ki uhrk`g j} uhr ]HOK)

7) Mj}h} `n iì#xighr |rkwwhi uxodkm k}}xh})

Gk}md`}xrh6 #:) Grjnw ur`}uhmwx}

?) Xi jxgkwhg nkijimkjd rh}xdw}


27/57


O``b oxkdgkil6 #:) ]HOK rhm`cchig} w|`#wkhr xighr |rkwkil }{}whc)

?) @ih `n wah c`gh} `n uxodkm k}}xh warx ur`}uhmwx})

=) _`dh `n }{igkmjwh chcohr} jig o``b rxiihr})

7) Ckikcxc =5 mhiwhr})

Jdd`mjwkì `n }ajrh}6#:) Ckikcxc juudkmjwkì `n }ajrh})

?) _h}hr~jwkì n`r }cjdd ki~h}w`r})

=) Jdd`wchiw `n }hmxrkwkh})

Cjrbhw kiwhrchgkjrkh}6#:) Dkmhi}kil `n chrmajiw ojibhr}

?) Dkmhi}kil `n xighr|rkwhr}$ rhlk}wrjr}$ wrji}nhr jlhiw}$ hwm)$

=) Chrmajiw ojibhr} ihw |`rwa _})8 mr`rh}7) ]hlrhljwh nxig oj}hg nr`c nhh oj}hg jmwk~kwkh})


28/57


_`dh `n ]HOK |kwa rh}uhmw w` Uxodkm K}}xh}

Wah ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj !]HOK+ l`~hri wah rxdh}$ rhlxdjwkì}

jig ur`mhgxrh} rhdjwkil w` uxodkm k}}xh} ki Kigkj)

Ji{ m`cuji{ l`kil uxodkm ki Kigkj }a`xdg lhw juur`~jd nr`c ]HOK ohn`rh ùhikil

kw} KU@) K}}xhr m`cuji{,} dhjg cjijlhr} }xockw wah uxodkm k}}xh ur`}uhmwx} w`

]HOK$ ur`~kgh mdjrknkmjwkì$ cjbh majilh} w` wah ur`}uhmwx} }xllh}whg o{ ]HOK

jig lhw kw juur`~h)

Ki }kcudh |`rg} ]HOK ~jdkgjwh wah KU@ ur`}uhmwx} jig cjbh }xrh jdd wah

ghmdjrjwkì cjgh ki wak} g`mxchiw jrh m`rrhmw jig jd}` cjbh }xrh wajw g`mxchiw

aj} hi`xla kin`rcjwkì w` ahdu ki~h}w`r} w` wjbh ghmk}kì ohn`rh juud{kil }ajrh} ki

ji KU@)


29/57


\ajw jrh wah gknnhrhiw bkig} `n K}}xh}0

Urkcjrkd{ k}}xh} mji oh mdj}}knkhg j} j Uxodkm$ _klaw} `r urhnhrhiwkjd k}}xh} !jd}` bi`|i j} urk~jwh

udjmhchiw}+) \ahi uxodkm jig rklaw} k}}xh} ki~`d~h j ghwjkdhg ur`mhgxrh$ urk~jwh udjmhchiw} `r

urhnhrhiwkjd k}}xh} jrh rhdjwk~hd{ }kcudhr) Wah mdj}}knkmjwk`i `n k}}xh} k} kddx}wrjwhg ohd`|2

Uxodkm k}}xh} mji oh nxrwahr mdj}}knkhg kiw` kikwkjd Uxodkm `nnhrkil} jig nxrwahr

uxodkm `nnhrkil) Ki j uxodkm `nnhrkil$ wah k}}xhr cjbh} ji `nnhr n`r ih| ki~h}w`r} w`

hiwhr kw} }ajrha`dgkil njckd{) Wah k}}xhr m`cuji{ cjbh} ghwjkdhg gk}md`}xrh} j}

K}}xh}

Uxodkm_klaw}

Urk~jwhUdjmhchiw

KikwkjdUxodkm@nnhrkil

!n`rxidk}whgm`cujikh}+

Nrh}aK}}xh} @nnhrn`r]jdh

NxrwahrUxodkm@nnhrkil

!N`rdk}whgm`cujikh}+

Urk~jwhUdjmhchiw

!n`rxidk}whg

m`c jikh}

UrhnhrhiwkjdK}}xh

!n`rdk}whg

m`c jikh}

ZxjdknkhgKi}wkwxwk`i}

Udjmhchiw!n`rdk}whg

m`cujikh}+

Nrh}aK}}xh @nnhrn`r}jdh


30/57


uhr wah GKU lxkghdkih} ki kw} `nnhr g`mxchiw jig `nnhr} kw n`r }xo}mrkuwkì) Wah

}kliknkmjiw nhjwxrh} jrh kddx}wrjwhg ohd`|6

Kikwkjd Uxodkm @nnhrkil !KU@+k} |ahi ji xidk}whg m`cuji{ cjbh} hkwahr j nrh}a

k}}xh `n }hmxrkwkh} `r ji `nnhr n`r }jdh `n kw} hqk}wkil }hmxrkwkh} `r o`wa n`r wah nkr}w

wkch w` wah uxodkm) Wak} uj~h} |j{ n`r wah dk}wkil jig wrjgkil `n wah k}}xhr}

}hmxrkwkh})

J Nxrwahr Uxodkm @nnhrkil !NU@+k} |ahi jdrhjg{ dk}whg m`cuji{ cjbh} hkwahr j

nrh}a k}}xh `n }hmxrkwkh} w` wah uxodkm `r ji `nnhr n`r }jdh w` wah uxodkm$ wa`xla ji

`nnhr g`mxchiw) Ji `nnhr n`r }jdh k} }xma }mhijrk` k} jdd`|hg ìd{ kn kw k} cjgh w`

}jwk}n{ dk}wkil `r mìwkix`x} dk}wkil òdkljwkì})

_klaw} K}}xh !_K+k} |ahi j dk}whg m`cuji{ |akma urù`}h} w` k}}xh nrh}a }hmxrkwkh}

w` kw} hqk}wkil }ajrha`dghr} j} ì j rhm`rg gjwh) Wah rklaw} jrh i`rcjdd{ `nnhrhg ki j

ujrwkmxdjr rjwk` w` wah ixcohr `n }hmxrkwkh} ahdg urk`r w` wah k}}xh) Wak} r`xwh k} oh}w

}xkwhg n`r wah m`cujikh} |a` |`xdg dkbh w` rjk}h mjukwjd |kwa`xw gkdxwkil }wjbh `n

kw} hqk}wkil }ajrha`dghr xidh}} wah{ g` i`w kiwhig w` }xo}mrkoh w` wahkr hiwkwdhchiw})

J urk~jwh udjmhchiw k} ji k}}xh `n }ajrh} `r `n mì~hrwkodh }hmxrkwkh} o{ j

m`cuji{ w` j }hdhmwhg lr`xu `n uhr}ì} xighr }hmwkì 1: `n wah m`cujikh} Jmw$

:;8>$ |akma k} ihkwahr j rklaw k}}xh i`r j uxodkm k}}xh) Wak} k} j nj}whr |j{ n`r j

m`cuji{ w` rjk}h hzxkw{ mjukwjd)

J urk~jwh udjmhchiw `n }ajrh `r `n mì~hrwkodh }hmxrkwkh} o{ j dk}whg m`cuji{ k}

lhihrjdd{ bi`|i o{ ijch `nurhnhrhiwkjd jdd`wchiw) J dk}whg m`cuji{ l`kil n`r

urhnhrhiwkjd jdd`wchiw aj} w` m`cud{ |kwa wah rhzxkrhchiw} mìwjkihg ki Majuwhr

Qddd `n ]HOK !GKU+ Lxkghdkih} uhrwjkikil w` urhnhrhiwkjd jdd`wchiw ki ]HOK !GKU+

lxkghdkih} |akma kiwhr#jdkj kimdxgh urkmkil gk}md`}xrh} ki i`wkmh hwm$ ki jggkwkì w`

wah rhzxkrhchiw} }uhmknkhg ki wah M`cujikh} Jmw)


31/57


J Zxjdknkhg Ki}wkwxwkì} Udjmhchiwk} j urk~jwh udjmhchiw `n hzxkw{ }ajrh} `r

}hmxrkwkh} mì~hrwkodh ki w` hzxkw{ }ajrh} o{ dk}whg m`cuji{ w` zxjdknkhg ki}wkwxwkì}

Ox{hr} ìd{ ki whrc} `n ur`~k}kì `n majuwhr QdddJ `n ]HOK !GKU+ lxkghdkih}) Wah

Majuwhr mìwjki} ur`~k}kì rhdjwkil w` urkmkil$ gk}md`}xrh}$ mxrrhim{ `n ki}wrxchiw}

hwm)


32/57


]HM@IGJ_[ CJ_BHW

KIW_@GXMWK@I

]hmìgjr{ cjrbhw k} wah udjmh n`r }jdh jig uxrmaj}h `n hqk}wkil }hmxrkwkh}) Kw

hijodh} ji ki~h}w`r w` jgfx}w ak} a`dgkil} `n }hmxrkwkh} ki rh}uì}h w` majilh} ki ak}

j}}h}}chiw jo`xw rk}b jig rhwxri) Kw jd}` hijodh} akc w` }hdd }hmxrkwkh} n`r mj}a w`

chhw ak} dkzxkgkw{ ihhg}) Kw h}}hiwkjdd{ m`curk}h} `n wah }w`mb hqmajilh}$ |akma

ur`~kgh udjwn`rc n`r wrjgkil `n }hmxrkwkh} jig j a`}w `n kiwhrchgkjrkh} |a` j}}k}w kiwrjgkil `n }hmxrkwkh} jig mdhjrkil jig }hwwdhchiw `n wrjgh}) Wah }hmxrkwkh} jrh

wrjghg$ mdhjrhg jig }hwwdhg j} uhr urh}mrkohg rhlxdjw`r{ nrjch|`rb xighr wah

}xuhr~k}kì `n wah Hqmajilh} jig `~hr}klaw `n ]HOK)

DK]WKIL @N ]HMX_KWKH]6 #

Dk}wkil chji} jgck}}kì `n }hmxrkwkh} `n ji k}}xhr w` wrjgkil urk~kdhlh} ì j }w`mb

hqmajilh war`xla j n`rcjd jlrhhchiw) Wah urkch òfhmwk~h `n jgck}}kì w`

ghjdkil} ì wah Hqmajilh k} w` ur`~kgh dkzxkgkw{ jig cjrbhwjokdkw{ w` }hmxrkwkh}$ j}

jd}` w` ur`~kgh j chmajik}c n`r hnnhmwk~h cjijlhchiw `n wrjgkil)


33/57


]HOK.]HM@IGJ_[ CJ_BHW6

_hn`rc} ki wah }hmìgjr{ cjrbhw6 #

J)L`~hrikil o`jrg

O)Kinrj}wrxmwxrh

M)]hwwdhchiw . mdhjrkil

G)Ghow cjrbhw

H)Urkmh }wjokdkvjwkì

N) Ghdk}wkilL)Or`bhr}

A)Ki}kghr Wrjgkil

L`~hrikil o`jrg:) Or`bhr} jig iì#or`bhr} rhurh}hiwjwkì cjgh 85685

?) >5( `n or`bhr} ki jrokwrjwkì$ gk}mkudkijr{ . ghnjxdw m`cckwwhh}=) N`r wrjgkil chcohr} 75( rhurh}hiwjwkì

Kinrj}wrxmwxrh:) @i#dkih }mrhhi oj}hg wrjgkil whrckijd}

]hwwdhchiw . mdhjrkil:) \hhbd{ }hwwdhchiw}

?) Jxmwkì} n`r iì#ghdk~hrhg }ajrh} |kwaki 15 gj{} `n }hwwdhchiw

=) Jg~kmh w` }hw xu mdhjrkil a`x}h}$ mdhjrkil m`ru`rjwkì `r }hwwdhchiw

lxjrjiwhh nxig)

7) \jrha`x}kil njmkdkwkh} uhrckwwhg o{ ]HOK)


34/57


Ghow cjrbhw }hlchiw:) _hlxdjwh} warx ]HOK !ghu`}kw`r{ . ujrwkmkujiw}+ rhlxdjwkì Jmw

:;;>)

?) Dk}wkil `n ghow ki}wrxchiw}

=) Ki~h}wchiw) _jilh n`r NKK}

7) Gxjd rjwkil n`r jo`~h _})855 ckddkì

Urkmh }wjokdkvjwkì:) Gk~k}kì w` cìkw`r wah xix}xjd c`~hchiw} ki urkmh})

?) Cìkw`r urkmh} `n ih|d{ dk}whg }mrku nr`c wah nkr}w gj{ `n wrjgkil)

=) Mkrmxkw orhjbhr }{}whc jig `wahr cìkw`rkil rh}wrkmwkì} m`xdg oh

juudkhg

7) Kcu`}kil `n }uhmkjd cjrlki} `n ?8( ì uxrmaj}h ki jggkwkì w`

rhlxdjr cjrlki)

8) Urkmh nkdwhr}

>) Urkmh ojig}

Ghdk}wkil:) @i ~`dxiwjr{ gh#dk}wkil nr`c rhlkìjd }w`mb hqmajilh} ox{ `nnhr

w` jdd }ajrh a`dghr}

?) Ur`c`whr} w` ox{ `r jrrjilh ox{hr} n`r wah }hmxrkwkh}

=) = {r} dk}wkil nhh} nr`c m`cujikh} jig oh bhuw ki H}mr`| Jm |kwa

wah }w`mb hqmajilh)


35/57


]HOK . MHIW_JD L@^W

Wah Mhiwrjd L`~hrichiw aj} u`|hr w` k}}xh gkrhmwkì} w` ]HOK O`jrg$}xuhr}hgh wah O`jrg$ kn ihmh}}jr{ jig w` mjdd n`r rhwxri} jig rhu`rw} j} jig |ahi

ihmh}}jr{) Wah Mhiwrjd L`~hrichiw aj} jd}` u`|hr w` lk~h ji{ lxkghdkih `r w`

cjbh rhlxdjwkì} jig rxdh} n`r ]HOK jig kw} ùhrjwkì})

Wah jmwk~kwkh} `n ]HOK jrh nkijimhg o{ lrjiw} nr`c Mhiwrjd L`~hrichiw$ kijggkwkì w` nhh}$ majrlh} hwm) m`ddhmwhg o{ ]HOK) Wah nxig mjddhg ]HOK Lhihrjd

Nxig k} }hw xu$ w` |akma$ jdd nhh}$ majrlh} jig lrjiw} jrh mrhgkwhg) Wak} nxig k}x}hg w` chhw wah hquhi}h} `n wah O`jrg jig w` uj{ }jdjr{ `n }wjnn jig chcohr}

`n wah o`g{)


36/57


]HOK jig NKK}

Xikì L`~w) jdd`|hg#:) N`rhkli Ki}wkwxwkìjd Ki~h}w`r} !NKK}+

?)Iì#_h}kghiw Kigkji} !I_K}+$ jig

=) Uhr}ì} `n Kigkji @rklki !UK@}+

W` hiwhr kiw` o`wa Urkcjr{ . ]hmìgjr{ cjrbhw ki Kigkj war`xla wah u`rwn`dk`

ki~h}wchiw }mahch !UK]+$ xighr dkohrjdkvhg u`dkm{ rhlkch) Xighr wak} }mahch$NKK}I_K} mji jmzxkrh }ajrh}ghohiwxrh} `n Kigkji m`cujikh} war`xla wah }w`mb

hqmajilh} ki Kigkj)

Kcudkmjwkì}6 #:) Jnnhmw} wah }hi}hq c`~hchiw}

?) Ghwhrckih} wah cjrbhw kigkmjwkì}

=) Lxkghdkih} jii`ximhg ki :;;?

7) Ki :;;=$ :? NKK} l`w rhlk}whrhg

8) Jw wah hig `n :;;>#;) Mji wrjgh ki }hmxrkwkh} `n dk}whg m`cujikh} kimdxgkil @WMHK)

Wah mhkdkil n`r `~hrjdd ki~h}wchiw n`r NKK}6#:) ?7( `n wah ujkg xu mjukwjd `n wah Kigkji m`cuji{

?) :5( n`r I_K}UK@})

=) ?5( `n wah ujkg xu mjukwjd ki wah mj}h `n uxodkm }hmw`r ojib}$

kimdxgkil wah ]wjwh Ojib `n Kigkj)


37/57


C`gknkmjwkì} ki mhkdkil}6#:) Wah mhkdkil `n ?7 ( n`r NKK ki~h}wchiw mji oh rjk}hg xu w` }hmw`rjd

mju}wjwxw`r{ mhkdkil$ }xofhmw w` wah juur`~jd `n wah o`jrg jig wah

lhihrjd o`g{ `n wah m`cuji{ uj}}kil j }uhmkjd rh}`dxwkì w` wajw

hnnhmw)

?) Wah mhkdkil `n :5 ( n`r I_K}UK@} mji oh rjk}hg w` ?7( }xofhmw w` wah

juur`~jd `n wah lhihrjd o`g{ `n wah m`cuji{ uj}}kil j rh}`dxwkì w`

wajw hnnhmw)

Cìkw`rkil N`rhkli Ki~h}wchiw}6 #:) Wah _h}hr~h Ojib `n Kigkj cìkw`r} wah mhkdkil} ì NKKI_KUK@

ki~h}wchiw} ki Kigkji m`cujikh} ì j gjkd{ oj}k})

?) N`r hnnhmwk~h cìkw`rkil `n n`rhkli ki~h}wchiw mhkdkil dkckw}$ wah

_h}hr~h Ojib aj} nkqhg mxw#`nn u`kiw} wajw jrh w|` uhrmhiwjlh u`kiw}

d`|hr waji wah jmwxjd mhkdkil})

]HOK lxkghdkih} n`r NKK}6 #:) Jmm`rgkil w` wah :;;8 rhlxdjwkì}$ NKK} }a`xdg a`dg mhrwknkmjwh lrjiwhg

o{ ]HOK w` wrjgh ki Kigkji }w`mb cjrbhw)W` lrjiw wah mhrwknkmjwh wah

juudkmjiw }a`xdg j+ Aj~h wrjmb rhm`rg$ ur`nh}}kìjd . m`cuhwhimh rhm`rg$ nkijimkjd

}`xigih}} lhihrjd rhuxwjwkì `n njkrih}} jig kiwhlrkw{)

o+_hlxdjwhg o{ ji juurùrkjwh n`rhkli rhlxdjw`r{ jxwa`rkw{)

m+ Uhrck}}kì xighr wah ur`~k}kì} `n NH_J Jmw :;+


38/57


^jdkg xu w` 8 {r})


39/57


JCHIGCHIW]

:) Jchigchiw} w` wah ]HOK6 #

!K}}xh `n mjukwjd jig gk}md`}xrh rhzxkrhchiw+ _hlxdjwkì$ ?55;

]HOK !K}}xh `n mjukwjd jig gk}md`}xrh rhzxkrhchiw+ _hlxdjwkì$ ?55; |hrh

jchighg ì Jurkd :=$ ?5:5) Wah kcu`rwjiw majilh} cjgh o{ wak}

jchigchiw jrh j} n`dd`|}6

j) Nhh} n`r nkdkil grjnw dhwwhr `n `nnhr ki rklaw k}}xh} aj~h ohhi

rjwkìjdkvhg)

o) Jdd w{uh} `n ki~h}w`r} kimdxgkil zxjdknkhg w` orkil ki :55 uhrmhiw `n

wah juudkmjwkì cìh{ j} cjrlki jdìl |kwa wah juudkmjwkì n`r

}hmxrkwkh} ki uxodkm

m) _h}hr~jwkì n`r hcud`{hh} ki uxodkmrklaw} k}}xh} aj~h ohhi cjgh

j~jkdjodh w` hcud`{hh `n }xo}kgkjrkh} jig cjwhrkjd j}}`mkjwh} `n wah

k}}xhr |a`}h nkijimkjd }wjwhchiw} k} mì}`dkgjwhg |kwa k}}xhr}

nkijimkjd }wjwhchiw}) Jd}`$ j} rhljrg w` rh}hr~jwkì cjgh o{ k}}xhr ìm`cuhwkwk~h oj}k}$ wah }jch mji oh gìh ki wah mj}h `n j ih| k}}xhr$ w`

uhr}ì} |a` jrh ki wah uhrcjihiw jig nxdd wkch hcud`{chiw `n wah

ur`c`wkil m`cujikh} hqmdxgkil wah ur`c`whr} jig kcchgkjwh

rhdjwk~h} `n wah ur`c`whr `n }xma m`cujikh})


40/57


?) Jchigchiw} w` wah ]HOK6 #

!K}}xh `n Mjukwjd jig Gk}md`}xrh _hzxkrhchiw+ _hlxdjwkì}$ ?55;

]HOK!K}}xh `n Mjukwjd jig Gk}md`}xrh _hzxkrhchiw+ _hlxdjwkì} ?55; |hrh

jchighg ì I`~hcohr :?$ ?5:5) Wah kcu`rwjiw majilh} cjgh o{ wak}jchigchiw jrh j} n`dd`|}6

j) J gkrhmw`r }ajdd gk}md`}h ki wah `nnhr g`mxchiw wah ghwjkd} `n

gkrhmw`r}aku kn ji{$ `n wah m`cujikh} |a`}h }ajrh} aj~h ohhi|hrh

}x}uhighg nr`c wrjgkil$ n`r c`rh waji warhh cìwa} o{ j }w`mb

hqmajilh ki wah nk~h {hjr} uhrk`g urhmhgkil wah gjwh `n nkdkil wah grjnw

`nnhr g`mxchiw) ]xma gk}md`}xrh k} jd}` w` oh cjgh o{ wah gkrhmw`r `nwah m`cujikh} |a`}h }ajrh} |hrh ghdk}whg |ahi ah |j} gkrhmw`r `n

}xma ghdk}whg m`cujikh})

o) Ki}xrjimh nxig} }hw xu o{ wah ghujrwchiw `n u`}w dknh ki}xrjimh nxig

jig rxrjd u`}wjd dknh ki}xrjimh nxig jrh jmm`rghg }wjwx} `n j zxjdknkhg

ki}wkwxwkì} ox{hr !ZKO+)

m) Wah ihhg w` cjbh uxodkm jii`ximhchiw o{ k}}xhr} ì wah }jch gj{ `r

wah ihqw gj{ jnwhr nkdkil grjnw `nnhr g`mxchiw |kwa ]HOK)

g) Ki mj}h `r urhnhrhiwkjd k}}xh} |ahrh ji{ ur`c`whr `r ji{ ur`c`whr

lr`xu hiwkw{ aj} urh~k`x}d{ }xo}mrkohg w` wah |jrrjiw} `n wah m`cuji{

oxw njkdhg w` hqmk}h wah |jrrjiw}$ wah ur`c`whr} jig ur`c`whr lr`xu

}ajdd oh kihdklkodh n`r k}}xh `n hzxkw{ }ajrh} `r mì~hrwkodh }hmxrkwkh}

`r |jrrjiw} n`r j uhrk`g `n ìh {hjr nr`c wah gjwh `n hqukr{ `n wah

mxrrhim{mjimhddjwkì `n wah |jrrjiw})

h) Chrmajiw ojibhr} jrh w` }xockw j m`cudkjimh mhrwknkmjwh j} w` |ahwahr

wah mìwhiw `n wah ih| rhu`rw} `n wah ih| rhu`rwwajw juuhjr} jnwhr

nkdkil `n grjnw `nnhr g`mxchiw)


41/57


n) @id{ ìh uj{chiw ùwkì w` oh lk~hi w` ki~h}w`r} k)h) hkwahr ujrw

uj{chiw ì juudkmjwkì |kwa ojdjimh cìh{ w` oh ujkg ki mjdd}$ `r nxdd

uj{chiw ì juudkmjwkì)

l) Dkckw ì rhwjkd kigk~kgxjd ki~h}w`r juudkmjwkì kimrhj}hg nr`c

:$55$555# w` ?$55$555# jmr`}} jdd uxodkm k}}xh})

a) M`cujikh} jrh cjigjwhg w` aj~h j urhjii`ximhg nkqhg uj{ gjwh n`r

wah uj{chiw `n gk~kghig} jig n`r mrhgkw `n oìx} }ajrh})

=) Jchigchiw} w` wah ]HOK

!Chrmajiw Ojibhr}+ _hlxdjwkì}$ :;;?

O{ ]HOK!K}}xh `n mjukwjd jig gk}md`}xrh rhzxkrhchiw+ !Wakrg Jchigchiw}+

_hlxdjwkì}$ ?5:5 Majuwhr QJ |j} ki}hrwhg |akma urh}mrkohg ur`mhgxrh} n`r

k}}xjimh `n }uhmknkhg }hmxrkwkh} o{ }cjdd jig chgkxc hiwhrurk}h !]CH}+) O{

wak} jchigchiw$ chrmajiw ojibhr} |hrh hijodkil w` cjrbhw cjbkil ki

jmm`rgjimh |kwa Majuwhr QJ `n ]HOK !K}}xh `n mjukwjd jig gk}md`}xrh

rhzxkrhchiw}+ rhlxdjwkì}$ ?55;) Nxrwahr$ wah chrmajiw ojibhr$ jdìh `r

f`kiwd{ j}}`mkjwhg |kwa wah k}}xh$ k} rhzxkrhg w` xighr|rkwh jw dhj}w :8 uhrmhiw

`n wah k}}xh }kvh)


42/57


M@I]HIW @_GH_6 #

]HOK aj} or`xlaw wah mìmhuw `n mì}hiw `rghrm`cu`xigkil `n `nnhimh kiw` n`rmh

n`r rh}`d~kil wah gk}uxwh} ki }c``wahr cjiihr war`xla ihl`wkjwkì jig gk}mx}}kì}

ki}whjg `n dhilwa{ dkwkljwkì})

Mì}hiw `rghr chji} ji `rghr }hwwdkil jgckik}wrjwk~h `r mk~kd ur`mhhgkil} ohw|hhi

wah rhlxdjw`r{ jig j uhr}ì !ujrw{+ |a` cj{ urkcj njmkh oh n`xig w` aj~h ~k`djwhg

}hmxrkwkh} dj|}) Ahrh$ jgckik}wrjwkì}mk~kd hin`rmhchiw jmwkì} kimdxgh k}}xkil

gkrhmwkì}$ }x}uhi}kì} `r mjimhddjwkì} `n mhrwknkmjwh `n rhlk}wrjwkì$ kcu`}kwkì `n

cìhwjr{ uhijdw{$ uxr}xkil }xkw} jig juuhjd} ki m`xrw jig }hmxrkwkh} juuhddjwhwrkoxijd !]JW+) Kw cj{ }hwwdh jdd k}}xh} `r mdjkc} jrh ohkil rh}hr~hg) Mì}hiw `rghr

ur`~kgh} ndhqkokdkw{ `n |kghr jrrj{ `n hin`rmhchiw jig rhchgkjd jmwkì}$ |akma |kdd

jmakh~h wah w|ki l`jd} `n ji juurùrkjwh }jimwkì$ rhchg{ jig ghwhrrhimh |kwa`xw

rh}`rwkil w` dkwkljwkì$ dhilwa ur`mhhgkil} jig mì}hzxhiw ghdj{})

M`cu`xigkil `n `nnhimh mji wjbh udjmh jnwhr nkdkil mrkckijd m`cudjkiw o{ ]HOK)

M`cu`xigkil k} j ur`mh}} |ahrho{ ji jmmx}hg uj{} m`cu`xigkil majrlh} ki dkhx`n xighrl`kil mì}hzxhimh} `n ur`}hmxwkì) Ur`}hmxwkì kimdxgh} nkdkil `n mrkckijd

m`cudjkiw} ohn`rh ~jrk`x} mrkckijd m`xrw} o{ ]HOK n`r ~k`djwkì `n ur`~k}kì `n

}hmxrkw{ dj|}$ |akma cj{ dhjg w` kcurk}ìchiw jig`r nkih) M`cu`xigkil `n

`nnhimh jdd`|} wah jmmx}hg w` j~`kg j dhilwa{ ur`mh}} `n mrkckijd ur`}hmxwkì$

|akma |`xdg }j~h m`}w$ wkch$ chiwjd jlì{$ hwm ki rhwxri n`r uj{chiw `n

m`cu`xigkil majrlh}


43/57


Mj}h }wxg{6

Gr) \HDDCJI] A@C@H@UJWAKM DJO@_JW@_[ DKCKWHG

!M@I]HIW JUUDKMJWK@I I@) ?:77/?5:5+

:) Gr) \hddcji} A`c`hùjwakm Djo`rjw`r{ Dkckwhg !ahrhkijnwhr rhnhrrhg w`

j} wah juudkmjiw+ aj~kil kw} rhlk}whrhg `nnkmh jw J # ?=$ Cjigjbkik Himdj~h$

Jdjbijigj L B#KK$ Ih| Ghdak ::55:; ~`dxiwjrkd{ nkdhg ji juudkmjwkì n`r

mì}hiw$ ~kgh dhwwhr gjwhg @mwòhr 58$ ?5:5 ki whrc} `n wah ]HOK Mkrmxdjr

I`) HNGHGMkr#:?55< gjwhg Jurkd ?5$ ?55+ `n wah

]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj !Uràkokwkì `n Ki}kghr Wrjgkil+

_hlxdjwkì}$ :;;? !ahrhkijnwhr rhnhrrhg w` j} wah _hlxdjwkì}+ n`r wah {hjr} :;;>$

?55; jig ?5:5)

?) Wah juudkmjiw$ aj} }xockwwhg wajw n`r wah {hjr} :;;>$ :;;+ `n wah

_hlxdjwkì} |kwa ghdj{} rjilkil nr`c :1? gj{} w`

8?:< gj{})

=) Wah juudkmjiw$ ~kgh dhwwhr gjwhg Ghmhcohr ??$ ?5:5 aj} urù`}hg wah rh~k}hg

mì}hiw whrc} w` }hwwdh wah }jkg ghdj{ ki m`cudkjimh ì uj{chiw `n e=$>5$555#

!_xuhh} Warhh Djba jig ]kqw{ Wa`x}jig @id{+ w`|jrg} }hwwdhchiw majrlh})

7) Wah Akla U`|hrhg Jg~k}`r{ M`cckwwhh$ mì}wkwxwhg o{ ]HOK$ mì}kghrhg wahmì}hiw whrc} urù`}hg o{ wah juudkmjiw$ ~kgh dhwwhr gjwhg Ghmhcohr

??$ ?5:5 jig rhm`cchighg wah mj}h n`r }hwwdhchiw ì uj{chiw `n =$>5$555#

!_xuhh} Warhh Djba jig ]kqw{ Wa`x}jig @id{+ w`|jrg} }hwwdhchiw majrlh}) ]HOK

jmmhuwhg wah }jkg rhm`cchigjwkì} `n wah M`cckwwhh jig m`ccxikmjwhg wah }jch

w` wah juudkmjiw$ ~kgh dhwwhr gjwhg


44/57


Cjrma :=$ ?5:?)

8) Jmm`rgkild{$ wah juudkmjiw$ ~kgh ghcjig grjnw i`) :?>51? gjwhg

Cjrma :;$ ?5:? grj|i ì Jqk} Ojib Dwg)$ I@KGJ jig uj{jodh jw Cxcojk$

rhckwwhg j }xc `n e=$>5$555# !_xuhh} Warhh Djba jig ]kqw{ Wa`x}jig @id{+w`|jrg} wah }hwwdhchiw majrlh})

>) Ki ~kh| `n wah jo`~h$ wah }jkg ghdj{ ki m`cudkjimh `n wah ur`~k}kì} `n

rhlxdjwkì :=!>+ `n wah _hlxdjwkì}$ j} hixchrjwhg ki wah jn`rhchiwkìhg mì}hiw

juudkmjwkì$ k} }hwwdhg j} uhr jo`~h mì}hiw whrc} jig wah

]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj }ajdd i`w kikwkjwh ji{ hin`rmhchiw jmwkì

jljki}w wah juudkmjiw n`r wah }jkg ghdj{ ki m`cudkjimh)


45/57


JG^JIWJLH] @N ]HOK

J)Kw ur`c`wh} ahjdwa{ jig `rghrd{ lr`|wa `n }hmxrkwkh} cjrbhw jig ur`whmw}

ki~h}w`r})

O)Kw ahdu} ki cjkiwjkikil }whg{ nd`| `n }j~kil} kiw` mjukwjd cjrbhw)

M)Kw ahdu} ki rhlxdjwkil }hmxrkw{ cjrbhw jig hi}xrh} njkr urjmwkmh o{ k}}xhr} w`

ahdu wahc rjk} rh}`xrmh} jw ckikcxc m`}w)

G)Kw ur`c`wh} hnnkmkhiw }hr~kmh} o{ or`bhr}$ chrmajiw ojibhr} jig `wahr

kiwhrchgkjrkh} w` cjbh wahc ur`nh}}kìjd jig m`cuhwkwk~h)

H)Kw ahdu} jig mìwrkoxwh} ki ur`c`wkil ki~h}w`r hgxmjwkì$ wrjkikil `nkiwhrchgkjrkh} jig kw mìgxmw} rh}hjrma jig ur`~kgh kin`rcjwkì w` cjrbhw

ujrwkmkujiw})

N) ]HOK ùhrjwhg w` gh~hdù wah mjukwjd cjrbhw)

DKCKWJWK@I] @N ]HOK

J)I` ghiw ì urkmh cjikuxdjwkì)

O)U``r rjwh `n mì~kmwkì jig ~hr{ nh| mj}h} `n hqhcudjr{ uhijd jmwkì)

M)I` gxh ur`mh}} n`r nrjckilmajilkil rhlxdjwkì})

G)\jbkil xu w` wr`xodh }u`w} w`` djwh ki wah gj{)

H)Wxrikil j odkig h{h ki oxddk}a cjrbhw)

N) Kcudhchiwjwkì `n hqk}wkil gk}md`}xrh i`rc} kijghzxjwh)

L)I` |jrikil ì X]#>7$ CKU}$ m`ddhmwk~h ki~h}wchiw jig nkijimh }mahch}

A)_hlxdjw`r{ okj} w`|jrg} m`ru`rjwh }hmw`r jig djrlh ki~h}w`r})

K) Kigkmjwkì} `n hqwrjih`x} urh}}xrh}$ kimdxgkil l`~hrichiw)

F) I` gk}md`}xrh i`rc} n`r chrlhr}$ ghchrlhr}$ j}}hw }hdd#`nn}$ kiwhr#m`ru`rjwh

wrji}jmwkì})


46/57


Wah ]w`r{ `n W|` ]mjc}

Wah }w`r{ k} zxkwh }kckdjr) @id{ wah }wjrmj}w aj} majilhg) Ki wah :;;? }mjc$ kw |j}

Ajr}ajg Chawj$ i`| kw} Bhwji Ujrhba)

O`wa jrh okl Oxdd})

O`wa Oxdd} x}hg w` ox{ }w`mb} jw r`mb#o`ww`c urkmh} jig wahi ux}a kw xu)

Jdwa`xla o`wa jrh `n Lxfjrjwk `rklki$ Bhwji Ujrhba ohdìl w` j njckd{ |ahrh ak}

njwahr jig lrjignjwahr |hrh jd}` wrjghr} ki wah }w`mb cjrbhw$ oxw Ajr}ajg Chawj

ajg i` }xma ojmblr`xig)

Ajr}ajg Chawj |j} ~hr{ cxma chgkj }j~~{ |akdh BU bhuw j|j{ nr`c chgkj

uxodkmkw{ gh}ukwh ak} okl ki~h}wchiw} ki chgkj m`cujikh} kimdxgkil

JckwjoaOjmamajic M`ru`rjwkì$ Cxbwj Jrw}$ Wku} Kigx}wrkh}$ Urkwk}aIjig{

M`ccxikmjwkì}$ Ckg#Gj{$ Vhh Whdhnkdc}$ Mrh}w M`ccxikmjwkì$ Uhiwj Chgkj

Lrjuakm} jig W^ :1 Kigkj)

Ki o`wa wah}h }mjc}$ ojib} |hrh ki~`d~hg)

Ki wah Ajr}ajg Chawj }mjc$ wah mìwr`~hr}{ |j} rhdjwhg w` ojibhr} rhmhkuw}$

|akdh kw |j} uj{ `rghr ki wah Bhwji Ujrhba }mjc)

Ki o`wa wah}h }mjc}$ ur`c`whr} `n m`cujikh} jig mhrwjki md`}h mrìkh} |hrh

ki~`d~hg)

Ajr}ajg ùhrjwhg war`xla j md`}h ihw|`rb `n or`bhr} |akdh Bhwji ajg j |kghr

ihw|`rb `n or`bhr}$ h~hi wa`}h d`mjwhg ki Mjdmxwwj)

Ki wah Aj}ajg Chawj }mjc$ n`rhkli ojib} kimdxgkil Mkwkojib$ ]wjigjrg Majrwhrhg

jig JIV Lrkigdj{} |hrh ki~`d~hg) Ki wah Bhwji Ujrhba }mjc$ n`rhkli ki}wkwxwkìjd

ki~h}w`r} kimdxgkil Mrhgkw ]xk}}h Nkr}w O`}wì jig FC C`rlji ]wjidh{ jrh

ki~`d~hg)

O`wa wah}h }mjc} `mmxrrhg ki }ukwh `n urh}himh `n ]HOK)


47/57


Ki wah mj}h `n Ajr}ajg Chawj }mjc$ wah ]wjwh Ojib `n Kigkj }xnnhrhg wah d`}} `n

_}) >>5 mr`rh |akdh Bhwji Ujrhba `|h} jr`xig _} :=5 mr`rh w` wah Ojib `n Kigkj)

Nj~`rkwh }w`mb} `n Ajr}ajg Chawj |hrh @dg Hmì`c{ }w`mb} }xma j} JMM$

Ju`dd` W{rh}$ _hdkjimh jig Wk}m`) \akdh Bhwji Ujrhba$ |j} udj{kil |kwa Ih|

Hmì`c{ }w`mb} }xma j} ANMD$ Jnwhb Kin`}{}$ Ldòjd Wrx}w Ojib jig Uhiwj}`nw)

Jnwhr wah }mjc$ Ajr}ajg Chawj |j} i`w dhljdd{ jdd`|hg w` wrjgh oxw ah mjrrkhg `xw

wrjgkil war`xla ak} nrìw m`cujikh}) @ih g`h} i`w bi`| {hw wah njwh `n Bhwji

Ujrhba)

J FUM uròh |j} `rghrhg kiw` Ajr}ajg Chawj }mjc o{ wah wahi l`~hrichiw)

I`| ji`wahr FUM |kdd uròh kiw` BU }mjc) Wah FUM rhu`rw ì Ajr}ajg Chawj

}mjc k} ljwahrkil gx}w2 ìh g`h} i`w bi`| wah njwh `n wak} FUM rhu`rw)

Wah `nnkmkjd rh}uì}h6 o`dwkil wah }wjodh g``r} jnwhr wah a`r}h} aj} ndhg6

]chddkil ghdkohrjwh urkmh rkllkil$ wah Ckik}wr{ `n Nkijimh j}bhg wah ]HOK w`

djxima ki~h}wkljwkì} kiw` wah cjwwhr) Wah ]HOK k} ki~h}wkljwkil wah o``b} `n }`ch

?5 okl udj{hr} w` nkig `xw |ahwahr xi|jrrjiwhg ghjd} |hrh mjrrkhg `xw) J} wah ih|}

`n aklahr hqu`}xrh `n urk~jwh ojib} jig m`ùhrjwk~h ojib} w` }w`mb cjrbhw} mjch

w` dklaw$ wah _OK jd}` kikwkjwhg ujrjddhd ki~h}wkljwkì})


48/57


Jnwhr wah cjrbhw mrj}a$ wah ]HOK aj} djximahg j }hrkh} `n chj}xrh}

w` ajdw wah ghmdkih ki wah nkijimkjd cjrbhw}) ]`ch `n wah chj}xrh}

jrh dk}whg ohd`|)

:) Jdd or`bhr} jmwkil j} gkrhmw`r} jig `wahr `nnkmh ohjrhr} `n wah O`coj{ ]w`mb

Hqmajilh aj~h ohhi }x}uhighg n`r jddhlhg ki}kghr wrjgkil) Ki `rghr w` urh~hiw

ck}x}h `n }hi}kwk~h kin`rcjwkì o{ or`bhr#gkrhmw`r}$ }w`mb cjrbhw} |kdd oh

m`ru`rjwkvhg }`ì)

?) W` mìwjki ~`djwkdkw{$ ]HOK aj} kcu`}hg ji jggkwkìjd :5 uhr mhiw ~`djwkdkw{

cjrlki} ì jdd wah J Lr`xu }ajrh} jig jggkwkìjd cjrlki} ì }w`mb} ki Jxw`cjwhg

Dhigkil jig O`rr`|kil Chmajik}c !JDOC+ jig O`rr`|kil jig Dhigkil `n

]hmxrkwkh} ]mahch !ODH]]+)

=) Wah ]HOK aj} jd}` kcu`}hg ~`djwkdkw{ cjrlki} ì ihw `xw}wjigkil }jdh u`}kwkì}

`n NKK}$ nkijimkjd ki}wkwxwkì}$ ojib} jig cxwxjd nxig})

7) @i Cjrma 1$ ?55:$ wah ]HOK ojiihg ijbhg }a`rw }jdh}) Ki }kcudh |`rg}$ kw

chji} wajw jdd }a`rw }jdh} aj~h w` oh m`~hrhg o{ ji hzxjd jc`xiw `n dìl

uxrmaj}h})

8) Mxwwkil lr`}} hqu`}xrh dkckw n`r or`bhr} w` :5 wkch} wah oj}h mjukwjd ki wah mj}h

`n Ijwkìjd ]w`mb Hqmajilh !I]H+ jig w` :8 wkch} ki mj}h `n `wahr }w`mb


49/57


hqmajilh})

>) _`ddkil }hwwdhchiw} !|akma hi}xrh} wajw wah }hwwdhchiw wjbh} udjmh nk~h gj{} jnwhr

wrjgkil+ |kdd i`| oh m`cuxd}`r{)


50/57


_hlxdjwkì6 W` dkwwdh jig W`` djwh

Jdd wah jo`~h#chiwkìhg ki}wjimh} `n nrjxg} jig cjikuxdjwkì} rh~hjd wah |hjb

rhlxdjw`r{ jig }xuhr~k}`r{ nrjch|`rb ki Kigkj) Kw jd}` u`kiw} `xw wah djq jwwkwxgh `n

wah rhlxdjw`r{ jxwa`rkwkh} w` urh~hiw }xma nrjxg}) Wah }xr~hkddjimh }{}whc `n

rhlxdjw`r{ jxwa`rkwkh} k} ki }xma j ojg }wjwh wajw wah{ ajg jo}`dxwhd{ i` mdxh |akdh

wah nrjxg} |hrh ohkil m`cckwwhg)

Xin`rwxijwhd{$ ki c`}w `n wah ki}wjimh}$ wah rh}uì}h `n wah rhlxdjw`r{ jlhimkh} aj}

ohhi rhjmwk~h rjwahr waji ur`jmwk~h) Dkbh uùxdjr Kigkji c`~kh}$ wah rhlxdjw`r{

jlhimkh} mjch kiw` wah ukmwxrh |ahi wah gjcjlh ajg jdrhjg{ ohhi gìh) Wak} k}

gh}ukwh wah njmw wajw rhlxdjw`r{ jxwa`rkwkh} aj~h ji jrc`r{ `n ki}wrxchiw} jw wahkr

gk}u`}jd w` urh~hiw }xma nrjxg}) Jmm`rgkil w` D M

Lxuwj$ n`rchr chcohr `n ]HOK O`jrg$ h~hi |ahi jmwkì} jrh wjbhi$ wah{ jrh

lhihrjdd{ jg a`m ki ijwxrh) Ohmjx}h `n wah}h rhj}ì}$ wahrh k} j lr`|kil nhhdkil wajw

wah rhlxdjw`r{ jxwa`rkwkh}$ ujrwkmxdjrd{ wah ]HOK$ whig w` ur`whmw wah kiwhrh}w} `n okl

udj{hr} rjwahr waji }cjdd ki~h}w`r})

Kw k} m`ccì bi`|dhglh wajw wahrh jrh i`w ìd{ ohjr mjrwhd} oxw jd}` oxdd mjrwhd}

udj{kil wahkr ljch} ki wah Kigkji nkijimkjd cjrbhw}) \a{ ]HOK aj} i`w wjbhi ji{

jmwkì jljki}w }xma mjrwhd} ki wah uj}w0 \ajw jo`xw ki}kghr wrjgkil$ |akma k} }`

rjcujiw ki wah Kigkji cjrbhw}0 \ajw jo`xw mkrmxdjr wrjgkil !j lr`xu `n or`bhr} ox{

jig }hdd }ajrh} w` lhihrjwh ~`dxch} ki }uhmknkm }w`mb} oj}kmjdd{ w` dxrh `wahr

ki~h}w`r}+ }` urh~jdhiw ki wah Kigkji cjrbhw}0 \a{ wah urù`}jd n`r

Xikn`rc }hwwdhchiw m{mdh jmr`}} gknnhrhiw hqmajilh} aj} i`w ohhi kcudhchiwhg n`r

wah uj}w nk~h {hjr}0 \a{ gkgiw ]HOK wjbh hjrd{ jmwkì w` urh~hiw wah ihqx} `n wah


51/57


or`bhr} jig gkrhmw`r} rxiikil wah }w`mb hqmajilh}0 \a{ ]HOK aj} i`w wjbhi ji{

jmwkì rhljrgkil wah Kigkji cìh{ r`xwhg war`xla wah NKK}0 \a{ wah ]HOK wxrihg j

odkig h{h w` wah kddhljd ox}kih}} wrji}jmwkì} ki Mjdmxwwj ]w`mb Hqmajilh0 Wah}h

jrh }`ch `n wah zxh}wkì} ]HOK aj} }` njr i`w ji}|hrhg)

Wah}h zxh}wkì} i`w ìd{ hqu`}h wah kim`cuhwhimh `n ]HOK oxw jd}` wah djmb `n

u`dkwkmjd |kdd jcìl `xr u`dkm{ cjbhr}) Jdwa`xla `xr u`dkm{ cjbhr} jrh bhhi w`

jgùw wah Jild`#]jqì }{}whc `n rxiikil wah g`ch}wkm nkijimkjd }hmw`r$ wah{ aj~h

kli`rhg wah njmw wajw }xma nkijimkjd nrjxg} |`xdg aj~h jwwrjmwhg w`xla uxikwk~h

chj}xrh} h~hi ki wah }`#mjddhg nrhh cjrbhw hmì`ckh} }xma j} wah X] jig Aìl

Bìl) Ki wah}h m`xiwrkh}$ ki}kghr wrjgkil jig }a`rw }hddkil jrh }hrk`x} `nnhimh})

Nxrwahr$ wahrh k} j }uhhg{ ki~h}wkljwkì chmajik}c ki udjmh jig wah mxdurkw} jrh

zxkmbd{ o``bhg) I`w dìl jl`$ wah fxib oìg wrjghr Ckmajhd Ckdbhi }uhiw }h~hrjd

{hjr} ki fjkd oh}kgh} uj{kil ihjrd{ ': okddkì ki uhijdwkh}) Nxrwahr$ ah |j} ghojrrhg

nr`c hiwhrkil }w`mb cjrbhw} n`r wah |a`dh dknh) Wah i`w`rk`x} cjikuxdjw`r$ K~ji

O`h}b{$ |j} jd}` fjkdhg n`r ak} ki~`d~hchiw ki ki}kghr wrjgkil) Dkbh|k}h$ w|`

nkijimkjd f`xrijdk}w} |hrh fjkdhg ki wah X] n`r :1 {hjr} ì wah majrlh `n ki}kghrwrjgkil)

@i wah mìwrjr{$ wah }kwxjwkì ki Kigkj k} m`cudhwhd{ gknnhrhiw) ]mjc}whr} jig

nrjxg}whr} jrh |hdd#rh}uhmwhg uxodkm nklxrh} ki Kigkj$ |a`}h jg~kmh k} nrhzxhiwd{

}`xlaw o{ nkijimkjd cjrbhw} jig wah chgkj) Ki}whjg `n }uhigkil wahkr dknhwkch ki

fjkd$ }mjc}whr} dhjg j dj~k}a dknh}w{dh jig |rkwh ih|}ujuhr m`dxci}) Wah mj}h}

jljki}w Ajr}ajg Chawj jig ak} j}}`mkjwh} ki wah }hmxrkwkh} }mjc `n :;;? jrh }wkdd

uhigkil ki wah m`xrw) Jdc`}w whi {hjr} aj~h uj}}hg2 }wkdd i` ìh aj} ji{ mdxh |ahi

wah}h mxdurkw} |kdd nkijdd{ oh uxik}ahg)


52/57


_HM@CCHIGJWK@I

J)Hiajimkil gk}md`}xrh}6 #:) Ki c`}w mj}h ìd{ wah ckikcxc kin`rcjwkì rhzxkrhg xighr wah

M`cujikh} Jmw k} cjgh j~jkdjodh

?) Wah cjiihr ki |akma wah }|ju rjwk` k} nkqhg jig |ajw wah cjijlhchiwwakib} `n wah }jch k} djrlhd{ wjbhi n`r lrjiwhg)

=) ^jdxjwkì rhu`rw} jrh cjgh j~jkdjodh n`r ki}uhmwkì$ oxw jmmh}} k} i`w hj}{n`r jdd ki~h}w`r})

O)Kijokdkw{ W` Xwkdkvh Wah Hqk}wkil U`|hr} Hnnhmwk~hd{6#

:) ]HOK m`xdg kikwkjwh ur`}hmxwkì ur`mhhgkil} ì ki}kghr wrjgkil ìd{ ki ìh

mj}h jig }h~hi mj}h} ì nrjxgxdhiw jig xinjkr urjmwkmh})

?) @id{ ki }h~hi `n wah :1: mj}h}$ ]HOK rh}`rwhg w` mjimhddjwkì `n

rhlk}wrjwkì gxrkil wah dj}w n`xr {hjr})=) Wa`xla ]HOK aj} wah u`|hr w` kcu`}h j uhijdw{ `n _} :)85 djba} h~hr{

wkch j uhr}ì njkd} w` nxrik}a wah rhzxk}kwh kin`rcjwkì$ oxw rjrhd{ aj} wak}

u`|hr aj} ohhi hqhrmk}hg o{ kw)

7) Wah ur`~k}kì n`r cjigjw`r{ uxik}achiw `n kcurk}ìchiw ki jggkwkì w`

j|jrg n`r uhijdw{ aj} }mjrmhd{ aj} ohhi x}hg)


53/57


M)Zxjdkw{ @n Ghmk}kì}6 #:) \ajw k} |`rr{kil k} wah u``r rjwh `n mì~kmwkì ki cjf`r mj}h}) ^krwxjdd{ h~hr{ ]HOK

ghmk}kì ki~`d~kil cjf`r mj}h} }xma j} ]whrdkwh$ OUD$ ^kgh`mì$ Jijig_jwak jig

J}}`mkjwh} jig Akigx}wji Dh~hr aj} ohhi `~hrwxrihg o{ wah juuhjd} ur`mh}} !`r wah

]hmxrkwkh} Juuhddjwh Wrkoxijd+)

G)Jmm`xiwkil$ jxgkw zxjdkw{6 #

:) Wah udhwa`rj `n kiwhr#m`ru`rjwh ki~h}wchiw}$ kiwrj#m`cuji{ jig kiwrj#lr`xu

wrji}jmwkì}$ lxjrjiwhh} jig mìwkilhiw dkjokdkwkh} jrh jrhj} |ahrh wahrh k} r``c n`r

mì}kghrjodh mìmhri)

H # Urkmh Cjikuxdjwkì I` Ghiw6 #

:) Urkmh cjikuxdjwkì$ kin`rchg wrjgkil jig ki}kghr wrjgkil |kwa bh{ ùhrjw`r}ki~h}w`r}

k} i`| r`xwkih) Wak} k} ji jrhj wajw k} gknnkmxdw w` wjmbdh n`r ji{ rhlxdjw`r) Oxw `~hr wahdj}w whi {hjr}$ ]HOK aj} wjbhi jmwkì ì }xma urkmh cjikuxdjwkì ki fx}w w|` mj}h}

!Oj{hr JO] jig Jcjrj _jfj Ojwwhrkh}+) Ahrh$ w``$ wah uhijd jmwkì aj} ajrgd{ ohhi

}wrkilhiw

N Hiwkmkil jg} jig ki~h}w`r rk}b6 #


54/57


:) Jg~hrwk}hchiw }ji} kigkmjwkì `n uhrn`rcjimh o{ cxwxjd nxig} aj}

mìwkixhg rhljrgdh}} `n wah ]HOK lxkghdkih} ì wak})

?) Wah ]hmxrkwkh} jig Hqmajilh O`jrg `n Kigkj !]hok+ k} ohkil odjchg n`r

djmb `n jdhrwih}} jig u``r rk}b#cjijlhchiw chj}xrh} |kwa rhljrg w` wah

jxw`cjwhg dhigkil jig o`rr`|kil chmajik}c))


55/57


M@IMDX]K@I

_hn`rc} ki wah }hmxrkwkh} cjrbhw$ ujrwkmxdjrd{ h}wjodk}achiw jig hcu`|hrchiw `n

]HOK$ jdd`mjwkì `n rh}`xrmh} o{ cjrbhw$ }mrhhi oj}hg ijwkì#|kgh wrjgkil$

ghcjwhrkjdkvjwkì jig hdhmwrìkm wrji}nhr `n }hmxrkwkh}$ j~jkdjokdkw{ `n ghrk~jwk~h} `n

}hmxrkwkh}$ hwm) aj~h lrhjwd{ kcur`~hg wah rhlxdjw`r{ nrjch|`rb jig hnnkmkhim{ jig

}jnhw{ `n k}}xh$ wrjgkil mdhjrkil jig }hwwdhchiw `n }hmxrkwkh}) A`|h~hr$ hnn`rw} jrh

ì w` kcur`~h |`rbkil `n wah }hmxrkwkh} cjrbhw nxrwahr) Wah cjki majilh$ |akma

aj} |kwih}}hg wah Kigkji }hmxrkwkh} cjrbhw$ k} wajw hjrdkhr wrjgkil ki o`wa urkcjr{cjrbhw jig }hmìgjr{ cjrbhw |j} gìh ua{}kmjdd{ jig k} i`| rhudjmhg o{

hdhmwrìkm }{}whc} j~jkdjodh n`r wrjgkil)

\kwa ji }wrhilwahikil `n wah rhlxdjw`r{ }{}whc jig kiwr`gxmwkì `n ~jrk`x}

Jmw} aj} hcu`|hrhg wah Kigkji }hmxrkwkh} cjrbhw jig wahrhn`rh aj} ohm`ch j ohwwhr

ùwkì n`r ki~h}wkil wah rh}`xrmh}$ |h mji jd}` }hh wajw i` `n uhùdh ki~h}wkil ki

}hmxrkwkh} oh kw Cxwxjd Nxig}$ Ghrk~jwk~h}$ ki Hzxkw{ Cjrbhw$ ki Ghow Cjrbhw k} ì

kimrhj}h jig |kdd jd}` nxrwahr kimrhj}h |kwa c`rh }ùak}wkmjwkì `n whmai`d`l{ jig

i`w w` n`rlhw dhlk}djwkì jxwa`rkwkh} ur`whmwkil rklaw} `n ki~h}w`r}) ]hmxrkw{

hqmajilh o`jrg `n Kigkj ]HOK aj~h ohhi udj{kil ji kcu`rwjiw r`dh ki rhlxdjwkil

wah ox}kih}} ki }w`mb hqmajilh} jig ji{ `wahr }hmxrkwkh} cjrbhw} jig w` ur`whmw wah

kiwhrh}w} `n ki~h}w`r})

Wah hchrlhimh `n wah }hmxrkwkh} cjrbhw rh}xdwhg j} j cjf`r }`xrmh `n nkijimh

n`r wrjgh jig kigx}wr{ jmr`}} Kigkj) J lr`|kil ixcohr `n m`cujikh} jrh jmmh}}kil

wah }hmxrkwkh} cjrbhw rjwahr waji ghuhigkil ì d`ji} nr`c NK}ojib}) C`rh`~hr wah

Kigkji }hmxrkwkh} cjrbhw k} mìwrkoxwkil w` Kigkji LGU lr`|wa kcchi}hd{) Wah


56/57


mjukwjd còkdkvjwkì ki o`wa urkcjr{ cjrbhw jig }hmìgjr{ cjrbhw aj} ohhi

|kwih}}kil uahi`chijd lr`|wa `~hr wah {hjr})

Kigkji }hmxrkwkh} cjrbhw k} lhwwkil kimrhj}kild{ kiwhlrjwhg |kwa wah rh}w `n wah

|`rdg) Kigkji m`cujikh} aj~h ohhi uhrckwwhg w` rjk}h rh}`xrmh} nr`c jor`jg

war`xla k}}xh `n JG_}$ LG_}$ NMMO} jig HMO}) JG_}LG_} aj~h w|`#|j{

nxilkokdkw{) Kigkji m`cujikh} jrh uhrckwwhg w` dk}w wahkr }hmxrkwkh} ì n`rhkli }w`mb

hqmajilh} o{ }uì}`rkil JG_LG_ k}}xh} jljki}w od`mb }ajrha`dgkil)


57/57


OKOD@L_JUA[

_HNH_HIMH O@@B]6#

:S Ki~h}wchiw} jig }hmxrkwkh} cjrbhw ki Kigkj$o{ Gr) ^)J) J~jgajik#! Akcjdj{j uxodk}akil A`x}h :;;;+)

?S ]hmxrkwkh} Cjrbhw jig Ur`gxmw}$o{ KKOK !Wjqcji uxodkmjwkì ?55;+)

=S Nkijimkjd Cjrbhw @uhrjwkì}$o{ Gr) Jd`bL`{jd$ CrkgxdjL`{jd#!N B Uxodkmjwkì}+)

7S Mjukwjd cjrbhw} `n Kigkj6 ji ki~h}w`r,} lxkgh$o{ Jdji _) Bjixb#!\kdh{ Uxodkmjwkì}+)

\HO]KWH]6#

|||)}hok)l`~)ki

|||)i}hkigkj)m`c

|||)i}gd)m`)ki

|||)|kbkuhgkj)m`c

|||)l``ldh)m`)ki

SEBI's Role In Capital Market

Documents

Transcript of SEBI's Role In Capital Market