 Hello and a very, very good morning to one and all present here. I really appreciate all of you coming forward on a beautiful Saturday morning to attend this financial wellness program. Let me tell you that, you know, before we start, so, you know, I've been in touch with the chick hostly ma'am for the past few weeks and you know, we were trying to get a session for you college students. And I'm pretty sure that at the end of the session, there is a lot that you're going to learn about and there is a lot of information that you will be able to use in your practical life, something that, you know, we all must be aware of related to finance. And that is what I'm here for. So also thank you for a very, very warm welcome and for very thoughtful insights on finance by Amar Sir. Anyway, I think we should start and as Akumla said, let's try and make this a very interactive and participative session. Because, you know, honestly speaking, I am of the thought that I don't want to be the only one who's speaking the whole time. You know, I want others also to share their inputs and please, you know, don't hesitate in answering. I mean, because no one's going to judge you. In fact, in the end, we're all here to learn. So let's get started. I just hope I'm clearly audible and visible. Since there are a lot of network problems that I'm facing today, I don't know why. So can just anyone tell me if I'm clearly visible and audible? Yes. Okay. Thank you so much, guys. All right. So I'll be sharing my screen now and just let me know if it's clearly visible. Is the screen visible to all? Yes. Yes. All right. So let's get started. Now, before we dive into the concept of finance, there is one question that I always ask my participants. And that is why do you think that financial literacy is important? So why is it important for all of us to, you know, sort of be aware about the concept of finance? You guys can unmute and answer. Anybody would like to unmute and answer? Yes, Miss. Yes, please go ahead. Yes, because this contemporary world which we are living in is without money, we cannot do anything. So yeah, we need to be financially educated and literate to go on in life. Very good. Very good. So obviously, as you said that money is something without which we cannot do. And that's absolutely right. So until and unless we do not know how to manage our money effectively, how are we going to make the most of it? Right. Basically, financial literacy equips any individual with the knowledge to manage their funds in the most effective manner possible. See, there are many people of the thought to believe that, you know, until and unless I am not pursuing a career in finance, I don't have to be financially literate. I mean, what is the point of knowing the concepts of finance? But the actual reality is that no matter whatever field or career you pursue in your life, you are going to earn money out of it. And until and unless you don't know how to manage your money, how are you going to grow your wealth altogether? Right. Also, one more thing that I would like to add here is that we all are stuck in a pandemic situation from the past two years now, almost, right. And none of us have predicted that we are going to be in a lockdown situation. It was very, very surprising for us to, you know, even go through all of this, right. So in general, also, one thing that we've learned is that there can be many unprecedented situations that can happen in our life. Now, while we were at home, there are many things that we did not realize. Like, there were so many people who lost their jobs during the COVID times. And if nobody would have a financial plan or the emergency fund, how would have been able to survive? Correct. Or how would have been able to sustain the basic necessities also? So financial literacy also teaches us the importance of financial planning and why it is so necessary to be prepared in life in terms of your money management. Now, when we talk about finance, the first thing that we discuss is about the securities market. So we are just going to divide securities market into two words and understand it. So securities market basically is, let's understand what a market is. Market is simply a platform where a buyer and seller exchange goods and services, right. So what are securities? Securities are nothing but your financial instruments. What are these financial instruments? They are your shares, debentures, bonds. So basically securities market is a market where a buyer and seller exchange these financial instruments amongst each other. And this same securities market is bifurcated into two categories. One is the primary market and the other is the secondary market. And as an individual investor, you can invest in both the type of markets, which is primary and secondary. Now how you can invest in the two markets and what is the difference between them is something we are going to understand further. But before that, I have an interesting question on the slide. Do you know who are the richest persons in the world? So obviously we are not going to sit and list down all of them because it will take away our day. So we are only going to list down the top 10 richest people in the world, okay. So can you tell me who do you think comes in the list of the top 10 richest people in the world? Anyone? Yes, we have Bill Gates, Tata, Ambani. Very good. Okay, we do not have Tata in this but yes, we do have Bill Gates and we have Ambani as you said. Okay, apart from them, who else do you think we have guys? Elon Musk. Very good, Jeff Bezos. Elon Musk, excellent. Yes. Warren Buffet. Very good, Warren Buffet, very nice. Okay, okay guys, I am giving you a hint, okay. This guy invented Facebook. Mark Zuckerberg. Excellent, Mark Zuckerberg. Okay, then we have, so from the first position, we have Jeff Bezos, the founder of Amazon. Followed by him we have Elon Musk, the founder of Tesla and SpaceX. Then we have Bernard Arnold. So Bernard Arnold is basically the CEO at MHLV. What is MHLV? So MHLV basically runs around 60 subsidiary companies managing approximately 75 luxurious brands. Like LV is one of them. You have Mark Jacobs, you have Givenkill, you have Christian Dior. These are some of the famous luxurious brands I think that you all are aware of. Then we have Bill Gates, co-founder of Microsoft. We have Mark Zuckerberg and then we have Warren Buffet. You know, Warren Buffet is referred to as the king of the global stock market. You know the reason why he is referred to as the king of the global stock market is because if you will read his profile, you will see the amount of money or the amount of shares he holds or the amount of investments he has made in the share market. And let me tell you a very surprising fact about him. Warren Buffet had invested for the very first time only when he was 11 years old. That's how young he was when he started with his investment journey. And at the age of 14, he filed his first ever income tax return. You know, at this age, we were struggling to do our school homework and this man was already investing and he was filing his income tax return. In fact, in one of his interviews, he has also mentioned that he wish he had started investing earlier than 11 years. And now it's 90 years. So he has been in the market for approximately 79 years. I mean, that is like such a huge period of time. And after Warren Buffet, we have Larry Ellison. Then we have Larry Page, Sergey Brin. And finally an Indian on the list is Mukesh Ambani, a very big industrial tycoon of our country, owner of Reliance. And I think we all have heard about him or all know what he exactly does. But anyway, now you might be wondering, why are we discussing about the 10 most richest people in the world? I mean, how is it even, you know, concerned with financial literacy? This is just like to, you know, sort of polish our GK skills. How are they going to help us to be financially literate? And the reason why we're discussing about this is because let me tell you that these 10 most richest people that we just discussed off have a common thing amongst them. There's this common habit that they share amongst each other. All the 10 people, right from Jeff Bezos to Mukesh Ambani, all these 10 people have one common thing or one common habit that they share amongst each other. So can you guys guess what is this common habit that I'm talking about? Any guesses, guys? Come on, we are 183 people. At least one or two of you can guess what I'm talking about. What do you think is one common habit that all these 10 richest people share amongst each other? Miss maybe everything books. Okay, yeah, reading books is there, which is right. But apart from that, that is one thing that they do, which has basically gotten them to this very successful position in their life that they are right now. Any guesses? Ideas. Finance. Very good. It is their investing habit. So let me tell you that these 10 most richest people, the source of their wealth is not just reflected in the successful businesses that they are running. But it is reflected in the ownership of shares, which clearly implies that they believe a lot in the power of investing. Let me tell you that all these 10 richest people that we just discussed about, they believe that we shouldn't restrict our wealth only to the money that we are getting through the successful businesses. What do you think? These such successful businesses like Amazon, be it Tesla, be it MSLV, be it Microsoft or be it Facebook, obviously they generate a lot of revenue. They are such huge businesses, right? But they do not want to restrict their wealth only to that. Rather they want to grow their wealth and how are they doing it? They are investing that money in the share market. In fact, now also I think while we are having a conversation, the network might be multiplying somewhere. So one of the major reasons as to why they have reached such a successful position in their life is because they believe in the power of investing and they carry it out on a regular basis. So what do we learn from this? It is not impossible to be an Elon Musk. Let me tell you this. If you have enough motivation and you do understand the importance of investing, even you might be in one of the top 10 richest people of the world. Do you think these guys knew they are going to be at this position in their life? No, they kept working and they kept huckling towards their goal and obviously most importantly they gave a lot of importance to financial literacy in their life and made the most of it, correct? Now as I told you that most of these investors invest in the share market. So it is very important for us also to understand what exactly are shares. So now we are going to understand shares with the help of a very simple example that you can see on your screen. So you have to think of this chessboard as a company, okay? Basically you have this chessboard as 64 square and each square is equal to one share. Therefore the entire company has 64 shares. Each share is priced at rupees 1. So now when you multiply the price of each share with the number of shares, you will get the value of the company. Hence the value of the company is rupees 64. Now if I ask you that you have to acquire 50% of this company, then you tell me how much worth of rupees shares will you have to purchase for the same? Come on, tell me. 32. Excellent, 32 is the right answer. That is absolutely right. I think there is some issue here. Yes, 32 is the correct answer. Okay, but my question to you is that even if you buy one share of any company, just one, will you be called as a shareholder of the company? Please answer in yes or no. Yes, yes, yes, exactly. So it does not matter the proportion of shares that you are buying. When you buy the shares of any company, you are called as a shareholder of that company. And as a shareholder, you are also called as a part owner of the company. Okay, can you guys tell me that for any company, what are the two types of shares that you can invest in? Equity shares and preference shares. Excellent Priyanka, that's right. Equity and preference. Now guys, I think you all are pretty much aware of the difference between the two. So let me tell you that whenever you are investing in any company, or you are buying the shares of a company, it's very obvious that you are going to expect certain amount of return, right? Because you are investing money to earn money. So the returns that a company gives to its shareholders is in the form of dividends. Now if you are investing in equity shares, dividend is given at a fluctuating rate. So if the company is supposed to making super normal or humongous amount of profit in a particular financial year, then what will happen is that the equity shareholders will also get a lot of dividends. But in case of preference shareholders, dividend will be given at a fixed rate. Which means irrespective of the profits the company is making, dividend will be given at a fixed rate. And also when the company is paying dividends, it is paying it to the preference shareholders first and then the equity shareholders. So that is the reason equity shares are associated with higher risk, but at the same time they also have the potential to pay you higher returns. Why? Because in case if you carry out proper research and you invest in a company which you feel has a good growth, so if they are going to generate good amounts of revenue, it's very obvious that even you are going to get good amounts of dividends. So it totally depends on the kind of analysis you carry out and make a decision of whether you want to buy the equity shares and take a little bit or you want to play safe and then you can go ahead to buy the preference shares. But whatever kind of shares you buy, there are certain rights that you enjoy as a shareholder. Obviously one of them is receiving dividends. You also have the rights to attend the annual general meetings and the kind of meetings the company holds. You also have the right to ask the company for any kind of financial statements or documents like maybe their profit and loss statement or balance sheet. And as a shareholder, you also have the right to question any of the board of directors of the company on their remuneration or also appoint or recruit the auditors of a company. So apart from just sitting back and waiting for dividends to come, these are various rights that help you to participate in the company and that will help you to track your investments of whether you know how much of a money you have invested is worth it or not. Now let us assume that you have bought 5 shares of this company. The one that we are talking about on the example where each share is priced at Rs.1. So if you bought 5 shares, you spent Rs.5. Now I am telling you that the price of the share goes up from Rs.1 to 10. That is it increases into 10 times. So when you sell those 5 shares further, how much money are you going to get in return? You bought 5 shares for Rs.5 because each share is priced at 1. Price goes up from Rs.1 to Rs.10. So when you sell the 5 shares further, how much money are you going to get in return? Is my question. 50. 50, excellent. Can we also say that you will earn a net profit of Rs.45? Why? Because you invested Rs.5 and you got 50 but the right answer is 50. Have you guys ever tried to analyse how does the share price of any company fall or rise so much? I have practically witnessed companies where share price of them has gone from Rs.300 to Rs.3000 or it will fall in from Rs.100 to Rs.2. But what is the exact reason that goes behind it? So let me tell you it is very simple. There are only two factors that affect the share price. One is demand and the other is supply. So what happens is that whenever a company's product demand increases. Okay, it is very obvious that their sales will increase. If their sales will increase, it is very obvious that they are going to generate a lot of revenue and profit. Actually the thing is that since I am the host, I am getting requests of people who want to join the meeting. So that will kind of interrupt in the middle. Rivas, are you there? Yes, ma'am. Rivas, are you getting the request from the participants? No, ma'am. Just a second. I will make him a co-host as well. Don't worry. Yes, yes. Please do that. Thank you. Alright, so as I was saying that if the company's product demand is high, it is very obvious that their sales will increase. And if their sales are going to increase, it is very obvious that they are going to generate more profits and revenue. So when a company is generating more profits and revenue, it is very obvious that it will become a profit-making company. So more and more people would want to buy the shares of that company. And automatically the demand for the shares of that company will increase and hence the share price. But at the same time, if the company is making losses, it is not doing well in the market, its reputation is down, it is not generating a lot of income. It's very obvious that nobody will want to buy the shares of that company. So automatically the demand of the shares will come down and so will the share price. So whenever you are deciding to invest in a company or whenever you are looking at buying shares of a particular company, these are the factors that you have to take into consideration. What are the factors? You have to see what is the current demand for the products. You have to see what is the current sales. You have to see what is the current profits of the company. Is the company actually growing? Is the company having more assets or more liabilities? What is the reputation of the company in the market? Is the company able to complete with various other companies in the same industry or no? So this kind of analysis that you carry out is actually called as fundamental analysis, which will help you to make a decision of whether you want to invest in a particular company or not. So please make sure that you take into consideration these factors as to whenever you are investing in a particular company. Now you feel that the oil refinery industry's profits are going to grow and you want to benefit from this. So you have two options. Either you set up your own oil refinery business or you buy the shares of an oil refinery company. What according to you guys is a much more feasible or a logical option in this case? Will you set up a business or will you buy shares of an oil refinery company if you want to make benefits out of it? Which is more easier? Buy shares of the company. Very good. Anybody else who would also like to answer? Buy shares. Now yes, if this question was asked to me, I would myself go ahead with the same thing because in the case of the first option, where they are asking you to set up a business, it's not just oil refinery, but if in case the pharmaceutical industry is doing well or the FMCG industry is doing well, it's very obvious that we cannot keep setting up our businesses because one particular industry is going to do well. Because first of all, whenever you're setting any kind of business, you require huge amounts of capital. Capital is like the lifeline of any organization or business. Without capital, it is impossible for any business to sustain in the market and capital requirements can arise at any point of time for the company. Secondly, obviously since huge amounts of capital is involved, huge amounts of risk is also involved in setting up a business and there are a lot of legal compliances that have to be followed when the businesses have to be set up. Hence, the feasible option is to look for a good company and buy shares. But the question is how exactly do you buy shares? What are the ways to which you can buy shares? So to buy the shares, you can either buy them directly through capital markets in a primary and secondary or else you can also buy shares by investing in mutual funds via lump sum or SIP. Now, how you can invest in primary and secondary market and what is the difference between the two is what you're going to understand. But before this, I want to know from you guys, have you ever heard of an IPO before? Initial public offering. Have you guys heard of this concept? Okay, I just have both of you answering. I want to know from others as well. Have you guys ever heard of an IPO before? Yes, ma'am. Okay, Priyanka, can you tell everyone what an IPO is in a very simple language? It would be great if you can do that. Offering shares. Offering shares. Very good. So IPO means offering shares to the general public but that is for the first time. So whenever a company offers its shares to the general public for the very first time directly, it is an IPO. You guys might have heard of Zomato which is a very famous food delivery app across the country. They recently issued their IPO. Many other prominent companies like LIC or even Paytm are coming out with their IPO for which many investors are eagerly waiting, right? And let me tell you the reason why I'm talking about IPOs because it is directly connected to the concept of primary market. So primary market is a market where these securities are issued for the very first time to the general public. So before this, a company has never issued its securities to the general public. They are doing it for the very first time. So in a primary market when the issuing company is issuing their securities to the general public for the first time, it is usually without the involvement of any intermediary or middleman. It's basically a direct contact between the issuing company and the general public or the investors in the market. But the only two key intermediaries involved in the primary market are merchant banks and RTAs. Now merchant banks are the one with whom the issuing company consults with to fix the share price of their company and RTAs or registrar transfer agents are basically the ones who keep a record of the company's financial transactions. So usually primary market exists for companies to raise capital which can be for either growing their business or diversifying it, introducing new product lines for that matter even paying any kind of losses or purchasing any kind of fixed assets for any purposes capital can be required. So primary market exists only so that companies can raise capital through the general public that is there in the market. Now in contrast to primary market, we have secondary market where the securities that are being traded amongst the investors are already issued and listed. That means they are not due. Like say for example I said IPO. So what happens in an IPO whenever a company issues its IPO, it mentions its share price and all the details of the IPO and the prospectus of the company. Once it is done with that, they are listed on any of the stock exchanges and after that the investors can buy shares of that company from the open market. Now once a company has already been listed, it is not new anymore. So when you are going to trade in the securities of the already listed companies already issued securities, that happens in the secondary market. So where primary market exists for the purpose of raising capital, secondary market basically exists so that the investors get a platform where they can trade amongst each other without any kind of hassle. And usually in a secondary market whenever a buyer and seller are trading amongst each other they usually do it with the help of an intermediary who is a stock broker. Say for example you had applied for the Zomato IPO but you couldn't get its shares. Now there is someone else who got the shares and they are willing to sell off the shares. So that seller will meet a lot of buyers in the secondary market who will be willing to buy the shares of Zomato from him. But whoever gives the best offer, the seller will close the deal with the buyer with the help of a stock broker in the secondary market. So it is not necessary for you to invest in the primary market if you want to in the secondary. You can directly also start investing in the secondary market. It's not necessary that you have to go by this. So that is how the primary and secondary market works. Now in a primary market apart from an IPO also there are various other ways to which a company raises capital. Now let me tell you one more thing about IPO. So if you are applying in the IPO of a company, there is one very interesting way through which you can apply. That way is called as ASBA which is the full-formance application supported by blocked amount. Now what exactly is this? So if you want to invest in the IPO of a company through ASBA you can ask for an ASBA form from your stock broker. The form will be either available online or you can also get a physical copy of it. Now how does this work? I'll tell you. Say for example you have 30,000 rupees in your savings bank account and you want to buy shares of worth rupees 18,000. So 18,000 get blocked out of the entire 30,000 in your bank account. It has not gone out from your bank account because the shares are still not allotted to you. It's just blocked towards buying the shares. Even though 18,000 out of 30,000 is blocked in your account, the bank will still continue to give you an interest on the entire 30,000 rupees. Even though 18,000 out of the 30,000 is blocked. Now once the shares are allotted to you, 18,000 rupees will be out from your bank account and you will keep earning an interest on the remaining 12,000. There can also be a situation where shares are only allotted to you of worth rupees 15,000. So in spite of that 18,000 will go out of your account and after a period of 12 to 15 days the remaining 3,000 will be refunded back to your account. So ASBA is very good because it basically helps you to create a safety net. So even though you have blocked some amount of funds towards buying the shares, they are still not allotted to you. You are kind of safe because the bank is still giving you an interest on the entire 30,000 rupees. Even though 18,000 is being blocked. So there is also a chance that the shares aren't allotted to you. But it doesn't matter because you are still continuing to earn an interest on the entire 30,000 rupees. So ASBA is a very interesting way through which you can apply in the IPO of a company. Now apart from an IPO, there are various ways through which capital is raised. So at times one IPO is not really enough for the company to raise capital. So they come up with another offer right after the IPO which is called as FPO. Follow on public offer which also works the same and they try to raise capital via it. Let's say rice issue. So rice issue is basically a way through which companies raise capital through their existing equity shareholders where additional shares are offered to them and if they don't accept the offer, then the shares are offered to the investors outside. So that is an advantage the existing equity shareholders enjoy in terms of already holding shares of the company because they are offered the shares first. And if they don't accept the offer, the company offers the shares to the outside investors. Then is bonus issue. Bonus issue is also again only and only for the existing equity shareholders. But here the shares are given to them free of cost which means that in case of bonus issue, there's not a single penny that is going to go out of the shareholders pocket. But in case of rice issue, if there are minus shares, obviously they have to pay money for the same. And the last way is where the company raises capital privately which means that when a company is raising capital through private placements, it means it's raising capital through a specific group of people which means they don't raise it through the general public. They basically do it through a specific group of people which shouldn't exceed more than 200. Who comes in this big high net worth individuals or sophisticated investors or venture capitalists or institutional investors. These are the kind of people through whom the company raises capital when it is raising it privately. Now this entire primary and secondary market which or the entire capital markets for that matter are very huge. So I just want to know from you guys that since these markets are so huge in nature and have crores of transactions that are going on a daily basis, don't you think that these markets should be regulated? Don't you think there should be someone to monitor and regulate the entire capital markets of our country? Or can reply in yes or no? Yes Mej. Okay. Okay guys, do you have any idea which is the regulatory body in our country who regulates the entire capital markets of our country? Security exchange board of India. Very good. That's right. It is Securities and Exchange Board of India. So SEBI was basically launched in the year 1988 as a mere regulatory body. But in the year 1992, the parliament of our country passed an act called the SEBI Act of 1992 and made SEBI a statutory body. Which means the powers and authority of SEBI was increased to a great extent. Now why was the year 1992 chosen because the year 1992 is the year of a very big financial scam. If you guys know, I'm talking about the Harshad Mehta scam. This scam had actually shaken up the entire financial markets of our country and it was very necessary to have a body that makes sure these kind of scams don't happen because this shakens up the trust of the investors in the market. Hence the major objective of SEBI is to protect the interest of the investors and promote the development of the market and most importantly increase the transparency between us and the securities market. Because until unless our trust doesn't increase, how are we going to start investing? But anyway, SEBI has come out with very stringent guidelines which makes it very impossible for any of us to fall victim to any kind of Ponzi scheme. So you have to be very, you know, you can be very carefully and you can start investing if you have it. In fact, one of the excellent initiatives that SEBI took is that they introduced their own grievance addressing mechanism in the year 2011. It's called SCORES which is SEBI Complaint Adressor System. So this is basically an online web portal where any of the investors can file their complaints. So say for example, your stock broker has cheated you or there is something wrong that you face. So you can file a complaint against him on the website of SCORES. It functions 24 by 7 and you can file a complaint from anywhere and everywhere. In fact, once you file a complaint, there is a ticket number that is given and using that ticket number, you can track the entire progress of your complaint. Also, let me tell you that if you want, you can also download the SCORES app on your mobile phone. It is compatible on both Android and iOS platforms. In fact, SEBI also has its help desk. So as you can see, there is a website of SEBI where you can log in and get all the information right from the listed stock-broking firm to the listed companies to what do you say? You can also read the offer documents of various companies that is also published on the SEBI's website. There is also a toll-free helpline number of SEBI using which you can call up at any point of time if you are facing any problem. There is also an email ID called AskSEBI at the rate SEBI.gov.in where you can email your investment related queries and another website which is given on the last through which you can locate the nearest SEBI offices in your respective cities and towns if you want to visit anyone. So this is the kind of information I believe that we all must be aware of because financial literacy doesn't mean that you have to just know the concepts of finance. You also have to be aware of the practical kind of information which you will actually put into use when you start investing. And this is the kind of information that helps us to feel more empowered as an investor because we know that there is not any kind of injustice that can happen to us. And once our confidence boosts, it makes it more easier to start investing in the market. Now another important piece of information that you must be aware of is that there are certain prerequisites that have to be fulfilled if you want to invest in the securities market. So if you want to invest, there are three accounts that you have to open. These three accounts, one is a savings account that can be opened in any of your bank. Then is a trading account. So as the name suggests, it is to carry out your trading so all your buying and selling transactions are reflected in the trading account. And as for whatever settlement you have with your broker or broken firm my broken firm sends me my trading account balance every day at the end of the day either via mail or SMS because I like to keep a track. And this basically also helps us to understand what are the kind of transactions we are carrying out. And the next is a DMAT account. So DMAT account performs the function of dematerialization wherein you are converting your physical shares into the electronic format. You know, India is going towards a digital India where everything is online. You're studying online, you're conducting webinars online, you're making payments online, you're ordering food online, you're ordering grocery online. So now when your shares are in the electronic format you don't have to keep them in the form of a paper because when it's in a physical form it's very obvious that there are chances you might misplace it, it might get lost, it gets very tedious you know when you are carrying out your transaction. But if it is in the online form it is very easy, right? Because it's very hassle free also since it's already kept in the digital format. So if you want to invest in a securities market you have to open these three accounts without which you cannot invest in a securities market. So there are many banks, depository participants, various apps also that have come in the market to provide the facility of opening these trading and DMAT accounts in not more than one or two days. It's a very easy process. But wherever you open these accounts there is a KYC process that will happen. So as per this KYC process that is know your customer they will check whether you have a savings account or no. They will ask you for your proof of identity which is your PAN card which is a compulsory document that you have to provide. And as a proof of address you can either provide your passport, your driving license or your Aadhar card or your voter's ID. It's optional. PAN card is compulsory, Aadhar card is not. So you have to make sure that you have these documents in place and the savings account because without that it's not possible to open a trading and DMAT account. Without that you cannot invest in a securities market. Now there are also certain basic golden rules of investing that I would like to throw light upon. So the first most important rule that I personally believe in is that you must start investing in your early 20s. I believe you all guys are turning 20 or are already in your early 20s and this is the most appropriate age to start your investment journey. Why? Because at this particular age you can take more risks. Now when I say you can take more risks is because you are not having any responsibilities. Like you are just studying but as in as you age your responsibilities increase. So at this age you can take certain risks and obviously you are learning a lot. You have the time to probably do courses on stock market. You have a lot of time to yourself where you can understand the market in a much better manner. So I believe that early 20s is the best age to start your investment journey and you must if you haven't. Next is before investing you have to carry out a lot of research and analysis. Never dip your feet into something you don't know of. So before you invest research, how can you research? Read newspapers, read financial magazines like there's Mint, there is Bloomberg. This will help you to increase your knowledge. There are also very short term courses that you can do to understand and get a practical knowledge about the stock market. If you want to invest there or if you want to invest in commodity and derivatives. So even they have their courses to understand the same. But what matters is that you have to carry out research. As I told you before you invest in a company ask these questions. Is the company's revenue really increasing? Are the profits actually growing? What is the position of the company in the market? How is it competing with its peers? But you know when you are researching, it's very obvious that you cannot carry out 100% research. So that is why it gets risky. So in order to reduce your risk, the best way is to take professional help. That is through stock brokers or investment advisors in the market. But you also have to make sure that whenever you are taking help from these intermediaries, they are registered with SEBI. Never ever deal with unregistered SEBI intermediaries. Next is it's not only necessary to carry out your research before you invest, but also while you are investing, you have to track your portfolio and monitor the performance. Not just leave it at that. And also try diversifying your portfolio as much as possible. Warren Buffet says never keep all your eggs in one basket. So try diversifying it. The best way to diversify your portfolio is you can go for mutual funds. What do mutual funds do? They basically invest in various securities. So what happens is you are trying to spread your risk or you are trying to mitigate your risk. So you are in a better position to earn profits because even if at one place you face any kind of losses, it can get balanced or recovered out by the other investments as a part of the mutual funds. And most importantly, never ever believe in unsolicited investment tips. 100 people will come and tell you do this or do that, buy the shares here or sell the shares there. You don't have to listen to them. You have to believe your own gut and instinct and you have to carry out your investment journey on your own. And also when you are taking professional life, don't completely rely on them because otherwise how will you be able to learn? So just make sure they are there to guide you. But in the end if you follow these kind of, these are not some golden rules I would say, but these are some kind of tips that you can take into consideration because this will really really help you to make your investment journey very smooth. But in the end what I believe is that you must start investing. Even if it is with as small as an amount of rupees 500, it doesn't matter because trust me, you guys will thank yourself few years down the line because that's how important the power of investing is and we must try to inculcate it in our life as soon as possible. And on that note itself, I would like to end my session. I hope that I have been able to guide you guys and given you information that you can use in your life and practically apply and also take this information further so that we can help India to become a 100% financially literate country. Thank you so much.