2023-2024 - Semester: IV, Paper Type: Core Paper

FINANCIAL SERVICES Credit: 3: Total Hours per Week: 5

Unit-1: -Introduction to Financial Services Teaching Hours: 15 Hrs
Financial Services – meaning – Financial Services and economic environment -
Legal and Regulatory Framework – Financial Institutions and other participants
in the Financial Services Sector.
Unit-2: -Factoring and Venture Capital Teaching Hours: 15 Hrs
Factoring – Types and Features of Factoring agreement - Legal aspects of
Factoring – Factoring in India – Steps involved in Future – Seed Capital – Bridge
capital -Venture Capital – meaning and characteristics –Criteria for assistance –
Schemes and guidelines.
Unit-3: -Financial Market Teaching Hours: 15 Hrs.
Financial market - meaning – Features – Capital Market – primary market –
secondary market – present position of stock market in India – money market –
characteristics of Developed money market – Importance – Problems faced by
Indian money market – Difference between capital market and money market.
Unit-4: - Mutual Funds Teaching Hours: 15 Hrs.
Mutual Funds – SEBI Guidelines – Features and types – management – structure
and performance evaluation – Growth and recent trends.
Unit-5: - Credit Rating Agencies Teaching Hours: 15 Hrs.
Investor Services – Credit rating agencies – CRISIL, CARE, ICRA – Services –
Criteria for rating – symbols

Text Books:
1. M.Y.Khan, Indian Financial System, Tata McGraw Hill, 2001.
2. H.R.Machiraju, Indian Financial System, Vikas Publishing House, 1999
3. B.S. Bhatia &G.S.Bhatre, Management of Capital Markets,
Financial Services andInsititutions, Deep and Deep Publishers,
2000.
Reference Books:

1. Dr. V. Balu, Merchant Banking & Finance Services, Sri

Venkateswara Publication,Chennai
2. Dr. N. Permavathy, Financial Services and Stock Exchange, Sri
Vishnu Publications,Chennai.
3. Dr.S.Gurusamy, Financial Services and Systems, Vijay Nicholes
Imprint Pvt. Ltd., 2004Chennai.

1
 FINANCIAL SERVICES
Unit-1: -Introduction to Financial Services Teaching Hours: 15 Hrs
Financial Services – meaning – Financial Services and economic environment -
Legal and Regulatory Framework – Financial Institutions and other participants
in the Financial Services Sector.

Introduction
Financial Services in India
 The Indian banking system consists of 12 Public Sector Banks,
 22 Private Sector Banks,
 46 Foreign Banks,
 56 Regional Rural Banks,
 1485 Urban Cooperative Banks and
 96,000 Rural Cooperative Banks in addition to co-operative credit institutions
(source: RBI, data as on: 31st March 2021).
 Most Investors associate Financial Services Sector with Banks. However, the ambit of
Financial Services Sector is broader. Apart from Banks,
 We have Non-Banking Lending Institutions like Term Lending, Housing Finance,
Commercial Vehicle Finance, Leasing and Hire Purchase Companies, etc.

What is Financial Services?

Financial services are the economic services provided by the finance industry, which
encompasses a broad range of businesses that manage money, including credit unions, banks,
credit-card companies, insurance companies, accountancy companies, consumer-finance
companies, stock brokerages, investment funds, individual managers and some government-
sponsored enterprises. Financial services companies are present in all economically
developed geographic locations and tend to cluster in local, national, regional and
international financial centers such as London, New York City, and Tokyo.

2
Objectives of Financial Services
The various objectives of financial services are as follows:
1) Fund Raising:
The required funds can be raised by the help of financial services from the host of
investors, individuals, and institutions and corporate. There are various instruments of
finance being used for raising funds. These kinds of funds are required by the corporate
houses, individuals, etc.
2) Funds Deployment:
There are various kinds of financial services present in the financial markets which
help the company in proper deployment of funds. It also helps in decision-making of
financial mix. The financial service provide various types of services like bill discounting,
factoring of debtors, shifting of short-term funds in the money market, credit rating, e-
commerce and securitization of debts for effective funds management.
3) Specialized Services:
The various specialized services are being provided by financial service except
banking and insurance like credit rating, Venture Capital Financing, lease
financing, Factoring, mutual funds, merchant banking, stock lending, depository, credit cards,
housing finance, book-building, etc. These services are provided by various kinds of
institutions and agencies like Stock Exchanges, specialized and general financial institutions
and non-banking finance companies, subsidiaries of financial institutions, banks and
insurance companies. etc.,
4) Regulation:
There are various kinds of regulatory bodies present in India like Securities Exchange
Board of India (SEBI),Reserve Bank of India (RBI) and the Department of Banking and
Insurance of the Government of India which have different types of legislation's and also help
in providing various kinds of functions of financial services institutions.
5) Economic Growth:
The financial services help in increasing the economic growth and development of country. It
is done by the help of mobilizing the saving of the public by investing in productive
investments. Due to this reason, the various developed and developing countries which are
engaged in the effective financial market has increased the savings and investments.

3
Importance of Financial Services
The successful functioning of any financial system depends upon the range of
financial services offered by financial service organizations. The importance of financial
services may be understood from the following points:
1. Economic growth:
The financial service industry mobilizes the savings of the people, and channels them
into productive investments by providing various services to people in general and corporate
enterprises in particular. In short, the economic growth of any country depends upon these
savings and investments.
2. Promotion of savings:
The financial service industry mobilizes the savings of the people by providing
transformation services. It provides liability, asset and size transformation service by
providing huge loan from small deposits collected from a large number of people. In this way
financial service industry promotes savings.
3. Capital Formation:
Financial service industry facilitates capital formation by rendering various capital
market intermediary services. Capital formation is the very basis for economic growth.
4. Creation of Employment Opportunities:
The financial service industry creates and provides employment opportunities to
millions of people all over the world.
5. Contribution to GNP:
Recently the contribution of financial services to GNP has been increasing year after
year in almost countries.
6. Provision of liquidity:
The financial service industry promotes liquidity in the financial system by allocating
and reallocating savings and investment into various avenues of economic activity. It
facilitates easy conversion of financial assets into liquid cash.

4
Scope of Financial Services
The scope / functions of financial service is as follows
1) Gross Domestic Product (GDP)
The gross domestic product refers to the financial value of all the finished goods and
services manufactured inside the country in a specific time period. The financial service
contributes to the GDP of the country.
2) Employment
The financial service requires various kinds of financial institutions which need
different kinds of skilled manpower which indirectly lead to increase in the employment of
the country.
3) Foreign Direct Investment (FDI)
The financial service helps in increasing the foreign direct investment in the country
which helps in increasing the growth of the country.
4) Mobilizing of Funds
The financial service helps in increasing the investment opportunity among the public
leading to mobilizing the funds of the public.
5) Long-Term Loan
The long-term loan is basically required by the industries. The financial service helps
in providing cheap and long-term loan to industries.
6) Insurance
There are various types of financial services. Among them the most important is
insurance, the insurance financial protection to the consumers.

5
Nature of Financial Services

The nature of financial services are given below

1) Intangibility
The financial services are intangible in nature. The companies need to build
goodwill and confidence in the clients for producing better and efficient financial services.
The quality and innovations plays an important role for building reliability among the
customers.
2) Customer Orientation
The financial institution selling financial services needs to study the demand of the
customers. By the help of various studies, the financial institutions make different strategies
relating to the costs, liquidity and maturity consideration of the financial products. Hence,
financial services are customer-oriented.
3) Inseparability
The financial institutions and its customers cannot be separated from each other while
producing and supplying of financial services as both the functions of financial service is
done at the same time
4) Perishability
Financial services cannot be stored as they need to be created and delivered to the
target customers as per their requirements. So, it is important for financial institutions to
assure that there is match of demand and supply of financial services.
5) Dynamism
The financial service should be dynamic so that they can be changed according to the
socio-economics changes in the economy like disposable income, standard of living, level of
education, etc. The financial services should be efficient so that the new services can be made
by studying the future wants of the marker.
6) Derivatives and Catalysts
The financial services are derivatives of financial market. So, they also act as a
catalyst in the market operation. It starts the market operations and help in increasing the
investment by increasing the saving for a high rate of capital formation. They help in various
financial products which are derived from various financial transactions.

6
7) Act as Link
The financial services bridge the gap between investors and borrowers. They give
profit bearing investment to the investors by which they can also minimize the risk. The
investors have the options of high risk and high profits, low risk and low profit or get a
regular income on acceptable risk. The borrowers are also given many financial services for
fulfilling the financial needs by lowering the cost of funds and also making the repayments
according to the income pattern.
8) Distribution of Risks
The financial services distribute the funds in the profitable manner so that the
investors can diversify their risk in different financial services for getting maximum rate of
return. The various experts in the market help the investors for proper selection of the
portfolio for getting maximum return.
What is Financial Institution (FI)?
Financial Institutions are businesses that offer various types of financial services to
customers. These organizations provide many services, such as accepting deposits, making
investments, advancing loans, offering foreign exchange services, etc.
Financial Institutes are not limited to banks, as credit unions, insurance companies,
investment banks, and brokerage firms are also part of FIs. These organizations play a crucial
role within a capitalistic economic system, as they regulate the economy, ensure fair financial
practices, connect savers and spenders and facilitate prosperity to facilitate transactions.
Objectives of Financial Institution

1. Satisfy financial needs

Financial institutions provide a variety of services to their customers. Satisfying the
needs of the customers and clients is an important objective for every financial institution.
Each and every customer’s financial needs vary, thus financial institutions require to take
quick actions to maintain their business by satisfying the customer needs.
2. Assist customers
The financial institution helps people by offering various types of financial assistance
like investment services, savings services, loans, etc. It helps their clients to choose the
investment based on their interest and risk tolerance and also teaches them how to maintain
investments.

7
3. Mobilize savings
The financial institution encourages saving by accepting deposits from customers through
different savings plans. By paying interest on deposits, it increases the customer’s financial
income. Banks, insurance companies, and investment companies encourage people to save
money by using the services offered by them.
Functions of Financial Institutions

1. Regulate monetary supply

The financial institution helps to regulate the economy's money supply. These
institutions control inflation and also maintain stability in the money supply. The Federal
Reserve Bank takes various steps by increasing/decreasing repo rates, open market operation,
and cash reserve ratios to regulate the country's liquidity. Financial institutions are taking part
in buying and selling the securities of the government which helps to regulate liquidity.
2. Bank services
Financial institutions which established their business in commercial banks, support
people financially to manage their savings and accept their money to deposit in their
respective banks; it offers credit facilities to its clients who need financial support to lead
their lives. This institution also gives reasonable interest rates for savings and other deposit
accounts. They cover loans like personal, educational, automobile, home and mortgage able
loans for its customers.
3. Insurance services
The insurance companies also come under financial institutions as they provide
money through investments to the insurer. Insurance companies provide insurance for
vehicles, stocks, assets, marine, etc. Insurance companies also offer coverage for life
insurance and health insurance. These insurance companies offer their hand in mobilizing
savings and investing in productive investments. Here, they transfer customer risks with
financial support by assuring customers' life and insured asset in times of uncertainty.
4. Formation of capital
By accepting individuals’ savings, financial institutions provide monetary services to
investors who need external funds for increasing their capital stocks. Investors may need
financial services to implement expansion plans by installing new plants, machinery, tools,
equipment, building a new plant and buying new transport vehicles, etc. Thus, financial
institutions help in the formation of capital.

8
5. Investment consultation
Nowadays many investment options are carried out worldwide. A company/individual
must choose wisely for investing in a specific investment option that suits their interest.
Many investors may not be acquainted with numerous investment options. Every financial
institution has investment consulting services to help their clients to adopt the best option
available in the financial markets. Based on the investor’s risk-taking and other interests, the
financial institution suggests the investment option.
6. Brokerage service
Some financial institutions like commercial banks and non-banking companies offer a
different investment option for investors in form of brokerage. The institution serves as a
broker between investors and various companies for selling stocks, bonds, shares by getting a
brokerage fee.
7. Movement of financial resources
Another function of financial institutions is the movement of financial resources from
one area to another area. Through financial institutions, money transfer was made easy for
large funds like investments, real estate purchases, and other huge transactions from one
party to another party.
8. Managing risk
The financial institution manages the risk and uncertainties of companies and
individuals. Financial institutions manage the risk by assembling a massive pool of
individuals and businesses to share the risks and difficulties faced by businesses and people.

9
Types of Financial Institutions
There is a wide range of such institutions operating around the world. However, the
commonly identified types are as follows:

1 – Central Banks
These are the financial entities that monitor and oversee the procedures of the other
financial or banking institutions in the nation. They do not deal with individual customers
directly. Instead, they finance other retail banks. In short, these are banks for the banks. Every
economy has a separate central bank and is named differently. For example, in the United
States, the Federal Reserve Bank is the central bank.
2 – Commercial Banks
Retail and Commercial Banks are widely available to serve the financial needs of
individuals and businesses. From depositing money to borrowing amounts to buy property,
these banks act as saviors for people in need to secure their future financially. Some of the
products that these banks offer include savings accounts, personal loans, mortgage loans,
certificates of deposits (CDs), credit cards, etc.
3 – Non-Banking Institutions
Non-banking financial institutions (NBFIs) are entities that neither acquire a valid
banking license nor do they allow customers to deposit amounts. However, these entities can
offer alternative financial facilities to customers, including investment, consultation,
brokerage, transmission, and risk pooling services.

10
4 – Credit Unions
The institutions offer traditional banking services but are not publicly traded entities.
They are established and operated by the members, the ultimate shareholders. These
associations use and reinvest the money received as an interest to keep the costs low. As a
result, they become the better choices for members to fulfill their financial needs. These
entities enjoy tax-exempt status as Not – for-Profit Organizations.
5 – Investment Entities
The investment banks and brokerage firms fall under this non-depository category.
The investment firms help corporations, governments, and other entities build capital, raise
funds, and gain financial advice. These entities, as brokerage ventures, let customers acquire
finances by investing in securities, like stocks, Mutual Funds, bonds, and exchange-traded
funds (ETFs). In addition, it acts as a guide to startups or companies in conducting complex
transactional processes. They also offer advice for initiating fruitful mergers and acquisitions
(M&A).
6 – Thrift Institutions
Also referred to as savings and loan associations, these entities allow up to 20% of
total lending to customers, who are also their owners. They help individuals enjoy opening
accounts and acquiring personal loans and home mortgages.
7 – Insurance Companies
These financial institutions allow individuals and businesses have policies against
monthly premiums, which they are subject to pay at regular intervals. In addition, these
schemes offer coverage or protection to assets against any financial risk they remain exposed
to.

11
Types of Financial Services
The financial services are divided into wholesale financial service and retail financial
services according to the profile of users.
The wholesale financial services are the services which are used for converting into
final retail products. It is used by industry and business people. The retail financial services
are given to the individual for direct consumption. The Classification of Financial Services is
as follows:
The financial intermediaries from the past are providing various services including the
money and Capital Market activity. The traditional activities are classified into fund based
activities and non-fund based activities. These are also known as assets based financial
services and fee based financial services respectively.
I. Fund/Asset Based Financial Services
In this, the financial services are used for making assets or are backed by assets in
which the funds are changed to assets which are known as asset based financial services. It
consists of the following:
1) Lease Financing
A lease is known as the agreement between two parties known as lessor and lessee.
The lessor is the owner of the asset and lessee is the user of the asset. In this agreement, there
is transfer of asset from lessor to lesser for certain time period, in return the lessor receives
the regular rent. As the lease period gets over, the asset is returned back to lessor until there is
renewal of the contract.
2) Hire Purchase
The hire purchase refers to the hiring of an asset for certain time period and when the
time period gets over, there is purchase of same asset. At the time of sharing of asset, the
person hiring the asset gets the ownership and is allowed in use it. It is being used for
financing of capital goods like Industrial Finance, financing of consumer goods and for
selling consumer good on hire purchase as it is a legal advice.
3) Factoring
Factoring is done when the company requires immediate money. It is done by selling
the account receivable like invoices to a third party known as factor at certain discount for
immediate cash. This cash is required for continuous working of the business.

12
4) Forfeiting
Forfeiting is the way of financing of receivable related to international trade. It
represents to the purchase done by bank and financial institutions of trade bills/promissory
notes instead of recourse to the seller. The purchase is done by discounting the documents
including the overall risk of non-payment in collection. The various problems related to
collection are accountability of the purchaser who pays cash to seller after discounting the
bills and notes.
5) Mutual Fund
Mutual fund is the type of investment in which the pool of funds is sourced from
various investors for investing in various securities like stocks, bonds, money market
instruments and similar assets. It is managed by the money managers who invest the fund
capital and tries to get capital gains and income for the investors of the fund. The portfolio of
mutual fund is organized and is according to the investment objective given in the prospectus.
6) Exchange Traded Funds (ETFs)
It is traded same like stocks in the stock exchange. It has the following assets like
stocks, commodities or bonds. They trade near to the net asset value according to the working
of the trading day. The ETFs also has a role to monitor various index like stock index or bond
index. Exchange traded funds is useful for investments as there are low costs, tax efficiency
and stock-like features. They are very famous among exchange-traded product.
7) Consumer Credit/Consumer Finance
The term consumer credit means the activities related to giving credit to the
consumers for empowering them to acquire their own goods required for daily use. It is also
known as credit merchandising, deferred payments, installment buying, hire purchase, pay-
out-of income scheme, pay-as-you earn scheme, easy payment, credit buying, installment
credit plan, etc.
8) Bill Discounting
The bill discounting or a bill of exchange is known as the short-term, negotiable and
can easily liquidates money market instrument. It is used for financing a transaction in goods
which is trade related instrument.
9) Housing Finance
The housing finance refers to the collection of all the financial arrangements which
are offered by the Housing Finance Companies (HFCs) for fulfilling the need of housing.

13
10) Venture Capital
Venture Capital includes two words i.e. venture and capital Venture refers to the way
of doing something whose result is not known as it is present with various kinds of loss while
capital refers to human and non-human resources required for starting the business.
II. Fee/Non-Fund Based Financial Services
The fee based financial does not provide instant fund but instead it allows for the creation of
funds by the fee charged service. It consists of the following:
1) Merchant Banking:
The Merchant Banker can be individual or institutions like an underwriter or agent for
the companies and municipalities allocating securities. They are also involved in broker or
dealer functions, maintain the market for previously issued securities and also gives
suggestion to the investors on the advisory services. It plays important part in mergers and
acquisitions, private equity placements and corporate restructuring.
2) Credit Rating:
The credit rating is the process in which the symbol is assigned to the instrument for
some special work which is referred to as benchmark of present knowledge on related
capacity on the issuer to service its debt obligation on particular time. The symbols used in
credit rating are basically alphabetical or alphanumeric. The comparison of different
instruments is easy by the help of credit rating. The basic objective of credit rating is to
inform the investors about the relative ranking of the default-loss probability for required
fixed income investment in comparison to other rated instruments.
3) Stock Broking:
The stock broking refers to the method of bringing together the buyers and sellers of
stock at the stock exchange. It is the function of financial service intermediary. It is done by
brokers, both main brokers and sub brokers who are allowed by the SEBI. The stock broker
can be individual broker, a firm of brokers or a corporatized broker.
4) Securitization:
The change of present or future cash inflow of an individual into trade-able security
which can be sold in the market is known as securitization. These cash inflows can be from
financial assets like mortgage loans, automobile loans, trade receivables, credit card
receivables, fare collections will be security according to which borrowing can be raised,
though an individual can take the assistance of securitization instruments for efficient
economic growth.

14
5) Letters of Credit (LC):
A letter of credit is issued by the bank of the buyer to the seller which has a written
undertaking for repaying the cost of goods and services given by the seller to the buyer in
place of producing documents required within the precise time, place and to prescribed bank
as stated in the documents which is submitted according to the terms and conditions of the
LC.
6) Bank Guarantees:
The guarantee is the contract between the issuing bank and the client in which the
bank attempt to take the claims presented by the client on the customer on behalf of which
the bank had guarantee. The payment of default can be taken from the bank by the client in
case the customers do not fill the obligation. The bank is only liable for the amount declared
in the contract if the amount of default is more than the bank will have to give the whole
amount.
Regulatory Framework of Financial Services

Usually, the regulatory framework has the objective of establishing the efficient and
effective financial institutions and also assists in maintaining the stability of the transmission
method and also safeguarding the consumers of the financial services. The regulatory
framework of financial services in India is shown below:

15
I) Framework for Investment Services:
The various fund-based activities like mutual funds and venture capital is related to
the investment services. In the same way, the stock exchange and stock broking institution is
also related with the investment activities. The regulations followed by them can be discussed
with other investment activities. The Securities Contracts (Regulations) Act (SCRA), 1956.
SEBI Regulations and Reserve Bank of India comprises of the regulatory is defined.
II) Framework for Insurance Services:
The Insurance Act, 1938 was made for managing the insurers prior to the
nationalization of life and general insurance. The LIC formed in 1956 and GIC was formed in
1973 are the big institutions in insurance service. The nationalization of the insurance
companies has changed the working of the Act. The regulatory functions came along with
LIC and GIC.
The RBI appointed the Malhotra Committee in 1993 for providing ways to enhance
the functioning of various insurance services present in India so the Insurance Regulatory
Authority (IRA) was framed in 1996. The IRA performs the following works for both
public and private insurance company:
1) Orderly Growth:
The regulation and promotion of the insurance business leads to the orderly growth.
2) Exercise of Powers:
The various powers and functions of the controller of Insurance under the Insurance
Act, 1938, LIC Act, 1956 and the General Insurance Business (Nationalization) Act, 1972 or
any other law relating to insurance in force at the time it is exercised and performed.
3) Protecting Policy-Holders:
The various interest of policy-holders like assigning of policy nomination by policy-
holders, insurable interest, settlement of insurance claims, surrender value of policy and other
terms and conditions of contract insurance, besides controlling and regulating the rates.
Advantageous terms and conditions that are offered should be protected by the insurer.
4) Professionalization:
The professional organization related to the insurance business should be controlled
and promoted.
5) Information:
The various information of the inspection, inquiries and investigation including audit
of the insurers, insurance intermediaries and other organizations related to the insurance
business can be called by the governing body.
16
6) Books Maintenance:
The way of maintaining the books of accounts with all the statements of accounts is
prescribed to the insurers and other insurance intermediaries.
III) Framework for Banking and Financing Services:
The banks handle two functions which also determine their growth. These functions
are savings and investments. The working of the banking and financial institutions is
controlled by Central Government and RBI. The central government and RBI help in
maintaining the growth of economy according to the requirement. The RBI by the help of
RBI Act and Banking Regulation Act controls all the financial institutions which are related
to saving and capital formation. There are various other laws for institution which are
involved in raising and lending the capital. The various regulations for banking
institutions are as follows:
1) New Branch:
It gives permissions for establishing new bank or new branch.
2) Capital:
It suggests the minimum capital, reserves and need of profit and reserves, dispersion
of dividends, the amount requirement for minimum cash reserve and other liquid
assets.
3) Inspection:
The proper monitoring and maintenance on the functioning of the banks
4) Appointment:
The various appointments of Chairman and Chief Executive Officer of private banks
and nominating members to the Board of Directors done;
5) Monetary Policy:
The planning and implementation of monetary and credit policy for effective
regulation of credit flows, Maintenance of certain amount by t deciding Cash Reserve
Ratio (CRR) and Statutory Liquidity Ratio (SLR), the various treasury operations are
done by the regular issue of bonds and repos.
6) Credit Control:
The various qualitative and quantitative credit control method are used for managing
credit flow to different industries.
7) Other Services:
The various other services like regulating, factoring, bill discounting and credit card
services are offered by the banks.
17
IV) Framework for Merchant Banking and Other Services:
The working of different types of intermediaries related to the management of public and
right issue of capital, like merchant bankers, underwriters, brokers, market-makers, registrars,
advisors, collection bankers, advertisement consultant, debenture trustees, credit rating
agencies etc., are controlled by various guidelines of SEBI which are explained as follows:
 SEBI (Merchant Banker) Regulation, 1992
 SEBI Rules for Underwriters
 SEBI (Brokers and Sub-brokers) Regulation, 1992
 SEBI Rules for Registrars to an Issue and Share Transfer Agents, 1993
 SEBI (Bankers to an Issue) Regulations, 1994
The regulations for merchant bankers and other intermediaries are as follows:
1) The business should be registered with SEBI prior to the commencement of business
according the related rules and to regulations.
2) The various rules and certification relating to the net-worth, capital adequacy and
code of conduct should be followed.
3) The proper monitoring of the books and records should be done and also various
investigations should be done on the working of intermediaries. The accurate measure
should be suggested wherever required.
4) All the guidelines of SEBI should he followed and the "due-diligence certificate"
should also be issued.
5) The SEBI guidelines for Disclosure and Investor Protection, 1992 related to the issue
of capital and SEBI (Substantial Acquisition of Shares and Takeover) Regulations,
1994 related to the method to be followed by the acquirer and the merchant banker for
such acquisition of shares should be followed.
What is in the Financial Services Sector?
The financial services sector consists of banking, investing, taxes, real estate, and
insurance, all of which provide different financial services to people and corporations.

18
19