The 2006 Noida serial murder investigation began during December 2006 when the skulls and bones of a number of missing children were discovered in the village of Nithari on the outskirts of Noida City, a planned industrial township in Uttar Pradesh near New Delhi. A rich and politically connected Punjabi businessman, Moninder Singh Pandher and his servant and aide Surender Koli had been apprehended on the suspicion of murder of a call girl by the Delhi Police on December 26, 2006. A case has been registered against the two under various sections of the Indian Penal Code, including rape, murder, kidnapping, and criminal conspiracy.
Events before the primary investigation
The anxious and worried parents of the children who had gone missing in the last two years rushed to the Nithari village as word spread that the skeletal remains of eight children had been found in a sewer behind the house of a factory owner. Surender alias Satish later confessed killing six children and the 20 year-old Payal after having sexually assaulted them.
The residents alleged that the police were corrupt and involved with the rich people. Demands were made for an independent probe into the matter. One of the residents even claimed that the police were claiming credit for discovering the bodies when it was the residents who dug them up. They also put forward a possibility of an organ trade scandal. The police denied having found fifteen bodies. They reiterated that they had discovered skulls, bones and other body parts and said that they were unable to give a figure for the number of victims. The victims' identities and number could only be established with DNA tests. The police then sealed the house and did not allow mediapersons anywhere near the scene of crime.
The Central government tried to ascertain the facts behind the discovery of the skeletal remains of children and whether it had "inter-state ramifications. Law and order is a state's subject but the Home ministry asked for details about the magnitude of the crime.
It was later revealed by the media that the prime accused in this case, Moninder Singh had been picked up by the police on December 26 and his aide on December 27 in connection with the disappearance of a prostitute named Payal. And it was after Surinder confessed, the police claimed to have started digging up the nearby land area and discovered the children's bodies.
Two policemen were suspended on December 31, 2006 in connection with the serial murders of children in Noida as angry residents charged the house of the alleged mastermind. The policemen were suspended for dereliction of duty in the wake of the allegations by the locals that the cops had refused to take any action when they were informed about a number of children missing in this industrial township.
The situation at Nithari got aggravated as an irate mob of villagers fought pitched battles with the police, both pelting stones at each other, just outside the residence of the accused. The police also detained a maid named Maya whom they suspected had a hand in procuring women for the businessman. As more body parts were dug out from near the premises of the house, hundreds of local residents descended on the spot and alleged that there was an organ trade angle to the grisly killings of young children. A doctor living close to the Pandher residence, Navin Choudhary had been under police suspicion a few years ago in connection with an alleged kidney racket at his hospital. Searches were conducted throughout the properties owned by him and the investigators could not derive any information to support the claims of the public.
The police investigation
On January 1, 2007 – the police remand of the two accused was extended till January 10, 2007. The remand magistrate granted the police custody of the two accused for ten more days as the investigators said that further interrogation was required to complete the recovery of the human remains of the victims. The court also granted the permission for the narco analysis. On the same evening, the police conducted a raid over the Chandigarh residence of Moninder Singh. His wife and son were interrogated and questions were asked about Moninder's habits. Police sources disclosed that their relationship with him was "strained" but his behaviour was "normal". A senior police inspector revealed that there would be a series of searches conducted at Pandher's Ludhiana farmhouse and nearby places. The recent child kidnapping cases in Chandigarh – the accused's hometown – were re-opened.
It was on the next day that 15 of the 17 skeletons discovered in the village were identified. Ten of them were identified by the servant, Surinder Koli, when he was confronted with the photographs of the missing children of the village. Five other were identified by the family members of the victims after being shown some of the belongings of the children which were recovered from the scene of crime. The torsos of the bodies were missing and the investigating team was looking into possibilities of the motivation of the killings to be that of organ trade. The police said that there were at least 31 children who had been victims. Security was beefed up as police expected more disturbance, following two days of violence near the residence of the accused. The Chief Justice of India, Justice K. G. Balakrishnan while releasing a press statement asserted that the investigation was at a preliminary level and the courts or the Central Bureau of Investigation had no role to play at this stage.
The inquiry committee report
The Central Government, however, constituted a high-level inquiry committee to go into the police lapses, during the period of reporting and investigation. Chief Minister of Uttar Pradesh, Mulayam Singh Yadav said that he would await the report of the committee looking into the issue before taking the decision whether there should be a CBI probe into the matter. The committee is headed by the Joint Secretary, Women and Child Development Ministry, Manjula Krishnan. Under the terms of the reference,
This committee would take stock of the efforts made by the Noida police in locating the children who went missing.
It would assess the level of cooperation and assistance provided by the local administration, to locate the missing children and unite them with their families.
It would go through the modus operandi and the motives of the accused.
The panel met the parents of the of the victims to record their statements even as the police determined that out of the 17 confirmed people killed, 10 were girls. Parents of eight of the sexually abused children were given compensation of Rs. 12 lakh. The DNA samples from the human remains were sent to forensic laboratory in Hyderabad for the identification of the victims while forensic samples were sent to the laboratory in Agra for determining the age, cause of death and other details. It was determined that Payal was the only victim identified as adult in this case, with all other 11 victims below the age of 10. Seven of the eight families that had been provided compensation of Rs. 2 lakh on January 3, 2007 returned their cheques in protest. However, the cheques were soon returned back to them. They demanded houses and jobs in compensation.
After reeling under a lot of relentless pressure and public outcry, the Uttar Pradesh Government suspended two superintendents of police and dismissed six policemen for dereliction of duty. This action followed the report by the four-member committee. On January 17, 2007 the inquiry committee submitted its reports severely indicting the Uttar Pradesh police for "gross negligence" in handling the cases of missing persons. The committee said that the local administration was negligent and irresponsible while dealing with the missing persons reports and did not rule out organ trade as a possible motive behind the killings.
The call girl angle
The two accused in the case were already in police custody while the skeletal remains of the young children were being unearthed at the Pandher residence. An FIR had been filed on October 7, 2006. Investigations revealed that Payal's cellphone was being used although the SIM card she owned remained inactive. Through digital surveillance, the investigators were able to track down a number of people and could finally reached the man who sold the phone. The rickshaw cart puller affirmed that the phone belonged to someone from the Pandher residence. After the affirmation of the facts by the witness, Moninder Singh was called for interrogation, which subsequently revealed nothing. His aide and servant, Surender Koli was picked up the next day and he confessed killing the woman and dumping her body behind the house. The police started digging and henceforth recovered the skeletal remains of the missing children.
Nand Lal, the father of the girl – Deepika alias Payal, alleged that the police had threatened and harassed him. He stated that it was because of the court intervention that the police officers registered the First Information Report. Nand Lal said that he was accused of being a blackmailer and his daughter was called a woman of easy virtue.
Suspicions of child pornography racket
The investigating teams seized erotic literature along with a laptop computer connected to a webcam, which immediately raised the apprehensions of the presence of an international child pornography racket. The police also recovered some photographs of Pandher with nude children and foreigners, during his four international visits. It was apprehended that Pandher supplied such pictures abroad and could link him to paedophilia.
Suspicions of organ trade and cannibalism
The police initially suspected an organ trade angle as to the motive behind the murders and raided the house of a doctor who lived in the neighbourhood of the prime accused. A team of officials was accompanied by a team of forensic experts to pick up probable evidence for tests. The police revealed that the doctor had been accused of similar crime in the year 1998, although the court had later absolved him in the same year. This was a second raid in a few days. The police was however, cautious with the news reports indicting the accused of cannibalism even before the polygraph tests had barely begun. They were left aghast when they learned that one of the accused had even confessed to the consumption of the victims' livers and other body parts. Such a possibility was, however, not completely ruled out by the investigating team, considering the amount of brutality the duo had allegedly committed on the victims.
Brain mapping and narco analysis
The accused duo were brought to the Directorate of Forensic Sciences, Gandhinagar city for undergoing a series of medical tests. Brain mapping and polygraph tests were conducted on January 4, 2007 and narco analysis five days later. The police director told the scribes that both the accused had been cooperative during the tests and examinations. The directorate officials did not make any revelations to the public media.
A senior director of the institute announced the conclusion of the extensive tests and declared that no conclusion had been drawn. The police sources said that during the first day of the tests, Moninder Singh revealed a number of his high-profile connections with the ministers and others who frequented his residence in Noida.
The CBI investigation
After four days of discourse and mounting pressure from the Centre, the Uttar Pradesh government decided to hand over the inquiry to the Central Bureau of Investigation. The notification came after the Department of Personnel and Training, which governs the CBI sent a letter to the state government about making a proper request for a probe by the agency in line with the prescribed norms.
The two accused were taken away to an undisclosed location on the night of January 11, 2007, a day before the investigation was to be transferred to the Central Bureau of Investigation. The CBI continued its investigation and discovered three more skulls and human remains at the site of the serial killings. The investigators searched the drains and found three skulls, believed to be of the children and several body parts, including parts of legs, bones and torso. Several objects were found that are believed to belong to the victims. The exhibits were sealed and forwarded to forensic labs.
The Central enquiry committee that investigated the serial killings discovered serious lapses on the part of the police in handling the cases of missing persons. The published report was provided to the CBI to aid the agency in its probe. The reports were incriminating and proclaimed that the local police failed in their duty to admit their complaints over the past two years.
The discovery of several gunny bags containing parts of human torsos led the investigators to believe that it was unlikely that the accused had links to illegal organ trade. The CBI team discovered the bags in the drains outside the Pandher residence. After interrogating Surinder Koli, they came to a prima facie conclusion that "he is a psychopath who used to carry out the killings". Interrogators also said that it was possible that Pandher had no role to play in the murders.[34] The seized materials were sent to laboratory for post-mortem, individualisation and DNA extraction. The materials received from the Uttar Pradesh police were also forwarded for forensic examination. Some liquor bottles, a double-barrel gun, cartridges, mobile phones, photographs, photo albums and a blood-stained grill were handed over to the CBI for extensive examination. Preliminary investigations revealed that the bones were not more than two years old. The CBI also revealed that only fifteen skulls had been found thus far, and not seventeen as claimed by the state police.
A three-member CBI team questioned the kin members of Surendra Koli in the Almora district.
In November 2007, the Supreme Court issued notice to CBI in case on the allegation by a relative of the victim that the investigating agency was trying to shield Moninder Singh Pandher, one of the key accused in the case.
The victims
The call girl was the only adult victim in the string of serial murders. Young girls constituted the majority of victims. Post mortem reports of the 17 sets of skulls and bones recovered showed that 11 of the killed were girls. The top doctors of the Noida Government Hospital revealed that there was a "butcher-like precision" in the chopping of the bodies. The post mortem reports revealed that there had been a pattern in the killings. A gory revelation was made by the AIIMS on February 06, 2007. It was also concluded that there were 19 skulls in all, 16 complete and 3 damaged. The bodies had been cut into three pieces before being disposed off by the servant Surender Koli. The CBI sources said that the manservant, after strangulating the victims, used to sever their head and throw it in the drain behind the house of his employer. Sources also revealed that he used to keep the viscera in a polythene bag before disposing it off in a drain, so as to prevent detection. The skulls and the other bio-material remains were forwarded to the Centre for DNA Fingerprinting and Diagnostics, Hyderabad for further profiling.
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Friday, August 22, 2008
Grammy Award

The Grammy Awards (originally called the Gramophone Awards)—or Grammys—are presented annually by the National Academy of Recording Arts and Sciences of the United States for outstanding achievements in the record industry. The awards ceremony features performances by prominent artists, and some of the more prominent Grammy Awards are presented in a widely-viewed televised ceremony. The current President of the Academy is Neil Portnow. The Grammys are considered the highest music honor, the U.S. record industry's equivalent to the Academy Awards (Oscars) for motion pictures.
The awards were established in 1958. Prior to the first live Grammys telecast in 1971 on ABC, a series of taped annual specials in the 1960s called The Best on Record were broadcast on NBC. The first Grammy Award telecast took place on the night of November 29, 1959, as an episode of the NBC anthology series Sunday Showcase, which was normally devoted to plays, original TV dramas, and variety shows. Until 1971, awards ceremonies were held in both New York and Los Angeles, with winners accepting at one of the two. Pierre Cossette bought the rights to broadcast the ceremony from NARAS, and organized the first live telecast. CBS bought the rights in 1973 after moving the ceremony to Nashville, Tennessee; the American Music Awards were created for ABC as a result.
The award show is normally held in February. The 50th Grammy Awards ceremony was held on February 10, again at the Staples Center. The 51st Grammy Awards will be held on February 8, 2009 once again at the Staples Center in Los Angeles.
Awarded for Outstanding achievements in the record industry
Presented by National Academy of Recording Arts and Sciences
Country USA
First awarded 1958
Categories
Main article: List of Grammy Award categories
Main article: Grammy Award records
The "General Field" are four awards which are not restricted by genre, and are generally considered to be the most important.[citation needed]
Record of the Year is awarded to the performer and the production team of a single song.
Album of the Year is awarded to the performer and the production team of a full album.
Song of the Year is awarded to the writer(s)/composer(s) of a single song.
Best New Artist
Other awards are given for performance and production in specific genres, as well as for other contributions such as artwork and video. Special awards are also given out for more long-lasting contributions to the music industry
Nobel Prize

The Nobel Prize (Swedish: Nobelpriset) was established in Alfred Nobel's will in 1895, and it was first awarded in Peace, Literature, Chemistry, Physiology or Medicine, and Physics in 1901. An associated prize, The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was instituted by Sweden's central bank in 1968 and first awarded in 1969. The Nobel Prizes in the specific disciplines (Chemistry, Physics, Physiology or Medicine, and Literature) and the Prize in Economics, which is commonly identified with them, are widely regarded as the most prestigious award one can receive in those fields. The Nobel Peace Prize conveys social prestige, and that award also is often politically controversial. With the exception of the Nobel Peace Prize, the Nobel Prizes and the Prize in Economics are presented in Stockholm, Sweden, at the annual Prize Award Ceremony on December 10, the anniversary of Nobel's death. The recipients' lectures are presented in the days prior to the award ceremony. The Nobel Peace Prize and its recipients' lectures are presented at the annual Prize Award Ceremony in Oslo, Norway, also on December 10. "Since the Nobel Prize is regarded as the most prestigious prize in the world by far, the Award Ceremonies as well as the Banquets in Stockholm and Oslo on 10 December have been transformed from local Swedish and Norwegian arrangements into major international events that receive worldwide coverage by the print media, radio and television."
Awarded for Outstanding contributions in Physics, Chemistry, Literature, Peace, and Physiology or Medicine.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly identified with the Nobel Prize, is awarded for outstanding contributions in Economics.
Presented by Swedish Academy
Royal Swedish Academy of Sciences
Karolinska Institutet
Norwegian Nobel Committee
Country Sweden, Norway
First awarded 1901
Bharat Ratna

Bharat Ratna (translates to Jewel of India or Gem of India in English) is India's highest civilian award, awarded for the highest degrees of national service. This service includes artistic, literary, and scientific achievements, as well as "recognition of public service of the highest order." Unlike knights, holders of the Bharat Ratna carry no special title nor any other honorifics, but they do have a place in the Indian order of precedence. The award was established by the first President of India, Rajendra Prasad, on January 2, 1954.[4] Along with other major national honours, such as the Padma Vibhushan, Padma Bhushan and Padma Shri, the awarding of the Bharat Ratna was suspended from July 13, 1977 to January 26, 1980. The honour has been awarded to forty persons, a list which includes two non-Indians and a naturalized Indian citizen. Tamil Nadu and Uttar Pradesh are the states with the most number of awardees (8 each). Originally, the specifications for the award called for a circular gold medal carrying the state emblem and motto, among other things. It is uncertain if a design in accordance with the original specifications was ever made. The actual award is designed in the shape of a peepul leaf and carries the Hindi-written words "Bharat Ratna" on the front. The reverse side of the medal carries the state emblem and motto. The award is attached to a two-inch long ribbon, and was designed to be worn around the recipient's neck.
History
The order was established by Dr Rajendra Prasad, President of India, on January 2, 1954. The original statutes of January 1954 did not make allowance for posthumous awards (and this perhaps explains why the decoration was never awarded to Mahatma Gandhi), though this provision was added in the January 1955 statute. Subsequently, there have been twelve posthumous awards, including the award to Subhash Chandra Bose in 1992, which was later withdrawn due to a legal technicality, the only case of an award being withdrawn. The award was briefly suspended from July 13, 1977 to January 26, 1980.
The Bharta Ratna Citation, the certificate conferred to Late M. G. RamachandranWhile there was no formal provision that recipients of the Bharat Ratna should be Indian citizens, this seems to have been the general assumption. There has been one award to a naturalized Indian citizen — Agnes Gonxha Bojaxhiu, better known as Mother Teresa (1980); and two to non-Indians — Khan Abdul Ghaffar Khan (1987) and Nelson Mandela (1990). The awarding of this honour though, has frequently been the subject of litigation questioning the constitutional basis of such.
Controversies
Award to Subhas Chandra Bose
Indian freedom fighter Netaji Subhas Chandra Bose was awarded Bharat Ratna posthumously in 1992. The award was later withdrawn due to a legal technicality. This is the only case of an award being withdrawn. It was withdrawn in response to a Supreme Court of India directive following a Public Interest Litigation filed in the Court against the “posthumous” nature of the award. The Award Committee could not give conclusive evidence of Bose’s death and thus it invalidated the “posthumous” award.
Award to Abul Kalam Azad
When the award was offered to freedom fighter and India's first Minister of Education, Abul Kalam Azad, he promptly declined it saying that it should not be given to those, who have been on selection committee [5].
Specifications
The original specifications for the award called for a circular gold medal, 35 mm in diameter, with the sun and the Hindi legend "Bharat Ratna" above and a floral wreath below. The reverse was to carry the state emblem and motto. It was to be worn around the neck from a white ribbon. There is no indication that any specimens of this design were ever produced and one year later the design was altered
Complete list of the Awardees
1. Sir Sarvepalli Radhakrishnan 1888–1975 1954 Second President, First Vice President, Philosopher. Tamil Nadu
2. Chakravarti Rajagopalachari 1878–1972 1954 Last Governor-General, Freedom Fighter. Tamil Nadu
3. Sir C. V. Raman 1888–1970 1954 Nobel-prize winning Physicist Tamil Nadu
4. Bhagwan Das 1869–1958 1955 Literature, Freedom Fighter Uttar Pradesh
5. Sir Mokshagundam Visvesvarayya 1861–1962 1955 Civil Engineer Karnataka
6. Jawaharlal Nehru 1889–1964 1955 First Prime Minister, Freedom Fighter, Author. Uttar Pradesh
7. Govind Ballabh Pant 1887–1961 1957 Freedom Fighter, Home Minister Uttar Pradesh
8. Dhondo Keshav Karve 1858–1962 1958 Educationist, Social Reformer, Awarded in his birth centenary year. Maharashtra
9. Dr. B. C. Roy 1882–1962 1961 Physician, Politician, Former Chief Minister of West Bengal West Bengal
10. Purushottam Das Tandon 1882–1962 1961 Freedom Fighter, Educationist Uttar Pradesh
11. Dr. Rajendra Prasad 1884–1963 1962 First President, Freedom Fighter, Jurist Bihar
12. Dr. Zakir Hussain 1897–1969 1963 Former President, Scholar. Andhra Pradesh
13. Pandurang Vaman Kane 1880–1972 1963 Indologist and Sanskrit scholar Maharashtra
14. Lal Bahadur Shastri 1904–1966 1966 Posthumous, Second Prime Minister, Freedom Fighter Uttar Pradesh
15. Indira Gandhi 1917–1984 1971 Former Prime Minister Uttar Pradesh
16. V. V. Giri 1894–1980 1975 Former President, Trade Unionist. Andhra Pradesh
17. K. Kamaraj 1903–1975 1976 Posthumous, Freedom Fighter, Chief Minister-Tamil Nadu. Tamil Nadu
18. Mother Teresa 1910–1997 1980 Nobel Laureate (Peace, 1979). West Bengal
19. Acharya Vinoba Bhave 1895–1982 1983 Posthumous, Social Reformer, Freedom Fighter. Maharashtra
20. Khan Abdul Ghaffar Khan 1890–1988 1987 First non-citizen, Freedom Fighter. Pakistan
21. M. G. Ramachandran 1917–1987 1988 Posthumous, Chief Minister-Tamil Nadu, Actor. Tamil Nadu
22. B. R. Ambedkar 1891–1956 1990 Posthumous, Architect-Indian Constitution Maharashtra
23. Nelson Mandela b. 1918 1990 Second non-citizen and first non-Indian, Leader of Anti-Apartheid movement. South Africa
24. Rajiv Gandhi 1944–1991 1991 Posthumous, Former Prime Minister New Delhi
25. Sardar Vallabhbhai Patel 1875–1950 1991 Posthumous, Freedom Fighter, First Home Minister of India. Gujarat
26. Morarji Desai 1896–1995 1991 Former Prime Minister, Freedom Fighter. Gujarat
27. Maulana Abul Kalam Azad 1888–1958 1992 Posthumous, Freedom Fighter, First Education Minister of India West Bengal
28. J. R. D. Tata 1904–1993 1992 Industrialist and philanthropist. Maharashtra
29. Satyajit Ray 1922–1992 1992 Film Director ,Oscar winner West Bengal
30. A.P.J. Abdul Kalam b. 1931 1997 Former President, Scientist. Tamil Nadu
31. Gulzarilal Nanda 1898–1998 1997 Freedom Fighter, former Prime Minister. Punjab
32. Aruna Asaf Ali 1908–1996 1997 Posthumous, Freedom Fighter. West Bengal
33. M. S. Subbulakshmi 1916–2004 1998 Classical singer. Tamil Nadu
34. Chidambaram Subramaniam 1910–2000 1998 Freedom Fighter, Minister of Agriculture (Father of Green revolution). Tamil Nadu
35. Jayaprakash Narayan 1902–1979 1998 Posthumous, Freedom Fighter, Social Reformer. Bihar
36. Pandit Ravi Shankar b. 1920 1999 Classical sitar player. Uttar Pradesh
37. Amartya Sen b. 1933 1999 Nobel Laureate (Economics, 1998), Economist. West Bengal
38. Gopinath Bordoloi 1890–1950 1999 Posthumous, freedom fighter Assam
39. Lata Mangeshkar b. 1929 2001 Play back singer. Maharashtra
40. Ustad Bismillah Khan 1916-2006 2001 Classical Shehnai Maestro Uttar Pradesh
Param Vir Chakra

The Param Vir Chakra (PVC) is India's highest military decoration awarded for the highest degree of valour or self-sacrifice in the presence of the enemy, similar to the British Victoria Cross, US Medal of Honor, or French Legion of Honor. It can be awarded posthumously with many of the awards having been awarded posthumously.
Param Vir means "Bravest of the Brave" in Sanskrit. (Param = Highest; Vīr = Brave (warrior); Chakra = wheel/medal).
The PVC was established on 26 January 1950 (the date of India becoming a republic), by the President of India, with effect from 15 August 1947 (the date of Indian independence). It can be awarded to officers or enlisted personnel from all branches of the Indian military. It is the second highest award of the government of India after Bharat Ratna (amendment in the statute on 26 January 1980 resulted in this order of wearing). It replaced the former British colonial Victoria Cross (VC), (see List of Indian Victoria Cross recipients).
Provision was made for the award of a bar for second (or subsequent) awards of the Param Vir Chakra. To date, there have been no such awards. Award of the decoration carries with it the right to use P.V.C. as a postnominal abbreviation.
The award also carries a cash allowance for those under the rank of lieutenant (or the appropriate service equivalent) and, in some cases, a cash award. On the death of the recipient, the pension is transferred to the widow until her death or remarriage. The paltry amount of the pension has been a rather controversial issue throughout the life of the decoration. By March 1999, the stipend stood at Rs. 1500 per month. In addition, many states have established individual pension rewards that far exceeds the central government's stipend for the recipients of the decoration.
Subedar Major Bana Singh of the Eighth Jammu and Kashmir Light Infantry was the only serving personnel of the Indian defence establishment with a Param Vir Chakra till the Kargil operations
Design
The medal was designed by Savitri Khanolkar (born Eva Yuonne Linda Maday-de-Maros to a Hungarian father and Russian mother) who was married to an Indian Army officer, Vikram Khanolkar. This was done following a request from the first native Adjutant General, Major General Hira Lal Atal, who in turn had been entrusted with the responsibility of coming up with an Indian equivalent of the Victoria Cross by Pandit Jawahar Lal Nehru, the first Prime Minister of the Indian Union. Coincidentally, the first Param Vir Chakra was awarded to her son-in-law, Major Somnath Sharma for his bravery in the Kashmir operations in November 1947. He died while evicting Pakistani infiltrators and raiders from the Srinagar Airport. This was when India and newly-formed Pakistan had the first war over the Kashmir issue.
The medal is a circular bronze disc with a 1-3/8 inch (approximately 3.5 cm) diameter. In the center, on a raised circle, the state emblem. Surrounding this, four replicas of Indra's Vajra (the all-powerful mythic weapon of the ancient Vedic King of Gods). The decoration is suspended from a straight swiveling suspension bar. It is named on the edge.
On the rear, around a plain center, are two legends separated by lotus flowers. The words Param Vir Chakra are written in Hindi and English.
Ribbon of the Param Vir ChakraThe ribbon which holds the Param Vir Chakra is of 32 mm length and purple in colour. The medal was designed to symbolize Rishi Dadhichi, who had donated his bones to the Gods for making Vajra, and contains an image of Shivaji's sword Bhawani on the other side.[citation needed].The Indian General Service Medial (1947) also contains the Bhavani sword.
IC-521 Major Som Nath Sharma 4th Battalion, Kumaon Regiment November 3, 1947 Badgam, Kashmir Posthumous
IC-22356 Lance Naik Karam Singh 1st Battalion, Sikh Regiment October 13, 1948 Tithwal, Kashmir
SS-14246 Second Lieutenant Rama Raghoba Rane Corps of Engineers April 8, 1948 Naushera, Kashmir
27373 Naik Jadu Nath Singh 1st Battalion, Rajput Regiment February 1948 Naushera, Kashmir Posthumous
2831592 Company Havildar Major Piru Singh 6th Battalion, Rajputana Rifles July 17/18, 1948 Tithwal, Kashmir Posthumous
IC-8497 Captain Gurbachan Singh Salaria 3rd Battalion, 1st Gorkha Rifles (The Malaun Regiment) December 5, 1961 Elizabethville, Katanga, Congo Posthumous
IC-7990 Major Dhan Singh Thapa 1st Battalion, 8th Gorkha Rifles October 20, 1962 Ladakh, India
JC-4547 Subedar Joginder Singh 1st Battalion, Sikh Regiment October 23, 1962 Tongpen La, Northeast Frontier Agency, India Posthumous
IC-7990 Major Shaitan Singh 13th Battalion, Kumaon Regiment November 18, 1962 Rezang La Posthumous
2639885 Company Quarter Master Havildar Abdul Hamid 4th Battalion, The Grenadiers September 10, 1965 Chima, Khem Karan Sector Posthumous
IC-5565 Lieutenant-Colonel Ardeshir Burzorji Tarapore 17th Poona Horse October 15, 1965 Phillora, Sialkot Sector, Pakistan Posthumous
4239746 Lance Naik Albert Ekka 14th Battalion, Bihar Regiment December 3, 1971 Gangasagar Posthumous
10877 F(P) Flying Officer Nirmal Jit Singh Sekhon No.18 Squadron, Indian Air Force December 14, 1971 Srinagar, Kashmir Posthumous
IC-25067 2/Lieutenant Arun Khetarpal 17th Poona Horse December 16, 1971 Jarpal, Shakargarh Sector Posthumous
IC-14608 Major Hoshiar Singh 3rd Battalion, The Grenadiers December 17, 1971 Basantar River, Shakargarh Sector
JC-155825 Naib Subedar Bana Singh 8th Battalion, Jammu and Kashmir Light Infantry June 23, 1987 Siachen Glacier, Jammu and Kashmir
IC-32907 Major Ramaswamy Parameshwaran 8th Battalion, Mahar Regiment November 25, 1987 Sri Lanka Posthumous
IC-56959 Lieutenant Manoj Kumar Pandey 1st Battalion, 11th Gorkha Rifles July 3, 1999 Khaluber/Juber Top, Batalik sector, Kargil area, Jammu and Kashmir Posthumous
2690572 Grenadier Yogendra Singh Yadav 18th Battalion, The Grenadiers July 4, 1999 Tiger Hill, Kargil area
13760533 Rifleman Sanjay Kumar 13th Battalion, Jammu and Kashmir Rifles July 5, 1999 Area Flat Top, Kargil Area
IC-57556 Captain Vikram Batra 13th Battalion, Jammu and Kashmir Rifles July 6, 1999 Point 5140, Point 4875, Kargil Area Posthumous
More information
Lists of miscellaneous information should be avoided. Please relocate any relevant information into appropriate sections or articles. (March 2008)
Of the 21 awardees, 20 are from Indian Army and 1 from Indian Air Force.
Som Nath Sharma, the first recipient of the award, was the award designer Mrs. Savitri Khanolkar's son-in-law.
14 of the 21 awards were posthumous.
Grenadiers Regiment have received the most number of Param Vir Chakras, with 3 awards, one each for the Indo-Pakistan 1965 war, 1971 Indo-Pakistan war and the Kargil War. The Gorkha Rifles have also received 3 awards, with the 1st Gorkha Rifles (The Malaun Regiment), 8th Gorkha Rifles and 11th Gorkha Rifles each receiving one.
The Sikh Regiment, Kumaon Regiment, 17th Poona Horse and Jammu and Kashmir Rifles have received 2 awards.
The highest rank to be awarded a Param Vir Chakra is that of a Lieutenant Colonel. Lt. Col. Ardeshir Tarapore, thus, had the highest rank to get this award.
The award to Major Dhan Singh Thapa, for the battle of Sirijap in the 1962 War was initially announced as a Posthumous award. It was not known that Major Thapa was taken POW at that time.
By an administrative mistake, the Param Vir Chakra to Grenadier Yogendra Singh Yadav was also announced posthumously. At that time Gren Yadav was recuperating in a hospital from his wounds. This was because there was another Soldier with the exact same name in his Unit who died in the same operation.
Between 1983-85, The Shipping Corporation of India Ltd., took delivery of 15 ships (oil tankers) from Hyundai Shipyard and they were named after the then PVC awardees. The ships were named as "Company Havildar Major Piru Singh PVC". In fact in foreign ports the word PVC had to be explained to the pilots because it was construed by them to mean synthetic PVC.
Bear Mutual Fund
Bear Mutual Funds - Time to Take a Bite?
You may not have heard about bear market funds, but the fact is that they exist, and are quite popular among investors. Although they are risky, bear market mutual funds are used as a leverage for broadening portfolios, specially in times when things aren't going well. But what exactly is a bear fund, and how do they work? Let's find more about this curious financial tool.
What Are Bear Funds?
In the stock market, people believe that there are market trends. These trends are divided into primary market trends, and secondary market trends. In the case of primary market trends, there are two types. The bull market and the bear market.
A bull market is the classical stock exchange market, in which people buy stock expecting that it's price will rise and that they will receive dividends for it. The most famous period of history for bull markets were the 1990's, when the economy of the US and many countries in the world grew at incredible rates.
The bear market is all the contrary. It is a market where pessimism rules. Desperate investors are looking for people who are willing to buy their plunging stock. The perfect example for this kind of scenario is the Great Depression of 1930s. Although there isn't an official definition for determining a bear market, investors consider that a 20% decline in a key stock market index is a telltale of this phenomena.
So, a bear is an investor that thinks the other way around. Instead of expecting the share to rise, he is expecting that the share will go down. This may sound as an strategy that should belong to a reality more attuned with "Alice in Wonderland", but it is real, and it works.
Why Aren't They Good For Long Term Investments?
The problem with bear funds is that they go against an historical fact. In the last hundred years, the stock market in the US has grown at an average of 11%. It makes sense, since the economy in the last ten decades has been growing. Sometimes slow, sometimes fast, but it hasn't stopped to grow.
So, if an individual wants to put money in bear mutual funds as a long term investment, then he won't earn money. Actually, he will lose it. It is impossible to go against the tide of the national economy. For that reason, bear market funds are considered short term mutual funds or short term bond funds; the only way to make money with them is during determined periods of time, but no more.
You may not have heard about bear market funds, but the fact is that they exist, and are quite popular among investors. Although they are risky, bear market mutual funds are used as a leverage for broadening portfolios, specially in times when things aren't going well. But what exactly is a bear fund, and how do they work? Let's find more about this curious financial tool.
What Are Bear Funds?
In the stock market, people believe that there are market trends. These trends are divided into primary market trends, and secondary market trends. In the case of primary market trends, there are two types. The bull market and the bear market.
A bull market is the classical stock exchange market, in which people buy stock expecting that it's price will rise and that they will receive dividends for it. The most famous period of history for bull markets were the 1990's, when the economy of the US and many countries in the world grew at incredible rates.
The bear market is all the contrary. It is a market where pessimism rules. Desperate investors are looking for people who are willing to buy their plunging stock. The perfect example for this kind of scenario is the Great Depression of 1930s. Although there isn't an official definition for determining a bear market, investors consider that a 20% decline in a key stock market index is a telltale of this phenomena.
So, a bear is an investor that thinks the other way around. Instead of expecting the share to rise, he is expecting that the share will go down. This may sound as an strategy that should belong to a reality more attuned with "Alice in Wonderland", but it is real, and it works.
Why Aren't They Good For Long Term Investments?
The problem with bear funds is that they go against an historical fact. In the last hundred years, the stock market in the US has grown at an average of 11%. It makes sense, since the economy in the last ten decades has been growing. Sometimes slow, sometimes fast, but it hasn't stopped to grow.
So, if an individual wants to put money in bear mutual funds as a long term investment, then he won't earn money. Actually, he will lose it. It is impossible to go against the tide of the national economy. For that reason, bear market funds are considered short term mutual funds or short term bond funds; the only way to make money with them is during determined periods of time, but no more.
Micro Cap Mutual Fund
Small Cap Mutual Funds - Why they are always in demand?
Small cap mutual funds are essentially stock funds devised at maximizing returns or growth. The term small cap refers to the capitalization of a corporation in the stock market which is any where between $ 300 and $ 2 billion. This article covers:
-Are small cap mutual funds advantageous?
-What are the benefits in investing in investing in small cap mutual funds?
-What are micro cap mutual funds?
Of all the types of various mutual funds what are these small cap mutual funds? Why are they in news of late? It pays to understand term as applied to stock market first in order that we get an insight in to what small cap mutual funds are?
What are small cap stocks and what are small cap mutual funds?
The term small cap refers to the capitalization of a corporation in the stock market which is any where between $ 300 and $ 2 billion. The figure is debatable among brokerages. Also the classification is for convenience and broking purposes and hence is an approximation.
Small cap mutual funds are essentially stock funds devised at maximizing returns or growth. Thus, small cap mutual funds are those that focus the investment of their assets on small cap stocks. Small cap mutual funds need not necessarily spread their investment across the spectrum of small cap market as the name might suggest. On the contrary they have the liberty and sanction both from the shareholder and law to compartmentalize select stocks and sectors within the class.
Do Mutual Funds Have A Free Hand In Investing In Small Cap Market?
By and large mutual funds have free market access subject to SEC guide liens. Like in any other sector, be it index stocks or the large cap stocks, mutual funds can have the freedom to choose stocks from here in any proportion. But it does not mean that they can invest in large volumes in small cap stocks. This restriction is imposed by SEC (Securities and Exchanges Commission) and is to facilitate retail distribution rather than large volume acquisition by institutional investors.
Prospects of Investing In Small Cap Mutual Funds
Small cap funds and micro cap funds are relatively less stable in comparison to other types of mutual funds owing to their narrow focus and limited presence by volume in the market. Also they lay a lot of weightage to small cap stocks which means that when market is not in its best, the funds values can plummet as they are directly connected to markets.
If this were the only case, why do you think the market is raising hype and hoopla about small cap mutual funds? Alternately, small cap mutual funds have a great potential due to a couple of reasons.
Small cap stocks and thus small cap mutual funds generate a lot of demand driven sales at the counters in bullish market pushing up the prices. The converse is also true for a bad day.
Historically small cap companies are found to be reinvesting most of their profits in to business reassuring its share holders a better performance and profit potential.
Small cap mutual funds are essentially stock funds devised at maximizing returns or growth. The term small cap refers to the capitalization of a corporation in the stock market which is any where between $ 300 and $ 2 billion. This article covers:
-Are small cap mutual funds advantageous?
-What are the benefits in investing in investing in small cap mutual funds?
-What are micro cap mutual funds?
Of all the types of various mutual funds what are these small cap mutual funds? Why are they in news of late? It pays to understand term as applied to stock market first in order that we get an insight in to what small cap mutual funds are?
What are small cap stocks and what are small cap mutual funds?
The term small cap refers to the capitalization of a corporation in the stock market which is any where between $ 300 and $ 2 billion. The figure is debatable among brokerages. Also the classification is for convenience and broking purposes and hence is an approximation.
Small cap mutual funds are essentially stock funds devised at maximizing returns or growth. Thus, small cap mutual funds are those that focus the investment of their assets on small cap stocks. Small cap mutual funds need not necessarily spread their investment across the spectrum of small cap market as the name might suggest. On the contrary they have the liberty and sanction both from the shareholder and law to compartmentalize select stocks and sectors within the class.
Do Mutual Funds Have A Free Hand In Investing In Small Cap Market?
By and large mutual funds have free market access subject to SEC guide liens. Like in any other sector, be it index stocks or the large cap stocks, mutual funds can have the freedom to choose stocks from here in any proportion. But it does not mean that they can invest in large volumes in small cap stocks. This restriction is imposed by SEC (Securities and Exchanges Commission) and is to facilitate retail distribution rather than large volume acquisition by institutional investors.
Prospects of Investing In Small Cap Mutual Funds
Small cap funds and micro cap funds are relatively less stable in comparison to other types of mutual funds owing to their narrow focus and limited presence by volume in the market. Also they lay a lot of weightage to small cap stocks which means that when market is not in its best, the funds values can plummet as they are directly connected to markets.
If this were the only case, why do you think the market is raising hype and hoopla about small cap mutual funds? Alternately, small cap mutual funds have a great potential due to a couple of reasons.
Small cap stocks and thus small cap mutual funds generate a lot of demand driven sales at the counters in bullish market pushing up the prices. The converse is also true for a bad day.
Historically small cap companies are found to be reinvesting most of their profits in to business reassuring its share holders a better performance and profit potential.
Commodity Mutual Fund
Maximize Your Profits with Commodity Mutual Funds
Commodities mutual funds are those investing in certain designated real assets or their derivatives like futures contracts. The commodities or the derivatives are traded for maximizing profits. This article informs you on:
-Know in detail about commodity mutual funds
-Which are the two indices marking commodities market?
-out the principle behind commodity mutual funds
There are times when financial assets are out of favor and real assets are in favor, Mutual funds need to address that. says Don Phillips, president of Morningstar Inc.
Commodities mutual funds are those investing in certain designated real assets (as listed in the following paragraph) or their derivatives like futures contracts (instruments that facilitate investment in commodities). The commodities or the derivatives are traded for maximizing profits. All said and done there are no commodity mutual funds in real terms and all those trading in commodities are hedge funds (hedge funds are for big time investors who can pool in excess of $1 million for the purpose of trading in commodities).
In a way commodity mutual funds are scaled down versions of hedge funds that provide a chance to retail investors to take a look at commodities market who otherwise were not able to.
Bench Mark Indices for Commodities Mutual Funds
Commodities' market facilitates trades in real assets unlike virtual assets in conventional markets. For example we have two indices marking commodities market. One is GSCI, stands for Goldman Sachs Commodity Index and DJCI, which stands for Dow Jones Commodity Index.
GSCI has 22 different commodities right from oil to cooking-fuel oil listed on the basis of their contracted future prices (technically called as futures). About 55% of this is made up by Energy futures and another 25% by agriculture commodities. The balance of them is spread amongst bond markets. This broad based, diversified index gives weightage to long term and un-leveraged commodities. The weightage itself is calculated on the basis of the commodity's currency (flow through) in the economy. The quantity and their presence in the index are calculated based on their five year average production.
Where as the DJCI is a pretty liquid index with broader outlook and worldwide importance of commodities. None of the commodity can have a representation of more than 33%.
How Do Commodities Mutual Funds Operate?
Commodity mutual funds operate by investing in what are known as future contracts (an industry jargon for instruments of contract for commodities & prices) to anywhere between one third and one half of their asset. The contracts are made for a future date and price obligating the buyers and sellers. These futures (contracts) are traded on exchanges and values vary based on speculation and hedging (reducing risk). Some future notes are delivery based (delivered to the buyer) and some others are cash settled upon expiry of the contract at the higher of the speculated value and the contract value.
The commodities mutual funds, in order that some kind of stability is attained will invest the balance money with them in short term government securities. The returns on these will compliment returns from commodities investments apart from paying for expenses. A small amount may be set aside for speculative trading in commodities like silver, hogs etc. Some funds take care of effects of inflation by the earning they make on government securities. These are known as inflation insulated or inflation free funds.
Commodities mutual funds are those investing in certain designated real assets or their derivatives like futures contracts. The commodities or the derivatives are traded for maximizing profits. This article informs you on:
-Know in detail about commodity mutual funds
-Which are the two indices marking commodities market?
-out the principle behind commodity mutual funds
There are times when financial assets are out of favor and real assets are in favor, Mutual funds need to address that. says Don Phillips, president of Morningstar Inc.
Commodities mutual funds are those investing in certain designated real assets (as listed in the following paragraph) or their derivatives like futures contracts (instruments that facilitate investment in commodities). The commodities or the derivatives are traded for maximizing profits. All said and done there are no commodity mutual funds in real terms and all those trading in commodities are hedge funds (hedge funds are for big time investors who can pool in excess of $1 million for the purpose of trading in commodities).
In a way commodity mutual funds are scaled down versions of hedge funds that provide a chance to retail investors to take a look at commodities market who otherwise were not able to.
Bench Mark Indices for Commodities Mutual Funds
Commodities' market facilitates trades in real assets unlike virtual assets in conventional markets. For example we have two indices marking commodities market. One is GSCI, stands for Goldman Sachs Commodity Index and DJCI, which stands for Dow Jones Commodity Index.
GSCI has 22 different commodities right from oil to cooking-fuel oil listed on the basis of their contracted future prices (technically called as futures). About 55% of this is made up by Energy futures and another 25% by agriculture commodities. The balance of them is spread amongst bond markets. This broad based, diversified index gives weightage to long term and un-leveraged commodities. The weightage itself is calculated on the basis of the commodity's currency (flow through) in the economy. The quantity and their presence in the index are calculated based on their five year average production.
Where as the DJCI is a pretty liquid index with broader outlook and worldwide importance of commodities. None of the commodity can have a representation of more than 33%.
How Do Commodities Mutual Funds Operate?
Commodity mutual funds operate by investing in what are known as future contracts (an industry jargon for instruments of contract for commodities & prices) to anywhere between one third and one half of their asset. The contracts are made for a future date and price obligating the buyers and sellers. These futures (contracts) are traded on exchanges and values vary based on speculation and hedging (reducing risk). Some future notes are delivery based (delivered to the buyer) and some others are cash settled upon expiry of the contract at the higher of the speculated value and the contract value.
The commodities mutual funds, in order that some kind of stability is attained will invest the balance money with them in short term government securities. The returns on these will compliment returns from commodities investments apart from paying for expenses. A small amount may be set aside for speculative trading in commodities like silver, hogs etc. Some funds take care of effects of inflation by the earning they make on government securities. These are known as inflation insulated or inflation free funds.
No Load Mutual Fund
No Load Mutual Funds - Where do They Have an Edge?
As the name implies, no load mutual funds do not charge any sales loads on the investors. No load mutual funds are usually sold to the investors at net assets values and sales commission is charged. This article deals with:
-What is the major feature of no load mutual funds?
-Do no load mutual funds enjoy an edge over load mutual funds?
-Want to buy the best no load mutual funds? find out how
It is important to know what do they mean by load in relation to mutual funds in order to understand what are no load mutual funds. Loads are fees or expenses recovered by mutual funds against compensation paid to brokers, their distribution and marketing costs. These expenses are generally called as sales loads. These are also referred as front end loads and along the same line of thought there are back end loads that are charged on you even while you exit from the share holding of the fund (sales fees).
What Are No Load Mutual Funds?
As the name implies, no load mutual funds do not charge any sales loads on the investors. No load mutual funds are usually sold to the investors at net assets values and sales commission is charged. But at this point in time it is important to know that some fees are still chargeable to the purchasers of the funds and still be called as no load funds as per guidelines of NASD. NASD allows mutual funds to charge some fees that are not considered as sales loads. Examples of such fees are exchange fees, purchase fees, redemption fees and account fees. The combined 12b-1 fees of the fund or share holder service fees do not exceed 0.25% of the average annual net asset of the fund.
Are No Load Mutual Funds Really Beneficial?
Assume two similar funds, load fund as well as no load fund as having an equal performance expectation. But at the onset itself the load fund is disadvantaged. A part of your investment goes to serve various fees and the balance of the amount will be actually invested in the stated mandate of the mutual fund. For example if you invested say $ 10,000 in a loaded fund that has a load of 5% the actual fees translates to $500 and the actual amount that goes for investment is $9,500 only. It is here that the no load mutual funds have an edge over loaded funds. More often than not it is the 12b-1 fees that are charged on a no load fund.
As the name implies, no load mutual funds do not charge any sales loads on the investors. No load mutual funds are usually sold to the investors at net assets values and sales commission is charged. This article deals with:
-What is the major feature of no load mutual funds?
-Do no load mutual funds enjoy an edge over load mutual funds?
-Want to buy the best no load mutual funds? find out how
It is important to know what do they mean by load in relation to mutual funds in order to understand what are no load mutual funds. Loads are fees or expenses recovered by mutual funds against compensation paid to brokers, their distribution and marketing costs. These expenses are generally called as sales loads. These are also referred as front end loads and along the same line of thought there are back end loads that are charged on you even while you exit from the share holding of the fund (sales fees).
What Are No Load Mutual Funds?
As the name implies, no load mutual funds do not charge any sales loads on the investors. No load mutual funds are usually sold to the investors at net assets values and sales commission is charged. But at this point in time it is important to know that some fees are still chargeable to the purchasers of the funds and still be called as no load funds as per guidelines of NASD. NASD allows mutual funds to charge some fees that are not considered as sales loads. Examples of such fees are exchange fees, purchase fees, redemption fees and account fees. The combined 12b-1 fees of the fund or share holder service fees do not exceed 0.25% of the average annual net asset of the fund.
Are No Load Mutual Funds Really Beneficial?
Assume two similar funds, load fund as well as no load fund as having an equal performance expectation. But at the onset itself the load fund is disadvantaged. A part of your investment goes to serve various fees and the balance of the amount will be actually invested in the stated mandate of the mutual fund. For example if you invested say $ 10,000 in a loaded fund that has a load of 5% the actual fees translates to $500 and the actual amount that goes for investment is $9,500 only. It is here that the no load mutual funds have an edge over loaded funds. More often than not it is the 12b-1 fees that are charged on a no load fund.
Types of Mutual Fund
Learn the Types before Investing in Mutual Funds
There is no one method of classifying mutual funds risk free or advantageous. However we can do the same by way of classifying mutual funds as per their functioning and the type of funds they offer to investors. This article makes you aware on:
-What are the reasons that make the close ended mutual finds more attractive?
-What are the factors that determine the prices of exchange traded funds?
-Find out the features of open ended mutual funds
There is no one method of classifying mutual funds risk free or advantageous. However we can do the same by way of classifying mutual funds as per their functioning and the type of funds they offer to investors. If we took the middle path and classify broadly we get the following list.
Open End Mutual Funds
All mutual funds by default and by definition are open end funds. Here an investor can buy the shares at any point of time and exit from it at any time of his choice. Both buying and selling will be at the current NAV subject to load factors where ever applicable. Though this is a very broad category, one can easily say this is the most popular of the lot looking at the ease with which one can liquidate his holding (exit from position by selling or redemption to the trust/fund). Affordability is another key factor that decides the popularity of open end funds. Those who can not afford high initial prices can buy with low dollar values and even on a monthly basis.
Closed End Mutual Funds
Selling off of a specified and limited number of shares by the mutual funds at an initial public offering is known as closed end mutual fund. However one important difference between open end fund and closed end mutual fund is that the price of the latter is decided by demand and supply of the stock in the market and not by NAVs unlike in the former case. The pooled funds are utilized as per the mandate of the fund and Securities and Exchange Commission's regulations. They are traded more like the general stocks. Some of the reasons to invest in this category
Prices are determined by market demands and thus closed end funds trade at lower than the offer price more often than not which is a perfect time for buying (at discounted prices)
Like in the open end funds there are wide options for you to choose from. Like stock funds, balanced funds that give full asset allocation benefit and thirdly the bond funds.
Exchange Traded Funds
The Exchange Traded Funds are a basket of stocks and trade like a normal security on exchanges tracking index much like index funds. The prices of the ETFs are determined by market forces and thus no NAVs can be fixed. The advantages of ETFs include buying and selling like you can do with any stock traded on the exchange not excluding short selling while you enjoy the diversification of an index fund. There no fees/loads on these funds other than the commission you pay to the broker. There are many popular funds in this class and one of them is SPDR that tracks S&P 500 index.
There is no one method of classifying mutual funds risk free or advantageous. However we can do the same by way of classifying mutual funds as per their functioning and the type of funds they offer to investors. This article makes you aware on:
-What are the reasons that make the close ended mutual finds more attractive?
-What are the factors that determine the prices of exchange traded funds?
-Find out the features of open ended mutual funds
There is no one method of classifying mutual funds risk free or advantageous. However we can do the same by way of classifying mutual funds as per their functioning and the type of funds they offer to investors. If we took the middle path and classify broadly we get the following list.
Open End Mutual Funds
All mutual funds by default and by definition are open end funds. Here an investor can buy the shares at any point of time and exit from it at any time of his choice. Both buying and selling will be at the current NAV subject to load factors where ever applicable. Though this is a very broad category, one can easily say this is the most popular of the lot looking at the ease with which one can liquidate his holding (exit from position by selling or redemption to the trust/fund). Affordability is another key factor that decides the popularity of open end funds. Those who can not afford high initial prices can buy with low dollar values and even on a monthly basis.
Closed End Mutual Funds
Selling off of a specified and limited number of shares by the mutual funds at an initial public offering is known as closed end mutual fund. However one important difference between open end fund and closed end mutual fund is that the price of the latter is decided by demand and supply of the stock in the market and not by NAVs unlike in the former case. The pooled funds are utilized as per the mandate of the fund and Securities and Exchange Commission's regulations. They are traded more like the general stocks. Some of the reasons to invest in this category
Prices are determined by market demands and thus closed end funds trade at lower than the offer price more often than not which is a perfect time for buying (at discounted prices)
Like in the open end funds there are wide options for you to choose from. Like stock funds, balanced funds that give full asset allocation benefit and thirdly the bond funds.
Exchange Traded Funds
The Exchange Traded Funds are a basket of stocks and trade like a normal security on exchanges tracking index much like index funds. The prices of the ETFs are determined by market forces and thus no NAVs can be fixed. The advantages of ETFs include buying and selling like you can do with any stock traded on the exchange not excluding short selling while you enjoy the diversification of an index fund. There no fees/loads on these funds other than the commission you pay to the broker. There are many popular funds in this class and one of them is SPDR that tracks S&P 500 index.
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