Depository System In India Security System For Investors Economics Essay

Depository System In India Security System For Investors Economics Essay Close to sixty three years of Independence, India has emerged to be one of the driving forces of the World Economy. However, with the recent setback of the Global Recession of 2007, a need had been felt to look into the existing structures of the Financial Institutions present. Consequently, a Committee was established by Securities and Exchange Board of India (SEBI), under the chairmanship of Bimal Jalan, former Reserve Bank of India (RBI) governor, in February 2010. It was setup with the view to underscore an important distinction between regulation and control, and to ensure that the former does not degenerate into the latter. The committee has also instituted an interesting term called the Market Infrastructure Institutions. The term marker infrastructure denotes such fundamental facilities and systems serving the market. As per the Report  [1]  , Stock exchanges, depositories and clearing corporations are collectively referred to as securities Market Infrastructure Institutions (MIIs). They can be defined to be institutions providing basic, underlying framework or features for the market. Well functioning MIIs are the backbone of any economy, which in turn is directly proportional to the well-being of the economy. Infrastructure Institutions can be characterized by provision of essential services, offering networking services, exhibiting economies of scale, presenting sunk costs and operating natural monopolies.  [2]   Introduction Depositories form an important part of the securities Market Infrastructure Institutions in India. As per section 2(e) of the Depositories Act, 1996, a depository means a company formed and registered under the Companies Act, 1956 and which has been granted a Certificate of Registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992). In simple words, a Depository is an organization which is similar to a bank. It holds the securities of investors in an electronic book entry form at their request and provides services related to transactions in securities with speed, accuracy and safety. It interacts with its clients through a `Depository Participant with whom the client is required to open a Demat Account. A depository participant is defined in section 2(g) of the Depositories Act, 1996 as participant means a person registered as such under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992). An application for the grant of certificate of registration as Depository Participant is made to the Board Form E along with application fee as specified in Part A of the second schedule of the Depository Participant Regulations. Public financial  institutions, scheduled commercial banks,  foreign banks operating in India with the approval of the Reserve Bank of India, state financial corporations,  custodians, stock-brokers, clearing corporations /clearing houses, NBFCs and Registrar to an Issue or Share Transfer Agent complying with the requirements prescribed by SEBI can be registered as Depository Participants. Evolution of Depository System in India The growth in the Indian capital market both in number of transactions and the value of trade and resultant settlement of securities exposed the limitation of handling securities in the paper mode. Physical (paper) mode of holding securities was not only cumbersome and inefficient but also held numerous risks for the participant and led to dissatisfaction of issuers and investors alike. Due to limitations and problems associated it necessitated the setting up of depositories to move away from paper based holding of securities. Thus, Depository system was established to eliminate the inconvenience and confusion caused by the paper based trading and a scripless trading system came to be recognized. The enactment of Depositories Act in August 1996 paved the way for introduction of Depository system in India. Following the notification of the SEBI (Depositories and Participants) Regulations, 1996, National Securities Depository Ltd (NSDL), a company sponsored by the NSE, IDBI and UTI was granted a certificate of registration as a depository on June 7,1996. Some of the other shareholders are State Bank of India, HDFC Bank Limited, Deutsche Bank A.G., Axis Bank Limited, Citibank N.A.Standard Chartered Bank, The Hongkong and Shanghai Banking Corporation Limited, Oriental Bank of Commerce etc. The higher shareholding (of at least 51%) by sponsors, including stock exchanges in depositories was permitted in the initial stages for facilitating the setting up of depositories. Central Depository Services (India) Ltd (CDSL), the second depository, was promoted by Bombay Stock Exchange Limited (BSE) in association with Bank of India, Bank of Baroda, State Bank of India and HDFC Bank. BSE has been involved with this venture right from the inception and has contributed overwhelmingly to the fruition of the project. The initial capital of the company is Rs.104.50 crores. The list of major shareholders with effect from 5th July, 2010 is  [3]  : Name of shareholders Value of holding (in Rupees Lacs) % Terms to total equity Bombay Stock Exchange Limited 5,663.46 54.20 Bank of India 582.00 5.57 Bank of Baroda 530.00 5.07 State Bank of India 1,000.00 9.57 HDFC Bank Limited 750.00 7.18 Standard Chartered Bank 750.00 7.18 Canara Bank 674.46 6.45 Inter-depository transfer through on-line connectivity between CDSL and NSDL was established in 1999.  [4]   Benefits of the Depository System The main objective of the depository system is to maintain and safeguard the ownership and transfer records of securities in an electronic form. Depository system eliminates the inconvenience and confusion caused by the paper based trading. It is a safe and convenient way of holding securities and reduces the risks associated with certificates. In a depository system, the investors have the advantages like efficient settlements, lower costs and lower risks of theft. It also facilitates immediate transfer of securities and no stamp duty is required on transfer of shares. Change in address recorded with Depository Participant gets registered with all companies in which investor holds securities electronically eliminating the need to correspond with each of them separately. Also there is automatic credit into demat account of shares, arising out of bonus/split/consolidation/merger etc.A natural guardian is not required to take court approval for selling Demat securities on behalf of a minor. Ease in portfolio monitoring  since statement of account gives a consolidated position of investments in all instruments. Holding investments in equity and debt instruments in a single  account is also another advantage of the depository system. Features of Indian Depository System: Dematerialization: There are two models for depository system across the world-dematerialization and immobilization. India has adopted the dematerialization model. India provides for a competitive multi-depository system. There can be various entities providing depository services.eg (NSDL and CDSL).The model adopted in India provides only for Dematerialization of securities. Dematerialization is the process of converting the physical form of shares into an electronic form and in short called Demat. Dematerialization of securities occurs when securities issued in physical form is destroyed and an equivalent number of securities are credited into the beneficiary owners account. The depositories can provide their services to investors through their agents called Depository Participants. These agents are appointed subject to the conditions prescribed under Securities and Exchange Board of India (Depositories and Participants) Regulations,1996 and other applicable conditions. The participants and investors get their respective IDs which has a unique identification in the depository system. Any number of depository accounts can be opened. After opening an account with the Depository Participant the investor should surrender the physical certificates held in his name to a depository participant. These certificates will be sent to the respective companies where they will be cancelled after dematerialization and will credit the investors account with the Depository Participant. The securities on dematerialization will appear as balances in the depository account. These balances can be transferred like the shares held in physical form. The securities in the Demat can again be converted into physical form which is called as dematerialization. Dematerialization of shares is optional and the investor can hold shares in the physical form, however the investor will have to demat the shares if he wishes to sell or purchase the shares through stock exchanges. Immobilization of securities is done by storing or lodging the physical security certificates with an organization that acts as a custodian a securities depository. All subsequent transactions in such immobilized securities take place through book entries. The actual owners have the right to withdraw the physical securities from the custodial agent whenever required by them. In the case of IPO, a jumbo certificate is issued in the name of the beneficiary owners based on which the depository gives credit to the account of beneficiary owners. Fungibility: Section 9 of the Depositories Act, 1996 states that securities in depositories should be in fungible form. In the depository system, the securities dematerialized are not identified by distinctive numbers or certificate numbers as in the physical environment. Thus all securities in the same class are identical and interchangeable. For example, all equity shares in the class of fully paid up shares are interchangeable. Registered Owner/ Beneficial Owner: In the depository system, the ownership of securities dematerialized is bifurcated between Registered Owner and Beneficial Owner. For the securities dematerialized, NSDL is the Registered Owner in the books of the issuer, but ownership rights and liabilities rest with Beneficial Owner. All the rights, duties and liabilities underlying the security are on the beneficial owner of the security. Free Transferability of shares: Transfer of shares held in dematerialized form takes place freely through electronic book-entry system. Legal Framework The depository business in India is regulated by: a. The Depositories Act, 1996 It was enacted to provide for regulation of depositories  in securities and for matters connected therewith or incidental thereto. It came into force from 20th September, 1995. It provides for the establishment of single and multiple depositories. Anybody to be eligible needs to be formed and registered as a company under the Companies Act, 1956 and seek registration with SEBI and obtain a Certificate of Commencement of Business from SEBI on fulfillment of the prescribed conditions. b. The SEBI (Depositories and Participants) Regulations, 1996 SEBI on 6th May, 1996 issued SEBI (Depositories and Participants) Regulations, 1996 which apply to depositories and its participants. The Depositories Act requires that the registration of the depository, depository participant and custodian, is mandatory with SEBI.  [5]  These regulations also contain provisions for operations and functioning of depositories, for application and certificates used and schedule of fees for participants etc. c. Bye-Laws of Depository Depository is required to frame its bye-laws  [6]  with the prior approval of SEBI, consistent with the provisions of the Act and the regulations made by SEBI thereunder. However on non-compliance SEBI has the power to amend or revoke the bye-laws on its own. d. Other Laws Apart from the above, Depositories are also governed by certain provisions of Companies Act, 1956, The Indian Stamp Act, 1899, SEBI Act,1956, SCRA,1956, Benami Transaction Prohibition Act,1988, Income Tax Act,1961, Bankers Book Evidence Act,1891. Ownership Norms Setting up of a Depository: An application for the grant of a certificate of registration as a depository shall be made to the Board by the sponsor in Form A. A Sponsor (anchor investor), as per section 2 (g), SEBI (Depositories and Participants) Regulations, 1996, means any person or persons who, acting alone or in combination with another proposes to establish a depository and undertakes to perform the obligations of a sponsor under these regulations. It is to be accompanied by the fee  [7]  and be paid in the manner specified thereof.  [8]   The application should be accompanied by draft bye-laws of the depository that is proposed to be set up. The sponsor is to be from one of the mentioned categories: (i) A public financial institution as defined in section 4A of the Companies Act, 1956 (1 of 1956); (ii) A bank included for the time being in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); (iii) A foreign bank operating in India with the approval of the Reserve Bank of India; (iv) A recognized stock exchange within the meaning of clause (j) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (v) A body corporate engaged in providing financial services where not less than seventy-five per cent of the equity capital is held by any of Securities and Exchange Board of India the institutions mentioned in sub-clause (i), (ii), (iii) or (iv) jointly or severally; (vi) A body corporate constituted or recognized under any law for the time being in force in a foreign country for providing custodial, clearing or settlement services in the securities market and approved by the Central Government; (vii) An institution engaged in providing financial services established outside India and approved by the Central Government; The applicant is supposed to be a fit and proper person.  [9]   Presently, sponsors are required to hold at least 51% of the equity share capital in the depository, either alone or together.  [10]  Also, no participant shall at any time, hold more than 5% of the equity capital of the depository  [11]   No person other than a sponsor, whether resident in India, or not, shall at any time, either individually or together with persons acting in concert, hold more than 5% of the equity share capital in the depository.  [12]   The expression person resident in India shall have the meaning assigned to it in clause (v) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999). The expression Persons acting in concert shall have the meaning derived from clause (e) of sub-regulation (1) of Regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The combined holding of all persons resident outside India in the equity share capital of the depository shall not exceed, at any time, 49% of its total equity share capital, subject further to the following: the sponsor shall, at all times, hold at least 51% of the equity capital of the depository and the balance of the equity capital of the depository shall be held by its participants.  [13]   At present, the combined holding of all persons residing outside India in the equity share capital of an MII is capped at 49% subject to the following: The combined holding through FDI  [14]  and FII  [15]  routes are capped at 26% and 23%, respectively. FIIs can acquire the equity shares of an MII only through the secondary market.  [16]   An FII cannot have representation on the board of an MII.  [17]   After considering the application, if the Board is satisfied that the company established by the sponsor is eligible to act as a depository it may grant a certificate of registration in Form B to the depository subject to the prescribed conditions like registration fee, redressing of grievances etc. A depository is required to make an application to the Board for commencement of business in Form C within one year from the date of issue of certificate of registration. The SEBI (Depositories and Participants) Regulations, 1996, provides that: the depository shall not carry on any activity other than that of a depository unless the activity is incidental to the activity of the depository  [18]   It is provided that a depository may carry out such activity not incidental to its activities as a depository, as may be assigned to the depository, by the Central Government or by a regulator in the financial sector, through the establishment of Strategic Business Unit(s), and by complying with other conditions specified by the Board.  [19]   A Strategic Business Unit shall be an organizational unit of a company with its own mission, objectives and business strategy that is given the responsibility to serve the particular demands of one business area with appropriate technological, financial and other segregations. It is provided that for the purposes of clause (d) and (e) no foreign entity,  [20]  individually and collectively either as a sponsor or as a participant or as a sponsor and participant together shall hold more than 20% of the equity capital of a depository. Board Composition The Board composition for the two main depositories in India can be summarized as follows: a. National Securities Depository Ltd (NSDL) Independent Directors: 5 Shareholder Directors: 5 MD/CEO: 1 b. Central Depository Services (India) Ltd (CDSL) Independent Directors: 2 Shareholder Directors: 5 Whole time Directors: 1 The board structure for depositories is not subject to stringent norms. Only financial institutions/banks/stock exchanges, etc. can be sponsors of a depository and these are mostly nominated as shareholder directors. Further there have been no requirements for appointment of MD/CEO that have been prescribed for depositories. Net Worth of Depositories The net worth requirement for Depositories is 100 crores. Disadvantages: Prior to dematerialization there was almost a gap of three months between application date and listing of shares. Dematerialization has reduced this gap to a great extent. Current regulations prohibit multiple bids or applications by a single person. But the investors open multiple demat accounts and make multiple applications to subscribe to IPOs in the hope of getting allotment. The recent IPO allotment scam proves that even a highly automated system is not the solution to prevent malpractices, if there is laxity. The scam of Yes bank and IDFC reveal the defect that investor banker fail to weed out multiple applications either direct or benami.eg. In the Yes Bank scandal thirteen investors had manipulated the allotment of shares by opening 7500 benami accounts and made profit in 1.7crores. Eventually all the thirteen investors were banned from trading in bank shares immediately. Lack of coordination between banks, DPs, brokers depositories, registrars and investment bankers and clarity of their roles has given rise to such problems. The depository system is complex and in need of greater supervision and control. Thus is the working of the Depository system in India. The advantages of the depository system outweigh the disadvantages. Few changes in the complex system and specifications regarding the appointment of Board of directors need to be specified.

French Revolution :: essays research papers

The French Revolution signaled the beginning of the rise of the Bourgeoisie in national politics. By how the French bourgeoisies helped to cause the French revolution, and how the French bourgeoisie lost control over the bourgeoisie, and by the major effects of the French Revolution. The French bourgeoisie helped cause the French revolution by the Absolute Monarchy, which is a ruler with complete authority over the government and lives of the people he or she governs. This was wrong because of the Enlightenment being tax. King Louis XVI had total power and denied all right of the people. Some problems with the Estates General was that the estate general parliament was made up of 3 classes, The first class which were known as the clergy was made up of .5%, the second class nobles who were made up of 2.5%, and the third class commoners which was made up of 97%. In this estate Third class had no say in government this cause a problem by the voting each Estate had one vote first & second would shut out third with a total of 2 to 1 votes. The enlightenments did not agree with the estate. The enlightenments was a group started in France, and inspired by philosophers they were emphasized on democracy which is a government in which the people hold ruling power. The enlightenments had the inspiration of the American Revolution and of the democratic changes in England. The Economic causes that it led to was the Royal Debt, which meant France bankrupt, and loans. It also caused many wars such as the Louis XIV French & the Indian war, and American Revolution. Another major cause was the unfair tax practice, which was that the first two estates paid no taxes, and the third paid toll. By this many causes occurred with the poor harvest and Class struggled among estates. There was no social mobility disgruntled third estate who were led by the bourgeoisies who were upset no social status and no political say. In 1789-1792 the Bourgeoisie revolu tionary leaders ended feudalism and transformed the absolute monarchy into a constitutional monarchy. In may of 1789 Louis the Xvi called a meeting of the Estates General because he was desperate need of money, Third estate refuse to accept the traditional way of voting, which was each state had one vote. They wanted all estates to meet together and each person to vote.

Global Village

Global Village is a term closely associated with Marshall McLuhan,[1] popularized in his books The Gutenberg Galaxy: The Making of Typographic Man (1962) and Understanding Media (1964). McLuhan describes how the globe has been contracted into a village by electric technology[2] and the instantaneous movement of information from every quarter to every point at the same time [3]. In bringing all social and political functions together in a sudden implosion, electric speed has heightened human awareness of responsibility to an intense degree [4]. Today, the term â€Å"Global Village† is mostly used as a metaphor to describe the Internet and World Wide Web. [citation needed] On the Internet, physical distance is even less of a hindrance to the real-time communicative activities of people, and therefore social spheres are greatly expanded by the openness of the web and the ease at which people can search for online communities and interact with others that share the same interests and concerns. Therefore, this technology fosters the idea of a conglomerate yet unified global community. 5] Due to the enhanced speed of communication online and the ability of people to read about, spread, and react to global news very rapidly, McLuhan says this forces us to become more involved with one another from countries around the world and be more aware of our global responsibilities. Similarly, web-connected computers enable people to link their web sites together. This new reality has implications for forming new sociological struct ures within the context of culture. Criticisms There is some disagreement in the consideration of the Internet as promoting the idea of a global village. Modern theorist Glenn Willmott says McLuhan's idea of the Global Village is a cliched phrase that does not take into account the corruption of the Internet by government and corporate censorship and control over information on the web (news and entertainment information in particular). [7] The notion of the digital divide also signifies why the idea of global village is the problem is because we have more technical things these days. The idea of a Global Village is problematic; not all people are connected to the Internet equally (notably the economically disadvantaged) and those that lack web access are excluded from global news and participating in online communities, then modern communication technology does not truly promote a Global Village as McLuhan described it for all people. Communication media can also be used to divide people within the sphere of online communities. For example, scholars Marshall Van Alstyne and Erik Brynjolfsson offer a contrasting view in their paper, â€Å"Electronic Communities: Global Village or Cyberbalkans? † [8] They say that although modern communication technologies have the potential to create the unified communities reminiscent of McLuhan's idea of the Global Village, they also threaten to balkanize or fragment communities by allowing people to easily segregate themselves into geographic and special interest groups. From Global Village to Global Theater No chapter in Understanding Media, or later books, contains the idea that the Global Village and the electronic media create unified communities. In fact, in an interview with Gerald Stearn [9], McLuhan says that it never occurred to him that uniformity and tranquillity were the properties of the Global Village. The Global Village insures maximal disagreement on all points because it creates more discontinuity and division and diversity under the increase of the village conditions. The Global Village is far more diverse, full of fighting. After the publication of Understanding Media, McLuhan starts to use the term Global Theater to emphasise the changeover from consumer to producer, from acquisition to involvement, from job holding to role playing, stressing that there is no more community to clothe the naked specialist [10]. Global Village (Dubai) From Wikipedia, the free encyclopedia Jump to: navigation, search Global Village is located in Dubailand, the world's largest tourism, leisure and entertainment project. Global Village is the region’s first premier cultural, entertainment and shopping destination, celebrates diverse ultures, art, theater, commerce and cuisine from around the world and welcomes more than four million guests per year. Each season, Global Village delivers a wide variety of pioneering new shows and attractions in the heart of Dubailand. Covering an area of 17. 2 million sq. ft. The new Global Village at Dubailand will have extensive facilities and features. The construction of this proje ct was started in 2003 and is now almost complete with two or three projects that are expected to be completed by 2011. Contents | |1 Description | |2 Entertainment and Activity Zone | |3 Guinness World Record Pavilion | |4 New Location | |5 2008-2009 season | |5. Pavilions participating in the 2008-2009 season | |5. 1. 1 Asia | |5. 1. 2 Eastern Asia | |5. 1. 3 Middle Eastern Asia | |5. 1. 4 Africa | Description The Global village has seen a great success since it has been launched in 1996 and till today it is attracting millions of visitors each year. In the beginning, the global village was located in Dubai shopping festival but now Global village has moved towards its new location in Dubailand. Where it is attracting millions of visitors each year, The new location of Global village in Dubailand is almost completed with the remaining work is in final stages. For each of the past ten years, the rapid growth of Global Village has put tremendous strain on its facilities and on the roads infrastructure around where it has been held. The Global Village is the perfect forum for the countries of the world to showcase their heritage, culture, architecture, arts and crafts, cuisine, merchandise and unique lifestyle. Participating countries have a choice of large and small pavilions, which they can design to their own specifications. The Global village had made its first beginning on the Creekside in 1996, where we had a few kiosk opposite to the Dubai Municipality. Then it shifted to Oud Metha area near Wafi city complex there it stayed for 5 years but finally it could not accommodate the demand from both exhibitors and visitors and then it turned in Dubai shopping festival which has remained its home for past 3 years and ultimately Global village location has shifted Dubailand. In the year 1996 there was a first event launched by global village,then in 1997, the Global Village hosted 18 country pavilions, which have risen to 30 countries during the 2005 event, which remained open for two and a half months from 12 January to 31st March 2005 and attracted a millions of visitor that year. During this year Global village added 15 more pavilions of Australia, Austria, Cambodia, Canada, Greece, Iraq, Japan, Nepal, New Zealand, Nigeria, Poland, Qatar, Kyrgyz Republic, Switzerland and United Kingdom. followed by 2006-2007 that hosted pavilions of 50 countries and attracted a record 4. million visitors. Shopping grew by 11 per cent, specific pavilion visits by 63 per cent and comparative shopping by 52 per cent over the previous season. According to a survey the total visitor spend amount reached to Dh600 million. Entertainment and Activity Zone The entertainment events will include the World Culture Stage, showcasing premiere entertainment from around the world. Fe atured on the lake will be the â€Å"Beach Adrenaline† Jet-Ski Show, which will provide nightly thrills with exciting stunts from a team of internationally awarded jet-ski champions. Additionally, a Lantern Festival (Festival of Lights) an array of specially created Chinese lanterns will beautify the entire park including the entrances and canal to create a wonderful festive ambiance throughout the entire destination. Guinness World Record Pavilion This Pavilion is an innovative concept to feature past world records and a venue to bring in world records in different categories. Where a person can try to break the record for the loudest scream, the fastest text message, or the longest coin spin and many more. New Location The new location of entertainment complex of the Global Village is located on the Emirates Road within the sprawling Dubailand. It is close to the residential development of Arabian Ranches on Exit 37. The Global Village is connected to all emirates of the UAE via an efficient road network. In addition to housing the pavilions of different countries, the Global Village accommodates restaurants, shuttle transport services and a massive parking area. Find Global Village just 10 minutes from the Dubai International Airport and 60 minutes from Abu Dhabi. 008-2009 season This New Year has plenty to offer at Global Village. Bringing a precious opportunity to witness one of the most spectacular international entertainment and cultural events this year, Dubai's Global Village has opened its doors on November 12, 2008 and will remain open for a total of 102 days( closes on February 21st, 2009) just after the end of the Dubai Shopping Festival. In addition it has other attractions to offer its projected 5 million visitors, such as around 40 fun fair rides, Venetian gondolas, rowing boats and a World Culture Stage Pavilions participating in the 2008-2009 season Asia †¢ Pakistan †¢ India †¢ Nepal †¢ Afghanistan †¢ Iran Eastern Asia †¢ China †¢ Philippines †¢ Vietnam †¢ Thailand Middle Eastern Asia †¢ UAE †¢ Yemen †¢ Bahrain †¢ Saudi Arabia †¢ Kuwait †¢ Lebanon †¢ Jordan †¢ Syria †¢ Palestine †¢ Egypt †¢ Morocco †¢ Qatar †¢ Oman Africa †¢ Rwanda †¢ Senegal This tourist attraction has high targets of over 20 million foot visitors to the Village by 2011, when the three permanent phases of the project are due to be completed. Development of an area with 80 high street outlets and a state-of-the-art amusement park will be implemented after this season’s run of Global Village. The project will be finished in 2011, and plans include a 560 room 5 star hotel alongside a 3 star hotel, along with over 1,000 residential units. ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________ The Global Village The Global Village is a concept that has come of age and is here to stay. It is an international fair festooned with a carnival like atmosphere. Various countries participate and set up their respective pavilions designed to reflect their heritage and culture, Shops are allotted to each pavilion whereby, a country displays its ethnic crafts. Dancers from around the world showcase their talent around the pavilions. Global Village India promises to be a fantastic, mind blowing shopping extravaganza with lots of entertainment thrown in for the entire family. It is a holistic package of entertainment, fun and frolic and shopping with an international flavor. Traditional crafts and folk dances of different countries are woven around the theme of culture and heritage. An ambience, Hitherto unknown, shall be created by marrying different cultures, crafts and cuisines of various countries. Imagine the incredible spectacle of Brazilian Samba dancers, Russian ballet and Egyptian Belly dancers performing alongside Bhangra and Dandia artistes. Handicrafts from countries as diverse as Kenya and Kuwait will be on display. Bohemian crystal from the Czech Republic to exotic Egyptian bead necklaces will please even the most die hard buyers. Specially imparted fireworks will dazzle the night sky each day of the festival. This razzmatazz will definitely enthuse millions of visitors who flock to the Global Village. About India India is one of the fastest growing economies with a growth rate pegged at 8% per annum. It is a dream of every single exhibitor to reap the benefits of this growing economy. Delhi the capital city with a huge population of 13. 5 million is a bastion of high spending power. Global Village will bring this kind of citizenry closer to realizing their dreams. Global Village India offers reasonable priced, limited liability opportunity to handicraft manufacturers, artisans and dealers to visit India, get a feel of opportunities on offer, interact with buyers and sell their wares. A festival of such an international flavor will be incomplete without cuisines from the world over. Italian, Chinese and Arabian delicacies along eith Indian gourmet delights will be irresistible. A carnival like atmosphere shall prevail . Floats depicting cultures and traditions from different countries will go around the village all the time. An International standard Giant Wheel and other exciting rides will be specially imported from Europe to ensure that kids and teenagers have the time of their lives. What with the assortment of handicrafts and allied products available, the Global Village will be preferred destination for Delhi cities and its neighbours. This is the inaugural year of the Global Village. We shall strive to innovate ,adapt and incorporate all the new success in the years to come.

Essay Loyalty Shown In The Odyssey - 486 Words

Loyalty to family, community, and the gods is an important quality in the lives of ancient Greek citizens. These qualities are clear demonstrated in The Odyssey through Penelope, Telemakhos, and Odysseus. nbsp;nbsp;nbsp;nbsp;nbsp;Penelope shows her loyalty in several ways. She shows loyalty to Odysseus by waiting for his return for twenty long years. She did not choose a suitor until she knew for sure that Odysseus was dead. To delay the decision of choosing a suitor, Penelope said she would marry a suitor after she had finished weaving her shroud. She showed that she was weaving the shroud during the day, but at night, when it got dark she secretly unwove it. That is how Penelope shows her loyalty to her family.†¦show more content†¦He shows loyalty to his family by risking his life on the search for the knowledge of Odysseus’ situation. He journeys to Pylos and Sparta to seek news of his father whether he is dead or lost. This shows loyalty to Odysseus because he risks his life to know of his well being. This also shows loyalty to Penelope by journeying to Pylos and Sparta, even though his path may be dangerous, just so he can find knowledge of Odysseus and ease his mother’s pain. He also shows loyalty to Penelope by trying to protect her and keeping the suitors away from her. During the final battle, Telemakhos shows loyalty to his father by fighting side by side with him against the suitors even though he knows he might die in battle. nbsp;nbsp;nbsp;nbsp;nbsp;Odysseus shows loyalty like Telemakhos and Penelope to the gods and his family. Odysseus is a man that can be described as tenacious. He is always focused on one objective and that is to get home. He is persistent and overcomes any temptation that gets in his way. An example of this is when he is with the beautiful nymph Kalypso. She offers him immortality to stay with her and leave his thoughts for home but he gave it all up for his family and home. He never gave up hope and continued to trudge his way back home. He also shows loyalty to the god by not cursing them for all the harmful events that occur during his journey home. nbsp;nbsp;nbsp;nbsp;nbsp;This book shows many clear examples of loyalty inShow MoreRelatedBig Fish, By Tim Burton Essay1750 Words   |  7 Pages a basis for morality, and teaches people the way to live. The Odyssey is a famous Greek myth with great mythological significance and is one of the best epic poems, not only in Greek but in the world of literature. The Odyssey’s story, as well as its significant values and morals presented, has inspired many others to create different versions of the epic. The one version that seems to be a great modern interpretation of The Odyssey is the movie Big Fish, directed by Tim Burton. The movie Big FishRead MoreThe Role of Loyalty in The Odyssey Essay1030 Words   |  5 Pagespresent throughout the Odyssey, written by Homer. Be it hospitality, perseverance, vengeance or power of the Gods, loyalty is truly the theme that brings the whole book together. Being 10 years after the Trojan War, many have forgotten about Odysseus and his men as they constantly brave what the gods throw their way. This essay will be talking about Odysseus and Penelope’s mutual loyalty to one another, the loyal relationships between Gods and men and finally, the loyalty Odysseus’ men show for himRead MoreEric Moore. Mr. Howell. World Literature Final Draft .1742 Words   |  7 PagesEric Moore Mr. Howell World Literature Final Draft 30 March 2017 Themes and Symbolism in The Odyssey In each story, the themes and symbols in them can bring a diverse look on the way the story is interpreted and told. The Odyssey was written by the poet Homer dating all the back to the 8th century. In the Greek epic poem, Homer tells the story of the main character Odysseus’ journey home from the Trojan War. Many themes relating to the human condition are prevalent in the various adventures facedRead MoreSimilarities And Differences Between The Odyssey And The Penelopiad780 Words   |  4 PagesHomer’s epic The Odyssey and Margaret Atwood’s novel The Penelopiad, Penelope is given similar characteristic of loyal and faithful to Odysseus l, but there is one major difference between both text which involves her knowledge. In the Atwood, the characteristic of wise and knowledgeable were shown as she took control of the kingdom while odysseus was a ways however, innocent and naive were shown through the way her son and the suitor treat her in Homer’s epic . 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