Geothermal Energy: A General Overview with Specific Reference to the Long Valley Caldera :: Energy Geothermal Papers

Geothermal Energy: A General Overview with Specific Reference to the Long Valley Caldera Introduction Geothermal energy is a process that uses heated groundwater to turn turbines that produce electricity. The water is warmed by the earth's natural heat. Geothermal energy was first developed by Count Lardarel of Lardarello, Tuscany in 1827 (Geothermal.marin). Since then many other countries have developed geothermal technology, yet it is a resource that remains mostly untapped. As the need to find alternative fuel sources grows, geothermal energy becomes an interesting option for potential future energy production. Geothermal energy production involves a complex set of issues. First it is important to place geothermal energy in context of today's energy needs. Currently, one of the ongoing dilemmas of energy use is the worldwide allocation of resources and general rate of consumption. Within this essay, I will illustrate a brief history of energy use and development. Geothermal energy can only be produced in particular geological settings. Only areas with recent volcanic activity can produce the heat needed for geothermal production. Therefore, a basic understanding of tectonic plate movement and volcanology is required to understand the production of geothermal energy. I intend to give a general background on the geological settings necessary for the production of geothermal energy production. Lastly, I will center on one region in particular, namely the Long Valley Caldera in California. This is an area that is saturated with historical and present volcanic activity. The recent volcanic activity makes it an area that is perfect for geothermal energy production. I will discuss in particular the Mammoth Pacific plant that operates in Mammoth Lakes. What is Geothermal Energy? The production of geothermal energy is a way of utilizing heat that is created by volcanic activity to produce electricity. Within a geothermal system, ground water is heated by magma chambers to temperatures as high as 450 degrees Fahrenheit. However, the temperature of the water depends on the geothermal gradient. A gradient signifies how deep below the surface the heated water is. The deeper down the water is in the earth, the hotter it will be (this is called a steep geothermal gradient). The water either reaches the surface of the earth naturally in the form of geysers, fumaroles, or hot springs; or it must be drilled.

Heritage Of India

India is blessed with a vast and rich heritage. One has only to see the various architectural marvels and cultural institutions that dot the geographical expanse of India to glimpse the richness of our heritage.The science and technology of ancient India was quite advanced. Many historians believe that most of the scientific advances believed to have been made in Europe had been achieved centuries ago in India. Such advances covered major fields of human knowledge and activities like mathematics, astronomy, physics, medicine, metallurgy, surgery, fine arts, civil engineering and architecture, shipbuilding, navigation, etc.Indian mathematicians have made important contributions to the study of the decimal number system, zero, negative numbers, arithmetic and algebra. The study of linguistics was initiated by Indian grammarians who began the trend by first attempting to catalogue and codify the rules of Sanskrit. Even today, the main terms for compound analysis are taken from Sanskrit. India is the birthplace of Ayurveda and Yoga; these systems are now finding many followers in the West. India’s rich spiritual tradition has attracted many troubled Westerners, fleeing the materialistic and spiritually empty worlds they inhabit, to her shores, seeking solace and salvation. India’s urban civilization traces its roots to Mahenjodaro and Harappa, now in Pakistan.Their planned urban townships were very advanced for their time. Metallurgy is central to most civilizations. The science of smelting was highly refined and precise in ancient India. As early as the 5th century BC, Herodotus, the eminent Greek historian, noted that iron was used in the arrows used by Indian and Persian soldiers.The idea of the atom is derived from the classification of the material world into five basic elements by Indian philosophers. This classification has been in existence since the Vedic age (c.1500 BC). Indian monuments testify to the different influences in her history â₠¬â€œ Buddhist, Indo-Saracenic, Victorian, Mughal, etc.Classical Indian music and dance have a wide fan following all over the world. Each state has its own art forms which are well documented. Imposing and architecturally splendid temples, mosques and churches embody the diverse religious and cultural influences that have made India unique. Cuisine too is an important part of our heritage.As Indians, we ought to be proud of our rich heritage and strive to preserve it for our descendants by respecting it and ensuring its survival.

The Humanistic Theory Of Education - 879 Words

Children are the future. According to Webb (2014), education is knowledge in basic skills, academics, technical disciplines, citizenship, and emphasizing the collection of knowledge without understanding its value. Each child is an individual who needs a safe, compassionate, and inspiring environment in which to grow and advance keenly, mentally, physically, and socially. The teacher s role is to be a role model to guide; wearing multiple hats to ensure each child receives a proper education. Many children do not have anyone that they can look up therefore; it is important for the teacher to be their guide. . The Humanistic Theory is a psychological perspective that emphasizes the study of the whole person. Humanistic psychologists look at human behavior not only through the eyes of the observer, but through the eyes of the person doing the behaving (McLeod, 2007). Quality education is based on the Humanistic Theory because it is learning that is self-directed by students and stud ents are self-evaluated. There is no pressure with standardized tests which puts pressure on students and as a result makes them cease up because students tend to learn better in a non-threatening environment. With the humanistic approach feelings, as well as knowledge, are important in the learning process. In this approach children are being taught skills that are needed to survive. Children can learn the basic skills such as reading, writing, and services in communicating,Show MoreRelatedEffective Learning Theories689 Words   |  3 Pageslearning. There are different theories studied by the scholars stating the ways people learn. Theories are differently applied in settings based on the attitude of students, how they learn. This essay focuses on the nursing and healthcare education. Since, with the introduction of new programs in nursing education, the role of the educator or teacher has also been changed. These changes have opened the way to application of different learning theories. Rogers Humanistic Theory has made positive contributionsRead MoreNursing and Healthcare Education: Effective Learning Theories868 Words   |  3 Pageslearning. There are different theories studied by the scholars stating the ways people learn. Theories are differently applied in settings based on the attitude of students, how they learn. This essay focuses on the nursing and healthcare education. Since, with the introduction of new programs in nursing education, the role of the educator or teacher has also been changed. These changes have opened the way to application of different learning theories. Rogers Humanistic Theory has made positive contributionsRead MoreBiological vs Humanistic Approach to Personality1540 Words   |  7 PagesRunning head: BIOLOGICAL VS HUMANISTIC APPROACH TO PERSONALITY Biological vs. Humanistic Approach to Personality Lawrence Sawyer University of Phoenix Biological vs. Humanistic Approach to Personality As several styles are used to define the personality, two are often used to subsidize another approach. Both biological and humanistic approaches are typically used as under tones. Evolutionary/genetic perspectives do not generally account for the biological mechanisms between genes and personalityRead MoreThe Theory Of Humanistic Nursing1458 Words   |  6 PagesThroughout nursing history, theories have been developed that attempt to explain the role of the nurse. These theories often try to either explain the science or art of nursing. Some of these theories attempt to combine the two. In order to understand nursing theory one must also understand the nursing practice. To help readers appreciate the role of the nurse and to understand both the science and art of nursing this paper will discuss nursing as a human science, the nursing theories related to this conceptRead MoreThe Five Basic Principles Of Humanistic Education1318 Words   |  6 Pages 1. There are five basic principles of humanistic education. First principle is learners should be able to select what they want to learn (Principles, n.d.). Humanistic practitioners believe that students are motiv ated to learn and if the subject is something they need and want to know. Secondly, the goal of education should be to nurture learners desire to learn, and teach them how to learn (Principles, n.d.). Students should be self-motivated, based on needs, in their studies and desire to learnRead MoreCase Study Applying Humanistic Theory of Personality941 Words   |  4 PagesTheory of Choice Article Selection: Humanistic Approach to Education Markeeta R. Summers Capella University June 4, 2011 Rationale 1. We all have the power to choose our destinies 2. client centered therapy 3. The approach attempts to help people gain control of their lives and make positive choices about their direction Humanistic psychologists are different from psychodynamic theorists because they indicate that our lives are not completely determined by genetics, past experiencesRead MoreBiological and Humanistic Approaches to Personality Essay747 Words   |  3 PagesBiological and Humanistic Approaches to Personality Valerye Rogers PSY/250- Psychology of Personality Michael Moore, Instructor February 21, 2011 Biological and Humanistic Approaches to Personality In the following, the author will discuss and analyze the biological and humanistic approaches to personality. Maslow’s hierarchy of needs will be discussed and examined. The author will describe biological factors that influence the formation of personality. The author will examine the relationshipRead MoreHumanistic Psychology Essay1631 Words   |  7 Pagesclient-centered therapy, education of student-centered learning, organizations, and other group settings. Even though psychoanalysis and behaviorism have made major contributions to psychology, it has influenced the understanding and practices of the humanistic movement, specifically with the therapies for the different mental disorders. Psychoanalysis understands the unconscious behavior, behaviorism focuses on the conditioning process that produces behavior. Humanistic psychology focuses on theRead MoreEvaluate The Theory Of Motivation From Humanistic Perspective Essay1624 Words   |  7 PagesEvaluate the theor y of motivation from the Humanistic perspective. By Marialena Posteraro Throughout this paper evaluation of motivation from a Humanistic perspective will be examined. Motivation is the drive within humans that makes us act, it is a process that influences goal directed behavior. Drives are considered internal factors that push an organism into action. Throughout our lives, we have certain drives within us that motivate us to behave and act in a certain way to fulfill ourRead MoreHumanistic and Existential Personality Theories Paper1238 Words   |  5 PagesHumanistic and Existential Personality Theories Matrix Humanistic and Existential Personality Theories Matrix Theorists have invested years of research into learning the dynamics of one’s personality. Humanistic and Existential Personality Theories offered perspectives that have proved to be valuable to those researching and exploring how one’s personality develops and expands throughout life. From Maslow’s hierarchy of needs to Carl Rogers’s development

William Shakespeare s Romeo And Juliet - 1698 Words

â€Å"Imagine all the people living life in peace. You may say I’m a dreamer, but I’m not the only one. I hope someday you’ll join us, and the world can live as one†. These are the lyrics to the song â€Å"Imagine†. This song was played after the tragic attacks on Paris on November 11, 2015. There is another story, though. A story that people say is the most tragic and is like none other. That story is the story of Romeo and Juliet, written by Shakespeare. The strange thing is that even though Romeo and Juliet is a love story and the Paris attacks are terrorist attacks, they are both tragedies. We can compare these tragedies and see their similarities and differences by looking at the total number of casualties, reactions experienced, and at the†¦show more content†¦Romeo then killed himself because he really thinks Juliet is dead. Juliet then awoke from her 42-hour sleep, which was caused by a potion she drank, and found her sweet Romeo de ad. She then progressed to kill herself. Well Romeo’s mother, Lady Montague, was having heart problems and troubles living because her son had been banished. In the end, the poor woman could not handle it, and she passed away. Now, we must take a look at the total number of deaths in the Paris attacks. The total number of casualties was 128 people, with 200 injuries. These attacks occurred in six locations, with 5 being in Paris. These locations were the Stade de France, the Restaurant Le Petit Cambodge, the Rue de la Fontaine au Roi, the Avenue de la Republique, the Concert venue Bataclan, and the Restaurant La Belle Équipe. All of this was confirmed by French officials, the French government, and CNN. With plenty of casualties and tragic events like those experienced in Romeo and Juliet and Paris, we are sure to see many different reactions of the people. In both events, the people of the cities of Paris and Verona were afraid about all the fighting and deaths that occurred

Why Edison Was A Driven Man Essay - 1135 Words

Most people know a thing or two about Thomas A. Edison. The people of his time knew him as the â€Å"Wizard of Menlo Park†, and they saw him as almost a supernatural man when he harnessed the power of electricity. Today, some know him as the remarkable inventor who literally took us from a world of darkness to a world of light. Others know him simply as the man who gave us the device we all take for granted, the light bulb. Yet, as a society we often forget or at least underestimate the amount of hard work, perseverance, and drive it took for Edison to accomplish so many of the things we now take for granted. In fact, Edison was such a driven man that the number of things he would accomplish would have seemed completely unrealistic in foresight. The first reason to believe Edison was a driven man was that even from a young age he started to show high levels of love and enthusiasm for science and technology. One may think that the world’s most renowned and driven men were once healthy children with superior intellectual abilities that eventually allowed them to accomplish great things. However, Edison would hardly qualify to fit into this category. In fact, Charles F. Howlett notes in The American Economy: A Historical Encyclopedia that Edison was seen as too slow by his public school educators to the point that his mother, luckily a former schoolteacher, had to eventually educate him herself (1). In addition to this, Brooks Flippen notes in the Encyclopedia of World Trade: FromShow MoreRelatedNikola Tesl The Most Brilliant Minds Of The Twentieth Century1467 Words   |  6 PagesChapman 1 Collin Chapman Ms.Coker Englich 18 April 2017 Nikola Tesla Nikola Tesla was one of the most brilliant minds of the twentieth century. His father was a Serbian Orthodox Priest and his mother was highly intellegent (Hunt 1). If intelligence is genetic then his mother must have been where Nikola got his from. His father was most likely the one   responsible for his modest and honest personality. Nikola Tesla changed the world by giving it Alternating current various other impactful technologiesRead MoreAutomotive Facts And History Of Automotive Industry1425 Words   |  6 Pageswith Henry Ford, an entrepreneur that took the necessary risks to make a car that was not only affordable but that was mechanically sound as well (AE Television Networks, 2016). Born on July 30, 1863, near Dearborn, Michigan into a middle class agrarian family Henry found the farm work to be tedious he decides to invent new ingenuitive machines to make the work easier (AE Television Networks, 2016). When Ford was 13 years old, his father gifted him a pocket watch, wh ich the young boy promptly tookRead MoreA Report On The Automotive Industry Essay1617 Words   |  7 Pagesaffordable but also run good. Born on July 30, 1863, near Dearborn, Michigan into a middle class family that derived from farming Henry though the work to be tedious and decides to invent new ingenuitive machines to make the work easier. When Ford was 13 years old, his father gifted him a pocket watch, which the young boy promptly took apart and reassembled. Friends and neighbors were impressed, and requested that he fix their timepieces to. (AE Television Networks) Unsatisfied with farm work, FordRead MoreThe Underlying Factors Of Curiosity1412 Words   |  6 Pagesrationality of curiosity. Foundational Components of Curiosity Neurological Factors Prior to the 1950s, the topic of exploratory behavior, to which curiosity relates, had been thoroughly neglected by psychologists and physiologists alike. At the time, there was little understanding of the nervous system and how it correlates with emotion. But in the 1960s and 1970s, drawing from recent advancements in neuroscience, the stimuli for different mental states became ascertainable. One major revelation concernsRead MoreErnest Shackleton And The Epic Voyage Of The Endurance1694 Words   |  7 Pagesentrepreneurial venture? An exercise in imperial opportunity? By what criteria should the expedition be evaluated? Given your answer to the preceding question, was it a success or a failure? From the readings, the Endurance expedition should be analyzed in all three contexts stated above. The Antarctic exploration was majorly driven in the interests of science and nationalism as discussed in the case study. The National Antarctic Expedition (NAE’s) commission included not only collecting scientificRead MoreAnalysis Of The Environmental Non Sustainability Of The American Coal Industry1416 Words   |  6 Pagesof coal production and usage. In Big Coal, the overarching problem of CO2 emissions from large-scale industrial coal mining, coal processing, and coal usage in American power plants is a major problem for environmental sustainability. The profit-driven shortsightedness of the coal industry is defined by influence of governmental lobbying, which prevents regulations of CO2 emissions. This book covers the entire process from coal mining to coal burning at power plants to show the complete life cycleRead MoreHistory of Cinema1477 Words   |  6 Pagesphotograph was taken. But, the first moving picture started with the first technological precursors of film, the pinhole camera. The pinhole camera was a simple camera without a lens and a single small aperture with a lightproof box with a small hole in one side. Light from a scene passes through this only point and projects the reversed image on the opposite side of the box. This camera, nevertheless, was followed by the more advanced camera obscura. Operating camera obscura, it was achievable toRead MoreSex Scene On Film History1699 Words   |  7 Pagesunsimulated sex scene tickled my curiosity to having a look on using sexual intercourse in films in terms of making a cinema as artistic creation or a cinema as a business. 1. Table of Contents Introduction 4 Sexual scene in cinema history 5 why film makers use the intimate scene on movies? 8 What makes the directors to shift in unsimulated sex? 10 What exactly would be an unsimulated sex is? 12 Unsimulated sex vs pornography 18 Conclusion 19 Table of figures Figure 1 The Kiss(1896) 5 FigureRead MoreThe Ford Motor Company Changed The Auto World1721 Words   |  7 Pagesfamous innovator Henry Ford. Throughout the history of mankind, many individuals changed the world that we see today. One man helped shape the modern world that we live in today. That man’s name is Henry Ford. The Ford Motor Company has been in business for 109 years, and throughout that time, Ford changed the automotive industry forever. Ford introduced the Model T, and that was just the beginning of how the Ford Motor Company changed the auto world. If you look back at the early life of Ford, youRead MoreHow Is Success Defined?2369 Words   |  10 Pageseducation or less. So is a college education truly necessary to become successful in life? Contrary to what some would believe, the creator responsible for the light-bulb, movie-camera, and rechargeable battery only had a basic education. Thomas Edison did not begin his elementary education until he turned eight years of age, and when he did eventually enroll, he had a difficult time transitioning into the school system. His teachers believed him to be stupid and headstrong. Consequently Edison’s

Principles of Marketing Plan

Question: Discuss about the Principles of Marketing Plan. Answer: Introduction 3M is a firm that has brands all over the world with its products appearing in all the continents and regions. The company has a wide range of products that range from household, electronic and medical brands that are utilised in different areas. This report chooses 3M Crystalline Automotive Films in Australia since this is the country that I come from (Crystalline 2016). Company analysis 3M is a diversified company with an international presence in many countries. The company grows its base annually and it is currently listed among Dow Jones Industrial Average 30 companies and a component of the Standard and Poors 500 indexes. The marketing program of 3M is based on emphasizing company utility through showing how the products can be used to make life better and creative. The company does not only use TV but social media which helps the company to determine the habits being adopted by consumers (Kerin, 2006). Competitor Analysis Despite 3M producing tinted auto films it faces competition from Solar shade, Smart tint, Premium shield and Gum tree that produces automotive films. All the four major competitors specialize in automotive films by designing different types of films that range from adhesive and non adhesive films that are for both domestic and automotive use. All the film designs are based on reducing radiation by over 90%. However 3M is placed competitively since most of the manufacturers use 3M take for fitting the films while 3M designs its films with the tape. Customer Analysis The increase GDP of the country has increased the number of people who own automotives. However due to global warming and changes in climate, the need for consumers to have crystalline windows that can reject 97% of the suns heat keeping the consumer from infrared and 60% of the heat that passes through windows. The customers are segmented across gender and age SWOT analysis Strengths Crystalline Automotive Films are made of plastic which makes them more preferred due to its UV rejection rate of 99.9% and high visible light transmittance. Other companies use 3M fixing tape to fix their films which makes them rely on 3M. The plastic nature of the film makes it light and non reactive to automotive GPS. The films are also easy to fix and wash since they are non-reactive to most car washing detergents. On the other hand other companies do not offer installation services making 3M the preferred company due to its fixing tape. Weaknesses The film only comes in a single form of the Crystalline Automotive Films, while other companies have several tinted automotive films that are ceramic, dyes and metallic. These different products offer different satisfaction levels to the customer and a range of preference that they can choose from. Opportunities Increasing GDP of the country has increased the number of people who own motor vehicles. This thus increases the number of customers that are available within the country and beyond. Further the need to reduce radiation in the automotive industry presents an opportunity and increasing market for tinted Crystalline Automotive Films. Threats Tinted automotive films are not only crystalline but come in different forms, different customer preferences exist across the segments in the market. Other companies offer ceramic films, dyes and metallic films this leads to competition that costs the market share. They also exist in different prices depending on customer affordability. Objectives The objective of any business is to maximise its profits through increased sales. Therefore 3M has to utilise all the available marketing opportunities that can be used to promote its products. Due to the changing trends in the automotive industry, the objective of the industry therefore is to develop a strategy that will fit the product line being promoted. Target market Kotler, Roberto Lee (2002) argue that psychographic segments are based on the behaviours and interests of customers. Customers have certain behaviours and the way they prefer certain things in life. For example young customers prefer curved windows while old people prefer regular straight windows. This is due to their following of celebrities in the market. Behavioural variables are based on the experience that they have with the products of the company. 3M allows its customers to share their feelings through social media by expressing how they feel with the crystalline automotive films. In marketing the company does not talk to customers but rather talks with customers about the crystalline window and how it fits the market share. Geographical variables are based on the regions that customers come from and how their margins increase the companys sales. Different regions require different intensities of the tint that needs to be installed on the window. Having different tint levels that are customised based on the geographical radiation levels will satisfy the customer and increase the customer base. Demographic variables are based on customer factors like age, gender, marital status, occupation, education status and race. Demographic factors play a role in the tint preference based on colour and strength. To satisfy the customer demographic trends the company produces different sets of films that are based on the customer preference (Reutterer 2006). Market mix analysis Marketing entails collecting and analysing data that helps firms sell products. to set prices, create brands, prices and choose distribution channels. This data is based on customer demographics, number of sales and industry statistics (Chai 2009). Product The crystalline windows are non metallic making them offer more solar protection. Their non metallic nature makes them easily to maintain, a long life and non interference with the car electronics. The design is a multilayer technology with a 200 thin layer film. This makes them easily protect the user from solar radiation and reduce heat in the car. The products are spread along different quality dimensions of good, better, very high quality, top of the line and superior quality depending on the affordability of the customer. Kotler et al (2001) argues that packaging of the material is an important factor in product segment. The packaging also needs to have complete information that will enable the customer to be able to learn how to manage the film (Kerin et. al, 2006) Price Price is an important factor in determining the sales of any product. The price of the films is set at a minimum level that enables the company to gain a marginal profit and at the same time satisfy the economic need of the customer. Today the films are sold from $80 to $640 depending on the product quality the customer chooses. The launching of different prices for different qualities enables the customer to have several options. This different pricing creates value to the customer by making them understand the value in different qualities (Kotler et al., 2003). Promotion 3M promotes its Crystalline Automotive Films product across different media platforms to create awareness for the product. The promotion strategy is based on television, social media and the companys website. The company has a special website for the automotive films where customers are able to sample out the films that they prefer. Use of brand ambassadors increases the perception of the customer to the brand by linking the class of the individual and how the film fits specific windows. Place 3M crystalline window is distributed through dealers that are across the globe. By sing dealers 3M has made it possible for the films to be spread almost everywhere in Australia and made them easily available to the customer. By using recognised 3M dealers across the country brand awareness is increased since customers can easily reach to the dealer to understand the film. The company has also opened show rooms in specific cities that display 3M products showing how different designs fit specific types of cars. Conclusion 3M Crystalline Automotive Films offer the best radiation cover protecting the customer from heat and solar radiation. However customer demographics and tends tend to shape the way people buy and prefer certain products to others (Dibb et al, 2001). Thus 3M needs to develop an aggressive marketing trend that will see the company compete against others. References Chai Lee (2009 may) A Review of Marketing Mix: 4Ps or More?. International Journal of Marketing Vol. 1, No 1. Crystalline (2016). 3M automotive window films. Looks hot, feels cool. Retrieved from https://multimedia.3m.com/mws/media/662303O/3mtm-crystalline-automotive-window-films-brochure.pdf Dibb, S., Simkin, L., Pride, W. M. and Ferrell, O. C. (2001). Marketing: Concepts and Strategies, Houghton Mifflin: Boston. Kerin, R, Hartley, S, Berkowitz, E Rudelius W (2006) Marketing, 8th edn, McGraw-Hil Irwin, Americas, New York. Kotler, P., Adam, S., Brown, L. and Armstrong, G. (2003). Principles of Marketing, Edition 2. Prentice Hall: Australia. Kotler, P., Roberto, N. Lee, N. (2002). Social Marketing, Improving the Quality of Life, Sage Publications: Thousand Oaks. 3M. retrieved from https://www.3m.com/?WT.mc_id=www.3m.com/greptile Performance Window Tint. 3M Window Tint Pricing. Retrieved from https://www.performancewindowtint.com/Pricing.html. Reutterer, T., Mild, A., Natter, M. and Taudes, A. (2006) A dynamic segmentation approach for targeting and customizing direct marketing campaigns, Journal of Interactive Marketing, 20(3/4), 4352.

Securitization Pros free essay sample

The introduction of financial sector reforms in India has led to innovations in financial markets and instruments. One of the most prominent developments in the international finance in recent times that is likely to assume even greater importance in future is ‘securitisation’. Securitisation is the process of pooling and re-packaging of homogenous illiquid loans into marketable securities. Increased pressure on operating efficiency, on market niches, on competitive advantages, and on capital strength, all provide fuel for rapid changes. Securitisation is one of the solutions to these challenges. 2. Reserve Bank of India, as a facilitator, has attempted to explore the intricacies of securitisation as a process of financial engineering and its applicability to the Indian financial system especially in the mortgage and infrastructure sectors. The in-house Working Group constituted by the Bank had the benefit of presentations of and interaction with market intermediaries, regulators, industry experts and international agencies on various aspects associated with securitisation. We will write a custom essay sample on Securitization Pros or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 3. The report defines asset securitisation and makes a reference to future flow securitisation. Motivation and benefits in the form of capital relief, improvement in return on equity and return on assets, use as a strategic tool, asset liability management, improved liquidity, upgradation in system, Originator discipline, etc. have been highlighted. 4. Various impediments viz. , lack of investors’ base, capital market infrastructure, regulatory framework, legal provisions, accounting and taxation issues besides good quality assets, past data and standardisation of documents have been identified. In the process of exploring opportunities in India, the ideal conditions for success of securitisation in USA and other countries are highlighted. 5. Experience of securitisation in a few developed countries (USA, Japan, Australia, etc. ) and emerging markets like Thailand, Argentina and Morocco has been discussed in detail. The report also identifies securitisation of impaired assets. 6. The disclosure norms and rating will provide touchstones. The Offer Document should give rating rationale which should seek to comment on the quality of the receivables, payment structures, adequacy of the credit enhancement, risks and concerns for investors and the mitigating factors, etc. Rating agencies have already acquired a fair degree of expertise in India through rating of structured obligations and other issues that are quite similar to securitisation. 7. True sale characteristics of securitisation transactions are required to be reflected in the books of accounts, statements to be furnished to the concerned regulators as also to the tax authorities. Since there are no guidelines for accounting treatment of these transactions, the accounting procedures with appropriate guidelines need to be framed by the Institute of Chartered Accountants of India for the sake of uniformity. A background paper has been prepared in this regard and attached to this report which may serve as a guide in the interregnum. The background paper includes a few illustrations for the guidance of the financial entities. 8. The role of various regulators (RBI, SEBI, etc. ) and other agencies / entities has also been discussed. 9. The recommendations have been categorised into short-term, medium-term and longterm with definite timeframe in each category. The major recommendations on legal issues (short-term) are incorporated in Chapter 9. These include: i) Defining securitisation in the Transfer of Property Act to lend uniformity of approach and restrict the benefits provided by law/regulation for genuine securitisation transactions. ii) Rationalisation of stamp duty to make it uniform at 0. 1 per cent for all securitisation transactions. Attempts may be made to bring the subject under the purview of Indian Stamps Act 1889 from the State Stamp Acts. ii) Reduction of registration charges by amending Section 17(2) of the Registration Act. iv) Inclusion of securitised instruments in Securities Contract Regulation Act. v) SEBI may consider removal of prohibition on investment in mortgage backed securities by Mutual Fund Schemes. vi) Tax neutrality of Special Purpose Vehicle. Recommendations for tax reforms also in clude the spread of upfront income received by Originator over the tenure of the loan securitised, extension of benefits under Section 88 of Income Tax Act for repayment of housing loans after the loans have been securitised etc. 10. Other recommendations are summarised below: i) The most significant impact of securitisation arises from the placement of different risks and rights of an asset with the most efficient owner. The training institutes of the financial institutions should attempt to spread awareness of the benefits and scope of securitisation increasingly among financial community. ii) Spell out the risk weights and NPA norms on securitised paper. Insurance Companies and Provident Funds need to be encouraged to invest in the securitised paper. Besides, suitable regulatory framework may have to be evolved to encourage Foreign Institutional Investors. ii) Listing requirements for various securities to be issued may be stipulated which may include minimum issue size, eligible stock exchanges etc. iv) Include the securitised paper in demat trading. v) While identifying the key characteristics of special Purpose Vehicle (SPV) to keep the structure â€Å"remote† from the bankruptcy of the Originator, t he Group recommends flexibility in the structure of SPV. SEBI may formulate detailed guidelines in this regard. vi) Accounting treatment should enable the ‘off balance sheet’ effect for securitised assets. Such treatment for future flow securitisation, credit enhancer etc. has been clarified. A Research Committee of the Institute of Chartered Accountants of India is already working on minute details of accounting treatment. vii) Adequate disclosure norms are recommended for an ‘informed† decision by the investor. A model Offer document has been attempted by the Group to give information on description of assets, historical performance, end use of funds, transaction structure, and statement of risk factors. The Group also recommends continuous disclosures. iii) The report has suggested prudential guidelines for banks, developmental financial institutions, non-banking finance companies, etc. including broad creteria for true sale. Model prudential guidelines have been prepared which incorporate issues such as off balance sheet treatment, credit enhancement, servicing, etc. ix) Medium term measures include increased flow of information thorough credit bureaus, standardisation of documents, improvement in the quality of assets, upgradation of computer skills and exploration of the possibilities of securitising non-performing assets.