Sensex vs Nifty – Difference Between Sensex and Nifty

In India, stocks are traded on the two main stock exchanges – the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). While the BSE is the oldest stock exchange in the country, NSE is the biggest in terms of transactions. Between them, equities of nearly 7,000 companies change hands every day. 

While tracking a few stocks may be easy for an individual on a day-to-day basis, but to gauge the overall health of the market requires a sort of averaging the movement of all the stocks. 

Exchanges worldwide have devised a complex method of selecting stocks that will represent most stocks in the market and inform observers of the health of the market. This group of stock that is scientifically selected is called an index. 

There are now a number of sub-indices that are being constructed to represent a group of stocks like the sector indices, the small company indices, and so on. In this essay, we shall look at what at the market indexes of the two Indian Exchanges.

What is an index?

A market index measures the price performance of a group of assets in the market. The basket of stocks selected to be represented in the index are the Crème-de-la-crème of the country and are generally the market leaders in their sector. 

These benchmark indices represent a large chunk of the market in terms of size and financial performance. The index is a barometer of the performance of stock market and some may say the economy of the country. 

There are various ways in which an index is constructed. 

The most common are 

  • Full Market Capitalisation method and 
  • Free-float Market Capitalisation method. 

All major global indices like MSCI, FTSE, S&P, Dow Jones use the free-float market cap methodology. Earlier Indian indices were developed using the full market capitalisation methodology but have shifted to the free-float market cap methodology.

Securities within the market index are assigned weights based on free-float where only non-promoter holding is used to calculate the market capitalisation. 

The index is not only used to measure the performance and mood of the market but also to gauge the performance of stocks against the index and fund managers. Many mutual funds launch passively managed index funds that mimic the performance of the index. 

Among the many uses of an index, one is to launch index based derivative products. Such products are very popular among traders and constitute substantial portion of the daily volume. 

What is Sensex?

  • Sensex is the benchmark index used by the BSE. 
  • First constructed in 1986, the index is the oldest one in India. 
  • Its constituents include top 30 stocks that are the most widely traded, largest and sector leaders. 
  • Though constructed in 1986 the index has a base year of 1978-79 and the base value of 100.

Over the years constituents of the index have changed, with companies that are performing better being included in the index while the laggards are removed from it. In the case of BSE, the Index Cell of the exchange does the day-to-day maintenance of the index. The cell is entrusted with the responsibility of maintaining and replacing the constituents of the index. 

What is Nifty?

  • The benchmark index of NSE is called Nifty that is comprised of 50 companies. 
  • It was incorporated in 22nd April 1996 and is managed by NSE Indices Ltd, formerly known as India Index Services & Products Ltd. 
  • The securities in Nifty are the market leaders in their respective sector. 
  • The index is reviewed every six months and non-performers are replaced with new leaders. 

The index has some more filters for company selection like it should be from the universe of NIFTY 100 based on free-float market capitalisation and liquid companies and the constituent should have derivative contracts available on NSE.

What are the differences between Nifty and Sensex?

  • The first difference between the two market indices is the number of stocks in the index. While Sensex has 30 companies that comprise the index, Nifty has 50 companies.
  • The BSE Sensex is the oldest and was incorporated in 1986, but has the base year of 1979 and a value of 100. 
  • Sensex is derived from the words Sensitive and Index. 
  • The 30 companies in Sensex come from 16 different sectors. 
  • The market capitalisation of the Sensex as of December 21, 2021, stood at Rs 112,511,174 million on which date the index traded at 56,319.
  • Nifty, which is formed by joining the words National and 50 was incorporated in April 1996 and has 50 scripts in it. 
  • The market capitalisation of the companies in the index stands at Rs 132,812,063 million as of December 21, 2021, with the index trading at 16,771. 
  • Nifty has the base year of 1995 and a base value of 1000.

The following tables give the composition of the two indices. 


What is Averaging in Stock Market?

One word that has generated more heat in the trading community is averaging. Many traders have lost their shirts trying to average on a losing position. At the same time, many professional traders owe their wealth generation to averaging on a winning position. 

In other words, averaging is a money management tool that can be both very effective as well as devastating, depending on who is holding it. 

Averaging, when it comes to trading, is different from that in investing. The main difference is time. To understand this more clearly, let’s look at the types of averaging and the approach taken by a trader and an investor.  



Averaging down

  • It involves buying the same instrument when the price goes down
  • Quantity of buying can remain same or change according to the traders/investors strategy
  • Average holding price comes down
  • The strategy works well in a rising market, when averaging down is done during corrections
  • If taken during a downtrend, it can result in a huge loss or may take time before price comes back to the average price

In the case of averaging down a trader or an investor adds to the position when the price has come below his original purchase. 

Suppose a trader bought 100 shares at Rs 300. The purchase would cost him Rs 30,000. Now, for some reason, the stock falls by 5 percent and the trader decides to add more shares at this price. He will buy 100 more shares at Rs 285 for a cost of Rs 28,500. He is now holding 200 shares worth Rs 58,500, with an average price of Rs 292.5. 

The trader’s holding is now closer to the current market price and, in case of a short bounce in the share price, his position will turn profitable. 

On principle, this looks like a good strategy for adding a position, since stocks tend to move higher most of the time. More often than not, this way of adding position will pay off, but on those few occasions it does not, the damage will be colossal. 

A bear market is the worst time to try this strategy, as shares can keep on falling for a long time. As the famous economist, John Maynard Keynes said, ‘Markets can stay irrational longer than you can stay solvent.’  

The difference between a trader trying out an Averaging down strategy and an investor is time and capital. A trader normally has a leveraged position that cannot be held beyond a point. If he trades using options, he will have to come out of his position before the expiry of the contract. If he uses futures, he will have to keep on rolling his position and pay the margin shortfall as the share price keeps on falling. 

An investor is someone who holds on to a share for a longer time. He does not have a leveraged position and can patiently build his position by adding small quantities as the price goes down. An investor averages his position in the cash market. 

Averaging Up

  • Averaging up is done when prices move higher for a long trade
  • In case of a short trade, new quantities are added when price moves lower
  • The quantity added depends on the traders money management strategy
  • Average price of the trade increases in a long trade with every new addition 
  • Average price of the trade reduces in case of a short trade with every new addition

This strategy is normally used by professional traders and has been one of the main reasons behind their wealth creation. 

Unlike averaging down, where traders add to a losing position, in this money management strategy, a trader will add to his position only when it is profitable. 

Taking the initial example, suppose the trader bought 100 shares at Rs 300 intending to sell them when the price reaches 350. He will only add to his position if the price touches say Rs 310. He is now holding 200 shares at an average price of Rs 305. If he adds 100 shares at an interval of Rs 10, he would have 500 shares bought at 300, 310, 320, 330 and 340 with an average price of 320. 

These professional traders always have a stop loss and would be out of their position if the stock falls. Thus, with every new position, his risks is lower and he can ride the entire trend confidently. 

A type of Averaging Up strategy is called Pyramiding, where the trader adds to his position only when a technical indicator or a chart pattern he follows prompts him to. Again, the pyramiding style is commonly used by professional traders. 

Investors also add to a winning position and may link it to an event like a strong quarterly performance or an important announcement. 

A common type of averaging is seen in the mutual fund industry, where Systematic Investment Plans (SIP) are used to buy more units of the fund. This type of averaging is not price-based but time-based where the investor buys units of the mutual fund scheme on the same date every month. This style of investing is called Rupee Cost Averaging. 

How to use averaging in the stock market’s cash segment

If one is an investor, he can either use averaging up or averaging down style, but the most important point is to use it in fundamentally strong stocks or blue-chip companies. This way, even if the stock falls sharply, the investor will at least be holding a strong company that has a good chance of recovering.

How to Check IPO Allotment Status?

IPO and its significance

For decades, the term “Initial Public Offering” has been a buzzword among investors. The procedure by which a public firm issues new stock to the public is known as an initial public offering (IPO). It is carried out in order to raise capital from public investors. 

IPO Allotment

Before we can even check the allotment of an IPO, it is important to have the following

After having the necessary accounts and the funds to pay for the shares one needs to get down to the process of applying for the shares. 

  1. Applying for the IPO – This can be done online and offline. The market regulator SEBI (Securities and Exchange Board of India) has made it mandatory to have a “Blocked amount facility” compulsory for this process where your amount will be set aside and only if this process is followed will you be considered for receiving an allotment.
  2. Allotment process – Allotment is done based on the number of shares available and the number of investors who have subscribed for the IPO.
  3. Allotment – For the shares to be credited to one’s Demat account it takes about seven days, though SEBI is asking merchant bankers and companies to cut short this time. The allotment status and process can be checked from the brokers website or NSE and BSE website as well. We will cover the process in more detail below.

IPO Allotment Status

The allotment status tells you everything you need to know about the quantity of shares allotted to an investor in a public offering (IPO). The registrar of the IPO is in charge of the IPO allotment procedure. The allotment date for an IPO is normally the date on which the status is made public. Once the allotment has been completed, investors can check the status of their IPO by going to the registrar’s website. The BSE, NSE, NSDL, and CDSL also send out emails and SMSes to IPO investors informing them of the revised IPO allotment status.

  1. Checking the IPO Allotment process from broker site

Every broker’s website today has the facility of showing all the IPO allotment details and the status of the allotment for those who have invested. TradeSmart also offers this facility and youc can check the allotment status in the below steps.

Step 1: Open the TradeSmart website or just click here to directly go to the allotment page.

Step 2: Once you open the above link, you will see a page that looks like the one below.

Step 3: Locate the name of the IPO you had bid for from the list and click on the “View Status” option on the right hand side. You will get a pop up screen that will ask for various details.

Step 4: Fill in all the details required with your PAN and application number and click on “Search”

Step 5: The details of your allotment will flash and you will get a clear status of whether or not the allotment is done or is still pending.

  1. Check allotment on Registrar website
  • The registrar for the IPO is Link Intime India Private Limited and the shares are proposed to be listed on the BSE and NSE.
  • Once you come to the website home page, click on “public issues”
  • Once you click that, you will see a dropdown option. Select the company name.
  • You then have the option to fill out either your PAN, application number, DP/Client ID or account number.
  • Click on search and you will see the status of your allotment
  1. Check allotment status on BSE
  1. Click on the link to go to the BSE page
  2. After landing on the page, select Equity and then from the dropdown, select the company you want to see.
  3. Then you have to enter your application number and PAN number next.
  4. Click on the Search button and the details will be furnished to you.

Different types of allotment status

The quantity of shares applied for an IPO and allocated to the investor is indicated by the allotment status.

Allotted – This indicates that all shares applied for have been allotted.

Partially allotted – This means that fewer shares have been allocated than what you applied for; for example, if investors applied for 10 lots of the XYZ IPO, only 6 lots have been allocated, while the remaining four lots have not been done.

Non-allotment – This signifies that the investor has not been assigned any shares. This could happen for a variety of reasons, including: • your application was not chosen in the fortunate draw; • the issue price is higher than your bid; • an error in the PAN or DEMAT account number provided; or • several applications submitted under the same PAN.

How the registrar decides on the allotment

Situation 1: When the total bid is less than the shares offered by the company

In this case there is no intervention by the registrar and each one who bid will get the allotted shares.

Situation 2: When the total number of bids is greater than or equal to the number of shares.

In this scenario, the registrar will need to plan out how the allotment is going to take place.SEBI has mandated that every applicant must be given at least one lot. 

Depending on the margin by which the IPO is oversubscribed, the allotment process varies.

  • Small Margin – If the oversubscription is only by a small margin, then minimum lot will be distributed to all applicants
  • Large Margin – In case where shares are oversubscribed by a very high margin, the registrar allots it via a lucky draw system. For those who don’t get an allotment will get a refund in the money.

Investors would get a refund of their application fee before the UPI mandate expires, as per the IPO deadlines, if there is no allocation or only a partial allocation. When you apply for an IPO, your bank places a hold on a sum in your account equal to the bid size, which is debited from your account after the final allotment. Depending on the status of your application, the bank will conduct a full or partial refund, which usually takes one or two days to reach your account.

How to Bid for an IPO?

Every time the equity market is in a bull phase, unlisted companies  want to get listed by raising funds to meet their growth requirement. The way in which a company can get listed is by going through the IPO route. 

The long drawn process of making a company ready for IPO after getting all the permissions in place requires many parties to work together. These include Merchant Bakers, Underwriters, Advisors, media consultant, investor relation companies among others. 

With time and effort the company manages to get all the necessary clearance for the IPO. It is now ready to hit the market. 

While the company is ready, what about the investors, what should they be doing to invest in companies through the IPO route. Let’s have a closer look.

How to bid for an IPO?

For any new investor, if they wish to subscribe or bid for an IPO then there are certain things to have in place. 

  • The choice of IPO should be selected based on research and homework, sound advice from banks or broking firms or other reliable sources.
  • A PAN card, address proof attested and other documents as specified by your DP
  • A designated bank account, a demat and trading account with a registered Depository Participant (DP)
  • A duly filled and signed form from ASBA. This is mandatory as it authorizes the banks to block the funds in your account for this particular process. 
  • In case you change your mind, you can also withdraw from the IPO by contacting your broker
  • You have the option of investing at a cut-off price or making a bid. The maximum bids you can make is 3 at once.
  • Fill out the details of your demat account and number of bids you are making with the broker and submit
  • After submitting, you will get details such as the IPO allocation number and other transaction details
  • If the shares are allocated, it will automatically reflect in your Demat account
  • If there is no allocation, then you will get a refund of the money in your bank account.

Offline IPO Bid Process

  • You can visit the bank or your stock broker agent 
  • Fill in the form with all the necessary details and mention the number of stocks you wish to purchase
  • Ensure you mention your 16 digit Demat account number and the bid price and attach the cheque for payment. Ensure you have sufficient funds in your account
  • Shares will automatically be deposited into your Demat account if you get the allotment. That will complete the bidding process.

IPO Bidding Process in detail

  • How much to bid? – When bidding for an IPO, it is not possible to just buy one share or buy a specific number of shares. The company provides a minimum number of shares known as lots. When applying you have to mention the number of lots you wish to bid for. For example, if a lot comprises 100 shares then you can bid for a minimum of 100 shares and in multiples of 100 thereafter. Ensure that you have sufficient funds in your account for the same as if you purchase more than your budget then you may not get any of the lots at all. The maximum subscription amount for retail investors is Rs. 2 lakh.
  • Where to bid? – You can bid online for an IPO through your online Demat account. Most if not all brokers offer this facility. For TradeSmart you can check out the process of doing it here. You can also bid offline by visiting the bank or brokers office and provide all the necessary documents. 
  • What price to bid at? – Wait for the book to build up before placing your bet. If other investors are bidding at the cut-off price, it is better to place your bet at this price otherwise the chances of allotment will diminish. 
  • Bidding online – In today’s digital age, all broking firms have IPO pages on their websites and apps to apply. Once you log in, you can place the number of bids you want. For a retail investor, the maximum is three bids. To know how to bid for an IPO through TradeSmart, you can have a look here.
  • Getting allotment – If the IPO is a successful and oversubscribed you will receive fewer shares than what you had bid for. In case of a huge oversubscription, chances are you may not get any allotment. In case you get shares allotted, you will receive a Confirmatory Allotment Note (CAN) within six working days from the date of IPO closure. If the IPO is oversubscribed then the allotment is made in a way that everybody has to get at the least one lot. If the IPO is extraordinarily oversubscribed then even giving one lot to every investor is hard so the allotment is carried out via fortunate draws, that’s computerised and absolutely impartial.

How to bid for an IPO? Here are few pointers that may assist you:

• Always do a thorough research before finalizing on the IPO you want to invest.

• Wait for the book to build up before applying. Check where maximum applications are coming and apply accordingly. 

• Apply through more than one account by opening a demat account of your own circle of relatives’ members.

Possible Reasons for Not Getting an Allotment

1. The bid which you made for the IPO becomes invalid and removed because of the wrong Demat account number, wrong PAN number, or more than one package submitted for the IPO.

2. Your call wasn’t picked out in the case of a big oversubscription.

3. While dishing out stocks’ agencies don’t allot to traders having extraordinary pan numbers for Demat, Bank account, and UPI Id.Know that while selecting which IPO to bid for may be a time consuming process more importantly if you want to successfully be eligible to apply for an allotment then you must have a demat and trading account with you as fundamental eligibility.

How IPO Works?

Meaning of IPO

The process through which a public limited company increases its shareholder base by raising money through the general public and gets itself listed is called an IPO or Initial Public Offering. 

The capital raised through the IPO route is used for various purposes like utilising it as growth capital, using it to reduce debt, or for acquiring companies. 

Types of IPO

Different type of IPO is defined by the way the pricing of the issue is done. There are two ways in which funds can be raised through an IPO – fixed price issue and book-building issue.

Fixed Price Issue – In this type of IPO, the company would set a fixed price at which they want the subscribers to invest in their company. It’s a take it or leave it offer. The advantage is that the company knows the cost of raising money and the investor knows that they will receive the shares at the same price as everyone else who has applied for the IPO. 

Book Building IPO – The book-building process on the other hand gives the investor a choice at which he wants to subscribe to the issue. The company opens a virtual book in which all the offers of investors are accepted at various price points. In case of an oversubscription, the company will start allotting shares to the highest bidder and then work itself lower. 

How the IPO process works

The process of getting a company listed is long drawn and requires meticulous planning. SEBI has mandated Merchant Bankers to help guide companies through the entire IPO process. 

Step 1: Select a Merchant Banker 

The first step a company undertakes to get listed is to search for a good merchant banker who will help them to meet the strict guidelines laid down by SEBI. The merchant bankers are registered with SEBI and know the rules and regulations that a company will need to meet before it can get SEBI’s approval. 

The merchant banker along with Advisors to the issue helps the company to walk through the maze and help them decide the ideal amount that can be raised. The team works on the valuation at which to price the issue and the timing of the issue. 

Step 2: Registering for an IPO

After all the boxes have been ticked in terms of following the rules, the merchant banker sets about preparing a Draft Red Herring Prospectus (DRHP) which it submits to SEBI while registering the company’s IPO. 

Some of the important information covered in the DRHP is

Definitions – Contains definitions of industry specific terms.

Industry description – This contains the working of the company in the overall industry segment including information like forecasts and predictions about the industry.

Promoters – The complete details of the person or persons who have promoted the company along with their capital history. 

Management details – Contains all the details about the management and leadership team that run the company.

Financial statements – the document provides information about the financial condition of the company along with the auditors’ report.

Capital Structure – This provides details of the equity share capital which includes authorized share capital and paid up capital before the offer. The entire capital history of the company is mentioned along with funds raised at various times using different instruments and their pricing, new shareholders added, bonus shares, among others.

Industry overview – as mentioned above, the same analysis should be checked as the future of the industry and the company will determine whether to invest in the IPO or not.

Objective – this talks about what the company plans to do with the money that it wants to raise which can be an expansion or paying off debts to investors.

Risk factors – While the risk factors will be a bit generic it is important to see them in more detail. There can be cases where the company might be facing a number of legal issues including criminal, huge debts, patent infringement among others. A company is expected to mention all the risk factors, internal and external in the DRHP. 

Step 3:Verification by Securities and Exchange Board of India (SEBI)

The DRHP is verified by SEBI checks if all the guidelines are followed and the background of the promoters and the company. In case of any changes, the market regulator informs the merchant banker and the company who after making the required corrections resubmits for verification. The process goes on till SEBI clears the company for the issue. 

Step 4: The Roadshow

After all the formalities are completed, the merchant banker or a team of merchant bankers are ready to hit the road taking the company management to meet institutions, big investors, brokers, and media. The idea is to explain to these investors the rationale of investing in the company. 

Research analysts, based on their analysis come out with their recommendations on these IPOs, which are then circulated among the broker’s clients. Institutions on the other hand based their buy decision on their own analysis and management interaction. 

Roadshows are an important part of an IPO process, especially for bigger companies as investors are not aware of them and would like to understand the management’s and promoters’ body language. 

Step 5: Pricing the IPO

After the roads and gathering market intelligence, the merchant bankers and company management decides on pricing the IPO. Various quantitative and qualitative approaches are taken to fix the IPO price. 

The companies have a choice of going in for a Fixed Price IPO or taking a Book Building approach. In the case of a fixed price route, the price is announced beforehand, but in the Book Building approach, a lower and upper band is announced. Investors can choose a price between these two bands to apply for the issue. While bidding, the investors have to bid as per the company quoted Lot Price. 

Step 6: Allotting of shares.

The booking is typically open for three to five working days during which time investors can place their bids. After the book is closed the company will first allot shares to the highest bidder and then move downwards. 

After the IPO is launched, all bids for the shares are registered online. All the ineligible bids are eliminated through an online process. 

In case the successful bids are less than or equal to the number of shares offered than every applicant who has applied will be assigned shares. But if the successful bids are more than the number of shares offered then there is a proportional allotment of shares.

The process to apply for an IPO through TradeSmart for an investor is fairly straightforward and easy. You can have a look at the detailed process here.

How the IPO Process works for investors

Select how you intend to apply — online or offline. 

In an online process, the amount equivalent to the shares applied for and the price at which it is applied is blocked and is only debited after you receive the allotted shares. In case of no allotment, the entire amount is refunded to the account.

For the offline process, one has to approach the bank/broker office and fill out the application form with all your details for the IPO.

IPO vs FPO – Difference Between IPO and FPO

There are various ways in which a public listed company can raise money from the equity market. Among them are IPO (Initial Public Offering), Rights issue, placements of shares like the Qualified Institutional Placement (QIP), or the Follow-on Public Offer (FPO). 

In this article we shall look at two ways in which a company can raise funds from the general public – that is the IPO and FPO. 

What is IPO?

IPO is a process by which a public limited company approaches the general public for funds and widens its shareholder base by getting listed. 

After following multiple steps and guidelines issued by the market regulator SEBI, a company is ready to raise funds from the public. 

The merchant bankers help the company meet the strict guidelines set by the market regulator and also help market the issue. The merchant banker takes the company management on a roadshow to meet various fund houses, brokers, investors, and media to promote the issue. 

The fundraising process is considered complete only if the issue receives the minimum required subscription. In case of an oversubscription, the shares are allotted using various mechanisms as laid out by SEBI. 

After the shares are credited to the Demat account of the subscriber, he or she can trade the share in the stock exchanges. 

Types of IPO

Different type of IPO is defined by the way the pricing of the issue is done. There are two ways in which funds can be raised through an IPO – fixed price-issue and book-building issue.

  • Fixed Price Issue – In this type of IPO, the company would set a fixed price at which they want the subscribers to invest in their company. It’s a take it or leave it offer. The advantage is that the company knows the cost of raising money and the investor knows that they will receive the shares at the same price as everyone else who has applied for the IPO. 
  • Book Building IPO – The book-building process on the other hand gives the investor a choice at which he wants to subscribe to the issue. The company opens a virtual book in which all the offers of investors are accepted at various price points. In case of an oversubscription, the company will start allotting shares to the highest bidder and then work itself lower. 

What is FPO?

An FPO or a Follow-on public offer is the second route through which a company can raise money from the public. The major difference is that the company raising money is already listed. The company goes through a similar but less stringent process of certification by the market regulator as does a company approaching the market for an IPO before they are granted permission to raise money. 

Types of FPO

There are two types of FPOs i.e. Dilutive FPO and Non-dilutive FPO.    

  • Dilutive FPO–When a company raises funds by issuing new shares such a process is called dilutive FPO. The equity capital of the company will increase on account of the new issuance of shares. Such fundraising are done to meet the company’s capital expenditure requirement or debt-reduction, inorganic growth, or any other purpose.      
  • Non-dilutive FPO–In the non-dilutive type of FPO, one or more than one
  • stakeholder of the company is exiting. Their shares are offered to the general public who get an opportunity to be part of the company as shareholders. In this kind of FPO, there is no dilution of equity capital as the shares sold are of the existing shareholders. Further, the company also does not benefit from non-dilutive FPO because the funds raised are directly credited to the seller. 

Differences between IPO and FPO: 

The differences between IPO and FPO can be outlined along several parameters:

Listing statuus: IPOs are required for raising capital by issuing new shares to the general public to meet the various needs of the business which may include inorganic growth, debt reduction, or growth capital. 

In FPOs shares are issued to raise capital for more or less the same as in the case of an IPO. The main difference is that the company issuing FPO is already a listed entity. 

Risk: In the case of IPOs the public history of the company is missing and it is difficult to judge the management’s capability. The risk involved in an IPO is higher.

In the case of FPOs, the company has some public history and would have been covered in media and research analysts. The fear of the unknown in not present in FPOs.

Pricing: Pricing in the case of an IPO is determined on the feedback given by the merchant banker to the company. What can the market absorb is the yardstick of fixing the price.

Pricing of an FPO is more transparent as it is determined by a fixed formula prescribed by SEBI.

Meaning IPO is offering securities to the public for subscription for the first time FPO is offering securities to the public for subscription by a publicly traded company.
Capital Raised From the public for the first time Subsequent public contribution
Price Fixed or variable range Depending on the number of shares increasing or decreasing and is market driven
Share Capital Increases because of fresh capital being raised from the public In case of Dilutive FPO the number of shares increase and in case of non dilutive FPO the number of shares remains the same.
Risk Has more risk since it is the first time the company is going public Is relatively less risky since the company is slightly more stable and already listed
Types Equity shares, offer for sales  and preference shares Dilutive offering and non dilutive offering

Now that you know something about IPO and FPO, you should also know that if you want to invest in them then you should have a demat and trading account as well. In today’s age, opening a demat account is as simple as  opening a bank account. You can have a look at the details here.

How to Apply for IPO?

Every year companies make a beeline to the market regulator the Securities Exchange Board of India (SEBI) to clear their proposal to raise money through the public and get listed in the secondary market. 

In order to raise money, private limited companies first have to get converted to public limited ones and then with the help of merchant bankers meet all the guidelines set by SEBI. 

The company then prepares a Draft Red Herring Prospectus (DRHP) and submits it to the market regulator for approval. Since the DRHP is available on SEBI’s website, anyone can download it and research the company. 

Meanwhile, SEBI, at its end checks the prospectus and if found satisfactory gives the approval for the company to raise funds from the public. 

The company meanwhile goes on a roadshow, meeting key investors, institutions, and broking firms who through their clients will help the issue to get subscribed. 

Why should you apply for an IPO?

IPOs are double-edged swords. Since the company planning to raise funds was not being reported upon or had analysts covering them, an investor is unaware of its pedigree. The management style or capability gets morphed easily in the DRHP it is not easy to judge a company. Not every investment in IPOs will be profitable. 

Having said that, IPOs are also the best time to invest in a company, provided the company is good. A good company generally has a lot of investors’ interest and the issues are oversubscribed. These companies normally list at a premium and may never come down to the price at which the shares were offered in the IPO. Thus applying for the IPO makes sense as even if the investor gets part subscription, it would be at the lowest possible price. In a bad market, the market price of the stock may go below the IPO price, but if we are in a good market, the IPO price is rarely touched. 

To summarise: 

  • IPOs are a double-edged sword as the company has no history in the market and public, thus the risk is high. One should do a thorough research of the company and not get carried away by the oversubscription levels and hype around the issue. 
  • In case of a good IPO, the price offered could very well be the lowest price the company may see. Applying for such IPOs and getting even a fraction of the shares applied will help reduce the cost of acquisition of such companies. 

Prerequisites for applying for an IPO

The following accounts are required for applying for investing in IPOs and trading them in secondary market:

1.  Demat account- This is essential for storing shares in an electronic format and is mandatory for investing in an IPO.

2.  Bank account- This is required for making payment for the applied shares which is done through the ASBA facility. Application Supported by Blocked Documents (ASBA) is an easy way to apply for IPOs. It blocks the funds in your account for the IPO and the amount is only taken out when the shares have been allotted. The account holder also gets the opportunity of earning interest on these funds. More importantly, SEBI has made the ASBA facility mandatory for IPO bidding.

3.  Trading account- This is required for investing in an IPO online.

4.  UPI ID – You can have a UPI id linked to your bank account or create one if required from your existing bank account or BHIM app.

Eligibility criteria for IPO application

Applying for an IPO has become way easier and can be done through a mobile. There are still some criterias to be met to be eligible for an IPO allotment. They are

  1. You must be an approved investor. Meaning the SEBI (Securities and Exchange Board of India must give an approval. As of now only four types of investors can invest – Qualified Institutional Buyer (QIB), Retail individual investors and employees and Non-Institutional Buyer (NII)
  2. You must have a demat and trading account with any recognized DP(Depository Participant) in India like TradeSmart.If you do not have then you can create one here in an instant.
  3. Have a Permanent Account Number (PAN)
  4. You demat account needs to be linked with the bank account

How to apply for IPO

There are three ways to apply for an IPO

  1. Through a broker like TradeSmart
  2. Through Internet Bank
  3. Offline or physically 

How to apply for an IPO through a broker account

An account with a broker is a prerequisite for investing in an IPO. The investment can be done by following the below mentioned steps:

  • Do your preliminary research and assess whether the IPO is worth investing in. Log in to your TradeSmart broker account with your email address and mobile phone number.
  • Login to BOX and under the portfolio menu, select the ‘IPO’ option
  • From the list of Current & Upcoming IPO’s, click on BID to participate in the IPO offer
  • Enter your UPI ID.
    • Please make sure the UPI ID is mapped to your personal bank account.
    • The IPO application is liable to get rejected if the person who is applying is different from the one whose bank account is used to apply. Third person bank accounts are not accepted.
  • Place your bid(s). Please note the below points.
    • While placing the bids, only a quantity that is a multiple of the lot size is allowed. 
    • If you wish to apply at the cut-off price, simply click on the checkbox next to ‘Cutoff-price’. If you want to place a bid at a different price, you can do so by entering a price in the ‘Price’ field.
    • Once you’ve completed all these steps, click on the checkbox to confirm that you have read the RHP and other documents.
    • Click on Continue
  • Accept mandate request on your UPI App:
  • At the end of the day after submitting the IPO bid, you will receive an SMS from the exchange confirming your application. You may also check the status of your bid in My Applications tab.

Applying for an IPO through a Bank (offline)

·   Visit the bank branch which offers facilities for making IPO investments.

·   Fill in the ASBA application form by providing details such as bank account number, PAN number, demat details etc. Submit the duly filled in application form and collect the acknowledgement slip. Use the reference number on the acknowledgement slip to verify your ASBA status.

·   Then submit an application to invest in the IPO of your choice and mention both the number of shares you want and the price acceptable to you. Also ensure that there are sufficient funds in your linked bank account.

·   The bank first blocks the application amount in your account and then sends IPO applications to specified stock exchanges.

How to apply for IPO online

This facility is usually available under the net banking or e-services tab. As the ASBA facility shows all the live issues currently, it enables the investor to invest in Follow on Public Offers (FPOs) and IPOs. The following steps are used to apply for an IPO through the net banking facility of any bank.

·       Log in to your net banking using username and password

·       Go to the request tab on the left and scroll down to IPO/Rights Issue option.

·       On the screen would be visible the list of IPOs and rights issue live. Click on ‘Apply’ in order to apply for the IPO you want

·       The next step will require you to fill in some information such as your date of birth, the number of shares you want to bid for, bid price etc.

·       Some details such as PAN card number, bank account number, nationality etc. are filled before-hand and cannot be altered. The information requested under Depository Details can be found in the Consolidated Account Statement. (CAS)

·       The final step involves confirming the amount to be blocked from the account, confirming the requisite terms and conditions and submitting the IPO application.

Applying for IPO via UPI can also be done easily through the following steps:

·       Select the IPO you want to invest in by logging in to your trading account.

·       Enter the price at which you would like to bid for these shares.

·       Provide UPI ID and complete your application form.

·       As a final step, approve the block funds request on the UPI app.

Benefits of applying for an IPO online

  • It saves time and you do not need to be physically present at the brokers office of bank
  • The process is more seamless and convenient. It even picks up the details automatically from the database so you don’t have to fill the form from scratch.
  • The amount set aside is still kept in your bank account till such time the allotment is confirmed and you can continue getting interest on that amount.

Ways in which you can increase your chances of getting an IPO allotment

  1. Apply with more than one demat account – you can apply for multiple demat accounts with different DPs. But when applying for more than one allotment for an IPO, you can only use one PAN number. One way is that you can get your family members or friends to apply for an IPO on your behalf to increase your chances.
  2. Bid at the cut-off price: Applying for the shares at the cut-off price increases your chances as it shows that you are comfortable paying that amount for buying the lot. For example, suppose there’s an IPO for a bid price of Rs. 200 per share. This is only to be done in cases where the company is fundamentally strong and the issue is oversubscribed.
  3. Approve the mandate request – A lot of new investors who apply for IPOs make this mistake. They just apply for the IPO through the brokers and end it there. Know that after applying, you receive a mandate request. You need to accept this request from your banking app or website and only then will the funds be kept aside and you will be considered for an allotment for the IPO.

Unlike the olden days where the process was cumbersome, time consuming and confusing, today with the help of technology the process of applying for IPOs has become seamless and easy. However, its the operational aspect that has become easier, for stock selection one will have to put in the hours to pick up a good company. 

What is Dematerialisation of Securities?

Long before the digital age, buying and selling shares and securities wasn’t as easy as it is today. One had to purchase securities in a physical form from their broker, the process would take several days, and was quite cumbersome. In today’s day and age, all physical shares and securities need to be converted into a digital form and stored in a demat account under a depository. This process is called dematerialization of securities. The idea behind dematerialization is smoothening the process of buying, selling, transferring and holding shares, all the while making it foolproof and cost-effective.

A depository is like a bank, but instead of cash, it holds securities (like shares, bonds, debentures, government securities, mutual fund units, etc.) of its investors in an electronic form, upon the request of the investors through a registered depository participant. It also provides services related to transactions in securities.

India has two depositories; they are National Securities Depository Limited (NSDL) and Central Depository Services India Limited (CSDL) which are registered with the Securities Exchange Board of India (SEBI).

What is Dematerialization?

The process of conversion of physical share certificates into an electronic form is known as dematerialization. This process allows for the smooth transaction of shares and helps to reduce the cost incurred by the shareholder. In the past shares were held in the form of a physical share certificate, which denoted the number of shares held by the holder. This was an outdated form of holding shares, and it faced many issues such as physical damage, theft, fraud, etc. Hence to prevent all these issues, all the physical share certificates were dematerialized.

 Process of Dematerialization

  • The process of dematerialization begins with the opening of a Demat account. To do so, a suitable Depository Participant (DP) should be selected.
  • In order to convert physical share certificates into dematerialized form, a Dematerialization Request Form, available with the respective DP, needs to be filled and submitted along with the share certificates, which should have the words Surrendered for Dematerialization written across them.
  • The DP will process your request, along with the physical share certificates to the respective company as well as to the registrar and transfer agents through the depository.
  • Upon approval of the request, the physical share certificates will be destroyed, and confirmation of dematerialization will be sent to the depository.
  • Once received by the depository, they will confirm the dematerialization of shares to the DP. Then a credit in the demat account of the shareholder will show that the shares have been electronically transferred directly into their demat account.
  • The whole process of dematerialization takes about 15-30 days after the submission of the request.
  • The process of dematerialization is only possible if the shareholder has a demat account, thus each and every investor should know how to open a demat account, and understand dematerialization. 

Need for Dematerialization of Securities

Dematerialization of Securities is absolutely essential as with the increase in the number of retail investors day by day, it is hard to keep a track of all the papers and documents that come with purchasing physical share certificates. Moreover, an increasing number of papers can lead to missing an important document, which can easily cause a breakdown in the stock market and any business associated with it. Additionally, stamp duty charges will be saved while buying securities in a dematerialized form.

Process of purchasing dematerialized securities

  1. Select a broker like TradeSmart who can help in purchasing securities.
  2. Make a payment to the broker who then arranges the payment to the clearinghouse on the pay-in day.
  3. After that, the securities are credited to the broker clearing account on the pay-out day
  4. The broker then instructs the DP to debit the clearing account and credit it to your account.
  5. The depository then confirms the dematerialization of shares. Then a credit in the holding of shares will reflect in the investor’s account
  6. The shares will officially be in your account. You will have to give receipt instructions to the DP if in case you did not give standing instructions at the time of opening your demat account.

Process of selling dematerialized securities

  1. Select your broker and sell the securities in an exchange that is linked to NSDL
  2. The DP needs to be instructed to debit the securities from your account and credit the broker clearing account.
  3. The delivery instructions need to be sent to the DP using delivery instruction slips
  4. Upon approval, the physical share certificates will be destroyed and confirmation of the dematerialization will be sent to the depository.
  5. The broker will give instructions to its DP for delivery to the clearinghouse before the pay-in day.
  6. The amount will be credited to your account from the broker

Advantages of Dematerialization of Securities:

  1. Convenience: Through the dematerialization of securities, all transactions are carried out in an electronic form. So, there is no need for you to be physically present with the broker, to settle transactions. This also allows you to easily monitor, and modify the status of your investments on your own.
  2. Ease of Transactions: Purchase, sale and transfer of securities can be done in odd lots and even in singular units. This process is also much quicker and time saving. In the physical form, it would take several days for the transaction to go through. However, in the dematerialized form the process is much quicker. 
  3. Safety: Holding securities in a dematerialized form is the safest and the most convenient method to hold securities. Unlike with physical certificates, the threat of theft, fraud, forgery, duplication, misplacement or deterioration of the securities is eliminated.
  4. Cost-Effective: Earlier when securities were purchased, sold, and transferred, extra costs were incurred in the form of stamp duty. These costs are avoided in the dematerialized form.

How Many Demat Accounts One Can Have?

Demat account is very essential for every person who wants to trade in the financial stock market. Some traders get confused between a trading account and a demat account. Both the accounts are required to successfully accomplish a trade. While a trading account aids you to buy and sell shares in the market, the demat account holds these shares in the digital mode as long as the trader wants to keep them. All types of trades are executed using the trading account, and the delivery of the shares or underlying securities is witnessed in the demat account. 

If you are a trading enthusiast, you must have a demat account for yourself. You can open one with TradeSmart here. All the demat accounts are regulated by two major depositories in India, namely, National Securities Depository Ltd (NSDL) and Central Depository Services India Ltd (CDSL). Demat account mimics the characteristics of a bank account. The moment you purchase a share by using your trading account, your demat account gets credited, and vice-versa. You can open both accounts at the same depository or a stockbroker. A lot of traders wonder whether they can open more than one demat account or not. So, let’s dive into the specifics.

Can A Person Have More Than One Demat Account?

In India, a trader is allowed to have more than one demat account but should open with multiple stock brokers. Also, opening more than one demat account is not illegitimate in India. You can open as many demat accounts as you want. There are no limitations for holding multiple demat accounts by you. However, you have to link your PAN account number to every new demat account you open with a different stockbroker. One thing you must note is that you cannot open more than one account with the same depository or a stockbroker. Now, if you are planning to open multiple demat accounts, there are certain things you must keep in mind. 

Key Things To Remember

  • You cannot open multiple trading and demat accounts with one depository participant or a stockbroker. But you can open as many trading and demat accounts with different stockbrokers or depository participants. 
  • When you open a demat account, all your traded shares are held with these two regulators – CDSL or NSDL. All the depository participants register themselves with these regulatory authorities. Moreover, both CSDL and NSDL are registered with the Securities and Exchange Board of India (SEBI) as well.
  • Having multiple demat accounts with different depository participants gives traders a leeway to expand and diversify their portfolios. 
  • You have to pay an annual maintenance charge (AMC) for every demat account you open with a depository participant or a stockbroker. The fee ranges from Rs 300 to Rs 1000 annually. 
  • If you open multiple demat accounts with different depository participants, you have to be active on these platforms. Or else, the account gets frozen or dormant by the brokers if unused for a very long period. 
  • You can link one demat account with different trading accounts. Stockbrokers prefer you to have both trading and demat accounts with them for smooth processing of trades. Otherwise, the mapping and trading would become hectic and cumbersome on the part of traders to execute as and when they want.
  • If your demat account gets frozen by the depository participant, you cannot use it until you get your KYC official procedures done with them. 
  • By opening multiple demat accounts with multiple brokers, you’ll get access to various research reports, suggestions, and advice from each of them. Although the services they offer differ from each other, you can enjoy the experience of trading on multiple platforms at once, and eventually, score your luck.
  • If you have more than two demat accounts, go for integrating them. Not only does it save you from the hassle you endure every time by checking different demat accounts, but it also manages everything orderly by saving you from paying extra costs like stamp duty and capital gain tax. The first demat account can be used for daily trading activities. And the second demat account can be used for the investment portfolio. You can transfer all the shares from one demat to another by using the Delivery Instruction Slip (DIS). 
  • If you have multiple demat accounts, it’s important to keep an eye on your transactions and balances regularly to avoid any future problems.

How To Open A Demat Account?

If you are an investor who wants to trade, you should have a trading account and a demat account. So, here are the steps on how to open a new demat account.  

  1. First, you need to find a valid depository participant. You’ll find all the lists of legit depository participants on CDSL and NSDL web portals. 
  2. After finalizing the depository participant, connect with them directly, and fill up all the necessary details in the demat account opening application form. You can do this either offline by approaching the depository participant office, or can go online, at your convenience.
  3. Once you finish filling the form, duly submit/attach your self-attested documents like PAN card, identity proof,  and address proof to the demat account opening form.
  4. The depository participant cross-checks all the enclosed documents followed by your demat account opening form. If everything is fine, the DP opens your new demat account. 
  5. As and when the new demat account is opened, the owner of the respective account is given a Beneficial Owner Identification Number or BOID. The Demat account has a 16-digit numeric code for CDSL, and a 14-digit numeric code for NSDL. 

Pros Of Multiple Demat Accounts

  1. Have Access To Multiple Reports: Traders opening/having multiple demat accounts have the advantage to various research reports from different brokers/depository participants. Not only you’ll enjoy getting services from various brokers, but also having access to multiple reports in hand serves you the purpose of seamless trading. 
  1. Useful For Research and Analysis: Although each broker/depository participant delivers their share of services in different ways, the research reports and background analysis shared by each of them offer an inimitable view on buying and selling shares. It helps traders to make informed decisions rather than single biased judgment while trading. 
  1. Building Your Portfolio: Having different demat accounts facilitates traders to have multiple profiles followed by multiple portfolios. It helps traders to maintain trading portfolio accounts and investment portfolio accounts individually. Additionally, it helps traders to enhance reputation in the market in case they wish to use it as collateral. Also, your chances of getting a lot in IPOs are better when you apply for them with different demat accounts.
  1. Segregate long term and short term investments: For demat accounts with low transaction fees, you can use them for short term trades like intraday and F&O trades and those with low account maintenance fees can be used for long term trades since you will transact less.

Cons Of Multiple Demat Accounts

  1. Additional Charges: If you open multiple demat accounts, you have invited yourself to pay extra charges for maintaining those accounts. It’s called annual maintenance charges (AMC). Woefully, these extra charges would hamper your overall gains in trading. 
  1. Account Gets Freezed: Although having multiple demat accounts gives you an upper hand in trading, your inactiveness in any one of your demat accounts would lead to account freezing. Meaning, the broker/depository participant freezes your demat account if it’s not running actively for a long time. 
  1. Tedious Task in Hand: If having multiple demat accounts is one thing, then monitoring all the trades done via each demat account is another. Initially, it looks exciting for traders to see multiple demat accounts running successfully, but later, the process to keep a track of all the trades and financial changes becomes cumbersome.

Things to Keep in Mind While Opening Multiple Demat Accounts

  • There is nothing that legally stops a person from having more than one Demat account, just like he can have more than one bank account or more than one trading account.
  • With every new Demat account, there will be a charge
  • A client cannot open more than one account with the same Depository Participant.
  • Generally, a client likes to keep their trading and investing accounts separate, which makes them easier to monitor.
  • One will need to keep the accounts active in order to prevent the Depository Participant from declaring the account as dormant. Re-opening a dormant is at times a cumbersome process.
  • More than one Demat account can be mapped with the broker however, these Demat accounts cannot be opened with the same broker or Depository Participants.
  • There is a cost involved in opening an account and maintaining it.
  • At the time of filing of taxes, all accounts will have to be disclosed to tax authorities.


Demat accounts are an integral part of investing, just like a bank account and a trading account. Opening multiple accounts is not a necessity, but those who trade and invest frequently keep multiple accounts. This helps them to track their performance and maintain an arm’s length distance between the two strategies.  

The main issue with having more than one Demat account is that they will need to be active, a dormant account is generally frozen by the Depository Participant and may require some paperwork to reopen it. Tracking multiple Demat accounts may also be cumbersome to a new participant in the market and can occasionally lead to confusion.

NSDL Demat Account

Every individual who wishes to invest or start investing in the stock market, needs to have a demat account. The old days of brokers purchasing physical share certificates for us are well behind us. Ever since the electronic mode of stock trading has come to be, all trades take place through the internet and an electronic trading portal.

Now that trading has become a completely online process, it is mandatory to have a demat account in order to trade and invest. There are two types of demat account options available to investors; an NSDL demat account and a CDSL demat account. NSDL and CDSL are both depositories in India.

What is a Demat Account?

In the past, one would purchase or sell physical share certificates from their broker, but as technology grew, a new method of buying or selling shares came along. The demat account. A demat account or a dematerialized account is an account where all your investments and securities are stored in an electronic form. It’s sort of like a bank, but instead of cash, shares and securities are stored. A demat account offers a wide variety of benefits, like increased safety and security, quick and easy transfer of shares are a few of them.

What is NSDL?

Just as you would open a savings account with a bank, a demat account has to be opened with a depository with the help of a depository participant. In India there are two depositories; National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL). NSDL is the oldest and most renowned provider of demat account services. It also provides a wide variety of shares related services to its customers.

How does the NSDL work?

Just like how its mentioned above, the NSDL allows traders and investors to open demat accounts to hold securities and other financial instruments. And just like banks accept cash deposits from their customers, the NSDL accepts securities deposits from its customers. But to open an account with the NSDL, you cannot approach them directly but instead, have to go through a depository participant (DP) which can be any bank in the country. The NSDL also sends constant updates to its customers and provides consolidated account statements (CAS) that give all information about securities in one place.

What is an NSDL Demat Account?

A demat account opened with NSDL is called an NSDL demat account. It can only be opened through a Depository Participant (DP) who is registered with NSDL. Most stock broking houses are depository participants as well. Once you have gone through the entire list of depository participants registered with NSDL, you can register yourself with your most preferred choice. This can be based on their reputation in the market or just your personal preference.

How to open an NSDL Demat account?

NSDL demat accounts are fairly easy to open. These are the steps:

  • Get in touch with your preferred Depository Participant.
  • Fill in the account opening form, and provide all the Know Your Customer (KYC) documents, including Identity proof, Address Proof, PAN card, Aadhaar Card, and Bank account details.
  • After all the documents have been received by the Depository Participant, a verification process begins.
  • Once all your documents are successfully verified, the depository participant will open the NSDL Demat account on behalf of the customer.
  • After your account has been opened, the depository participant shall give you your new demat account details, like DP ID, client ID, master client report, tariff sheet, and a copy of the rights and obligations of the beneficial owner and depository participant.
  • In addition, you will also receive your NSDL demat account login credentials from the depository participant.

Advantages of having an NSDL Demat Account.

 Now that we have understood what an NSDL demat account is, let us learn some of its benefits.

  1. Minimal Chances of bad deliveries:

    Earlier when investors dealt with physical share certificates, they couldn’t examine the quality of the asset before buying it, and there was a potential risk that it could be a bad delivery. However, as securities are now held in a dematerialized form, with NSDL, there are fewer chances of bad deliveries.
  2. Elimination of Risk associated with bad deliveries:

    With physical certificates, there was always a risk of theft, damage or destruction. However, as shares are now held in an electronic form with NSDL, these risks are eliminated. This also saves time and cost of issuing duplicate certificates.
  3. Quick Transfer and Registration of Securities:

    With NSDL, as soon as the security is credited into your account, you become its legal owner. The case was not the same in the earlier system. The physical certificates had to be sent to the company registrar for change in ownership. This would consume a significant amount of time. There were also chances of loss in transit.
  4. Quicker Settlement and Liquidity:

    Through an NSDL demat account, the settlement is done in T+2 days. That is the second working day from the day of the trade.
  5. Minimum Brokerage Charges and Paperwork:

    An NSDL demat account significantly reduces the back-office task of the broker. This helps in the reduction of brokerage fees. At the same time, online transactions lead to decreased amount of paperwork as everything is done within a few clicks. This reduces the need to have a long trail of paperwork.
  6. Easy Change in Details:

    In case there is a change to be made in the investor’s details, the same had to be made across all companies, where you had invested. But now with the help of an NSDL demat account, you just have to inform your depository participant, and provide necessary documents. The data gets updated immediately.

Disadvantages of NSDL

While there are several advantages associated with opening an NSDL demat account, there are a few disadvantages as well. They are:

  • Vulnerable to hacking, in turn leading to privacy issues
  • Technical glitches
  • Coordination problems.

Once you’ve opened an NSDL demat account you can start buying and selling shares electronically. Incase you have physical shares with you, you can always place a request to dematerialize those shares with your DP. Also, with an NSDL demat account, you can also get access to several other features like NSDL mobile application, e-voting facility and electronic Delivery Instruction Slip (DIS) facility to name a few.

Just keep in mind that DO NOT share your NSDL credentials with anyone else as any unauthorized access can lead to trades happening under your name without your knowledge which could be disastrous and the possibility of losing all your portfolio.

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