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Indian Market, Regulation & Taxation

T Plus Zero Settlement

Same-day settlement, in which securities and funds are exchanged on the trade date itself.

Test: pay-in and pay-out both occur on the trade date rather than on a subsequent day days Risk & Portfolio Management

Tactical Asset Allocation

Short-term deviations from a strategic allocation, intended to exploit expected differences in asset class returns.

Test: actual weights differ from strategic targets by a bounded amount, with a stated basis and a horizon for reverting % Risk & Portfolio Management

Tail Risk

The risk of rare, extreme outcomes that sit far in the tails of the return distribution.

Test: outcomes beyond three standard deviations occur far more often than a normal distribution would imply qualitative Corporate Actions, Dividends & Governance

Takeover Code

SEBI's regulations governing substantial acquisition of shares and takeovers of listed companies.

Test: the acquisition crosses a prescribed threshold of voting rights or amounts to acquiring control, triggering disclosure and open offer obligations qualitative Indian Market, Regulation & Taxation

Tax-Loss Harvesting

Deliberately realising losses to set them off against gains and reduce the tax payable in a year.

Tax Saved = Loss Realised x Applicable Tax Rate on the Gain it Offsets ₹ Indian Market, Regulation & Taxation

TDS

Tax deducted at source: tax withheld by the payer and deposited against the recipient's permanent account number.

TDS = Payment Amount x Applicable Rate, credited against the recipient's final tax liability ₹ Technical Analysis & Chart Patterns

Technical Analysis

The study of past price and volume data in order to describe market behaviour and frame trading decisions.

Test: the conclusion is drawn from price, volume and derived series alone, without reference to the issuer's financial statements qualitative Bonds & Fixed Income

Term Premium

The extra yield lenders require for holding a longer-maturity bond rather than rolling short-maturity ones.

Term Premium = Long-Maturity Yield - Average Expected Short-Term Rate over the same period bps Fundamental Analysis & Valuation

Terminal Value

The estimated value of a business beyond the explicit forecast period in a discounted cash flow model.

Terminal Value = Final Year Cash Flow x (1 + Terminal Growth Rate) / (Discount Rate - Terminal Growth Rate) ₹ crore Funds, ETFs & Index Investing

Thematic Fund

An equity fund investing at least 80% in companies linked by a theme that spans multiple sectors.

Test: minimum 80% allocation to stocks selected by a stated theme rather than by a single sector classification qualitative Derivatives, Futures & Options

Theta

The rate at which an option loses value as time passes, holding everything else constant.

Theta = Change in Option Price / Change in Time, conventionally expressed per calendar day and negative for a holder ₹ Technical Analysis & Chart Patterns

Three Black Crows

Three consecutive falling candles with substantial bodies, each opening within the previous body and closing near its own low.

Test: three consecutive candles with Close < Open, each Open inside the previous body, each Close near its own Low qualitative Technical Analysis & Chart Patterns

Three White Soldiers

Three consecutive rising candles with substantial bodies, each opening within the previous body and closing near its own high.

Test: three consecutive candles with Close > Open, each Open inside the previous body, each Close near its own High qualitative Orders, Execution & Market Structure

Tick Size

The smallest price increment by which a security's quote may change on an exchange.

Test: every valid order price must be an exact multiple of the tick size for that security ₹ Market Basics & Instruments

Ticker Symbol

The short alphabetic code used by an exchange to identify a listed security in quotes, orders and trade reports.

Test: the code is exchange-assigned, unique within that exchange, and resolves to exactly one security qualitative Risk & Portfolio Management

Time Horizon

The period before an investor needs to draw on the money invested.

Test: the date at which the capital, or a stated portion of it, must be available for spending years Derivatives, Futures & Options

Time Value

The portion of an option's premium above its intrinsic value, paid for the possibility of a favourable move before expiry.

Time Value = Option Premium - Intrinsic Value ₹ Orders, Execution & Market Structure

Time-Weighted Average Price

The average price of a security over a period, giving equal weight to each time interval regardless of volume.

TWAP = Sum of Prices Sampled at Equal Intervals / Number of Samples ₹ Funds, ETFs & Index Investing

Total Return Index

An index variant that assumes dividends are reinvested, so it measures the full return from holding the constituents.

Total Return = Price Return + Dividend Yield, compounded over the period index points Funds, ETFs & Index Investing

Tracking Difference

The gap between a passive fund's return and its index's return over a period.

Tracking Difference = Fund Return - Index Return over the same period % Risk & Portfolio Management

Tracking Error

The standard deviation of the difference between a portfolio's returns and its benchmark's.

Tracking Error = Standard Deviation of (Portfolio Return - Benchmark Return) over the period % Economy, Macro & Market Cycles

Trade Deficit

The excess of the value of a country's merchandise imports over its merchandise exports.

Trade Deficit = Value of Goods Imports - Value of Goods Exports ₹ crore Financial Statements & Accounting

Trade Payables

Amounts a company owes to suppliers for goods or services already received but not yet paid for.

Creditor Days = Average Trade Payables / Cost of Goods Sold x 365 ₹ crore Financial Statements & Accounting

Trade Receivables

Amounts owed to a company by customers for goods or services already delivered but not yet paid for.

Debtor Days = Average Trade Receivables / Revenue x 365 ₹ crore