निम्नलिखित कथनों पर विचार कीजिए : I. भारतीय रिज़र्व बैंक भारत में सभी सूचीबद्ध कंपनियों को व्यावसायिक उत्तरदायित्व और स्थिरता रिपोर्ट [बिजनेस रिस्पॉन्सिबिलिटी ऐंड सस्टेनेबिलिटी रिपोर्ट (BRSR)] प्रस्तुत करने का अधिदेश करता है। II. भारत में, व्यावसायिक उत्तरदायित्व और स्थिरता रिपोर्ट (BRSR) प्रस्तुत करने वाली कोई कंपनी, इस रिपोर्ट में उनका प्रकटन करती है जो मुख्यतः गैर-वित्तीय स्वरूप के हैं। उपर्युक्त कथनों में से कौन-सा/कौन-से सही है/हैं?

(c) I और II दोनों

(d) न तो I और न ही II

निम्नलिखित कथनों पर विचार कीजिए : कथन I. जहाँ तक किसी कम्पनी में निवेश से प्राप्त प्रतिफलों का संबंध है, आमतौर पर यह माना जाता है कि स्टॉक-धारकों की तुलना में बॉन्ड-धारकों को अपेक्षाकृत कम जोखिम रहता है। कथन II. बॉन्ड-धारक किसी कम्पनी के ऋणदाता होते हैं, जबकि स्टॉक-धारक उसके स्वामी होते हैं। कथन III. पुनर्भुगतान के प्रयोजन के लिए, किसी कम्पनी द्वारा बॉन्ड-धारकों को स्टॉक-धारकों की अपेक्षा प्राथमिकता दी जाती है। उपर्युक्त कथनों के संदर्भ में, निम्नलिखित में से कौन-सा एक सही है?

(b) कथन I और कथन II दोनों सही हैं और कथन I, कथन II की व्याख्या करता है

(c) कथन II और कथन III में से केवल एक सही है तथा वह कथन I की व्याख्या करता है

(d) न तो कथन II और न ही कथन III सही है

प्रश्न यूपीएससी के हिंदी प्रश्नपत्र से · व्याख्या अभी अंग्रेज़ी में

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Economy & social development

Prelims · Economy & social development · 31 questions

Capital markets, insurance & financial instruments

Every UPSC Prelims question on this topic, 2016–2026, newest first. Tap an option to check yourself; the answer and explanation open below it.

Asked in 10 of 11 years · most in 2024 (5)

Practising Economy & social development? Take it as timed sets of 25 →

UPSC syllabus: “Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.” Sub-topics in the detailed syllabus →

Prelims 2025 · Q1

Medium

निवेश के संदर्भ में, निम्नलिखित पर विचार कीजिए :

I.बॉन्ड
II.प्रतिरक्षा निधियाँ (हेज फंड्स)
III.स्टॉक
IV.जोखिम पूँजी

उपर्युक्त में से कितनों को वैकल्पिक निवेश निधि माना जाता है?

Read this question in English

With reference to investments, consider the following:

I. Bonds

II. Hedge Funds

III. Stocks

IV. Venture Capital

How many of the above are treated as Alternative Investment Funds?

(a) Only one · (b) Only two · (c) Only three · (d) All the four

उत्तर और व्याख्या · explanation in English

Answer: (b) केवल दो

SEBI defines an Alternative Investment Fund (AIF) as a privately pooled fund that collects money from sophisticated investors and invests it under a set policy. Hedge funds and venture capital funds are such pooled funds and are registered as AIFs; bonds and stocks are securities that a fund may buy, not funds themselves.

✗ I A bond is a debt security issued by a government or company. It can be held by an AIF, but a bond is not a pooled fund.
✓ II SEBI registers hedge funds (along with PIPE funds) as Category III AIFs, which may use complex trading strategies and leverage.
✗ III Stocks are shares of ownership in a company, an asset class traded on exchanges, not a privately pooled investment vehicle.
✓ IV Venture capital funds, including angel funds, form a sub-category of Category I AIFs under the SEBI (Alternative Investment Funds) Regulations, 2012.

Remember · AIF = privately pooled fund regulated by SEBI (2012 rules). Category I: venture capital, angel, SME, social venture, infrastructure funds; Category III: hedge funds, PIPE funds.

Sources

SEBI, FAQs on the SEBI (Alternative Investment Funds) Regulations, 2012 ↗ “Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign … Various types of funds such as hedge funds, PIPE Funds, etc. are registered as Category III AIFs. … shall include venture capital funds, SME Funds, social venture funds, infrastructure funds and such other Alternative Investment Funds as may be specified”

Question and answer: UPSC's official GS Paper I (2025, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). Permalink ·

Prelims 2025 · Q4

X-Ray · Core #6 Easy

निम्नलिखित कथनों पर विचार कीजिए :

I.भारतीय रिज़र्व बैंक भारत में सभी सूचीबद्ध कंपनियों को व्यावसायिक उत्तरदायित्व और स्थिरता रिपोर्ट [बिजनेस रिस्पॉन्सिबिलिटी ऐंड सस्टेनेबिलिटी रिपोर्ट (BRSR)] प्रस्तुत करने का अधिदेश करता है।
II.भारत में, व्यावसायिक उत्तरदायित्व और स्थिरता रिपोर्ट (BRSR) प्रस्तुत करने वाली कोई कंपनी, इस रिपोर्ट में उनका प्रकटन करती है जो मुख्यतः गैर-वित्तीय स्वरूप के हैं।

उपर्युक्त कथनों में से कौन-सा/कौन-से सही है/हैं?

Read this question in English

Consider the following statements:

I. The Reserve Bank of India mandates all the listed companies in India to submit a Business Responsibility and Sustainability Report (BRSR).

II. In India, a company submitting a BRSR makes disclosures in the report that are largely non-financial in nature.

Which of the statements given above is/are correct?

(a) I only · (b) II only · (c) Both I and II · (d) Neither I nor II

उत्तर और व्याख्या · explanation in English

Answer: (b) केवल II

The BRSR is a SEBI requirement, not an RBI one, and it applies to the top 1,000 listed companies by market capitalisation, not all listed companies. Its disclosures cover environmental, social and governance (ESG) performance, so they are largely non-financial.

✗ I SEBI's May 2021 circular made BRSR filing mandatory from 2022-23 for the top 1,000 listed companies by market capitalisation; the RBI has no role, and not every listed company is covered.
✓ II The BRSR reports performance on ESG parameters under the nine principles of the National Guidelines on Responsible Business Conduct, asking firms to look beyond financials.

Remember · BRSR: SEBI, circular of 10 May 2021; mandatory from FY 2022-23 for top 1,000 listed companies; ESG (non-financial) disclosures; replaced the Business Responsibility Report.

Sources

SEBI Circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562: Business responsibility and sustainability reporting by listed entities, 10 May 2021 ↗ “with effect from the financial year 2022-2023, filing of BRSR shall be mandatory for the top 1000 listed companies (by market capitalization) and shall replace the existing BRR. … The BRSR shall also enable companies to engage more meaningfully with their stakeholders, by encouraging them to look beyond financials and towards social and environmental impacts.”

Question and answer: UPSC's official GS Paper I (2025, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). Permalink ·

Prelims 2025 · Q7

X-Ray · Core #6 Easy

निम्नलिखित कथनों पर विचार कीजिए :

कथन I: जहाँ तक किसी कम्पनी में निवेश से प्राप्त प्रतिफलों का संबंध है, आमतौर पर यह माना जाता है कि स्टॉक-धारकों की तुलना में बॉन्ड-धारकों को अपेक्षाकृत कम जोखिम रहता है।
कथन II: बॉन्ड-धारक किसी कम्पनी के ऋणदाता होते हैं, जबकि स्टॉक-धारक उसके स्वामी होते हैं।
कथन III: पुनर्भुगतान के प्रयोजन के लिए, किसी कम्पनी द्वारा बॉन्ड-धारकों को स्टॉक-धारकों की अपेक्षा प्राथमिकता दी जाती है।

उपर्युक्त कथनों के संदर्भ में, निम्नलिखित में से कौन-सा एक सही है?

Read this question in English

Consider the following statements:

Statement-I. As regards returns from an investment in a company, generally, bondholders are considered to be relatively at lower risk than stockholders.

Statement-II. Bondholders are lenders to a company whereas stockholders are its owners.

Statement-III. For repayment purpose, bondholders are prioritized over stockholders by a company.

Which one of the following is correct in respect of the above statements?

(a) Both Statement II and Statement III are correct and both of them explain Statement I · (b) Both Statement I and Statement II are correct and Statement I explains Statement II · (c) Only one of the Statements II and III is correct and that explains Statement I · (d) Neither Statement II nor Statement III is correct

उत्तर और व्याख्या · explanation in English

Answer: (a) कथन II और कथन III दोनों सही हैं तथा वे दोनों कथन I की व्याख्या करते हैं

A bondholder has lent money to the company and is owed a fixed return, while a stockholder owns a share of the company and takes whatever is left. Because lenders must be repaid first, bondholders face less risk than owners; both Statements II and III therefore explain Statement I.

✓ Statement-I Bond returns are fixed in advance (coupon and redemption amount), while stock returns depend on profits and share prices, so bonds are generally the lower-risk claim on the same company.
✓ Statement-II SEBI explains that an equity investor becomes an owner of the company, while a debt investor becomes a lender to it.
✓ Statement-III As a lender, the bondholder has a higher claim on the company's assets than a shareholder if the company goes bankrupt, so bondholders are repaid first.

Remember · Bondholders = lenders (fixed return, paid before shareholders); stockholders = owners (voting rights, residual claim, higher risk).

Sources

SEBI, FAQs on the Corporate Bond market ↗ “When an investor invests money through equity, he becomes an owner in the company issuing such equity shares. … In case of debt, the investor becomes a lender to the company. As a lender, he has higher claim to the assets of the issuer as compared to a shareholder in the event of the company filing for bankruptcy.”

Question and answer: UPSC's official GS Paper I (2025, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). Permalink ·

Prelims 2025 · Q8

X-Ray · Core #6 Medium

निम्नलिखित कथनों पर विचार कीजिए :

I.वैश्विक स्तर पर किए गए सभी इक्विटी विकल्प संविदाओं के कारोबार में भारत का अत्यधिक वृहद् अंश होता है, इस प्रकार भारत सहसा अतिवृद्धि को दर्शाता है।
II.हाल के विगत समय में भारत का स्टॉक बाज़ार तेजी से बढ़ा है, यहाँ तक कि उसने एक समय इसमें हांगकांग को भी पीछे छोड़ दिया।
III.छोटे निवेशकों को या तो विकल्प व्यापार जोखिमों की चेतावनी देने या इस विषय में अपंजीकृत वित्तीय सलाहकारों पर कार्रवाई करने के लिए कोई नियामक निकाय नहीं है।

उपर्युक्त कथनों में से कौन-कौन से सही हैं?

Read this question in English

Consider the following statements:

I. India accounts for a very large portion of all equity option contracts traded globally thus exhibiting a great boom.

II. India's stock market has grown rapidly in the recent past even overtaking Hong Kong's at some point of time.

III. There is no regulatory body either to warn the small investors about the risks of options trading or to act on unregistered financial advisors in this regard.

Which of the statements given above are correct?

(a) I and II only · (b) II and III only · (c) I and III only · (d) I, II and III

उत्तर और व्याख्या · explanation in English

Answer: (a) केवल I और II

Indian exchanges lead the world in the number of derivative contracts traded, driven by a boom in index options, and India's equity market has grown fast enough to rank among the world's five largest. Statement III is false: SEBI is the statutory regulator, it registers and regulates investment advisers, and it has itself published studies on retail losses in futures and options.

✓ I SEBI, citing World Federation of Exchanges data, notes that an Indian exchange ranks first globally by number of contracts traded, far ahead of the next exchange.
✓ II The Economic Survey 2023-24 records that the Indian market rose to fifth in the world by market capitalisation in FY24, while Hong Kong was among the few major markets that did not post better returns that year. Business Standard, reporting Bloomberg data, said in January 2024 that India's market capitalisation had overtaken Hong Kong's for the first time.
✗ III The SEBI Act sets up SEBI to protect the interests of investors in securities and to regulate the securities market, including registering and regulating investment advisers. Its September 2024 study found that over 9 in 10 (93%) individual F&O traders incurred losses between FY22 and FY24.

Remember · India leads the world in exchange-traded options volume; SEBI's 2024 study: 93% of individual F&O traders lost money (FY22–FY24). SEBI is the regulator and registers investment advisers.

Sources

SEBI, Comparative study of growth in Equity Derivatives Segment vis-à-vis Cash Market after recent measures (July 2025) ↗ “basis data of World Federation of Exchanges, for the period March 2025, Indian exchange holds top position among the global peers in terms of number of contracts traded”
Economic Survey 2023-24, Chapter 2: Monetary Management and Financial Intermediation ↗ “Significant interest from domestic and global investors in the Indian stock market as an attractive investment destination and sustained IPO activity placed the Indian market fifth in the world by market capitalisation in FY24. … All the major markets, except China and Hong Kong, delivered better returns during the period compared to the previous year.”
SEBI Press Release PR No. 22/2024, Updated SEBI Study Reveals 93% of Individual Traders Incurred Losses in Equity F&O ↗ “A new study conducted by the Securities and Exchange Board of India (SEBI) has revealed that over 9 out of 10 individual traders in the equity futures and options (F&O) segment continue to incur significant losses.”
Business Standard (Bloomberg), 23 Jan 2024: In a first, India overtakes Hong Kong as world's fourth-largest stock market ↗ · reference work “market capitalization has overtaken Hong Kong’s for the first time as the South Asian nation’s growth prospects and policy reforms make it an investor darling”
The Securities and Exchange Board of India Act, 1992 (SEBI): long title ↗ “An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market … registering and regulating the working of stock brokers, sub-brokers, share transfer agents, bankers to an issue, trustees of trust deeds, registrars to an issue, merchant bankers, underwriters, portfolio managers, investment advisers”

Question and answer: UPSC's official GS Paper I (2025, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 1 Oct 2026 (how we verify). Permalink ·

The Syllabus X-Ray of this topic

2 of its 7 sub-topics are Core

2 Core · 0 High · 4 Steady · 1 Rare

Core #6Capital markets: shares, bonds & SEBI · 14 questions
Core #38Government securities & the money market · 7 questions

The X-Ray ranks all 928 sub-topics of the UPSC syllabus by what UPSC has asked since 2016. The 60 Prelims Core sub-topics are behind 51% of Prelims questions.

See the whole X-Ray →

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