S&P BSE Financial Services Live Chart
O 0
H 0
L 0
S&P BSE Financial Services Performance
Days Range
Previous Close11,996.60
Open11,992.98
52W Range9,846.05 - 12,190.71
P/E Ratio17.39
S&P BSE Financial Services Companies
|
Company
 |
LTP
|
Change
|
Day Range
|
|
|---|---|---|---|---|
|
360 ONE |
₹1,208.50 |
10.45 (0.87%) |
₹1,185.00 - ₹1,224.90 |
|
|
5Paisa Capital |
₹507.95 |
0.05 (0.01%) |
₹505.55 - ₹517.20 |
|
|
Aadhar Hsg. Fin. |
₹418.80 |
-3.50 (-0.83%) |
₹418.15 - ₹426.00 |
|
|
AAVAS Financiers |
₹1,670.00 |
-13.45 (-0.80%) |
₹1,664.15 - ₹1,684.15 |
|
|
Abans Holdings |
₹348.35 |
-7.70 (-2.16%) |
₹346.05 - ₹358.35 |
|
|
Aditya AMC |
₹831.15 |
-12.35 (-1.46%) |
₹831.00 - ₹851.15 |
|
|
Aditya Birla Cap |
₹201.65 |
1.50 (0.75%) |
₹198.90 - ₹202.55 |
|
|
Anand Rathi Wea. |
₹4,435.90 |
-9.20 (-0.21%) |
₹4,413.60 - ₹4,499.45 |
|
|
Angel One |
₹3,407.50 |
14.55 (0.43%) |
₹3,396.15 - ₹3,461.00 |
|
|
Aptus Value Hou. |
₹312.80 |
-2.00 (-0.64%) |
₹312.20 - ₹315.90 |
|
|
Arman Financial |
₹1,350.00 |
-42.25 (-3.03%) |
₹1,340.00 - ₹1,423.00 |
|
|
AU Small Finance |
₹590.60 |
-0.80 (-0.14%) |
₹588.20 - ₹595.00 |
|
|
Authum Invest |
₹1,841.75 |
43.95 (2.44%) |
₹1,754.00 - ₹1,845.00 |
|
|
Axis Bank |
₹1,148.80 |
-4.70 (-0.41%) |
₹1,144.60 - ₹1,158.50 |
|
|
Bajaj Finance |
₹7,139.50 |
204.60 (2.95%) |
₹6,894.00 - ₹7,150.00 |
|
|
Bajaj Finserv |
₹1,680.45 |
16.40 (0.99%) |
₹1,648.30 - ₹1,684.90 |
|
|
Bajaj Holdings |
₹11,283.70 |
66.70 (0.59%) |
₹11,033.10 - ₹11,515.10 |
|
|
Balmer Law. Inv. |
₹80.05 |
-1.10 (-1.36%) |
₹79.50 - ₹81.78 |
|
|
Bandhan Bank |
₹174.65 |
-0.85 (-0.48%) |
₹174.25 - ₹176.80 |
|
|
Bank of Baroda |
₹261.50 |
-1.60 (-0.61%) |
₹261.50 - ₹265.00 |
|
|
Bank of India |
₹114.40 |
-1.05 (-0.91%) |
₹114.40 - ₹116.05 |
|
|
Bank of Maha |
₹56.57 |
-0.26 (-0.46%) |
₹56.56 - ₹57.47 |
|
|
Bengal & Assam |
₹9,430.05 |
-1.75 (-0.02%) |
₹9,390.05 - ₹9,500.00 |
|
|
BF Investment |
₹745.00 |
9.55 (1.30%) |
₹744.15 - ₹757.00 |
|
|
Cams Services |
₹5,218.25 |
0.75 (0.01%) |
₹5,201.90 - ₹5,300.00 |
|
|
Can Fin Homes |
₹821.95 |
3.40 (0.42%) |
₹821.00 - ₹827.70 |
|
|
Canara Bank |
₹108.65 |
-1.10 (-1.00%) |
₹108.60 - ₹110.05 |
|
|
Capital Small |
₹277.50 |
0.55 (0.20%) |
₹277.00 - ₹279.80 |
|
|
Capri Global |
₹205.20 |
-0.75 (-0.36%) |
₹205.20 - ₹206.95 |
|
|
CARE Ratings |
₹1,415.35 |
-16.35 (-1.14%) |
₹1,402.05 - ₹1,449.05 |
|
|
Central Bank |
₹59.05 |
0.11 (0.19%) |
₹58.93 - ₹60.13 |
|
|
Centrum Capital |
₹39.41 |
-1.05 (-2.60%) |
₹39.00 - ₹41.02 |
|
|
Choice Intl. |
₹558.70 |
0.15 (0.03%) |
₹557.00 - ₹564.95 |
|
|
Chola Financial |
₹1,533.15 |
-4.05 (-0.26%) |
₹1,514.50 - ₹1,555.50 |
|
|
Cholaman.Inv.&Fn |
₹1,361.00 |
24.25 (1.81%) |
₹1,332.95 - ₹1,363.55 |
|
|
City Union Bank |
₹186.10 |
0.00 (0.00%) |
₹185.60 - ₹187.50 |
|
|
CreditAcc. Gram. |
₹904.65 |
-14.00 (-1.52%) |
₹902.00 - ₹922.00 |
|
|
CRISIL |
₹5,443.55 |
19.05 (0.35%) |
₹5,393.45 - ₹5,491.95 |
|
|
CSB Bank |
₹322.70 |
-3.15 (-0.97%) |
₹320.45 - ₹326.70 |
|
|
DCB Bank |
₹130.25 |
3.35 (2.64%) |
₹125.40 - ₹130.40 |
|
|
Dhani Services |
₹92.71 |
-2.55 (-2.68%) |
₹90.77 - ₹95.10 |
|
|
Dolat Algotech |
₹132.80 |
-3.35 (-2.46%) |
₹132.20 - ₹136.85 |
|
|
Edelweiss.Fin. |
₹125.80 |
0.45 (0.36%) |
₹124.70 - ₹127.90 |
|
|
Equitas Sma. Fin |
₹64.38 |
-1.06 (-1.62%) |
₹64.30 - ₹65.70 |
|
|
ESAF Small Fin |
₹41.48 |
-0.03 (-0.07%) |
₹40.76 - ₹41.65 |
|
|
Fedbank Financi. |
₹116.00 |
-0.75 (-0.64%) |
₹115.40 - ₹117.50 |
|
|
Federal Bank |
₹215.00 |
0.65 (0.30%) |
₹214.00 - ₹215.45 |
|
|
Fino Payments |
₹344.00 |
-5.10 (-1.46%) |
₹344.00 - ₹350.20 |
|
|
Five-Star Bus.Fi |
₹634.25 |
0.95 (0.15%) |
₹631.60 - ₹636.95 |
|
|
Fusion Finance |
₹194.70 |
0.00 (0.00%) |
₹192.20 - ₹201.25 |
|
|
General Insuranc |
₹427.70 |
2.50 (0.59%) |
₹420.40 - ₹441.30 |
|
|
Geojit Fin. Ser. |
₹128.75 |
-0.45 (-0.35%) |
₹128.45 - ₹133.45 |
|
|
GIC Housing Fin |
₹226.00 |
4.20 (1.89%) |
₹222.20 - ₹229.60 |
|
|
Go Digit General |
₹343.15 |
2.65 (0.78%) |
₹336.65 - ₹343.50 |
|
|
H U D C O |
₹253.10 |
-1.20 (-0.47%) |
₹251.95 - ₹256.40 |
|
|
HDFC AMC |
₹4,531.40 |
73.55 (1.65%) |
₹4,450.75 - ₹4,546.00 |
|
|
HDFC Bank |
₹1,865.65 |
-2.40 (-0.13%) |
₹1,857.00 - ₹1,871.05 |
|
|
HDFC Life Insur. |
₹634.80 |
1.25 (0.20%) |
₹633.80 - ₹639.00 |
|
|
Home First Finan |
₹1,025.95 |
3.55 (0.35%) |
₹1,006.00 - ₹1,031.10 |
|
|
I O B |
₹57.80 |
0.95 (1.67%) |
₹57.60 - ₹59.50 |
|
|
I R F C |
₹163.85 |
7.05 (4.50%) |
₹156.60 - ₹166.00 |
|
|
ICICI Bank |
₹1,329.70 |
-0.65 (-0.05%) |
₹1,316.40 - ₹1,330.20 |
|
|
ICICI Lombard |
₹1,947.70 |
0.85 (0.04%) |
₹1,931.70 - ₹1,954.35 |
|
|
ICICI Pru Life |
₹693.80 |
13.10 (1.92%) |
₹677.05 - ₹694.80 |
|
|
ICICI Securities |
₹883.45 |
1.45 (0.16%) |
₹877.10 - ₹884.40 |
|
|
ICRA |
₹6,701.35 |
78.90 (1.19%) |
₹6,614.85 - ₹6,708.50 |
|
|
IDBI Bank |
₹84.32 |
-0.27 (-0.32%) |
₹84.13 - ₹85.32 |
|
|
IDFC First Bank |
₹65.53 |
-0.29 (-0.44%) |
₹65.27 - ₹65.98 |
|
|
IFCI |
₹64.56 |
-0.67 (-1.03%) |
₹64.50 - ₹65.64 |
|
|
IIFL Capital |
₹381.25 |
14.20 (3.87%) |
₹369.55 - ₹385.65 |
|
|
IIFL Finance |
₹447.00 |
3.05 (0.69%) |
₹442.00 - ₹454.10 |
|
|
INDIA SHELTE FIN |
₹699.30 |
0.65 (0.09%) |
₹690.80 - ₹717.00 |
|
|
Indian Bank |
₹583.85 |
-13.20 (-2.21%) |
₹583.70 - ₹602.25 |
|
|
Indian Energy Ex |
₹190.80 |
4.80 (2.58%) |
₹186.00 - ₹192.50 |
|
|
Indian Renewable |
₹223.60 |
2.40 (1.08%) |
₹221.30 - ₹227.80 |
|
|
Indostar Capital |
₹321.90 |
11.85 (3.82%) |
₹301.25 - ₹321.90 |
|
|
IndusInd Bank |
₹990.50 |
6.25 (0.64%) |
₹981.40 - ₹999.90 |
|
|
J & K Bank |
₹104.50 |
0.14 (0.13%) |
₹104.40 - ₹105.43 |
|
|
Jana Small Finan |
₹421.00 |
-1.30 (-0.31%) |
₹421.00 - ₹428.00 |
|
|
Jio Financial |
₹343.25 |
8.25 (2.46%) |
₹333.35 - ₹343.55 |
|
|
JM Financial |
₹140.50 |
0.10 (0.07%) |
₹140.10 - ₹142.55 |
|
|
JSW Holdings |
₹14,550.00 |
264.65 (1.85%) |
₹14,309.00 - ₹14,750.00 |
|
|
Kalyani Invest. |
₹6,538.25 |
-100.40 (-1.51%) |
₹6,510.00 - ₹6,771.45 |
|
|
Kama Holdings |
₹2,543.00 |
-19.65 (-0.77%) |
₹2,532.05 - ₹2,570.00 |
|
|
Karnataka Bank |
₹227.95 |
8.85 (4.04%) |
₹220.05 - ₹231.20 |
|
|
KFin Technolog. |
₹1,251.65 |
4.25 (0.34%) |
₹1,233.60 - ₹1,260.50 |
|
|
Kotak Mah. Bank |
₹1,799.95 |
4.45 (0.25%) |
₹1,789.80 - ₹1,806.00 |
|
|
L&T Finance Ltd |
₹150.15 |
1.05 (0.70%) |
₹148.50 - ₹150.55 |
|
|
LIC Housing Fin. |
₹637.50 |
7.60 (1.21%) |
₹631.00 - ₹641.50 |
|
|
Life Insurance |
₹939.85 |
-8.55 (-0.90%) |
₹939.10 - ₹952.00 |
|
|
M & M Fin. Serv. |
₹283.45 |
-1.10 (-0.39%) |
₹282.45 - ₹285.55 |
|
|
Mah. Scooters |
₹9,570.00 |
166.80 (1.77%) |
₹9,424.20 - ₹9,750.00 |
|
|
Manappuram Fin. |
₹178.10 |
2.75 (1.57%) |
₹174.30 - ₹178.65 |
|
|
MAS FINANC SER |
₹275.00 |
-2.05 (-0.74%) |
₹273.35 - ₹278.75 |
|
|
Master Trust |
₹180.75 |
-3.00 (-1.63%) |
₹179.05 - ₹187.45 |
|
|
Max Financial |
₹1,145.00 |
-19.65 (-1.69%) |
₹1,136.50 - ₹1,167.00 |
|
|
Medi Assist Ser. |
₹610.35 |
-4.90 (-0.80%) |
₹609.55 - ₹629.95 |
|
|
Monarch Networth |
₹442.80 |
5.15 (1.18%) |
₹439.25 - ₹452.45 |
|
|
Motil.Oswal.Fin. |
₹1,008.50 |
31.60 (3.23%) |
₹972.00 - ₹1,034.95 |
|
|
Mufin Green |
₹119.25 |
0.30 (0.25%) |
₹117.50 - ₹122.15 |
|
|
Multi Comm. Exc. |
₹6,710.05 |
32.65 (0.49%) |
₹6,643.50 - ₹6,750.00 |
|
|
Muthoot Finance |
₹2,065.00 |
32.25 (1.59%) |
₹2,027.45 - ₹2,069.60 |
|
|
Muthoot Microfin |
₹191.00 |
-2.00 (-1.04%) |
₹190.55 - ₹192.95 |
|
|
Nalwa Sons Invst |
₹8,605.00 |
84.70 (0.99%) |
₹8,375.90 - ₹8,797.90 |
|
|
New India Assura |
₹210.50 |
3.35 (1.62%) |
₹204.60 - ₹212.70 |
|
|
Nippon Life Ind. |
₹788.35 |
-17.40 (-2.16%) |
₹784.00 - ₹816.05 |
|
|
Nuvama Wealth |
₹7,304.95 |
-56.90 (-0.77%) |
₹7,280.00 - ₹7,647.95 |
|
|
One 97 |
₹955.85 |
-11.35 (-1.17%) |
₹951.55 - ₹973.65 |
|
|
Paisalo Digital |
₹60.50 |
-0.43 (-0.71%) |
₹60.13 - ₹61.62 |
|
|
PB Fintech. |
₹2,145.00 |
-28.85 (-1.33%) |
₹2,134.00 - ₹2,192.95 |
|
|
Pilani Invest. |
₹6,152.55 |
-50.45 (-0.81%) |
₹6,106.00 - ₹6,269.00 |
|
|
Piramal Enterp. |
₹1,267.00 |
2.20 (0.17%) |
₹1,258.00 - ₹1,274.95 |
|
|
PNB Gilts |
₹122.70 |
2.95 (2.46%) |
₹120.25 - ₹125.00 |
|
|
PNB Housing |
₹940.00 |
-28.15 (-2.91%) |
₹936.60 - ₹972.00 |
|
|
Poonawalla Fin |
₹364.00 |
5.00 (1.39%) |
₹355.35 - ₹373.10 |
|
|
Power Fin.Corpn. |
₹512.45 |
-4.70 (-0.91%) |
₹511.60 - ₹520.00 |
|
|
Prudent Corp. |
₹3,000.00 |
-16.95 (-0.56%) |
₹2,990.00 - ₹3,027.45 |
|
|
PTC India Fin |
₹44.58 |
-0.41 (-0.91%) |
₹44.36 - ₹45.87 |
|
|
Pun. & Sind Bank |
₹53.82 |
0.22 (0.41%) |
₹53.56 - ₹54.47 |
|
|
Punjab Natl.Bank |
₹108.80 |
-1.55 (-1.40%) |
₹108.80 - ₹110.95 |
|
|
Rane Holdings |
₹1,840.25 |
-21.55 (-1.16%) |
₹1,825.00 - ₹1,884.95 |
|
|
RBL Bank |
₹180.40 |
1.95 (1.09%) |
₹177.30 - ₹180.70 |
|
|
REC Ltd |
₹569.65 |
-0.45 (-0.08%) |
₹566.55 - ₹572.60 |
|
|
Religare Enterp. |
₹294.65 |
6.60 (2.29%) |
₹287.65 - ₹299.00 |
|
|
Repco Home Fin |
₹470.95 |
-0.70 (-0.15%) |
₹465.15 - ₹476.90 |
|
|
Sammaan Capital |
₹165.20 |
-0.55 (-0.33%) |
₹164.25 - ₹168.30 |
|
|
Satin Creditcare |
₹166.90 |
-2.35 (-1.39%) |
₹165.60 - ₹170.75 |
|
|
SBFC Finance |
₹93.79 |
0.23 (0.25%) |
₹92.30 - ₹95.40 |
|
|
SBI Cards |
₹727.45 |
-1.35 (-0.19%) |
₹727.05 - ₹736.00 |
|
|
SBI Life Insuran |
₹1,465.25 |
3.25 (0.22%) |
₹1,454.70 - ₹1,473.30 |
|
|
SG Finserve |
₹438.85 |
-4.95 (-1.12%) |
₹436.70 - ₹448.90 |
|
|
Share India Sec. |
₹302.45 |
5.75 (1.94%) |
₹293.35 - ₹304.00 |
|
|
Shriram Finance |
₹3,250.00 |
63.25 (1.98%) |
₹3,179.20 - ₹3,265.60 |
|
|
SMC Global Sec. |
₹155.10 |
0.55 (0.36%) |
₹153.55 - ₹156.75 |
|
|
South Ind.Bank |
₹26.13 |
0.12 (0.46%) |
₹25.90 - ₹26.28 |
|
|
Spandana Sphoort |
₹385.00 |
-7.80 (-1.99%) |
₹384.05 - ₹403.50 |
|
|
St Bk of India |
₹861.55 |
-6.05 (-0.70%) |
₹861.15 - ₹869.75 |
|
|
Star Health Insu |
₹458.00 |
-4.60 (-0.99%) |
₹457.40 - ₹467.40 |
|
|
Summit Securitie |
₹3,576.05 |
162.15 (4.75%) |
₹3,366.00 - ₹3,675.00 |
|
|
Suryoday Small |
₹153.10 |
-1.30 (-0.84%) |
₹152.05 - ₹154.75 |
|
|
T N Merc. Bank |
₹499.60 |
-1.45 (-0.29%) |
₹495.90 - ₹502.00 |
|
|
Tata Inv.Corpn. |
₹7,030.95 |
132.70 (1.92%) |
₹6,815.70 - ₹7,324.40 |
|
|
TVS Holdings |
₹11,700.05 |
-78.55 (-0.67%) |
₹11,700.05 - ₹12,048.95 |
|
|
UCO Bank |
₹48.55 |
-0.17 (-0.35%) |
₹48.35 - ₹49.25 |
|
|
Ugro Capital |
₹249.55 |
3.10 (1.26%) |
₹246.70 - ₹257.30 |
|
|
Ujjivan Small |
₹36.66 |
0.40 (1.10%) |
₹36.42 - ₹37.00 |
|
|
Union Bank (I) |
₹128.75 |
-0.85 (-0.66%) |
₹128.05 - ₹130.00 |
|
|
UTI AMC |
₹1,391.05 |
21.45 (1.57%) |
₹1,364.90 - ₹1,400.00 |
|
|
Utkarsh Small F. |
₹37.90 |
-0.62 (-1.61%) |
₹37.50 - ₹38.42 |
|
|
Vardhman Hold. |
₹5,023.05 |
-84.55 (-1.66%) |
₹5,012.00 - ₹5,172.00 |
|
|
Yes Bank |
₹21.60 |
-0.01 (-0.05%) |
₹21.44 - ₹21.72 |
|
S&P BSE Financial Services Sectors
| Sector Name | Advances | No Change | Declined |
|---|---|---|---|
| Banks | 19 | 39 | 19 |
| Credit Rating Agencies | 2 | 3 | 1 |
| Finance | 48 | 78 | 30 |
| IT - Software | 1 | 1 | 0 |
| Stock/ Commodity Brokers | 5 | 11 | 5 |
| Insurance | 2 | 10 | 8 |
| E-Commerce/App based Aggregator | 0 | 1 | 1 |
| Financial Services | 1 | 4 | 3 |
What is BSE Finance?
BSE Finance is a sectoral index on the Bombay Stock Exchange (BSE) which captures the performance of the finance sector in the Indian economy. It is a real-time index of 127 stocks representing the finance sector in the S&P BSE AllCap index. The basic industries eligible to be included in the BSE Finance index are Banks, Insurance, and other Financial Services.
This BSE Finance index was launched on February 25, 2022, with the first value date as September 18, 2020, with base value of 1000. Since its inception, the S&P BSE Finance share price has breached the levels of 7,500 at ~18.69x P/E multiples. The index value is calculated based on free-float capped market capitalisation value, with index stocks capped at 33%.
BSE Finance is reconstituted annually in September, with July’s last trading day as its reference date. Reconstitution involves both company size and sector classification reviews. Investible Weight Factors (IWFs), for calculating free-float market capitalisation, are also reviewed annually- which ignores foreign investment limits.
S&P BSE Finance index is managed and governed by S&P BSE Index Committee set up under Asia Index Private Ltd, which is a joint venture of S&P and BSE Ltd. The BSE Finance index is calculated in two currencies: INR and US$; for US$, spot foreign exchange rates are applied from Refinitiv’s data.
Orgainisation
S&P BSE Financial Services
Exchange
BSE
How is BSE Finance calculated? How are stocks selected for inclusion in BSE Finance?
The BSE Finance share price is computed by weighting its 127 stocks based on free-float capped market capitalisation, using the divisor methodology of the S&P Dow Jones equity indices. In this capped weighted index method, single stocks are confined to a maximum weight of 33%, and the excess weight is distributed proportionately among the remaining index stocks.
The securities must fulfil the following eligibility criteria to be included in the BSE Finance index:
- Should be domiciled in India and listed on the Bombay Stock Exchange.
- Should form a part of S&P BSE AllCap index.
- Should form a part of the Finance sector as per the BSE Sector Classification System.
- Should include all the eligible share classes of the company.
- Should have an impact cost of 0.5% or less over the past 6-month period.
- Should have a trading frequency >80% and a listing history of more than six months.
- Should have a turnover ratio of at least 5%.
- Companies that have come out with IPOs must have a listing history of at least one month in order to be eligible for inclusion.
- Companies that have undergone a scheme of arrangement, namely spin-offs, capital restructuring etc., must have a listing history of at least one month in order to be eligible for inclusion.
- Companies can be excluded in between the rebalancing dates due to mergers, delisting, takeovers, suspensions, surveillance objections, bankruptcies, or graded surveillance measure (GRM).
- Should exclude an index stock if its average daily total market capitalisation falls below INR 0.5 billion by the reference date of the last trading day in January.
The index value is calculated as follows –
Index value = Index Market Value / Divisor
Where,
Index Market Value = Price * Shares * IWF (Float Factor) *Fx rate * AWFi
AWFi = Adjusted Stock Market Value factor assigned on rebalancing date
Divisor = Index Market Value after rebalancing / Index Value before rebalancing
The BSE Finance index is reconstituted annually in September, with quarterly reviews being undertaken in the months of December, March, and June for index cap weightings. Single stocks are capped at 33%, while the aggregate weight of the top three constituents is capped at 63%. The stock rankings shall be the same for all the index constituents, whether it is based on their final weights or based on their free-float market cap.
S&P BSE Financial Services FAQs
BSE Finance index includes 127 stocks from the Finance sector, with the largest constituent weighing 20% of the index and the top 10 constituent stocks representing ~80% of the index- making it a highly stock-concentrated index.
How to Invest in BSE Finance?
There is no direct way to invest in BSE Finance. You may choose to invest in individual stocks, through a demat account, in a similar index-weighted proportion. Else, you may invest in index funds that passively track the BSE Finance index. However, exposure should be taken only for portfolio diversification purposes.
Should you Invest in the BSE Finance index? Is the investment in BSE Finance safe?
BSE Finance index has generated annualized price returns of 6.27% in the past 5 years and 11.92% in the past 10 years. Its annualized risk-adjusted returns ratio comes to 0.26 for a 5-year period, which improves to 0.54 for a 10-year time horizon. It experiences comparatively higher volatility levels vis-à-vis a more diversified AllCap index. BSE Finance’s projected P/E multiples stand at ~15x.
How has BSE Finance performed against BSE AllCap?
BSE Finance index has underperformed the BSE AllCap index over the past 5-year period by generating only 6.99% total returns v/s AllCap’s 11.38%. However, it has performed broadly in line over a longer horizon of a 10-year period, where it earned 13.02% returns v/s 13.83%, but at relatively higher volatility levels in all calendar years.
What is the objective of BSE Finance?
BSE Finance index is a subset of the S&P BSE AllCap index that is designed to reflect the performance of the financial services sector of the economy. It includes the largest and most liquid finance companies in the index and can serve as a reference index for benchmarking of funds
