Passive funds’ AUM grows 34%  in FY23 nears ₹7 ­lakh crore

Passive funds’ AUM grows 34%  in FY23 nears ₹7 ­lakh crore

Subject :Economy

Section: National Income

Passive investing refers to a strategy adopted by investors to optimize their returns by buying and holding a broad base of securities rather than churning portfolios by buying and selling them frequently.

The main aim is not to beat the market but to track portfolio performances and provide returns equal to that of the prominent stock exchanges of the country. This is usually done by investing in a low-cost, broadly diversified index fund.

Index funds, Exchange-Traded Funds (ETFs), and Direct Equity are the three types of passive investing.

Due to its simplicity of having to buy and hold a broad-based index of securities, passive investing tends to gain prominence among the masses.

Khayal

• The word khayal, derived from Persian, means “imagination” Origin of this style was attributed to Amir Khusrau.
• Is popular amongst the artists as this provides greater scope for improvisation.
• Based on the repertoire of short songs ranging from two to eight lines. Is also referred to as a ‘Bandish’.
• Khayal is also composed in a particular raga and tala and has a brief text.
• Texts mainly include Praise of kings, Description of seasons, Pranks of Lord Krishna, Divine love & Sorrow of separation
• Major gharanas in khayal: Gwalior, Kirana, Patiala, Agra, and Bhendibazaar Gharana
• Gwalior Gharana is the oldest and is also considered the mother of all other gharanas.

Historical evolution

• The early form of khayal emerged in the late 16th century when Sufi musicians based in the region between Delhi and Jaunpur adapted the cutkula form, which used a Hindi dialect, to devotional forms such as the Persian qaul and tarana sung in Sufi communities from Amir Khusro’s (1253-1325) tradition, according to Katherine Butler Schofield, the foremost historian of khayal. Khusro, a musician, poet and scholar, lived during the rule of the Delhi Sultanate. The cutkula was a regional form that was in vogue during the reign of Sultan Hussain Shah Sharqi of Jaunpur, who ruled from 1458 to 1505 and was a great music lover.
• The earliest version of khayal probably evolved into today’s drutbandish, the fast composition, also called the chhota khayal, which is meant to be sung in a spritely tempo, some experts say. The Sufi communities that were the crucible in which this emerged attracted both Hindus and Muslims, and its leading members had close relationships with Vaishnava sects, Butler Schofield says. In the early 17th century, khayal travelled from the Sufi communities to the qawwals of Hazrat Nizamuddin Dargah in Delhi, remaining within their lineage until the early 18th century, she further says.
• In the next phase, many experts agree that Niyamat Khan “Sadarang” (1670-1748), a famous dhrupad singer and been player at the court of the Mughal emperor Muhammad Shah “Rangila”, who ruled from 1714 to 1748, played a key role in further developing khayal. In particular, he began creating khayal compositions with some melodic movements from dhrupad, setting many of these compositions in a slow tempo. This version became the vilambitbandish, or slow composition, also called the bada khayal, which is now the centrepiece of a raga rendition in khayal. Sadarang was a kalawant, the term used for a singer from a hereditary lineage of musicians attached to a Mughal court. Both his slow and fast compositions are widely sung to this day.
• Today, the majority of khayal’s practitioners are Hindu, but in previous generations, a mix of Hindu and Muslim singers coexisted, while in its early phase, the genre emerged in a Sufi Islamic context.