Importance of Photography Clubs

Photography has evolved a billion times since the camera was invented. It not only gave people the opportunity to click the pictures and save them for the future, but also provided a kind of platform to express their emotions, feelings, and perception. A human being able to use the brain for seeing and observing has made the camera a tool, to express the unspoken words and sentences to the outside world. A man's word and photographs have the unimaginable untapped power.

In the series of evolution now photographers not only click and save pictures for themselves but can share photos with the outside world. There are a number of photography clubs who give a platform to all budding and professional photographs to upload photos free of cost and get recognition, popularity, and remuneration too.

What is the benefit of uploading pictures on the club's page?

This is the basic question asked by all the budding photographers. The amateurs and professionals dwell on this question as they feel little hesitated or fearful to share their clicked photographs. The answer is very simple that sharing photos on the club's page gives the desired recognition by the people. All members of the club watch and spread the photos by sharing them on social media and download for their personal use. The more photos get downloaded and shared, the more recognition a photographer gets.

Gradually a photographer builds his or her own fan base. That is how uploading and sharing photos over club pages could prove very useful.

Aren't their photo galleries which can showcase photographer's work?

Definitely, there are a number of photo galleries in the city, but they usually give permission to showcase a photographer's work if they already have some kind of fan base or photographers can pay a huge sum of money to these galleries. Both of the situations don't suit well for an amateur or fresher. Therefore, the photography club acts as free photo galleries for photographers. These clubs can be a huge launch pad and if not, then surely it can be a nice platform to start the work at least.

Importance of Photography Clubs

  1. They have permanent members – As said above clubs have their own circles where the uploaded photographs are shared and downloaded by members. They appreciate good work and the photographer's motivation goes up. Uploading photographs free of cost and getting recognition is a win-win situation for photographers.
  2. Sole focus on photographs – Photographers always have this guilt that their work does not get appropriate attention and reputation, especially the freshers do think that. The photography clubs are solely dedicated to showcasing good and excellent work to the world. Their determination, dedication, and focus, always make the photographer proud of their work and profession.

Photography is not limited to joining any club or reaching to any platform, but these kinds of clubs always help the photographers' work to reach its desired place. If it does not prove well, it does not harm also.

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A Sneak Peek Into the Similarities and Differences Between Java and JavaScript

Both Java and JavaScript are commonly used web technologies. The similarities between their names often make beginners feel that JavaScript and Java are related. Java is an object-oriented, concurrent, and class-based, general purpose programming language, whereas JavaScript is an interpreted programming language. JavaScript is used widely as a client-side scripting language along with HTML and CSS, while Java is used by developer to build desktop GUI applications, websites and Android mobile apps. So it is important for programmers to understand the similarities and differences between the two popular technologies.

Similarities between Java and JavaScript

As a popular client-side scripting language, JavaScript makes it easier for programmers to enhance a website's user experience without putting additional load on server. Code written in this language can run on major web browsers. Likewise, Java applets can also run on most web browsers. But many programmers avoid these applets due to security and compatibility issues.

Java is used by developers for creating a wide variety of client-server web applications. The programming language runs smoothly on several web servers including Apache Tomcat, WebSphere and JBoss. Despite being used widely as a client-side scripting language, JavaScript can also be used on the server side through Node.js. The massive popularity of Node.js has resulted in the emergence of several web servers powered by JavaScript.

Both Java and JavaScript have many libraries and frameworks. These frameworks and libraries help developers to reduce coding time significantly. Likewise, the developers also have option to reuse the code shared by communities to avoid writing any additional code. The libraries and frameworks further contribute towards making the web technologies popular and current.

Differences between Java and JavaScript

Normally, Java code is written using an integrated development environment (IDE), and then compiled into bytecode. No human being can read or understand the bytecode. The bytecode can be read and understood only by the Java Virtual Machine (JVM). On the other hand, JavaScript code is directly executed by the web browsers as written by the programmers. However, many programmers nowadays use tools to reduce the size of JavaScript files, and hence make the code unreadable.

The bytecode makes Java code platform-independent. The programmers can run the same code on different platforms without making any modification. But JavaScript code is executed directly by the web browsers. So it can be impacted by browser-compatibility issues. Often developers have to use JQuery (ie, a JS library) to handle the browser incompatibility issues.

Java is a static typed language wherein the variable types are declared at the time of compilation. The variables can further accept values ​​permitted for the specific type. JavaScript, on the other hand is a dynamic typed language which allows programmers to declare variables with various value types including string, numeric and Boolean.

Working on a 100% object-oriented and class-based programming language, companies offering enterprise Java development services can use various OOP concepts to make the code reusable. This feature endears it to programmers who use it to create large and complex web applications. Despite supporting class and object, JavaScript is not fully object-oriented.

JavaScript supports closure in a manner similar to anonymous functions. The support enables programmers to pass a function as an argument to another function. But Java does not provide direct support to closures. The developers have option to use anonymous class to simulate closure. However, Java 8 supports lambda expressions to make it easier for developers to pass function as an argument to another function.

While creating websites, developers cannot use JavaScript independently. Nowadays programmer use JS along with HTML5 and CSS3 to create modern websites and web applications. But Java is can be used independently as a programming language for building a variety of applications. At present, the programming language is used widely for development of web applications and mobile apps.

On the whole, JavaScript is not part of the Java platform. The programmers can use each of them independently based on the requirements of individual projects. However, Java SE 8 is designed with Nashorn Javascript Engine, which enables developers to run dynamic JavaScript code natively on the Java Virtual Machine. So the developers now have option to call JavaScript functions directly from Java code.

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Natural Asthma Relief – Apple Cider Vinegar

A natural asthma relief comes in the form of apple cider vinegar. Apple cider vinegar, known as the "wonder medicine", has been used since ancient times to cure ailments. It has been used to aid and promote a variety of number of health benefits, including promoting longevity! And if you are suffering from asthma, regular intake of it will help you feel much better.

Just take a spoonful of it every day, and you will reap all the health benefits that comes with it. If you do not like the taste, you can put the spoon right to the back of your mouth, beyond your taste buds, and just swallow it quickly. Otherwise, you can mix it with a glass of water and some lemon to hide the taste. Usually, after a few days, you will get used to the taste and may even begin to enjoy the acquired taste.

Another way that you can take it is by heating it slightly and take it with some honey. Make sure that you heat it over the stove, and not in the microwave, as this will change the molecular structure of it and cause it to lose its efficacy. Do not over heat it, just heat it slightly with some honey to make it more pleasant for you. This will soothe your throat and bronchial, and ward off the irritation of the throat that cause those nasty coughs that accompany asthma.

By taking this regularly, you will find your health improving drastically. Whenever you feel an asthma attack coming on, take one tablespoon mixed in water and sip it slowly. You will find that the wheezing will lessen considerably. If it does not stop, take another spoonful with another glass of water, and breathe deeply. Apple cider vinegar contains a potent supply of potassium which can help relief symptoms like running nose, sinus, excessive mucus formation and watery eyes. You will find that it will clear your breathing passage.

However, natural asthma relief remedies can only do so much for you, if you do not get rid of the cause of the asthma itself. If it is work related asthma due to stress, you may need to find alternative jobs in the long term. So many people are suffering from asthma that it is becoming a rather alarming disease to society. We need to take preemptive measures to put a stop to this.

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Job Search Techniques That Don't Work

You frequently know when you've simply made an enormous error in your job application. You skip to attach your CV. You send the incorrect version. You address the resume cover letter to Mr. Chris Smith, then find out there's a solid possibility Chris is a girl. But other times, you possess no notion you may actually think you're doing all the things right. Actually, there are a few regular job search methods that applicants employ over and over since they believe they work perfectly. In fact, though, these very same approaches might be standing in the path of you and that great interview. To ensure you possess the very best probabilities of inching better to your desire job, here are four regular blunders and very much more successful methods to try preferably.

1. Applying to as many Jobs as possibly.

Persons frequently think that the job search is a quantities game. The extra resumes you send, the even more likely it'll be that somebody will contact you back, right? Not actually. Since applying to hundreds of jobs involves you're most likely not taking the time to really investigate the organization and position, customize each request appropriately, and touch base to recent employees who may have the ability to give you insider details.

Likewise, applicants sometimes consider that applying to innumerable positions at the exact organization ups their probabilities of getting called back for one of these people. In fact, although this sends one of 3 messages: That you're not convinced what you want, that you're needy and you'll take whatever, or that you don't possess a solid understanding on what every job requires. In any circumstance, not a good thing.

How to Fix this? Quality instead of quantity. Rather than applying to every single semi important job within a 70 mile radius, begin your search by putting together a concise list of ideal firms and learning anything you can regarding them. When they have opportunities that fit your skill set, consider the time to cautiously build your application modifying your CV bullets to display precisely how your knowledge aligns, composing a tailor made cover letter, and requesting your new connections if they possess guidance for standing out. Yes, this strategy takes even more time and strength than submitting your same CV at over and over, but your probabilities of scoring a job interview will be substantially, much bigger.

2. Applying ASAP.

OK, so you've simplified your list of corporations, and one of them just published a role that's precisely according with your skill set. Amazing, so you crank out all the things as fast as feasible and hit send seeking to be the 1st request the employing manager views. Not only will you demonstrate just how thrilled you are regarding the job, yet probably the team will like your application so very much they won't require to interview any individual else. News flash: This almost never does you any favors.

How to Fix this? Give it a Day or So.

9 times out of 10, managers have to throw out the applications they obtain within just the first hour of publishing a position since they're unfinished. When you're concentrated on velocity over anything else, it's easy to lose the information getting names correct, counting additional components, and so on. It's considerably better to provide your self a day or 2 to compose, edit, and change your elements, make sure you've covered everything required, and have somebody else look them over. And, once again, total reward if you get guidance from a recent employee. A outstanding application will be considerably better than a not truly there but prompt one, each time.

3. Emailing Your CV to People Unrequested.

Let's return to all those persons who work at your dream corporations for an instant. Meeting them and making their radar: Very good. Requesting their advice on doing the job there: Also fantastic. Sending them your CV unrequested with a note that says, Here's my CV allow me to know if you know of nearly anything I'd be a fit for! Very bad idea! Sure, in a few cases, you may get successful, but commonly only in the off chance that the organization is employing for a role that matches your precise skills. But this move can also be interpreted as you requesting your good new contact, who's previously been useful in talking to you regarding the organization, to do the effort for you critiquing your CV, looking at to see if any available positions are a match, and forwarding along your data.

How to Fix this ?: Apply Normally, Then Allow Your Contact Be aware of.

Yes, you may and ought to ask your contact for guidance before you apply. And then if, in the course of action, he or she provides to pass your cv or a suggestion along, that's great. But by no means make this presumption. Consider those suggestions you've discovered and then do the very difficult work, just like any other applicant would do. Take a look at a company jobs page, discover your dream position, then send an application by way of all the needed parts.

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A Valuable Review of "Alternative Investing: Making Money Outside the Stock Market"

During the economic recession in September and October 2008, most investors lost a lot of money due to a huge banking crisis which caused the stock market to crash. For those with most of their money in the stock market, the crash became a catastrophic nightmare. In many cases, people lost everything, not just in the stock market, but in most other investments as well.

In 2012, financial investigator, Robert Cancellaro published a book that challenges what most investors would say, "Nope". "Bad idea", "Won't work." Alternative Investing: Making Money outside the Stock Market introduces a revolutionary idea that "collectibles" are better investments than traditional investments, like the stock market. Collectibles have no financial ties to the stock market, but they have the financial strength to make money.

Cancellaro investigates seven categories of collectibles that have historically gone up in value. The following categories are known as tangible assets – items you can hold and definitely hold onto autographs, postage stamps, precious metals and coins, comic books, sports cards, and investment-grade wine. Why did the author choose these "misfit" collectibles as investments? Answer: They have consistently outperformed the S & P 500 by a large margin.

All seven categories include their own lists of specific items that have consistently increased in value over their lifetime and have held steady appeal to those who have bought them. However, before you buy anything, it's important to learn as much about collectibles as you can. The Internet has an endless number of resources; the most important ones are included in Cancellaro's book. In addition to the Internet, you can visit and search libraries or bookstores to look for books that contain general information and price guides.

The keys that drive collectibles' values ​​are based on the fact they are tangible. In other words, it can be touched, making them a part of the law of low supply and high demand. So, the items in Cancellaro's list are hard to find yet they are popular and many people want them, which increases their value. For some collectibles, their conditions are extremely important; the better the condition, the more valuable it might be. The items in Cancellaro's lists are expensive. If you want the item, you may have to pay a lot, but its value will most likely go up over a period of time. Above all, time is your most important ally because the longer you keep it the more value it adds to your collectible. So it is important to protect your collection safely from the elements and stay in the same condition you bought it.

Autographs, postage stamps, precious metals and coins, comic books, sports cards and investment-grade wine can become part of your investment strategy. You should not always trust the stock market; it can go up just as much as it can go down, whereas collectibles' values ​​have remained more stable. Obtaining information is a must for buying trustworthy collectibles that keep their value. Not only is it a sensible and clever move now, but it will also financially protect you against the next stock market catastrophe or world financial crisis. Also, Cancellaro lists specific recommendations on what to buy in all seven categories. When the economy sinks the next time, don't squander your money in the stock market. So, choose carefully, buy and keep an alternative investment.

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The Entrepreneurial Ability – One of Society's Scarce Resources

Have you ever wondered what the 4 most important resources in any given economy are?

They go as follows:

1. Land – which includes all the natural resources that go along with it.

2. Labor- people have to work to get anything done, right?

3. Capital- probably not what you're thinking; this category isn't money! It includes tools and machinery, and any other productive item.

4. Entrepreneurial Ability- something unique and specific to people! Not everybody has this! Do you?

Isn't interesting that any given economy must have entrepreneurs! All the resources in the world, including land, lumber, minerals, food, labor, and tools will create nothing without the entrepreneur. Those innovative minds create many of the luxuries that we enjoy today; Without them, we'd be without everything!

So what exactly does an entrepreneur do?

An entrepreneur, by simple definition, takes the initiative in combining resources like land, labor, tools, and other items to produce some sort of service or product. They are the ones that start everything! If you don't have an entrepreneur, no advances in society take place; thus, making it difficult for an economy to grow and improve.

An entrepreneur is also an innovator; or, in other words, somebody who creates from given resources. They collect what is available, and put it together to form something useful for all. If you have no creativity, you may not be fit for entrepreneurial tasks.

Also, one of the reasons why the entrepreneurial ability is such a scare resource is because the entrepreneur assumes ALL of the risk. What happens if the idea flops? What then? Does his or her family end up without means to survive? The greater the risk, the greater the reward! Look at people like Bill Gates, Benjamin Franklin, Thomas Edison, and Henry Ford- these are some of the greatest entrepreneurs and in order to bring us so many great things, these men had to risk everything!

It's clear that society could not have an effective economy unless the entrepreneurial ability existed within its people.

If you have those qualities and have some ideas, don't hesitate to create! Your contributions will promote change and improvement in an ever growing economy!

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The Top 7 Mistakes Amateur Motivational Speakers Make

Motivational speakers are gifted to use words to paint incredible pictures of the possibilities of the future and make you want to take action. The best motivational speakers will shock you out of lethargy, make you want to aspire to climb Mount Everest and dig tunnels to surmount gargantuan obstacles. Such is the power of motivational speaking that the best organizations would move mountains to get the best of the best to keynote their retreats, annual conferences and conventions events. And the best motivational speakers don't come cheap. The top one per cent gets paid as high as $ 20,000 per 90-minute engagement, with all expenses paid, including limousine services, first class air ticket, and suite in a Five Star hotel.

Such is the allure of motivational speaking that every trainer, teacher, comedian, consultant, and coach today includes motivational speaking as his or her forte. There is nothing wrong with anybody aspiring to become a motivational speaker but don't allow the top seven mistakes trip you. With all the wars, suicide bombings, kidnappings and other atrocities assailing our world, we need motivational speakers in spades. This article sign posts the key mistakes you need to watch out for, and also serves as a guide anybody aspiring to jump into the motivational speaking band wagon can use to navigate his way to safe harbors. The mistakes are not in any particular order, and as in any field, they clearly overlap, but taken together, they form a powerful yardstick to measure your progress towards mastery of your game. Here we go:

1. Following a guru formula
Peter Drucker once said the word charlatan was too difficult to pronounce and that's why someone invented the word guru. You have gurus in every sphere of human endeavor, they come in various shapes and sizes. Next to the spiritual world there is no other sphere of human life where you will find more gurus than in the training world, but beware. The guru's world may be different from your world so don't just take what you heard the guru say hook, nail and sinker. Weed out the grain from the chaff. Understand the context of the guru's "must do" before you open your mouth.

2. Not being authentic
Every actor wants to be like Roger Moore, every footballer wants to be like Pele, every boxer wants to be like Muhammad Ali, and of course, every motivational speaker wants to be like Orson Swett Marden, Zig Ziglar and Og Mandino rolled into one. We admire these legends, in fact, we worship them. But note that you are not any of those icons. The only reason someone will come to hear you speak is because of your uniqueness. Trying to mimic the platform mannerisms, voice and anything else others do will only water down your authenticity. Be unapologetically yourself and the whole world will beat a path to hear you speak.

3. Using jokes not suitable for your audience
While the mantra in real estate investing is location, location, in, motivational speaking, the one and only mantra is audience, audience, audience! Accordingly, your jokes, if at all you need to use them as part of your repertoire, have to be audience specific. And do not be mistaken in thinking that audience laughter is a key attribute of a good speech. How many people laughed when Martin Luther King Jr., the greatest motivational speaker of all time, gave his "I have a dream" speech? Motivational speaking is about moving your audience from a state of desperation to a state of elation, so be careful with jokes. Trying to be funny when not necessary and using irrelevant jokes is the hallmark of the amateur.

4. Using the same speech for different audiences
This is one of the trickiest aspects of motivational speaking: matching speech to audience. Point three above on matching jokes to audience is just a little part of this bigger issue. While your message to different audiences can be the same, your speech must be delivered differently. If you wish to achieve the desired impact, you cannot deliver the same speech the same way to nurses and soldiers, for instance, on the need to be humane while on duty. While being humane is central to the nurses' vocation, to the soldier, the only thing that matters is valor, so your speech must be crafted accordingly, with careful variation on what to accentuate and where to put emphasis.

5. Acting and not speaking
I recently experienced this first hand at a very high level conference. If the offender had been an upcoming speaker I would not have paid much attention but the culprit was a veteran of the industry. He spent the greater part of the time rolling on the floor to emphasize a point. When speaking, you must use word power to persuade, motivate, and inspire. Whether you are speaking for instance about color, aroma, scenery, you must use words to capture the vibrancy, pungency, and ambiance, while using body language to drive the message home. Rolling on the floor, crying and boxing your audience members may make you feel good but will certainly leave your audience members sad that you have wasted their time. In motivational speaking, you have only one tool: your voice, to do the job. Body language is the icing on the cake.

6. Dressing casually
The message you convey to the audience when you dress shabbily is simply that you should not be taken seriously. In some cultures, dressing carelessly is regarded as an insult to an audience. While your voice is the primary tool you require as a motivational speaker, the most important secondary tool you need is your dress sense. Your dress sense forms part of your body language and sets the tone for you to mesmerize and magnetize your audience. While you must match your dress sense to the audience, a good rule of thumb is to dress a shade better or more formal than the audience. In short, never put your guard down – dress properly. Err on the side of impeccable sartorial savvy at all times as you never have a second chance to create a great impression.

7. Not preparing well
I deliberately left this point for last. By logic, it should be point number one. The best motivational speakers prepare for every assignment as if their life depended on the assignment at hand. From investigating the audience, the venue, past speakers on the subject, and the microphone, they leave nothing to chance. Darren Hardy, the Publisher and Editor of Success Magazine, once commented that most audience members don't understand why motivational speakers get paid up to $ 10,000 for an hour's speech. He then went on to say, "that one hour speech may have taken three or six months to prepare." As with any other line of serious business, preparation is the key to success. As Malcolm Gladwell, the author of Blink and many other iconic best sellers, pointed out, you need 10,000 man hours (about 10 years) of preparation to reach the tipping point. Having arrived there, you cannot rest on your laurels but must keep perfecting your act. Thoroughly prepare before you mount the platform.

Having read to the end, I want you to renumber these points in reverse order, with number seven being number one and number one being number seven, in that order. If you guard against these mistakes, and keep honing your style, dress sense, elocution, diction, platform manners and elevate preparation to the status of catechism, it will be a matter of time before you move to the top ranks commanding mouth watering fees as some of the greatest orators of old.

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Top 10 Jobs For Ex Felons

Getting a job with a felony on your record can be very difficult, as you probably already know. Jobs for felons are difficult to get, and most companies wont hire a felon. The ones that do generally don't pay very well. I have compiled a list of the top 10 jobs for felons. Helpful tip: if your felony is over 7 years old, most states dont allow background checks to go back that far. If your state has this law, you can answer 'no' on an application.

Top 10 List

# 10 Job – UPS Delivery Driver

UPS has been known to hire felons. They have moderate salaries and is a stable job to have.

# 9 Job – Join the army

The army accepts people with criminal backgrounds, depending on the crime. Contact a recruiter to see if you qualify to join.

# 8 Job – Truck driver

Many trucking companies are willing to hire felons. Most likely you will need to obtain a trucking license.

# 7 Job – Start your own business

You can start your own business. One idea is to go to school to be a locksmith, and start your own company. Also consider getting a barber license.

# 6 Job – Telephone Customer Service

Many companies are willing to hire felons for over the phone customer service, because you aren't dealing with the people in person.

# 5 Job – Temp Agency

Temp agencies can sometimes find good work for you. Many times it will be day labor, so be in good physical shape.

# 4 Job – Family business

See if you can work in a family or friend's business. They will be happy to hire you if you are willing to work hard. They will probably be glad to help you get back on your feet.

# 3 Job – Independent Contractor

Many people will still use your services as long as you get the job done. If you work hard, it does not matter that you have a felony on your record.

# 2 Job – Privately owned small businesses

Some chain businesses have rules against accepting felons. Small business owners are more likely to accept you. They will take more of a 'risk' in hiring employees, and you can be more personal with the business owner.

—> # 1 Recommended Job – Online GPT Services

This is the best job for a felon, because it requires no screenings whether it is background checks, drug tests, etc. Everyone is accepted, and you work on your own time and you can work as much or as little as you want. Online 'GPT' or "Get-Paid-To" services offer a great way to make a few hundred dollars a month without spending a lot of time working. There are many GPT services available, some better then others. My experience with GPT services has been a great one, and I recommend this as the best job in my list of Top 10 Jobs for Felons.

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Medical Coding Statistics and How It Helps in Public Health Improvement

Medical coding is like translation. People behind medical coding take medical reports and convert them into a set of codes. In a medical claim, these codes play a great role. In this article, we are going to take a look at medical coding and the relevant statistics. Read on to know more.

The Reason to Code Medical Reports

You may be wondering why we need to code medical reports. Isn't it enough to just describe the diagnoses, symptoms, and procedures? After all, these reports can be sent to an insurance company.

According to the reports released by the Centers for Disease Control (CDC), over the past 12 months, there were more than 1.4 billion patients who visited hospitals. This includes patients who visit emergency rooms, outpatient facilities, and physician offices.

Suppose there are only 5 pieces of coded info against each visit. It would be a whopping 6 billion pieces of info that the professional would need to transfer each year. This estimate is unrealistically low, though. So, medical coding helps make it easier to transfer a lot of data.

Aside from this, coding helps you distribute the same documents between different medical facilities. For instance, the code of strep throat is the same whether you are in Hawaii or Arkansas. With the help of uniform data, you can perform research and analysis in an efficient manner. Health and government agencies make use of the info in order to keep an eye on health trends. For instance, if the CDC needs to analyze the spread of viral pneumonia, the ICD-10-CM code can help them.

Lastly, coding helps you find out if a treatment is effective. As a matter of fact, this is a lot more important for large facilities, such as hospitals.

Now, we should go ahead and find out more about 3 types of code. If you are a medical coder, you will find this information pretty useful.

Three Types of Code

ICD

ICD is short for the International Classification of Diseases. These diagnostic codes provide a uniform vocabulary to describe the possible causes of death, illness or injury. In the 1940s, the World Health Organization (WHO) established this code. Over the past 60 years, it's has been revised many times.

These codes help represent the diagnosis and the condition of the patient. As far as the billing process goes, these codes help professionals determine the necessity of medical treatment.

CPT

CPT is short for Current Procedure Terminology. These codes are used in order to document most of the medical procedures at a doctor's office. The American Medical Association (AMA) published and maintained this code. So, AMA reserves the copyrights and updates the codes on a yearly basis.

HCPCS

HCPCS refers to the Healthcare Common Procedure Coding System. It's also known as "hick picks". Primarily, HCPCS codes correspond to equipment, procedures, and services that CPT codes don't cover, which includes medicines, drugs, ambulance rides, prosthetics, and medical equipment.

So, this was an introduction to medical coding. Hope you will find this guide helpful.

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Alternative Investment Fund Regulations

What is an Alternative Investment Fund (AIF)

AIF is an Alternative Investment Fund Regulations privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. AIF may be in the form of a trust or a company or a limited liability partnership or a body corporate.

Why AIF

AIF Regulations endeavor to extend the perimeter of regulation to unregulated funds with a view to ensuring systemic stability, increasing market efficiency, encouraging the formation of new capital and consumer protection.

Who are not covered

Currently, the AIF Regulations do not apply to mutual funds, collective investment schemes, family trusts, ESOP and other employee welfare trusts, holding companies, special purpose vehicles, funds managed by securitisation or reconstruction companies and any such pool of funds which is directly regulated by any other regulator in India.

Categories of AIFs

An AIF needs to seek registration broadly under one of the 3 categories –

Category I AIF: The following are covered under Category I

1. Funds investing in start-up or early stage ventures or social ventures or SMEs or infrastructure

2. Other sectors or areas which the government or regulators consider as socially or economically desirable including the Venture Capital Funds

3. AIFs with positive spillover effects on the economy, for which certain incentives or concessions might be considered by SEBI or Government of India or other regulators in India

Category II AIF: The following are covered under Category II

1. AIFs for which no specific incentives or concessions are given by the government or any other Regulator

2. Which shall not undertake leverage other than to meet day-to-day operational requirements as permitted in these regulations

3. Which shall include Private Equity Funds, Debt Funds, Fund of Funds and such other funds that are not classified as category I or III

Category III AIF: The following get covered under Category III

1. The AIFs including hedge funds which trade with a view to making short term returns;

2. Which employ diverse or complex trading strategies

3. Which may employ leverage including through investment in listed or unlisted derivatives

Applicability of AIF Regulations to Real Estate Funds

After knowing what an AIF is and its broad categories, we analyze whether AIF Regulations are applicable to the Real Estate Funds

Firstly AIF has to seek registration under AIF Regulations under one of the three categories stated above. Therefore if a Fund does not fall under any of the three categories stated above, then it will not seek the registration with SEBI.

If we look at the Category 1, registration is required by funds which invest in start-up or early stage ventures or social ventures or SMEs or infrastructure

If we look at the definition of infrastructure, Explanation to Regulation 2 (m) states that Infrastructure shall be as defined by the Government of India from time to time.

And in the normal parlance, the term typically refers to the technical structures that support a society, such as roads, water supply, sewers, electrical grids,

telecommunications, and so forth, and can be defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions.

Therefore infrastructure does not include the real estate or construction activity since this activity deals in investing in land, developing the land by way of construction of flats, townships and other residential and commercial projects.

But if the real estate fund carries on certain projects for a social purpose like purchasing land for charity etc .; then the fund may be covered under social venture funds.

The clause further states that 'or other sectors or areas which the government or regulators consider as socially or economically desirable and such other Alternative Investment Funds as may be specified;'

The AIF Regulations have been notified just a few days back and till date, no other AIF funds have been specified in the Category 1 by the Government. Further what the government or regulators consider as socially and economically viable is a very broad concept. However, till the Government specifically comes out with specific inclusions under Category 1; a Real Estate Fund will not be covered under Category 1 and therefore would not require Registration.

Further, the clause also states that – Alternative Investment Funds which are generally perceived to have positive spillover effects on economy and for which the Board or Government of India or other regulators in India might consider providing incentives or concessions will bee included

By adding these lines to the Category 1, SEBI has made the category 1 very vague and open to dispute and litigations since what SEBI intends with positive spillover effects on the economy is not defined or clarified. Different people or organizations may have a different opinion on this which would lead to unnecessary litigations and hardships to business owners. However, till any clarity comes on this, the business owners need to take a cautious approach to the decision of seeking registration under AIF regulations.

Category II AIF

Now we examine whether a Real Estate Fund falls under the Category II AIF

If we look at the funds covered by Category II above, they

1. Shall not fall in Category I and III

2. Shall not undertake leverage or borrowing other than to meet day-to-day operational requirements and as permitted by these regulations;

3. Shall be funded such as private equity funds or debt funds for which no specific incentives or concessions are given by the government or any other Regulator

For Real Estate Fund under Category I, we notice that at present it does not fall under Category I and it also does not fall under Category III since these are basically hedge funds. Further, no specific incentives or concessions are given by the Government to the Real Estate Sector. Therefore if we look at the applicability of Real Estate Fund under Category II, these funds may fall under the Category II AIFs if they do not take leverage or borrowing except for short-term requirements.

Impact of AIF on the Real Estate Funds

Under these Regulations, the minimum investment amount has to be Rs 1 crore from each investor. Therefore attracting the funds from the investors would become tough for the real estate funds, who used to raise amounts as less as INR 1 million from the investors. Now they would need to find high-value investors though this is not the only challenge that lies ahead for those raising domestic corpuses. They now also have to invest 2.5% of the corpus or Rs 5 crore, whichever is lower, to ensure that the managing company risk is aligned with that of the investor. Moreover, a single investment in a company or a project cannot exceed 25% of the entire corpus.

Further a Real Estate Fund registered in the form of an LLP also would be covered under the AIF Regulations. In an LLP Structure, since the investors are also partners, the risk to the rights of the investors being misused is very minimum. Therefore applying the AIF Regulations to the LLP Structure would reduce the flexibility available to such a Structure.

Conclusion

If we look at the AIF Regulations from a short term perspective, in light of the difficult fund raising environment today, the higher ticket size for investors could possibly throw up some challenges and could in a manner constrict the growth of the asset class, but clearly , in the long run, these regulations appear to have an element of maturity to play a pivotal role in the development and shaping up of the future of alternate asset class in India. It is also clear that alternative investments are more sophisticated and risky as compared to investments in equity and debt and till market matures it is advisable that only HNIs and well informed investors make an investment in this asset class and once the market matures it is made open to all. In the long run, we may see more investments in the Alternative asset class (in terms of quantum and maturity) due to the increased investor confidence in these funds.

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