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Broadly, the participants in the process of securitization can be divided into two categories; one is Primary Participant and the other is Secondary Participant.Primary ParticipantsPrimary Participants are main parties to this process. The primary participants in the process of securitization are as follows:(a) Originator: It is the initiator of deal or can be termed as securitizer. It is an entity which sells the assets lying in its books and receives the funds generated through the sale of such assets. The originator transfers both legal as well as beneficial interest to the Special Purpose Vehicle (discussed later).(b)Special Purpose Vehicle: Also, called SPV is created for the purpose of executing the deal. Since issuer originator transfers all rights in assets to SPV, it holds the legal title of these assets. It is created especially for the purpose of securitization only and normally could be in form of a company, a firm, a society or a trust.The main objective of creating SPV is to remove the asset from the Balance Sheet of Originator. Since, SPV makes an upfront payment to the originator, it holds the key position in the overall process of securitization. Further, it also issues the securities (called Asset Based Securities or Mortgage Based Securities) to the investors.(c) The Investors: Investors are the buyers of securitized papers which may be an individual, an institutional investor such as mutual funds, provident funds, insurance companies, mutual funds, Financial Institutions etc. Since, they acquire a participating in the total pool of assets/receivable, they receive their money back in the form of interest and principal as per the terms agree.Secondary ParticipantsBesides the primary participants other parties involved into the securitization process are as follows:(a)Obligors: Actually they are the main source of the whole securitization process. They are the parties who owe money to the firm and are assets in the Balance Sheet of Originator. The amount due from the obligor is transferred to SPV and hence they form the basis of securitization process and their credit standing is of paramount importance in the whole process.(b) Rating Agency: Since the securitization is based on the pools of assets rather than the originators, the assets have to be assessed in terms of its credit quality and credit support available. Rating agency assesses the following:(i)Strength of the Cash Flow.(ii) Mechanism to ensure timely payment of interest and principle repayment.(iii) Credit quality of securities.(iv) Liquidity support.(v) Strength of legal framework.Although rating agency is secondary to the process of securitization but it plays a vital role.(c)Receiving and Paying agent (RPA): Also, called Servicer or Administrator, it collects the payment due from obligor(s) and passes it to SPV. It also follow up with defaulting borrower and if required initiate appropriate legal action against them. Generally, an originator or its affiliates acts as servicer.(d)Agent or Trustee: Trustees are appointed to oversee that all parties to the deal perform in the true spirit of terms of agreement. Normally, it takes care of interest of investors who acquires the securities.(e)Credit Enhancer: Since investors in securitized instruments are directly exposed to performance of the underlying and sometime may have limited or no recourse to the originator, they seek additional comfort in the form of credit enhancement. In other words, they require credit rating of issued securities which also empowers marketability of the securities.Originator itself or a third party say a bank may provide this additional context called Credit Enhancer. While originator provides his comfort in the form of over collateralization or cash collateral, the third party provides it in form of letter of credit or surety bonds.(f) Structurer: It brings together the originator, investors, credit enhancers and other parties to the deal of securitization. Normally, these are investment bankers also called arranger of the deal. It ensures that deal meets all legal, regulatory, accounting and tax laws requirements.AADITYA JAIN SIR CA CS CMA INTER FM FINAL SFM ELECTIVE PAPER STOCK MARKET CLASS FACULTY

Thanks Arunn Bhagavathula for the question;Why there are very few temples for Goddess Saraswati in India who is known for knowledge from times immemorial?Simply because Saraswati is more embodied in form of wisdom within us rather than a temple.Well, as many might know, I am from Kerala and much of my answers were Kerala-centric or with a mindset of a Malayalee. Due to which my opinion or belief may not be true to similar contexts across India.I too pondered this question during my childhood time as we too don’t have many Saraswati shrines while there is an intensive Devi (goddess) worship culture in our society. Most of the Devi temples are associated with Parvathy, Durga, Kali, Shakti etc and some even generic Bhagavati concept.In one of my visit to Kollur Mookambika, the most reputed Saraswati Shrine in West coast of India, I happen to hear a sermon of a famous Malayalee scholar there.According to him, Saraswati, as we see, is nothing by a personified form of Wisdom and Knowledge who sits right next to Lord Brahma- the Creator as knowledge is the basic root of any creation. Once the creation is complete, the knowledge of creation rests within the created object. This means, in every creation of Brahma, there is an element of Saraswati (read knowledge). Its embedded into the creature. Its because of this element, we could try to learn and assimilate things during our life as the basic knowledge is embedded in our body at the time of birth.We don’t worship the creator Brahma as such. While there are many myths and legends, one of the philosophical approaches is that we are the creatures that exist due to creation. The element of creation is already over (past factor). What's more important is existence and death which lies in ahead. So we worship this existence and death as the future is uncertain and its due to the uncertainty, our mind needs some energy or belief to guide better ahead. The existence and death are personified as Vishnu and Shiva whom we worship.So as we seek material benefits, so we do worship the personified version- Lakshmi… We seek a good character, a personality, power etc, for which we see those traits personified as Shakti etc.For these things we need to explore and attain it, so we seek thro’ prayers and actions. While Knowledge is embedded within us and without it we cannot do anything at all. Even the act of praying happens because of the knowledge within us. In short, Saraswati rests within each one of us. We don’t need to seek for it, rather we need to realize the power of wisdom/knowledge within.I am not sure, whether this is true or not. But to some, it made some sense for me.Another possibility is that traditionally Saraswati as a concept was heavily associated with Brahmins and Brahminical study. Most of the Saraswati prayer concepts are associated with Brahminical prayer. I haven’t seen this concept equivalence in Non-Brahminical ways of worship. Just for example— Tamil Dravidian cultures used to have the concept of Shiva being the Supreme deity for knowledge and wisdom, which later myths associate Subramaniyan/Karthikeyan/Murugan as the deity of knowledge and wisdom. In such a case, Saraswati as a concept mostly seen among Brahmins while Dravidian cult/worship traditions have no such concept.In olden days, knowledge and education was mostly associated with Brahmins and Kshatriyas, not other castes. Infact, other castes were prohibited to learn any scriptures etc. So essentially the concept of formal education as such was too reserved, due to which the goddess of education/knowledge weren’t much universal unlike Lakshmi or Durga etcIn Kerala, we traditionally used to call Schools as Saraswati Kshetram (temple of Saraswati). Even today, this phrase is much associated with the school concept that we often use this term as an ornamental word to denote Schooling in Malayalam. The term has its origins associated with Vedapadanashala (Vedic schools) where Vedas and Tantra were taught to Nampoothiris.It was much later, the concept of universal school came up under influence of Churches etc, due to which the popular word- Pallikkoodam (Schools) became popular.So as in Vedapadanashala, its common to start any learning process with salutations of Saraswati even today. So probably there wasn’t any need of an independent Saraswati temple as such.The concept of mass education/universal education is something of recent origin, especially in India. So as the essence of education started spreading, worshipping the personified form of knowledge like Saraswati started increasing.Back in Kerala, we do mandatorily worship Saraswati during Navarathri. In our concept and traditions, Navaratri is mostly associated as Saraswati Pooja, the auspicious time when we rever traditions of learning, skills, arts etc. Its the only time, we prioritize the worship of Saraswati.Saraswati Pooja as celebrated during Navaratri where all books, musical instruments, arms etc are laid before goddess and worshipped.Most of the Devi temples in Kerala are generic in nature, ie they all have the concept of Bhagavati or Supreme Goddess rather specific forms like Lakshmi or Parvathy or Durga etc. So during Navaratri season, most of Bhagavati temples associate the presiding goddess in form of Saraswati and worshipped in that form. So as every temple in Kerala during that time will have Saraswati Mandapam where books, scriptures and other learning materials are worshipped.Vidyarambham during NavaratriFor us, one of the biggest religious festivals is Vijayadashmi which we celebrate as Vidyarambam (Day of Initiation of Learning). The most famous public ceremony/ritual is Ezhuthiniruthu, the act of writing the holy phrase over sand or rice, to commemorate the importance of writing and reading. And this is how we initiate our young kids to the world of letters at age of 4, by making them write the first phrase over the rice.However interesting, this holy phrase/slokha which is so popular in Kerala isn’t actually related to Saraswati, rather related to VishnuThe phrase which we all write first and associate as the first sentence in our life isഓം ഹരി ശ്രീ ഗണപതയേ നമഃഅവിഘ്നമസ്തു; ശ്രീ ഗുരുഭ്യോ നമഃOm Harishree Ganapathaye NamahAvikhnamasthu Sree Gurubhyo NamahThe phrase/slokha translates itself as Salutations to Vishnu (Hari), Lakshmi (Shree) and Ganesh (Ganapathi). May all obstacles shall be removed. Salutations to our teacher.So the first sentence on its face value, itself doesn’t offer any salutations to Saraswati- the goddess of Learning, rather to Vishnu and Lakshmi.But in reality, it meansSalutations to HARIGANAM (VOWELS) and SREEGANAM (CONSONANTS) which has been slightly twisted to make look as a divine iconography. That that knowledge to do so, that salutations which we offer to alphabets, grammar and sentence making are actually the tribute to Saraswati, the goddess of learning personified.So in short, our learning, our knowledge, our wisdom are the best temples for Saraswati. She resides in the tongue and brain of each individual due to which we don’t need larger temples for her to worship, rather our thoughts and our wisdom define our reverence to her.Every kid prior to their first Vidyarambham, the priest will write the above slokha in the tongue of the kid using a golden ring. This is a symbolic act of consecrating Saraswati within the tongue of each kid and we believe, she resides within us forever in form of knowledge and words.AddendumSome major Saraswati temples in Kerala;Dakshina Mookambika Temple, North Paravur- KochiOne of the major Saraswati shrines in Kerala located near to Kochi. The Goddess resides in the middle of a temple pond/water body with a bridge connecting to the shrine.Panachikkadu Temple- KottayamOne of the most famous Saraswati Shrines where Goddess resides in an open-air well. So it has no shrine as such, as the deity is located underneath in a well and people worship standing near to the well. The sand around the well so sacred that every Malayalee writes the holy phrase around the well to mark the divinity of learning and wisdom. The well is covered with Saraswatham Leaves which is used in making Mahasaraswatha Gritham and many similar Ayurvedic medicines that stimulate brain power that helps in increasing memory skills.Thiruvullakkavu Sree Dharma Sastha Temple- ThrissurOne of the most unique temples in Kerala, where the presiding god is Sastha (Ayyappan), but who sits in the form of Saraswati. The deity is asexual due to the unique proposition and belief is that Sastha has manifested himself as Saraswati (Wisdom) with 4 Vedas making itself as the 4 arms.Due to this system, people worship the deity mostly as Saraswati and famous for treatment of Dumb and Deaf. The belief is that anyone who has learning disorders or speaking disorders can cure after taking a specific medication along with worship in this temple.And finallyMookambika Temple, Kollur- UdupiThough this temple is located in neighbouring Karnataka, for Malayalees, its one of the most holiest and most visited temples. The temple itself is much more famous among Malayalee more than other communities and for every celebrity in Kerala, a visit to this temple is almost mandatory. The temple is of Saraswati in form of Mookambika and the famous Saraswati Mandapam of this shrine hosts Vidyarambham every single day in a year.

This answer may contain sensitive images. Click on an image to unblur it.Beheadings in a painting from Froissart's Chronicles, beginning of the 15th centuryDocile? Do you know how long one on the death row waits for his execution today? In 2010, a death row inmate waited an average of 178 months (roughly 15 years) between sentencing and execution. Nearly a quarter of deaths on death row in the U.S. are due to natural causes. When the United Kingdom had capital punishment, the convicted were given one appeal of their sentence and this can drag on in court. Hence it is probably the result of waiting for his death after languishing in a cell and finally coming to terms with it. But if you are specifically referring to beheadings, then the time period you are referring to is way back in the medieval times when the executioner played a grisly role or about today's ISIS executions. So let me talk about both!Medieval times​Anne Boleyn in the Tower of Londonwaiting for her decapitation, by Édouard Cibot (1799–1877)Beheading was the way to go to die. Okay let me explain, it was the honorable method of execution. Decapitation has been used as a form of capital punishment for millennia. Decapitation by sword (or axe, a military weapon as well) was sometimes considered the honourable way to die for an aristocrat, who, presumably being a warrior, could often expect to die by the sword in any event; in England it was considered the privilege of noblemen to be beheaded. This would be distinguished from a dishonourable death on the gallows or through burning at the stake (which I can tell you, is an absolutely horrible way to die). In medieval England, the punishment for high treason was to be hanged, drawn and quartered but in the case of nobles and knights it was often commuted to beheading; female commoner traitors were burned at the stake.Another reason why they are so calm is probably because they are hoping for a painless death. If the headsman's axe or sword was sharp and his aim was precise, decapitation was quick and was presumed to be a relatively painless form of death. If the instrument was blunt, the person kept struggling or the executioner clumsy, however, multiple strokes might be required to sever the head resulting in a prolonged and more painful death. The person to be executed was therefore advised to give a gold coin to the headsman to ensure that he did his job with care. Robert Devereux, 2nd Earl of Essex, and Mary, Queen of Scots, required three strikes at their respective executions. The best example would be Margaret Pole, 8th Countess of Salisbury, is said to have required up to ten strokes before decapitation was achieved because she was running away from the executioner.ISISIt may come as shock to you but the reason why hostages always appear so calm is because they were fooled into believing that it was another mock execution. "Saleh”, a former translator for ISIS, told Sky News that hostages are routinely subjected to mock executions and lulled into a false sense of security. Then, when their execution finally does arrive, they mistakenly believe it is just another mock-up.Saleh revealed that in his conversations with “Jihadi John” — who he says is actually Mohammed Emwazi, the 26-year-old British executioner suspected of killing several foreign hostages — he was instructed to tell hostages: “No problem, only on video, we don’t kill you, we want from your government [to] stop attacking Syria. “We don't have any problem with you; you are only our visitors.” They even give them Arabic names to make them feel at home. Hence when their head is on the chopping block (figuratively), they are as docile as a baby.FootnotesWikipedia- Decapitationhttp://www.news.com.au/world/middle-east/isis-defector-reveals-why-the-terror-groups-hostages-remain-so-calm-before-their-executions/news-story/5c89be6f84323d0d043c5ec2aafc1c88