Discuss (d) Demutualization

A security = the tradable financial instrument evidencing a claim or an interest: the ownership stake (the share), the debt claim (the bond/debenture), or the derivative's contract. The functional test (Howey's investment-contract idea, by name only — "the investment of money in a common enterprise with profits from others' efforts"): anything sold as a passive profit-promise is presumptively a security and enters the regulation's net. Nepal's statutory frame: the SecuritiesAct 2063's definition-family (the shares, stocks, bonds, debentures, mutual-fund units, and the prescribed instruments — by name, the Act's schedule-faces).