Operating Round

18 India's Operating Round: Private and Bond income, operating order by share price, the six steps of a Company's turn and what a Company may do with shares.

There are always two Operating Rounds after each Stock Round.

Private and bond income

First, the bank pays every owner — player or Company — the income printed on its Private Companies and Royal Bonds.

Operating order

Then the floated Companies operate, highest share price first. Companies on the same price go top to bottom of that space; a marker entering a space goes below those already there, a marker that does not move keeps its place.

The six steps

The Director or Manager runs the Company through these steps, in order. Every cost comes out of the Company treasury: players may never add their own money, for any reason.

1. Build track — up to 4 yellow tiles in one line, or one upgrade (optional).
2. Build a station — at most one (optional).
3. Run trains and add up the revenue.
4. Pay or withhold, then move the share price.
5. Buy and sell trains (optional).
6. Sell and buy certificates (optional).

Company stock actions

A Company may first sell any of the certificates it owns (shares at market price — face value if that Company has no price yet; Privates and bonds at face value) to the Open Market, then make one purchase:

• the top certificate of one IPO row, at face value (paid to that Company; never its own shares from the IPO);
• one Open Market certificate at market price (its own shares included);
• a Royal Bond;
• convert a Royal Bond (Phase IV), only if it owns two or fewer certificates.

A Company owns at most three certificates (Royal Bonds do not count) and can never own a Director’s Certificate or be Director or Manager of another Company. Owning shares earns the Company dividends, gives it something to sell later, and adds to its final value.

Strategy tip from the rulebook: buying an unwanted IPO certificate with a Company can uncover a better one for you in the next Stock Round.