X is a document submitted by a company which does not have complete particulars on the price of the securities offered and quantum of securities offered. X is termed so because the disclosure statement is printed in red ink on the cover explicitly stating that the issuing company is not attempting to sell its shares.
The term X originates from the tradition whereby young hunting dogs in Britain were trained to follow a scent with the use of a red (salted and smoked) Fish. This pungent fish would be dragged across a trail until the puppy learned to follow the scent.
It is also an idiom referring to a device which intends to divert the audience from the truth or an item of significance.
What is X?Ans: Red Herring, cracked by one and all.
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The X is Red herring.
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RED Herring
The Red Herring Prospectus
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