18 India Rulebook

Table of Contents

1.0 Introduction
2.0 Company Types
3.0 Game Phases
4.0 Glossary of Terms
5.0 Setup
6.0 Certificate Distribution
7.0 Stock Round
8.0 Operating Rounds
9.0 Game End & Winning
- 9.1 Game End Conditions
- 9.2 Final Scoring
  - 9.2.1 Final Company Value Calculation
  - 9.2.2 Final Player Value Calculation
10.0 Etiquette
11.0 Track Progression Table
12.0 Detailed Example of Play
13.0 Experienced 18XX Players: Points to Remember
14.0 Acknowledgements
- Credits

1.0 Introduction

1.1 Overview

18 India is a railroad game set in India for two to five players. The players take on the dual roles of railroad investors and railroad Company Directors with the objective of making the most money.

Play proceeds by alternating Stock Rounds with a pair of Operating Rounds. In Stock Rounds, players launch, invest in, and trade shares in railroad Companies. During Operating Rounds, railroad Companies, directed by the player holding a majority of its shares, build track and stations, operate their trains, manage their revenue and (hopefully) pay dividends to shareholders, buy and sell trains, and also buy and sell shares of railroad Companies. The final stock value of a Company depends on how much revenue is distributed to shareholders throughout the game.

1.2 Sequence of Play

In 18 India, game play begins with a Certificate Distribution Phase [6.0] and then is followed by one Stock Round [7.0] and two Operating Rounds [8.0]. The pattern of one Stock Round followed by two Operating Rounds repeats until Game End [9.0] is triggered.

1.3 Goal of the Game

At the end of the game, players total their cash and the value of their stock certificates. The player with the highest total wins.

Important: A railroad's assets do contribute to the final value of the Company. A Company's final market value is increased by 10% of the value of its assets (trains, cash, stock certificates, and Royal Bonds) [9.0].

1.4 Influences

18 India's lineage is derived from Francis Tresham's 1829 Mainline. The venerable Mr. Tresham created some novel mechanics for that game: all colors of track tiles being available without waiting for different phases, a draft of certificates to be held exclusively in a player's hand, "managed" Companies (those operating without a Director's Certificate in play), locations with variable revenue values, selling trains back to the Bank, having only one opportunity to sell shares in a stock round, building yellow track very quickly, and having a discard stack of shares. These innovations represent exciting mechanical departures from a typical 18XX game. However, some of the mechanics introduced an amount of in-game randomness that was unusual for the genre. 18 India removes the in-game randomness—replacing it with pre-game variability. This is an important distinction. In-game randomness, or luck, can directly affect the outcomes of players and can undermine their planning. Variable setup creates an environment that avoids fixed patterns of play and requires players to assess the conditions and formulate their strategies accordingly.

In designing our adjustments, we desired to retain certain unique and interesting aspects of Mr. Tresham's innovative mechanics. We believe that we succeeded and that 18 India will cause 18XX players to think differently about standards such as train management and investments in a fun and challenging game with a short play time.

18Africa, which implements the mechanics of 1829 Mainline, also influenced 18 India through that title's commodities and bonds. Although significantly modified in 18 India, these mechanics are retained and add meaningful strategic elements to the game.

1.5 Components

1 Rulebook
1 Map Board
1 Train/Open Market Board
1 Round Marker
239 Track Tiles
3 Guaranty Warrants
5 Player Money Mats
17 Company Randomization Cards
10 Royal Bond Certificates
11 Commodity Tokens
9 Commodity Concession Markers
12 Gauge Change Markers
6 Private Company Certificates
18 Company Charters (double-sided for player preference)
94 Company Tokens
163 Company Certificates
25 Train Cards
5 Turn Order Cards
10 Wooden Turn/Pass Order Cubes (2 Black, 2 Blue, 2 Green, 2 Purple, 2 Red)
Play Money

Note: The Map of India and locations therein are intended to be as close to accurate as possible. However, keen observers will notice that a few concessions had to be made for game balance and hex grid adaptation.

2.0 Company Types

A Company becomes operational when either:

The Director's Certificate has been purchased, or
Three separate normal 10% shares of the Company are in play (even if they were sold and are not currently held by players). This is called a "Managed Company."

When a Company becomes operational, it immediately places its home station token on the map. The Bombay Railway (D23) and the Tirhoot Railway (M10) may choose any one open City spot on their starting hex in which to place their home station.

2.1 Directed Companies

If the Director's Certificate of a Company is in play, then the Company is referred to as a Directed Company. The player with the largest percentage of holdings is the Director and has the Director's Certificate in their portfolio. This player makes all of the decisions for the Company as it acts in Operating Rounds.

2.1.1 Flotation

Directed Companies become operational—or "float"—once the Director's Certificate is in play.

2.1.2 Capitalization

All monies paid to put shares of the Company into play from the players' hands of stock [6.0] or from the Initial Public Offering (IPO) are placed into the Company's Treasury.

2.2 Managed Companies

Managed Companies are Companies that are operating without their Director's Certificate in play.

2.2.1 Flotation

A Managed Company will become operational—or "float"—once at least three 10% share certificates are either owned by a player in their portfolio, are owned by a Company, or are in the Open Market.

Note: A Managed Company may become operational during an Operating Round if a Company purchases a share that meets the criteria of having at least three 10% shares in play. In this case, immediately place the new Managed Company's home station on the board and the Company's stock market value marker on the Stock Market. The new Managed Company will first operate in the following Operating Round. However, if no player owns at least 10% and can be designated as the Manager, the Company will not operate until a player has been designated as the Manager. In this case, the Company skips any opportunity to operate and its stock market value will not move.

If the Director's Certificate of a Managed Company later enters play, the Company immediately becomes a Directed Company and the player with the largest ownership percentage becomes the Director [7.6].

2.2.2 Capitalization

All monies paid to put shares of the Company into play from players' Hand of Certificates or from the IPO are placed into the Company's Treasury.

2.3 Guaranty Companies

A Company that was assigned a Guaranty Company Certificate during setup [5.3.4] can assure its investors that they have the financial backing of the British government.

Guaranty Warrants expire at the start of Phase IV.

Historical Note: The colonial British Government determined to guarantee that certain railway Companies would always pay at least a 5% dividend, thus promoting investment in those Companies. However, by 1869, it was argued that continued artificial support of the Guaranty railways was discouraging further independent investment. Thus did the Guaranty Companies fall out of favor and were subsequently repealed.

2.3.1 Guaranty of Dividend

During any Operating Round in which the Guaranty Company does not pay a dividend, the Bank will instead pay a dividend to all shareholders. The dividend is equal to 5% of the current market value of the Company (rounded down). This value is conveniently located on the Stock Market above the current stock value.

2.3.2 Stock Value Adjustments

Due to the Bank paying shareholders when the Company does not pay a dividend, the value of the Company will not move on the stock market. A Guaranty Company's stock market value will still drop according to the rules if it ends its Operating Turn without a train.

Example: A Guaranty Company withholding revenue. During the setup of the game, the Tirhoot Railway was designated as a Guaranty Company. When the Tirhoot Railway first begins to operate, it will not own a train and therefore will not be able to pay a dividend to its shareholders. Normally, this would mean that the stock value of the Company would decrease (move one column to the left). But as a Guaranty Company, the stock value will not decrease. Valued at ₹71 per share, the guaranty will pay each shareholder ₹3 (5% of ₹71, rounded down is ₹3) from the Bank and the stock value will remain at ₹71 per share.

2.4 The Great Indian Peninsula Railway & Royal Bonds

The Great Indian Peninsula Railway (GIPR) has 10 certificates, each representing 10%. Since there is no Director's Certificate, the GIPR will always be a Managed Company.

Additionally, there are 10 Royal Bonds that are convertible to 10% shares of the GIPR. Once Phase IV begins, players owning Royal Bonds may begin to convert them into shares of the GIPR.

The GIPR receives ₹100 from the Bank whenever a Royal Bond is converted to a share. As Royal Bonds are converted, there could be up to 200% of the Company in play.

Historical Note: The Great Indian Peninsula Railway was the first passenger railway in India and by 1870 it spanned 1,170 miles from Mumbai on the Central West Coast to Madras and Kolkata in the Southeast and Northeast, respectively.

2.4.1 Eligibility to Operate

The GIPR cannot begin operations until the beginning of Phase II (the purchase of the first 3-train). If the GIPR has been floated before Phase II it will begin operating in the Operating Round following the start of Phase II.

2.4.2 Flotation

The GIPR, as a Managed Company, will float (begin to operate) once at least three 10% shares are in play.

2.4.3 Starting Location

When the GIPR floats, the current Manager will immediately select any open, unreserved location and place a station token in that location.

Alternatively, the Manager may place this home station in a Town by immediately upgrading a Town that has no tile, or a yellow Town tile, to a green City tile (the special green City tiles with one station location).

2.4.4 Acquiring Stations of Closed Companies

When a Company closes, its home station token is immediately converted to a Great Indian Peninsula Railway station token as long as one of the Great Indian Peninsula Railway's three "exchange" station tokens is available. If other exchange station tokens are available, the Manager of the Great Indian Peninsula Railway may convert more of the closed Company's stations to Great Indian Peninsula Railway station tokens.

If the Great Indian Peninsula Railway is not yet operating or does not have any exchange station tokens available, then no station tokens of the closed Company are converted to GIPR station tokens and are instead simply removed from the board.

Strategy Tip: When and where to start the GIPR? The GIPR has a number of options open to it that the other fixed-home Companies do not. The primary one is that GIPR is able to start in any open location on the map. This potentially allows GIPR to take advantage of track built by other Companies, or to target concession routes that have been ignored by other Companies. GIPR can also usually expect a generous late-game influx of capital as other players convert Royal Bonds to GIPR shares. But it's usually best to start the GIPR as soon as possible, as late-game capital is considerably less valuable than early-game capital.

2.5 Private Companies

Private Companies, unlike in many 18XX games, are not sold to Companies by players. Instead, a player may use a Private Company's Special Ability once on behalf of any one of the Companies they manage or direct. The ability is used during the Operating Round of the Company.

Companies may buy Private Companies from the IPO or from the Bank Pool. A Company that owns a Private Company may use its Special Ability on itself.

When a Private Company's Special Ability is used, the Private Company is immediately closed and removed from the game. The owner of the Private Company–player or Company–receives the face value of the Private Company from the Bank.

Alternatively, a player or Company may sell the Private Company back to the Bank during their sell turn for its face value.

Swedish East India Company

Face Value: ₹25
Income: ₹5
Special Ability: None.

Portuguese East India Company

Face Value: ₹35
Income: ₹5
Special Ability: The Company may place one yellow track tile on its turn. This track placement in addition to its regular track building step.

Dutch East India Company

Face Value: ₹60
Income: ₹10
Special Ability: The Company may execute one track upgrade. This track upgrade in addition to its regular track building step.

French East India Company

Face Value: ₹75
Income: ₹15
Special Ability: The Company receives a ₹40 discount on its total terrain costs during one of its Operating Rounds.

Danish East India Company

Face Value: ₹115
Income: ₹20
Special Ability: The Company may place its next available station token free of cost during its station token placement step. This is not an additional station token placement. The token may be placed in any location, even if the Company does not have a valid route to the location. The token may be placed even if there is not a space in the location for the station token (place the token alongside other tokens – if the location upgrades and a space has become available, the extra token automatically fills the newly available station location in the City).

British East India Company

Face Value: ₹150
Income: ₹25
Special Ability: The Company is immediately awarded the special Jewelry Concession. The Jewelry commodity token can be placed on any hexagon that does not contain a Town or a City. A train may deliver Jewelry from this token to any other commodity's destination location for a +₹20 revenue bonus.

3.0 Game Phases

3.1 Phase I

The game begins in Phase I.
2-trains are available for sale by the Bank.
All colors of track tiles are available.
Private Company Special Ability may be used.
Companies may buy trains from the Bank and/or from other Companies.
The train limit is two for all Companies.
Shares of the Great Indian Peninsula Railway may be purchased and sold, but the Company is not eligible to operate until Phase II.

3.2 Phase II

Phase II begins with the purchase of the first 3-train.
3-trains are available for sale by the Bank.
The Great Indian Peninsula Railway may begin to operate (it is required that three 10% shares must be in play).

3.3 Phase III

Phase III begins with the first purchase of a 4- or a 4E-train.
4-trains and 4E-trains are available for sale by the Bank.

3.4 Phase IV

Phase IV begins with the first purchase of a 3×2-, 3×3-, 4×2-, 4×3-, 4E×2-, or a 4E×3-train. All of these types are simultaneously available for purchase. Companies are limited to one Phase IV train [8.4.5.1].
Guaranty Warrants immediately expire.
Gauge Change markers are no longer placed when building new tracks.
A single Gauge Change marker can be removed as a track building action by operating Companies.

4.0 Glossary of Terms

For clarification purposes, various terms used in 18 India are defined here.

4.1 Route

A route is an unblocked path of track containing at least one of the running Company's tokens. A route may pass through any number of Towns, and any number of Cities that either have an unoccupied station circle, or contain one of the running Company's tokens. A route may not continue through any City that is completely filled with station tokens of other Companies.

4.2 Portfolio

A player's portfolio refers to the certificates that the player currently owns that are in play because they have been purchased either from the IPO, the Open Market, or their Hand of Certificates.

4.3 Hand of Certificates

The certificates that a player has the exclusive right to purchase that were gained during the initial certificate distribution process. The certificates in a player's hand should be hidden from the view of the other players and are distinctly not in play or in a player's portfolio until purchased.

5.0 Setup

5.1 Seating & Initial Turn Order

When all players have taken a seat at the table, shuffle the Turn Order cards and deal one to each player. This determines the players' turn order for the start of the game.

5.2 Prepare the Bank

Prepare a bank of ₹9,000 and give each player an amount of starting money (from the Bank) according to the table below.

Player Count	Starting Money
2	₹1,100
3	₹733
4	₹550
5	₹440

5.3 Board Setup

5.3.1 Train Setup

Sort the trains by type and place them on the Train Market board in the spaces provided.

5.3.2 Commodity Setup

Place the commodity tokens on the map in their designated places. Place the commodity concession markers on the game board in the spaces provided.

The Jewelry commodity token is set aside and not placed on the map. It is assigned as the Special Ability of the British East India Private Company.

5.3.3 Railroad Company Selection

Using the Company Randomization cards, randomly select 3 Companies from each of the three regions (East, South, & West). Each Company Randomization card indicates the starting location of the Company on the front and the region in which the Company is located on the back. The map uses an alphanumeric hex grid ID system to reference hex locations. Each Company Randomization card includes the hex location in the lower right corner.

The resulting nine Companies will be in play for this game. The Company Randomization cards and the certificates and charters for the unselected Companies are returned to the game box.

The Great Indian Peninsula Railway (GIPR) is always in play as the tenth Company.

5.3.4 Guaranty Company Designation

Three of the nine selected Companies will be designated as "Guaranty Companies." Randomly select one Company from each of the three regions and place a Guaranty Company Certificate onto their charters.

5.3.5 Royal Bonds Setup

Place the ten Royal Bond certificates next to the Open Market in the designated space (the certificates are double-sided with Great Indian Peninsula Railway shares on the reverse). The Royal Bond side of the certificates should be face up.

5.4 Prepare the Certificate Deck

In this step, you will create a deck of shuffled stock certificates and Private Companies.

5.4.1 Set Aside Director's Certificates

Before preparing the deck of stock certificates, first set aside the Director's Certificate from each of the nine selected Companies. They will not be included in the deck.

5.4.2 Create the Certificate Deck

Combine the eight 10% share certificates from each of the nine Companies that are in play plus the ten 10% share certificates of the Great Indian Peninsula Railway plus the six Private Company certificates into a single face-down deck and shuffle.

6.0 Certificate Distribution

6.1 Overview

According to player count, each player will receive a number of certificates from the deck of shuffled certificates. These certificates should be kept secret from the other players. Players will then select several certificates to keep from those dealt to them and discard the others. Finally, players will draft additional certificates from those discarded by the players. The Director's Certificates that were set aside during setup will be available during the draft.

The resulting collection of certificates in a player's hand represents exclusive stock options that only the holding player may purchase. A player is never required to purchase any certificates from their hand and put them into play.

6.2 Initial Distribution

Using the deck of shuffled certificates, deal each player a hand of certificates as indicated by the table below.

Player Count	2	3	4	5
Certificates per Player	15	13	11	10

6.3 Initial Public Offering & Open Market Setup

After distributing the certificates to the players, many certificates will remain in the deck. These certificates will form the IPO, and a small number of certificates will begin the game in the Open Market.

To form the IPO, distribute, stack, and fan out a number of certificates face up in three rows in the manner shown below. The number of certificates in each row is indicated in the table below. Arrange the certificates in each row so that the type of each certificate can be seen by all players. The dealt order is the actual order, so do not do any rearranging like grouping all of one company's certificates together. Also, the order starts from left (first card on the Player Number Icons) and then stacks to the right, finishing on the corresponding 1, 2, or 3 Instruction space.

Player Count	2	3	4	5
Certificates per Row	18	15	13	12

Example: The above shows a 4-player IPO layout.

After forming the IPO, there will be two to five leftover certificates. Place these certificates into the Open Market. For each certificate placed in the Open Market, place money from the Bank equal to the value printed on each certificate onto the charters of the Companies whose certificates are in the Open Market.

6.4 Certificate Selection

Players must now examine the certificates dealt to them and decide on a number of certificates they will keep as indicated by the table below. The remaining certificates are discarded face-down to the center of the table.

Player Count	2	3	4	5
Certificates Kept	8	7	6	5

The certificates that the player selects to keep should be kept secret from the other players.

Strategy Tip: Certificate selection. How to decide what to keep? This step is when you form your first ideas about a long-term strategy. The first place to look is the IPO. From the shares you see displayed in the IPO, you will know how many shares of each Company are in the players' hands that you cannot see.

For example, if you see five shares of the Bengal-Nagpur Railway in the IPO, then you know that only three are in player hands at this time (because the Director's Certificate is also reserved; 10 – 5 – 2 = 3). So, unless all three of those free shares are in your hand, it is likely that the Bengal-Nagpur is not a good candidate for starting initially. It is advantageous to start a Company with at least four shares so that it has enough capital to buy two 2-trains and to protect against the possibility of hostile takeover.

The next step is to determine if your own hand contains enough options in a single Company such that you are likely to collect four or more options during the draft step. Remember that you may need more than one possible plan as you enter the drafting step, as other players' choices may interfere with your own!

6.5 Certificate Draft

One of the players now collects the discarded certificates, shuffles them enough to obscure which certificates were discarded by which player, and then places them face up in the center of the table. Finally, add the Director's Certificates to the discarded certificates. This forms the pool of certificates from which the players will draft.

Note: It is expected that the number of certificates available in the draft will result in some players drafting one more certificate than others.

Beginning in reverse turn order, each player will draft one certificate, adding it to their Hand of Certificates. After all players have drafted one certificate, the draft is conducted in normal turn order.

Example: In a four-player game, the draft order would be 4, 3, 2, 1, 1, 2, 3, 4, 1, 2, 3, 4, 1, 2, 3, 4… continuing until all of the certificates have been drafted into the player's hands.

When all certificates have been drafted, begin the first Stock Round. The player next in turn order after the player that drafted the final certificate will act first in the first Stock Round.

6.6 Variant: Certificate Auction

Experienced 18 India players may wish to auction the certificates instead of drafting them. Each player in turn order must select one of the available certificates and make a bid on it. A bid of zero is allowed. All bids must be made in increments of ₹1. The winning bidder adds the certificate to their hand. This continues until all of the certificates have been purchased by the players. This variant takes an additional 20+ minutes and advantages more experienced players; however, it does provide another avenue to make it more costly for a single player to accumulate a large number of matching certificates.

7.0 Stock Round

Stock Rounds are when railroad operations are suspended and players may sell then purchase stock certificates. Play is conducted in Turn Order.

7.1 Selling Turn

In 18 India, each Stock Round begins with a Selling Turn where each player, in Priority Deal order, has an opportunity to sell any number of certificates that are in play in their portfolio. Unlike other 18XX games where a player can sell certificates on each turn, in 18 India this is the only turn during the Stock Round in which a player may sell certificates. Certificates sold are placed into the Open Market.

For each share sold (Director's Certificates represent two shares), the player collects the current stock market value of the share. If selling a share of a Company that does not have a current stock market value marker, the player receives the face value of the certificate (face value is printed on the certificates).

Important: The current market value of the Company is not adjusted following a sale.

There is no limit to the number of certificates of one Company that can be in the Open Market.

A player may not sell the Director's Certificate unless another player owns at least two shares of the Company. In this case, the Director's Certificate is exchanged with the player who has the largest percentage owned (or the one in closest following player order if there is a tie). The sold share certificates are placed in the Open Market. The Directorship of this Company is now changed to the player now possessing the Director's Certificate [7.6].

In the case of a Managed Company, it is possible for a player to sell all of the certificates they own in that Company. The Manager of the Company now changes to the player with the highest ownership percentage or remains with the previous Manager in case all shares are sold. See [7.7].

Private Companies and Royal Bonds may be sold for their face value. Private Companies that are sold are placed in the Open Market. Royal Bonds that are sold are returned to their location next to the Open Market.

A player may never sell certificates from their hand. No certificates may be purchased during the Selling Turn.

After each player has had one opportunity to sell certificates from their portfolio, the Stock Round continues with players having the opportunity to purchase certificates until all players have passed.

Note: In most 18XX games, when a player sells any number of certificates belonging to a Company, they are prohibited from purchasing certificates of that Company until the following Stock Round. This is not the case in 18 India. A player may purchase any certificates belonging to a Company of which the player has sold certificates. In fact, the player may even purchase the exact certificates they sold if they remain available.

Example: The Selling Turn of a Stock Round. Player 1 enters the beginning of the Stock Round with ₹248, but would like to raise at least an additional ₹52 to be able to purchase three East India Railways certificates from their Hand of Certificates. These certificates are valued at ₹100 each, so Player 1 needs to have ₹300 cash. During the Selling Turn this will be Player 1's one and only opportunity to sell certificates to raise the cash needed to purchase other certificates.

Player 1 owns two 10% certificates of the Darjeeling Railway which currently has a market value of ₹76 per share. Player 1 sells one of the Darjeeling Railway certificates, placing it in the Open Market, and collecting ₹76 from the Bank. Player 1 now has ₹324 which will allow the purchase of the three East India Railway certificates in a subsequent Stock Round turn.

7.2 Purchasing Certificates

On their Stock Round turn, a player may take one of the following Purchase Actions:

Purchase one or more "matching" certificates from their Hand of Certificates
Purchase one or two certificates from the top of one IPO row
Purchase a certificate from the Open Market
Purchase a Royal Bond
Convert a Royal Bond into a certificate of the GIPR (beginning in Phase IV)

7.2.1 Purchasing Certificates from Your Hand of Certificates

A player may purchase any number of certificates of one Company from their hand of stock options. Alternatively, a player may purchase any number of Private Companies from their hands.

When a player purchases railroad Company certificates from their hand, they first place the certificates into their portfolio. The player then pays the printed face value of each certificate into that Company's Treasury, whether that Company is operating or not. If the Company begins to operate later, it will have the funding provided by this purchase. An already-operating Company will have access to the funds immediately.

When a player purchases Private Company certificates from their hand, they first place the certificates into their portfolio. Then, the player pays the face value of each Private Company certificate to the Bank.

7.2.2 Purchasing Certificates from the Initial Public Offering

To purchase certificates from the IPO, a player selects one row and may purchase the top one or two certificates and place them into their portfolio. The player pays the face value printed on each certificate into the respective Company Treasuries, whether the Company(ies) are operating or not. If the Company begins to operate later, it will have the funding provided by this purchase. An already-operating Company will have access to the funds immediately.

Strategy Tip: Purchasing from the Initial Public Offering: The IPO is an important feature of 18 India. The three columns of certificates dictate the availability of those certificates to the players. At the beginning of the game, it is important to examine the certificates available in the IPO as it will inform you of the number of certificates available in various Companies that are not held by players in their hands of certificates. During play, as one player purchases one or two certificates from the IPO other certificates will become available to the next player.

Sometimes players can be reluctant to purchase a certificate because it makes a more desirable certificate available to the next player. This is part of the game, but we have found that what goes around eventually comes around.

During an Operating Round, Companies may purchase certificates from the IPO. Obviously using a Company to purchase less desirable certificates can help a player avoid this situation. We find this particularly useful to do when the player who will act first in the upcoming Stock Round wants to purchase a very desirable certificate that is under a less desirable certificate.

7.2.3 Purchasing Certificates from the Open Market

The player may purchase one certificate from the Open Market and add it directly to their portfolio. The player then pays to the Bank the current market value of the certificate, as indicated by the Company's stock value marker.

7.2.4 Purchasing a Royal Bond

The player may purchase one Royal Bond for its face value of ₹100 into their portfolio. The face value is paid to the Bank.

7.2.5 Converting a Royal Bond into a Certificate

This action may only be taken after the game has entered Phase IV. The player may convert one of the Royal Bonds already in their portfolio into a certificate of the GIPR.

To convert the Royal Bond, the player must pay the Bank the difference of the current market value of the GIPR and the ₹100 face value of the Royal Bond. The player then flips over the Royal Bond, exposing the GIPR certificate. Following this action, the Bank immediately places ₹100 into the Treasury of the GIPR.

If the GIPR has not yet been started, its current market value is ₹112 and the ₹100 is placed on the GIPR's charter.

If the GIPR has started but its current market value is lower than ₹100, the player does not pay or receive any money, but ₹100 is still placed on the GIPR's charter.

A Royal Bond may only be converted if the player is below the Certificate Limit [7.3].

Note: As Royal Bonds are converted into GIPR certificates, up to 200% of the GIPR may be in play. Each share is a 10% share and will pay its full 10% dividend.

Example: Converting a Royal Bond into a share of the Great Indian Peninsula Railroad. The game is in Phase IV, and will soon end. During a Stock Round turn, Player 1 has purchased a Royal Bond, paying ₹100 to the Bank. The bond is added to the player's portfolio.

During a subsequent Stock Round turn, Player 1 decides to convert the Royal Bond into a share of the GIPR, which is currently valued at ₹142 per share. Player 1 owes the difference in the price between the GIPR share and the Royal Bond which is ₹142 minus ₹100 equaling ₹42. The player pays ₹42 to the Bank and turns the Royal Bond over to its reverse side showing one 10% share of the GIPR. The Bank now deposits ₹100 into the Treasury of the GIPR.

As a second example, let's look at the above conversion of the Royal Bond to a certificate of the GIPR if the GIPR was valued at ₹90 per share. In this case the difference in value between the GIPR and the Royal Bond is –₹10 (₹90 – ₹100 = –₹10). The player owes no additional money to convert the bond to a 10% share of the GIPR. The player is not entitled to a rebate of ₹10 either. The GIPR always receives ₹100 from the Bank for every bond converted.

7.3 Player Certificate Limits

The number of certificates a player may own in their portfolio is limited. This number is determined by the player count and by the number of Companies that have closed. Private Companies do not factor into this calculation. Please refer to the below table to determine the current Certificate Limit.

Player Count	0 Companies Closed	1 Company Closed	2+ Companies Closed
2	37	33	29
3	23	22	19
4	18	17	15
5	15	13	12

A player, or a Company, may not make a purchase or convert a Royal Bond if it would put their holdings over the Certificate Limit. A player or Company that is over the Certificate Limit (which might happen due to a transfer of Directorship) is compelled to sell until the player is within the limit at the next legal opportunity (and not until then).

The following certificates count against the Certificate Limit for players and Companies:

Railroad certificates in play in a player's portfolio.
Director's Certificates owned (which count as one certificate despite being worth two Shares). Reminder: Only a player may own a Director's Certificate.
Private Company certificates in play in a player's portfolio.

The following do not count against the Certificate Limit:

Royal Bonds.
Certificates in your hand.
Certificates owned by Companies you control.

See [8.4.6.7] for Company Certificate limits.

7.4 Shareholder Limits

There is no limit to the percentage of a Company a single player may control.

7.5 Passing

Priority Deal for the next Stock Round is set in the order in which the players pass. The first player to pass will place their player token in the first spot on the Passing Order track on the board. The second player to pass will place their player token in the second spot on the Pass Order track on the board, and so on.

Play proceeds until all players have passed. At this point the Stock Round ends and the Priority Deal for the next Stock Round has been set.

After passing, a player is eligible to re-enter the Stock Round. If a player does so, that player must slide their player token from the Passing Order track to the active area below. All other player tokens who passed after the current player on the Passing Order track are advanced.

7.6 Change of Director

The Directorship of a Company may change under two circumstances. First, a player may sell enough share certificates so that another player then owns a larger percentage of the Company. Second, a player may purchase share certificates that result in that player owning a larger percentage of the Company than the current Director.

When selling shares, a player may not sell the Director's Certificate unless another player owns at least two shares (20%) of the Company. In this case, the Director's Certificate is exchanged with the player with the largest percentage owned. The sold share certificates are placed in the Open Market. In this manner, the selling player is allowed to sell only one of the exchanged share certificates. The Directorship of this Company has now changed to the player possessing the Director's Certificate.

After a sale, if two or more players own an equal percentage of the Company, the player that is first in player order is the player with whom the certificates are exchanged.

Whenever the Directorship of a Company changes, the new Director takes possession of the Company charter and all of the Company's assets.

7.7 Change of Manager

The Management of a Company may change in two circumstances. First, a player may sell enough share certificates so that another player now owns a larger percentage of the Company. Secondly, a player may purchase share certificates that result in that player owning a larger percentage of the Company than the current Manager.

After a sale, if two or more players own an equal percentage of the Company, the player that is first in player order is the player that becomes the new Manager of the Company. It is possible that no player owns even a single certificate of the Company. In this case, the current Manager retains control of the Company until another player purchases a certificate and becomes the Manager.

Whenever the Management of a Company changes, the new Manager takes possession of the Company charter and all of the Company's assets.

Example: Starting the Great Indian Peninsula Railway. During the Stock Round, player "A" purchases two 10% share certificates of the 'GIPR' from their hand of stock certificates, placing ₹224 onto the GIPR's Company charter. These are the first GIPR share certificates to enter play. During the same Stock Round, player "B" purchases one 10% share certificate of the GIPR from the IPO, adding 112 rupees to the GIPR's Company charter. At this point, there are three 10% share GIPR certificates in play and the GIPR will begin operations as a Managed Company. Player "A" is the Manager of the GIPR as they have the majority of shares. As the manager, player "A" must immediately decide on the home station of the GIPR and place a station token in that location. The player decides to upgrade the hex of Jabalpur (J17) to a green City tile and place the home station there.

In a subsequent turn in this Stock Round, player "B" purchases two 10% share certificates of the GIPR from their hand of stock certificates, placing ₹224 onto the GIPR's Company charter. Player "B", now owning 30% of the GIPR, takes over as the Manager from player "A" who owns only 20%. Player "B" takes possession of the GIPR's Company charter and the ₹560 in its Treasury.

7.8 End of Stock Round

Unlike many 18XX games, there are no stock value adjustments when a Company's certificates are completely owned by the players.

After each Stock Round, the players carry out two Operating Rounds.

8.0 Operating Rounds

In 18 India, there are always two consecutive Operating Rounds. During Operating Rounds, all of the Companies will conduct the railroad operations of building track, building stations, operating their trains, managing their revenue, buying and selling trains, and buying and selling stock certificates. These operations are conducted in the descending stock value order of the Companies.

8.1 Private Company & Bond Revenue

Revenue from Private Companies and Royal Bonds, which is printed on the certificates as "Income," is paid by the Bank to their owners as the first step in every Operating Round.

8.2 Using Private Company Abilities

A Private Company is never sold or assigned to a railway Company by a player. However, a railway Company may purchase a Private Company from either the Open Market or the IPO during the stock action of its Operating Round.

A railway Company may use the Special Ability of any Private Company it owns, or is owned by its Director or Manager, at any point during its Operating Round. When the ability is used, the Private Company it is immediately removed from the game and the owning player or Company is repaid its face value by the Bank.

As an alternative to using the Private Company's Special Ability, during an Operating Round an owning player, or the acting owning Railroad Company, may elect to close any Private Companies it owns. When closed, the Private Company is removed from the game and the owner receives the Private Company's face value from the Bank.

8.3 Stock Value Order

Following the payment of Private Company and Royal Bond revenue, the Public Companies begin their railroad operations in descending stock value order.

8.3.1 Breaking Ties

If two or more Companies have the same stock market value, the Companies will operate in the order of top to bottom within the same market value.

8.3.2 Entering Market Value Columns

Whenever a Company's stock value marker enters a new market value column, it is placed below any Company markers already present. If a Company's marker does not move, then it maintains its position in the column.

8.4 Operating Steps

The currently operating Company will conduct each of the below operating steps in the order in which they are listed. A Company performs all of the listed steps before proceeding to the next Company. The Company Director or Manager controls any actions the Company takes. Any costs that the Company incurs must come from its Treasury; the Director or Manager may not contribute funds under any circumstances.

Optionally build track
Optionally build one station token
Run its trains and calculate revenue
Manage revenue and adjust stock value
Optionally purchase and sell trains
Optionally purchase and sell stock certificates

8.4.1 Building Track

During this step, the Company may lay up to four yellow track tiles or upgrade exactly one track tile to the next color. From Phase IV of the game, a Company may forfeit its opportunity to lay or upgrade track and instead choose to remove one Gauge Change marker from the board to which it can reach by a legal route.

8.4.1.1 Placing Yellow Track

If a Company chooses to lay track, it may lay up to four yellow track tiles.

In order to place a track tile, the Company must be able to trace a route (of any length) from one of its stations to the hexagon in which the tile will be placed.

A Company may never lay a tile outside of the board or on top of a pre-printed gray hex, nor may it lay a tile such that the track runs off the board or into a blank side of a gray hex. However, the track spur in C18 allows track laid in D17 to point off-board.

When laying multiple yellow tiles in one round, the track on each yellow tile laid must be built in a contiguous manner in one direction. A Company may connect to a pre-printed track in a gray or red hexagon and then continue laying tiles on the other side. In other words, track tile lays may not be split between two different route extensions.

Note: The yellow and gray striped tile for hexagon J37 is considered to be a "yellow tile" for the purposes of placing track. It is also considered to be a gray tile and therefore cannot be upgraded.

8.4.1.2 Upgrading Track

Unlike other 18XX games in which track upgrades are regulated by the current phase of the game, all of the track upgrades are available from the beginning of a game of 18 India. However, all upgrades must follow the correct upgrade color sequence. A yellow tile must first be upgraded to green, then to brown, and finally to gray.

If a Company chooses to upgrade a track tile, it replaces a single tile with a new one keeping the following restrictions in mind:

In order to upgrade a track tile, the Company must be able to trace a route (of any length) to at least some of the new track on the upgraded tile. Exception: A City may be upgraded even if the new track on the upgraded tile cannot be reached.

A Company may never upgrade a tile such that the track runs off the board or into a gray hex.

When upgrading track, the Cities and Towns depicted on the hex or track tile must be preserved. Additionally, all existing track on the tile being upgraded must be preserved.

Exception: A yellow Town tile may be upgraded to a green single-location City tile. These City tiles are reserved for this purpose and cannot be placed unless upgrading a Town to a City.

Hill and mountain terrain costs are only paid when placing a yellow tile; there are no additional terrain costs for upgrading a tile on such a hexagon. However, there may be a terrain cost associated with completing a crossing over a river [8.4.1.4].

8.4.1.3 Gauge Changes

The dashed red lines on the map indicate a place at which the gauge of the track changes. Until Phase IV, when placing a track that completes the crossing of a dashed red line, place a Gauge Change marker on the junction of the track tiles to indicate the change of gauge. After the start of Phase IV, this is no longer done.

A gauge change represents a zero revenue stop for a train traversing the change of gauge. However, no train may begin or end its route at a Gauge Change marker.

Historical Note: In India, a gauge of 5'6" (1676mm, or "broad gauge") was settled on at the time to afford greater stability to the rolling stock that must travel in mountainous regions. Then, as it became clear that the increased cost of laying broad-gauge track everywhere simply was not economically realistic, narrower gauges proliferated in the following years. By 1884, there came to be no fewer than five distinct track gauges in use across India! It wasn't until one and a half centuries later, in 1992, that Indian Railways began a concerted effort to (at long last) convert all remaining rail lines in the country to broad gauge.

8.4.1.4 Terrain Costs

When a yellow tile is placed on a hexagon containing a terrain symbol, the cost of building in that terrain must be paid by the Company to the Bank. If the Company does not have enough money in its Treasury, the tile cannot be placed.

When a Company places a yellow tile in a hill or mountain hexagon, the Company must pay a ₹15 or ₹30 cost to the Bank respectively. Placing the Ferry tile (IF1 or IF2) in hex J37 costs ₹60.

Whenever a Company lays or upgrades a tile such that it creates a complete connection across a river, the Company must pay a ₹30 cost to the Bank.

8.4.1.5 Removing Gauge Changes

From the beginning of Phase IV, a Company may remove a single Gauge Change marker per Operating Round instead of placing yellow track or upgrading a track. The Company must have a route to the gauge change marker being removed.

8.4.1.6 Tile Limits

All track tiles are limited to the quantity provided in the game.

8.4.2 Building Stations

A Company may build one station token in a legal location that it can reach from one of its other station tokens via an unblocked path per Operating Round.

8.4.2.1 Station Costs

A Company's home station is free and is placed immediately when it floats. The next station costs ₹40. Subsequent stations cost ₹100.

8.4.2.2 Reserved Locations

The home locations for Companies that are part of the current game are reserved. No other Company may place a station token in these locations. However, if Bombay Railway (D23) and/or the Tirhoot Railway (M10) are in play, only one of their locations must remain available. Therefore, tokening by other Companies may force their home station tokens into specific areas.

The home locations for Companies that are not in the current game – or that have closed – are not reserved. Any other Company may place a station token in these locations.

A Company may build only one station per City. Thus, if the GIPR ever acquires additional stations in one City due to the closure of a Company it may only keep one station in that City. The additional tokens are returned to its charter without compensation and may be built in other locations during subsequent play.

8.4.2.3 Station Token Benefits

Station tokens provide two benefits:

Station tokens guarantee right-of-way to and through a City in which it is located. Thus, a City that is completely occupied by station tokens is blocked by those stations and only those Companies may operate trains through the City. However, service to the City is not blocked and any Company may begin or end a route in such a City. A route of a train must include at least one of its Company's station tokens.
A station will not only aid in operating trains but also when building tracks and placing future station tokens as it helps establish a connection to the location of the new track or station.

8.4.3 Run Routes

8.4.3.1 Routes

The length of a route equals the number of stops along the route. Whether a City or Gauge Change marker counts as a stop depends on the type of train running the route. Towns do not count as a stop. Each train in the game is capable of a certain number of stops, denoted by its number (e.g., a 2-train can run a route of length 2, stopping at two Cities; a 4×3-train can run a route of length 4, etc.). Every route must include at least one of the operating Company's station tokens.

A route must be a continuous path of track which begins at one City and ends at another City. A train that cannot reach at least two Cities does not operate and cannot earn revenue. A route must comprise at least two Cities. One City and a gauge change, or one City and Town do not comprise a route. A route may begin or end at a City that is blocked by the presence of station tokens of other Companies, but may not extend beyond it. A route can never begin or end in plain track, from a Gauge Change marker, or in a Town.

The 2-, 3-, 4-, 3×2-, 3×3-, 4×2-, and 4×3-trains are non-express trains. They are required to stop at all Cities and Gauge Change markers. These trains collect the revenue from all the Towns between their stops without counting against their stop limit. Gauge Change markers count normally as a worthless stop for non-express trains.

The 4E-, 4Ex2-, and 4E×3-trains are so-called "express" trains, and are allowed to skip Cities and gauge change markers in order to run a route of unlimited length. Express trains always skip Towns and will only score the four best stops on their route.

If a Company is operating more than one train, their routes may start from the same location but must use entirely separate track (they may not share any length of track). They may cross in Cities and Towns if they use different tracks to enter and exit those Cities and Towns.

A single train may never enter the same hexagon more than once except for the "OO" hexagons with separate City locations. In the case of an "OO" City, the revenue may be counted twice.

Note: Although it has separate locations, Mumbai cannot be entered more than once by a single train.

8.4.3.2 Calculate Revenue

Each City and Town is marked with a revenue value. The revenue a train earns is the sum of each City and/or Town counted along its legal route plus any Route or Concession bonuses. The locations that are counted depend on the type of train being operated. It is possible to count a City more than once by including it in the routes of different trains.

Generally, City stops and Gauge Change markers count against the length of the run a train can make. Towns can be served without counting the location as a stop, but are skipped by express trains.

Route and Concession bonuses are not doubled or tripled by ×2 or ×3 trains. They are added to the revenue earned by the train after that revenue is doubled or tripled.

Cities designated as "OO" Cities have two separate locations within the hexagon. Both of the separate locations in these Cities may be served by a single train if a valid route between them can be used.

Note: This does not include Mumbai.

8.4.3.3 Variable Value Cities

The Cities with a value of "(? + XX)" are Variable Value Cities. The value of a Variable Value City is equal to the highest-valued Non-Variable City included in the train's route, plus the listed modifier. The Non-Variable Value City does not necessarily need to be counted, but it must be a part of the train's route.

If only Variable Value City are included in the route, then the base value of each Variable Value City is ₹20.

Example: Calculating a route using Variable Value Cities. The Eastern Bengal Railway (EBR) is running a 4-train from Kolkata, through Haldia, Dhaka, and Guwahati, terminating in China. Kolkata has a green tile on it, giving it a value of ₹40. There is a gauge change between Dhaka and Guwahati. Dhaka and China are variable value Cities.

Kolkata is the most valuable City on the train's route. The revenue generated by this 4-train is ₹170. It earns ₹40 for Kolkata, ₹10 each for Haldia and Guwahati. For Dhaka it earns ₹50 (Dhaka's +₹10 and the ₹40 value of Kolkata). For China, the train earns ₹60 (China's +₹20 and the ₹40 value for Kolkata. The gauge change counts as a ₹0 stop for the train.

The EBR also owns a 2-train that operates between China and Nepal. The revenue earned by this train is ₹70. As there are no other Cities on the route other than the variable value Cities, each variable value City counts as ₹20, plus their bonus. The train earns ₹40 from China and earns ₹30 from Nepal.

8.4.3.4 Types of Trains

The following is a summary of each type of train and its effects.

Reminder: All trains must start and end their routes in a City—not a Town or Gauge Change marker.

Type 2 — Card Symbol: '2'. Costs: ₹180. Resale Value: ₹180. Number Available: 6. A 2-train's route can include up to two Cities. It counts every City and may freely count (not as a stop) every Town on the route between the Cities. Must start/stop in a City.
Type 3 — Card Symbol: '3'. Costs: ₹300. Resale Value: ₹300. Number Available: 4. A 3-train's route can include up to three Cities. It counts every City and may freely count (not as a stop) every Town on the route between the cities. Must start/stop in a City.
Type 4 — Card Symbol: '4'. Costs: ₹450. Resale Value: ₹300. Number Available: 3. Reverse: Type 4E. A 4-train's route can include up to four Cities. It counts every City and freely may count (not as a stop) every Town on the route between the Cities. Must start/stop in a City.
Type 4E — Card Symbol: '4E'. Costs: ₹450. Resale Value: ₹300. Number Available: 3. Reverse: Type 4. A 4E-train's route can include any number of Cities and counts the best four Cities on the route and does not count the rest of the included Cities. Towns and gauge change markers are ignored.
Type 3x2 — Card Symbol: '3x2'. Costs: ₹700. Resale Value: ₹500. Number Available: 3. Runs as a 3-train and doubles the result.
Type 3x3 — Card Symbol: '3x3'. Costs: ₹900. Resale Value: ₹700. Number Available: 3. Runs as a 3-train and triples the result.
Type 4x2 — Card Symbol: '4x2'. Costs: ₹800. Resale Value: ₹650. Number Available: 3. Reverse: Type 4Ex2. Runs as a 4-train and doubles the result.
Type 4Ex2 — Card Symbol: '4Ex2'. Costs: ₹800. Resale Value: ₹650. Number Available: 3. Reverse: Type 4x2. Runs as a 4E-train and doubles the result.
Type 4x3 — Card Symbol: '4x3'. Costs: ₹1100. Resale Value: ₹0. Number Available: 3. Reverse: Type 4Ex3. Runs as a 4-train and triples the result. It has no resale value; these trains cannot be sold back to the Bank.
Type 4Ex3 — Card Symbol: '4Ex3'. Costs: ₹1100. Resale Value: ₹0. Number Available: 3. Reverse: Type 4x3. Runs as a 4E-train and triples the result. It has no resale value; these trains cannot be sold back to the Bank.

Important: Only one Phase IV train may be owned by a railroad Company.

8.4.3.5 Gauge Changes Along Routes

A Gauge Change marker indicates that the train must switch to a different gauge of track. Each Gauge Change marker crossed by a train's route counts as a ₹0 City stop. Express trains (4E, 4E×2, or 4E×3) ignore all Gauge Change markers.

8.4.3.6 Route Bonus

A train may earn a route bonus by including two specially designated Cities in its route. It is possible to earn multiple bonuses in a single route.

City One	City Two	Route Bonus
Delhi	Kochi	₹100
Karachi	Chennai	₹80
Lahore	Kolkata	₹80
Nepal	Mumbai	₹70

Note: Route bonuses are not doubled or tripled by ×2 or ×3 trains. They are added to the revenue earned by the train after that revenue is doubled or tripled.

8.4.3.7 Concession Acquisition & Bonus

Commodities have a starting hexagon indicated on the map and marked with a Commodity token. Each commodity also has one or more destination locations indicated with the name of the commodity and a route bonus.

The Company that first runs a train with a legal route that passes through the commodity start location's hex and its destination location is immediately awarded the commodity concession marker and immediately adds the route bonus to the train's total revenue. Only a Company with a commodity concession marker can collect the route bonus for that commodity.

It is possible to earn multiple bonuses in a single route. The destination locations of the commodities do not necessarily have to be counted; they just have to be included in the route. A Company running two trains may earn this bonus twice provided each train takes a separate route.

Concessions are not "directional", a train simply must include both locations, in any order, on its route.

Once awarded to a Company, a concession is permanently assigned to that Company for the remainder of the game.

Note: Concession bonuses are not doubled or tripled by trains. They are added to the revenue earned by the train after that revenue is doubled or tripled.

Historical Note: One of the key reasons that many of the Indian Railways were started, including the Great Indian Peninsula Railway, was for the purpose of increasing the export of cotton, silk, opium, sugar, and spices.

8.4.4 Manage Revenue & Stock Adjustments

The Company's total revenue is the sum of the revenue earned by its train(s). The Director or Manager of the Company then decides whether to withhold the revenue or to pay it out as dividends. This decision will also affect the Company's Stock Price. When adjusting stock value, if the stock value marker is ever moved into a space already containing other markers, place the Company's marker below them to retain Company operating order.

8.4.4.1 Withholding Revenue

If the Director or Manager chooses to withhold, the player takes the revenue from the Bank and places it in the Company's Treasury. If a Company does not pay out dividends—through withholding, not owning a train, not having a legal route, or having a route of value ₹0—then its Share Price Marker moves left one space.

Important: Exception: A Guaranty Company's Share Price Marker does not move backwards when withholding unless that Guaranty Warrant has expired [2.3].

8.4.4.2 Paying a Dividend

Divide the total revenue by ten. Each shareholder receives this amount from the Bank for each share they own in their portfolio. Shares in the Open Market, IPO, or in players' hands do not pay; any leftover revenue remains in the Bank.

8.4.4.3 Adjusting the Stock Value

If the total revenue paid out is greater than zero, but less than half the Company's Market Value, do not move its Share Price marker. If the total revenue paid out is greater than or equal to half but less than double the Company's Market Value, move the Share Price marker up one space. If the total revenue paid out is at least double, at least triple, or at least quadruple the Company's Market Value, move the Share Price marker up two, three, or four spaces respectively. The area above the Stock Market columns on the map board includes a valuation table to help figure out how many spaces the Share Price marker moves to the right.

8.4.4.4 Closing a Company

If a Company's stock market value marker reaches the "closed" box, it immediately ceases operations and is closed. Remove all of its components (charter, shares, tokens) from the game. Return any trains it owns to the Open Market, return its Treasury to the Bank, and return any Royal Bonds and certificates it owns by placing them in the Open Market. Locations marked as reserved on the map for that Company are no longer reserved.

The game will continue with one less Company and reduced Certificate Limits [7.3].

If the GPIR is operational, it must replace the home station of the closed Company with an exchange station token from its charter if one is available. It may also replace any, all, or none of the closed Company's other station tokens. This is done at the discretion of the GIPR's Manager [2.4.4].

8.4.5 Purchasing & Selling Trains

8.4.5.1 Train Permanency & Train Limit

Trains never rust; all trains are permanent.

A Company may own a maximum of two trains at any time. If it already owns two trains, it must sell one to the Bank before it may purchase another.

From Phase IV, a Company may still own two trains; however, a Company may only own one of the Phase IV trains (i.e., 3×2, 3×3, 4×2, 4×3, 4E×2, or a 4E×3).

8.4.5.2 Requirement to Own a Train

No Company is ever required to own a train. If, however, a Company fails to own a train at the end of its Operating Round, its stock value moves to the left by one space.

Strategy Tip: The "Train Rush." Trains do not rust in 18 India, therefore a Company will never suddenly be caught without any trains due to a "rusting event." But this does not mean that 18 India does not have a train rush, for indeed it does! The rush is a race to have your Companies acquire more capable trains faster than your opponent's Companies and produce ever increasing revenues. You must balance the need to pay dividends with the need to fund the Company to afford bigger, better trains that will pay larger dividends. 18 India is not a long game and there is not enough money in the game to allow every Company to have the best trains, so plan which Companies will be your best earners and make sure they get the rolling stock they need.

8.4.5.3 Buying a Train from the Bank

New trains of the currently available type may be purchased at face value from the Bank by operating Companies. All of the trains of one type must be purchased before trains of next type may be purchased [3.0].

The Bank may also have for sale previously-owned trains that have been sold back to the Bank. Previously-owned trains that are available for sale by the Bank are kept separate from new trains of the currently available type. Previously-owned trains are purchased at face value.

Type 4E, 4E×2, and 4E×3 trains are double-sided; a Type 4, 4×2, or 4×3 train, respectively, is printed on the reverse. Either train type may be purchased from the train market. Once purchased, the type of train is determined for the remainder of the game and the other side of the train card may not be used even when sold back into the Open Market.

8.4.5.4 Buying a Train from a Company

A Company may purchase a train from another Company if its Director or Manager agrees. The purchase price must be at least ₹1, but otherwise any agreed upon amount is legal.

Example: Buying a train from another Company. A player is operating the Darjeeling-Himalaya Railway (DHR). The railway has no trains and ₹134 in its Treasury. There are some used 2-trains and one 3-train available for sale in the market. The player is also the Director of the South Indian Railway (SIR) which has one 2-train, one 3-train and ₹315 in its Treasury. The DHR cannot afford any of the trains available from the market as 2-trains cost ₹180 and 3-trains cost ₹300. No Company is required to own a train, but since that is the only way for a Company to earn revenue, the director of the DHR decides that the DHR will purchase a 2-train from the SIR. The price paid for the 2-train will be ₹1 from the DHR Treasury to the SIR Treasury. Upon receipt of the train, the DHR sells the 2-train to the Bank, placing the train into the used train market, for its ₹180 resale value which gives the DHR ₹313 in its Treasury. The DHR then buys a 3-train from the market for ₹300, leaving it ₹13 in its Treasury. But, now the DHR has a good train and can begin to earn revenue and attract additional investors.

8.4.5.5 Selling a Train to the Bank

A Company may sell any number of trains into the Open Market for their listed resale value.

A double-sided train that is sold to the Open Market must remain on the side that was selected when the train was first purchased from the Bank.

A Company may not sell a train to the Open Market if that particular train was purchased from the Bank on the same Operating Round.

8.4.5.6 Phase IV Trains

A Company may never own more than one of the Phase IV trains (3×2-, 3×3-, 4×2-, 4×3-, 4E×2-, or 4E×3-trains).

8.4.5.7 Stock Adjustment if Trainless

If, at the end of a Company's Operating Round it does not own a train, its stock value marker is moved one space to the left. This is in addition to the one space left the marker is moved if the Company paid no dividend. Note that this could cause the immediate closure of that Company if the stack value marker moved into the "Closed" area of the Stock Market. [8.4.4.4]

8.4.5.8 Forced Train Purchase

Since a Company is never required to own a train, the concept of "emergency fund raising" or a "forced train purchase" does not exist in 18 India. A player may never contribute money from their personal funds to a Company's Treasury for any reason.

8.4.6 Purchasing & Selling Stock Certificates

A Company may first optionally sell any or all certificates it owns, then optionally it may purchase one certificate from either the IPO or the Open Market.

8.4.6.1 Selling Certificates

The Company may sell any, all, or none of the certificates it owns. If selling a Private Company or a Royal Bond, the Company receives the certificate's face value from the Bank. If selling a stock certificate, the Company receives the current market value per share certificate sold. Certificates sold are placed into the Open Market.

After optionally selling certificates, a Company may purchase one certificate.

Purchase a certificate from the IPO
Purchase a certificate from the Open Market
Purchase a Royal Bond
Convert a Royal Bond into a certificate of the GIPR (beginning in Phase IV)

A Company may not purchase a certificate if it has reached the Company certificate limit of three [8.4.6.7].

Strategy Tip: Why should a Company own certificates? Purchasing and owning investments in other Companies can be a powerful tool during the game and in the final scoring. When a Company purchases certificates, several advantages present themselves. The obvious advantage is that the Company will earn dividend payments from the Companies they are invested in. Secondly, as the value of the Company's investments increase, the Company can sell the stock to raise needed money to operate more efficiently. Of course, by purchasing a certificate of another Company owned by the same player, a player can use one Company's money to support the activities of the player's other Company. More subtly, sometimes the Company can buy a certificate from the IPO which makes a more desirable certificate available. Finally, 10% of the value of a Company's investments, if held to the end of the game, factor into that Company's true value to the final net worth of its shareholders. Do not underestimate the value of this final point to your score! The difference between the final stock value of a Company that has accumulated 3 good shares and one that does not could easily top ₹150 per share!

8.4.6.2 Purchase a Certificate from the IPO

A Company may purchase one certificate from the IPO. The Company will select a row and purchase the first certificate in that row for the face value printed on the certificate.

If the certificate purchased is a Private Company, the Company pays the Bank.

If the certificate purchased is a stock certificate, the Company pays the printed value to the Treasury of the Company indicated by the certificate. If the Company is not yet operational, place the money onto the charter of that Company. When that Company begins to operate it will have the funding provided by this purchase.

Reminder: A Managed Company may become operational during a set of Operating Rounds if a third certificate is purchased [2.2.1].

Note: A Company may never purchase its own share certificates from the IPO.

8.4.6.3 Purchase a Certificate from the Open Market

A Company may purchase one certificate from the Open Market. The Company pays the current market value of the share to the Bank. It is allowed for a Company to purchase its own share certificates from the Open Market.

8.4.6.4 Purchase a Royal Bond

A Company may purchase one Royal Bond for face value ₹100. The face value is paid to the Bank and the certificate is added to the Company's Treasury.

8.4.6.5 Convert a Royal Bond into a Certificate of the GIPR

This action may only be taken after the game has entered Phase IV. A Company may convert one of the Royal Bonds already in their Treasury into a certificate of the GIPR.

8.4.6.6 A Company as the Majority Shareholder

Regardless of how many share certificates are in play and how many share certificates a Company owns, a Company may never be the Director or Manager of another Company. As a result, a Company can never own a Director's Certificate.

8.4.6.7 Company Certificate Limit

At no time may a Company own more than three certificates.

9.0 Game End & Winning

9.1 Game End Conditions

The game ends at the conclusion of the Operating Round when either of the following two conditions are met:

The Bank's funds (₹9,000) are exhausted.
Any Company's stock value reaches ₹400 in value.

In the rare case where the Bank breaks during a Stock Round, play two more Operating Rounds, supplying any needed funds beyond the Bank's size.

9.2 Final Scoring

The winner of the game is the player with the highest net worth.

9.2.1 Final Company Value Calculation

When calculating a player's total score, each Company's final stock value is the sum of their market stock value and 10% of the assets each Company owns. To calculate a Company's final stock value, begin with the current Market Price of the Company and then:

Add the current market value of all of the certificates owned by the Company, then
Add the ₹100 face value for any Royal Bonds owned by the Company, then
Add the purchase value of any trains owned by the Company, then
Add the face value of any Private Companies owned by the Company, then
Add the cash in the Company Treasury.

Take 10%, rounded down, of the resulting total and add it to the final stock value of each 10% share of the Company.

Example of Play: Calculating a Company's final value per share. At the end of the game, the Nizam State Railway (NSR) had a market value of ₹205 per share. The NSR owns one 4×2 train valued at ₹800. The Treasury contains ₹112, one Royal Bond valued at ₹100, and one 10% share of the Ceylon Government Railway valued at ₹300.

When determining player total net worths at the end of the game, the book value of the Nizam State Railway is calculated to be ₹336 per 10% share. This value is arrived at by adding 10% (rounded down) of the NSR's assets to the share price (₹800 train + ₹112 cash + ₹100 bond + ₹300 share = ₹1,312 x 10% = ₹131.2 rounded down to 131 = ₹205 + ₹131 = ₹336).

9.2.2 Final Player Value Calculation

Total each player's cash on hand and stock portfolio value, based on the final stock values. The player with the highest total wins!

10.0 Etiquette

Players may make deals; however, deals are not binding. No assets may be traded, given, or sold among players or Companies except as explicitly set forth in the rules.

Players' cash on hand and stock holdings are open for examination, as are Companies' treasuries, trains, certificates, and available tokens.

To speed up play, try to plan ahead. Sometimes a player's decisions will affect your own, but often they won't. Planning your Company's next tile lays, routes, and train purchases can dramatically speed up the game. Similarly, in Stock Rounds, a given player can only purchase one item per turn. Picking a second choice, while the player ahead of you is thinking, will often result in you being able to take your turn immediately.

Avoid excessive analysis and comments on other player's turns, as this tends to slow down or distract the current player. Some groups enjoy this analysis, though. That's fine, as long as you understand that the game will take longer.

Adjust your speed of play to that of the group. If you're the slowest player, try to speed up. If you're the fastest player, don't get impatient; instead, help the other players by finding tiles, checking rules questions, etc.

Above all, have fun!

11.0 Track Progression Table

This section of the printed rulebook is a graphical chart showing the upgrade progression of each track tile (yellow to green to brown to gray). It carries no additional rules text beyond the tile diagrams themselves.

12.0 Detailed Example of Play

A few good friends and railroad game enthusiasts—"Player 1", "Player 2", and "Player 3"—have gathered to play 18 India. The turn order cards are randomly distributed and they take their seats at the table. The game is set up according to the instructions and each player receives ₹733 from the Bank. Each player is also dealt a hand of 13 certificates to examine. Each player may only keep 7 of the certificates in their hand and must discard the remaining certificates into a draft pool. We will follow the beginning of the game from the perspective of Player 1.

Player 1 looks at the certificates received:

4 certificates of the East India Railway, valued at ₹100 each. They are expensive but would provide good capital to the Company.
3 Great Indian Peninsula Railway certificates, valued at ₹112 each. These are great a little later in the game, but not so much at the beginning. However, by keeping them perhaps Player 1 can take over the Company later in the game.
2 Kolar Gold Fields Railway certificates, valued at ₹67 each. The Kolar Gold Fields Railway is one of the three Companies that were designated as a Guaranty Company during the setup of the game.
2 Ceylon Government Railway certificate, valued at ₹76.
1 Northwestern Railway certificate, valued at ₹100.
1 Private Company certificate, the Danish East India Company, valued at ₹115. That is not an inexpensive private Company, but it pays ₹20 per turn and allows a Company to place a free station token, which would otherwise cost either ₹40 or ₹100.

Player 1 decides to keep the 4 East India Railway certificates, the Northwestern Railway certificate, 1 of the Great Indian Peninsula Railway certificates, and the Danish East India Private Company. The other certificates are discarded face-down to the draft.

The Start Player, as decided by the turn order cards at the beginning of the game, shuffles the discarded face-down certificates from the players with the set aside Director's Certificates, reveals them, and initiates the draft. During the draft, Player 1 selects the following certificates and adds them to their hand:

3 Great Indian Peninsula Railway certificates.
1 Director's Certificate of the East India Railway.
1 Private Company certificate, the Swedish East India Company.
2 Nizam State Railway certificates.
2 Northwestern Railway certificates.

Stock Round 1

The initial Stock Round now begins. Because a player can play any number of matching Company certificates from their hand in a single Stock Round action, Player 1 purchases all of the East India Railway certificates from their hand. This includes the Director's Certificate and four 10% certificates. At ₹100 each, the Company will begin with ₹600 in its Treasury. Player 1 places the certificates in play and receives the Company charter. Player 1 then places ₹600 from their personal capital in the Company Treasury, leaving them with ₹133. Player 1 then places a station token in the East India Railway's starting location, Kolkata.

On Player 1's next turn, seeing that another player has started the Northwestern Railway, they buy one 10% certificate of the Northwestern Railway from their hand. Player 1 pays ₹100 from their personal capital to the Northwestern Railway's Company charter and puts the 10% certificate in play. Player 1 now has only ₹33 remaining.

On Player 1's next turn, the player decides to purchase the Swedish East India Company from their hand of certificates. This costs ₹25.

At this point, with only ₹8 remaining, Player 1 will pass on their next turn. Being the first player to have passed, Player 1 places the player marker in their color on the first space on the Passing Order track and will be the first player to act in the next Stock Round.

Operating Round 1.1

After all players have passed, the first Operating Round may begin. All players collect revenue from any Private Companies and Royal Bonds they have purchased. Player 1 collects ₹5, the revenue paid by the Swedish East India Company.

Being valued at ₹100 and having started before the Northwestern Railway, the East India Railway (EIR) will be the first Company to operate. The Director elects to place 4 yellow track tiles: an OO tile in Kolkata with the track facing Haldia (with its home station token); a #9 tile connecting Haldia to Dhaka, crossing the river for a ₹30 terrain cost; a #9 tile placed north of Dhaka towards Guwahati; and finally a #4 tile placed in Guwahati. As these last two tracks cross a red dotted line representing a gauge change, a Gauge Change marker must be placed straddling the two tiles.

If the EIR wants to earn revenue and pay dividends, the EIR should purchase some trains, so it purchases two 2-trains from the Bank for ₹180 each. After the expense of the river crossing and two trains, the EIR now has ₹210 remaining in its Treasury.

As its final action in an Operating Round, a Company may buy and sell stock certificates. Seeing a certificate of the Northwestern Railway at the top of a row in the IPO, the EIR purchases that certificate, placing ₹100 in that Company's Treasury and placing the certificate on the EIR Company charter.

As the EIR has not paid a dividend this round, its share price value token is moved left one space on the Stock Market from ₹100 per share to ₹90 per share.

Operating Round 1.2

In the next Operating Round, the EIR places a #8 tile connecting Guwahati to China, continuing the track by placing a #9 tile towards the hexagon from which Tea originates and a #8 on the Tea hexagon. The Tea marker is placed on the track tile that covers this location. A #9 tile completes the track to Nepal. Obviously, the EIR hopes to one day deliver this Tea to Visakhapatnam, which is the next revenue location South of Haldia.

With ₹110 in its Treasury, EIR places a station token in China. Because the Darjeeling-Himalayan Railway is not in play, this location is not reserved. This station costs ₹40.

EIR operates one of its two trains between China and Nepal, earning ₹70. The other 2-train operates between Kolkata and Dhaka earning ₹80. The revenue of ₹150 is paid to shareholders, each player receiving ₹15 for each 10% share. With this dividend payment, the EIR's share price value is increased by moving the marker one space to the right from ₹90 per share to ₹100 per share.

Since the EIR owns a share of the Northwestern Railway, it is entitled to any dividend paid by that Company when it operates.

EIR has two trains, so it cannot purchase additional trains. Of course it could sell one or both of its 2-trains and purchase other trains, but this would only make sense if better trains were available. EIR decides not to buy or sell any stock, preferring to hold onto its capital to buy a bigger train in the near future. Perhaps other investors will put their capital into the Company in the coming stock round.

Stock Round 2

After the first set of Operating Rounds, Player 1 has put EIR in a solid position. They've built track into the northern part of the map and are running two 2-trains for decent payouts. As play moves into Stock Round 2 (SR2), they will want to focus on building their portfolio.

Assuming that the Northwestern Railway—which Player 1 owns a single share of—had an average payout in the first set of Operating Rounds, Player 1 should have about ₹145 coming into Stock Round 2. They could potentially sell some of their shares during the Selling Turn (7.1), but that may not make the most sense for them right now. During Stock Round 2 players have four places from which they can buy certificates: the Open Market, the IPO, the stack of Royal Bonds, and their Hand of Certificates.

Looking back on the Hand of Certificates that they assembled at the beginning of the game, Player 1 could potentially buy another share of the Northwestern Railway for ₹100, buy a share of the GIPR from their hand for ₹112, buy both of their shares of the Nizam State Railway for ₹142, or they could purchase the Danish East India Company for ₹115.

Looking beyond their Hand, Player 1 should check the IPO for certificates of Companies that have already started or for opportunities to start a new Company of their own. Remember that a company becomes operational when the 20% Director's Certificate is purchased or if three 10% certificates have been purchased. So, if there is a company that has had one certificate purchased, but hasn't been started yet, keep an eye out for the opportunity to buy two 10% shares and start a Managed Company. Another thing to consider here is that if there is another Nizam State Railway share available in the IPO, Player 1 would have three shares between the IPO and their Hand and could start another company that way.

Assuming none of their fellow players left Player 1 with such auspicious options, their best bet is most likely to play something out of their Hand. They could purchase the Northwestern Railway share, but that might leave them in a precarious situation if the pass order doesn't go their way and the owner of Northwestern decides to loot the company and "gift" it to Player 1 in a future Stock Round. Purchasing the two Nizam shares out of hand without having a way to get a third would be a waste as those two shares would simply lock up capital without adding to the bottom line.

Player 1 could buy a single GIPR share from their Hand or buy a Royal Bond that they could convert into a GIPR share. However, at this point, they can only afford one share or bond and the company doesn't become operational until there are three 10% shares in play and the first 3-train has been purchased. So unless another player purchases a couple of GIPR shares this round, that is probably not Player 1's best option.

This leaves the option to buy the Danish East India Company for ₹115. This is a very good option for Player 1 right now for three reasons. First, at this point in the game, very few shares are paying out ₹20 per operating round, so it's a great way to make some easy money before the next Stock Round. Second, in 18 India, players can get their money back from Private Companies. Whether through using the ability for a company under the player's control or selling the Private Company back to the Market during the next Stock Round, Player 1 can get their ₹115 back in time to invest differently in the next Stock Round. Third, and possibly most importantly, by spending nearly all of their money in one Stock Round Action, Player 1 will be able to pass on their next turn and maintain the right to act first in the next Stock Round which gives them the most future flexibility to respond to game state in Stock Round 3.

Looking Ahead

Player 1 is in a great spot, but many decision points still lie ahead. It's hard to guess what their most important decisions will be, but given their decisions up to this point, there are two big pieces that Player 1 should be keeping in mind as they move into the next set of Operating Rounds and beyond.

As mentioned in Operating Round 1.2, Player 1 will want to set EIR up to deliver the Tea commodity to Visakhapatnam. To do this, they will need to finish building the track that connects Visakhapatnam to their network and they will need a train that can go the distance. Once the last three track pieces are laid to connect to Visakhapatnam, the route from Nepal to Visakhapatnam is 4 Cities plus a Gauge Change marker for a grand total of 5. That means that EIR will need a 4E train to make that run. Preparing to get EIR a 4E as soon as possible is in Player 1's best interest, so lining things up to make that happen is integral to helping Player 1 get as much money out of their EIR shares as possible.

The other key thing that Player 1 will want to keep their eye on is the GIPR. With three GIPR shares in their Hand of Certificates, Player 1 is in a great position to end up managing that Company. One of the significant benefits of the GIPR is the sheer amount of capital that it ends up having due to its twenty shares. When fully capitalized, the GIPR controls over ₹2,200, so being the one in charge of that money can lead to many promising opportunities. Whether you build GIPR into a super company and try to snatch up as many of those shares as possible or choose to move that cash into another company and let the GIPR shares languish, the possibilities with GIPR are endless. Needless to say, Player 1 will want to be the one making those decisions and they are in the perfect position to do so.

We hope you've enjoyed this sample of play and that it whetted your appetite and sparked your imagination with just a few of the strategic considerations found in 18 India. This game has provided our team with hundreds of hours of enjoyment and surprises as we've delved deeper into the game and we wish the same for you!

13.0 Experienced 18XX Players: Points to Remember

18 India differs from typical 18XX games in several ways, the following is a summary of differences. Please refer to the relevant rules section for further details.

Initial Certificate Distribution [6.2] At the beginning of the game, players are dealt certificates from a deck of certificates that has been prepared. Some of these certificates are kept, and additional certificates are drafted. These certificates form a player's "hand" of exclusive rights certificates. A player is never required to purchase and put into play any of the certificates in their hand.

Initial Public Offering (IPO) [6.3] The certificates that are not processed in the initial share distribution, are shuffled and laid out, face up, in three rows, forming an IPO. Players, and Companies, may purchase certificates from the IPO by paying the face value of the certificate to the indicated Company and placing the certificate into the player's portfolio (or Company charter) on the tabletop. Certificates in the IPO may only be purchased from one row at a time, and only in the order in which they are displayed. A player may purchase the first, and then optionally the second, certificate in the selected row.

Stock Rounds [7.0] The first turn of a Stock Round is the only turn in which a player may sell certificates from their portfolio. Selling a Company's stock does not prevent a player from purchasing that Company's stock in the same Stock Round. A player may own up to 100% of a Company, and the open market may hold up to 100% of a Company's stock.

Managed Companies [2.2] A Managed Company is a Company that operates once at least three 10% certificates are in play and the Director's Certificate is not in play.

Variable Value Cities [8.4.3.3] Variable Value Cities count as the value of the most valuable City tile on the train's route, plus the bonus value printed on the City hexagon. If no other City tile is included in the train's route, the Variable Value City counts as ₹20, plus the bonus value printed on the City hexagon.

Building Track [8.4.1.1-8.4.1.6] A Company may place up to four yellow track tiles in a single, contiguous path—or perform one upgrade. Phases of the game do not regulate the color of tile upgrades that are available. All colors of tile upgrades are available from the beginning of the game. Track tile upgrades must follow the typical progression of yellow, then green, then brown, then gray. Yellow Towns may be upgraded to single-station green Cities.

Placing a track that crosses a red dotted line indicates a change of gauge and a Gauge Change marker must be placed at the junction of two gauges to indicate this. Gauge Change markers count as a ₹0 stop, except for Express trains which ignore Gauge Change markers.

Concessions [8.4.3.7] The board is marked with several concession commodity tokens. The token indicates the location of the concession goods. The first Company to deliver a particular concession to one of its destinations is awarded the concession marker and a route bonus. Once awarded, only the Company possessing the goods concession may collect the route bonus for this concession marker.

Trains [8.4.5] A Company is never required to own a train, and a player may never contribute funds towards the purchase of a train. Trains never rust; all trains are permanent. The train limit is always two trains. A Company may only own one of the Phase IV trains. A Company may buy trains from another, willing Company for a minimum of ₹1 each. A Company may sell trains to the Bank for their resale value. However, a Company may not sell a train it purchased from the Bank in the same operating turn in which it was purchased.

The route of a train must always begin and end in a City. Towns on a route are served freely, without counting as a stop, except for Express trains which ignore Towns. Gauge Change markers count as a ₹0 stop, except for Express trains which ignore Gauge Change markers.

Stock Value Changes [7.1, 8.4.4] The value of a Company's shares do not change when shares are sold or when all of the shares of a Company are 100% player-owned. Guaranty Companies do not move backward if no dividend is paid. Based on the size of the dividend and the current stock value, a Company's stock value may increase by one to four columns to the right. If a Company ends its operating turn without a train, its stock value is moved one column to the left.

14.0 Acknowledgements

1829 Mainline is authored by Francis Tresham and is published by Tresham Games. 18Africa is authored by Jeff Edmunds and is self-published.

Any acknowledgement would be incomplete without specifically honoring the late Francis Tresham—who began it all with his 1829 game published by Hartland Trefoil, Ltd. in 1974. Thank you, Francis.

The 18XX genre of railroading board games has been advanced and expanded upon by too many others to mention any without fear of accidental exclusion. We are grateful to each of you.

Thank you to our play testers: Chad Cook, Matthew Grippin, Denise Hayward, Adam Kramer, Jeremy Long, Janice Marquardt, Jim McDanold, Randall Nelson, Michael Pogel, Todd Vahlsing, Nathan Wagner, and Chris Whitpan, and the many attendees of various TraXX events that have played 18 India and contributed to its success.

Special gratitude is extended to Ken Kuhn for his excellent game development and to Chris Whitpan for his fantastic artwork and illustration. We consider them both as dear friends.

Last but not least, thank you to GMT Games and their customers for their support of TraXX and 18 India.

Credits

Designers: Michael Carter, Anthony Fryer, John Harres, & Nick Neylon
Developer: Ken Kuhn
Art Director: Rodger B. MacGowan
Graphic Designer and Game Board Art: Chris Whitpan
Rules Layout: Charles Kibler
Cover Illustration: Kurt Miller
Proofreading: Sean Coulter, Peter Gibson, Kevin Hartman, Michael C. Neubauer, Ronald Nickelson, Brent Pollock, and Ryszsard Tokarczuk
Playtesters: Chad Cook, Matthew Grippin, Denise Hayward, Adam Kramer, Jeremy Long, Janice Marquardt, Jim McDanold, Randall Nelson, Michael Pogel, Todd Vahlsing, Nathan Wagner, and Chris Whitpan
Production Coordination: Tony Curtis