Revendedores forex autorizados em mumbai

Revendedores forex autorizados em mumbai
EMPRÉSTIMOS COMERCIAIS EXTERNOS (BCE)
LIBERAÇÃO DE INTERCÂMBIO EXTERNO POR NEGOCIANTES AUTORIZADOS.
(a) Empréstimos comerciais externos (BCE) referem-se a empréstimos comerciais [sob a forma de empréstimos bancários, compradores & rsquo; crédito, fornecedores & rsquo; instrumentos de crédito, securitizados (por exemplo, notas de taxa flutuante e obrigações de taxa fixa)] utilizados por mutuantes não residentes com prazo médio mínimo de 3 anos.
(b) Obrigações convertíveis em moeda estrangeira (FCCB) significam uma obrigação emitida por uma empresa indiana expressa em moeda estrangeira, e o capital e os juros em relação aos quais é pagável em moeda estrangeira. Além disso, exige-se que as obrigações sejam emitidas de acordo com o esquema “Emissão de obrigações convertíveis em moeda estrangeira e Regime de Ações Ordinárias (através do Mecanismo de Recebimento de Depósito), 1993”, e subscritas por um não residente em moeda estrangeira e conversível. em ações ordinárias da companhia emissora de qualquer maneira, no todo ou em parte, com base em quaisquer bônus de subscrição relacionados a instrumentos de dívida. A política para o BCE também é aplicável aos FCCBs. A emissão de FCCBs também é obrigada a aderir às disposições da Notificação FEMA No. 120 / RB-2004, datada de 7 de julho de 2004, conforme aditada de tempos em tempos.
(c) O BCE pode ser acedido ao abrigo de duas rotas, a saber, (i) Rota Automática descrita no Parágrafo I (A) e (ii) Rota de Aprovação delineada no parágrafo I (B).
(d) O BCE para investimento em setor real - setor industrial, especialmente setor de infraestrutura - na Índia, está sob Rota Automática, ou seja, não requer aprovação do RBI / Governo. Em caso de dúvida quanto à elegibilidade para aceder à Rota Automática, os candidatos podem recorrer à Rota de Aprovação.
(a) Sociedades (registadas ao abrigo da Lei das Sociedades, excepto os intermediários financeiros (como bancos, instituições financeiras (IFs), empresas de financiamento da habitação e NBFC) são elegíveis para aumentar o BCE.
Organizações lucrativas As organizações não são elegíveis para aumentar o BCE.
(b) As unidades em Zonas Económicas Especiais (ZEE) podem levantar o BCE para as suas próprias necessidades. No entanto, eles não podem transferir ou emprestar fundos do BCE para preocupações da irmã ou qualquer unidade na Área Tarifária Doméstica.
Os mutuários podem elevar o BCE de fontes internacionalmente reconhecidas, tais como (i) bancos internacionais, (ii) mercados de capitais internacionais, (iii) instituições financeiras multilaterais (como IFC, ADB, CDC, etc.), (iv) agências de crédito de exportação, (v) fornecedores de equipamentos, (vi) colaboradores estrangeiros e (vii) detentores de participações estrangeiras (que não sejam antigos OCBs). Um detentor de capital estrangeiro para ser elegível como credor reconhecido & rsquo; sob a rota automática exigiria uma participação mínima de capital na empresa mutuária, conforme estabelecido abaixo:
(i) Para o BCE até USD 5 milhões & ndash; patrimônio mínimo de 25 por cento detido diretamente pelo credor.
(ii) Para o BCE, mais de USD 5 milhões & ndash; capital mínimo de 25 por cento detido diretamente pelo credor e rácio de endividamento não superior a 4: 1 (ou seja, o BCE proposto não superior a quatro vezes a participação estrangeira direta).
(a) O montante máximo de ECB que pode ser levantado por uma empresa é USD 500 milhões ou equivalente durante um ano financeiro.
(b) BCE até USD 20 milhões ou equivalente num ano financeiro com prazo médio mínimo de três anos.
(c) BCE acima de USD 20 milhões e até USD 500 milhões ou equivalente, com média de vencimento média mínima.
maturidade de cinco anos.
(d) BCE até USD 20 milhões pode ter opção de compra / venda desde que a maturidade média mínima de três anos seja.
cumprido antes de exercer call / put opção.
O all-in-cost inclui taxa de juros, outras taxas e despesas em moeda estrangeira, exceto taxa de compromisso, taxa de pré-pagamento e taxas pagas em rupias indianas. Além disso, o pagamento do imposto retido na fonte nas rupias indianas é excluído para o cálculo do custo all-in. Os limites máximos all-in-cost para ECB são revisados ​​de tempos em tempos. Os seguintes limites são válidos até serem revisados:
* para a respectiva moeda de empréstimo ou referência aplicável.
(a) Investimento, e. importação de bens de capital (conforme classificação da DGFT na Política de Comércio Exterior), por unidades de produção novas ou existentes, setor setorial industrial real incluindo pequenas e médias empresas (SME) e setor de infraestrutura & ndash; na Índia. O setor de infraestrutura é definido como (i) energia, (ii) telecomunicações, (iii) ferrovias, (iv) rodovias incluindo pontes, (v) porto e aeroporto, (vi) parques industriais e (vii) infraestrutura urbana projetos de saneamento e esgoto);
(b) Investimento directo estrangeiro em Joint Ventures (JV) / Subsidiárias Integrais (WOS) sujeitas ao existente.
diretrizes sobre Investimento Direto Indiano na JV / WOS no exterior.
(a) A utilização dos resultados do BCE não é permitida para empréstimo ou investimento no mercado de capitais ou para adquirir uma empresa (ou parte dela) na Índia por uma empresa,
(b) A utilização de recursos do BCE não é permitida em imóveis,
(c) Não é permitida a utilização de proventos do BCE para capital de giro, propósito corporativo em geral e pagamento de empréstimos da Rúpia existente.
Não é permitida a emissão de garantia, carta de crédito de reserva, carta de compromisso ou carta de conforto por bancos, instituições financeiras e empresas financeiras não bancárias (NBFCs) relacionadas com o BCE.
A escolha da segurança a ser fornecida ao credor / fornecedor é uma vantagem para o mutuário. No entanto, a criação de ônus sobre ativos imobiliários e títulos financeiros, tais como ações, em favor do credor externo está sujeita ao Regulamento 8 da Notificação No. FEMA 21 / RB-2000 de 3 de maio de 2000 e Regulamento 3 da Notificação Nº FEMA. 20 / RB - 2000, datado de 3 de maio de 2000, respectivamente, conforme aditado de tempos em tempos.
ix) Estacionamento do BCE no exterior.
O ECB levantado para despesas em moeda estrangeira para usos finais permitidos deve ser estacionado no exterior e não deve ser remetido para a Índia. Os recursos do BCE estacionados no exterior podem ser investidos nos seguintes ativos líquidos: (a) depósitos ou Certificados de Depósito ou outros produtos oferecidos por bancos com classificação não inferior a AA (-) pela Standard and Poor / Fitch IBCA ou Aa3 pela Moody's; (b) depósitos em filial no exterior de um Revendedor Autorizado na Índia; e (c) Letras do Tesouro e outros instrumentos monetários de um ano de vencimento com classificação mínima conforme indicado acima. Os fundos devem ser investidos de tal forma que os investimentos possam ser liquidados à medida que os fundos forem exigidos pelo mutuário na Índia.
O pré-pagamento do BCE até USD 500 milhões pode ser permitido pelos bancos do AD sem a aprovação prévia do RBI sujeito ao cumprimento do prazo de vencimento médio mínimo estipulado, conforme aplicável ao empréstimo.
xi) Refinanciamento de um BCE existente.
O BCE existente pode ser refinanciado através de um novo BCE sujeito à condição de que o BCE fresco seja aumentado a um custo all-in mais baixo e a maturidade pendente do BCE original seja mantida.
O Revendedor Autorizado designado (banco AD) tem a permissão geral para fazer remessas de parcelas de principal, juros e outros encargos em conformidade com as diretrizes do BCE emitidas pelo Governo / Reserve Bank of India periodicamente.
Os mutuários podem celebrar um contrato de empréstimo em conformidade com as orientações do BCE com o credor reconhecido para angariar o BCE em rota automática sem a aprovação prévia do RBI. O mutuário deve obter um Número de Registro de Empréstimo (LRN) do Banco Central da Índia antes de sacar o BCE. O procedimento para obtenção de LRN é detalhado no parágrafo II (i) (b).
Os seguintes tipos de propostas para o BCE são cobertos pela Rota de Aprovação.
uma). As instituições financeiras que lidam exclusivamente com infra-estrutura ou financiamento de exportação, como IDFC, IL & FS, Power Finance Corporation, Power Trading Corporation, IRCON e EXIM Bank, são consideradas caso a caso.
b). Os bancos e instituições financeiras que participaram do pacote de reestruturação do setor têxtil ou siderúrgico, conforme aprovado pelo Governo, também são permitidos na medida do seu investimento no pacote e na avaliação do Banco Central, com base em normas prudenciais. Qualquer ECB utilizado para este efeito até agora será deduzido do seu direito.
c). BCE com prazo médio mínimo de 5 anos por Empresas Financeiras Não-Bancárias (NBFCs) de instituições financeiras multilaterais, instituição financeira regional de renome, agências oficiais de crédito à exportação e bancos internacionais para financiar a importação de equipamentos de infra-estrutura para arrendamento a projetos de infraestrutura.
d). Obrigações convertíveis em divisas estrangeiras (FCCB) por empresas de financiamento que satisfazem os seguintes critérios mínimos: (i) o património líquido mínimo do intermediário financeiro durante os três anos anteriores não deve ser inferior a Rs.500 cores; (ii) uma cotação na bolsa. BSE ou NSE, (iii) o tamanho mínimo do FCCB é de USD 100 milhões, (iv) o solicitante deve apresentar o objetivo / plano de utilização dos fundos.
e). Os Veículos de Propósito Específico, ou qualquer outra entidade notificada pelo Banco de Reserva, estabelecidos exclusivamente em empresas / projetos de infra-estrutura financeira, serão tratados como Instituições Financeiras e o BCE por essas entidades será considerado na Rota de Aprovação.
f). Sociedades Cooperativas Multi-Estado engajadas na atividade manufatureira satisfazendo os seguintes critérios (i) a Sociedade Cooperativa é fnanceiramente solvente e (ii) a Sociedade Cooperativa apresenta seu balanço auditado atualizado.
g). As empresas envolvidas no setor industrial e no setor de infra-estrutura na Índia podem aproveitar as despesas do BCE para Rupia para usos finais permissíveis.
h). Organizações Não-Governamentais (ONGs) envolvidas em atividades de microfinanças são elegíveis para aproveitar as despesas do BCE para Rupia para usos finais permissíveis. Tal ONG (i) deve ter uma relação de endividamento satisfatória por pelo menos 3 anos com um banco comercial agendado autorizado a negociar em moeda estrangeira e (ii) exigiria um certificado de diligência devida em termos de ajuste e adequação. status do conselho / comitê de administração da entidade mutuária do Banco do AD designado.
Eu). Corporativo no setor de serviços viz. hotéis, hospitais e empresas de software podem recorrer ao BCE para a importação de bens de capital.
j). Casos que estão fora do alcance dos limites automáticos de rotas e do período de maturidade indicados no parágrafo I A (iii).
(a) Os mutuários podem aumentar o BCE de fontes reconhecidas internacionalmente, tais como (i) bancos internacionais, (ii) mercados de capitais internacionais, (iii) instituições financeiras multilaterais (como IFC, ADB, CDC, etc.), (iv) crédito à exportação agências, (v) fornecedores & rsquo; de equipamentos, (vi) colaboradores estrangeiros e (vii) detentores de participações estrangeiras (que não sejam antigos OCBs)
(b) De "titular de capital estrangeiro"; onde o capital mínimo detido diretamente pelo credor estrangeiro é de 25 por cento, mas o rácio de endividamento excede 4: 1 (ou seja, o BCE proposto excede quatro vezes a participação de capital estrangeiro direto).
c) Organizações ultramarinas e indivíduos que cumpram as seguintes salvaguardas podem fornecer ao BCE Organizações Não Governamentais (ONGs) envolvidas em atividades de microfinanças.
(i) Organizações Internacionais que propusessem emprestar o BCE teriam que fornecer um Certificado de devida diligência de um banco no exterior que por sua vez está sujeito à regulamentação do regulador do país anfitrião e adere às diretrizes do Grupo de Ação Financeira (FATF) ao banco AD de o mutuário. O certificado de due diligence deve compreender o seguinte (i) que o credor mantém uma conta no banco por pelo menos um período de dois anos, (ii) que a entidade mutuante é organizada de acordo com a lei local e mantida em boa a comunidade empresarial / local e (iii) que não há nenhuma ação criminal pendente contra ela.
(ii) O Credor Individual tem de obter um certificado de diligência devida de um banco no exterior, indicando que o credor mantém uma conta no banco por pelo menos um período de dois anos. Outras provas / documentos, como o extrato de conta auditado e a declaração de imposto de renda que o credor estrangeiro possa fornecer, precisam ser certificados e encaminhados pelo banco no exterior. Credores individuais de países onde os bancos não são obrigados a aderir às diretrizes do Know Your Customer (KYC) não são elegíveis para estender o BCE.
(a) As empresas podem recorrer ao BCE de um montante adicional de USD 250 milhões com prazo médio superior a 10 anos sob a rota de aprovação, para além do limite existente de USD 500 milhões no percurso automático, durante um exercício financeiro. Outros critérios do BCE, tais como o uso final, o limite máximo do custo total, o credor reconhecido, etc., devem ser cumpridos. As opções de pré-pagamento e de compra / venda, no entanto, não seriam permitidas para tal ECB até um período de 10 anos.
(b) As empresas do setor de infraestruturas podem beneficiar o BCE até 100 milhões de USD e as empresas do setor industrial podem recorrer ao BCE até USD 50 milhões para despesas de capital da Rupee para utilizações finais permitidas dentro do limite global de USD 500 milhões por mutuário, por ano, em Rota Automática.
c) As ONG envolvidas em actividades de microfinanças podem elevar o BCE para 5 milhões de dólares durante um exercício financeiro. O banco designado de AD deve assegurar que, no momento da baixa, a exposição cambial do mutuário seja coberta.
(d) Empresas do setor de serviços, viz. hotéis, hospitais e empresas de software podem recorrer ao BCE em até US $ 100 milhões, por tomador, por exercício, para importação de bens de capital.
O all-in-cost inclui taxa de juros, outras taxas e despesas em moeda estrangeira, exceto taxa de compromisso, taxa de pré-pagamento e taxa a pagar em rupias indianas. Além disso, o pagamento do imposto retido na fonte nas rupias indianas é excluído para o cálculo do custo all-in.
Os atuais tectos all-in-cost são os seguintes: Os seguintes limites são válidos até serem revistos:
* Para a respectiva moeda de empréstimo ou referência aplicável.
(b) Investimento directo estrangeiro em Joint Ventures (JV) / Subsidiárias Integrais (WOS) sujeitas ao existente.
diretrizes sobre investimento direto indiano em JV / WOS no exterior.
(c) Aquisição da primeira fase de ações no processo de desinvestimento e também na oferta obrigatória de segunda etapa ao público, no âmbito do programa de desinvestimento do governo de ações da PSU.
(d) Importação de bens de capital por empresas do setor de serviços, isto é, hotéis, hospitais e empresas de software.
a) A utilização dos resultados do BCE não é permitida para empréstimos ou investimentos no mercado de capitais ou para adquirir uma empresa (ou parte dela) na Índia por uma empresa, excepto bancos e instituições financeiras elegíveis nos termos do parágrafo I (B) (i) ( A) e I (b) (i) (b),
(b) A utilização de recursos do BCE não é permitida em imóveis,
(c) A utilização de proventos do BCE não é permitida para capital de giro, finalidade corporativa geral e pagamento de.
empréstimos de rúpias existentes.
Emissão de carta de garantia de garantia, carta de compromisso ou carta de conforto por bancos, instituições financeiras e NBFCs relativas ao BCE não é normalmente permitida Pedidos de fornecimento de carta de garantia ou carta de crédito ou carta de conforto por bancos, instituições financeiras relacionadas com o BCE no caso das PMEs será considerado por mérito sujeito a normas prudenciais. Com vista a facilitar a expansão da capacidade e modernização tecnológica na indústria têxtil indiana, emissão de garantias, cartas de crédito standby, cartas de compromisso e cartas de conforto por bancos em relação ao BCE por empresas têxteis para modernização ou expansão de unidades têxteis serão consideradas sob Rota de Aprovação sujeita a normas prudenciais.
A escolha da segurança a ser fornecida ao credor / fornecedor é uma vantagem para o mutuário. No entanto, a criação de ônus sobre ativos imobiliários e títulos financeiros, como ações, em favor do credor externo está sujeita ao Regulamento 8 da Notificação Nº FEMA 21 / RB-2000 de 3 de maio de 2000 e Regulamento 3 da Notificação Nº FEMA. 20 / RB-2000, datado de 3 de maio de 2000, conforme aditado de tempos em tempos, respectivamente.
ix). O estacionamento do BCE procede no exterior.
O BCE captado para despesas em moeda estrangeira para usos finais permitidos será estacionado no exterior e não será remetido para a Índia, e o BCE arrecadado para despesas de rupia para usos finais permitidos será estacionado no exterior até a necessidade real na Índia. Os recursos do BCE estacionados no exterior podem ser investidos nos seguintes ativos líquidos: (a) depósitos ou certificados de depósitos ou outros produtos oferecidos por bancos com classificação não inferior a AA (-) pela Standard and Poor / Fitch IBCA ou Aa3 pela Moody's; (b) depósitos em filial no exterior de um banco AD na Índia; e (c) Letras do Tesouro e outros instrumentos monetários de um ano de vencimento com classificação mínima conforme indicado acima. Os fundos devem ser investidos de tal forma que os investimentos possam ser liquidados à medida que os fundos forem exigidos pelo mutuário na Índia.
(a) O pré-pagamento do BCE até USD 500 milhões pode ser permitido pelo banco AD sem a aprovação prévia do Banco de Reserva.
sujeito ao cumprimento do prazo médio mínimo de vencimento estipulado para o empréstimo.
b) O pré-pagamento do BCE por montantes superiores a 500 milhões de USD seria considerado pelo Banco da Reserva em.
a rota de aprovação.
XI). Refinanciamento de um BCE existente.
O BCE existente pode ser refinanciado, levantando um novo BCE sujeito à condição de que o novo BCE seja aumentado a um custo total mais baixo e a maturidade pendente do BCE original seja mantida.
O banco do AD designado tem permissão geral para fazer remessas de parcelas de principal, juros e outros encargos em conformidade com as diretrizes do BCE emitidas pelo Governo / Reserve Bank of India periodicamente.
Os candidatos são obrigados a apresentar um requerimento no formulário ECB através do banco AD designado para o gerente geral geral, o departamento de câmbio, o banco central da Índia, o escritório central, o escritório central, a divisão de empréstimos comerciais externos, Mumbai & ndash; 400 001, juntamente com os documentos necessários.
O Reserve Bank criou uma comissão autônoma para considerar as propostas que se enquadram na rota de aprovação.
II. RELATÓRIOS DE ARRANJOS E DIVULGAÇÃO DE INFORMAÇÕES.
uma). Com vista a simplificar o procedimento, é dispensada a apresentação da cópia do contrato de empréstimo.
b). Para atribuição do número de registro do empréstimo, os mutuários devem enviar o Formulário 83, em duplicado, certificado pelo Secretário da Empresa (CS) ou pelo Revisor Oficial de Contas (CA) para o banco AD designado. Uma cópia deve ser encaminhada pelo banco AD designado para o Diretor, Divisão de Estatísticas da Balança de Pagamentos, Departamento de Estatísticas e Sistema de Informação (DSIM), Banco de Reserva da Índia, Complexo Bandra-Kurla, Mumbai & ndash; 400 051 [Nota: cópias do contrato de empréstimo, documentos de oferta para a FCCB não precisam ser apresentados com o Formulário 83].
c). O mutuário pode sacar o empréstimo somente depois de obter o número de registro do empréstimo do DSIM, Reserve Bank of India.
d). Os Mutuários são obrigados a apresentar Devolução do ECB-2 certificada mensalmente pelo banco designado do AD, de modo a atingir o DSIM, RBI no prazo de sete dias úteis a contar do final do mês a que se refere.
[Nota: Todos os retornos anteriores relativos ao BCE, viz. BCE 3 & ndash; O BCE 6 foi descontinuado com efeitos a partir de 31 de Janeiro de 2004].
ii). Disseminação de informação.
Para proporcionar maior transparência, as informações relativas ao nome do mutuário, a quantia, a finalidade e o vencimento do BCE, tanto na Rota Automática como na Rota de Aprovação, são colocadas mensalmente no website do Banco da Reserva com um desfasamento de um mês a que se refere. .
III. OBRIGAÇÕES ESTRUTURADAS.
A fim de permitir que as Corporações captem recursos internamente e protejam os riscos de taxa de câmbio, as obrigações estruturadas denominadas em rúpias domésticas podem ser ampliadas por bancos internacionais / instituições financeiras internacionais / parceiros de joint ventures. Tais pedidos serão considerados na Rota de Aprovação.
A responsabilidade primordial de assegurar que o BCE captado / utilizado está em conformidade com as orientações do BCE e as regras / orientações do Banco de Reserva são as do devedor em questão e qualquer violação das orientações do BCE será encarada com seriedade e convidará a medidas penais ao abrigo do FEMA 1999 ( cf. AP (DIR Series) Circular No.31 data de 1 de fevereiro de 2005). O banco designado AD também é obrigado a garantir que o levantamento / utilização do BCE esteja em conformidade com as diretrizes do BCE no momento da certificação.
(Eu). A conversão do BCE em capital próprio é permitida sujeita às seguintes condições:
(a) A atividade da empresa é coberta pela Rota Automática para Investimento Direto Estrangeiro ou Governo.
aprovação da participação no capital estrangeiro foi obtida pela empresa,
(b) A participação de capital estrangeiro após essa conversão de dívida em capital próprio está dentro do limite setorial, se houver,
(c) O preço das ações é de acordo com as diretrizes e regulamentos do SEBI e do CCI nas empresas listadas / não listadas no caso, conforme o caso.
(ii). A conversão do BCE pode ser comunicada ao Banco da Reserva da seguinte forma:
(a) Os mutuários são obrigados a declarar a conversão integral do BCE em aberto em capital na forma FC-GPR para o Escritório Regional do Banco de Reserva em questão, bem como no formulário ECB-2 apresentado ao DSIM, RBI no prazo de sete.
dias úteis a partir do final do mês a que se refere. As palavras "BCE totalmente convertidas em equidade" deve ser claramente indicado no topo do formulário ECB-2. Uma vez informado, a apresentação do ECB-2 nos meses subsequentes não é necessária.
(b) No caso de conversão parcial do BCE em circulação no capital, os mutuários são obrigados a declarar o convertido.
parte na forma FC-GPR para o Escritório Regional em questão, bem como na forma ECB-2, diferenciando claramente a porção convertida da porção não convertida. As palavras "ECB parcialmente convertidas em equidade & rdquo; deve ser indicado no topo do formulário ECB-2. Nos meses subsequentes, a porção pendente do BCE deve ser reportada no formulário ECB-2 à DSIM.
Projeto de bancos AD para cristalizar seu passivo cambial decorrente de garantias prestadas para ECB levantado por empresas na Índia em Rúpias, pode fazer um pedido ao Gerente Geral Geral, Departamento de Câmbio, Divisão de Empréstimos Comerciais Externos, Banco de Reserva de Índia, Escritório Central, Mumbai, dando detalhes completos a saber, nome do mutuário, valor levantado, vencimento, circunstâncias levando a invocação de garantia / carta de conforto, data de inadimplência, seu impacto sobre as obrigações da filial no exterior da AD causa e outros factores relevantes.
VII. ECB SOB O ESQUEMA DE USD 5 MILHÕES DE ERSTWHILE.
Os bancos designados da AD têm permissão para aprovar o alongamento do período de amortização para empréstimos obtidos de acordo com o antigo Programa de US $ 5 milhões, desde que haja uma carta de consentimento do credor externo para tal reescalonamento sem qualquer custo adicional. Essa aprovação com o cronograma de pagamento existente e revisado juntamente com o Número de Registro de Empréstimo / Chave de Empréstimo deve ser comunicada inicialmente ao Gerente Geral Geral, Departamento de Câmbio, Banco Central da Índia, Escritório Central, Divisão do BCE, Mumbai dentro de sete dias. de aprovação e, posteriormente, em ECB & ndash; 2.
CRÉDITOS COMERCIAIS PARA IMPORTAÇÕES NA ÍNDIA.
"Trade Credits & rsquo; (TC) referem-se a créditos prorrogados para importações diretamente pelo fornecedor, banco e instituição financeira no exterior para vencimento inferior a três anos. Dependendo da fonte de fnance, tais créditos comerciais incluem fornecedores & rsquo; crédito ou compradores & rsquo; crédito. Crédito de fornecedores refere-se ao crédito para importações na Índia estendido pelo fornecedor no exterior, enquanto compradores & rsquo; crédito refere-se a empréstimos para pagamento de importações para a Índia organizadas pelo importador de um banco ou instituição financeira fora da Índia para um prazo inferior a três anos. Pode-se notar que os compradores & rsquo; crédito e fornecedores & rsquo; Os créditos de três anos ou mais pertencem à categoria dos empréstimos comerciais externos (BCE), que são regidos pelas orientações do BCE.
Os bancos AD têm permissão para aprovar créditos comerciais para importações na Índia até USD 20 milhões por transação de importação para importações permitidas sob a atual Política de Comércio Exterior da DGFT com prazo de vencimento de até um ano (a partir da data de embarque). Para importação de bens de capital conforme classificados pela DGFT, os bancos AD podem aprovar créditos comerciais de até US $ 20 milhões por transação de importação com prazo de vencimento superior a um ano e inferior a três anos. Nenhuma rolagem / extensão será permitida além do período permissível.
Os bancos AD não devem aprovar crédito comercial superior a US $ 20 milhões por transação de importação.
Os tetos atuais com todos os custos estão abaixo.
* Para a respectiva moeda de crédito ou referência aplicável.
Os limites máximos de todos os custos incluem taxa de arranjador, taxa inicial, taxa de administração, despesas de manuseio / processamento, despesas extras e despesas legais, se houver.
AD Bank tem permissão para emitir Cartas de Crédito / Garantias / Carta de Compromisso (LoU) / Carta de Conforto (LoC) em favor de fornecedor externo, banco e instituição financeira, até USD 20 milhões por transação por um período de até um ano para importação de todos os bens de capital não permitidos segundo a Política de Comércio Exterior (exceto ouro) e até três anos para a importação de bens de capital, sujeito às diretrizes toprudenciais emitidas pelo Banco Central de tempos em tempos. O período de tais Cartas de crédito / diretrizes / LoU / LoC tem que ser co-terminus com o período de crédito, contado a partir da data de embarque.

Relatórios de eventos.
Reunião do Conselho Nacional da ANMI.
9ª Convenção Internacional da ANMI.
Shri Ankit Ajmera, convocador da Convenção, ANMI informou todos os membros do Conselho que o Exmo. Ministro das Finanças, Hon. O Vice-Presidente e os Ministros e Secretários do Ministério da Fazenda e outros Ministros também foram abordados por darem seu consentimento para aderir à Convenção ANMI como Convidados de Honra, mas devido a algumas pré-ocupações e Reuniões Ministeriais não conseguimos incluí-los na convenção. Ele expressou perante os membros do conselho sobre a participação de todas as bolsas como NSE, BSE, MCX, MSE e NCDEX na Convenção ANMI e parte da sessão inaugural da Convenção ANMI.
Ele também informou que, da apresentação da ANMI sobre Pré-Orçamento para o Orçamento da União 2018-19, algumas questões importantes farão parte do “Manifesto ANMI” que será revelado durante a sessão inaugural da Convenção pelo Visitante-Chefe e Convidado de Honras.
Shri Ankit Ajmera também informou que os canais de mídia como Zee, CNBC etc. também estão cobrindo este evento e pela primeira vez plataforma de mídia social como twitter etc. sendo usada para convite para a Convenção ANMI, para que mais membros possam participar deste evento e fazer é um grande sucesso.
Ele agradeceu a todos os membros do Conselho de Administração a confiança nele e também aos membros do comitê de convenções que trabalharam incansavelmente com ele na convenção.
Como Brand Cult Equity (como fundos mútuos)
Os membros do Conselho Nacional propuseram que a ANMI fizesse mais alguns esforços para investir em ações de Equidade, como os Fundos Mútuos, estão fazendo (SahiHai…) para aumentar os investimentos em Fundos Mútuos.
Branding de investimento em ações incentivará os investidores a investir em ações.
Todos os membros do Conselho eram da opinião de que a ANMI deveria nomear uma agência de RP para esta iniciativa proposta pelo Presidente, para que a atividade de Branding possa ser monitorada e possa ser alcançada para mais Membros, conforme o objetivo da ANMI. A nomeação da Agência de RP também é muito útil, pois todas as atualizações / ações tomadas pelo Conselho Nacional da ANMI podem ser informadas aos Membros imediatamente, bem como quais decisões tomadas na reunião do conselho e outras reuniões do comitê podem ser publicadas.
O Conselho Nacional da ANMI tem de 2 a 3 propostas de agências de RP e, muito em breve, a ANMI nomeará uma delas para o seu trabalho.
O Presidente da ANMI e os membros do Conselho tiveram uma reunião com o Exmo. Ministro de Estado no Ministério das Finanças Sr. PonRadhakrishnan, Shri Praveen Garg, Secretário Adjunto do Ministério das Finanças sobre o Memorando Pré Orçamento do Orçamento da União 2018-19.
A ANMI discutiu questões importantes como o desconto sob a seção 88E em vez de STT, redução da taxa de GST, abolição do imposto de distribuição de dividendos e status da indústria para a comunidade de Broking etc.
O MOF também assegura aos Funcionários da ANMI que a ANMI terá a oportunidade de participar da Reunião sobre Orçamento com Shri ArunJaitely, Hon. Ministro da União para as Finanças e Assuntos Corporativos.
Pela primeira vez, Shri Vikram Limaye, MD e CEO, NSE convidou a ANMI Apresentação sobre Pré-orçamento para Orçamento da União 2018-19 para considerar a Apresentação da ANMI com Apresentação do Exchange.
O Membro do Conselho Nacional propôs que a ANMI compartilhe / encaminhe sua apresentação sobre o memorando pré-orçamento com outras associações como FICCI, CPAI, DPAI, etc. e tenha sua perspectiva e opinião sobre as questões incluídas em nosso Memorando Pré-Orçamento.
Artigo para o Jornal ANMI.
A ANMI Journal Convencional informou todos os integrantes do Conselho Nacional sobre a nova inclusão na Revista ANMI “ANMI at Work”. Esta nova coluna atualizará todos os membros da ANMI sobre todas as atividades nas Regiões da ANMI, como Seminários e Reuniões com Autoridades, sobre questões atuais.
O objetivo da inserção desta coluna é encaminhar todas as informações aos Membros em base mensal.
Além disso, para os artigos da ANMI Journal, abordaremos a PWC que já havia concordado com o artigo para nossa Revista e abordaremos todos os palestrantes na Convenção da ANMI para fornecer um artigo relacionado ao mercado de capitais que afeta os membros.
Nomeação do CEO.
Os membros do Conselho Nacional discutiram que a ANMI deveria nomear um Diretor-Presidente (CEO) para se comunicar com o Regulador e as Bolsas.
Uma pessoa deve ser designada para toda a comunicação entre Autoridades e Assuntos Relacionados com a ANMI e a Conformidade e Representar a ANMI perante as Autoridades, sempre que instruído pelo Conselho Nacional.
Con Call Facility na Base Semanal.
Todos os membros do Conselho discutiram que a ANMI deveria iniciar a instalação da chamada semanalmente. Os membros do Conselho Nacional da ANMI, os membros dos Comitês Executivos devem fazer parte deste Conference Call. Através deste mecanismo de chamada, todos os assuntos pendentes e questões atuais de persuasão podem ser discutidos e ações podem ser tomadas imediatamente.
Próxima reunião do Conselho Nacional.
Foi decidido por Todos os Membros do Conselho para a próxima Reunião do Conselho Nacional em janeiro de 2018 em Kolkata.
Fórum de Segurança da ANMI NR Ásia, Tóquio.
A ANMI teve a oportunidade de participar da mesa redonda da ASF (Asia Securities Forum) em Tóquio de 23 a 27 de outubro de 2017.
O Asia Securities Forum (ASF) foi criado em 1995, com base em uma iniciativa da Japan Securities Dealers Association. O objetivo da ASF é trocar pontos de vista e informações entre a indústria de valores mobiliários na região Ásia-Pacífico e contribuir para o desenvolvimento de mercados de títulos e crescimento econômico na região.
Todos os anos, organiza este evento de mesa redonda que é assistido por todos os membros da ASF para discutir questões relacionadas com o mercado atual dos respectivos países, quadro regulamentar, bem como as expectativas de crescimento do mercado.
A ANMI também é membro do Asia Securities Forum e participa dos eventos. Este ano, a Mesa Redonda da ASF contou com a presença de Shir Narinder Wadhwa, Diretor e Presidente do Comitê de Membros da ANMI (Instituição e Internacional).
Detalhe de participação e evento:
ASF Round Table was attended by 22 participants of different countries. Many of them were regulators of that country or Associations with SRO Status.
During ASF Round Table Event, Participants had various knowledgeable experiences by involving various activities like: Introduction of history & outline of Japan’s Securities Market, Self – Regulatory function of JSDA and JSDA’s training programmes for officers and employees of Association Members. Discussion on Equity Market (Off Exchange trading and Crowd funding etc.), Bond Market, outline of Japan Investor Protection Fund and Members firm inspection by JSDA. Information about JSDA initiative for Financial Education, Outline of Activities Conducted by Financial Instruments mediation Assistance Centre (Dispute Resolution by FINMAC) and Visit to Japanese Securities Company’s Compliance Division. Visit to Tokyo Stock Exchange, Outline of Financial Instruments and Exchange Act, Outline of Securities and Exchange Surveillance Commission.
ANMI Presentation in Round Table Discussion:
During Round Table Discussion, Mr. Narinder Wadhwa had presentation on “Over regulation of optimal regulation” which was well appreciated by all.
Mr. Narinder Wadhwa got the opportunity to lead in various discussions during Round Table. He also had discussion with Mr. Shigeharu Suzuki (Chairman and CEO) Japan Securities Dealers Association (JSDA). During the interaction with Mr. Suzuki, discussion was held regarding possible collaboration and knowledge sharing arrangements with ANMI in financial literacy and Education at school and Graduation Level and also on SRO issue for which they also assures their participation.
Association of National Exchanges Members of India (ANMI) works towards inculcating best practices in the industry and represent the matters pertaining to the members to Government of India, SEBI and Exchanges. In doing so ANMI works hand in hand with the above agencies for structured and planned growth of the Capital Markets and its participants in International Forum for Investor Education – which in turn is supported by IOSCO.
ANMI represents its Member views and current Market developments before other participants of different countries and also try to bring back the developments in other markets where our markets are not available to reach so that it can educate its members to the new market areas and best practices.
ANMI WR Business & Technology Meet.
ANMI WR Session on BHARAT 22 Index & Equity Market Outlook.
Session on BHARAT 22 Index & Equity Market Outlook was organized by BSE in association with CICI Prudential Asset Management Company Ltd on Wednesday, October 4th, 2017 at International Convention Hall, 1st floor, P. J towers, Dalal Street, Fort, Mumbai.
These sessions were conducted to showcase changing dynamics of Indian equity markets and provide a unique opportunity to understand the fundamentals of newly launched S&P BSE Bharat 22 Index, which tracks the performance of 22 select companies.
The program began with welcome. Mr. Ashish Chauhan, Chief Executive Officer of the BSE, in his opening remarks addressed the crowd on the topic and highlighted few milestones and experiences of the industry. He also mentioned about the future changes in the industry which may bring new opportunities for development and success of the economy.
Mr. S. Naren (ED & CIO – ICICI Prudential AMC Ltd) discussed the cycles and phases of the market namely Bust phase, Best phase , Boom phase and Bubble phase and thereby explaining the actions to be taken in every phase such as during Bust phase - Small cap is best, Best phase - Invest Everywhere, Boom phase - Practice Asset management, Bubble Phase - Cut Equity Weightage.
Few key points included in the presentation where as follows: Do asset allocation Return expectation should be moderated Invest in quality large cap portfolio Invest for the long term Benefits of investing in Bharat ETF: Diversified with exposure capping Promising dividend yield and earning growth Incentives to Investors Low expense ratio Expansion of banking sector etc.
The event was attended by ANMI members along with Sub Brokers, traders, dealers and even fresh graduates. The queries raised by the participants were well responded to by the speaker. The session was well attended and appreciated by members and other participants.
Seminar by ANMI WR on Mutual Fund Offerings (NMF II) at NSE.
A seminar on Mutual Fund Offerings (NMF II) was organized by ANMI-WR on Wednesday, 15th September 2017 at the NSE Auditorium, Mumbai.
The sessions were focused on briefing the Members on the Mutual Fund Offerings (NMF II). It emphasized on the opportunities to market participants and the benefits of investing in the capital markets.
A short movie on “Investor Awareness” was presented before the seminar. The main motive was to reach out to people from all walks of life and create awareness about the benefits of investing in the capital markets and how to go about making wise investment decisions.
At the outset, Ms. Neha, Sr. Executive, WIRC welcomed the gathering. Mr. Kamlesh Shah, Vice–Chairman, ANMI-WR welcomed the members for the session.
Mr. Chetan Doshi, Assistant Vice President, Mutual Funds Business Development, NSEIL was the speaker for the session. He addressed the audience and appreciated the efforts made by ANMI for organising this seminar.
Following points were discussed in his presentation: Key points and Features of NMF II: Access through a desktop / Mobile application – Geographical barriers removed Create basket of investments Facility to view Portfolio statement Facility to re-trigger emails to investors Payment link, OTP, FATCA / KYC Integration through APIs Efforts made to improve the efficiency: Facility to transact on the go through - Distributor Mobile Application Daily reports to increase operational efficiency Reduced logistic requirement with Nil infrastructure cost Provision to upgrade constantly to incorporate all new developments in industry Dedicated helpdesk team to handle queries Upcoming Developments on Platform: Instant redemption products Additional Banks for direct debit facility Transactions through POA Risk profiling, portfolio design, asset allocation tools Important and key details on NRI – Registrations and Transactions. About API and Functionalities provided through API such as Fetch Investor details in case of existing customer, Redemption Transaction, Systematic Transaction, Edit Customer Details, Systematic Cease Report etc. Details explanation of the entire process and system.
The session was very informative and interactive and was well attended by members. Mr. Chetan Doshi clarified the doubts of attendees regarding the Mutual Fund Offerings and its required compliances.
Mr. Ankit Ajmera, Vice – Chairman, ANMI - WR proposed vote of thanks. He thanked all the speakers, NSE team and the members.
ANMI NR National Council Meeting.
Second Meeting of Members of National Council for FY 2017-18 was held on at the Le Meridien New Delhi, Windsor Place, Janpath, New Delhi - 110001 onSaturday, September 2nd, 2017.
Mr. K Suresh, National President, ANMI welcomes all the National Council Members and Regional Chairman to make it convenient to attend the Meeting.
During the Meeting Progress Report of ANMI Regions as well as ANMI Committees were placed by the respective Regional Chairman and Committee Chairman.
ANMI Consolidated Financial Statements as on March 31st, 2017, Auditors Report as on 31st March, 2017 and Directors Report for FY 2016-17 were placed before the National Council for Approval and adoption.
Notice of 21st Annual General Meeting (AGM) of ANMI wasplaced before the council Members and National council also approved the same which is scheduled to be held on 28th, September 2017.
All the National Council Members discussed the Preparation of Pre - Budget Memorandum 2018-19 and various points were discussed to include in the memorandum. Apart from this, President Shri K Suresh also discussed with the Members the ways and means to develop Members business.
During the Meeting, Council Members also discuss the structure and theme of ANMI International Convention scheduled in November,2017.
Mr. K Suresh also informed Council Members about ANMI’s presentation to NSE, BSE and SEBI on the issue of “Enhanced Supervision”, “discussion paper on the growth and development of Equity derivatives market in India”. All the Members appreciated the same.
Meeting was concluded with vote of Thanks by Mr. K Suresh, President, ANMI.
ANMI NR Annual Convention on "Capital Market - Vision 2020"
Since the importance of capital markets cannot be under-emphasized for a developing economy like India which needs significant amount of capital for development of strong infrastructure. Against this dynamic background, the Capital Market Committee of PHD Chamber of Commerce and Industry in association with ANMI-NR organized Annual Convention on “Capital Market - Vision 2020” on Saturday, 2 September 2017 at 10.00 a. m. at Hotel Le Meridien, New Delhi to discuss the various aspects of the market along with the road map for the better future.
ANMI NR Seminar on Indian Capital Markets-The Way Ahead.
ANMI-NR in association with BSE organized a Seminar on” Indian Capital Markets---The Way Ahead “on July 20, 2017 at Russian Center of Science and Culture, New Delhi.
Shri. S. K. Gupta Chairman ANMI-NR welcomed ANMI & Guest Speakers from BSE Mumbai and all other participants. He thanked them for sparing their valuable time to attend the program on the working day. He extended his valuable views on the growth of the capital market and suggested that it depends on reviving investor confidence by encouraging them to invest for long term. He was of strong view that long term investments is the only key to wealth creation and increasing investor base resultantly growth of Capital Market . He suggested that BSE should protect the interest of brokers who happen to be prey of fraudulent trading activities by some unscrupulous elements.
Mr. Ashishkumar Chauhan MD & CEO BSE Ltd. apprised participants that how he was concerned about the growth of capital Market and had been putting his tireless efforts in this direction since last eight years. He told that during this period he not only did his best to revive BSE in terms of turnover on all fronts viz. technology, products etc and doing better in currency trading and IPOs undertaken by BSE . He endeavored to establish INX at Ahmadabad Gift City. He apprised participants for changes in the transaction charges to benefit the Brokers. He mentioned about the IPOs being taken up by BSE and made a special mention of the New Debt Products of Govt. Bonds etc. being tried to be handled by them, after necessary approvals.
The BSE Business Development team gave presentations of BSE efforts to enhance income creation of members and ultimate benefit the investors at large.
Shri. Ashok Agarwal CMD Globe Capital Markets Ltd. put forth his views about the Capital Market and showed his confidence that it has a very bright future providing ample opportunity of wealth creation on long term perspective, as compared to other avenues.
ANMI WR Seminar on Impact of GST on Stock Brokers.
A Seminar on “Impact of GST on Stock Brokers" was organized jointly by NSE and ANMI-WR on 9th August 2017. The session was mainly focused on guiding the members on the implementation difficulties faced in compliance with the new GST model by the Stock Brokering Industry.
At the outset Mr. J Ravichandran, Group President, NSE welcomed the audience. He asserted that introduction of the GST model is a significant development that is set to transform the Indian taxation system. He highlighted the positive impact of GST leading to substantial economic growth, simplified procedures, boost export, increase GDP and employment. Mr. Kamlesh Shah, Chairman – ANMI WIRC, thanked NSE officials for conducting the seminar at the right time when all members were apprehensive about GST and its impact.
Mr. Yatrick Win, CFO, NSE in his opening remarks welcomed all the eminent speakers & members. He believed that with the enactment of GST, it will be imperative for stock market, as it will send positive message to foreign investors to believe in the stable Indian tax policy.
Mr. MS Mani, Partner - Deloitte India put forth his analysis on the subject matter. He touched almost all the Sections of GST law and gave his expert opinion in a very comprehensive manner. He said that though the GST design and structure may run short of expectations, it will still mark a significant improvement over the current Indirect Tax Regime. He interacted with members and tried to understand the necessity of analyzing its impact and finding the best and suitable solutions to handle their business.
Mr. Amit Bothra from Ernst & Young LLP discussed the compliance aspects from the stand point of GST implementation. He made clarifications on the important related issues like Place of Supply, Input Tax Credit, Registration, Tax Invoice, Accounts & Records, Returns, Payment of Taxes and Compliance Challenges etc. He also emphasised on registration of every fixed establishment through which broker makes a supply. He strongly opined that for successful implementation of GST in India it will require a great level of coordination from all corners of business.
The idea of having the session was to provide opportunity to members for getting their operational and fundamental doubts cleared regarding GST. The program was appreciated by one and all for the contents and relevance of the topics which were discussed and well presented by renowned industry speakers.
The seminar was well attended by around 300 members and was followed by dinner.
ANMI, NSE Quarterly Meet - Mumbai.
ANMI had Sixth Quarterly Meeting with NSE Officialson Monday, August 7th, 2017at National Stock Exchange of India Ltd., Board Room,5th Floor, Exchange Plaza, BandraKurla Complex, Bandra (E ) Mumbai - 400 051.
The meeting started withfelicitation of Shri Vikram Limaye, MD & CEO, NSE by National President Shri K Suresh, ANMI.
Shri Vikram Limaye greeted all the ANMI officials and healso expressed ANMI officials that feedback from Members are always welcome by NSE and relationship between NSE and Association should be transparent and strong to forward benefits to NSE Members.
He also discussed about different ways to make our markets more efficient and need to introductionof more attractive products in the Market.
Shri K Suresh briefly describes ANMI Structure, Regional Offices, Chapters and working environment of ANMI. He also looked forward to more frequent interactions with NSE so as to build a strong and transparent relationship with exchange and for overall good of members and markets.
Shri Vikram Limaye also discussed the need to educate investors and for this purpose Shri K Suresh assuredthat joint programs/ Seminars will be held with NSE.
During the Meeting ANMI Officials discussed various points with NSE officials prepared on the basis of feedback received from ANMI Members like: Preferential Offer to NSE Members in NSE IPO Interest on Deposits Better Communication between ANMI & Exchange Reduction in Lease Line Connectivity Cost Improvement of ENIT Software Pledging of Securities FAQs on PMLA, Margin Funding etc. Refresher Course for CM Segment Show turnover as per Premium etc.
All the points were discussed and NSE officials have given clarification on all related points and assurance on certain points to be further examined by them. The Meeting was very interactive and informative.
The following Senior ANMI officials and Attendees were present for the Meeting – Shri Rajesh Baheti, Shri NareshTejwani, Shri AtmaramMathran, Shri Kamlesh Shah, Shri HemantKakkar, Shri Paresh Shah, Shri Anil Changoiwala, Shri S. K. Gupta , Shri K. K. Maheshwari, Shri M. Ravi, Mrs. PoojaAgarwal, Ms. Rima Shrivastava, Mr. Nitin Kumar Singhal.
ANMI WR Seminar on Options Simplified.
ANMI WR conducted a seminar on “Options Simplified” on Saturday, 5th August 2017 at the Churchgate. The options market has attracted attention more than ever before. The concepts of Options are multi-fold and are applicable across all financial markets: equities, currencies - domestic and global. The program was designed to give inputs related to bullish, bearish & neutral market strategies.
Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session.
The seminar was more focused on basics of options, the right time to buy options and right time to sell the options by using technical analytical tools to participate in the options trade, avoiding common mistakes a trader does. The Seminar discussed the following: The basic essentials and benefits of trading options Option trading along with unconventional usage of momentum indicators Trading options with volatility bands When to use spreads vis-a-vis naked options Unconventional Options’ writing strategies.
The event was attended by ANMI members along with Sub Brokers, traders, dealers and even fresh graduates. The queries raised by the participants were well responded to by the speaker. The session was appreciated by members and other participants.
ANMI WR Seminar on Margin Trading & Enhanced Supervision.
To bridge the distance, ANMI WR in association with NSE organised a Seminar on Margin Trading & Enhanced Supervision for the Pune Members on the morning of Saturday, 5th August 2017 at Bund Garden.
Since there were lot of apprehension and concern amongst the member brokers on the SEBI’s directions on “Enhance Supervision of Brokers” which put under pressure of paper work and filings upon the member-brokers therefore ANMI officials had engaged with regulators and discussed at various stages on simplification of weekly and monthly filing.
The main agenda was to give detail information to the members in respect to the compliance of Margin Trading & Enhanced Supervision and increase participation of the Pune members in ANMI-WR programs.
Mr. Kamlesh Shah, Chairman, ANMI – WIRC welcomed the members for the session at Pune. Mr. Dinesh Soni, Head – Inspections, NSEIL & Mr. Bireshwar Chatterjee – AVP & Head Western Regional Office - Regulations, NSEIL represented the exchange and made a detailed presentation on the said subject. The exchange offered to hold regular seminars at the NSEIL office in Pune to update the members and address their issues on continuous basis.
The session was well attended appreciated by members. NSE team clarified the doubts of attendees on Margin Trading & Enhanced Supervision and also some other compliance related queries of members.
Mr. Ankit Ajmera, Vice – Chairman, ANMI - WR proposed vote of thanks. He thanked all the speakers, NSE team and the members for making the Seminar a grand success.
The meeting was followed by lunch.
ANMI WR Seminar on Indian Capital Markets – The Way Forward.
Capital markets in any country play a pivotal role in the growth of economy and meeting the country’s socioeconomic goals. They are an important constituent of the financial system given their role in the financial intermediation process and capital formation of the country. The importance of capital markets cannot be under-emphasised for a developing economy like India which needs significant amount of capital for development of strong infrastructure.
ANMI - WIRC in association with Bombay Stock Exchange organised a seminar on “Indian Capital Markets – The Way Forward” on July 25th, 2017 at MCA Club. Mr. Ashish Chauhan, Mr. Kamlesh Shah, Ms. Deena Mehta and Mr. Sameer Patil were the distinguished speakers at the event.
The program began with welcome by Ms. Rima Srivastava, Secretary ANMI - WIRC. Mr. Kamlesh Shah, Chairman, ANMI-WR in his opening remarks addressed the crowd on the topic and highlighted few milestones and experiences of the industry. He also mentioned about the future changes in the industry which may bring new opportunities for development and success of the economy of India.
Ms. Deena Mehta - MD Asit C Mehta, spoke about Future of Indian Capital Markets and focused on the opportunities and threats the brokers may face and thereby mentioning the necessary efforts to be taken by them to gain best out of it.
Mr. Sameer Patil, Head – Business Development, BSE Ltd presented a detailed presentation on the latest developments at BSE like BSE Currency Derivatives, BSE SME Platform, BSE Star Mutual Fund and several Technology initiatives. He also mentioned the revised trading charges of BSE and its benefits to the traders.
Mr. Ashish Chauhan , MD & CEO – BSE, addressed the audience in relation to the major innovations and techniques which reflected tremendous rise in trading, also specifically mentioning how derivatives turned out to be a boon to capital markets and providing new ideas and views in order to increase distribution in the market.
In addition to outlining the Dynamics of Global and Indian Equity, Derivatives & Forex markets the event provided a unique opportunity for Business Networking among the stakeholders of capital markets.
The members queries were well addressed by the speakers in the Open session. The program concluded with vote of thanks proposed by Mr. Neeraj Kulshrestha, COO-BSE, The seminar was appreciated by one and all and was followed by dinner.
Business & Technology meet at Chandigarh (06 Jul) and Jaipur (07 Jul)
NSE in association with ANMI-NR held a Business development and Technology meet on on 6th July, 2017 at Hotel Tuquoise Chandigarh & 7th July, 2017 at Hotel Radisson Jaipur.
Shri Gaurav Kapoor AVP & Head Northern Region NSE welcomed the participants for warm response and assured that NSE is trying its best to support the members for development of business in providing technology and other services at reasonable and competitive rates by the vendors of repute.
Shri S. K. Gupta Chairman ANMI-NR welcomed the NSE Senior Officials from Mumbai & Delhi and appreciated the efforts of NSE for holding Members Meets at ANMI-NR Punjab and Rajasthan Chapters and also took the opportunity to put forth the issues of ANMI members.
Mr. Arvind from NSE Mumbai, gave presentation on Member Service & Technology, covering mainly - Convenience & Efficiency, Technology etc.
With the initiative of Shri S. K. Gupta Chairman ANMI-NR a session on GST for Rajasthan Chapter Members at Jaipur was arranged, following NSE program. CA Vaibhav Jain, authority on the subject, gave a comprehensive presentation on GST with special reference to compliance requirements of brokers. He satisfied all the queries of members and was appreciated by one and all the participants.
The event was attended by maximum number of Chapter members at both places.
ANMI-NR members Meet on GST transition.
Due to GST implementation approaching very close and the members still having numerous queries on the subject, ANMI-NR organized a program "Overview of GST Issues" on Thursday 29th June,2017 at Russian Centre of Science and Culture New Delhi.
Shri S. K. Gupta Chairman ANMI-NR in his welcome note thanked all the participants for attending in large numbers leading to the success of the event.
Speaker CA Vaibhav Jain gave a comprehensive presentation on GST, covering Compliance and Various related issues. He, meticulously discussed GST with special reference to Stock Brokers and Commodity Brokers related Issues, Complexities and Practical Solutions.
He made clarifications on the important related issues like Place of Supply, Input Tax Credit, Registration, Tax Invoice, Accounts & Records, Returns, Payment of Taxes and Compliance Challenges etc. He took questions of the members in large number and satisfied each and every query meticulously.
All the participants, appreciated the program, attended by around 190 persons.
Shri Shagun Gupta, Vice - Chairman, gave vote of thanks and the event was concluded by members networking on Hi-Tea.
Business development and Tecnology Meet by ANMI-NR.
NSE in association with ANMI-NR held a Business development and Technology meet on 12th June, 2017 from 05.30 pm onwards at Russian Centre of Science and Culture 24 Feroz Shah Road, near Mandi House, New Delhi.
Shri Gaurav Kapoor AVP & Head Northern Region NSE welcomed the participating members for massive response and assured that NSE is trying its best to extend its support to members for development of business in terms of technology and other services being made available at reasonable rates by the vendors of repute.
Shri S. K. Gupta Chairman ANMI-NR in his address welcomed the NSE Senior Officials from Mumbai and took the opportunity to apprise them about the issues of ANMI members viz; Revision of NEET Charges, Enhanced supervision of Brokers , Interest on deposits of members etc.
Mr. Nagendra K., Chief Business Officer NSE gave Presentation on Business overview of past year and Trends. Mr. Arvind Goyal, Asstt. Vice President Member Service Department NSE, gave his presentation on Member Service & Technology. The presentation covered the following areas :- Convenience & Efficiency Technology IPO Platform.
Mr. Ravi Varanasi Chief Business Development took Q & A session and assured that NSE is trying to do its best for providing best technology at competitive rates and other issues will tried to be addressed to the possible extend. He told that issue of NEET Charges is under active consideration of NSE.
Mr. Hari K Chief Business Officer NSE gave a vote of thanks and the event attended by 200(approx) was concluded with Dinner.
ANMI-NR Members Meet on Enhanced Supervision of Brokers.
ANMI-NR organized Members Meet on Enhanced Supervision of Brokers on 6th June, 2017 at 4pm onwards at Constitution Club of India New Delhi, to discuss and gather their views on the issue and prepare an effective ANMI representation for submission in the forthcoming NSE / SEBI meetings.
Shri S. K. Gupta Chairman in his welcome address thanked all the participants for joining this crucial meet and requested to deliberate in large numbers to provide their valuable input. He assured of putting best efforts to push forward the appropriate suggestions and concerns of members.
A large number of members participated in deliberations though having divergent perceptions, contributed with their inputs which were further discussed thoroughly. Some dissented with the date of implementation of Enhanced Supervision from 1st July, 2017 simultaneously with GST which is practically inappropriate. Some had the view that there should be no weekly reporting, it may be Qtrly / Hly. He further emphasized that as regards Appointment of Internal Auditors SEBI is overriding provisions laid down in Company Law. Further Qtly settlement being a long back process must be replaced with Hly or Yrly so as to give relief to brokers.
A senior member was of the view was that the appropriate strategy should be, Stop–defer-dilute. Some members were of the view that such regulations are not required as Brokers are already overregulated and compliant. Financing to client does not involve any risk of investor. This is making the Industry unviable. There should be gradation of brokers and all should not be put to face similar regulations despite many being better compliant. Some relief should be available to members with best compliance records. It was also suggested that we should totally oppose it. As a mark of resentment there should be no uploading of data by members, was also opined by a member.
Gradation of members should be there for requirement of imposing regulations. If there is no complaint of client, no such regulation is required to be applied. It was suggested to zero down the difficulties and the proceed towards solution. A senior member pointed out that the main concern of the regulator is that credit balance of creditor is not adjusted against debit balance of debtors. It was also suggested that main issue is misuse of client’s money by Brokers. He suggested that old and new regulations should be analyzed by a Committee and discussed with SEBI. One of another senior member suggested that we should show our unity by means of media and also highlighting our concerns.
Shri Shagun Gupta, Vice – Chairman, extended vote of thanks and the program attended by 150 plus members was concluded with networking on Hi-Tea.
Launch Ceremony of Gujarat Chapter.
ANMI WIRC organized a Launch Ceremony of Gujarat Chapter at Ahmedabad on 25th May, 2017 at Radisson Blu Hotel. The program saw good participation from the members.
At the outset Mr. Anil Shah, Director, ANMI, welcomed the gathering. He highlighted the activities and representations recently done by ANMI for the benefit of its members and industry, at large.
The event was graced by Mr. Ashish Kumar Chauhan, MD & CEO, BSE. He addressed the gathering on the various new initiatives of the Bombay Stock Exchange including new products being launched by BSE. He also briefed the members on India’s International Exchange and India’s International Clearing Corporation at Gift City. He presented launch of BSE Sovereign Gold Bold Scheme.
Mr. Kamlesh Shah Chairman-elect - ANMI WIRC, then briefed the members about the crucial role played by ANMI in the securities market. He shared the ANMI action plan with members, identifying the following four thrust areas which would require close working with regulator and exchanges.
Mr. Ashish Ajmera, Chairman - ANMI WIRC Launched the Gujarat chapter. He briefed the members on the concessional membership fees levied from Gujarat members. Mr. Vaibhav Shah was elected as the Chapter Convener of the region.
This program provided Gujarat members an opportunity to interact directly with the ANMI officials on various industry issues. Mr. Kamlesh Shah urged members to be more participative on taking up issues pertaining to the stock brokers and overall growth of the capital markets.
The program was followed by Dinner and was supported by Bombay Stock Exchange.
Seminar on FATCA and Easy Way Towards Compliance.
FATCA promotes cross border tax compliance by implementing an international standard for the automatic exchange of information related to US taxpayers. The tax information reporting landscape has changed substantially in recent years and is set to become even more complex in the future.
It is in the above context that ANMI WIRC has organized a Seminar on “FATCA - The Way Forward” on 10th May 2017, at NSE Auditorium, Mumbai. At the outset, Mr. Lalit Mundra, Director, ANMI welcomed the speaker Mr. Kriyang Karia. Ms. Kusum, Secretary, ANMI - WR welcomed the gathering and introduced the speaker.
Mr. Kriyang Karia began his speech by interacting with members and trying to understand their understanding of FATCA. He briefed the audience on the impact of FATCA on reporting by PMS, Depository Participant and Brokers. He presented to the audience the Applicability of FATCA / CRS, Products impacted, Compliance Requirements, Key timelines and the recent updates on CBDT press release. He clarified the difference between FATCA and Common Reporting Standards. He discussed efforts of aligning FATCA/ CRS with other Regulatory regulations.
The idea of having the session was to provide opportunity to members for getting their doubts cleared regarding the regulations. Members actively participated in the session by raising many queries regarding FATCA Reporting, Declaration etc.
The session was appreciated by one and all. Approx 100 peoples attended the event.
Ms. Kusum concluded the session by thanking the speaker and audience for their participation and assured that ANMI WIRC will continue to organize programs of interest and benefit to the members.
Seminar on Short Term Trading Secrets.
ANMI WR conducted a seminar on “Short Term Trading Secrets” on Saturday, 6th May 2017 at the NSE Auditorium, Bandra Kurla Complex, Mumbai.
Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session. He has been a trader since the age of 16.
The session began with welcome by Ms. Kusum, Secretary, ANMI-WR. Mr. Kamlesh Shah, Vice Chairman, ANMI-WR in his opening remarks highlighted that several fundamental concepts must be understood and mastered for successful short-term trading. Traders must understand the risks and the rewards associated with each trade. He also thanked NSE for the continuous support to ANMI.
Mr. Vishal Malkan addressed the four rules to be kept in mind while trading i. e. You will never earn money until you learn to hold a winning positions, Managing the risk, Flawless Execution and Cool and calm temperament. He explained short term trading as Day trading (minutes to Hours), Swing Trading (One day to 5 days) and Positioning trading (Weeks to Months). He also elevated the participants with powerful yet simple Short Term Trading Strategies like the Dual Band, Bollinger Bands, Magical bands and Reversal Bar/ Key reversal. He advocated the rule of “Simple your strategy, easy the execution“. He continuously emphasised the need to have a right mindset for trading. He informed the audience about the upcoming event "Anybody Can Trade", organised by Malkansview on the 10th and 11th June 2017 at The Club and encouraged them to participate for the same.
The event was attended by ANMI members along with Sub Brokers, traders, dealers and even fresh graduates. The queries raised by the participants were well responded to by the speaker. The session was appreciated by members and other participants. The program concluded with formal vote of thanks by Mr. Kamlesh Shah.
Inaugurarion of Investor Care and Education Center.
Inauguration of First "Investor Care & Education Center" at ANMI – ASSOCIATION OF NATIONAL EXCHANGES MEMBERS OF INDIA at New Delhi office was graced by Shri. Arjun Ram Meghwal Hon'ble Union MOS for Finance and Corporate Affairs on Tuesday 2nd May, 2017. He mentioned it as a historical moment when an Industry body opens care center for its customer and investor. This program was attended by Shri. Amit Pradhan Regional Director SEBI, Senior Officials of Stock Exchanges representing NSE & BSE, besides ANMI-NR Chairman, Shri. Narinder Wadhwa and Executive Members.
Shri. Meghwal Ji, discussed many points pertaining to growth of Capital Market and steps to take care of Investor interest and strengthen confidence of investors in Capital Market. He also mentioned matters of NSEL, PSEL, Saradha Chit fund where small investors have lost their money. He emphasized the need of measures for safeguarding the interests of investors with special reference to hybrid security. He appreciated the efforts of ANMI to start mediation Center in solving investors issues and for imparting financial literacy to investors.
Shri. Narinder Wadhwa Chairman emphasized the need of inculcating confidence among investors which is crux of growth of Capital Market. He assured that ANMI will create such center in other four Regions. He further suggested to conduct Short Investment Educational courses and training to Relationship Managers of members, who directly deal with investors, with the help of NISM for the benefit of Investors. This Center will be used as preliminary complaint resolving mediation center.
Shri. Amit Pradhan, Regional Head SEBI while appreciating effort of Shri. Narinder Wadhwa Chairman ANMI-NR for taking this initiative and hoped that this center will help Investors in solving their issues and provide financial literacy to them.
A Seminar on "Impact of GST" by WIRC of ANMI.
In the backdrop of the Nation gearing up for the roll-out of the country’s largest tax reform, ANMI-WR recently organized a seminar on “Impact of GST on the Stock Broking Industry” in Mumbai. At the outset, Ms. Kusum welcomed the gathering and introduced the speaker. Mr. Kamlesh Shah gave a brief overview about ANMI activities in his opening remarks.
“GST is not merely a tax reform, but it is a fundamental business reform which will change the way business activities are conducted in the country by anyone” said Mr. Shailesh Sheth, Advocate and Founder of SPS LEGAL addressing the audience. He stressed that dual structure of GST is the compulsion of federal character of our country and cannot be avoided.
He said that though the GST design and structure may run short of expectations, it will still mark a significant improvement over the current Indirect Tax Regime. The reduced cascading effect of tax, a borderless common national market for goods and services and elimination of multiple tax windows are the main advantages of the GST. It will also result into a significant expansion of tax base and a check on parallel economy which will have a beneficial multiplier impact on the direct tax collections paving the way for the Government to reduce the Income Tax rates in future.
Mr. Sheth dwelt at length on the concept of ‘supply’ under GST, strict conditions governing the ITC mechanism and the automation driven compliance mechanism of GST. He emphasised that the tax payers will need to have a seamless and robust technology to ensure the compliance on ‘real time basis’ with complete overhauling of frontend and backend IT operations.
Withdrawal of exemption to sub-brokers, doing away with centralised registration, determination of place of supply of service as well as taxable value are few of the major challenges of the GST regime for the stock broking and financial services sectors, he said.
The session was very interactive and was appreciated by one and all. Mr. Shethresponded to all the queries raised by the members present. The session concluded with vote of thanks by Mr. Ashish Ajmera.
ASIFMA India KYC Workshop in Mumbai.
ANMI-WIRC participated with ASIFMA (Asia Securities Industry & Financial Markets Association) for the Workshop - KYC and Institutional Investors: Opportunities and Challenges in India, on 28thFebruary 2017 at the NSE premises in Mumbai.
KYC is at the top of the agenda for Indian regulators, policy makers and market practitioners. India has shown leadership in taking steps to make the KYC process more efficient and streamlined by establishing a national KYC system which has five interoperable utilities for FPIs, and now the newly created central KYC records registry (CKYCR).This one-day conference brought together experts from industry and the private sector as well as government and regulatory agencies to examine the various issues around recent regulatory and technological developments on KYC, their impact on institutional clients and financial institutions in India and how KYC and client onboarding in India could further evolve.
This workshop gave the audience the benefit of learning from knowledge and experience of Global policy makers, regulators, industry experts and senior representatives from sell side and buy-side communities. Few distinguished speakers at the event were J. Ravichandran, CEO - Incharge, NSE; Sankarson Banerjee, CTO – Projects, NSE; Mr. Achal Singh, DGM, IMD, SEBI; Vaisshali Babu, Head - Custody Operations, BNP Paribas;Ben Ray, Head of Sales, Europe and Asia, Client Data Solutions, Bloomberg; Cyrus Khambata, MD, CDSL Ventures Limited; Sriram Krishnan, Director, Investor Services, India, Deutsche Bank; Aaryaman Vir Shah, Co-Founder, Elemential; Pierre Lubin, Managing Partner, Fairman Consulting; Suveer Khanna, Partner, Forensic Services and Lead for Financial Services, KPMG; Jyoti Tandon, ED & Head of Compliance – India, CS, Nomura;Alistair Duff, Singapore Country Head; Director, Business Development, S. E. Asia Lab & Research Center, R3;NaofumiSukegawa, Director, Compliance Services, APAC, SWIFT;Dominic Mac, Global Head of Business Development, KYC and Client Onboarding Solutions, Thomson Reuters.
Discussions and deliberations revolved around the following crucial discussion points: Global Regulatory Developments around KYC Expectations and Findings on KYC in India Foreign Portfolio Investors and KRAs versus CKYCR Strategies to Cope with Dual KYC Obligations Global Approach and Technological Developments The workshop attracted about 150 senior level delegates from Indian regulators, policy makers, public sector banks and financial institutions.
ANMI with NSE Members' Meet at Russian Cultural Centre New Delhi.
Seminar on Union Budget at Scope Complex New Delhi.
Budget Viewing Session and Investment Outlook for Various Asset Classes in 2017.
A Talk on Union Budget 2017-2018.
ANMI WR co organized a Talk on Union Budget 2017-18 together with International Vaish Federation and Jain International Trade Organization (Mumbai Zone) on 1st February 2017.The event gave a broad highlight on the Union Budget presented by Finance Minister Shri. ArunJaitley. Mr. Ashish Kumar Chauhan MD & CEO - BSEwas the Chief Guest of the session. The Speakers for the event were Shri Motilal Oswal, Shri S. P.Tulsian and Shri Vimal Punmiya.
The learned speakers shared their views on the Union Budget 2017-2018 mentioning that the Budget was broadly focused on the farming sector, the rural population, the youth, the poor and underprivileged, health care, infrastructure, the financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest. They were optimistic of the Finance Minister’s announcement on the fiscal deficit of 2017-18 which would be pegged at 3.2% of the GDP. The speakers spoke on reformation of the Financial Sector in building trust and Improving Predictability.
The Panel also expressed their thoughts on the series of initiatives mentioned in the Budget that impacted the financial economy as a whole like: Abolishment of Foreign Investment Promotion Board (FIPB), exempting FPI investors (Category I & II) from indirect transfer provision irrespective of the fact whether it is redeemed in India or abroad, lowering of corporate tax rate to 25%, from 30% for MSMEs with an annual turnover up to Rs 500mn, rationalization of personal tax rate etc.
The session was very informative and interactive and received an overwhelming response with more than 300 delegates attending the same. The Hi-tea organised was also very well appreciated.
Curtain Raiser Ceremony of NSE IFSC Ltd. - Ahmedabad & Mumbai.
Curtain raising ceremony of NSE IFSC Limited was organized by NSE in association with ANMI WIRC at Ahmadabad andMumbai on 22nd December 2016 and 26th December 2016respectively.
Thesesessions were conducted to showcase members about the products, membership schemes and technology solutions etcto be offered on NSE International Exchange coming up at IFSC – GIFT City at Gandhinagar, Gujarat.
The sessions were focused on briefing the Members on the modular structure of NSE IFSC Ltd at GIFT. It emphasized on the opportunity to market participants to access global financial markets.
The road show of NSE IFSC at Ahmedabad was attended by Mr. Anil Shah - Director ANMI and Mr. Mukesh Agarwal, CEO-IISL-DotEx along with other officials.
Mr. Kamlesh Shah, Vice–Chairman, ANMI-WRwelcomed the members for the session at Mumbai. A detailed presentation was made by NSEon the said subject. NSE officials thanked the ANMI President – Mr. Swatantra Kumar Rustagi for the support showed during the roadshow which was conducted in Kolkata. Points included in the presentation were the tax benefits, wider products offerings, trading in Benchmark currencies, Trading Hours etc. A subsequent presentation on the Membership structure and its process was made. Members were also updated on the operational functioning of the Exchange.
The sessions were well attended by members. NSE team clarified the doubts of attendees on the technicality and legality of its functioning and invited inputs from the audience for the benefit of the broker community as a whole. The sessions were appreciated by one and all and were followed by dinner.
Fintech Summit 2016 at SOFITEL, Mumbai.
ANMI-WIRC participated with Indian Chamber of Commerce for the ICC Fintech Summit 2016 held on Saturday, 17th December 2016at Sofitel Hotel, Mumbai.
The Fintech Summit was organized for facilitating conclusive discussions on critical issues prevailing in the Fintech Industry in the presence of industry experts, regulators and other stakeholders. The Conference delved on the latest developments in the Fintech space and the impact of the emerging technologies.
Mr. G. Gopalkrishna, Director, Centre for Advanced Financial Research and Learningwas the Guest of Honour for the event. Other special guest included Mr. Amit Bapna, CFO, Reliance Capital, Mr. S. Ganeshkumar, CGM, Department of Information Technology, Reserve Bank of India, Mr. AsitOberoi, Group President & Global Head – Transaction Banking Group, YES Bank, Mr. MrutyunjayMahapatra, DMD & CIO, SBI, Mr. K. Sanathkumar, Chairman &MD, National Insurance Co. Ltd.
Discussions and deliberations revolved around the following crucial discussion points: FinTechLandscape : Transformation through Technology Disruptive Innovations and opportunities for Indian Finance Fintegration: Integrating FinTech in India’s journey of Digital transformation.
Queries raised by the participants were nicely responded by the speakers. The program was well attended by more than90 people fromMumbai and Kolkata.
Seminar on Compliance with NSE at Mumbai.
A Seminar on "Compliance" was organized jointly by NSE and ANMI-WR on 2nd December 2016.The session was mainly focused on guiding the members on the new regulation on "Enhanced Supervision of Stock Brokers".
Dr. Dinesh Soni , VP, NSEIL welcomed the guests. Mr. Ashish Ajmera, Chairman, ANMI WIRC, welcomed the gathering and appreciated National Stock Exchange for the support provided to ANMI.
Dr. V R Narasimhan , Chief Regulations, NSEIL in his Key Note address updated members on various compliance matters explaining them the essence of the regulations. He also highlighted the major areas of non-compliance by members as observed by the exchange.
Mr. Debashis Bandyopadhyay, DGM, Market Intermediaries Regulation and Supervision Department, SEBI was the Chief Guest of the session. He briefed members on importance of adopting good business practices and adhering to the compliance processes. He also explained members about the expectations of the regulator from the broking industry.
Mr. Bireshwar Chatterjee , Assistant Vice President, NSE, in his presentation on “Enhanced Supervision of Stock Brokers and Compliance Related areas”included discussions on the best practices of Quarterly Settlement, Email ID related practices, Investor Grievance Resolution etc. He also briefed members about the practices that should be avoided. He informed about the new compliance initiatives taken by NSE.
A detailed presentation was made to members on the regulation of “Enhanced Supervision of Stock Brokers” including the various timelines for complying, the principles to be followed, provisions regarding transfer of funds, provisions regarding transfer of securities, provisions regarding pledging of client securitiesetc.
Mr. Nirav Gandhi, Executive Director, J M Financial Services Limited and Mr. Manoj Agarwal , ‎Executive Vice President - Head of Compliance, Kotak Securities Limited shared few Best Practices adopted by their firms relating to compliance. They emphasized on timely disclosures and protecting the interest of investors.
Senior ANMI officials were also present for the seminar. The session was very informative and interactive. Dr. Dinesh Soni and Mr. Bireshwar Chatterjee clarified the doubts of attendees in the open session.
The program concluded with vote of thanks proposed by Dr. Dinesh Soni. The seminar received an overwhelming response with more than 200 people attending the same. The program was followed by dinner.
Seminar on Consulting Paper on IA.
A seminar on Consultation paper on Amendments to the SEBI (Investment Advisers) Regulation, 2013 was organized by ANMI-WRon Wednesday, 23rd November 2016 at the NSE Auditorium, Mumbai.
At the outset, Ms. Kusum, Secretary, WIRC welcomed the gathering. Mr. Nirav Gandhi, Executive Director, J M Financial Services Ltd. was the speaker for the session. He addressed the audience and appreciated the efforts made by ANMI for organising this crucial seminar which would impact the business of every stock broker.
The seminar was conducted to create awareness and understanding of the Consultation paper on Amendments to theSEBI (Investment Advisers) Regulation, 2013.
Mr. Nirav Gandhi discussed at length the following points in hispresentation: Proposed Amendments to Investment Adviser Regulation. Comparison of the Existing and Proposed Structure. Obligations casted on the Stock Broker for Advisory. The Challenges Two Separate legal entities, Client need to call twice first the Advisor and thereafter the Dealers, Certificationsrequired, Infrastructure and bandwith with Sub Brokers/ Authorised Personetc The session was very informative and interactive. Mr. Nirav Gandhi clarified the doubts of attendees regarding the implications of Consulting paper and its required compliances. Suggestions were invited from the audience on these amendments. Based on these suggestions a consolidated report would be submitted to SEBI.
The program concluded with vote of thanks by Ms. Kusum.
ANMI Participation in SEBI Pavilion "Bharat Ka Share Bazar" at IITF 2016 at Delhi.
ANMI NR Members' Meet at Kanpur.
ANMI NR Members' Diwali Milan Celebration.
Some of the glimpses of ANMi-NR members Diwali Milan celebrations on 21st October,2016, at India Habitat Centre New Delhi. The event was enjoyed by all with family members playing games, quiz and winning prizes was all the more exiting. The unforgettable Moments of this gala evening blended with soul consoling light music and exchanging gifts with festive mood left an engraving effect on the minds of 200 plus participants, The honourable guests from Exchanges, SEBI, capital market related Institutions , professionals attended. The sumptuous Dinner and “Dilliki Chaat” was thoroughly enjoyed and praised by all. The Guests were in all praise and senior ANMI members applauded the great efforts of Shri Narinder Wadhwa and team for grandeur of the program.
Seminar on New Business Opportunities - IFSC.
ANMI WIRC had organized a seminar on “New Business Opportunities – BSE International Exchange IFSC Ltd”on 20th October 2016 at Four Seasons Hotel, Mumbai. The session was conducted to update ANMI members on the benefits of BSE International Exchange coming up at IFSC – GIFT City, Gandhinagar, Gujarat.
At the outset, Ms. Kusum, Secretary, WIRC welcomed the gathering. Mr. Ashish Ajmera, Chairman, ANMI WIRC welcomed the Chief Guests Shri. Ashish Kumar Chauhan and Shri. Balasubramaniam along with otherspeakers and gave a brief overview about ANMI activities in his opening remarks.
Shri. Ashish Chauhan, MD & CEO, BSE Ltd spoke about the advantages of being a member of the BSE International Exchange-IFSC which would provide opportunity to market participants to access global benchmark products in various segments. He also informed the members to make most of this opportunity by actively participating in the first International Exchange in India which is scheduled to be inaugurated on 9th of January 2017.
Shri. V Balasubramaniam, Chief Business Officer, BSE Ltd gave a detailed presentation on the roadmap to become a member of the BSEIX and also explained to members of the various tax advantages.
Two consultants viz. Exemplary Consultants and Moon Consultancygave presentations on the legal framework involved in floating a company at the IFSC. The Hiranandani Developers briefed the members of the availability of the office space. Officials from YES Bank informed members on various aspects of banking at the IFSC.
Over seventy members attended the seminar. The session was very interactive and was appreciated by one and all. The program concluded with vote of thanks by Mr. Anup Gupta.
Seminars by WR on Stock Market for the Common Man.
ANMI-WR conducted four seminars on “Stock Market for Common Man” during the month of September and October 2016. The first session was held in Ahmedabad on 29th September 2016. This session was attended by about 80 people from Ahmedabad. Two sessions were held in Mumbai at Borivali and Churchgate on 4th and 7th of October 2016respectively, which were well attended. ANMI WR also reached to about 70 people in Pune with this program on 5th October 2016.
Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session.
The seminars were focused on breaking myths regarding stock market that prevail in the minds of people. The sessions emphasised on making the audience understand the science of stock marketusing technical analytical tools that could be used to participate in the stock markets, avoiding common mistakes a trader does. Mr. Vishal Malkan in his address spoke broadly on the following areas - The RightIndicator to be used for trading, the Role of Systems, how to Manage Risk and The Right Mind-set required for trading. For him the most important of the above was Right Mind-set for trading.
The events were open for clients of members along with Sub Brokers& traders. All the sessions were well attended and appreciated by members and other participants.
ANMI BSE Annual Members Meet on 30th September, 2016 at Lalit Hotel, New Delhi.
Seminar on"Impact of GST on Stock Broking Industry” - Mumbai.
ANMI WIRC had organized a seminar on “Impact of GST on Stock Broking Industry”on 26th September 2016 at NSE Auditorium, Mumbai. The session was conducted to update ANMI members on the impact of the proposed GST law onIndian Business.
Since the Indian parliament has passed the long-awaited Goods and Services Tax (GST) bill, preparing the way for the country to move towards a "one nation, one tax" policy; it was time for ANMI members also to understand the Impact of GST on the Stock Broking Industry.
At the outset, Ms. Kusum, Secretary, WIRC welcomed the gathering. Mr. Anup Gupta, Executive Committee member, ANMI WIRC welcomed the speaker and gave a brief overview about ANMI activities in his opening remarks. Mr. Ravi Varanasi from National Stock Exchange of India Ltd also graced the occasion.
The Association was fortunate to have Advocate Shailesh Sheth from SPS Legal, a learnt personality as Speaker who guidedmembers on the implication of the proposed law. As per Mr. Sheth, GST was not a Tax Reform but a Business Reform which would change the way India Inc does business.
He explained to members the Basics of the Model GST Law and also cautioned them of the repercussions of GST if they fail to analyze its impact on their business.
About two hundred people attended the seminar. The session was very interactive and was appreciated by one and all. The program concluded with vote of thanks by Mr. Ankit Ajmera.
ANMI-NR Program on “CKYC SOLUTIONS SHOWCASE”held on 08th-September-2016 in association with TSS Consultancy Pvt. Ltd at India Habitat Centre, Lodhi Road, New Delhi.
ANMI-WIRC EC Meeting in Goa.
WIRC of ANMI conducted its Executive Committee Meeting for the month of August at Adamo-The Bellus, Goa on 20th August 2016. In this outdoor visit, the members were accompanied by their spouses.
The Executive Committee dwelled on various issues relating to progress of ANMI. The members and their families had fun at the side-lines of the meeting and there was great bounding and fellowship between the members.
The Goa meeting which was held at the four star hotel Adamo The Bellus, a beautiful property with excellent services, was hosted by WR Chairman Mr. Ashish Ajmera. The EC appreciated the hospitality of the Chairman and the team at Adamo The Bellus. As a token of appreciation the EC felicitated Mr. Manish Ajmera the Managing Director, Adamo Hospitality Group and Mr. Hanumant Naik, Managing Director, Adamo - the Bellus.
ANMI-NR Seminar Held On 29-July-2016 On “Investment Advisers and Research Analysts; Regulatory Structure and Practical Issues” and “Central KYC” at NSE office, New Delhi.
ANMI National Council Meeting held on 16th July, 2016 at Hotel Lalit New Delhi.
ANMI – NR Seminar with ISKON on “Talk on Holistic Approach to Business: Key to Success” held on Malviya Smriti Bhawan, New Delhi.
Seminar on Sovereign Gold Bond - "Traditional Gold Goes Digital" in association with BSE.
ANMI-WIRC participated with BSE for the program on Sovereign Gold Bond - "Traditional Gold Goes Digital" on 14th July 2016 at Hotel Grand Hometel, Mindspace, Malad West in Mumbai.
The seminar was conducted to create awareness about Sovereign Gold Bond (SGB) and its advantages compared to other instruments linked to Gold. The speaker Mr. Ranjit Singh, AGM, BSE informed the members that first tranche of SGB was already available as a tradeable instrument in BSE Equity Cash segment and from fourth tranche onwards, BSE was also permitted to act as a receiving office for Sovereign Gold Bond scheme.
The program was well attended by around 100 members and was followed by dinner.
Seminar on Participation in Nation Building with CIT officials.
On the behest of Commissioner of Income Tax office, Mumbai a session was conducted by ANMI-WR on 12th July 2016 on “Participation in Nation Building - Income Disclosure Scheme 2016”.
The event was held at Norton Hall, BSE, Mumbai. It was aimed at creating and increasing awareness about The Income Declaration Scheme 2016, of Government of India. A delegation of five officers of CIT was present including Pr. CIT Mr. B P Singh himself.
The session began with welcome and felicitation of the Commissioner of Income tax Officials. Shri Ashish Pandey, Asst. CIT, made a presentation on the GoI Income Declaration Scheme 2016.
Pr. CIT Mr. B P Singh informed the audience of the benefits of the IDS, 2016 and explained how ANMI and its members could assist in Nation building by helping eradicate the problem of black money. He emphasized that each member could assist in Nation Building by guiding the investors to declare any undisclosed income as the same would help in economic growth of the country. Mr. B P Singh later answered the queries of members.
The session was attended by about 35 people. The following senior ANMI officials were present for the program – Mr. Ashish Ajmera, Mr. Anup Gupta, Mr. Uttam Bagri, Mr. Kirit Vora, Mr. Kamlesh Shroff.
Compliance Seminar” with NSE for Gujarat members at Ahmedabad.
ANMI-WR conducted a seminar on Compliance jointly with National Stock Exchange of India Ltd at Hyatt Regency, Ahmedabad on Saturday, 9th July 2016.The program was well attended by more than 140 people from Gujarat.
The program began with welcome by Ms. Bhawika Wanchoo , Chief Manager – Ahmedabad Regional Office, NSEIL. Mr. Ashish Ajmera, Chairman, ANMI-WR in his opening remarks briefed the members of recent ANMI activities.
Dr. V R Narasimhan, Chief-Regulations, NSE in his Key Note address updated members on various compliance matters explaining them the essence of the regulations. He also highlighted the major areas of non-compliance as observed by the exchanged. He informed that NSEIL could guide and assist the members wherever they face challenges in understanding the various circulars and regulations. Ms. Bhawika Wanchoo briefed members on Good and Avoidable compliance practices.
Mr. Jay Bhavsar from KIFS Trade and Mr. Shailesh Sinhval from Jhaveri Securities shared few Best Practices adopted by their firms relating to compliance. Ms. Yukti Sharma from NSEIL explained the Enhanced Risk Based Supervision regulation to members. Mr. Nirav Gandhi briefed the members on operational aspects of the proposed Enhanced Risk Based Supervision regulation.
The members’ queries were well addressed by the speakers in the Open session. The program concluded with vote of thanks proposed by Ms. Kusum, Secretary, ANMI-WR. The seminar was appreciated by one and all and was followed by lunch.
Workshop on "PMLA" held on 09th July 2016 at MCC Chamber of Commerce.
Greetings from ANMI EIRC !
ANMI EIRC had organized a workshop on “PMLA” on 09thJuly 2016 at MCC Chamber of Commerce & Industry, Kolkatato help its member understand the latest changes and development in PMLA act and to comply better with rules and regulation issued by the SEBI and Exchanges.
The program focused on:
Introduction to PMLA Difference between money laundering and tax evasion New FIU circular march 2016 and Sample case study from broking business .
The Speakers were Mr. Sagar Tanna - A certified Anti Money Laundering specialist.
Mr. Tanna made a detailed presentation on the Regulations and Compliance Requirements on PMLA. He used practical examples which kept the session very interesting and lively. He guided how to analyze cases for the purpose of generating or non generating of STR.
Mr. Anup Kr Khandelwal, Chairman ANMI-EIRC gave welcome speech, highlighting reasons for organising this workshop for the members.
Miss. Snigdha Tibrewal, Secretary, ANMI-EIRC presented PP focusing on mandatory and non mandatory alerts provided by the exchange and explained the procedure to handle the same.
Mr. Rakesh Somani, Past President ANMI, briefed the members about the area to be focused with some practical examples which was an eye opener to understand the analysis of STR’s.
This interaction with the members was a great opportunity for all to learn from each other’s best practices and procedures. The session was appreciated by one and all. Approx 84 peoples attended the workshop.
The vote of Thanks was given by Mr. Anil Changoiwala, an executive committee member.
ANMI EIRC for the first time has taken an initiative to issue certificate of Participation to its members.
Seminars by WR on Stock Market for the Common Man.
ANMI-WR conducted two seminars on “Stock Market for Common Man” in Mumbai. One was held at Churchgate on 1st July 2016 and another was held on 4th July 2016 at Borivali. Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session.
The seminars were focused on breaking few myths regarding stock market that prevail in the minds of people and making them understand the science of stock market. The session also discussed the use of technical analytical tools that could be used to participate in the stock markets, avoiding common mistakes a trader does etc. Mr. Vishal Malkan in his address spoke broadly on the following areas - The Perfect Indicator to be used for trading, the Role of Systems, how to Manage Risk and The Right Mind-set required for trading. For him the most important of the above was Right Mind-set for trading.
The events were open for clients of members along with Sub Brokers, traders etc. Despite heavy rains, the sessions were well attended and appreciated by members and other participants.
ANMI Next Gen Meet at Hotel Hans, Barakhamba Road, Connaught Place, New Delhi on June 24, 2016 to discuss “Opportunities in Financial Markets for Next Generation”.
ANMI Next Gen Meet at Hotel Hans, Barakhamba Road, Connaught Place, New Delhi on June 24, 2016 to discuss “Opportunities in Financial Markets for Next Generation”
"Narinder Wadhwa :Chairman on ANMI NextGen Meeting - We created one Regional Committee called ANMI NextGen this year, the purpose is to make children of ANMI members who are inducted in their Family business of Stock Broking to know each other through ANMI platform and provide them soft skills through ANMI .
We have so far activated 50 members in this committee. thay are all young very intelligent next Generation of our members, full of energy and active in their businesses .
We recently organised meeting of this group on 24 June at Hotel HANS New Delhi. The title was "Opportunities in financial Markets " for NextGen.
This meeting was exclusively for NextGeneration organised by ANMI NR and was addressed by Mr Ashok Agarwal, Chairman Globe Group , he spoke on the opportunity in financial markets and Mr Rakesh Jain , Past President ANMI and Chairman , Frontline Group. he spoke on Leadership Traits, and his book Leaders and Ladder "
Report on Seminar on “Risk Based & Enhanced Broker Supervision” organized by ANMI-EIRC jointly with NSE on 18th June, 2016 at Park Hotel, Kolkata.
Since there were lot of apprehension and concern amongst the member brokers on the SEBI’S proposed directions on “Enhance Supervision of Brokers” which would put under pressure of proper work and filings upon the member-brokers with no fruitful purpose as the initiation of the direction is motivated by some wrong doing by a few brokers with funds of their clients while NSE’S own statistics most of its member brokers are compliant to the existing rules in this regards.
Very beginning of the Seminar Mr. Saurav Sanyal, an officer of NSE addressed to the members.
Mr. Anup Kumar Khandelwal, Chairman of ANMI-EIRC, delivered welcome speech and introduced the distinguished speakers with the members. Flower bouquets and Memento were presented on behalf of ANMI-EIRC to guests.
The Principal Speaker from SEBI was Mr. Debashis Bandopadhyay, GM-SEBI, who read out the background for the proposed direction and affirmed that the whole framework for implementation is in place.
Dr. V. R. Narasimhan, Chief Regulations, NSE, Mumbai explained that the members can face the new regulations by using technology. He assured full support, help and co-operation from NSE in helping members for difficulties arising in the course of meeting the new “Enhance Supervision of Brokers” requirements. His presentation of statistics comparing data of members over 2 years period 2014-2015 and 2013-2014 vis a vis all India and Eastern Regions impressed the members. The members applauded the fact that members of Eastern Region fared for well in compliance and other parameters compared to other regions / all India.
Dr. Dinesh Kumar Soniji, Head – Inspection & Exchange Compliance, NSE-Mumbai, spoke in detail with power point presentation about existing rules for inspection and supervision of NSE Member-Brokers and the new requirements of “Enhance Supervision of Brokers”. He emphasized that the requirements of Enhanced Supervision are the existing ones.
Mr. Girdhar Kannan, Head – KRO Regulatory, NSE – Kolkata Office made a power point presentation on Inspection of members, how to meet obligations of compliances, Internal audit and Inspection.
Mr. S. K. Rustagi, President of ANMI delivered Key Note address on the theme ofthe4 Seminar emphasising the view point of members that additional rules shall not be thrust upon members for wrong-doing of a handful of members,
Mr. Bijay Murmuria, Past Past President of ANMI and at present Executive Committee Member of ANMI-EIRC and Ms. Aditi Day Nundy, Vice Chairperson of ANMI-EIRC spoke from ANMI side.
Mr. Vinod Kumar Goyal, Director ANMI proposed vote of thanks. He thanked all the speakers, NSE team and the members for making the Seminar a grand success.
132 ANMI-EIRC members, mostly Directors, Partners, Proprietors, Secretaries and Compliance Officers of the member’s Firm attended the seminar and listened aptly to all the speakers. During open floor, members raising questions and queries which were clarified by the speakers. A lunch hosted which was enjoyed by all.
Members Get Together at Pune.
Pune being so near to Mumbai, it is still so far, when it comes to participation in various programs of ANMI-WR. To bridge this distance, ANMI WR organised a Get Together for the Pune Members on the morning of Saturday, 11th June 2016 at Poona Club.
The main agenda was to understand the issues of the members; revisit the compliance challenges and increase participation of the Pune members in ANMI-WR programs.
ANMI WR Chairman Mr. Ashish Ajmera, EC member Mr. Anup Gupta and WR Secretary Ms. Kusum attended the meeting and addressed the members present. Mr. Bireshwar Chatterjee, AVP, NSEIL represented the exchange and briefed members on the initiatives being taken by NSEIL. He also addressed some of the compliance related queries of members. The exchange offered to hold regular seminars at the NSEIL office in Pune to update the members and address their issues on continuous basis.
The meeting was well attended by representatives of 10 members from Pune area of ANMIWR and the same gave everyone an opportunity to meet and unite. ANMI WR thanked Mr. Aashish N Shah of Asian Broking Pvt Ltd and Mr. Manoj S Bajaj of Jade Securities Pvt Ltd for their efforts in arranging this program and making the same successful.
The meeting was followed by lunch.
ANMI-NR Members participation in the deliberations at NSE Members Conclave held on June 11, 2016 at Westin Hotel New Delhi NCR Gurgaon.
Investor Awareness Programs (IAPs) by WR conducted from 6th June to 10th June 2016.
Financial inclusion is what the country needs today and has been spoken many a times by one and all. In this light, ANMI – WR conducted 5 such seminars for none other than the Mumbai Fire Brigade. Like soldiers who fight to keep our boarders safe, it is these brave firemen who dedicate their lives for the safety of people per se in their area, be it fire, flood or any other calamity.
ANMI thought it upon itself to conduct Investor Awareness Programs for these people who had almost no knowledge of how to take care of their hard earned money and grow it into wealth.
ANMI WR conducted a series of 5 sessions at Goregaon, Dahisar, Mulund, Vikroli and Byculla for the benefit of the brave fireman. The seminars were conducted in their local language and the response was over whelming. The speakers addressed all their queries.
The sessions were appreciated by the firemen who mentioned that it was the first time they were bestowed upon financial knowledge of this kind.
These IAPs were partnered by NSE IPFT and organized by SRE Edupro.
Seminar by ANMI WR on Holistic Approach to Trading.
ANMI WR conducted a seminar on “Holistic Approach to Trading” on Tuesday, 7th June 2016 in association with NSE at the NSE Auditorium, Bandra Kurla Complex, Mumbai.
Mr. Vishal Malkan, Co-founder - Malkansview Training Institute who is a Master Trainer in the area of technical analysis, trading psychology and personal motivation, was the speaker of the session. He has been a trader since the age of 16.
The session began with welcome by Ms. Kusum, Secretary, ANMI-WR. Mr. Ashish Ajmera, Chairman, ANMI-WR in his opening remarks highlighted that Trading is an integral part of the stock market and the same has to be done in a systematic and scientific manner.
Mr. Vishal Malkan in his address spoke broadly on the following areas - The Perfect Indicator to be used for trading, the Role of Systems, how to Manage Risk and The Right Mind-set required for trading. For him the most important of the above was Right Mind-set for trading.
The seminar was well attended by over 150 Members, Dealers, Traders, Sub brokers, Authorized Persons and appreciated by one and all. There was a huge demand to hold such seminars more often.
The session was also graced by Mr. Ravi Varanasi, Chief Business Development, NSEIL who appreciated this initiative of ANMI WR. Mr. Ashish Ajmera felicitated Mr. Varanasi with flowers and Mr. Anup Gupta, EC member, thanked him for the continued support to ANMI.
The program concluded with formal vote of thanks by Mr. Akhil Jalan, EC member. Other Senior ANMI officials present were Mr. Hemant Kakkar, Mr. Lalit Mundra, Mr. Ankit Ajmera and Mr. Kamlesh Shroff.
The event was partnered by NSEIL and Malkansview Training Institute.
Seminar on “FATCA – Implications & Compliance”
As the nextreporting under the Foreign Account Tax Compliance Act (FATCA)was coming near (31st May 2016), WIRC of ANMI arranged for a seminar on “FATCA – Implications & Compliance” for its members on 12th May 2016. The Keynote speaker was Mr. Kriyang Karia, Associate Director at BDO India LLP and the session was held at NSE Auditorium in Mumbai.
At the outset, Ms. Kusum, Secretary, ANMI-WR welcomed the gathering. She highlighted that the reporting of FATCA/CRS was alarming to most of the Financial Institutions in India and so was the case with the stock broking firms. It was in this context that the event was organized.
Mr. Ashish Ajmera, Chairman, ANMI WIRC welcomed the speakers and gave a brief overview about ANMI activities in his opening remarks.
Mr. Nirav Gandhi, Executive Director, J M Financial Services Ltd. in his address apprised members about the efforts made by ANMI in the subject matter by continuously engaging with regulators and Tax Consulting companies. Further, he emphasized that only 19 days were left for reporting of Form 61B under FATCA.
Mr. Kriyang Karia began his speech by interacting with members and trying to understand their understanding of FATCA. Then he moved on further, clarifying the doubts of attendees regarding the implications of FATCA and its required compliances. Inter alia the following were discussed.
Applicability of FATCA/CRS Key aspects of the FATCA/CRS regulations Key requirements – FATCA v/s CRS. Registration requirement Timelines - timelines of pre-existing accounts and new accounts viz a viz, account type, Reportable account, threshold limit, account opening period, due diligence timelines - on/before and Form 6 1B Reporting date. Reporting - what is to be reported, how to manage & generate ITDREIN & steps for adding authorized person.
The session was very enlightening and interactive. It received overwhelming response with over 170 people present for the program. It was appreciated by one and all.
The event also witnessed the special presence of Mr. Ravi Varanasi, Chief - Business Development, NSEIL. The following senior ANMI officials were also present for the program viz Mr. Vijay Singhania, Mr. Lalit Mundra, Mr. Kishor Kansagra, Mr. Anup Gupta, Mr. DP Singh.
The program concluded with vote of thanks by Mr. Anup Gupta. The event was supported by National Stock Exchange (NSE) and M/s TSS Consultancy Pvt ltd.
ANMI-NR Participation with NSE and SEBI in Members Meet held on May 09, 2016 at NSE Delhi Office on “Financial Prudence in Compliance”.
ANMI - TKK’s one day Cricket Tournament.
ANMI - TKK’s one day Cricket Tournament (Tennis ball) 2016 conducted on 8th May 2016 at Pachaiyappa C Grounds – Chennai was a grand success with enthusiastic participation. Eight teams participated and the winning team was M/s Integrated Enterprises India Limited, the Runner up was M/s India Cements Investment Services Limited, Man of the Series - Mr. Naresh of Integrated Enterprises India Limited, the Best Batsman - Mr. Sathish of Integrated Enterprises India Limited and the Best Bowler - Mr. Naresh of Integrated Enterprises India Limited. This Tournament has given an opportunity for closer involvement and establishing a good relationship between the members of ANMI-TKK. The tournament received an overwhelming response and as per request of the participating teams and other ANMI members, ANMI TKK will continue to organize such cricket tournaments every year.
Seminar on “Fulfilling Compliance on Research Analyst & Investment Advisory Regulations - Learning from the Leaders”
ANMI WIRC had organized a seminar titled “Fulfilling Compliance on Research Analyst & Investment Advisory Regulations – Learning from the Leaders” on 28th April 2016 at Hotel St. Regis, Mumbai to help its members comply better with the SEBI Research Analyst Regulations, 2014 and SEBI Investment Advisory Regulations, 2013.
At the outset, Ms. Kusum, Secretary, WIRC welcomed the gathering. Mr. Ashish Ajmera, Chairman, ANMI WIRC welcomed the speakers and gave a brief overview about ANMI activities in his opening remarks.
The program focused on the procedural part of the regulations i. e. steps to be taken to comply with the above mentioned regulations.
The Speakers from the industry shared the best practices being followed. Ms. Namita Godbole, Compliance Head, Sharekhan Ltd, made a detailed presentation on the Regulations and Compliance Requirements of Investment Advisory Regulations. She clarified various points viz a viz the Registration formalities, Consideration of application and eligibility criteria, Qualification and certification requirement from IA, Maintenance of records by IA etc. for SEBI Investment Advisory Regulations – 2013.
Mr. Manish Kumar Sabu, Compliance Head, J M Financial Services Ltd, in his presentation briefed the members about the practices that need to be followed to ensure compliance with the Research Analyst Regulations. His presentation focused on activities carried out to address the conflict of interest, trading guidelines for research analyst team, maintenance of records, general responsibility, security coverage etc.
This interaction among the members was a great opportunity for all to learn from each other’s best practices and procedures. The session was very interactive and was appreciated by one and all.
The program concluded with vote of thanks by Mr. Anup Gupta. The event was supported by M/s TSS Consultancy Pvt ltd and XtremSoft Technologies Pvt Ltd.

Authorised forex dealers in mumbai

There is no indication in Rule 8D to the effect that Rule 8D intended to apply retrospectively. Applying the principles of statutory interpretation for interpreting retrospectivity of a fiscal statute and looking into the nature and purpose of subsection (2) and subsection (3) of Section 14A as well as purpose and intent of Rule 8D coupled with the explanatory notes in the Finance Bill, 2006 and the departmental understanding as reflected by Circular dated 28.12.2006, we are of the considered opinion that Rule 8D was intended to operate prospectively.
CIT vs. Bengal Finance & Investments Pvt. Ltd (Bombay High Court)
The impugned order of the Tribunal followed its decision in M/s. Essar Teleholdings Ltd. v/s. DCIT in ITA No. 3850/Mum/2010 to held that an amount disallowed under Section 14A of the Act cannot be added to arrive at book profit for purposes of Section 115JB of the Act. The Revenue’s Appeal against the order of the Tribunal in M/s. Essar Teleholdings (supra) was dismissed by this Court in Income Tax Appeal No.438 of 2012 rendered on 7th August, 2014. In view of the above, question (b) does not raise any substantial question of law.
Pest Control India Pvt Ltd vs. DCIT (ITAT Mumbai)
The Hon’ble Delhi High Court in the case of Joint Investment Private Limited in ITA. No. 117/15 dated 25.02.2015 held that by no stretch of imagination can section 14A or Rule 8D be interpreted so as to mean that entire tax exempt income is to be disallowed. Similarly, Punjab and Haryana High court in the case of PCIT v. Empire Package Private Limited in ITA. No. 415/2015 held that disallowance should not exceed exempt income.
ACIT vs. Af-taab Investment Company Limited (ITAT Mumbai)
Strategic investments/stock in trade have to be excluded for computing disallowance under 14A. The AO should keep in mind that the assessee is a single segment company being an investor and dealer in shares & securities and consequently all the business expenses ought to have been incurred towards this segment under normal circumstances unless otherwise shown.
Pr CIT vs. Reliance Capital Asset Management Ltd (Bombay High Court)
The Assessing Officer did not specifically record that he is not satisfied with the correctness of the claim of the assessee in respect of the expenditure in relation to the income which does not form part of the total income under the Act. However, he felt obliged and going by the presence of Rule 8D that once Section 14A is attracted, the disallowance is to be made as per Rule 8D only which has been prescribed by the Legislature. The Assessing Officer has not adverted to the plain language of subsection (2) of Section 14A.
H. T. Media Limited vs. Pr CIT (Delhi High Court)
In order to disallow this expense the AO had to first record, on examining the accounts, that he was not satisfied with the correctness of the Assessee’s claim of Rs. 3 lakhs being the administrative expenses. This was mandatorily necessitated by Section 14 A (2) of the Act read with Rule 8D (1) (a) of the Rules. Consequently on the aspect of administrative expenses being disallowed, since there was a failure by the AO to comply with the mandatory requirement of Section 14 A (2) of the Act read with Rule 8D (1) (a) of the Rules and record his satisfaction as required thereunder, the question of applying Rule 8D (2) (iii) of the Rules did not arise.
ACIT vs. Vireet Investment Pvt Ltd (ITAT Delhi) (Special Bench)
(i) The computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income tax Rules 1962. (ii) Only those investments are to be considered for computing the average value of investment which yielded exempt income during the year.
Godrej & Boyce Manufacturing Co Ltd vs. DCIT (Supreme Court)
While it is correct that Section 10(33) exempts only dividend income under Section 115-O of the Act and there are other species of dividend income on which tax is levied under the Act, we do not see how the said position in law would assist the assessee in understanding the provisions of Section 14A in the manner indicated. What is required to be construed is the provisions of Section 10(33) read in the light of Section 115-O of the Act. So far as the species of dividend income on which tax is payable under Section 115-O of the Act is concerned, the earning of the said dividend is tax free in the hands of the assessee and not includible in the total income of the said assessee. If that is so, we do not see how the operation of Section 14A of the Act to such dividend income can be foreclosed. The fact that Section 10(33) and Section 115-O of the Act were brought in together; deleted and reintroduced later in a composite manner, also, does not assist the assessee. Rather, the aforesaid facts would countenance a situation that so long as the dividend income is taxable in the hands of the dividend paying company, the same is not includible in the total income of the recipient assessee. At such point of time when the said position was reversed (by the Finance Act of 2002; reintroduced again by the Finance Act, 2003), it was the assessee who was liable to pay tax on such dividend income. In such a situation the assessee was entitled under Section 57 of the Act to claim the benefit of exemption of expenditure incurred to earn such income. Once Section 10(33) and 115-O was reintroduced the position was reversed. The above, actually fortifies the situation that Section 14A 44 of the Act would operate to disallow deduction of all expenditure incurred in earning the dividend income under Section 115-O which is not includible in the total income of the assessee.
Kalyani Barter (P) Ltd vs. ITO (ITAT Kolkata)
The object of s. 14A is to disallow the direct and indirect expenditure incurred in relation to income which does not form part of the total income. There is no dispute that part of the income of the assessee from its business is from dividend which is exempt from tax whereas the assessee was unable to produce any material before the authorities below showing the source from which shares were acquired. The mere fact that those shares were old ones and not acquired recently is immaterial. It is for the assessee to show the source of acquisition of those shares by production of materials that those were acquired from the funds available in the hands of the assessee at the relevant point of time without taking benefit of any loan. If those shares were purchased from the amount taken in loan, even for instance, five or ten years ago, it is for the assessee to show by the production of documentary evidence that such loaned amount had already been paid back and for the relevant assessment year, no interest is payable by the assessee for acquiring those old shares.
Shapoorji Pallonji & Co. Ltd vs. DCIT (ITAT Mumbai)
Thus, Rule 8D is not attracted and applicable to assessee who have exempt income and it is not compulsory and necessary that an assessee must voluntarily compute disallowance as per Rule 8D of the Rules. Where the disallowance or ‘nil’ disallowance made by the assessee is found to be unsatisfactory on examination of accounts, the assessing officer is entitled and authorised to compute the deduction under Rule 8D of the Rules. This pre-condition and stipulation as noticed below is also mandated in sub Rule (1) to Rule 8D of the Rules.

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As the Transmission Commission of Nigeria (TCN) ramps up investments that has seen grid capacity rise to 7,000MW, breaki .
At the installation of two 100MVA transformers at Apo and Katampe on February 12, Babatunde Fashola, minister of Power, .
Zenith Bank, Sterling Bank plc, United Bank for Africa (UBA) and First Bank of Nigeria (FBN) led other deposit money ban .
The Central Bank of Nigeria (CBN) on Tuesday reviewed the guidelines for Commercial Agriculture Credit Scheme (CACS) t .

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We Offer Three Different Broker Account Structures — Compare the Benefits View PDF.
Informação da conta.
Fully Disclosed Brokers provide their clients with customer service and marketing. Broker clients can electronically trade or the broker may input trades for the client.
Clients open accounts electronically.
Fully Disclosed Brokers can create multiple tier accounts by adding Registered Advisor, unregistered Friends and Family Advisor, Proprietary Trading Group Separate Trading Limit (STL) and Multiple Hedge Fund master accounts to their broker account structure. Each Advisor, Proprietary Trading STL and Multiple Hedge Fund master account holder can add client, sub and hedge fund accounts as required.
Brokers can trade for themselves in the Proprietary Account for Broker-Dealers.
All fees, commission and interest owed to the broker are first sent to the broker's Master account and then swept nightly to the Proprietary Account for Broker-Dealers.
Fully Disclosed Broker Account Structure.
A master account linked to an individual or organization client accounts.
Informação da conta.
Non-Disclosed Brokers provide their clients with customer service, marketing, a registration process, and cashiering functions. Broker clients can electronically trade or the broker may input trades for the client.
Brokers configure client accounts based on information provided during the application process.
Broker users deposit all funds in the Master account and transfer funds between the Master and client accounts.
For Non-US Brokers not registered with the US Internal Revenue Service as a QI, you are required to collect limited information from your clients for US tax reporting purposes. In addition, you are also required to collect limited information for market data providers. However, IB remains anonymous to your clients.
Brokers can trade for themselves in the Proprietary Account for Broker-Dealers.
All fees, commission and interest owed to the broker are first sent to the broker's Master account and then swept nightly to the Proprietary Account for Broker-Dealers.
Non-Disclosed Broker Account Structure.
A master account linked to an individual or organization client accounts. Clients must sign disclosures with the Non-Disclosed Broker.
Informação da conta.
Omnibus Brokers provide their clients with customer service, marketing, a registration process, cashiering functions, trade entry, and individual client account record keeping. All trades are combined in a consolidated account, and the broker must enter all client trades.
Omnibus Brokers indicate buy or sell and open or close flags on each trade. Based on this indicator, the trade is placed in the proper long or short account.
Clients do not have access to electronic trading or Account Management functions.
Omnibus Brokers deposit all funds in the Master account for trading.
Omnibus Broker accounts can trade securities products only. They cannot trade commodities products.
A non-US Omnibus broker must be registered with the U. S. IRS as a Qualified Intermediary.
Omnibus Broker Account Structure.
A master account with a linked long account a linked short account.
For information on SIPC coverage on your account, visit sipc or call SIPC at 1 (202) 371-8300.
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O risco de perda na negociação on-line de ações, opções, futuros, forex, ações estrangeiras e títulos pode ser substancial.
As opções envolvem riscos e não são adequadas para todos os investidores. Antes de investir em opções, leia as "Características e Riscos de Opções Padronizadas". Para uma cópia, visite theocc / about / publications / character-risks. jsp. Antes de negociar, os clientes devem ler as declarações relevantes de divulgação de risco em nossa página de Avisos e Divulgações - corretores / divulgações interativas. Negociar na margem é apenas para investidores sofisticados com alta tolerância ao risco. Você pode perder mais que seu investimento inicial. Para obter informações adicionais sobre as taxas de juros de margem, consulte os roteiros interacionais / interesse. Os futuros de segurança envolvem um alto grau de risco e não são adequados para todos os investidores. A quantia que você pode perder pode ser maior que seu investimento inicial. Antes de negociar os futuros de segurança, leia a Declaração de Divulgação de Risco de Futuros de Segurança. Para uma cópia, visite os corretores / divulgações interativas. Existe um risco substancial de perda no comércio de divisas. A data de liquidação das operações de câmbio pode variar devido a diferenças de fuso horário e feriados bancários. Ao negociar em mercados de câmbio, isso pode exigir fundos de empréstimos para liquidar operações de câmbio. A taxa de juros dos fundos emprestados deve ser considerada ao calcular o custo das transações em vários mercados.
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This tutorial would give you an overview of the Indian Securities Markets, understand the various processes involved in Primary and Secondary Markets and also the schemes and products in Mutual Funds and Derivatives Markets in India. It will also help you to know the steps in financial planning process.
1. Are you aware of the term ‘Securities’ and ‘Securities Markets’?
Securities are financial instruments issued to raise funds. The primary function of the securities markets is to enable to flow of capital from those that have it to those that need it. Securities market help in transfer of resources from those with idle resources to others who have a productive need for them. Securities markets provide channels for allocation of savings to investments and thereby decouple these two activities. As a result, the savers and investors are not constrained by their individual abilities, but by the economy’s abilities to invest and save respectively, which inevitably enhances savings and investment in the economy.
2. Do you know the concept of ‘Risk’ and ‘Return’?
Return refers to the benefit the investor will receive from investing in the security. Risk refers to the possibility that the expected returns may not materialise. For example, a company may seek capital from an investor by issuing a bond. A bond is a debt security, which means it represents a borrowing of the company. The security will be issued for a specific period, at the end of which the amount borrowed will be repaid to the investor. The return will be in the form of interest, paid periodically to the investor, at a rate and frequency specified in the security. The risk is that the company may fall into bad times and default on the payment of interest or return of principal.
3. Understand the Structure of Indian Securities Markets.
The market in which securities are issued, purchased by investors, and subsequently transferred among investors is called the securities market. The securities market has two interdependent and inseparable segments, viz., the primary market and secondary market. The primary market, also called the new issue market, is where issuers raise capital by issuing securities to investors. The secondary market also called the stock exchange facilitates trade in already-issued securities, thereby enabling investors to exit from an investment. The risk in a security investment is transferred from one investor (seller) to another (buyer) in the secondary markets. The primary market creates financial assets, and the secondary market makes them marketable.
4. Who are the Issuers in Indian Securities Markets?
Issuers are organizations that raise money by issuing securities. They may have short-term and long-term need for capital, and they issue securities based on their need, their ability to service the securities. Some of the common issuers in the Indian Securities Markets are:
Companies issue securities to raise short and long term capital for conducting their business operations. Central and state governments issue debt securities to meet their requirements for short and long term funds to meet their deficits. Deficit is the extent to which the expense of the government is not met by its income from taxes and other sources. Local governments and municipalities may also issue debt securities to meet their development needs. Government agencies do not issue equity securities. Financial institutions and banks may issue equity or debt securities for their capital needs beyond their normal sources of funding from deposits and government grants. Public sector companies which are owned by the government may issue securities to public investors as part of the disinvestment program of the government, when the government decides to offer its holding of these securities to public investors. Mutual funds issue units of a scheme to investors to mobilise money and invest them on behalf of investors in securities.
5. What do Stock Brokers and Sub-brokers do in the Securities Markets?
Stock brokers are registered trading members of stock exchanges. They sell new issuance of securities to investors. They put through the buy and sell transactions of investors on stock exchanges. All secondary market transactions on stock exchanges have to be conducted through registered brokers. Sub-brokers help in reaching the services of brokers to a larger number of investors. Several brokers provide research, analysis and recommendations about securities to buy and sell, to their investors. Brokers may also enable screen-based electronic trading of securities for their investors, or support investor orders over phone. Brokers earn a commission for their services.
6. What is an Asset Management Company ? What is the role of Portfolio Managers?
Asset management company and portfolio managers are investment specialists who offer their services in selecting and managing a portfolio of securities. Asset management companies are permitted to offer securities (called units) that represent participation in a pool of money, which is used to create the portfolio. Portfolio managers do not offer any security and are not permitted to pool the money collected from investors. They act on behalf of the investor in creating and managing a portfolio. Both asset managers and portfolio managers charge the investor a fee for their services, and may engage other security market intermediaries such as brokers, registrars, and custodians in conducting their functions.
7. What role do Merchant Bankers perform in Securities Markets?
Merchant bankers also called as issue managers, investment bankers, or lead managers help an issuer access the security market with an issuance of securities. They evaluate the capital needs, structure an appropriate instrument, get involved in pricing the instrument, and manage the entire issue process until the securities are issued and listed on a stock exchange. They engage other intermediaries such as registrars, brokers, bankers, underwriters and credit rating agencies in managing the issue process.
8. What is the role of Underwriters in the Securities Markets?
Underwriters are primary market specialists who promise to pick up that portion of an offer of securities which may not be bought by investors. They serve an important function in the primary market, providing the issuer the comfort that if the securities being offered do not elicit the desired demand, the underwriters will step in and buy the securities. The specialist underwriters in the government bond market are called primary dealers .
9. Know the role of Credit Rating Agencies in the Securities Markets.
Credit rating agencies evaluate a debt security to provide a professional opinion about the ability of the issuer to meet the obligations for payment of interest and return of principal as indicated in the security. They use rating symbols to rank debt issues, which enable investors to assess the default risk in a security.
10. What is the role of an Investment Adviser?
Investment adviser work with investors to help them make a choice of securities that they can buy, based on an assessment of their needs, time horizon return expectation and ability to bear risk. They may also be involved in creating financial plans for investors, where they define the goals for which investors need to save money and propose appropriate investment strategies to meet the defined goals.
11. Know about the various regulators of the Indian Securities Markets.
Securities and Exchange Board of India (SEBI)
The Securities and Exchange Board of India (SEBI), a statutory body appointed by an Act of Parliament (SEBI Act, 1992), is the chief regulator of securities markets in India. SEBI functions under the Ministry of Finance. The main objective of SEBI is to facilitate growth and development of the capital markets and to ensure that the interests of investors are protected. The Securities Contracts Regulation Act, 1956 is administered by SEBI.
SEBI has codified and notified regulations that cover all activities and intermediaries in the securities markets.
The Reserve Bank of India regulates the money market segment of securities market. As the manager of the government’s borrowing program, RBI is the issue manager for the government. It controls and regulates the government securities market. RBI is also the regulator of the Indian banking system and ensures that banks follow prudential norms in their operations. RBI also conducts the monetary, forex and credit policies, and its actions in these markets influences the supply of money and credit in the system, which in turn impact the interest rates and borrowing costs of banks, government and other issuers of debt securities.
12. Commonly used indicators while investing in Equity Markets.
a) Price Earning Multiple : The price-earnings ratio or the PE multiple is a valuation measure that indicates how much the market values per rupee of earning of a company. It is computed as:
Market price per share/Earnings per share.
Earnings per share are the profit after taxes divided by the number of shares. It indicates the amount of profit that company has earned, for every share it has issued. PE is represented as a multiple. When one refers to a stock was trading at 12x, it means the stocks is trading at twelve times its earnings.
b) Price to Book Value (PBV) : The PBV ratio compares the market price of the stock with its book value. It is computed as market price per share upon book value per share.
The book value is the accounting value per share, in the books of the company. It represents the net worth (capital plus reserves) per share. If the market price of the stock were lower than the book value and the PBV is less than one, the stock may be undervalued. In a bullish market when prices move up rapidly, the PBV would drop, indicating rich valuation in the market.
c) Dividend Yield : Dividend is declared as a percentage of the face value of the shares. A 40% dividend declared by company will translate into a dividend of Rs.4 per share with a face value of Rs 10 (10*40% =4). If the share was trading in the stock market for a price of Rs.200 per share, this means a dividend yield of 2%.
The dividend declared by a company is a percentage of the face value of its shares. When the dividend received by an investor is compared to the market price of the share, it is called the dividend yield of the share.
13. Do you know what Zero Coupon Bonds are?
A zero coupon bond does not pay any coupons during the term of the bond. The bond is issued at a discount to the face value, and redeemed at face value. The effective interest earned is the difference between face value and the discounted issue price. A zero coupon bond with a long maturity is issued at a very big discount to the face value. Such bonds are also known as deep discount bonds.
14. Do you know what Floating Rate Bonds are?
Floating rate bonds are instruments where the interest rate is not fixed, but re-set periodically with reference to a pre-decided benchmark rate. For instance, a company can issue a 5-year floating rate bond, with the rates being reset semi-annually at 50 basis points above the 1- year yield on central government securities. Every six months, the 1-year benchmark rate on government securities is ascertained from the prevailing market prices. The coupon rate the company would pay for the next six months is calculated as this benchmark rate plus 50 basis points .
Floating rate bonds are also known as variable rate bonds and adjustable rate bonds.
15. Do you know what Callable Bonds and Puttable Bonds are?
Callable bonds allow the issuer to redeem the bonds prior to their original maturity date. Such bonds have a call option in the bond contract, which lets the issuer alter the tenor of the security. For example, a 10-year bond may be issued with call options at the end of the 5th year such as in the SBI bond illustration below. Such options give issuers more flexibility in managing their debt capital. If interest rates decline, an issuer can redeem a callable bond and re-issue fresh bonds at a lower interest rate.
A Puttable bond gives the investor the right to seek redemption from the issuer before the original maturity date. For example, a 7-year bond may have a put option at the end of the 5th year. If interest rates have risen, Puttable bonds give investors the ability to exit from low-coupon bonds and re-invest in higher coupon bonds.
16. Know about the various Money Market Securities.
a) Repos/reverse repos : A repo is a transaction in which one participant borrows money at a pre-determined rate against the collateral of eligible security for a specified period of time. A reverse repo is a lending transaction; a repo in the books of the borrower is a reverse repo in the books of the lender. Eligible collateral for repos and reverse repos are central and state government securities and select corporate bonds.
b) Collateralized Borrowing and Lending Obligation (CBLO) : A Collateralized Borrowing and Lending Obligation (CBLO) is an instrument used to lend and borrow for short periods, typically one to three days. The debt is fully secured against the collateral of government securities. CBLO is a standardized and traded repo.
c) Certificates of Deposits (CDs) : Certificates of Deposits (CDs) are short term tradable deposits issued by banks to raise funds. CDs are different from regular bank deposits because they involve creation of securities. This makes the CD transferable before maturity. However, actual trading in CDs is extremely limited with most investors preferring to hold them to maturity.
d) Treasury Bills : The central government borrows extensively in the money market for its daily operations through the issue of short-term debt securities called Treasury bills (T-bills). T-bills are issued for maturities of 91 days, 182 days and 364 days. They are issued through an auction process managed by the RBI and listed soon after issue. Banks, mutual funds, insurance companies, provident funds, primary dealers and FIs bid in these auctions.
e) Commercial Paper : Companies and institutions raise short-term funds in the money market through the issue of commercial paper (CP). Though CPs are required to have a credit rating, they are unsecured corporate loans with a limited secondary market. They can be issued for various maturities of up to 364 days, but the 90-day CP is the most popular.
17. Know the concept of Time Value of Money.
A rupee in hand today is more valuable than a rupee obtained in future. For example, let us compare receiving Rs.1000 today, and receiving it after 2 years. If today’s Rs.1000 is placed in a 2 year bank deposit earning simple interest of 8%, then it will be worth Rs.1080 (principal 1000 + interest 80) at the end of 2 years. This makes today’s Rs.1000 more valuable than the future Rs.1000. The value of currently available funds over funds received in the future is due to the return that can be earned by investing current funds. If cash flows that are receivable at different points in time have to be compared, the time value of money has to be taken into account.
18. How are Bond Yields and prices related?
The bond price is the present value of cash inflows from the bond, discounted by the market yield. So bond price, coupon rate and yield are all connected. Given any two, the third can be easily calculated.
In the bond markets, it is the price of a bond that is known and quoted. Information on coupon rate and redemption are also available. Given the bond price and its coupon, the yield can be computed.
If the investor purchases the bond at a price lower than the face value, then he has acquired it at a price cheaper than the originally issued price. As a result yield will be higher than the coupon rate. If the investor purchases the bond at a price higher than the face value, then he has acquired it at a higher price than the original face value, so his yield will be lower than the coupon rate.
There is an inverse relationship between yield and price of a bond. As bond price falls, the yield to the investor goes up. This is because as the discounting rate (or yield) is increased, the final present value (price) reduces.
19. What is Yield to Maturity?
The rate which equates the present value of future cash flows from a bond with the current price of the bond is called the Yield to Maturity (YTM) of the bond. As bond price changes, so does the YTM. Thus, YTM is the discount rate implied in the bond value at a point in time. YTM is a popular and widely used method for computing the return on a bond investment. Yield quotations in the debt market usually refer to YTM.
20. Do you know what an Initial Public Offer (IPO) is?
The first public offer of shares made by a company is called an Initial Public Offer (IPO). When a company makes an IPO the shares of the company becomes widely held and there is a change in the shareholding pattern. The shares which were privately held by promoters are now held by retail investors, institutions, promoters etc. An IPO can either be a fresh issue of shares by the company or it can be an offer for sale to the public by any of the existing shareholders, such as the promoters or financial institutions.
New shares are issued by the company to public investors. The issued share capital of the company increases. The percentage holding of existing shareholders will come down due to the issuance of new shares.
Existing shareholders such as promoters or financial institutions offer a part of their holding to the public investors. The share capital of the company does not change since the company is not making a new issue of shares. The proceeds from the IPO go to the existing shareholders who are selling the shares and not to the company. The holding of the existing shareholders in the share capital of the company will reduce.
21. Do you know what a Follow-on Public Offer (FPO) is?
A follow-on public offer is made by an issuer that has already made an IPO in the past and now makes a further issue of securities to the public. A company can make a further issue of shares if the aggregate of the proposed issue and all the other issues made in a financial year does not exceed 5 times the pre-issue net worth.
When a company wants additional capital for growth or to redo its capital structure by retiring debt, it raises equity capital through a fresh issue of capital in a follow-on public offer.
22. Do you know what Rights Issue of Shares is?
Whenever a company makes a fresh issue of shares, it has an impact on the existing shareholders since their proportionate holding in the share capital of the company gets diluted. For example, a company may have 10 lakhs shares of Rs.10 each, amounting to an issued and paid-up capital of Rs. 1 Crore. If it issues another 10 lakhs shares, to increase its capital, the proportion held by existing shareholders will come down by half, as the issued and paid up capital has doubled. This is called as dilution of holdings. To prevent this, section 81 of the Company’s Act requires that a company which wants to raise more capital through an issue of shares must first offer them to the existing shareholders. Such an offer of shares is called a rights issue.
23. What do you mean by the term ‘ Green Shoe Option ’?
The Green Shoe Option (GSO) in a public offer is used by companies to provide stability to price of the share in the secondary market immediately on listing . A company, which opts for Green Shoe option can allot additional shares not exceeding 15% of the issue size, to the general public who have subscribed in the issue. The proceeds from this additional allotment will be kept in a separate bank account and used to buy shares in the secondary markets once the shares are listed, in case the price falls below the issue price. This is expected to provide support to the price of the shares. This price stabilization activity will be done by an entity appointed for this purpose.
24. Do you know what a Mutual Fund is ?
Mutual fund is a vehicle to mobilize moneys from investors, to invest in different markets and securities, in line with the investment objectives agreed upon, between the mutual fund and the investors. In other words, through investment in a mutual fund, a small investor can avail of professional fund management services offered by an asset management company.
25. Are you aware of the Equity Mutual Funds?
Equity funds invest in a portfolio of equity shares and equity related instruments. The return and risk of the fund will be similar to investing in equity. Investors in equity funds seek growth and capital appreciation as the primary objective and should ideally have a long investment horizon that will allow time for the investment to appreciate in value and not be affected by short-term fluctuations.
Diversified equity funds invest across segments, sectors and sizes of companies. An index fund is a passive diversified equity fund, invested in the same stocks in the same weighting as an equity market index. An actively managed diversified equity fund modifies the weights across sectors, and may also choose non-index stocks to outperform the index. Large - cap equity funds invest in stocks of large, liquid blue-chip companies with stable performance and returns. The performance of a large stock fund is compared with a narrow index such as the Sensex or Nifty, which the fund seeks to beat. Mid-cap funds invest in mid-cap companies that have the potential for greater growth and returns. However, the risk in the funds is higher because the companies they invest in have a greater risk to their revenues and profits. Small-cap funds invest in companies with small market capitalisation with intent of benefitting from the higher gains in the price of stocks of smaller companies they may benefit from newer business opportunities. The risks are also higher in small-cap funds. Sector funds invest in companies that belong to a particular sector such as technology or banking. The risk is higher in sector funds because of lesser diversification since such stocks are by definition concentrated in a particular sector. Thematic funds invest in stocks of companies which may be defined by a unifying underlying theme. For example, infrastructure funds invest in stocks in the infrastructure sector, across construction, cement, banking and logistics. They are more diversified than sector funds but more concentrated than a diversified equity fund. Equity funds may also feature specific investment strategies. Value funds invest in stocks of good companies selling at cheaper prices; dividend yield funds invest in stocks that pay a regular dividend; special situation funds invest in stocks that show the promise of a turnaround.
26. Are you aware of the Debt Mutual Funds?
Debt funds invest in debt securities issued by the government, public sector units, banks and private limited companies. Debt securities may have different features. They may have credit risk or risk of default, short-term or long-term duration. Debt funds are offered in three broad categories:
Short term funds: These funds focus primarily on accrual income and shorter maturity, and have a lower risk and stable return. Liquid funds can only invest in securities with not more than 91 days to maturity. This is a regulatory requirement. These funds primarily earn coupon income in line with current market rates Ultra-short term funds hold a portfolio similar to liquid funds but with a slightly higher maturity to benefit from higher coupon income. Short-term Gilt funds invest in short-term government securities such as treasury bills of the government. Short-Term Plan invest in a portfolio of short-term debt securities primarily to earn coupon income but may also hold some longer term securities to benefit from appreciation in price. Long term funds: These funds focus on MTM gains and longer maturity, and have a higher risk and higher return. Gilt funds invest in a portfolio of long-term government securities. The coupon income earned is lower than corporate bonds of comparable tenor since there is no credit risk in the securities. The MTM gains and losses can be high since these securities have long tenors. Income funds invest in a combination of corporate bonds and government securities. They earn a higher coupon income from the credit risk in corporate bonds held. The gains or losses from MTM will depend upon the tenor of the securities held. Dynamic funds: These funds shift their focus between short and long term debt instruments, depending on the expectation for interest rate, and provide moderately higher return than short term funds, at a moderately lower risk than long term debt funds.
27. Do you know what are Fixed Maturity Plans?
Fixed Maturity Plans (FMP) are closed-end funds that invest in securities whose maturity matches the term of the scheme. The scheme and the securities that it holds mature together at the end of the stated tenor. The fund pays out the maturity proceeds of the portfolio on the closing date. Investors who are able to hold the scheme to maturity will be able to benefit from the returns of the FMP that are locked in when the portfolio is created. There is no risk of the value of the securities being lower at the time the fund matures (unless there is a default) since the instruments will also be redeemed at their face value on maturity.
The time for which the investor is willing to invest must match the term of the fund The primary risk in FMPs is credit risk from a possible default by the issuer. As closed-end funds these schemes are listed on stock exchanges where they may be traded at prices related to the NAV.
28. Do you know what Hybrid Funds are?
Hybrid funds hold a portfolio of equity and debt securities. The investment objective of the fund will determine the allocation of the portfolio between the two asset classes. A hybrid fund is a debt and an equity fund, rolled into one. The risk in a hybrid fund will primarily depend upon the allocation between equity and debt, and the relative performance of these asset classes. The higher the equity component in the portfolio, the greater will be the overall risk.
Equity-oriented hybrid funds have a greater exposure to equity in their portfolio as compared to debt. Balanced funds are an example of equity-oriented funds. The coupon income from the debt portion will stabilize the risky returns from the equity component. However the higher equity component in the portfolio means the fund’s overall returns will depend on the performance of the equity markets and will also fluctuate more.
Debt-oriented hybrid funds have a higher proportion of their portfolio allotted to debt. Monthly Income Plans are such funds. The returns are primarily from the debt portion and will depend upon the type debt securities held: short or long term, low or high credit risk. The equity portion augments the return from debt so that the fund is able to generate better returns than a pure debt fund.
These funds invest in both equity and debt but without a pre-specified allocation as in the case of other hybrid funds. The fund manager takes a view on which type of investment is expected to do well and will tilt the allocation towards either asset class. Such funds may also hold 100% in equity or debt. Examples of asset allocation fund include life stage funds that invest across asset classes suitable to the age of the investor. Such funds will have a higher allocation to equity in the initial years and reduce equity exposure and increase debt exposure as the age advances.
29. Do you know what Equity Linked Savings Schemes (ELSS) are?
Equity Linked Savings Schemes (ELSS) are equity funds that provide tax benefits in the form of deductions under section 80 (c) for the amount invested.
The limit for claiming deduction is Rs. One lakh. ELSS have to hold at least 80% of the investment portfolio in equity securities Investments are subject to a three-year lock-in on the investments made to get the tax benefit.
30. Do you know what are Exchange Traded Funds?
Exchange traded funds (ETF) are a type of mutual fund that combines features of an open-ended fund and a stock. Following are its features:
Units are issued directly to investors when the scheme is launched. Post this period, units are listed on a stock exchange like a stock and traded. Units purchased at the time of launch or bought from the stock markets are credited to the demat account of the investor. Transactions are done through brokers of the exchange. Investors need a broking account and a demat account to invest in ETFs. The prices of the ETF units on the stock exchange will be linked to the NAV of the fund, but prices are available on a real-time basis depending on trading volume on stock exchanges.
31. Do you know what are Gold Exchange Traded Funds?
Gold Exchange Traded Funds (ETFs) are ETFs with gold as the underlying asset. The following are the features:
It provides a way to hold gold in electronic rather than in physical form Typically each unit of ETF represents one gram of gold The fund holds physical gold and gold receipts representing the units issued Price of the units will move in line with the price of gold.
32. Do you know what International Funds are?
International funds invest in securities listed on markets outside India. The type of securities that the fund can invest in is specified by the regulator SEBI and includes equity shares and debt - listed abroad, units of mutual funds and ETFs issued abroad and ADRs and GDRs of Indian companies listed abroad. The funds can also invest part of the portfolio in the Indian markets.
33. Do you know what are Fund of Funds (FoFs)?
FoFs invests in other funds. The FoF selects funds that meets its investment objectives and invests in them. Its portfolio is not made up of securities, but is a portfolio of other funds. Most FoFs invest in schemes of the same mutual fund. Some FoFs consider schemes across fund houses which meets the FoFs investment objective for inclusion in the portfolio.
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