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|BSE BROKERS' FORUM (BBF) MUMBAI, INDIA `15/-|NOVEMBER 2018 VOLUME: 7 • ISSUE NO. 8 •

FORUM VIEWS

OFFICIAL MASCOT LAUNCH

AN INVESTOREDUCATION &AWARENESSINITIATIVE OF THEBOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF)

3 FORUM VIEWS - NOVEMBER 2018

EXECUTIVE COMMITTEE

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& Chief Economist

GOVERNING BOARD 201BOMBAY STOCK EXCHANGE BROKERS’FORUM (BBF) GOVERNING BOARD 2018 - 19

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06 BULLS & BEARS: SPECIAL COURTSUNDER SECURITIES LAWS


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14 ASIA-PACIFIC MARKETSMONTHLY HIGHLIGHTSAND INSIGHTS

MOVING TOWARDS A MULTIPOLARWORLD: AN OVERVIEW OF ITSFUNDAMENTAL IMPLICATIONS

09

COMPLIANCE CALENDARNOVEMBER 201819

12 STANDARDIZINGSOFTWARE PRODUCT

PHILOSOPHY & SELF MANAGEMENT:DIWALI: LIGHT THE LAMP OF WISDOM36

CIRCULARS22

WELLNESS Q&A:WEIGHT LOSS37REGULATORY

PULSE20

CEO 2.0 MANAGING BUSINESSTHROUGH MINDFULNESS28

HEALING INSTITUTE: AKASHIC RECORDS38

ENERGY COSMOS: HARNESSING ANGELSFOR INNER WELLNESS40

GETTING TO KNOWTHE S&P BSE 50011

ANALYSIS OF APEX COURT LANDMARKJUDGMENT [THE LAW] ON AADHAR ACT30

LATEST UPDATE ON PROVIDENT FUNDACT PRADHAN MANTRI ROJGARPROTSAHAN YOJNA (PMRPY)

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OPPORTUNITIES FOR FOREIGN PORTFOLIOINVESTORS (FPI) AT GIFT IFSC32

QUICK FIX ORPROLONGED PAIN?32

NOVEMBER 2018 CONTNOVEMBER 2018 CONTENTS ceo & coo message


WelcomeDr. Vispi RusiBhathena,PhD (h.c.)

to magazine.Forum Views

Dr. Aditya Srinivas

IL&FS: The ILFS issue where the mutual funds had exposure of Rs. 2500 crores to the debt papers of ILFS - this lead to panic selling and redemption by some mutual funds. This issue has created confidence crisis and lead to huge selling.

Rising Crude Oil Prices: Rising crude oil prices will increase the Current Account Deficit. The CAD has increased to 2.4% of GDP and this would make the Balance of Payment weak. Indian imports 77% of the total crude oil requirement and thus rise in the crude oil prices will make the oil pool deficit rise sharply.

Rupee has lost its value: FII's aggressive selling has lead to the rupee losing its value and it has breached 74 levels. This is the worst performance of rupee and in

On the BBF Front:

2018 it has already lost 14%. This would make our Balance of Payment position weak as the crude oil prices are going up. The crude has reached 85 $ and it is not surprise that it would reach 100 $ per

BBF - Investor Education and Awareness Programs:

Date Institutions

MIT - World Peace University (Batch 1-2)Mahatma Night Degree CollegeLalaLajpatRai College of Commerce and Economics MIT - World Peace UniversitySwami Vivekanand CollegeMIT - World Peace UniversitySwami Vivekanand CollegeDr. T.K. Tope Arts and Commerce Night Senior College (Batch 1-3)Akbar Peerbhoy College Of Commerce And EconomicsMahatma Night Junior & Degree College of Arts & CommerceAkbar Peerbhoy College Of Commerce And Economics (Batch 1-2)Mahatma Night Junior & Degree College of Arts & CommerceKamladevi College of Arts and CommerceWe Academy (Batch 1-2)MIT - World Peace UniversityAnjuman-I-Islams Allana Institute of Management Studies (World Investor Week 2018)

6 Sep7 Sep

7-11 Sep

11-14 Sep14-17 Sep17-18 Sep19-21 Sep21-24 Sep

25-26 Sep

26 Sep

27 Sep

27 Sep

27 Sep28 Sep 28 Sep4 Oct

BBF Representations:

Represented

To

SEBI, NSE, BSE

NSDL, CDSL,

ICCL

SEBI

Topic

Working Group on Collateral

(Comments of BBF and ANMI)

Final Report of the Working

group on Collateral

(by BSE, NSE, CDSL, NSDL,

ICCL, BBF, ANMI)

Date

27-Sep

21-Sep

The Indian markets are on a roller coaster with the volatility

rising like tidal wave. The Indian markets have seen huge

selling by the Foreign Institutional Investors.

INDIAN STOCK MAREKT FACING HEAD WINDS: The Indian markets are on a roller coaster with the volatility rising like tidal wave. The Indian markets have seen huge selling by the Foreign Institutional Investors.

FII selling key reason: FII have sold shares worth Rs. 12000 crores in October 2018 (Just 5 trading sessions) and totally Rs. 24000 crores from January to October 2018. In September, they have sold shares worth Rs. 10,000 crores. FII's have sold Rs. 49000 crores of debt securities and hence the rupee has also crashed.

Trade War Fears:- The US-China trade war fears have caused the fall as the USA has put $ 200 billion of tariff barriers on Chinese USA contributes 23% in the world GDP and China contributes 9.3% and hence when they are in logger heads, it may lead to the slowdown in the world markets. This is the another reason why the markets are in downtrend.

barrel. This would widen our current account deficit w h i c h i s c u r r e n t l y stretched at 2.4%.

Ris ing Interest rates scenario: The interest rates are rising at the global level with the USA bond yields

more than 3%. This has lead to capital flight from all the emerging economies to the USA. The hardening of interest rates will also create capital flight from equity markets to debt markets.


Discerning the JurisdictionThe repeated amendments to the provisions dealing with criminal action instituted by the Regulator meant that there remained ambiguities in litigator’s minds about the jurisdiction of the Courts. Further uncertainty ensued when the Delhi High Court and the Bombay High Court took divergent views with regards to the effect of the 2002 amendment regarding the changing the forum of trials vis-à-vis pending cases and those where offences were allegedly committed prior to when the amendment came to be enforced.

Following from Panther Fincap and Management v SEBI (2006 SCC OnLine Del 1807),the Delhi High Court in Mahender Singh v High Court of Delhi & Anr. (2008 SCC OnLine Del 28)held that a complaint filed after the amendment, even though related to an alleged offence of a period prior to the amendment will have to be filed in the Court of Sessions. The Court, differentiating between revision and appeal, observed that there was no loss of a right for the litigant if the matter was tried by the Session Court as revision only entailed the higher court with the power to interfere but without vesting a corresponding right in the litigant to maintain the same. On the other hand, the Bombay High Court in Videocon International &Ors. V SEBI & Ors (2008 SCC OnLine Bom 1281)held that cases filed prior to the 2002 amendment could not be transferred to the Court of Sessions. It even went on to hold that trial of cases filed after the said amendment but for offences committed before 2002 would have to be heard by the Metropolitan Judge. It reasoned that the amendment to Section 26(2) had to be read in consonance with the amendment to Section 24, which enhanced the sentence. Therefore, the amendment to the provision was not merely procedural.

The question before the Supreme Court in SEBI v Classic Credit (2017 SCC OnLine SC 961), therefore was how the ‘forum’ of

Establishment of Special Courts

Accordingly, a need for special courts was felt to fast-track the process of bringing the guilty to the book. The legislative intent behind the legislation, as evidenced from the parliamentary debates of the time, was to give teeth to SEBI to allow it to overcome the problem of delays in prosecution. The Securities Laws (Amendment) Act, 2014inserted Sections 26A to 26E in the SEBI Act, for the establishment of Special Courts while also providing for the appellate structure. Identical provisions were also inserted in the Depositories Act, 1996 and the Securities Contract (Regulation) Act, 1956 in the form of Sections 22C to 22G and 26A to 26E respectively.

A Special Court, to be established or designated by the Central Government to provide speedy trials of the offences under the SEBI Act, was to consist of a single judge who was to be appointed by the Central Government with the concurrence of the Chief Justice of the relevant High Court. Only a person holding the office of a Sessions Judge or an Additional Sessions Judge is qualified for appointment as judge of the Special Court.

The concerned High Court, within whose local limits of jurisdiction the Special Court lays, has the jurisdiction to entertain appeals and revision petitions as envisaged under Chapters XXIX and XXX of the Code of Criminal Procedure, 1973. It also specified that the prosecutor should have been practicing as an advocate for seven years or should have held a post under the government for the same period which required special knowledge of law. The amendment, by way of insertion of Section 26D, also made it clear that the provisions of Code of Criminal Procedure, 1973 were to apply to the proceedings before such Special Court.

Special courts under the provisions have been designated under the following notifications:

• 39th Sessions Court, City Civil Court, Greater Mumbai vide notification no. S.O. 1060 (E) dated April 21, 2015

• Court No. 22, City Civil and Sessions Court, Mumbai vide notification no. S.O. 1618 (E) dated June 17, 2015

• 5th Special Court, Calcutta vide notification no. S.O. 1132 (E) dated April 28, 2015 read with notification no. S.O. 3050 (E) dated June 22, 2018

• Principal Judge, City Civil Court, Chennai vide notification no. S.O. 1784 (E) dated June 01, 2015 read with notification no. S.O. 3049 (E) dated June 22, 2018

• Notification no. 3997 (E) dated August 16, 2018 designated special courts in the following states:

Sr. Existing Court Jurisdiction asSpecial Court

1 Court of IV Additional District Judge - cum - II Additional Metropolitan Sessions Judge, VIshakapatnam

State of Andhra Pradesh

2 Court of Sessions Judge and 2nd Additional Sessions Judge, Gurgaon

State of Haryana

3 LIX Additional City Civil and Sessions Judge, Bengaluru City

State of Karnataka

4 9th Additional Sessions Judge, Gwalior, Madhya Pradesh

State of Madhya Pradesh

5 Court of Sessions Judge and 2nd Additional Sessions Judge, S.A.S Nagar

State of Punjab

6 Court of Sessions Judge and 2nd Additional Sessions Judge, Chandigarh

Union Territory of Chandigarh

7 Court of Special Judge, (Sati Niwaran), Jaipur

State of Rajasthan

8 Special Court for Trial of Economic Offences - cum - VIII Additional Metropolitan Sessions Judge Court - cum - XXII Additional Chief Judge, City Civil Court, Hyderabad

State of Telengana

9 Courts of Additional Special Judge, Anti-Corruption at Jammu and Srinagar

State of Jammu & Kashmir

10 Court of Principal District and Sessions Judge, Ahmedabad (Rural) at Ahmedabad

State of Gujarat

BULLS & BEARSBulls & Bears


SPECIAL COURTS UNDERSECURITIES LAWS

By Sumit AgrawalRegulatory Lawyer, Ex-Asstt. Legal Advisor, SEBI

IntroductionThe Securities and Exchange Board of India (SEBI) (‘the Regulator’) was established by statute in 1992 with the objective of protecting the interests of investors in securities and to promote the development of and regulate the securities market. As it became evident that the powers vested in the Regulator under Section 12(3) [suspension or cancellation of licenses of registered entities], Section 11 [Powers and Functions] and Section 24 [Criminal Action] of the SEBI Act, 1992 were not sufficient, the legislature promulgated the Securities Laws (Amendment) Act, 1995 to enable SEBI ‘to function more effectively’.

The changes the amendment incorporated have come to define the regulatory mechanism in the securities market as we know it today. Chapter VIA, which dealt with Penalties and Adjudication, provided for imposition of “monetary penalties also in addition to or other than penalties of suspension or cancellation of certificate of registration which may not be appropriate in all cases of default”. The legislature thought it wise to couple the increase in SEBI’s powers with an appellate mechanism for its orders. Therefore, under Chapter VIB, an appellate structure was established.

Under the scheme of securities laws, a violation can be dealt with both civil and criminal consequences. Under Chapter VIA, SEBI’s orders could now be challenged before the Securities Appellate Tribunal (SAT), and an appeal from SAT was to lie with the Supreme Court. Section 20A, inserted by the same amendment, stated that orders passed by SEBI or AO (Adjudicating Officer) could only be appealed before the SAT or

A Special Court, to be established or designated by the Central Government to provide speedy trials of the offences under the SEBI Act, was to

consist of a single judge who was to be appointed by the Central Government with the

concurrence of the Chief Justice of the relevant High Court.

the Central Government (for Orders made before the 1999 Amendment), thereby barring the jurisdiction of all other civil courts to entertain such appeals. However, this was not the appellate process for criminal trials.

Civil and Criminal Action SchemeUnder the SEBI Act, 1992, criminal action is envisaged under Section 24 and Section 11C (6). Sub-section (1) of 24 provides for a maximum prison sentence of 10 years for violation of any provisions of the Act and regulations. Sub-section (2) of the same section permits the prosecution of any person who does not obey the orders of the Adjudicating Officer. Section 11 C (6) provides for a maximum prison term of one year and fine in case of non-compliance with the investigating officer’s directions to produce books or documents etc. or to appear before him in connection with the investigation under process.

Civil action under the SEBI Act can be initiated under Section 11, 11B and 12 (3). Section 11 contains wide-ranging measures that can be adopted by SEBI to protect the interests of investors in securities and to promote the development of securities market and to regulate it. Section 11B provides SEBI with the power to issue directions whereas under Section 12(3), it can suspend or cancel the registration of the intermediaries.

Cognisance of Offences by CourtsSection 26 (1) allows a court to take cognisance of an offence if SEBI makes a complaint regarding the same. This section has been amended thrice since its inception. The first amendment enhanced SEBI’s independence by doing away with the requirement of the sanction of the Central Government for SEBI to complaint to the court for it to take cognisance. The next amendment, in 2002 changed the forum of trial by making the offences under the Act triable by a forum not inferior to the Court of Sessions. This was done keeping in line with the general provisions of the Code of Criminal Procedure as the criminal penalties provided under Section 24 were increased. By the latest amendment to the provision came by the Securities Laws (Amendment) Act, 2014, Section 26(2) was completely omitted.

So, the ‘forum’ of trial under Section 26(2) was first changed to the Court of Session from the Metropolitan Magistrate (or the Judicial Magistrate of the First Class) by the 2002 amendment, then by the insertion of Section 26A and omission of Section 26(2) vide the 2014 amendment, it was changed to the Special Court from the Court of Session.


The new world order has begun to manifest, the undercurrents of a subtle change that began two decades ago has now become discernible. One aspect of this is the ongoing shift in trade policy orientation that the world is currently witnessing and probably the most overt unravelling of this is the U.S - China trade war that was discussed in the previous article. This one attempts to put into perspective present occurrences in the global economy in the larger context of a profound shift in geopolitics we are finding ourselves in the midst of. To describe all the important features of the changing geopolitical landscape is beyond the scope of this article but the most important aspects will be described.

The world economy finds itself in the midst of a fundamental transition to a multipolar world by which is meant an increasing importance of developing countries in terms of its contribution to global trade, GDP and finance. The undercurrents of this transition began over quarter century ago during which period 4 important events heralded the arrival of a new world order one where American predominance in the global economy would find itself confronted by an increasingly multipolar world. The events are the South East Asian Economic Crisis of 1997, the U.S occupation of Iraq, the Great Financial Crash of 2008 and the rapid and remarkable ascent of China. The crises that have occurred over the period signalled that the prevalent international financial architecture lagged behind the fundamental changes in global economy one reason of this the inadequate representation of developing countries in international financial institutions, China and prior to that East Asia’s stupendous growth a milestone in the annals of development experience because not

The world economy finds itself in the midst

of a fundamental transition to a

multipolar world by which is meant an

increasing importance of developing

countries in terms of its contribution to global trade, GDP

and finance.

MOVING TOWARDS A MULTIPOLARWORLD: AN OVERVIEW OF ITSFUNDAMENTAL IMPLICATIONS

By Professor Piya MahtaneyEconomist / Author


INSIGHTS - ECOINSIGHTS - ECONBUZZ

GFC of 2008 both signalled that the world economy in terms of the emerging imperatives and resultant challenges had outgrown the earlier system that had come into existence at a time when developing countries were not active participants of the global economy. However as the report says,`` in the unfolding global economic environment, in which a number of dynamic emerging economies are evolving to take their place at the helm of the global economy, the management of multipolarity demands a reappraisal of three pillars of the conventional approach to global economic governance-link between economic power concentration and stability, the North-South axis of capital flows and the centrality of the U.S. dollar in the global monetary system.’’

many in academic fora had even ant icipated that countr ies thatwere shacked by poverty and underdevelopment during the fifties would transform themselves within 3 decades. China’s economic success added another dimension to globalization because of it sheer size and scale and with it . According to a report by the World Bank (2011) over the span 2004-2008 the world’s main growth pole were United States, the Euro Area and China. By 2025 the number of growth poles will increase to include emerging economies such as, Brazil, India, Indonesia, and South Korea along with developed countries of United Kingdom and Japan.’’ Furthermore developing countries and emerging markets accounted for two thirds of the world’s $9 trillion of official foreign exchange reserves in 2018. Denominated in quantitative terms even as we have witnessed an increasing significance of the developing nations in the global economy the policy related and strategic implications of this have started unravelling (in a manner that is discernible) over the last few years. Given that the framework ensconcing the international financial architecture was one that was put into place post second world war the ability and scope of its institutional apparatus to address issues that would inevitably arise with an increasing degree of multipolarity was conspicuously lacking. As the report says,” In the post-war era, the global economic order was built on a complementary set of tacit economic and security arrangements between the United States and its core partners, with developing countries playing a peripheral role in formulating their macroeconomic policies and establishing economic links with an eye toward benefiting from the growth dynamism in developed countries.’’ Be it the South East crisis that occurred during the nineties or the

Understanding the underpinnings of a transition to a multipolar world is key to managing the present risks and possible bouts of volatility. Grasping the confluence of diverse factors that influence a multi polar global economy is clearly not as straightforward as those which steered the course of an economic order that was predominated by the U.S. However it is erroneous to assume that the previous status quo continues to

Sumit Agrawal is Founder, RegStreet Law Advisors, a boutique law firm based in Mumbai. The firm’s focus areas are Capital Markets & Commodities, General Corporate Commercial, Financial Regulatory Practice, Compliance & Investigation, Litigation & Dispute Resolution and

Policy & Advisory Practice. More details can be seen at www.regsla.com andthey can be reached at [email protected]


committed prior to it, could only be tried by the Special Court.

The Court held that the provisions mandated expressly the change of forum was to operate retrospectively and therefore, even pending proceedings would necessarily have to be transferred to the Special Court. Even for matters where trial had commenced under the unamended provision, after the amendments, the trail would move to the changed ‘forum’, i.e. to the Sessions Court after the 2002 amendment and to the Special Court after the 2014 amendment.

The Court accepted SEBI’s contention that alteration of ‘forum’ was procedural and it being so, the amendment of the ‘forum’ would operate retrospectively, irrespective of whether the offence allegedly committed by the accused, was committed prior to the amendment. Therefore, the Supreme Court has done well to remove all doubts regarding the jurisdiction of the Special Courts but only time will tell if these Courts will be successful in achieving what they were established for to achieve.

trial was to be impacted by the amendment- whether the amendment would have no impact as the amended provisions had no express or implied retrospective effect, as alleged by the private parties; or pending proceedings would have to be transferred to the changed ‘forum’, i.e. Special Court.

In a detailed judgement supplemented with several judgements, the Court held that with regards to the 2002 amendment, Section 26 left no room for any doubt that the erstwhile ‘forum’ would cease to be the adjudicatory authority and the newly created forum, ‘the Court of Session’ was to deal with pending matters as well. The language of the provision, “No court inferior to that of a court of session shall try any offence punishable under this Act” made it clear that the erstwhile forum (Metropolitan Magistrate/Judicial Magistrate of First Class) was divested of its jurisdiction.

Similarly, the 2014 amendment, with the insertion of Section 26B replaced the jurisdiction of the Sessions Court with the special court. The argument on behalf of the private parties that cases pertaining to change of ‘forum’ ought to be placed in two different categories: firstly, where the proceedings had already been instituted and were pending, at the time of amendment. Secondly, where proceedings were yet to be instituted, on the date when the amendment became operational. The Court held that this segregation was to be clearly and expressly ruled out by the language adopted in the provision. The court held that there was no ambiguity that after the 2014 amendment, proceedings in respect of offences



Piya Mahtaney completed her second Master’s in Development Economics from Leicester University in England she embarked on a career in journalism with the Times of India. She was an assistant editor in Metropolis on Saturday, subsequent to which she joined as senior feature writer in Economic Times. As an economist that reported, analyzed and wrote on a wide range of socio-economic issues, writing a book about economic development and the emerging trends of globalisation seemed almost inevitable

The books that she has authored are as follows:• India China and Globalization (2nd ed), Palgrave

Macmillan (England), December 2014• Globalization and Sustainable Economic

Development, Palgrave Macmillan (U.S), August 1st 2013

• Institute of South East Asian Studies (Singapore) published an edition (August 2010) of my book India China and Globalisation.

• The first edition of India China and Globalisation was published by Palgrave Macmillan (England, 2007)

• Globalisation Con Game or Reality was published by Alchemy Publishers, India (2004) 2004.

• The first book titled Economic Con Game, Development fact or Fiction was published by Pelanduk Publications (Malaysia) in 2002.

prevail or that the adjustments to a new order would happen seamlessly is erroneous. Equally important as the economic realignment that is occurring globally is the impending reappraisal of the present security arrangement that the world’s advanced countries have with and in collaboration with the U.S . For one the present relevance of NATO which was the security umbrella that America provided Europe has become a matter of debate after the end of the cold war. Secondly new threats to global security are rearing their head, terrorism and its ramifications being a fundamental one. Thirdly this profound shift in geopolitics brings with new players that want to have a greater and more strategic role in the new security alliances. Evidently both China and Russia are contenders for a much more decisive role in this context, that said there are other countries which though not so overtly will also have a significant role to play in this new phase of global security simply because of their increasing importance in the global economy.

In so far as trade policy is concerned there are three basic facts that we need to keep in mind before arriving at any inferences. Firstly as the protectionist rhetoric gets louder it is important to recall that even before it what existed was not exactly free trade. For instance the WTO negotiations were a repeated reminder of how terms of trade was weighted against the interest of the poorer nations. Moreover economic experience in so far as the impact of trade and financial liberalization as practiced demonstrates that the biggest beneficiaries of liberalization are

countries which are fairly protectionist. Theoretically liberalisation should have been more reflective of economic diversity and the challenges and constraints of less developed and developing nations. This was not the case and the practice of liberalization was rooted in the one size fits all approach which runs counter to the inherent principle of l iberalism. Changing drivers of global economic growth would inevitably usher in its wake adjustments in institutions, politics and society both within countries and in the context of international affairs. It is because these adjustments have lagged behind the process of economic transformation that the present situation seems a tr icky and somewhat disconcerting one. Secondly during the ensuing era in so far as the present tariff war is concerned suffice to say that it would also be damaging for U.S interests, by what extent remains to seen. However at a time when the U.S economic recovery is gaining traction, the unfavourable impact of a changing trade policy does not augur well for politics, certainly not populist politics. On the upside though given the changing drivers of globalization and this feature could catalyze the beginning of new trading alliances between other advanced and developing countries and between other developing countries. Thirdly the shared challenges of sustainable development make it imperative regardless of ideological bent and internal politics prevalent in any country to formulate a framework of co-operation and collaboration. A beginning in this direction was made by the Climate Change agreement

ConclusionBy no means is the changing dynamics of global growth a recent phenomenon, until the sixteenth century China and India accounted for a major part of global GDP. Countries of Europe became an important driver of economic growth thereafter until the first half of the twentieth century after which not we see the resurging resonance of China and the resonant emergence of India which over the next few years along with other emerging market economies will account for an increasing share of global consumption, exports and investment. Interestingly India and China will as the report says be, “the main flag bearers among the emerging market growth poles in the years ahead. ‘’

INSIGHTS - ECONBUZZINSIGHTS - ECONBUZZ

ver the past three to four decades, the Indian equity market has witnessed significant growth, on account of increasing Oforeign capital flows and participation by domestic

institutional investors. The expanding depth and breadth has brought a stronger demand from market participants for suitable benchmarks. The S&P BSE SENSEX launched in 1986 and was the first and most popular Indian benchmark, followed by the S&P BSE 100 and S&P BSE 200 in 1989 and 1994, respectively. In 1999, the S&P BSE 500 was launched in response to market demand for broader benchmarks that offer more complete coverage of the Indian equity market.

The S&P BSE 500 is designed to be a broad representation of the Indian equity market, consisting of the 500 leading companies in terms of total market capitalization that are members of the S&P BSE AllCap. The differential voting rights shares class is eligible to be part of the index, which means that at any point in time, the index will include a fixed number of 500 companies, but the number of stocks in the index could be greater than or equal to 500.The index constituents and sectors are weighted in proportion to their float market capitalization. The index is reviewed semiannually in June and December.

In a recently published paper titled “Measuring Indian Equities: The S&P BSE 500,” we saw that as of April 30, 2018, the S&P BSE 500 represented approximately 88% of all BSE - listed companies, with a total market capitalization of INR 1,35,14,943 crores (approximately USD 2 trillion).

The S&P BSE 500 is diversified across sectors, and no individual sector had an excessive overweight in the index in the period studied. As shown in Exhibit 1, the financials sector had the highest weight in the index, with 30%, followed by consumer discretionary at 12.5%. The services sectors, which include financials, information technology, and telecommunications services, contributed nearly 41% to the total index weight. Also, the combined weight of constituents that have individual derivative contracts was 87%, which facilitates risk management of the index.

INSIGHTINSIGHTS

GETTING TO KNOW THE S&P BSE 500


Similarly, the S&P BSE 500 offers exposure to all size segments. Large-cap stocks accounted for 79% of the total index weight, mid caps 13%, and small caps 8% as of April 30, 2018 (see Exhibit 2).

Mahavir Kaswa is Associate Director, Product Management for equity and strategy indices in India and its neighboring countries at Asia Index Pvt. Ltd-a joint venture between S&P Dow Jones Indices and BSE Limited. His objective is to expand the business in the region through identifying local market trends and ensuring new products and services are aligned to the needs of the local market.

He has more than 10 years of experience in the capital market industry. Prior to joining Asia Index, He worked at BSE Limited where he got an opportunity to work on a variety of indices, including thematic, strategy, and volatility.

He has a Master’s of Commerce from Pune University, and is a Chartered Financial Analyst, USA.

DISCLAIMER: The S&P BSE Indices (the “Indices”) are published by Asia Index Private Limited (“AIPL”), which is a joint venture among affiliates of S&P Dow Jones Indices LLC (“S&P DJI”) and BSE Limited (“BSE”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. BSE® and SENSEX® are registered trademarks of BSE. These trademarks have been licensed to AIPL.

Past performance of an Index is no guarantee of future results. AIPL, S&P DJI and BSE (the “AIPL Companies”) make no representation or warranty that investment products based on any Index will accurately track index performance or provide positive investment returns. The AIPL Companies do not make investment recommendations and do not sponsor, endorse, sell, promote or manage any investment fund or other investment vehicle that seeks to provide an investment return based on the performance of any Index. Performance returns for an Index do not reflect payment of charges or fees an investor may pay for investable instruments. AIPL Companies receive compensation in connection with licensing Indices to third parties. AIPL Companies. For more information on any of Indices please visit http://www.asiaindex.co.in/.

The S&P BSE 500 is designed to be a broad representation of the Indian

equity market, consisting of the 500 leading companies in terms of total

market capitalization that are members of the S&P BSE AllCap.

Exhibit 1: Top 10 Stocks and GICS Sector CoverageTOP 10 STOCKS

HDFC Bank Ltd

Housing Development

Finance Corp

Reliance Industries Ltd

ITC Ltd

Infosys Ltd

ICICI Bank Ltd

Tata Consultancy

Services Ltd

Larsen & Toubro Ltd

6.28

4.95

4.94

3.81

3.62

2.90

2.79

2.71

GICS SECTORS

COMPANY NAMEINDEX

WEIGHT (%)SECTOR NAME

INDEX WEIGHT (%)

Consumer

Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

Materials

Real Estate

12.54

9.50

8.26

29.96

5.00

9.04

10.06

10.33

0.65

Source: Asia Index Private Limited. Data of as April 30, 2018. Table is provided for illustrative purposes.

Exhibit 2: Size Coverage of the S&P BSE 500SIZE

Large Cap

Mid Cap

Small Cap

INDEX WEIGHT (%)

78.62

13.33

8.05

With coverage of more than 88% of India’s listed equity universe and diversified exposure to all sizes and all key economic sectors of India’s economy, the S&P BSE 500 seeks to provide comprehensive coverage of the Indian equity market.

Source: Asia Index Private Limited. Data of as April 30, 2018. Table is provided for illustrative purposes.

Kotak Mahindra

Bank Ltd

Maruti Suzuki India Ltd

Total

2.27

1.86

36.11

Telecommunication

Services

Utilities

Total

1.40

3.27

100

By Mahavir Kaswa Associate Director - Product ManagementS&P BSE Indices

TECH-SPEAKTECH-SPEAK


Jayesh Shah holds B.S. and M.S. in Computer Engineering from University of Bridgeport, USA. He has more than 25 years of experience in field of IT.

He promoted Prism in 1996 and as its MD and CEO provides Vision, Direction and also takes care of Strategic Affairs, Marketing and Commercials.

Prism has recently been awarded by STPI & CeBIT INDIA for Best IT Exhibitor of ‘Make in India’ Pavilion at CeBIT India 2014.

• What is the vendor’s stability? Seek out companies that have longevity and customer satisfaction in the i m a g i n g a n d d o c u m e n t manipulation market and can e ns u re c on t i nue d p rod uc t development and support.

• What is their support policy? Does the vendor have a support team that is committed to your success and available to answer your questions?

• Is the vendor able to work with you to meet your specific product requirements?

• Does the vendor work with partners that are established and reputable?

• Does the vendor offer a solution that can meet the multiple needs across your organization so you can benefit from an enterprise licensing model?

• Does the vendor offer enterprise licensing discounts?

Today every organization is looking at how they can save money while increasing their efficiency and productivity. Now is the time to re-evaluate your current technology providers and identify the redundant solutions that you can standardize.

In t ruth, both standards and standardization aim for the same goal, which is to enable a consistent base for reuse. The comparative merits of the two approaches, however, should be considered within the context of why companies and consumers frequently choose to standardize on one i m p l e m e n t a t i o n . F r a n k l y , standardization is often the only option given the limits of a universal technology standard.

Prism Software Pvt Ltd provides a comprehensive backoffice solutions for Equity, Currency and Commodities markets and help you identify additional cost savings for your organizations.

resources at their disposal to implement the changes and train staff. This results in smaller companies bringing in outside consultants to help make the changeover. These smaller companies will bear more of a financial burden than larger ones in this area.

Employee Concerns: Standardization puts a lot of emphasis on the sameness and repetition; this shows that the employees are expected to do the same repetitively that may end up being tiresome and boring to the workers themselves. Put in other words, standardization would deny the employees a chance to learn new skills.

To paraphrase, standards are good because multiple products do things in the same general way, thus making them replaceable for one another and thus more direct competitors. Standardization, however, is bad, because it favors one vendor or configuration to the exclusion of others, locking consumers into that vendor and limiting competition.

Here are a few guidelines to consider when you evaluate vendors:

STANDARDIZING SOFTWARE PRODUCT

By Jayesh ShahPromoter, Prism Cybersoft Private Limited

TECH-SPEAKTECH-SPEAK

The idea of a single standardized software product is not typically the way companies purchase and deploy licenses from a software vendor. Organizational departments make this nearly impossible because Division A may not know what Division B is using for their applications. As a result companies end up buying multiple software offerings that provide the same functionality. And the bottom line result is that the company pays several times for product, maintenance, and license fees.

Standardization also brings innovation, first because it provides structured methods and reliable data that save time in the innovation process and, second, because it makes it easier to disseminate groundbreaking ideas and knowledge about leading edge techniques.

Standardizing on one vendor for s p e c i f i c s o f t w a r e p r o v i d e s organizations with several advantages:

• Organizational knowledge base and skill set - Multiple projects can be easily and more quickly implemented by using a common code base.

• Transferable development or integration code - You can maximize ROI with one vendor’s tools or applications by taking advantage of the code for multiple projects.

• In-house “think tank” - Having multiple developers familiar with one code base enables faster implementation and promotes collaboration on new project requirements.

Standardization also brings innovation,

first because it provides structured

methods and reliable data that save time in the innovation

process and, second, because it makes it easier to

disseminate groundbreaking

ideas and knowledge about leading edge

techniques.


• Comprehensive maintenance program - When you buy a maintenance package tied to an enterprise license the updates and upgrades cover the product regardless of how many groups are utilizing it. This not only saves money but also value time for the d e v e l o p e r s u p g r a d i n g t h e applications. They only need to know one product.

• Reliable and responsive support - You form a relationship with the support team who understands your requirements across the organization and can better respond to your needs.

• Enterprise licensing -Save money by taking advantage of high - volume discounts. Leverage one product for multiple purposes across departments. The more licenses that are used throughout the company the greater the price discount.

Despite numerous advantages of standardization, it has also got its disadvantages with equal measures.

Uniqueness Lost : This is because if an organization builds its customer base on customers that value its unique products; standardization of its products would mean that the business would lose some of its former customer base.

Not Globally Accepted: The method of calculation, viewing financial software products differ globally and company to company. This makes difficult to do business as var ious f inancial statements and reports may have to be regenerated. The business would lose its responsiveness. This is due to the fact that when an organization expands to new markets mostly in foreign markets, standardization may turn against the firm.

Standards Manipulation: There is a downside to the flexibility that particular standardized product allows companies can utilize only the methods they wish to, allowing the financial product to show only desired results. This can lead to revenue or profit manipulation, can be used to hide financial problems in the company and can even encourage fraud. For example, changing the method of inventory valuation can bring more income into the current year's profit and loss statement, making the company appear more profitable than it really is.

Increased Costs: A small company would be impacted by a adoption of standard product in the same way a larger one would. However, small businesses do not have as many

Key findings:

ASIA-PACIFIC MARKETSMONTHLY HIGHLIGHTS

AND INSIGHTS

Ÿ Credit Risk Trends For Asia

Ÿ M&A Activity By Country, Sector

Ÿ Initial Public Offerings

Ÿ Private Equity Investments And Buyouts

Ÿ Venture Capital Investments

Ÿ Global Covered Bond Insights Q3 2018

Ÿ Credit Ratings Actions

Ÿ Market Attributes: Index Dashboard

Contact Information: If you have any questions relating to the content featured in the publication, please contact [email protected]

Disclaimer: Copyright © 2018 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

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S&P Global Market Intelligence’s opinions, quotes and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Global Market Intelligence assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P Global Market Intelligence does not act as a fiduciary or an investment advisor except where registered as such. S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&P Global may have information that is not available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

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GLOBAL INSIGHTSGLOBAL INSIGHTS


CREDIT RISK TRENDS FOR ASIAThe Credit Landscape Using Probability of Default (PD) Fundamentals in Asia

Source: S&P Global Market Intelligence fundamental-based PD model, PD Model Fundamentals™. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence’s PD Model Fundamental™ scores from the credit ratings issued by S&P Global Ratings. Credit ratings are prepared by S&P Global Ratings services, which is

analytically and editorially independent from any other analytical group at S&P Global. Data as of September 2018. Charts and graphs are for illustrative purposes only

aaa to a- bbb+ to bbbbb+ to bb- b+ to b- ccc+ and below

We are seeing some changes in credit quality from year-on-year comparisons:

• Australia country average (bbb- to bb+); with deterioration in Utilities (-1 notch); Materials (-2 notches) and Information Technology (-1

notch)

• China Consumer Discretionary, Energy, Healthcare, Materials and Utilities all fell by -1 notch

• New Zealand country average (-1 notch); mainly due to changes in Energy (-1 notch)

• Singapore industrials (-2 notches)

• Consumer Discretionary, Energy, Financials, Telecommunications, and Utilities; with 3-5 countries indicating more than one notch

deteriorations

CREDIT RISK TRENDS FOR ASIA

Source: S&P Global Market Intelligence equity volatility-based PD Model Market Signals™ benchmarks as of September 2018. Charts and graphs are for illustrative purposes only

Market Signal Probability of Default Trends in Developing Asia

3.50%

3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%

Sep-17Oct-1

7Nov-17

Dec-17Jan-18

Feb-18Mar-1

8Apr-1

8May-18

Jun-18Jul-18

Aug-18Sep-18

Australia

Hong Kong

Japan

South Korea

New Zealand

Singapore

Asia Median

Market Signal Probability of Default Trends in Developed Asia

Source: S&P Global Market Intelligence equity volatility-based PD Model Market Signals™ benchmarks as of August 2018. Charts and graphs are for illustrative purposes only

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

China

India

Indonesia

Malaysia

Philippines

Taiwan

Thailand

Vietnam

Asia Median

Sep-17Oct-1

7Nov-17

Dec-17Jan-18

Feb-18Mar-1

8Apr-1

8May-18

Jun-18Jul-18

Aug-18Sep-18


SectorConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealthcareIndustrialsInformation TechnologyMaterialsTelecommunication ServicesUtilitiesCountry Average

Australiabb+bbbbbbbb-bb

bbb-bbb-bb+bbb-

bbb+bbb-

Chinabb+bb-bbbbb+bbb-bbb-bb

bb+bb+bb+bb+

Hong Kongbbb-bbb

bbb+bbb-bbbbbbbb+bb

bbb+bbb

a-

Indiabb-bbb-bbb-bbb-bbbb-bbbbbb+bbbb

Indonesiabbbb

bbb-bbb-bbbb

bbbb+bbbbb

Japanbbb+bbbbbb-bb+bbb-bbbbbb-bbb

bbbbbb

a-

Malaysiabb

bbb-bbbbbbbbb

bbb-bbbbbbbbbb+

New Zealandbb+

bbbbb-bb

bb+

bbbbb-bb+bb+

Philippinesb+bbb-bb-bbb-

bbb-b+bbbb-

bb+bb+

Singapore

bbbbb

bb+bb+bbb-bb

bbb-bbbb

bb+

a-South Korea

bbb-bbb-bbbbb+bb

bb+bbbbbb-bbb

bbb+bbb-

Taiwanbb

bbb-

bb+bb-bb-

bb+bb+b+bb+bb+

a

Thailandbb-

bb+bb+bb+bb+b+b

bbb-bbbbbb

Asia Averagebb

bbb-bb+bb+bb+bbbbbb

bbb+bb+bb+

M&A ACTIVITY IN ASIA PACIFIC: SELECTED COUNTRIESIn September 2018, China and Japan have the most active markets with largest monthly deal values amounting to US$ 23.9 Bn and US$ 15.6 Bn respectively. In terms of YOY change, Vietnam has seen a significant 340% increase in M&A deal count with a remarkable 95% growth in deal value. Although Indonesia has seen a 10% decline in deal count, its deal value growth has seen a significant 471% increase.

Source: S&P Global Market Intelligence as of October 1, 2018. Figures are based on M&A announcement dates. Includes both closed and

pending transactions as well as those without transaction values. Charts are provided for illustrative purposes.

Key Threshold (No. of Deals)

0 - 15

>15 - 62

>62 - 123

>123 - 185

>185 - 246

>246 - 308

18 YTD 17 YTD YoY Growth 18 YTD 17 YTD YoY Growth

ChinaAustraliaJapanIndiaSouth KoreaVietnamMalaysiaHong KongSingaporeThailandIndonesiaNew ZealandPhilippinesTaiwanTotal

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2017

YoY ComparisonThrough

Sep 30, 2018

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2017


Sep 30, 2018

3,0151,1821,2421,066

7463833123412762131281928389

9,268

2,59183587174068087

2873182441861431295869

7,238

16%42%43%44%10%

9%7%

13%15%

-10%49%43%29%28%

340%

202,070

102,421

81,35748,42253,84533,9302,9374,640

28,79011,90020,66310,0924,354

6,435611,855

189,83138,32328,29223,97527,08012,65635,97438,3991,5047,457

9011,7691,8003,181

411,142

6%112%71%

125%25%95%

-63%-20%-69%177%471%383%

102%49%

5591%

No. of deals Value of Deals ($USDmm)

No. of Deals and Value YTD Activity (18’ vs. 17’)

No. of Deals and Value by Country (September’18)Country No. of Deals Value of Deals ($USDmm)

ChinaAustraliaJapanIndiaSouth KoreaVietnamMalaysiaHong KongSingaporeThailandIndonesiaNew ZealandPhilippinesTaiwan

308121116104453026252119171585

23,905.8015,556.505,002.802,215.702,609.30

114.31,134.202,391.30

747.3455.4

2,398.00473

195.363.4


M&A ACTIVITY IN ASIA PACIFIC: SELECTED SECTORS

Source: S&P Global Market Intelligence as of October 1, 2018. Figures are based on M&A announcement dates. Includes closed and pending transactions as well as those without transaction values. NSD - No Sector Disclosed. Tables are provided for illustrative

purposes. Data sorted by no. of deals and by transaction value from highest (darkest green) to lowest (lightest green).

YTD September 2018, YOY change, Healthcare topped the industries with 140% deal value growth, together with an 18% increase in deal count. Industrials came with the second highest deal value growth showing a 74% increase, however its overall M&A activity has declined by 1%.

No. of Deals YTD Activity (18’ vs. 17’) Value of Deals (USDmm) YTD Activity (18’ vs. 17’)

No. of deals

'18 YTD '17YTD YoY Growth

Industrials

Discretionary

IT

Real Estate

Materials

Healthcare

Financials

Teleco. Services

Staples

Utilities

Energy

NSD

Total

1467

1170

1075

1410

849

721

601

514

512

484

289

176

9268

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2018


Sep 30, 2018

Sector

1475

1201

1090

1296

959

702

508

599

484

459

249

136

9158

-1%

-3%

-1%

-11%

3%

-14%

6%

1%

18%

5%

16%

29%

9%

No. of deals

'18 YTD '17 YTD YoY Growth

Industrials

Real Estate

Materials

Discretionary

Utilities

IT

Teleco. Services

Energy

Healthcare

Financials

Staples

NSD

Total

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2018


Sep 30, 2018

Sector

91,121

131,767

45,313

52,683

23,483

44,494

33,040

21,145

11,351

30,387

18,817

46,916

550,516

74%

-35%

13%

-9%

66%

-24%

-4%

45%

-14%

18%

25%

11%

140%

158,105

85,132

51,035

48,095

39,084

33,970

31,629

30,582

27,217

26,032

22,297

58,677

611,855



ChinaJapanIndiaSouth KoreaAustraliaHong KongVietnamIndonesiaSingaporeThailandMalaysiaNew ZealandPhilippinesTaiwanTotal

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2017


Sep 30, 2018

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2017


Sep 30, 2018

15864

1364558823337241120111

671

31046784049553018151317133

678

-49%

-67%-67%-1%

39%74%13%18%49%10%

106%60%

-15%18%0%

48,7254,3613,7591,5931,0681,5801,949

99669543020811

15213

65,542

24,2012,0622,0895,2881,0531,381

56274

2,0321,3391,776

137342349

42,379

101%111%80%

-70%1%

14%

263%-66%-68%-88%-92%-55%-96%55%

3406%

No. of deals Value of IPOs ($USDmm)

INITIAL PUBLIC OFFERINGS BY COUNTRY

Source: S&P Global Market Intelligence as of October 1, 2018. Figures are based on public offerings offer date. Includes all closed transactions.

Tables are provided for illustrative purposes.

Key Threshold (No. of IPOs)

0

>0 - 4

>4 - 8

>8 - 12

>12 - 16

>16 - 20

In September 2018, China, Japan and India topped the region’s IPO count. Likewise, China, Japan and South Korea raised the highest dollar value proceeds. In terms of YOY change, although China has seen a 49% decline in IPO count, it was still able to show a 101% increase in IPO value. Indonesia has seen the highest growth in IPO deal count and value.

No. of IPOs and Value by Country (September’18)Country No. of Deals Value of Deals ($USDmm)

ChinaJapanIndiaSouth KoreaAustraliaHong KongVietnamIndonesiaSingaporeThailandMalaysiaNew ZealandPhilippinesTaiwan

20121197753221000

8,060.20938.594.6351.7

8591.56.624.117.5

81.5000

No. of IPOs and Value YTD Activity (18’ vs. 17’)



0

>1 - 11

>11 - 22

>22 - 32

>32 - 43

>43 - 54

Source: S&P Global Market Intelligence as of October 1, 2018. Figures are based on M&A announcement dates. Includes both closed and

pending transactions as well as those without transaction values. Tables are provided for illustrative purposes.

In September 2018, China has the highest number of PE deal count. Japan generated the highest PE deal value amounting US$ 7.5 Bn, followed by China’s US$ 2.9 Bn.

No. of Deals and Value by Country (September’18)Country No. of Deals Value of Deals ($USDmm)

ChinaIndiaJapanSouth KoreaAustraliaNew ZealandHong KongIndonesiaMalaysiaSingaporeTaiwanVietnamPhilippinesThailand

542922208411111100

2,927.802,769.507,505.70

345.782.13.20243.62.903300


ChinaIndiaJapanSouth KoreaAustraliaNew ZealandHong KongIndonesiaMalaysiaSingaporeTaiwanVietnamPhilippinesThailandTotal

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2017


Sep 30, 2018

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2017


Sep 30, 2018

66521921915574101146

307

1912

1,422

242128149103508

1558

252

1322

752

175%

250%

71%47%50%48%25%

-27%-20%-25%20%

46%-50%

0%89%

56,8258,1369,1717,921

12,065191

2,01167

1842,5312,285

9582854

102,427

19,151

12,909

12,558

22,174

3,3032,6776,226

1,356

118

55314380

181,124

197%146%243%27%-7%

-86%-84%

947%-89%

205%-93%

26%

4483%

4059%

4721%



PRIVATE EQUITY INVESTMENTS & BUYOUTS: SELECTED COUNTRIES



ChinaIndiaJapanSouth KoreaAustraliaSingaporeHong KongIndonesiaMalaysiaVietnamNew ZealandTaiwanPhilippinesThailandTotal

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2017


Sep 30, 2018

Jan 1, 2018 -Sep 30, 2018

Jan 1, 2017 -Sep 30, 2017


Sep 30, 2018

1,0123343871107666232812279

1337

2,107

313227232816050221813139569

1,058

223%

108%

160%

47%67%36%27%32%5%

56%-8%

0%

-50%-22%99%

55,51610,7058,8606,623

8582,644

8429855

96334

2,0223055

89,302

14,796

22,117

7,403623

2,1939,321

8,2898

2627811055173

65,239

275%45%

202%-91%-88%-90%

1116%112%246%-69%

77%1868%

37%

1322%

3546%


VENTURE CAPITAL INVESTMENTS: NON BUYOUTS BY COUNTRYIn September 2018, China has the highest number of VC deal count while Japan has the highest VC deal value. Top venture capital markets are China, India and Japan.


0

>1 - 16

>16 - 32

>32 - 49

>49 - 65

>65 - 81

Source: S&P Global Market Intelligence as of October 1, 2018. Figures are based on transaction announcement dates. Includes both closed and pending

transactions as well as those without transaction values. Non-buyouts will include all features except for leverage buyouts ( LBO), management buyout

or secondary LBO. Tables are provided for illustrative purposes.

No. of Deals and Value by Country (September’18)


Country No. of Deals Value of Deals ($USDmm)ChinaIndiaJapanSouth KoreaAustraliaSingaporeHong KongIndonesiaMalaysiaVietnamNew ZealandTaiwanPhilippinesThailand

813434108533331100

2,853.103,979.406,765.80

226.843.313.144.424

25.634.7

0000


MARKET ATTRIBUTES: INDEX DASHBOARD

Ÿ Despite escalating China-U.S. trade tensions, and tariffs both threatened and realized, strong performance from Japanese equities pulled the S&P Pan Asia BMI into just-positive territory for both September and the third quarter.

Ÿ And indeed Japan’s S&P/TOPIX 150 was the stand-out performer. The index gained 5.89% in September to make it 7.19% for Q3. Weighing on returns, India and China were the laggards this month, and this quarter, respectively.

Ÿ Among pan-Asia sectors, the newly-expanded and renamed Communications Services sector was the leader in the third quarter; its total return of 10.71% was closely followed by the Energy sector, which rode rising crude oil prices to a total return of 10.69%.

Ÿ With investor sentiment focused on downside risks, it was a good quarter for defensive equity strategies. The S&P Pan Asia Low Volatility gained 4.53%, while value strategies also performed well. Conversely, it was a difficult quarter for trend followers, as the S&P Pan Asia Momentum Large Mid Cap fell 1.59%.

Ÿ Commodities quarterly performance was mixed, with the DJCI down 2% and the S&P GSCI up 1%, driven by gains in Energy.

Summary

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of September 30, 2018. Index performance based on total return. Numbers in brackets are closing price levels for the corresponding indices. Returns for single country indices and single country strategies are in local currency, otherwise USD. ~Sector contributions to the S&P Pan Asia BMI are calculated over the prior month. Charts and graphs are provided for illustrative purposes. Past performance is no guarantee of future results. For more information, please visit our website at www.spdji.com

S&P Pan Asia BMI Country ContributionQ3 2018

-1.22%

-0.33%

-0.09%

-0.06%

-0.01%

0.00%

0.00%

0.01%

0.03%

0.04%

0.08%

0.19%

0.25%

1.28%

-1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50%

Japan

Taiwan

Thailand

South Korea

Malaysia

Singapore

New Zealand

Indonesia

Philippines

Pakistan

Australia

Hong Kong

India

China


FORUM VIEWS - NOVEMBER 2018

Kamlesh P. Mehta B.Com. FCA, DISA (Post qualification course in information system audit from ICAI) is a practicing Chartered Accountant by profession having an experience of 24 years in the field of capital market compliance consultancy, depository services audit, management consultancy, system audit and Commodity market compliance consultancy.

He is a Proprietor of CA firm M/s. KAMLESH P. MEHTA ASSOCIATES & Partner of MEHTA SANGHVI & ASSOCIATES located at Borivali, Mumbai.

He along with his associated concerns specializes in Audit and Assurance Services of various compliance areas related to Capital Market Operations and system audits of broking industry.

He is also providing compliance calendar to BSE brokers forum and ANMI regularly and same is published in their journal. Recently he and his team had drafted compliance manual for commodity brokers published by BSE brokers forum.

He is a regular speaker of the various seminars for broking and DP compliances organized by WIRC (Western India Regional Council of ICAI) and study circle group.

COMPLIANCE REQUIREMENT FORTHE MONTH OF NOVEMBER - 2018

Compiled by CA Kamlesh P. Mehta(B.Com, FCA, DISA)M/s. Kamlesh P. Mehta Associates

COMPLIANCE COMPLIANCE CALENDAR

19

Segment Particulars Due Date

BSE

All Exchanges

PMS

All Exchanges

Income Tax

NSE

Stamp Duty

Depositary

All Stock Exchanges

CDSL

NSDL

MSE

NSE / MSE /

NCDEX / MCX

BSE / NSE / MSE

MCX / NCDEX

BSE / MSE / NSE

All commodity

exchanges

BSE / NSE / MSE

MCX / NCDEX

BSE

All Equity & Commodity

Exchanges

BSE - Uploading of margin funding file for the month of October 2018.

Contingency Drill / Mock Trading Session (subject to circular from respective exchanges)

PMS- Uploading of activity report on SEBI portal

Uploading clients’ fund balance and securities balances by the stock brokers on stock

exchanges system as per SEBI circular of Enhanced supervision.

(subject to circular from respective exchanges)

TDS Payment for the Month of October 2018 for Corporate and Individual.

NSE- Uploading of margin funding file for the month of October 2018

Payment of Stamp duty: - Security and Commodity Exchanges

Investor Grievances (Report) • CDSL & • NSDL

Disclosures by trading members and their group entities on their holdings in various listed

companies for the quarter ended 30.09.2018

Submission of CDSL consolidated concurrent & Internal Audit Report for the half Year

Ended 30.09.2018

Submission of NSDL Internal Audit Report for the half Year Ended 30.09.2018

Uploading of margin funding file for the month of October, 2018

Submission of half yearly networth certificate as at 30.09.2018

Uploading of Risk based supervision

Uploading of Risk based supervision

Submission of half yearly Internal audit report

Submission of half yearly Internal audit report

Submission of half yearly ALGO system audit report as at 30.09.2018

Submission of half yearly ALGO system audit report as at 30.09.2018

No. of STR filed with FIU-IND for the month of October, 2018. (Including NIL STR)

Uploading of Clients’ Funds, collateral and other details lying with the member broker

1/11/2018 to

8/11/2018

3/11/2018

5/11/2018

7/11/2018

7/11/2018

7/11/2018

10/11/2018

10/11/2018

14/11/2018

15/11/2018

15/11/2018

15/11/2018

30/11/2018

30/11/2018

30/11/2018

30/11/2018

30/11/2018

30/11/2018

30/11/2018

Before

30/11/2018

Weekly basis

To the great consternation of the Foreign Portfolio Investment (“FPI”) sector, SEBI had issued a circular on April 10, 2018 (“April Circular”), inter alia, barring non-resident Indians (“NRIs”) and overseas citizens of India (“OCIs”) from being beneficial owners (“BOs”) of FPIs. Pursuant to outcry from the FPI sector, SEBI constituted a working group headed by Mr. H.R. Khan (“Khan Committee”) to review the April Circular. Finsec Law Advisors and Asset Management Roundtable of India (“AMRI”) were invited to a meeting of the Khan Committee.

In its board meeting held on September 18, 2018, SEBI provided its in-principle approval to the recommendations of the Khan Committee, and to the respite of the FPI Sector, on September 21, 2018, SEBI issued two circulars dealing with the matters of eligibility conditions and KYC requirements for FPIs (referred together as “September C i rcu la rs” ) , wh ich superseded the April Circular. Some of the key highlights of the new relaxed FPI norms are discussed below:

Delinking of KYC requirements and eligibility criteria: The April Circular had

REVISION OF THE FPI NORMS: GOOD TIMES AHEAD FOR NRIS AND OCIS

majority of the directors or to control the management or policy decisions of the FPI or having management rights over the FPI).

The Control test is here to stay: As an eligibility condition, the FPI norms continue to restrain NRIs / OCIs from being in control of an FPI. However, an exception has been made for FPIs who are controlled by an investment manager (must be an appropriately regulated entity) which in turn is controlled by an NRI / OCI. This change has come as a breather for many NRIs / OCIs, as several India centric FPIs are structured in the abovementioned manner. However, as an additional condition, investment managers of FPIs who are controlled by NRIs / OCIs need to be registered with SEBI as non-investing FPIs.

To conclude, SEBI has moved forward in the right direction and has dispelled the anxiety of the FPI sector. The relaxation of the FPI norms may also help to bring in more foreign investment into India. Though the industry seems to be satisfied at the moment, in the near future it is hoped that SEBI will reconsider other FPI related issues including relaxation of the cap of ‘below 50%’ on NRI/OCI participation in FPIs.

stipulated that BO should be identified in accordance with the definition of BO provided in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (“PMLA Rules”) and NRIs / OCIs cannot be BOs of FPIs. However, as suggested by the Khan Committee, SEBI has, vide the September Circulars, set aside the restriction on NRIs / OCIs to be BOs of FPIs. The September Circulars provide that the definition of BO will now be used to identify NRIs / OCIs strictly for the purposes of KYC requirements and such NRIs / OCIs will not automatically be barred from being constituents of FPIs. Therefore, the aforesaid changes have removed the blanket ban on NRIs / OCIs. However, for KYC requirements, FPIs must now disclose all NRIs / OCIs who are BOs.

Identification of BOs in partnership firms: SEBI has broadened the scope of who can be identified as a BO with respect to FPIs structured as partnership firms. The identification of BOs will now not only be based on the economic interest test (i.e. persons holding 15% or more in a partnership firm) but also on the control test (i.e. control over the affairs of an FPI, including having the right to appoint


The recent happenings in the case of YES Bank, where the RBI has sent a directive cutting short the tenure of Mr. Rana Kapoor, the MD and CEO, till January 31, 2019, are novel. There has been no press release or any public information available to the stakeholders in relation to the rationale and reasons behind this decision. Only on account of being a listed company, YES Bank had disclosed the receipt of a communique from RBI. Even then, the contents and rationale behind the RBI communique are primarily based on ‘sources’ quoted by business journalists.

Some of these ‘source’ based media reports have highlighted three major reasons for

YES BANK: LOOKING FOR ANSWERS FROM RBI

the issue is around divergence in reporting of Non-Performing Assets (“NPAs”), the investors would like to know if any actions are proposed to be taken on other major lenders which had reported divergence in their NPAs.

The case of YES Bank is even more peculiar as the tussle between the promoters, Mr. Rana Kapoor and Ms. Madhu Kapur, complicates the task of finding a successor. For an efficient functioning of the market, the regulator needs to be more transparent in its functioning. It should avoid sudden knee jerk reactions and should aim at building a more credible and predictable regulatory enforcement regime.

the RBI’s decision: "Weak compliance culture in YES Bank", "Weak Governance in YES Bank" and "Wrong asset Qualification". Believing these media reports to be true, it is even more perplexing how RBI came to these conclusions: Was there a special audit or investigation conducted by RBI which highlighted these concerns? If yes, what actions has RBI taken in the past to prevent these governance issues and how far these governance issues were unique to YES Bank? And lastly, whether RBI had undertaken any inquiry in relation to the role of CEO, how far the shortcomings of the bank can be directly attributable to the CEO and whether RBI believes removal of the CEO would solve the governance issues. If

Pursuant to its board meeting on September 18, 2018, SEBI has issued a press release announcing the following decisions taken with respect to the mutual fund industry:

REVISED TEROF MUTUAL FUND SCHEMES

Change in TER slabsThe Total Expense Ratio (“TER”) slabs, i.e. the amount of fees that can be charged by a scheme, are based on the total assets under

management (“AUM”) of the scheme. To put it simply, the higher the AUM of a scheme, the lower the TER. These slabs were introduced in 1996, and remained

REGULATORY PUREGULATORY PULSE

Disclaimer :The newsletter is not in the nature of alegal opinion or advice. Copyright reserved.

Courtesy: Finsec Law Advisors A financial sector law firm which provides regulatory advice and assistance focusingon the securities, investments and banking industry. www.finseclaw.com

Disclosure: Finsec Law Advisors is representing Kirloskar Chillers Private Limited.


unchanged since then. As the AUM of the industry grew exponentially over the past few years, a need was felt to pass on the benefits of economies of scale to the investors. To this effect, SEBI has decided to lower the costs to investors by introducing more slabs and reducing the TER in each slab. Further, TER for close ended schemes, index schemes, ETFs, and Fund of Funds has also been reduced.

Prohibition on upfronting commissionSEBI has now mandated that all commissions and expenses shall be paid out of the scheme and not from the AMC/Associate/Sponsor/Trustee. Further, the upfront commission model has been junked and the industry must only pay commission on a full-trail model. Currently,

two types of commission exist – upfront commission and trail commission. Upfront commission is commission paid to a distributor at the time of purchase of new investments, while trail commission is commission received by the distributors every year until the investment is withdrawn. Prohibiting upfront commission would restrict churning, as the distributors would now not have an incentive to advice investors to change their schemes to take benefit of upfront commission.

Ceiling on TER for close-ended schemesAs discussed above, TER is based on AUM slabs. Being small-sized funds, the close-ended funds allowed fund houses to charge a higher TER. Distributors were also given excessive upfront commission, which led to

mis-selling of the products. This is a cause of concern as investors were being overcharged, especially since it has been observed that the performance of close-ended schemes is similar to that of open-ended schemes.

To counter this mis-selling and protect investors, SEBI has now fixed the maximum TER chargeable for close-ended equity-oriented schemes at 1.25% and for other close-ended schemes at 1%. Further, as discussed above, it has directed fund houses to adopt a full trail model of commission payment, without payment of any upfront commission or upfronting of the trail commission.

Disclosure: Mr. Sandeep Parekh of Finsec is a member of the MFAC.

With a view to reduce the time taken in the

listing of shares issued in the public offers,

SEBI, in its board meeting on September 18,

2018, has approved payment through

Unified Payment Interface (UPI) for

applications submitted by retail investors

through intermediaries. As per the press

INTRODUCTION OF UPI IN PUBLIC ISSUE PROCESS

release issued by SEBI, disallowing physical movement of application forms from intermediaries will fasten the process of issuance and listing of shares.

This decision will lower the risks involved in blocking investors’ funds for a prolonged period, while waiting for the listing of

shares. This is also a step forward towards

reducing the time taken for listing from the

current T+6 days to the proposed T+3

days. The early listing and trading of shares

would mutually benefit both the investors

and issuers by providing faster access to

the capital raised and generating liquidity.

In its board meeting on September 18, 2018, SEBI has approved the following amendments to the SEBI (Delisting of Equity Shares) Regulations, 2009 (“Delisting Regulations”) - (a) counter offer in case of voluntary delisting; and (b) timeline to provide an exit in case of compulsorily delisted companies.

Under the current Delisting Regulations, the offer price has to be determined in accordance with the reverse book building (“RBB”) mechanism. Under the RBB mechanism, once a floor price is determined, bids are invited from the public shareholders. The highest price at which the maximum number of shareholders place their bids would become the offer

AMENDMENTS TO THE DELISTING REGULATIONS

price, and the delisting would be successful if the post offer promoter shareholding reached 90%. The promoter can either accept or reject the offer price determined through the RBB mechanism.

As per the new amendment, in case of voluntary delisting, if the price discovered through the RBB mechanism is not accepted by the promoters, a counter offer, being not less than the book value, can be proposed by them. The amendment is beneficial to a number of promoters who may be contemplating delisting, since this gives them an option to make a counter-offer; as opposed to just accepting or rejecting the price determined by the RBB mechanism.

Another amendment approved by SEBI is in

relation to the timeline for providing an exit

option in case of compulsory delisting.

Compulsory delisting is when the

securities of a company are removed from

stock exchange for non-compliance with

the SEBI (Listing Obligations and

Disclosure Requirements) Regulations,

2015. Thepromoters will now have to

provide an exit option to existing

shareholders within 3 months of delisting

from the recognized stock exchange. This

is a welcome move, as it will ensure that

promoters of compulsorily delisted

companies do not intentionally delay

providing the exit option to the public

shareholders.

REGULATORY PUREGULATORY PULSE

ANALYZING CIRCULARS (09 SEPTEMBER TO 06 OCTOBER 2018)


Regulator Important Circular's Title For The Period

SEBI SEBI (Employees’ Service) Regulations, 2001 [as amended on August 13, 2018] -->> List of Regulations made by SEBI defining the terms and conditions of service of its employee.

SEBI (ICDR) Regulations, 2018./SEBI (Buy-back of Securities) Regulations, 2018 -->> Final latest regulations listed

SEBI Applicability of Circulars issued for Commodity Derivatives markets -->>All norms issued for Commodity Derivatives Exchanges till date shall be applicable to Commodity Derivatives Segments of Recognised Stock Exchanges/Recognised Clearing Corporations to the extent applicable w.e.f October 1, 2018.

SEBI SEBI (SAST) (Second Amendment) Regulations, 2018 -->> Definition of Frequently traded shares is clarified in case of public announcement-shares of a target company should be at least ten per cent of total number of shares of such class of target company in specified calendar period~~“fugitive economic offender” is defined~~New clause where “listing regulations” means SEBI (LODR) Regulations, 2015.”~~“postal ballot” defined and “Companies Act, 1956 (1 of 1956)” shall be substituted with“Companies Act,2013 (18 of 2013)”~~Added further that In the event of failure of the delisting offer made under subregulation (1), the open offer obligations shall be fulfilled by acquirer in the specified manner-as per amendments~~Fugitive economic offender cannot make a public announcement of an open offer or make a competing offer directly or indirectly~~redefined acquisition that acquirer or persons acting in concert should not exceed the maximum permissible non-public shareholding applicable to such target company.~~company shall include a body corporate, whether Indian or foreign~~changes w.r.t clauses on voting rights and where Shareholder has not voted in favour of Buy back and where resolution of holder not required~~Explanation of cash component of escrow account is detailed~~Letter of offer through electronic mode but on receipt of request to receive in physical format, the same shall be provided and disclosed in letter of offer ~~ competing offers and time frame for acquirers~~ deposit of cash in escrow account related clauses by acquirer~~ disclosure related time frame changes

SEBI SEBI (Credit Rating Agencies)(Second Amendment) Regulations, 2018 -->>As per amendments in SEBI (Credit Rating Agencies) Regulations, 1999 with effect from Gazette notification, a credit rating agency shall not carry out any activity other than the rating of securities offered by way of public or rights issue~ Further all other activities shall be segregated to a separate entity within a period of two years from the date of notification

SEBI SEBI (LODR) (Fifth Amendment) Regulations, 2018 -->>Amendment in SEBI (LODR) 2015 coverage of "Designated Securities" has been modified to add “security receipts” units issued by mutual funds, SEBI(Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 has been substituted to SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008” in relevant sections~~ additional clause shall be inserted (zga) “security receipts” shall have the meaning assigned to it under the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations,2008”~~New chapter is also inserted namely -Obligations Of Listed Entity Which Has Listed Its Security Receipts And Part E is added as Disclosure Of Events Or Information To Stock Exchanges: Security Receipts.

SEBI/BSE/NSE /CDSL Eligibility conditions for Foreign Portfolio Investors (FPIs) -->> As investment limit for FPIs should not be done on the basis of BO as per PMLA Rules, a separate set of norms for determining eligibility criteria for NRIs and OCIs and RIs to be constituents of FPIs and to be complied within a period of 2 Years from the date of coming in force of amended regulation or from the date of registration , whichever is later and the same will not be applicable to FPIs investing only in mutual funds in India.The circular details how separate set of norms for determining conditions where NRIs , OCIs, and RIs are constituents and FPI structure related controls

SEBI/BSE/NSE/ Know Your Client Requirements for Foreign Portfolio Investors (FPIs) -->>Based on recommendation

CDSL/NSDL from HR Khan group on KYC requirements for FPI and Public comments, it has been recommended that Beneficial ownership criteria in PMLA should be made applicable for purpose of KYC and not for determining eligibility of FPIs. Hence separate set of norms for determining conditions where NRIs , OCIs, and RIs are constituents and also the basis for clubbing of investment limits.~~Detailed norms given in terms of identification of BO ownerships as per PMLA rules for each category of FPI and further requirement of documentation for continuous due diligence for High Risk Jurisdictions.~~Conditions for BO identification based on Materiality threshold for FPI and through intermediate shareholder/ owner entity based on look through perspective.~~If intermediate shareholder/ owner entity is eligible as Category I FPI, there is no need for identification and verification of beneficial owner.~~SMO is designated by FPI who holds a senior management position and makes key decisions relating to the FPI ~~No foreign companies shall be entitled for exemption of PMLA Rules.FPI should provide information of real owners/ effective controllers of companies / trusts.~~BO should not be a nominee of another person, BO identification and verification will be based on same guidelines for ODI’s issued through FPIs. ~~KYC review should be on yearly basis Additionally, purchase transactions shall be restricted for non-submission of KYC documents.~~SEBI has prescribed “Financial Data” related documentation as mandatory for due diligence of Category III FPIs only and for same the list is detailed in the circular.~~Requirement of undertaking in respect of exempted documents to DDP/ Custodians and by Category III high risk investor based FPIs for exempt documentation as and when required.~~KRAs to lock personal information provided with regard to beneficial

CIRCULARSCIRCULARS


owner including SMO of FPI and maintenance of KYC records in original for five years from cessation of FPI transaction date. ~~Timelines given for submission of Category II and III FPIs to provide the list of BOs and applicable KYC documentation and Custodian to restrict such FPI to make fresh purchases till the time KYC requirements completed. ~~FPI registration will no longer be valid and it would need to disinvest its holdings immediately for non compliance beyond 180 days.

SEBI Amendment to SEBI (Credit Rating Agencies) Regulations, 1999 and modification to SEBI Circular dated May 30, 2018 -->> CRA may undertake rating of financial instruments under respective guidelines of specified financial sector regulators/ authorities as per Annexure A. CRAs may also undertake research activities, incidental to rating, such as research for Economy, Industries and Companies.~~Cases of requests by an issuer for review of the rating(s) provided to its instrument(s) shall be reviewed by a rating committee of CRA that shall consist of majority of members that are different from those in the Rating Committee of the CRA that assigned earlier rating, and at least one-third members are independent” which previously consisted of majority of independent members.

SEBI Interim Report of working group on KYC Requirements for FPIs -->> SEBI initiated a public consultation process for finalising new guidelines for suggested changes- allowing NRIs, Overseas Citizens of India (OCIs) and Resident Indians to be allowed to hold non-controlling stake in FPIs and no restriction should be imposed on them to manage non-investing FPIs or SEBI-registered offshore funds, as also in case of registered investment managers.~~The panel suggested that erstwhile PIOs (Persons of Indian Origin) should not be subjected to any restrictions, while it has recommended allowing clubbing of investment limits for well-regulated and publicly held FPIs (Foreign Portfolio Investors) having common control.~~It has also favoured doing away with additional KYC documentation requirements for beneficial owners in case of government-related FPIs.~~Changes have also been suggested regarding identification of senior managing official of FPIs and for beneficial owners of listed entities, as also regarding disclosure of personal information.~~However, all new rules to apply equally to those investors using the ODIs (popularly known as P-Notes).~~Panel has suggested giving six months to FPIs for compliance to new rules, after they are finalised, while the non-compliant investors can be given further 180 days to wind down their existing positions.~~Panel is also examining separately whether any recommendation to merge the FPI and NRI/OCI routes of investment can be made to the government and RBI.~~The panel has also recommended that Sebi may clarify suitable actions that FPIs need to take for divestment or re-classification of holdings as per the FDI limits, after consulting with RBI.~~Further SEBI to consult government to evolve a more objective criteria for defining high-risk jurisdictions.~~Sebi had issued a circular in April, proposing the new norms on KYC and beneficial owner identification, the deadline for which was extended later by two months till December. The proposed move was aimed at checking any possible re-routing of funds of Indians and NRIs through overseas locations.

SEBI-Press Release SEBI Board Meeting -->>Discussed proposed requirements and eligibility conditions for strengthening of FPI KYC from PMLA perspective and documentation required for BO identification and recommendations of the Khan Working Group~~Considering internal study to review the TER and the benefits of the proposal with respect to sharing of economies of scale, lowering the cost for mutual fund investors, bringing in transparency in appropriation of expenses, and reducing mis-selling and churning Board approved proposal relating to Transparency in Expenses, Also given are the AUM slab wise TER for open ended equity oriented schemes and other schemes/Close ended/Interval Schemes,TER for Index schemes, ETFs and Fund of Funds, Additional expenses of 30 bps for penetration in B-30 cities and Performance Disclosure .Trustees and AMC Boards to monitor the implementation by the respective AMCs..Most importantly full trail model of commission in all schemes to be adopted without payment of any upfront commission or upfronting of any trail commission except in case of SIPs subject to fulfilment of certain conditions.~~Reducing the time period from T+6 days to T+3 days. for listing of issues by following a phased manner process in which there will be no physical movement of retail investor application forms from intermediaries to SCSBs.~~Review of Amendment of Regulations relating to Re-classification of promoter / public-Revised process provides for application for reclassification by the promoter seeking, review by company’s Board and approval by shareholders, with exiting promoters and related persons not allowed to vote.These amendments are in the light of Kotak Committee report on corporate governance and feedback from exchanges and representations received.Amendments to SEBI (Delisting of Equity Shares) Regulations, 2009-Amendments w.r.t price discovery through counter offer with specified conditions.The review was aimed at simplifying the language, updating references to Companies Act, 2013/ other new SEBI Regulations, and incorporating relevant circular(s), FAQs in the Delisting Regulations, without making any substantive policy change.~~Board considered and approved the proposal for deleting the requirement of 1% security deposit of the amount offered for subscription to the public from specified regulations~~The Board approved framework for operationalizing the budget announcement w.r.t Framework for Enhanced Market Borrowings by Large Corporates who as per revised framework shall raise 25% of their incremental borrowings for that year through bond market;For initial two years of implementation i.e. FY 2019-21, a “comply or explain” approach shall be applicable.After that, requirement of 25% of incremental borrowing through bond market shall be tested for contiguous block of two years;At the end of two year block,a monetary penalty/fine of 0.2% of the shortfall shall be levied.~~

Reduction in payment of regulatory fee for agricultural commodity derivatives at a flat rate instead of turnover based by exchanges on turnover from agricultural commodity derivatives segment.~~Draft framework for

CIRCULARSCIRCULARS


participation of Eligible Foreign Entities (EFEs), having actual exposure to Indian commodity markets- EFEs with minimum NW of $500,000 , will be allowed to deal in all commodities derivatives traded on Indian exchanges except those classified as sensitive ones.~~To enable interoperability among clearing corporations, based on SMAC recommendation which allows participants to consolidate clearing/settlement functions at a single clearing corporation and leads to efficient allocation of capital, thereby saving on cost as well as provide better execution of trades~~Keyword Review the existing Settlement Mechanism in SEBI and Proceedings may not be settled in given circumstances, also dealing with confidentiality,rejected cases,revocation of settlement order or delay in payment etc.Finally proposing for removing the deduction under I.T1961 as a business expense available for settlement amount paid.Amendmentsto SEBI (PFUTP) 2003 and SEBI (PIT) 2015 to implement recommendations of the Committee on Fair Market Conduct has been approved.Definition of dealing in securities and activities that constitute as Fraud have been elaborated.PIT Regulations gives framework and include bringing clarity and additional defences and sharing of UPSI for due diligence.Matter referred for government view about SEBI to seek direct power to intercept calls and electronic communication.~ Finalizing a common application form for obtaining FPI Registration with SEBI, PAN and KYC for opening of bank and demat accounts by FPIs in order to ease of business for FPIs with necessary amendments to SEBI (Foreign Portfolio Investors) Regulations, 2014~Person who is a FEO shall not raise capital through IPO,IPO of IDRs,Rights issue of IDRs and are further restricted from listing on ITPs and issue of bonus shares and from making an open offer or counter offer for acquiring shares or enter into any transaction, either directly or indirectly, for acquiring any shares or voting rights or control of a target company~ IT roadmap Initiatives to facilitate SEBI to deploy its IT resources and funds in a well-planned manner based on four central themes namely Consolidation of IT Infrastructure, Processes & Cyber Security, Market Protection Initiatives, . Market Supervision & Development Initiatives,and Market Evolution~ Disclosure regarding No. of complaints filed/disposed during the financial year and No. of complaints pending as at end of the financial year to be included in the corporate governance report as part of Annual reports of listed entities in order to strengthen disclosures relating to safety of women at corporate sector workplaces.

SEBI-Press Release Grant of Recognition to National Commodity Clearing Limited as a Clearing Corporation -->>SEBI granted recognition to NCCL as a CC for a period of one year commencing from September 10, 2018 to September 09, 2019.

SEBI-Press Release Clarification -->> SEBI has clarified that it has not issued any advisory to MFs not to roll over their current exposure to India Bulls Housing Finance Ltd. and Dewan Housing Finance Corporation Ltd

SEBI-Press Release Clarification -->> SEBI clarified that ICICI Bank and Ms. Chanda Kochhar have filed replies to SCN issued and further clarified that, it had not received any settlement application from ICICI Bank or from any other entity related to the matter.

SEBI-Press Release Judgment and Order of Hon’ble Federal Court of Australia in the matter of PACL Limited -->> Claim petition filed by SEBI in the Federal Court of Australia in the matter of PACL Ltd as the Funds mobilized from investors were utilized for acquiring certain assets in Australia for seeking repatriation of the assets or the proceeds thereof is accepted .

SEBI-Informal Guidance Informal Guidance in the matter of JK Paper Ltd. regarding SEBI (Share Based Employee Benefits) Regulations, 2014 -->>Shares of JK Paper are listed on BSE/NSE. Company has submitted that the Trust set up by them runs and administers welfare schemes for the benefit of employees and currently holds 5.60% equity of the company. Also the welfare schemes run by the Trust involve dealing in securities of the company.~~Thus Query1- SBEB Regulations would apply to the welfare schemes floated by the Trust.~~Queries at point no. 3(ii) and 3(iii) do not fall within the ambit of SEBI (Informal Guidance) Scheme, 2003. Hence, are not being replied. However, since the SBEB Regulations would apply to welfare schemes floated by the Trust, the applicant would be required to comply with all the provisions of the SBEB Regulations as applicable to it.

BSE Master circular for Commodity Derivatives Segment -->> Exchange is setting up Exchange traded commodity derivatives segment with an approval from SEBI w.e.f October 01, 2018.~~ Consolidated master circular with relevant SEBI circulars for commodity derivatives segment is attached as Annexure.

BSE Reversal Trade Prevention Check [RTPC] - Update -->> TMs requested to note that the applicability of Reversal Trade Prevention Check stands modified as to all far month expiry of Commodity Future contracts, until further notice

BSE UCC registration in Commodity segment -->> As changes in the UCC system has been made live w.e.f September 26, 2018 brokers to ensure that new client codes are registered or existing client codes are enabled in UCC system in Commodity Segment on the previous trading day before 9 p.m. so as to execute trades on the next trading day subject to successful PAN/Name verification with Income Tax website and in case of mismatch, broker to rectify.Thus Trades in Commodity segment can be executed only for client codes which are “Active in Commodity” and “verified”

BSE Data required for computation of Securities Transaction Price Index (STPI) -->>BSE circular states that data will be taken immediately from only a few "relevant trading members" who BSE would approach them directly and balance later.~~Compared to NSE format, additionally DP charges is being asked in the BSE format.~~The multiple charge details information is sought for client account and proprietor separately and for segments -Equity with a breakup of Delivery and intraday, Debt, Derivatives segment based on Equity,Currency and Commodity with breakup of Futures and Options,debt segment and Interest Rate futures.

CIRCULARSCIRCULARS


BSE FAQ on Physically Settled Equity Derivatives -->> FAQ further clarifying that Contract note issue not mandatory at time of final settlement and where applicable should indicate open position settlement.Member to communicate details of the final settlement on expiry through irrefutable modes and with relevant details. ~~ No separate statement for physically settled transactions and can be part of existing quarterly statement of accounts or monthly/quarterly statement ~~Further members need to provide delivery margin under the “Total upfront Margin” column of daily margin statement issued to clients. Margin trading facility cannot be given against physically settled derivatives.

BSE Cyber Security Advisory (Email Security - Phishing Attack) -->>BSE has identified a phishing campaign affecting members, brokers and vendors.Phishing is a method of stealing confidential information by sending fraudulent emails to a victim~~Exchange has provided the guidelines and valuable tips on how to identify and prevent valuable data from becoming vulnerable from Phishing emails.

BSE Clearing & Settlement Process: BSE-Commodity Derivatives Segment -->> ICCL will undertake Clearing and Settlement activities for the BSE’s Commodity Derivatives Segment as per the norms/guidelines issued by SEBI and as per the provisions of Rules, Bye-Laws and Regulations of ICCL and the norms regarding Collateral Management (Liquid Assets), Risk Management, Clearing & Settlement Process etc are mentioned in detail in Annexure.

BSE New category in UCC system -->> Exchange has introduced new client category in UCC system for Alternative Investment Fund as AIF III thus Brokers are advised to update category of the existing clients, who are registered as Alternative investment fund (under category III) with SEBI.

BSE Margin Reporting for trading members for Commodity segment -->>Circular links given about reporting file formats for Commodity segment on following link .~~Clearing and settlement process including Annexure for Margin Reporting .~~EOD File Formats for Commodity Derivatives segment including Margin Reporting formats

BSE Collateral Management Charges for Commodity Derivatives Segment-->Alongwith other segments, Collateral management and same day cash collateral withdrawal release charges would also be applicable to Commodity Segment Collateral w.e.f October 1, 2018.

BSE/NSE Additional Margins in Equity Derivatives /Cash Segment -->> Additional margins shall be levied on F&O securities in case where Intra-day price movement is more than 20%, Close to close price movement is less than 20%.~~Additional margin of 50% of the intra-day price movement above 20% shall be levied as additional margin and will be added to existing exposure margin and will be continued for 15 calendar days subject to no further intra-day volatility.

BSE/NSE Mock sessions for Public Issue of Debt Securities w.e.f 26 September 2018. -->>Necessary changes done to existing E - IPO platform w.r.t Public Issue of Debt Securities for conducting Mock session to test list of specified changes and download reports for verification accordingly.

BSE Enhancements in Online Trade download (OTD) facility -->> Enhancement of Online Trade Download (OTD) facility to provide trade files in real time is optionally now available for Commodities Derivatives segment w.e.f Oct 1, 2018 with new version of OTD application 1.7.~~TM can utilize this facility to download trades during trading hours as a separate file for each segment. System prerequisites to use OTD application and File format of Online Trade file given in circular.

BSE Updated Operational Guidelines for issuance of Securities on Private Placement basis through an Electronic Book Mechanism -->>Exchange has made available “BSE BOND” w.e.f July 01, 2016 regarding Mechanism for issuance of debt securities on private placement basis through an Electronic Book Mechanism (“EBM”)alongwith comprehensive guidelines duly enclosed ~Effective on or after October 1, 2018.

BSE Trading system APIs and Exchange EOD File Formats for Commodity Derivatives segment – Go live -->> TMs to refer to specified circulars w.r.t Availability of trading system APIs and Exchange EOD File Formats for Commodity Derivatives segment..The same is being made live with effect from Monday, October 1st, 2018.

BSE Release of BOLT TWS ver. 77.10 -->>New version of BOLT TWS ver. 77.10 being released & made live w.e.f, October 01, 2018. It is a COMPULSORY version release for Members with BOLT TWS in Commodity Derivatives and OPTIONAL for Equity, Equity Derivatives & Currency Derivatives segments mock trading scheduled September 29th, 2018.New Functionalities:~Enhancements with respect to introduction of Commodity Derivatives segment.

BSE Compliance requirements with respect to commodity derivatives segment. -->> Providing the compliance requirements the broker need to ensure for commodity derivatives segment with regards to Registration of client codes,PAN mismatch file,Client code modification,Registration of location id’s and High Order to Trade ratio in Algorithmic Trading in Commodity Derivatives Segment.

BSE/NSE Broad Guidelines on Algorithmic Trading for National Commodity Derivatives Exchanges -->>SEBI had issued broad guidelines on algorithmic trading for NCDEX which details Consolidation of norms on Algorithmic Trading in consultation with the Exchanges.~~It required exchanges to place a limit on the number of orders/second from a particular CTCL ID/ATS User–ID to twenty orders/second and to impose economic

CIRCULARSCIRCULARS


disincentives for orders exceeding twenty/second which is now relaxed uptohundred orders/second.~~However compliance with the limit “X” so set bya particular CTCL ID/ATS User-ID shall be measured over a rolling period of five seconds.~~Additonally it has also been decided to do away with the requirement of empanelmentof system auditorsby the exchanges for system audit of algorithmic trading.

BSE Admission of members in Commodity Derivatives Segment -->> SEBI has given approval to Exchange to introduce commodity derivatives segment platform to facilitate trading in commodity derivatives by making an application through BEFS.( User Manual Annexure-A). ~~TM are required to comply with the Deposit BMC with BSE and TM CM Agreement to be executed by new TM as well as existing TM who will have a Clearing Member different from existing Clearing Member.

BSE BMC requirement for existing and exclusive trading members in commodity derivatives segment -->>Existing Member will continue to comply with the requirement of SEBI circular number CIR/MRD/DRMNP/36/ 2012 dated December 19, 2012 and New Member who wish to trade exclusively on commodity derivative segment need to comply with CIR/CDMRD/DRMP/01/2015 dated October 01, 2015.

BSE Mock Trading on Saturday, September 29, 2018 -->>New version (OPTIONAL version release) of BOLT TWS, ver. 77.10 was released for live trading with effect from Monday, 01st October, 2018 in Cash/F&O/Currency Derivative segmentand New version of BOLT TWS, ver. 77.10 and ETI API 1.6.2, IML API 7.12 and Exe version 11.10 was be released for live trading with effect from Monday, 01st October, 2018 in Commodity Derivatives segment.

BSE Market Data Broadcast for testing purpose in Commodity Derivatives segment -->>The market data broadcast on certain commodity products will be generated in the live environment of BOLT Plus trading system for Commodity Derivatives segment on September 28, 2018 for testing purpose and data will be made available in NFCAST and MDI/EMDI formats.

NSE Membership of Commodity Derivatives Segment -->> Registration under SEBI (Stock Broker and Sub-Broker) Regulations, 1992 is mandatory for becoming TM/SCM/CM/PCM of Commodity Derivatives segment~~Annexure B contains formats for Already Registered Members in other segments and AnnexureC contains format for those entities who New membership .

NSE Testing of software used in or related to Trading and Risk Management -->>SEBI has given approval to exchange for setting up Exchange traded commodity derivatives segment.~~for testing any software exchange has to take approval from exchange and mock testing is mandatory too.

NSE Data required for computation of Securities Transaction Price Index (STPI) -->> It is now clarified that Exchange to contact specific set of members who need to submit historical data since 2013-14, i.e. Apr-June 2013 quarter to Apr-June 2018 quarter for STPI initially by September 26, 2018 and for others member, exchange to revert with revised timelines

NSE Migration of MFSS to NMF - II Platform -->>To centralize transactions in Mutual Funds and to streamline operational activities, the existing web based MFSS platform shall be migrated to NMF II platform w.e.f. 21st September, 2018 without any change in the existing formats of reports provided by the Exchange vide circular dated 22nd December, 2010.

NSE Mock trading on Saturday, October 06, 2018 - New Version of NEATSLBM (1.1.3) -->> Exchange to conduct a mock trading session in SLBM Segment on Sat, October 06, 2018 for new version of NEATSLBM (1.1.3) where a new facility is provided to corporate manager to enable and reset password for all the users under his trading firm under Dialogues menu (Ctrl+Alt+T) in NEATSLBM.

NSE Electronic book mechanism for issuance of securities on private placement basis - Revised Operating Guidelines. -->> SEBI has revised the framework for Electronic book mechanism for issuance of securities on private placement basis, accordingly the Exchange has revised its operating guidelines.~~Revised operating guidelines for NSE Electronic Bidding Platform (EBP) are enclosed as Annexure-1

NSE Clarification on Client Fund Balance -->> Credit balances & Debit balances of a client across different segments/Exchanges should be netted off to arrive at the net debit balance, and any delayed payment charges, as mutually agreed, should be applicable on such netted off debit balance,~~Further any excess securities/FDRs/BGs etc., held by the member on behalf of a client, are only for the purpose of meeting margin requirements, and may not be adjusted for the calculation of the net debit balance .

NSE Procedure for uploading Unique Client Code (UCC) for Commodity Derivative Segment -->>Exchange has given checklist that member should ensure regarding the uploading details of New UCC Structure prior to client becoming eligible for trading in Commodity Derivatives Segment and Further to ensure client can trade seamlessly, UCC details to be submitted to Exchange at least one day before trading by 5:45 pm subject to successful - Name and PAN verification by Exchange and UCC with “Active” & “Approved” status to be considered as valid UCC eligible to trade.

NSE Introduction of Commodity derivatives segment in Member Service modules on ENIT -->> Member Service modules like user id shifting, addition, disablement etc. for commodity segment can be done through the existing respective modules in ENIT and detailednote given for bifurcation of messaging,submission of 12 digit CTCL/IBT/DMA/STWT terminals,required certification for user id applications and Limits on User ids allotted under various connectivity.Collocation facility shall not be available for Commodity segment.

CIRCULARSCIRCULARS


NSE Shortfall in Networth reported by members-->> Apart from current disciplinary action of blocking deposits or levying penalty which will continue to prevail, Trading rights of member will be withdrawn if it fails to submit revised networth certificate meeting the minimum networth requirement by next submission cycle.

NSE Additional Surveillance Margin in Equity Derivatives Segment -->>A Price Scan Range is amended to cover risk for 10% and 17.5% change in underlying indices and stocks which was earlier 8% and 12.50% in order to increase the coverage of risk arising out of change in underlying indices/stocks.~~ Additional amount shall be computed daily at end of day from September 14,2018 till September 19, 2018 and CM/TM shall be provided with a separate file in /letters/dnld folder.~~ Additional amount shall be blocked from CM collateral on T+1 basis and revised PSR shall be made applicable in the SPAN Risk parameter file from September 21, 2018

NSE Introduction of New Client Categories in UCI online -->> The Exchange has introduce new client categories which are Foreign National, Non-Banking Financial Company (NBFC), Alternate Investment Fund and Domestic Venture Capital Fund, in Unique Client Code database of the Exchange w.e.f. September 24, 2018.

CDSL Setup/Modification Facility Of Bank Details For DPs In CDSL System -->> New facility to be released for creation/modification of Bank details in Bank Master whereby DPs will be able to setup Bank details and upload the scanned documents as proof of bank details in CDSL system.~~Further DPs can open demat account with new bank details even if not approved at CDSL and a message saying “Bank ID,IFS code Is Already Setup” will be displayed if DP tries to setup MICR and IFS code already set up while opening the demat account.

CDSL Changes In BO Account Information -->> On account of changes in BO account opening and modification (online & upload) releasing on September 21, 2018, the Browser Based CDSL system and easi/easiest system will be available to users on September 21, 2018 till 9:00 P.M. [2100 hours] only.DPs to ensure necessary changes in respective formats as required

CDSL Inter Depository Transfers For Government Securities -->>CDSL is launching, RBI permitted Inter Depository Value Free Transfer (VFT) of G-Sec including Sovereign Gold Bonds pursuant to bonafide transfers between clients of different depositories where G-Sec need to be transferred from CSGL account of one depository to that of another (with change in beneficial ownership) through electronic VFT facility.

CDSL Capturing Consideration Payment Details In CDSL System -->>DPs are requested to ensure that suitable changes including back-office changes should have been incorporated at their end regarding mandatory statutory requirement of capturing of payment details in CDAS of ‘Consideration Amount’ as mentioned by the client in the DIS by EOD of Friday, October 05, 2018, effective from Saturday, October 06, 2018 or else ~~Off-Market / Inter-Depository transactions through Upload with reason code ‘2’ without payment details will be failed .~~All DP57 reports will be generated as per the revised file format and Loading of such DP57 reports in the back-office will be failed.

CDSL Incentive to DPS for opening and maintaining BSDA accounts for the F.Y. 2017-18. -->> To compensate DPs towards cost of opening and maintaining BSDA, the specified incentives will be paid on annual basis w.e.f. financial year 2017-18, subject to review after a period of two years.

NSDL 2018-0056-Policy-Insurance Premium Computation Methodology -->> Methodology for computing premium payable -the incidences of insurance claims would be considered for 2018-19. NSDL will intimate the premium amounts in due course.

NSDL 2018-0052-Policy-Opening of depository account in joint names with an individual and a body corporate -->> Investments in demat account have to be in own name, However there is an exemption in case of holding shares of its subsidiary companies.Hence . Share certificates in such cases are usually issued in the name of registered holder (nominee), but the name of the holding company is also mentioned along with the name of the nominee~~Procedure detailed to facilitate opening of depository account of the nominee shareholders

NSDL 2018-0049-Policy-Submission of additional information along withDemat Request Form -->> Client master report or a covering letter need to be enclosed alongwith the Demat Request Form with effect from Monday, September 24, 2018.~~Further covering letter generated from the DPM system for forwarding the demat request has been enhanced and will be released in the DPM system by September 21, 2018.

Compiled by Rekha Shah, Analyze N ControlThe firm specialises in helping Broking houses in Operational process set up and also has softwares focussed on compliances - regulatory search engine - www.circularsnorders.com and has a state of the art client screening product duly integrated with Anti Money Laundering and Surveillance product.

CIRCULARSCIRCULARS

FEATUREFEATURE


In the series of 6 articles, here is the second article CEO 2.0, focusing on the importance of the foundation competency of Emotional Intelligence

(EI), i.e. Self-Awareness for the Leaders and how to nurture it.

CEO 2.0 MANAGING BUSINESSTHROUGH MINDFULNESS

By Prof. Vipul VyasHR Facilitator and Life CoachDirector, Mann - The Mind, Mumbai

Most important aspect than anything else for the CEO as a leader, is ‘the ability to correctly comprehend’ the context. Let us also think about the deeper dimension of this stage and

explore how to ensure that our assessment of the context is error-free, leading to ‘experiencing right

emotions’ in the given situation. The answer is: Mindfulness.

In the first article CEO 1.0 of the CEO series, we shared the paramount importance of Emotional Well-Being in the professional and social life. We discussed about five focus areas - Self-Awareness, Self-Management, Social Awareness, Relationship Management and Emotional Well-being. In this article we will discuss the most important among all competencies of EI and how to develop it, i.e. Self-Awareness or Emotional Awareness.

How to develop Self-Awareness?• Name your emotion in ‘this’ moment• Write down emotions you felt & how you behaved accordingly

during a day• Know your strengths and weaknesses• List down all emotions you know in any language• Try to locate exact area of physical pain• Keep alertness for AT LEAST ONE destructive behaviour

during a day• LOOK at a person as a ‘set’ of “Emotions”• Look at SELF as a set of “Emotions”• Keep check on Mood / Mindset• Silence sitting / Reflection• Mindfulness

Secondly, to manage variety of emotions well, we must also have the ability to tag ‘all emotions”first. There are 9 basic emotions as per Indian tradition, known as NavRas - Shringara (Love), Hasya (Joy), Adbhuta (Wonder), Shant (Peace), Raudra (Anger), Veer (Courage), Karuna (Sadness), Bhayanak (Fear), Vibhtsa (Disgust). Permutation and combination of these 9 emotions can give rise to hundreds of emotions. If you say, “I am feeling nervous.” In reality, it may be any one of this - Anxiety * Suspense * Uneasiness * Apprehension * Worry * Distress * Dread. It is obvious that management of each of these would be different than the rest. For this very purpose, it is essential for us to develop our database of the name of these emotions. Do we have enough vocabulary to exactly name the emotion?

Knowing which emotion we are experiencing exactly, in the present moment, also leads to the next very important step of ‘expressing’ it well. Knowledge of the emotion guides us in the application of it in a most appropriate way, and it is very crucial to build and sustain healthy relationships. Let me claim: “Till the time emotions are not expressed, they a r e u n d e r o u r c o n t r o l ; a f t e r e x p r e s s i o n , w e come under the c o n t r o l o f t h e emotions.” Even, before speaking a word, the colleague can read your face a n d f o r m a judgement as to what you might be

We can not manage something which is unknown. To manage anything, we need to have knowledge about the same, - be it ‘emotions’. Hence, the first and foremost step in building EI is nurturing self-awareness. Once, developed, self-awareness acts like a ‘smoke alarm’. What does it do? As soon as any smoke, i.e. slightest of emotion appears, it catches and sends alert signal to the brain. Since, it is comparatively easy to handle a primary emotion than highly intensified emotion (strong feeling);self-awareness plays a crucial role in knowing and identifying the emotions. For example, it is difficult to manage hostility or bitter outrage than irritation or annoyance. Self-Awareness is the ability to identify and work upon irritation or annoyance, before it gets converted to wrath or ferocity.

FEATUREFEATURE


“It's lonely at the top" appears to be truer than ever, and that has serious implications for the performance and well-being of the CEOs. Mindfulness practices can be a powerful strategy to address this growing problem. In my limited interaction with the executives, I have observed that those who have embraced mindfulness practices have been able to be good listeners, conversationalists, and have healthy lifestyle. As a result these executives have gained greater self-awareness and emotional regulation and controlling reactive behaviour resulting to counteract the negative effects of isolation and loneliness.

Next four articles in CEO series will be focusing on developing rest of four domains of Emotional Well-Being, in the self and in others.

“Expanding emotional intelligence challenge resolved.” - Prof. Vipul Vyas, Ph.D. (EI), MBAwww.drvipulvyas.com | [email protected]

CEO’s leadership is guided by mindfulness, combined with emotional intelligence and values. In simple term, mindfulness is about recognizing our experience as it unfolds in the present moment, without any preconceived notion, i.e. without a conditioned mind-set. We can nurture this competence to lead our focus, to respond in a more appropriate way, and to navigate through the context with confidence and ease. Research on creativity suggests that we come up with our greatest insights and biggest breakthroughs when we are in a relatively meditative and relaxed state of mind. That is when we have “the eureka” moments.

The American Psychological Association has listed a number of proven benefits of mindfulness meditation namely - reduced stress, enhanced focus, better control over emotions and even higher relationship satisfaction. Several successful leaders practice mindfulness meditation to aid productivity. Dr. James Doty, a neurosurgeon at Stanford University’s School of Medicine, values meditation for its ability to cultivate emotional intelligence. The psychologist recommends practicing this training in the

morning, when according to many studies, we have greater available willpower.

Leaders Coping Mindfully• Satya Nadella, CEO of Microsoft• Bill Ford, CEO of Ford Motor Co.• Steve Jobs, former CEO of Apple Inc.• Marc Benioff, CEO of Salesforce.com, Inc.• Rick Rubin, President of Columbia Records• Arianna Huffington, President and Editor-in-Chief of The

Huffington Post Media Group• Mark Bertolini, CEO of Aetna, Inc.• Nancy Slomowitz, CEO of Executive Management

Associates, Inc.• Jeff Weiner, CEO of LinkedIn Corporation• Evan Williams, Co-Founder of Twitter Inc.

feeling about him / her. Wrongly expressed, facial expressions can trigger damage to the relationships. Self-Awareness is the most powerful tool to prevent misfire of emotions’ expressions and can save the harmonious team bonding. Self-Awareness also offers correct assessment about one’s abilities and hence is biggest contributor to the self-confidence too.

Most important aspect than anything else for the CEO as a leader, is ‘the ability to correctly comprehend’ the context. Let us also think about the deeper dimension of this stage and explore how to ensure that our assessment of the context iserror-free, leading to ‘experiencing right emotions’ in the given situation. The answer is: Mindfulness. How to develop mindfulness? The answer is: Meditation. Today we find meditation and mindfulness practitioners, from the government to corporate boardrooms, and from scientists to soldiers. The author of this article was fortunate to offer this training to the senior ISRO scientists at Sriharikota and to the Anti-terrorism Squad Commandos of Force One in Mumbai.

ANALYSIS OF APEX COURT LANDMARKJUDGMENT [THE LAW] ON AADHAR ACT

By Neha Ahuja Advocate

ew golden words by the Hon’ble Supreme Court helped evolve a Fnew law that changed faith of

many. On the 26th of September, 2018 the Hon’ble Supreme Court gave the much awaited verdict on Aadhar. What does the Judgement has in store for us?

The ApexCourt has upheld Section 7 of the Aadhaar Act which stated Aadhar is mandatory for any government scheme that draws out of the consolidated fund of India. This means that if you want to avail benefits such as ration, LPG subsidy, MGNREGA, you have to furnish your Aadhaar number or your Aadhaarenrollment ID.

The Apex Court has also made it clear that an individual has to furnish his Aadhaar number or the enrollment ID while filing Income Tax returns. It has also been made Aadhaar - PAN card linking mandatory as well as the requirement of Aadhaar when applying for PAN card. This is an indirect link to banks, where PAN card number is mandatory. It is this part that, in a way, makes it mandatory for you to obtain an Aadhaar number.

The Apex Court read down Section 33(1) of Aadhar Act, which allows disclosure of information, including identity and authentication records, if ordered by a court not inferior to that of a District Judge. Reading down this sub-section, the SC said individuals should be given the opportunity of a hearing.

The Apex Court struck down Section 33(2) of the Act which allowed identity and authentication data to be disclosed in the interest of national security on direction of an officer not below the rank of Joint Secretary to the Government of India. The top court ruled that a Judicial Officer (preferably a sitting High Court

Judge) should be associated with it and that the government should bring in legislation to this effect.

means UIDAI cannot collect data sets and mine it for more data or analysis. It has also struck down data sharing with corporates.

There were observations to the effect that the Aadhaar Act could not have been passed as Money Bill as it amounts to fraud on the Constitution and is liable to be struck down.

The dissenting opinion doesn’t mean much in this case at present. But there have been cases where a majority judgment has been overturned some years later and dissenting opinion has been upheld.

A dissenting judgment also leaves open the possibility of being referred to a larger bench at a later stage.


Neha Ahuja, Advocate

• Working as an Advocate in the field of Tax, Intellectual Property, Capital Markets & Securities, Anti-Corruption, Investigation, Manufacturing, Consumer Products, Industrial Products & Durables, Communications (Telecom & Broadcasting), Energy (Power, Coal, Oil & Gas),Mining, Civil and Criminal litigation. Specialized in Criminal Litigation.

• Working at Prompt Legal, which is one of India’s leading independent law firms.

• Regular faculty at Jai Hind College of Commerce and Science for the subject of Law. Lectures given on the following Acts and Bills:Contract Law, 1872, Companies Act, 2013, Reserve Bank of India Act, 1934, Banking Regulation Act 1949, Negotiable Instruments Act 1881, Indian Insurance Act 1938, IRDA Act 1999, Consumer Protection Act, 1986, Ombudsmen Act 1975,Indian Stamp Act 1899, Indian Registration Act 1908, Lokpal and Lokayukta Bill.

• Worked as a Constitutional expert on several books published by Lexis Nexis namely “India Needs GST” 3rd Edition. Also, written textbooks at college level on the subject of IPR & Cyber Law published by Vipul Prakashan.

• Editor for Law Textbooks on the subject of Contract Law, 1872 and Negotiable Instrument Act 1881 published by Reliable Publication.

• On the panel as a Legal Committee member to social clubs such as the Cricket Club of India.

• Completed her Bachelors in Banking and Insurance (BBI). There after obtained a Masters degree in Commerce (Mcom) and then completed Legum Baccalaureus (LLB).

Section 47 of the Aadhaar Act was also struck down by the Supreme Court. It referred to cognisance of offences. Under this Section, no individual was allowed to file a complaint if he/she felt his/her data was leaked or misused. The law only allowed the court to take cognizance of a complaint filed by UIDAI or anyone authorised by it. The court ruled that exclusion of individuals from fi l ing complaints was arbitrary. Therefore, any individual will now be allowed to file a complaint if he/she feels his/her data has been compromised.

Section 57 of the Aadhaar Act refers to the use of Aadhaar data by any “body corporate or person” to establish the identity of an individual. It was under this provision that private companies like Paytm and Airtel Payments Bank sought Aadhaar details from customers.

The court also ruled that authentication record should not be kept beyond the period of six months and the provision that allowed archive records for five years has been struck down. It has excluded storage of meta data of transactions by individuals. This banning

It is better to be unique than the best. Because, being the best makes you the

number one, but being unique makes you the only one.

-Hon’ble Mr. Justice A.K. Sikri

FEATUREFEATURE

The Importance and Scope of PMPRYThe country has witnessed an anomaly of sorts in the few last year. Despite trends and demographics being highly in favour of the country, and especially so for as far as the youth are concerned the figures that have translated have been alarming. The growth of jobs has not been to start of with. Accompanying this was the fact that the rate of growth of jobs has not been consistent. The last decade has seen an actual decline in the people employed in the labour force, and an alarming drop in the female population engaged. The greatest cause of concern perhaps. Has been the fact that the unemployment rate among the youth has been especially high. This is even true for those who have a minimum of a secondary level of education.

To help streamline processes and also incentive and improve the situation in organisations, the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) has been a significant step in not just encouraging organisations to employe a greater number of people, but also facilitates bringing otherwise unaccounted employees into their books. The key deliverable of this scheme is that the government will pay the 8.33% contribution


By Ramesh L. SoniManagement Consultant andAdvisor on Labour Laws

LATEST UPDATE ON PROVIDENT FUND ACT PRADHAN MANTRI ROJGAR PROTSAHAN YOJNA (PMRPY)

Ramesh L. Soni, Management Consultant and Advisor on Labour Laws

Executive Profile:• Qualified as M.B.A. (HR), B.Sc. (Hons.), LL.B., D.L.L.

& L.W. , D.P.M. & I.R., A.I.I.I, M.P.M. (H.R), DMS • Providing consulting services in the field of Labour

Laws since last 35 years• Providing services in this field on retainer ship basis to

more than 350 clients • Contributed articles on Labour Laws• Visiting Faculty at Bharatratna Dr. Ambedkar Institute

of Management & Legal Research, Mumbai

Acted as faculty for Labour Laws at various Seminars as under:-

• Confederation of Indian Industries (CII) (in this seminar various corporates participate)

• Institute of Chartered Accountants of India (ICAI) (Western Region)

• Nasik Branch of WIRC of ICAI; • Bhilai Branch of CIRC of ICAI• The Institute of Company Secretaries of India.• The Bombay Chartered Accountants Society• The Chamber of Tax Consultants• Bombay Stock Exchange (BSE) Broker’s Forum• Maharashtra Institute of Labour Studies (MILS)

[Given training to Asst. Labour Commissioners and Govt. Labour Officers, and Shops & Estb Inspectors of Maharashtra State]

• AMAZON

• Larsen & Toubro Limited• The Tata Power Company Ltd.• Hindustan Unilever Field Services Pvt. Ltd• Vodafone Essar Limited • Bajaj Electricals Ltd• Anchor Electricals Pvt Ltd (By Panasonic)• Polycab Wires Pvt Ltd• Gammon India Ltd. • 3i-Infotech Limited• Maharashtra State Electricity Distribution Company

Ltd• Maharashtra State Power Generation Company Ltd• Maharashtra State Electricity Transmission Company

Ltd• Dun & Bradstreet Information Services India Pvt. Ltd • ABN AMRO Central Enterprise Services Pvt Ltd • Bharatratna Dr. Ambedkar Institute of Management &

Legal Research• IL&FS Transportation Networks Limited• Lodha Group of Companies• Ajmera Group of Companies.• Kanakia Spaces Pvt Ltd• JMC Projects (India) Ltd• Oberoi Realty Limited• OMKAR REALTORS & DEVELOPERS PVT. LTD.• National Academy of Indian Payroll (NAIP) • C. V. O. Chartered & Cost Accountants Association• Borivali (Central) CPE Study Circle of WIRC of ICAI, • Ghatkopar CPE Study Circle of WIRC of ICAI• J B Nagar C.A. Study Circle, Andheri,• Dahisar CA Study Circle of WIRC of ICAI

• Pune Camp CPE Study Circle, of WIRC of ICAI • Shri Kutchi Advocate’s Welfare Association• Princeton Academy (in this seminar various

corporates participate)• Satvam Consulting Pvt. Ltd (in this seminar various

corporates participate)• Sharp Facility Management Pvt Ltd (in this seminar

various corporates participate)• STEPS Management Serv ices Pvt . L td ,

UTTARKHAND (in this seminar various corporates participate)

• IEEMA (Indian Electronics & Electrical Manufactures Association)

• Bombay Management Association (BMA)• Bombay Master Printers Associations• Raishabh Academy Pvt Ltd• Shree Vagad Kala Kendra• Kutch Corporate Forum• Association of System Integrators & Retailers in

Technology (ASIRT)• Paper Traders Association • Smart Edge, Goa• Sampat & Mehta (Chartered Accountants)• Computer Media Dealers Association, Fort, Mumbai.• Ahmedabad Branch of WIRC of ICAI.• VAPI Industries Association.• VAPI Branch of WIRC of ICAI.• Carnival Group• Masjid CPE Study Circle of WIRC of ICAI• Highway Concessions One Pvt. Ltd.

FEATUREFEATURE

• The new employees should have been added to the existing reference base by August 2016. In the case of new establishments or those who have just registered, the reference base is maintained at zero.

• This is only applicable to those whose salary is under Rs.15,000/- per month. The Emp loyee Prov iden t Fund Organisation (EPFO) portal will help facilitate payments in the event that the employee does not possess a UAN.

• The contribution can be availed by the employee through the government for a period of three years as long as three years as long as the employee remains in the same organisation.

Latest Amendment to the PMRPY Scheme: dated 24thof April, 2018 Government of India will pay the full employer’s contribution (EPF and EPS both) as admissible from time to time w.e.f - 01.04.2018 for a period of three years to the new employees and to existing beneficiaries for their remaining period of three years through EPFO. The terminal date for registration of beneficiary through establishment is 31st March, 2019.

for all new employees for the first three years of their service.

Who Stands to Benefit?

There is a direct benefit to employers who will receive support from the government in this regard. The situation of unemployment also stands to get direct redressal through this instrument. What is of greatest significance is the fact that all workers will now stand to have access to a more sound social security cover.

Who does this cover?

Any employee who prior to April 2016, has not been employed in an establishment that is registered under the Employee Provident Fund Organisation (EPFO) and does not have a UAN is covered. However, the employee must not have a salary exceeding Rs.15,000/- per month.

Who is eligible?

• It is mandatory that the organisation have a LIN (Labour Identification Number) allotted to them. This is available through the Sharm Suvidha Portal. This is over and above the customary registration with t h e E m p l o y e e P r o v i d e n t Fu n d Organisation (EPFO).

Only Category III FPIs are required to

submit their audited annual financial statement or a certificate from

auditor certifying its net worth. In case of

new funds / companies / family offices, the audited

financial statement of promoter person may

be obtained.

1.0 Synopsis of the previous releaseIn our previous issue we had summarised certain circulars released by SEBI in relation to FPIs and the concept of Segregated Nominee Account (SNA) Structure which has been implemented in IFSC, the understanding of which is critical to the existing and potential FPIs.

2.0 Coverage in the current releaseIn the current release we shall discuss the latest circular issued by SEBI on the Know Your Client (KYC) requirements for FPI wherein the Beneficial Ownership criteria in Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (hereinafter referred as PMLA Rules) has been made applicable for the purpose of KYC and not for determining eligibility of FPIs and the system of KYC review has been brought in.

3.0 KYC requirements for FPIs amended vide SEBI circular no. CIR/IMD/FPIC/ CIR/P/2018/131 dated September 21, 2018

3.1. Identification and verification of Beneficial Owners – Category II & III FPIs As stated in the above said circular, “Beneficial Owners (BOs) are the natural persons who ultimately own or control an FPI and should be identified in accordance with Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (hereinafter referred as PMLA Rules).” Thus in order to identify beneficial owner, FPI shall refer the above definition and accordingly maintain a list of BOs and intermediate material shareholder/ owner entity/ies on its own. The list of BOs shall be submitted as per the format prescribed in the said circular. If the BO of the FPI is general Partner/Limited Partnership structure then it shall be identified on


ownership or entitlement basis and control basis. However, BO should not be a nominee of another person and real BO should be identified.

The identification and verification of beneficial owner of an intermediate shareholder/owner entity, which is eligible for registration as Category I FPI, is exempt. However, no exemption has been granted to Offshore Derivative Instrument (ODI) issuing FPIs from identifying and verifying the BOs in the subscriber entities.

The intermediaries may apply for lower material i ty threshold of 10% for identification of BO in respect of FPIs coming from ‘high risk jurisdictions’ and also ensure KYC documentation as applicable for Category III FPIs.

In case no beneficial owner is identified then the senior managing official (SMO) of the FPI shall be treated as the BO. The term senior managing official, for identification as BO, means: “An individual as designated by the FPI who holds a senior management position and makes key decisions relating to the FPI.”

3.2. Periodic KYC review of FPIs – Category II & III FPIsKYC review is an important step meant to ensure that the documents, data or information submitted by the FPIs are updated from time to time and are periodically relevant. FPIs shall be subject to KYC review on the event of change in the material information/disclosure. The KYC review (including change in BOs/their holdings) should be done based on risk categorization of FPIs. KYC review shall be conducted annually for the Category II and III FPIs from ‘high risk jurisdictions’. In all other cases, the KYC review should be conducted at the time of continuance of FPI registration.

Exempted documents to be provided during investigations/ enquiry SEBI vide circular dated September 12, 2013 has exempted FPIs from furnishing certain supporting KYC documents depending on risk involved. In respect of exempted documents, FPIs concerned should submit an undertaking to Custodians that upon demand by Regulators/ Law Enforcement Agencies, the relevant documents would be provided.

3.1. KYC documentation - Category III FPIs Only Category III FPIs are required to submit their audited annual financial statement or a certificate from auditor certifying its net worth. In case of new funds/companies/family offices, the audited financial statement of promoter person may be obtained. Further, prospectus and information memorandum are acceptable in lieu of an official constitutive document.

Exempted documents to be provided during investigations/enquiry SEBI vide circular dated September 12, 2013 has exempted Category III FPIs from submission of proof of address of BOs, senior management and authorised

OPPORTUNITIES FOR FOREIGNPORTFOLIO INVESTORS (FPI)AT GIFT IFSC

By Roshan Kumar BajajDirector, JPNR Corporate Consultants Private Limited

This is our eighth release in the series of awareness

articles on IFSC

FEATUREFEATURE

For more information & queries, please contactJPNR Corporate Consultants Private Limited10, Bow Street, Near Central Metro, Kolkata - 700012.Email ID: [email protected] / [email protected] Mobile No: +91 8017467202 / 9903271562

Roshan Kumar Bajaj [FCA, CIFRS]

He is a Director in JPNR Corporate Consultants Private Limited which is a business advisory and consultancy company, incorporated under Companies Act, 2013. The company is engaged in providing services related to Goods and Services Tax, advisory services to International Financial Service Centre [Gujarat International Finance Tec-City (GIFT)]. During his association with Deloitte earlier, he has gained rich experience in providing Audit and Assurance services to various large Corporate including Telecom, FMCG, Cement, Consumer Appliances, Port, Healthcare, Hospitality sectors, Steel, Mining etc. He has expertise in providing services relating to IFRS and Ind-AS also and has handled domestic and international projects for the same. He also contributes to various articles relating to his domain.


years from the date of cessation of the transactions with the said FPI. In case any litigation is pending, these records should be maintained till the completion of the proceedings.

In case of non-submission of the relevant documents, following shall be the consequences:

• No fresh purchases shall be allowedtill the time KYC documentary requirements are complied with.

• Already purchased securities may be sold.

• Disinvestment of its holdings shall be done within a period of 180 days from the expiry of the timeline for submission of the said documents.

• Continuation of non-compliance even after the above said period shall lead to lapse of the validity of registration as FPI and immediate disinvestment of its holdings.

4.0 ConclusionThe said circular is yet another step by the Government to ease norms for the FPIs and liberalising the entry of FPIs in Indian

financial market. It is needless to say that the KYC review step shall mitigate the loss that would have caused to the Indian financial market in the absence of updated database of an investor.

signatories. Since, Category III FPIs are high risk investors, a declaration on their letter head provided by them shall be sufficient compliance.

3.4. Data security The KYC Registration Agencies (KRAs) shall preserve the obtained information w.r.t. BO including SMO of FPI. The information shall be made available to intermediaries only on ‘need to know basis’ using an authentication method wherein an intermediary can access the information from KRA using the authentication after the KRA gets confirmation from the FPI or its global custodian. This functionality will be optional and it will be deactivated only upon receipt of instruction from the FPI.

3.5. Timelines of compliance & consequences of non-submission of documentsThe existing Category II and III FPIs shall within six months from the date of this circular submit the list of BOs and updated KYC documents to the Custodian. The Custodian should maintain the KYC records in original for a minimum period of five

FEATUREFEATURE

QUICK FIX ORPROLONGED PAIN?

Kamala Aithal Founder, Poiesis Risk Solution

FEATUREFEATURE

round the same time, 10 years ago, Lehman, the 4th largest Ainvestment bank (at the time of

collapse) filed for bankruptcy. This was the seminal event of 2008 crisis that shook global markets for weeks. There were a few more “too big to fail” threatening to fall like a pack of cards, and fear and panic gripped investors across the globe. Bear Sterns and Merrill Lynch take over by stronger American banks plugged (what could have been) further erosion of capital and investor confidence.

It was immediately post Lehman crisis that Federal Reserve and later, major central banks resorted to easy money policy. Quantitative Easing (QE), a tool that central banks used, is an unconventional approach, through which, more money was pumped into system so that businesses and consumers spend more and spur growth.

All this extra cash that FED and other major central banks printed, found their way into emerging market, which were considered relatively vulnerable and risky. Dollar turned into carry currency with US interest rates at historical low, and since US treasury yielded almost nothing. Equities have been euphoric, emerging market currencies strong with all the dollars finding way to their shore. It has been one long beach party!

Federal Reserve kept Fed fund rates close to 0, for 7 years (from 2008 and 15) while QE continued, supplying easy money. In May of 2013, the then FED Chairman Ben Bernanke, f i rst mentioned the word “taper”, (which went on to become a household term),

markets went gasping and breathless with fear of oxygen being cut off. Equities got sold off and so were emerging market currencies, as fear of flight of capital gripped markets. Fortunately for the risky assets, US data continued to give mixed signals and FED continued it’s borrowing from bank reserves (at an attractive rate for banks) to finance internal growth and in the bargain funding the equity party.

performance are marching ahead. With inflation appropriately poised (more upside risk than down), Federal Reserve is happy to continue it’s rate hike pace, well into (and end of) 2019. Specifically in the recently concluded FOMC, Fed hasn’t shied away from sending hawkish signal (3rd rate hike in 2018), sending risky assets on a tailspin.

This hawkishness, coming at the wake of oil price spiraling out of control, and o t h e r g e o p o l i t i c a l t e n s i o n s , exaggerated the impact on equities and emerging market currencies. As we write this, Indian Rupee had lost 16% since the start of calendar year and future projection defies all logic and rationale. Investors are running helter - skelter, trying to find safer assets for investing.

This bubble that the central banks created (in the last ten years) mainly Federal Reserve, to pump steroid into the faltering and falling financial markets, had grown out of proportion. There has been too much money, pushing valuations to a level that is hard to fathom. With the Fed now hard on task, will the bubble finally burst? Will this be a landing (to reality) albeit a turbulent one?

Have we come a full circle or will there be more quick fixes?


Kamala Aithal founded Poiesis Risk Solutions; has 25 years of experience in foreign exchange markets and risk management. Her work experience spans across the spectrum from treasury sales in banks, corporate risk consulting, technology consulting to handling treasury for a manufacturing company. She has worked as Regional treasury head of ICICI bank, Head of treasury sales in Barclay's bank, COO of Mecklai Financial & Delivery manager of Oracle Financial.

Ten years of relatively easy money has indeed helped the US economy. Current unemployment rate is at a multi-year low and growth is strong. Despite President Trump’s tariff war and threat of sanctions on Iran,US consumption and corporate

Around the same time, 10 years ago,

Lehman, the 4th largest investment

bank (at the time of collapse) filed for

bankruptcy. This was the seminal event of

2008 crisis that shook global

markets for weeks. There were a few more “too big to

fail” threatening to fall like a pack of

cards, and fear and panic gripped

investors across the globe.

SEMINARS & EVENTS CONDUSEMINARS & EVENTS CONDUCTED BY BBF FOR THE

PROGRESS OF STAKEHOLDERS OF CAPITAL MARKETS(SEPTEMBER - OCTOBER 2018)


Delegation from the California State University Dominguez Hills(Kirti Sawhney Celly, Ph. D., Professor College of

Business Administration & Public Policy)

BBF - INVESTOR EDUCATION AND AWARENESS INITIATIVES

Allana Institute of Management Studies(World Investor Awareness Week)

(4th October, at the new BSE IPF Centre, BKC, Mumbai) Allana Institute of Management Studies (5th October, at BBF)

Universal College of Engineering (3rd October, at BBF) Cummoo Jaffer Suleman College of Arts & Commerce

(3rd October, at BBF)

VIVA College (4th October, at BBF) IFIM Business School (5th October, at BBF)


DIWALI: LIGHT THE LAMP OF WISDOMBy Jaya RowFounder, Vedanta Vision &Managing Trustee, Vedanta Trust

PHILOSOPHY & PHILOSOPHY &SELF MANAGEMENT

Jaya Row, Articulate, effective and engaging, Mrs. Jaya Row brings alive the wisdom of the Vedas in a modern context. Combining her experience in corporate life with 40 years of study and research of Vedanta she provides useful insights to life.

Charming oration which transforms complex Vedic principles into brilliant management mantras is the hallmark of her discourses. Her clarity, wit and zeal have captivated audiences far and wide and inspired people from all walks of life.

She has the rare gift of being able to connect with and address the concerns of a wide range of people from varied walks of life - from CEOs, corporate executives and policy makers to industrialists, scientists & doctors, lawyers, academicians, homemakers and university students.

Apart from her popular discourses in India, she is a well loved speaker in the United States, UK, Europe and other countries for the last several years. She has been invited to speak at prestigious organizations such as:

• World Economic Forum Davos • Google, California• Intel, California• MasterCard, New York• World Bank, Washington DC• Deutsche Bank, New York• Stockholm School of Economics• Princeton University, New Jersey• Shell UK, London• Coca Cola Company, Atlanta• Young Presidents’ Organization• Maersk Liner Graduate Programme

She has specially designed world-class educational programs on basic human values for school children and the youth. She has published books on life values for 5 to 8 year olds.

community. It represents the fact that once we turn spiritual and begin looking within, we experience a quiet sense of peace that we cannot experience while chasing objects of the world.

Thus Deepavali or Diwali has a tremendous spiritual significance in our lives. And like all our festivals, they are reminders for us to retain and cultivate that spiritual element in our lives. Because life is more than just a journey, it is a search for meaning.

Diwali or Deepavali is amongst the most celebrated Indian festivals. The word Deepavali originates from two Sanskrit words ‘Deepa' which means ‘light' and ‘Avali' which means ‘a row'. This is why Deepavali is called ‘the festival of lights'.

It is celebrated on the 15 th day of the Hindu month of Kartik which is a new moon day (Amavasya). Deepavali is celebrated by lighting diyas (earthen lamps), drawing rangolis (multicolored designs drawn on the ground with colored rice flour), cleaning and decoration of homes, wearing new clothes, preparation of sweets in homes, lighting of fireworks, veneration of cows as incarnations of Goddess Lakshmi (Goddess of wealth) and Lakshmi Puja.

There are two main mythological stories that signify the importance of Deepavali. The first story is that Deepavali denotes the return of Lord Rama's return from exile after his victorious conquest of the evil king Ravana. This story has greater significance in Northern India. In Southern India, Deepavali marks the victory of Lord Krishna over the mighty asura (demon) Narakasura. Narakasura had become a menace to the gods in heaven and had snatched the magnificent earrings of Aditi (the Mother Goddess) and imprisoned sixteen thousand daughters of the gods in his harem. In desperation, the gods led by Indra requested Lord Krishna to destroy the demon as he was wreaking havoc. Krishna readily agreed, fought a fierce battle and emerged victorious. It was after this that He accepted the sixteen thousand damsels as his wives at their request.

The meaning behind these mythological stories is that the villain of the piece represents the desire-ridden ego. In our lives, it is our egos and desires that create problems for us. In the story of Lord Krishna above, the sixteen thousand damsels represent our numerous desires. When they are controlled by our egos, they cause

The scented bath before the break of dawn and the cleaning of homes during Deepavali signify the cleansing of the personality of desires and ego. The new clothes represent our newly acquired state of Realization or at a more basic level our new spiritual orientation and commitment to self-development. This change brings sweetness in our lives which are why sweets are made and distributed in the

destruction and rob us of our joy. However, when we work selflessly, dedicating our actions to a higher goal, the desires remain in check, and most importantly, get sublimated. Each one of us has positive and negative tendencies. When we identify with the good in us, work towards something beyond our selfish interests the lower, negative tendencies fade away. Our desires get sublimated and through constant sadhana (spiritual practice) we overcome our ego and desires. The darkness of ego and desire are banished, replaced by the light of wisdom. Knowledge that we are not incomplete and limited as we think ourselves to be. But that we are that Divine Self that is free and independent of the entire world has to offer.

Thus Deepavali or Diwali has a

tremendous spiritual significance in our

lives. And like all our festivals, they are

reminders for us to retain and cultivate

that spiritual element in our lives. Because life is more than just

a journey, it is a search for meaning.

Jaya Row conducts BHAGAVAD GITAclasses every Wednesday

at Prempuri Ashram, Babulnath, 6.30 to 8 pm. |Join us for your weekly

does of inspiration. www.vedantavision.org

Behind every intention to lose weight, there always is a hurdle to

cross. In order to resist “cracking” at the first

temptation, find a balance in what habits

work for you and determine what

changes you need to make.

WELLNESS Q&WELLNESS Q&ABY NAMITA JAIN

WEIGHT LOSS

By Dr. Namita JainManaging Director, Kishco Limited


Aubergine and tomato pasta (serves 3-4)Ingredients• 3 cups cooked wheat penne (or any other

pasta of your choice, choose wheat grain, if possible)

• 1 tbsp olive oil• 1 chopped onion• 1 large aubergine (brinjal) sliced in 2-inch

vertical strips• 2 chopped red bell peppers• 4 tomatoes, blanched, peeled and chopped• 8 black olives, sliced• 1 tsp salt• Black pepper to taste• Red chili flakes to taste• ½ cup fresh basil leaves

PreparationCook pasta. Heat olive oil in a pan. Add chopped onions, add aubergines and bell peppers. Stir on a low flame until onions and aubergines are golden and peppers are soft. Add the blanched, chopped tomatoes and sliced black olives. Season with salt, pepper and red chilli flakes. Simmer for a few minutes. Turn off the flame. Add basil leaves and toss in the cooked penne. Serve hot.

Q: What is the best way to lose weight? Can you suggest some tips to overcome the weight loss hurdle? Also can you suggest some healthy recipes?

A: Behind every intention to lose weight, there always is a hurdle to cross. In order to resist “cracking” at the first temptation, find a balance in what habits work for you and determine what changes you need to make. Here are some tips for weight loss:

Eat smartBe creative! Discover new ways of cooking and experiment with different flavours, so that tasty eating is always a pleasure. Low fat cooking can be enjoyable if you apply your mind and make the food taste and look good. For instance, bake, steam, grill or stir-fry foods instead of deep-frying them. Enjoy experimenting with different flavours, vegetables, spices, herbs, fruits, seeds and nuts.

Tip: When you eat out, make special requests to get what you want. For example, you can request for - baked potatoes instead of French fries, honey and lemon dressing instead of mayonnaise, roti instead of buttery naan.

ExerciseFit in exercise in your daily planner. Exercise will not only help you burn calories, but will also keep you fit, healthy and energetic.

Tip: Make exercise a habit. Allocate time for it like you would for an important task.

Eat at regular intervals You must eat regularly. Skipping meals just simply doesn’t work. When the body is deprived of regular nourishment, it gets into the habit of functioning to a minimum, and slowing down its metabolism.

Tip: Avoid eating when you are emotionally worked-up. You may tend reach out to food as a comforter and to over-eat. Find better ways to deal with stress - breathe deep, meet a friend, read a book or watch your favourite film.

Plan your mealsWhen food craving grips, you tend to make a dash for the fridge or eat whatever you find accessible. Avoid giving in to temptation by planning ahead. Keep some ready-to-eat foods such as fruits, cut vegetables, sprouts, a sandwich or roasted savouries, handy. Just make sure they are accessible when you need them.

Tip: Make a list of your requirements so that you are better organized when you shop for food.

Namita Jain, MD Kishco Ltd. has been actively involved in the wellness space for over 25 years. She is qualified from the American College of Sports Medicine, the American Council of Exercise, the Aerobic and Fitness Association of America, the Reebok and the Pilates UK institute. She has authored over 10 best-selling health and wellness books. In the field of rehabilitation, she offers consultations at Bombay Hospital. This column addresses concerns faced by many and her insights for facing the challenge. Learn the powers and perils of lifestyle changes through this Q &A column.

For information and registration on specialized workshops conducted by Namita Jain, contact prism healing institute at - [email protected].

Avoid distractions while eatingIf you eat while watching television or while working on the computer, chances are that you won’t be disciplined about the foods that you consume; the mind gets distracted and is not focused on eating right.

Tip: It is best to eat on the dining table or at the kitchen table where you are mindful of what you eat; eat slowly and savour your meals.

RECIPESGiven below are some healthy recipes. You can add herbs or flavours of your choice, and create your signature versions of these recipes.

Greek Tzatziki(serves 4)Ingredients• 3 big cups plain yogurt• 2 cucumbers, peeled, grated and strained• 2 tbsp olive oil• ½ lemon juiced• Salt and pepper to taste• 1 tbsp chopped dill leaves (suwa)• 3 cloves minced garlic• 1 tbsp honey

PreparationPlace the yogurt in a muslin cloth for about 10 minutes and drain water. Place yogurt in a bowl and whisk until smooth. Add all the other ingredients. Cover and chill before serving.

Serving Tip: Can be consumed with salad sticks or baked crackers.

Corn and sprout chaat(serves 4)Ingredients• 2 cups sweet corn kernels, steamed• 1 cup mixed sprouts• 2 chopped tomatoes• ½ cup onion, finely chopped• ½ cup boiled potato, chopped• ½ cup cucumber, chopped• ½ cup mint and coriander leaves, finely

chopped• 1 tbsp lemon juice

For seasoning:• 2 tsp chaat masala powder• 1 tsp cumin powder, roasted• ½ tsp dry mango (amchur) powder• Salt and pepper to taste

PreparationIn a salad bowl, mix all the vegetables. Add the seasoning powders. Serve at room temperature.


HEALING TEMPLEHEALING TEMPLE

problems that an individual is going through. Clarity can be obtained and blockages released with regard to:

• Relationships• Higher life purpose• Career change• Financial issues• Marriage• Love• Health challenges• Obstacles connected with other people like family or

colleagues• Environmental negativity• Family conflicts or judicial issues• Self forgiveness or forgiveness of or from others• Lessons to be learnt from a specific issue• Emotional afflictions • Addiction • Repeated patterns of thoughts, emotions or behaviour• And more…

We can also gain clarity about• The origin of your Soul• Your mission on earth• Your guides and angels• Connection with ascended masters• Soul Contracts• Soul decisions• Etc.

An Akashic Record Reading can bring clarity towards any problems that you are going through. Solutions springing forth from the Akashic Realm are long lasting and easy to follow as they are always based on what changes or additions an individual can easily make in their daily life.

During my first journey in the Akashic records I was looking for answers to some of the problems that I was going through in my life. I was surprised to see that the insights that came through were from two previous lifetimes. I had no idea that there can be such a deep impact of other lives on my current life. The origin of these issues was totally unexpected and it took a little while for the awareness to sink in. With awareness came healing followed by a sense of liberation. Ever since I started connecting with the energy of Akashic records I have been able to see past the illusion and make life choices that have opened new doors and opportunities that I couldn’t have dreamt of earlier. It was a completely new experience to know that some people who are a part of my current life have been with me in many different lifetimes.

Sherina Tanwani is an authorized System BrahmaSatya trainer and healer since the year 2001. She conducts various workshops:• Brahma Satya Energy Healing - Level 1, 2 & 3• Reiki - Level 1 & 2• Magnified Healing• Crystal Chakras• Goal Empowerment with Art & Huna Healing• Chakra Meditation• NaadBrahma Meditation• Numerology

Services offered:• Aura Scan & Analysis• Aura Cleansing with energy• Aura Cleansing & Chakra Balancing with Crystals• Numerology Report• Angel Therapy• Crystal Grid to resolve all personal & environmental issues• Clearing of space - house / office• Akashic Record Reading• Healing Paintings

We may be carrying many debts that originate in other lifetimes and have a significant impact on our life in the present. The Akashic records point out the origin of such karmic debts, patterns or blockages. Some of these are linked to unfinished business or pending lessons that the soul has yet to learn. In some cases these are the triggers to remind the soul of lessons mastered in previous lifetime that are waiting to be activated through memory in this lifetime. An inherent or latent talent can also be unearthed due to the knowledge gained from the Akashic Records.

Akashic Records provide all the information and understanding so one can take appropriate action. They empower us so we can create a change in our life, release self-limiting beliefs, transform relationships in our inner and outer Universe and embrace peace as a way of life. They never tell us what to do. The guidance comes from a non-judgemental place of love and compassion providing opportunities for growth and direction for soul’s advancement.

Most people have connected with their Akashic Records during meditative states, through their intuition, or even through their dreams. However, all these are subconscious connections that will bring messages that may not easily be understood. Many may need a spiritual healer and guide to access the Akashic Records and bring back messages and guidance pertaining to the

AKASHIC RECORDS

Priti K ShroffFounder and Managing DirectorPRISIM - The Healing Temple

HEALING TEHEALING TEMPLE

By SherinaTanwaniBrahma Satya Trainer

& Healer

Akashic Records can be most easily understood as a Divine

Library, a celestial storage facility that contains all the

knowledge of human existence, and the history of the Universe.


Earth is our school where a soul takes human form and incarnates lifetime after lifetime. It chooses what life experiences it will go through depending on the lessons that it wants to learn in that particular lifetime. These lessons could be anything at all: patience, emotional or physical strength, control over anger or envy, or even to manifest the spiritual perfection we embody at a physical earth plane. Through these experiences we continue our journey of spiritual growth and evolvement with the latent desire to align ourselves with our ultimate soul purpose - to be one with Source. However, once we have taken birth as a physical body, we forget this connection and are overwhelmed with thoughts and emotions. we feel stuck and unable to move forward, unable to overcome the obstacles that we face on a daily basis.

The term Akashic is Sanskrit for aether (aka: ether). Ether, in the spiritual sense, is the essence that dwells beyond our physical reality. Some schools of thought believe ether (Akasha) is a place located in the higher-most regions above the clouds in the sky. Interestingly, the term Akash is the Hindi word for ‘sky’.

Akashic Records can be most easily understood as a Divine Library, a celestial storage facility that contains all the knowledge of human existence, and the history of the Universe. It has been said that the Akashic Records store all memory, experiences and potential of every living being for all time. Each book within this limitless library is a historical document of every being. Each edition is a detailed account of every human’s past, present and future. Each volume documents an individual's memory, emotion and experience.

Even though a library is the most common description for the Akashic Records, they have also at times, been called a "universal computer" and the "Mind of God".

According to the Indian Scripture Garuda Purana, Chitragupta (In western spirituality, he is known as Archangel Metatron) is the Divine entity who tracks and builds a record of every action of each life form from birth to death. In mystical traditions these documents are referred to as the Akashic records, said to contain every action that has ever taken in the universe.

Moreover, these books also contain pure potentials... actions not yet taken, experiences not yet felt. These potentials shimmer in expectation, because the only thing that sets a potential in indelible writing in your Akashic record is choice. Once you make a choice, the potential then becomes a permanent entry in your record.

We are all visitors to this time, this place. We are just passing through.

Our purpose here is to observe, to learn, to grow, to loveand then we return home - Australian Aboriginal proverb

Most of us are seeking answers regarding our soul journey to explain who we are, what our soul purpose is, why do we suffer, why certain things, issues, patterns are so persistent in our lives? Why no amount of effort is good enough to change them? It’s like being caught in a vicious circle where the variables (people, places, and situations) change but the patterns persist. They just change form but don’t disappear. We call this Destiny, and often give up hope of ever being able to bring about a change in our life. But I believe that our Soul chooses to take birth in a particular body, in a particular home, having a particular family of parents and siblings.

There are many reasons why we might wish to access the Akashic Records: looking for answers, seeking the truth, need of guidance, desire to empower ourselves to make life transitions, necessity to release limitations, patterns and beliefs, longing to come in contact with our soul's purpose.

A journey to the Akashic Realm brings guidance for those issues that are now ready to be healed. It helps us to access our Soul memory or Soul DNA. It gives us the information that is ready to be revealed. Whatever part of our life is ready to receive healing will be healed. Karmic imprints that are ready to be released will be released. Knowledge of the Akashic Records brings the realization that the future is not set in stone, it is malleable, changeable, probable.


Samal Shah is not only an Angel card reader but also a certified Reiki healer, done till Level 3A of reiki under TadEkam foundation. She is also a certified magnified healer( level 1) , a Chakra healer and a certified yoga Instructor , where she teaches Ashtanga yoga and Hath Yoga. She is Practicing Yoga since 2014 from Yoga Institute Santacruz and Aatmabodh Academy of Yoga. She in her Yoga therapy involves Asanas, Pranayamas, mudras, face yoga, different types of meditations, mantra chants chakra yoga, she works with a lot affirmation therapy. For her, the clients comfort, details, time is of upmost value. Before she starts to conduct any sessions with people, the case history of the client is very essential. Angel card therapy is a therapy started by Doreen Virtue. There are many decks used avidly under various authors in the world. Her calling is using Doreen Virtue's decks. She is a certified Angel card Reader who has done her course level 1 and Level 2 studied under Doreen Virtue. Both the therapies believe in uniting the body, mind and soul.

She can be reached• @yogini_warrior_mystical_grace (instgram

account)• https://themysticlotus.com/home/healer_

profile/ 534/SAMAL-SHAH/Intuitive-Healing• facebook (samal shah)

for helping us overcome the darkness of our ego. Archangel Michael protects us from that challenging and sometimes dark voice in our mind that holds us back and makes us feel we aren’t good enough or when we put ourselves down. Michael can be called upon by anyone at any time. He has a bright blue energy and we can invoke his presence by visualizing ourselves cloaked in a blue light. His purpose is to protect and guide all who call on him.

Archangel Gabriel is The nurturerGabriel is one of the most loving and nurturing angels. She is as a strong, curvaceous female with flowing red locks and bright turquoise eyes. She has the appearance of a maternal angel, but a fiery one at that. ‘Gabriel’ means ‘strength of God’ and the purpose of this angel is to nurture and guide the children of God. We are all the children of God, of course, and we all have an inner child within us too. She Gabriel has been known as the angel of children and fertility. Gabriel can help those who are trying to conceive a child and can help through all aspects of pregnancy, including labour. Gabriel is not only the angel of mothers but also the angel of communication. She denotes the colour orange.

Archangel Raphael is The healerRaphael’s name means ‘God heals’ and he is the angel of healing. Raphael can bring healing miracles to anyone who really allows them to happen and his bright emerald light can help us on all levels - mental, emotional, physical and spiritual. Raphael loves energy healers, therapists and practitioners. If you are one yourself and invite him in, he can guide your whole practice. He aslo helps while travelling.

Archangel Uriel is The light bringerArchangel Uriel is the angel I relate to most. His name means ‘God’s light’ and he

reminds me of a bright summer’s day. His purpose is to bring in the light of God. He carries a torch of light, which represents his ability to remove darkness and bring a situation back into balance. As Uriel is the angel of light, he can help with any dark thoughts or illusions. If you’re feeling confused about the answer to an issue or searching for the solution to something in your life, he’ll help you tap into your intuition to figure it out. He denotes a reddish lights.

Angels, are divine beings of love, it’s so important you make your energy available to that essence. Your heart centre is the space that’s connected to your capacity to give and receive love and I believe that angels use this space so we can tap into their loving guidance and support. Thank You..

Gratitude, Love and Light

The most beautiful thing about angels is the fact that they are absolutely desperate to help us. When they see us in distress or lost in any way, they’re just waiting to be invited to bring the solution. Angels can help us in all areas of our life. There’s no aspect of life they can’t deal with. As we’ve mentioned already, their main purpose is to love us, and with love come many different gifts, including guiding us away from fear to a place of comfort and safety. Their main focus, though, is on something very important, the highest good. When they are supporting us and helping us with something, they will be doing it for our highest good.

One can call upon, an angel on basis of one’s need or an urgency. And the best part is they always ready and there to help us , to guide us, for over all, the requirements one wishes.

Now there are 7 main Archangels. Archangels are the ‘boss angels’. They’re the ‘managers’ in charge of all of the guardian angels who look after Earth, its inhabitants and their journey of spiritual growth. Archangels are a magnificent group of angels and are ready and willing to work with us at any time.

Angels are known to us on basis of their unique colors and their respective purpose to be there for us.

The best-known archangels have major roles in helping this planet. Here is some more detailed information about Michael, Gabriel, Raphael and Uriel.

Archangel Michael is The protectorArchangel Michael is the king of the angels, the prince of heaven and the patron saint of protection. He helps as being a metaphor

ENERGY COSMOSENERGY COSMOS

HARNESSING ANGELSFOR INNER WELLNESS

By Samal ShahAshtanga Yogini, Healer,Certified Angel Card Reader

ENERGY COSMOENERGY COSMOS

“Angels’’, just t a l k i n g a n d writ ing about them gives me a sense of love, strength, power, compassion and without whom m y l i f e i s i n c o m p l e t e . When I f i r s t

Who are these Angels? We’ll hear it

being used to describe a beautiful

child or a baby sleeping in their cot or a word ‘Angel’ being

used to describe people who perform

acts of kindness.


unconditionally; they want nothing more than to help us. Their role is to support us, to guide us, to love us. Angels are everywhere. Angels are a part of most religions. In fact every belief system I’m aware of mentions some sort of spiritual presence or being either in their texts or oral tradition. The Abrahamic religions (Christianity, Judaism and Islam) all mention angels. It gets even cooler, though - Buddhism, Hinduism and Japanese Shintoism mention spiritual beings who are able to move through the air.

How is an Angel card reading different from other card readings ?Angel card reading and other card readings help us to explore answers within ourselves, but angel cards do not follow a specific formula, it is often considered free-fo rm, wi th e i ther phrases wi th accompanying images or stand-alone phrases. An angel reading can even be a reading that involves only images. Here there are guides helping us in the direction of the question asked, the angels are involved based on the question asked. Here the answers come from the angels directly ,where in the messages aim to inspire, heal, guide, and comfort a person who is going through a difficult time. The words of guidance from angel cards are not only applicable to any age group but are all uplifting and positive while they stir our emotions.

Who are these Angels? We’ll hear it being used to describe a beautiful child or a baby sleeping in their cot or a word ‘Angel’ being used to describe people who perform acts of kindness.

The word actually comes from the Greek Angelos, which means ‘messenger’. Angels are an energy of love. God is love, and angels are the thoughts of God, so they are love too. You can also say either God or higher reality or the universe, they all mean the same, they nothing but a beautiful energy which make ones world beautiful and loving. We all have a guardian angel with us - a divine being, a thought of God, given to us as a gift. Our angel looks at us and falls in love. Angels love us

came across this word “Angel”, was when an old lady telling, after me helping her cross the road, she says, “Thank you Angel “, Little did I know that, one day I would be officially working and being with them.

How does one contact them? How do they work?Angels work under a spiritual law known as ‘free will’. This means they can’t help you until you welcome them in. That goes for the Creator too. You were sent here to make your own choices, and those choices will create waves of experience that you will go through. When you make the choice to accept help and welcome angels into your life, miracles will happen. And of course, everything works on the basis of one’s trust, faith and love towards them. It is ones fears and old beliefs will prevent you from making a direct connection with your angels, and are both reasons why many people don’t experience the angels’ love and support.

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HOW TOCHOOSESECURE WEBCASTINGSERVICES?

#ADVERTORIAL

By Siddharth BeraManaging DirectorEpitome Corporation Pvt. Ltd.

India based company Epitome Corporation Pvt Ltd

offer your own secured channel or can also take the services of the

secure webcasting services using which

you can deliver a branded video

streaming with full of security.

If you have a certain in-house webcast expertise and yet are looking

re you planning to produce a webcast? You must be aware Aof the ways you can stage

video production. You need to get the best shots of the event you are organizing and edit those to make a great video package. However, webcasting is completely different from that. You need to know how to distribute the video online. The challenge is even greater when you need to webcast live videos on the web channels. India based company Epitome Corporation Pvt Ltd offer your own secured channel or can also take the services of the secure webcasting services using which you can deliver a branded video streaming with full of security.

Why choose secure webcasting services?You may not be aware of all the technical details of webcasting a video on the Internet. That is the r e a s o n y o u s h o u l d c h o o s e webcasting service providers to take up the task for you. Webcasting services are around for a long time. There are quite a few good ones. However, you need to choose the best webcasting service provide who would provide secure webcasting services. There are certain important things that you need to consider while choosing such a service provider.

for a packaged solut ion for webcasting the videos of the company, you should choose hosted solutions. These service providers generally have their own cloud-based platforms. These platforms support the webcast distribution process. However, the webcasts will be managed by you by subscribing to their hosted solutions. If you produce webcasts too frequently, choosing this type of hosted services seems to be a viable solution to your video webcasting problem.

Secure webcasting will also broaden the online event experience. With the right services your events can turn into large virtual events for the target audiences to follow. The videos are often as big as online trade shows bringing a lot of details about the products and services to the potential customers. The virtual events are nowadays becoming the platform for attracting online customers and brand enthusiasts.

Contact us: [email protected]

Telephone: +91 98795 44338 Website: http://epitomesolutions.in

Log on www.epitomesolutions.in to know about the services they offer.

The foremost decision that you need to take is which of the company events you’d like to webcast. If it is a single live event about an important product launch or any special occasion in the company that you’d like the targeted audiences to know, you need to choose webcasting services. You need to measure whether this approach of webcasting will help to generate leads and revenue for the company. If it does, you should opt for live webcasting services.

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