FBOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF ... - … May 2019.pdfFund has projected IMF has predicted that India will grow at 7.3 % GDP in 2019 and 7.5 % in 2020 while China to grow

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R.N.I. No. MAHENG/2012/47145Postal Registration No. MCS/153/2019-21 • MR/Tech/WPP-355/South/2019

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`15/-|MAY 2019 VOLUME: 3 • ISSUE NO. 2 •|BOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF) MUMBAI, INDIA

FORUM VIEWS

STOCKMARKETSUnstoppable

2 3 FORUM VIEWS - MAY 2019

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

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ceo & coo message

5 FORUM VIEWS - MAY 2019

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

to magazine.Forum Views

Indian Economy and Stock Markets are gearing

up for the Lok Sabha Elections which would be the key driver for the next wave of economic reforms and structural changes in

the economy.

ELELCTIONS TO BE KEY DRIVER FOR ECONOMY AND STOCK MARKETS

Indian Economy and stock markets are gearing up for the LokSabha Elections which would be the key driver for the next wave of economic reforms and structural changes in the economy. The Foreign Institutional Investor have already invested RS. 56000 crore in the last one and half month and the key indices have given 10 per cent return. This also gives clues that the market has already anticipated that the current government may come back to power and the structural economic reforms would continue and make India 5 trillion dollar economy in the next 5 years.

The Reserve Bank of India has reduced its repo rate by 25 basis point to 6 %. This will reduce the cost of capital in the economy and thus increase the demand and consumption. The era of lower interest rates has also stared with the RBI reducing the repo rate twice in the last couple of months. This will also ensure that corporate

On the BBF Front:

Dr. Aditya Srinivas

Systematic Investment Plan (SIP) as they now understand that the long term returns in the market are very lucrative than short term trading. Each month around Rs. 5500 crore is getting invested through SIP route in the stock market. The Indian

Retail investors are getting into the market through the mutual funds route which is the

markets on the long term basis have given decent returns.

BBF - Seminars and Events

All India Seminar on Surveillance Measuresincluding GSM/ASM with BSE Ltd.

CityDate

Delhi

Ahmedabad

Kolkata

Hyderabad

Chennai

14-Mar

20-Mar

5-Apr

16-Apr

26-Apr

expands as their cost of borrowing would go down and thus create job opportunities. The Consumer Price Index (CPI) inflation has reduced from 2.19% to 2.05 % which is very well within the range of RBI.

At the Global front, the International Monetary Fund has projected IMF has predicted that India will grow at 7.3 % GDP in 2019 and 7.5 % in 2020 while China to grow at 6.3 % in 2019 and 6.1 % in 2020. This means that Indian economy would again be the fastest growing economy in the world. On the other hand IMF has reduced the growth rate for the World Economy from 3.7 % to 3.5 % due to trade fear tensions, rising crude oil prices and Geo political tensions.

CEO & COO DESK05

SEMINARS & EVENTS CONDUCTEDBY BBF FOR THE PROGRESS OFSTAKEHOLDERS OF CAPITAL MARKETSMARCH - APRIL 2019

34

06 THE ROAD AHEAD WITH:PARAG KASLIWAL,EXECUTIVE DIRECTOR, WGC WEALTH


Disclaimer: This magazine is meant for information purposes only and does not constitute any opinion or guidelines or recommendation on any course of action to be followed by the reader(s). It is not intended to be used as trading or investment advice by anybody and should not in any way be treated as a recommendation. The information contained in this magazine does not constitute or form part of and should not be construed as, any offer for purchase or sale of any product or service. While the information in the magazine has been compiled from sources believed to be reliable and in good faith, readers may note that the contents thereof including text, graphics, links or other items are provided without warranties of any kind. BSE Brokers' Forum expressly disclaims any warranty as to the accuracy, correctness, reliability, timeliness, merchantability or fitness for any particular purpose, of this magazine. BSE Brokers' Forum shall also not be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of the information or data contained in this magazine. Any alteration, transmission, photocopied distribution in part or in whole or reproduction of any form of this magazine or any part thereof without prior consent of BSE Brokers' Forum is prohibited.

Printed, Published and Edited by Dr. VISPI RUSI BHATHENA, PhD (h.c.)& Dr. V. ADITYA SRINIVAS on behalf of BSE BROKERS' FORUM,

printed at KSHITIJ PRINTERS, 49, Parsi Panchayat Road,Ashok Ind. Estate, 1st, Floor, Andheri (East) Mumbai - 400 069.

and published from BSE BROKERS' FORUM, 808 A,P. J. TOWERS, DALAL STREET, FORT, MUMBAI - 400 001.

Editor: Dr. V. ADITYA SRINIVASDesign by: Harshad Gajera | Photographer: Sanjeev Dubey

BSE Brokers’ Forum Steering CommitteeUttam Bagri (Chairman)

Anurag Bansal (Vice - Chairman)Purav Fozdar (Secretary)

Harin Mehta (Jt. Secretary)Kamlesh D Shroff (Treasurer)Lalit Mundra (Jt. Treasurer)

14 ASIA-PACIFIC MARKETSMONTHLY HIGHLIGHTSAND INSIGHTS

INTRODUCTORYEXPOSITION08

COMPLIANCE CALENDARMAY 201919

12 GUIDE TO FINTECHTERMINOLOGY

PHILOSOPHY & SELF MANAGEMENT:SCULPT YOUR FUTURE36

CIRCULARS22

WELLNESS Q&A:PILATES37

REGULATORYPULSE20

HEALING INSTITUTE: WHEN YOU ARE HAPPY FROM WITHIN,IT WILL SHOW ON YOUR SKIN!!!

38

THE BLOOMING OF PASSIVEINVESTING IN INDIA10

MAY 2019 CONTEMay 2019 CONTENTS

Follow us on: @bsebrokersforum /bsebrokersforum/brokersforumofindia /bsebrokers’forum

Write to us:We would be happy to hear from you! Do send in your suggestions, feedback and comments via email to

[email protected] | Visit us: www.brokersforumofindia.com

FITNESS CLINIC: LOSING INCHES BUT NOT WEIGHT?40

IS PURCHASING A PROPERTYSITUATED ON A COLLECTORLAND WORTH IT OR NOT?

30

FREQUENTLY ASKED QUESTIONSON THE MATERNITY BENEFITACT, 1961

31

MINISTRY OF COMMERCE ANDINDUSTRY AMENDS SPECIALECONOMIC ZONES RULES, 2006

32


Parag Kasliwal is Executive Director, Products & Solutions at WGC Wealth and manages products and solutions. He has a rich experience in wealth management and specialises in investment products and solutions. Prior to joining WGC Wealth, he was Head of Investment Products and Strategy at at IDFC Bank Wealth Management and Private Banking. He also played a key role in setting up and running various investment products at Barclays Wealth and ICICI Bank’s International Private Banking. He has qualified Chartered Accountant, Company Secretary, Certified Financial Planner and CFA (Level II) exams.

Estate/Succession Planning Using Wills/TrustsThere is growing awareness for Estate Planning amongst Indian families as they realise the importance of will/estate planning. A will/ trust helps give access of clients’ assets to the identified successors after death. In its absence, asset get distributed as per law and the court appoints someone to manage it. This sometimes result in disputes within the family which can be avoided. Wills/estate planning also smoothens the otherwise tedious, long-winded process of passing the assets to the loved ones.

Emergence of Offshore Investments as an Asset ClassIndian investors have so far been investing only in domestic market as they have lacked the knowledge, access, advice and therefore the conviction of investing in overseas markets. Investors are drawn to the onshore market, expecting continued exceptional returns year on year. However, over the last few years, investors have seen intervals of under-performance especially when compared with the US markets coupled with continuous depreciation of the Indian Rupee.

With access to right advice and enhanced understanding of global markets, Indian investors are now evaluating and investing in opportunities outside India.

Access to Low-cost Investment Execution PlatformsAnother visible trend is emergence of low-cost investment platforms. With access to low-cost equity broking and direct mutual fund investments, lot of DIY investors are being lured by tech-oriented platforms offering such products. However, investors, in absence of good advice, would commonly end up making sub optimal choices adversely impacting their portfolio. A wealth manager manages investor’s asset allocation based on his/her risk profile and investment horizon, suggests timely changes in asset and product allocation based on market conditions. Wealth managers / advisors also help investors manage complex financial situations, specially emotions when the market turns volatile. Investors need to be aware that comprehensive wealth management with tailored advice is not available in low-cost investment platforms.

Investors’ ExpectationsToday, investors expect higher level of transparency in information and fees but at the same time they are open to experiment with newer and more complex products.

The industry is furthermore witnessing the new age entrepreneurs’ / millennial / second generation as an emerging client segment that is more financially savvy, demanding and sophisticated, seeking personalised service and innovative products backed with advisory and digital capability

SummaryThe size and growth of the HNI segment in Indian wealth management market is very attractive. Also, the rules of the game are changing, hence the wealth industry needs to adapt to win in this rapidly transforming market.

Today, investors expect higher l e v e l o f t r a n s p a r e n c y i n information and fees but at the same time they are open to experiment with newer and more complex products.

Protecting Family and HealthMost Indians are feeling an increased need to protect themselves from exigencies whether it is related to life, health or retirement. Term insurance has seen increase in interest across the spectrum due to low cost, awareness, access, simplicity and ability to address the financial needs of a family in case of any unfortunate event. Rising medical costs and accessibility to quality medical facilities have led Indians to opt for health insurance policies that provide higher coverage, cashless access to top hospitals in India and overseas.


ndia is one of the fastest growing wealth markets in the world. India currently has more than 130 billionaires, third Ihighest after the US and China, and is expected to have

more than 350 billionaires by 2027. As per estimates, total addressable size of Indian wealth market (i.e. families with more than INR 50 lakh of investible wealth) has surpassed INR140 lakh crore ($2 trillion) of investible wealth and is expected to double in next five years to $4 trillion.

Investible surplus with Indians would balloon as businessmen/professionals monetise their wealth through stake sales and ESOPs. Majority of the incremental wealth would be created by new entrepreneurs, who have laid a strong foundation for themselves in the newer business segments such as e-commerce, food delivery, online education, digital platforms and technology. Many of these entrepreneurs have been successfully monetising by selling stakes to private equity and other strategic investors.

With the robust growth in investable wealth, we have been particularly witnessing an increase in wealth managed through wealth managers/advisors. While currently only 15% - 20% of the wealth is managed through wealth firms, we are anticipating an increase to 25% over the next five years, making Indian wealth management industry much more attractive with Asset under Management (AuM) growing from~$300 billion to ~$1 trillion in five years with remaining $3 trillion open to be wooed for business.

Trends in Wealth Management IndustryEmerging trends in the wealth management industry in India will result in significant transformation of the industry and will

PARAGKASLIWAL

Executive Director -Product and Solutions

WGC Wealth

TheRoad Ahead

EMERGING TRENDS IN THE INDIANWEALTH MANAGEMENT INDUSTRY

make its growth much more secular for a long term. Some of the key trends are highlighted below.

Financialisation of SavingsFinancialisation of savings post demonetisation has been one of the strong drivers of growth as increasingly investors stayed away from physical assets like real estate and gold. Lower FD rates and availability of other tax efficient investments led the investors to opt for alternatives to fixed deposits. Mutual Funds have been one of the largest beneficiaries of this transformation.

Substantial Growth in Investments in Mutual FundsIn March 2016, AuM for the mutual fund industry stood at about ~INR 14 trillion while total fixed deposits in India at ~INR 61 trillion. Two years post demonetisation, mutual fund AuM registered a 26% compounded annual growth rate (CAGR) that reached ~INR 23 trillion in March 2018, while fixed deposits showed a 4%CAGR which grew to ~INR 66 trillion. Over this period, physical assets like real estate and gold witnessed negligible growth.

Higher Interest in PMS and AIF from HNI and Ultra HNI InvestorsWith the emergence of higher risk-taking ability in the millennial/second generation, HNI and Ultra HNI investors have shown higher interest in more evolved products like Alternative Investment Funds (AIFs), Portfolio Management Services (PMS), Long-Short Strategies, Derivatives, Co-investments along with others, Angel/Pre-series A investments, high risk credit products.

conomic t ransformat ion and institutional change are closely linked Eand understanding therefore the

difference aspects of reform is integral to having an accurate perspective about the challenges which confront governance globally. The previous article for Econ Buzz discussed the general aspects about institutional reform, and governance In this article the subject is China’s reform, issue relating which continue to be discussed because the nation’s increasing importance is an undeniable fact of the present and ensuing narrative of global geopolitics. More often than not China’s economic progress is considered a l l more extraordinary when because it is viewed as a socialist state that has all the trappings of a totalitarian regime. This however is not the case, because for 25 years after China’s embrace of communism the political upheavals that the nation had suffered during this period and pronouncedly so during the cultural revolution compelled it to change course. In a speech to the communist party of China in December 1978 Deng Xiaoping said,`...` Now I want to speak at some length about economic democracy. Under our present system of economic management, power is over-concentrated, so it is necessary to devolve some of it to the lower levels without hesitation but in a planned way. Otherwise it will be difficult to give full scope to the initiative of local as well as national authorities and to the enterprises and workers, and difficult to practice modern economic management and raise the productivity of labor. The various localities, enterprises and production teams should be given greater powers of decision regarding both operation and management. There are many provinces, municipalities and autonomous regions in China, and some of our medium-sized provinces are as big as a large European country. They must be given greater powers of decision in economic planning, finance and foreign trade -- always within the framework of a nationwide unity of views, policies, planning, guidance and action.’’ At the core of China’s political

Creating a level playing for the private sector which currently has to compete with a state owned sector that has preferential

access to credit, inputs and of course

a fair part of the market share

represents one aspect of the China’s

impending reform.

INTRODUCTORY EXPOSITION

By Professor Piya MahtaneyEconomist / Author


INSIGHTS - ECOINSIGHTS - ECONBUZZ

system is a decentralized form of governance which delegates a fair amount of autonomy to local governance. For all the flaws that may have beset its transition to what may be termed as an authoritarian market economy it has been one that is less chequered, more continuous and less turbulent than the one that characterized the most of its countries in Eastern Europe. Inevitably the immediate comparison that is generally drawn is between that of the Chinese economy and Russia. China did not go for the long haul in so far as political change is concerned; it retained at the core its communist principles and wove around the periphery the fundamentals of a vibrant market economy. China’s reform was thus a process of incremental institutional change a fact that becomes more evident on deeper analysis. Therefore although conventionally viewed as a socialist monolith increasingly the nation is assuming the characteristics of what may be termed as a mixed economy. The nation exemplifies what maybe illustratively termed as an instance of authoritarian liberalism, at this point the nation finds itself at a point which may not have seemed as challenging as what confronted it four decades ago but it certainly requires some `tight rope walking”.

Financial Sector ReformCreating a level playing for the private sector which currently has to compete with a state owned sector that has preferential access to credit, inputs and of course a fair part of the market share represents one aspect of the China’s impending reform. Related to this its financial sector saddled as it were with a fair amount of internal debt along with a shadow banking segment where the opacity of transactions makes understanding the dynamics of risk even more complex. Recently China has eased restrictions on the entry of foreign businesses into its financial sector however this still leaves the task of grappling with policy uncertainty and high leverage inthe Chinese economy along with itsgrowth slowdown and the inherent contradiction between the need for higher levels of competitiveness and continued discrimination against the private sector.

According to a Mckinsey report (February 2015) titled Debt and (not much) Deleveraging, China’s debt comprises 282 per cent of its GDP, other estimates cite that the total public or government debt in China stands at about US$ 25 trillion. Evidently this is a concern that needs to be addressed if China is to achieve higher levels of efficiency in its financial system, it must be noted though that this feature does not represent a source of grave financial risk for the global economic system because it is funded by the country’s domestic savings and its banking system is controlled almost in entirety by the state. According to a report by Mckinsey (June2016) titled China’s Choice, Capturing China’s $5 trillion dollar productivity opportunity the non performing loan ratio in China was estimated at 7 per cent in 2015 and this could rise to 15 per cent if concerted measures are not taken to curb lending to companies that are poorly performing. Although China has the capacity to absorb the losses that arise from its increasing pile up of internal debt in its financial sector this would certainly be at the expense of its growth prospects. The report estimates


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.

INSIGHTS - ECONBUZZINSIGHTS - ECONBUZZ

Two characteristics will most plausibly become transformative forces in China are firstly the emergence of the private sector and various kinds of civil society organizations and associations entities that hardly existed in the China of yesteryear. Secondly is the prevalence of income disparities, acute regional inequities, rampant corruption and other socio-economic weaknesses. The intersect between the two may not culminate into the establishment of what can be described as conventionally democratic political system but it will see the evolution a much more liberal albeit authoritarian. None one can know with certainty but a fact that can be categorically asserted it is the duration of the intervening period (from the present point to the emergence of such a scenario that will be crucial for China and the world. Furthermore even if institutional reform were to propel China towards becoming a democracy the precise manifestation and nature that this would take is another feature that only time will unravel. As a matter of fact it would be particularly interesting to observe the variant of democracy that China may very well evolve. Undeniably this is a possibility that that we cannot rule out because if the nation could have its fusion of market based socialism it can very have its own variant of democracy something that could be described as democratic authoritarianism or something similar.

In the political context the course pursued by China has been illustratively described as a process of incremental reform. If China is to sustain the present level of progress and stability this `increment’ would in all likelihood need to be larger in extent and depth). In the ensuing phase of China’s economic development institutional reform will have a pivotal role to play in determining whether or not it can step up the pace of its development and concomitantly the expediency with which it can surmounts its challenges. The sequence that this incremental reform would take has elicited considerable debate however its objective would clearly be improve and expand the scope of state-society relations. This would encompass a broader and stronger institutional framework and one that would discernibly increase civic engagement which is currently at a level too low.

ConclusionIn the Chinese context it is not as if the institutional structures have not adapted to changing scenarios in the economic and

that if China’s NPL ration increases to 15 per cent it would impair banks’ capital and entail replenish equity that could cost as much as $1.3 trillion in 2019. Equally true is the fact that China’s growth opportunities have not ceased, but tapping higher levels of economic progress requires that it makes the transition from what the report describes as an investment led model to a productivity led model. The report says that, “by shifting decisively to a productivity-led growth model, it would ensure that capital flows to businesses that can invest in productivity, growth, and the creation of sustainable jobs. This shift could generate $5.6 trillion (36 trillion renminbi) of additional GDP by 2030, and household income could gain $5.1 trillion (33 trillion renminbi).’’ Undeniably such a transition would entail considerable institutional reform which us to the next aspect of China’s reform imperative

Institutional Reform in China Contemporary China that has witnessed an increase in incomes, educational attainment and a generation of young adults who have grown at a time when liberalization was one of the most important aspects of China’s economic process. It is true that those resident in the urban regions are more cognizant of the changes that liberalization brings in its wake, more influenced in their aspirations and more conditioned in their line of thinking than their counterparts in the remote rural regions of China. Yet residents of the far flung regions of China watch television, listen to the radio, read the local newspaper, either they do all three or at least one. The children and young adults in the remotest areas of China have seen a picture of Jackie Chan even if they have not seen a movie of his and they know about Hong Kong. The young and the not so young in China whether it is the most progressive cities of Shanghai, Beijing, Guangdong and others or the remotes village in West China have aspirations different from their forefathers. This is a generation gap and much more. On the subject of ideology some economists and political scientists opine that the prevalence of democracy in China is inevitable. Regardless of how likely this may seem, an even more exigent concern relate to the developmental challenges that the nation is grappling with. Tackling these could result in systems that work more democratically (relatively speaking), but whether these would culminate in making China a democracy in the conventional sense of the term remains to be seen.

geo-political realm. Undeniably the pursuit of liberalism itself was an adjustment particularly for hardliners in the communist establishment. However the thrust of policies and measures was on harnessing the growth potential and institutional change was an adjunct or an ancillary constituent of this process. Once again if one alludes to China’s economic experience it tells us that liberalism and its ramifications did not herald tumultuous outcomes, on the contrary it averted these, and (this point has been elucidated in the earlier chapter). Perhaps, it should be reiterated that one of the advantages of the policy strategy pursued by China is that the elements of what could comprise dramatic change have crept into the economic and social domain of contemporary China without creating a major upheaval. Evidently China’s precedent experience over the last three decades underscores the realistic possibility that the nation will be able to achieve the required extent of institutional reform without resulting in situations that are unmanageable or extreme. Moreover the need to preserve certain vested interests that have got so entrenched should not preclude measures that China needs to implement if it is to serve its imperatives, a crucial one being the expansion of an indigenous private sector and home grown entrepreneurship.

few years back on highlighting the benefits of passive investing or index investing; there was skepticism on its Aability to get a foothold in Indian financial markets. How the

tides have turned! Now, not only do we have the skeptics accepting its value, but also propagating the concept. Undoubtedly, India is still largely an active market within the scope of generating alpha on average market returns. However, market trends and statistics are now creating awareness of this alternative investment strategy.

To better understand passive or index-based investing, one must first understand what an index is. An index is a basket of securities designed to represent a concept, asset class, geography, or strategy. Indices are designed with clear rules that are defined in a transparent methodology that forms the guidelines for the stocks that enter or exit the index during periodic reviews. These periodic reviews are known as rebalancing and are critical for the index to remain relevant during changing market conditions. For example, if the index methodology has a rule that states only companies with consistent quarterly profits can be part of the index, and one of the companies does not meet the rule during the index’s quarterly rebalancing or review, the company will then be dropped from the index and the next company in line that qualifies will enter the index.

INSIGHTSINSIGHTS

THE BLOOMING OF PASSIVEINVESTING IN INDIA

By Koel GhoshSenior Director - Head of Business Development, South AsiaS&P Dow Jones Indices


A transparent methodology ensures there is no bias in the selection of stocks and that the index follows the design it was created for. Independent index providers add further neutrality to the index creation process.

Exhibit 1: Assets in Exchange-Traded Funds in India (INR Million)

ASSET CLASS FOCUSCommodityEquityFixed IncomeMoney MarketTotal

DEC. 31, 201365,540.497,445.02

-7,112.83

80,098.34

DEC. 31, 201455,699.9454,006.70

-8,026.70

117,733.34

DEC. 31, 201545,286.79105,816.99

671.548,573.64

160,348.96

DEC. 31, 201655,225.85272,031.101,012.1015,920.74

344,189.79

DEC. 31, 201750,054.09711,094.55

941.9116,883.34

778,973.89

DEC. 31, 201847,098.01

1,052,640.93795.75

23,094.151,123,628.83

Additional benefits of the passive style are:• Access to a diversified basket, thereby avoiding concentration

risk;• Rather than a single stock, single sector, or single asset class

focus to a broader choice of a basket of stocks via an index; and

• Lower costs, as index-based investing does away with the additional costs of active research trading, management charges, etc.

In India, some of the headline indices are the S&P BSE SENSEX, S&P BSE 100, and S&P BSE500. Statistics have revealed that in certain segments, such as large caps, active strategies have been underperforming benchmark indices. This means that the indices are providing higher returns compared with certain large-

icap active funds.

As of Dec. 31, 2018, the amount of assets in exchange-traded funds in India was valued at approximately INR11,236crores, a 44% year-over-year growth, which was lower than the 115% and

ii126% growth rates seen in 2016 and 2017, respectively.

While the debate of active versus passive is ongoing, the belief that both styles can be encompassed to achieve various

investment objectives is changing the horizon in Indian financial markets. Passive investing is not only here to stay but to grow.

Explore the active versus passive debate on Indexology®

Koel Ghosh is the head of business development for S&P Dow Jones Indices in South Asia. Koel is responsible for business development, sales and ongoing client relationship management across South Asia. She explores new markets and works with market participants to offer suitable solutions.

Prior to joining S&P Indices in 2009, she gained wide experience in the asset management and financial industry. She previously served at IL&FS Mutual Fund and UTI Asset Management Company where she gained insights on the asset management industry through her marketing and sales roles. She extended her experience further in the investment management industry in her role at Thomson Reuters.

Recently, she has the additional responsibility as Head of Business Development at Asia Index Pvt. Ltd. (BSE & S&P DJI Venture). Koel is a Chartered Accountant and a member of the Institute of Chartered Accountants of India.

I http://www.indexologyblog.com/2018/06/26/indexing-route-to-large-caps/SPIVA® India Mid-Year 2018

II Source: Bloomberg

A transparent methodology ensures there is no bias in the selection of stocks and that the index follows the design it was created for. Independent index providers add further neutrality to the index creation process.

11

GUIDE TO FINTECHTERMINOLOGY

By Jayesh ShahPromoter, Prism Cybersoft Private Limited

TECH-SPEAKTECH-SPEAK


s we see lots of growth in digitalisations in Financial Markets and many Financial ATechnology (FinTech) based companies are

launching their solutions and products with many short abbreviations and jargons. Here we define few of them as follow:

ACH: Stands for Automatic Clearing House. It is responsible for processing large volume of debit and credit transactions. It reduces the cost of fund transfers while making it more efficient and secure.

AML: Anti-Money Laundering (AML) refers to existing laws or procedures meant to reduce illegally obtained income.

API: Application Programming Interface (API) represents the functionalities of a certain program. These are important because they enable other programmers to use components of existing software, allowing for faster and more reliable software development-a major component of the FinTech movement!

Bitcoin: The most popular cryptocurrency generally deemed the first of its kind. The open source software comes with an elusive and mysterious history. No one is really sure who made it.

Blockchain: Where cryptocurrency transactions get recorded. It operates like a public ledger where information, once entered, can’t be altered. Blockchain technology also has several non-cryptocurrency applications including smart contracts and the recording of digital assets.

Collaborative Consumption: An economic model based on the sharing, swapping, and renting of services. The “Sharing Economy” or “Collaborative Economy” can be seen in platforms like Airbnb or Kickstarter and is growing in FinTech solutions via solutions like peer-to-peer lending.

Cryptocurrency: A digital currency using cryptography for regulation and security. It’s a decentralized system, meaning no central entity exists to oversee the processes. Instead, it uses a blockchain. There are several different kinds of cryptocurrency, including Bitcoin, Ethereum, and Ripple.

Digital Native: A person raised in the age of digital technology. This demographic is vital to the growth of FinTech as they are more likely to expect their banking services to be technologically advanced and always online.

Dispute: A term used when a customer questions the validity of a transaction that was registered to the account.

DRAAS: Disaster-Recovery-as-a-Service, the hosting of servers by a third party in case of a disaster. This means all that vital data can stay safe no matter what happens to us.

E-check: An electronic check or e-check is a digital form of a paper check. It is used as an alternative to paper checks and cash.

eIDV: Stands for Electronic Identity Verification. It is used to confirm the identification of an individual who claims to be who they are.

EMV: Represents the global standard for credit and debit cards. The title comes from its original developers, Europay, MasterCard, and Visa. Many cards already feature the EMV chip designed to fight card fraud.

Encryption: The process of encoding messages. Encryption is vital to FinTech, the blockchain, and anything else that needs to be secure. Data, like names and numbers, is turned into a code using algorithms (mathematical formulas). A key is required to turn that code back into useful data.

FinServ: An abbreviation that appears largely on Twitter, referring to anything in the Financial Services industry.

FinTech: Financial Technology, an industry known for championing software and technology in the financial sector. They’re also popular for generally challenging traditional banking and incumbent institutions.

Geolocation: The process of identifying an object, person or device’s geographical location by providing coordinates and measurements. GPS or Global Positioning System is one tool used for Geolocation.

Hacktivism: The act of breaking into a computer system, commonly with a purpose of promoting a political agenda or socially motivated purpose.

Insurtech: A portmanteau of “insurance” and “technology” that was inspired by the term Fintech. Insurtech is an application of modern technology in the insurance industry making processes easier.

Joint account: It is a bank account held by more than one person. Joint holders of an account are regarded in law as together making up the ‘owner’, meaning withdrawing cash, writing checks and making payments from one account also allows both partners to see how money is being spent.

KBA: Knowledge-Based Authentication aids is used for fraud prevention. Consumers probably know this as the “secret question” users must answer before being granted access.

KYC: Know Your Customer also revolves around authenticating users. Requirements of thorough identification checks and due diligence information seem to have grown more powerful in recent years to fight fraud by requiring users to prove their integrity.

Landing Page: A web page that is accessed when a certain hyperlink, or sometimes a button, is clicked from another website or software application.

Marketspace: A marketing concept that refers to a virtual market place. It eliminates the distance barrier between a business and its customers by accomplishing most, if not all, transactions electronically.

Messaging Commerce: Where messaging apps meet point of sale. This trend is currently largest in Asia but will likely continue growing. This kind of commerce lets users make purchases with something as simple as messaging apps.

Netiquette: Coined from the words “internet” and “etiquette”, Netiquette is an unwritten rule of how one should behave or communicate on the internet.

On-boarding: Includes all the steps to get a new customers integrated into a new program. Exactly what counts as on-boarding varies from company to company, but it refers to all the steps that get users up and running. Streamlined on-boarding processes are often considered one of FinTech’s advantages over traditional banks.

Over-limit: Refers to a situation where a cardholder’s account reached its credit limit with a transaction. If the transaction is not declined, the holder will be charged an over-limit fee.

Payment Gateway: a kind of service that automates the payment transaction between the seller and the buyer. It is usually a third-party service that processes, verifies, and accept or decline card transactions on behalf of the merchant through secure internet connections.

Payment Gateway: A service provider that authorizes credit card payments. They act as an intermediary between a payment portal, like a website, and a bank.

PCI Compliance: Payment Card Industry Compliance is a set of security standards designed to protect card information during and after financial transactions. All card brands are required to comply to these industry standards, and, though not always explicitly required, many FinTech companies are being pushed into PCI compliance in order to assure a certain security standard.

Ping: Ping expresses the reaction time of an internet connection which is measured in milliseconds (ms). The faster the ping is, the more responsive the internet.

P2P Lending: Peer-to-peer lending, or Social Lending, involves lenders loaning money directly to borrowers without the traditional processes and structures. Online platforms match lenders and borrowers where the services can usually be provided at a lower cost than traditional institutions.

POS: Point-of-sale is that important step where customer payment information is taken at a physical location when making a purchase. Several popular FinTech startups have created

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.

OpenBrowserInstance

SimulateUser

RunHackingScripts

CaptureOutput

Find /exploitVulnerability

Report Vulnerability

Web VAPT Process

Machine learning - is the science of creating algorithms and program which learn on their own. Once designed, they do not need a human to become better. Some of the common applications of machine learning include following: Web Search, spam filters, recommender systems, ad placement, credit scoring, fraud detection, stock trading, computer vision and drug design. An easy way to understand is this - it is humanly impossible to create models for every possible search or spam, so you make the machine intelligent enough to learn by itself. When you automate the later part of data mining - it is known as machine learning.

In data mining, association rules are created by analyzing data for frequent if/then patterns, then using the support and confidence criteria to locate the most important relationships within the data. Support is how frequently the items appear in the database, while confidence is the number of times if/then statements are accurate

Business Intelligenceis the process of interpreting past data. Business analysts perform careful, design based work that is inclusive of collecting pieces of huge information (so called as Big Data) in order to land at concrete answers. The true value of business intelligence is its accessibility which is widely used in strategic decision making.

How are they related?Data mining uses statistics and other programming languages to find hidden patterns in the data to explain a certain phenomenon. It helps in building a perception about the data using both maths and programming.

Machine Learning deploys data mining techniques as well as other algorithms to develop models of what is happening behind some data to forecast future outcomes.

Artificial Intelligence uses models developed by Machine Learning and other algorithms to lead to intelligent behavior. AI is very much programming based.• Data Mining demonstrates patterns• Machine Learning forecasts with models• Artificial Intelligence shapes behaviors

Vulnerability Assessment & Penetration TestingVulnerability Assessment and Penetration Testing (VAPT) are two types of vulnerability testing. The tests have different strengths and are often combined to achieve a more complete vulnerability analysis. In short, Penetration Testing and Vulnerability Assessments perform two different tasks, usually with different results, within the same area of focus.

Vulnerability assessment tools discover which vulnerabilities are present, but they do not differentiate between flaws that can be exploited to cause damage and those that cannot. Vulnerability scanners alert companies to the preexisting flaws in their code and where they are located. Penetration tests attempt to exploit the vulnerabilities in a system to determine whether unauthorized access or other malicious activity is possible and identify which flaws pose a threat to the application. Penetration tests find exploitable flaws and measure the severity of each. A penetration test is meant to show how damaging a flaw could be in a real attack rather than find every flaw in a system. Together, penetration testing and vulnerability assessment tools provide a detailed picture of the flaws that exist in an application and the risks associated with those flaws.

apps and services to expedite this process and keep it safe.

RegTech: Short for “Regulatory Technology”. It a subset of Fintech that aims to remedy the difficulties in regulation of financial institutions utilizing modern technology.

Robo-Advisors: Automate investment advice. Though they sound like metal robots in ties, they are primarily rooted in algorithms. Robo-advice comes from online platforms and limits the need for human interaction when managing a portfolio.

SaaS: Software as a Service (SaaS) are centrally hosted applications that utilize the web to deliver services. These apps are generally cloud-based which allows them to eliminate the need to be downloaded or installed. Salesforce, Workday, and Google Apps are all examples of SaaS.

SaaS: Software-as-a-Service is a common tool utilized by startups. A vendor is paid to hosts applications on a cloud for users to access online. As a result, many startups are faced deciding whether to position themselves as SaaS or FinTech.

Smart contracts: Computer programs that automatically execute a contract. These automated and often blockchain-based contracts could save time and reduce costs in common transactions.

SSO: Single Sign-On authentication saves users from the barrage of IDs and passwords by allowing one set of login credentials to sign in for multiple applications.

Tokenization: Replaces sensitive data with unique symbols. These “tokens” allow users to retain essential information about their credit cards and transactions without compromising security. It also turns complex information into short, useful codes.

Underbanked: People who don’t have access to proper banking or services offered by retail banks. They might have a banking account, but rely largely on alternative methods. The ability to serve the underbanked is considered one of the most important facets of FinTech.

What is the difference between artificial intelligence, machine learning, data mining and business intelligence? How they are related?Nobody would have ever thought of being surrounded majorly with data and machines. Moreover, such data and machines are helping us to form strategies to grow multifolds.

With so many IT developments holding an crucial place in all organizations throughout the world, it is not surprising IT terms getting mixed-up, jumbled and even inter changed. Artificial intelligence, machine learning, data mining and business intelligence are a combination of concepts and terms interlinked with one another yet different.

Nonetheless, let’s understand each concept and its purpose as all play an important role in the world of data science.

Artificial Intelligence is the study of creating intelligent agents. To make this more simple, it is teaching a computer to behave and carry out an activity as an intelligent agent (eg. a human) would. Google Now, Siri, Cortana etc. are nothing but AI. These intelligent digital personal assistants help you in delivering useful information when you ask them anything using your voice.

How do I know if my organization requires a Vulnerability Assessment?The necessity of Vulnerability Assessment and Penetration Testing is usually disregarded by organizations; on the contrary every organization is a potential target for hackers. This is clearly evident after recent ransom ware attacks. Take responsibility and make sure proper security initiatives are taken to protect your application. The best practice is to conduct a Vulnerability Assessment annually or after making substantial changes to your application.

Benefits of VAPT:When it comes to security, VAPT offers excessive benefits to an organization, let’s look at a few of its benefits.

• Providing the organization a detailed view of potential threats faced by an application.

• Help the organization in identifying programming errors that leads to cyber attacks.

• Provide risk management• Safeguards the business from loss of reputation

and money• Secures applications from internal and external

attacks• Protects the organizations data from malicious

attacks

Vulnerability Assessment Testing Methods:•

data and actively involves in the process of analyzing results.

• Passive Testing - Here the tester will be monitoring the results without introducing the new test data or cases.

• Network Testing - Here the tester will measure the current state of the network.

• Distributed Testing - This type of testing is done for distributed applications. Basically, the applications that work with multiple clients.

Active Testing - The tester introduces new test

Key findings:

ASIA-PACIFIC MARKETSMONTHLY HIGHLIGHTS

AND INSIGHTS

Ÿ M&A Activity By Country, Sector

Ÿ Initial Public Offerings

Ÿ Private Equity Investments & Buyouts

Ÿ Venture Capital Investments

Ÿ Market Attributes: Index Dashboard

Ÿ Total Return of Asia Fixed Income Indices

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

Disclaimer: Copyright © 2019 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

These materials have been prepared solely for information purposes based upon information generally available to the public and from sources believed to be reliable. No content (including index data, ratings, credit-related analyses and data, research, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be used for any unlawful or unauthorized purposes. S&P Global and any third-party providers, (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON “AS IS” BASIS. S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

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GLOBAL INSIGHTSGLOBAL INSIGHTS



China -6% -9%Japan 314 359 -13% 10,137 19,605 -48%Australia 381 365 4% 15,181 16,065 -6%India 254 420 -40% 10,276 16,250 -37%South Korea 97 130 -25% 6,576 12,922 -49%Singapore 114 87 13,722 4,598 198%Vietnam 102 119 -14% 458 666 -31%Hong Kong 89 119 -25% 2,006 1,708 17%Malaysia 141 244 -42% 11,304 13,605 -17%Indonesia 60 75 3,100 2,631 18%New Zealand 47 38 24% 97,820 1,220 7917%Thailand 42 63 -33% 279 1,144Philippines 18 25 -28% 38 1,195 -97%Taiwan 16 39 -59% 238 1,661 -86%Total 2,463 2,923 -16% 215,320 141,565 52%

788 840 44,186 48,294

31%

-20%

-76%

M&A ACTIVITY IN ASIA PACIFIC: SELECTED COUNTRIESIn March 2019, M&A activity reached US$32.22bn across 821 deals. China had the most active M&A market, with 284 deals totaling US$13.4 bn. In terms of YoY growth relative to the same period last year, aggregate deal value increased 52% even if deal count growth declined 16%.

Source: S&P Global Market Intelligence as of April 1, 2019. 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 - 18

>18 - 33

>33 - 66

>66 - 99

>99 - 132

>132 - 165No. of Deals and Value YTD Activity (19’ vs. 18’)

No. of Deals and Value by Country ((March’19)Country No. of Deals Value of Deals ($USDmm)

ChinaAustraliaJapanIndiaHong KongSingaporeVietnamMalaysiaSouth KoreaThailandIndonesiaNew ZealandPhilippinesTaiwan

28411611190393535292518141384

13,447.702,553.801,477.705,232.603,715.203,171.30

98.51,522.30

253.7135.2369.2235.7

40

19 YTD 18 YTD YoY Growth 19 YTD 18 YTD YoY Growth

Jan 1, 2019 -Mar 31, 2019

Jan 1, 2018 -Mar 31, 2018

YoY ComparisonThrough

Mar 31, 2019

Jan 1, 2019 -Mar 31, 2019

Jan 1, 2018 -Mar 31, 2018


Mar 31, 2019

No. of deals Value of Deals ($USDmm)

M&A ACTIVITY IN ASIA PACIFIC: SELECTED SECTORS

Source: S&P Global Market Intelligence as of April 1, 2019. 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).

Overall deal activity in Asia Pacific has decreased YoY by 16% with energy, healthcare, utilities and real estate showing the steepest declines. Overall deal value has increased YoY by 52%, led by healthcare, financials and information technology.

No. of Deals YTD Activity (19’ vs. 18’) Value of Deals (USDmm) YTD Activity (19’ vs. 18’)

No. of deals

'19 YTD '18 YTD YoY Growth

Industrials

Discretionary

IT

Real Estate

Materials

Teleco. Services

Staples

Staples

Healthcare

Utilities

Energy

NSD

Total

412

323

308

372

203

190

156

135

131

128

66

39

2463

Jan 1, 2018 -31-Mar-19

Jan 1, 2018 -Mar 31, 2018


31-Mar-19

Sector

461

372

331

444

285

241

147

133

171

184

93

61

2923

-11%

-13%

-7%

-29%

-21%

-23%

-30%

-29%

-36%

-16%

-16%

6%

2%

No. of deals

'19 YTD '18 YTD YoY Growth

Healthcare

Industrials

Real Estate

Financials

IT

Discretionary

Materials

Teleco. Services

Staples

Energy

Utilities

NSD

Total

Jan 1, 2018 -31-Mar-19

Jan 1, 2018 -Mar 31, 2018


31-Mar-19

Sector

8,793

17,107

8,371

7,200

9,398

7,333

8,536

6,137

16,536

7,084

12,094

141,565

32,977

1086%

20%

-45%

95%

66%

-15%

6%

-46%

-32%

-79%

-76%

19%

52%

104,318

20,606

17,990

16,344

11,961

8,030

7,767

4,615

4,162

3,449

1,692

14,386

215,320




0

>0 - 4

>4 - 9

>9 - 13

>13 - 18

>18 - 22

Source: S&P Global Market Intelligence as of April 1, 2019. 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.

In March 2019, the private equity market saw 86 deals totaling US$4.59bn in deal value, with India and China having the largest deal values. Growth in the number of deals throughout the region declined by 39% YoY. Likewise aggregate deal value declined 43% YoY.

No. of Deals and Value by Country (March’19)Country No. of Deals Value of Deals ($USDmm)

IndiaJapanChinaAustraliaSouth KoreaSingaporeHong KongIndonesiaMalaysiaNew ZealandPhilippinesTaiwanThailandVietnam

2617131110421110000

2,975.1038.5642.3175.3576.581.91565

10.850000

No. of Deals and Value YTD Activity (19’ vs. 18’)

PRIVATE EQUITY INVESTMENTS & BUYOUTS: SELECTED COUNTRIES

India 64 8% 1,607 233%Japan 81 -40% 107 475 -77%China -70% -70%Australia 19 25 -24% 273 3,809 -93%South Korea 36 39 -8% 1,986 47%Singapore 10 7 544 57Hong Kong 3 7 -57% 315 1,306 -76%Indonesia 3 2 315 23Malaysia 4 2 12 181 -93%New Zealand 4 2 5 44 -89%Philippines - - NA - - NATaiwan - 1 -100% - 320 -100%Thailand - 1 -100% - - NAVietnam 8 8 0% 161 810 -80%Total 261 426 -39% 14,363 25,006 -43%

69 5,3584956 187 4,365 14,388

2,90943% 851%

50% 1283%100%100%


Jan 1, 2019 -Mar 31, 2019

Jan 1, 2018 -Mar 31, 2018


Mar 31, 2019

Jan 1, 2019 -Mar 31, 2019

Jan 1, 2018 -Mar 31, 2018


Mar 31, 2019


China -51%Japan 21 18 309 1,042 -70%India 19 -67% 1,126 1,911 -41%South Korea 13 10 391Hong Kong 12 -73% 289 549 -47%Singapore 7 6 127 371 -66%Malaysia 7 8 51 103 -50%Australia 7 17 -59% 42 149 -72%Vietnam 9 15 -40% 22 543 -96%Indonesia 6 4 81 23 254%Thailand 4 6 -33% 187 374 -50%New Zealand - - NA - - NAPhilippines - - NA - - NATaiwan - 1 -100% - 13 -100%Total 158 242 -35% 17,148 16,751 2%

53 55 -4% 5,554 11,28017%

5830% 9,361 2291%

4417%

-13%

50%

INITIAL PUBLIC OFFERINGS BY COUNTRY

Source: S&P Global Market Intelligence as of April 1, 2019. 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 - 2

>2 - 4

>4 - 5

>5 - 7

>7 - 9

In March 2019, over US$2.18bn in proceeds were raised across 71 IPOs in the Asia Pacific region. China led the region by raising US$1.43bn, and was followed by South Korea. In terms of YoY growth on IPO value, China declined 51% while South Korea has shown substantial growth of 2,291%.

No. of IPOs and Value by Country (March’19)Country No. of Deals Value of Deals ($USDmm)

ChinaJapanIndiaSouth KoreaHong KongSingaporeMalaysiaAustraliaVietnamIndonesiaThailandNew ZealandPhilippinesTaiwan

2316874432211000

1,425.3058.3232.7279.2109.512.34.323.34.90

31.2000

No. of IPOs and Value YTD Activity (19’ vs. 18’)


Jan 1, 2019 -Mar 31, 2019

Jan 1, 2018 -Mar 31, 2018


Mar 31, 2019

Jan 1, 2019 -Mar 31, 2019

Jan 1, 2018 -Mar 31, 2018


Mar 31, 2019

No. of deals Value of IPOs ($USDmm)

India 102 10% 3,394 38%Japan -37% 204 609 -67%China -75% -56%Australia 24 27 -11% 279 302 -7%Singapore 36 16 309 46 570%Indonesia 16 9 78% 363 28South Korea 20 34 -41% 775 1,642 -53%Hong Kong 10 5 100% 376 240 57%Malaysia 4 7 -43% 2 28 -94%New Zealand 5 5 0% 26 23 12%Taiwan 1 2 -50% - 13 -100%Thailand 3 1 10 0Vietnam 10 11 -9% 107 813 -87%Philippines - 1 -100% - - NATotal 394 620 -36% 13,692 22,126 -38%

112 4,68286 13767 263 6,561 14,988

125%1203%

200% 2400%

VENTURE CAPITAL INVESTMENTS: NON BUYOUTS BY COUNTRYIn March 2019, the venture capital investments reached US$5.0 bn across 137 deals, with India being the most active market in terms of the total deal count and deal value. Overall deal count and deal value growth declined 36% and 38% y-o-y respectively.


0

>0 - 6

>6 - 12

>12 - 17

>17 - 23

>23 - 29

Source: S&P Global Market Intelligence as of April 1, 2019. 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 (March’19)

No. of Deals and Value YTD Activity (19’ vs. 18’)

Country No. of Deals Value of Deals ($USDmm)IndiaJapanChinaAustraliaSingaporeIndonesiaSouth KoreaHong KongMalaysiaNew ZealandTaiwanThailandVietnamPhilippines

442924168442211110

3,118.9063.8

1,475.70205.830.265.228.315050000


Jan 1, 2019 -Mar 31, 2019

Jan 1, 2018 -Mar 31, 2018


Mar 31, 2019

Jan 1, 2019 -Mar 31, 2019

Jan 1, 2018 -Mar 31, 2018


Mar 31, 2019




MARKET ATTRIBUTES: INDEX DASHBOARD

Ÿ Asian equities had a banner first quarter. The S&P Pan Asia BMI gained 9% with every country contributing positively.

Ÿ The S&P New China Sectors Index leads year-to-date among our regional indices with a 24% total return. The index focuses on selected industries chosen to represent the economic influence of the Chinese domestic consumer.

Ÿ The broader S&P China 500 also finished strongly this quarter, gaining 21% on the back of U.S. / China trade optimism.

Ÿ India’s S&P BSE SENSEX roared back into life in the second half of Q1, posting a double-digit gain from the lows of mid-February to close the month less than one percent away from an all-time high.

Ÿ Among S&P Pan Asia BMI sectors, Real Estate was the best performer this quarter and this month, gaining 14% and 6% respectively. Growth took the top spot in the smart beta category for Q1 with a total return of 11%.

Ÿ Boosted by energy, the S&P GSCI gained 2% on the month; the S&P GSCI Crude Oil gained 5% in March to make it 31% for the quarter.

Summary

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of March 29, 2019. 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

0.0%

0.0%

0.1%

0.1%

0.1%

0.1%

0.2%

0.4%

0.5%

0.6%

0.8%

1.2%

2.5%

2.7%

0.00% 1.00% 2.00% 3.00%

Japan

China

Australia

Hong Kong

Taiwan

India

South Korea

Singapore

Thailand

New Zealand

Indonesia

Philippines

Malaysia

Pakistan

S&P Pan Asia BMI Country ContributionQ1 2019

S&P Pan Asia BMI(9.3%)

FORUM VIEWS - MAY 2019

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 MAY - 2019

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

COMPLIANCE COMPLIANCE CALENDAR

19

Segment Particulars Due Date

PMS

Income Tax

All Exchanges

All Exchanges

NSE

BSE

Stamp Duty

Depository

CDSL / NSDL

MSE

NSE / BSE /MSE

NSE / BSE / MCX / NCDEX

BSE / NSE / MSE

MCX / NCDEX

NSE / BSE / MSE

MCX / NCDEX

NSE / MSE / BSE

NCDEX / MCX

BSE

All Equity &

Commodity Exchanges

All Stock Exchanges

PMS- Uploading of activity report on SEBI Portal

TDS Payment for the Month of April 2019 for Corporate and Individual.

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

on stock exchanges system as per SEBI circular of Enhanced supervision

for the month of April, 2019

Contingency Drill / Mock Trading session (Subject to circular to be issued

from the exchanges)

NSE- Uploading of margin funding file for the month of April 2019

BSE- Uploading of margin funding file for the month of April 2019

Payment of Stamp duty: Security and Commodity Exchanges for the month of April, 2019

Investor Grievances (Report) for the month of April, 2019 • CDSL & • NSDL

Half Yearly Internal Audit Report for the period ended 31.03.2019

Submission of client funding details for the month of April, 2019

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

listed companies for the quarter ended 31.03.2019

Submission of half yearly ALGO system audit report as at 31/03/2019

Submission of Risk Based Supervision for the period ended March, 2019

Submission of Risk Based Supervision for the period 1st April, 2018 to 31st March, 2019

Submission of half yearly Internal audit report

Submission of half yearly Internal audit report

Submission of half yearly Net worth Certificate as at 31.03.2019.

Submission of half yearly Net worth Certificate as at 31.03.2019.

Uploading of No. of STR filed with FIU-IND for the month of April 2019 (Including NIL STR)

Uploading of Clients’ Funds, collateral and other details lying with the Stock Broker

Applicability of uploading of day-wise Holding statement in the specified standard

format to exchange within 4 trading days of subsequent week

05/05/2019

07/05/2019

07/05/2019

04/05/2019

07/05/2019

08/05/2019

10/05/2019

10/05/2019

15/05/2019

15/05/2019

15/05/2019

31/05/2019

31/05/2019

31/05/2019

31/05/2019

31/05/2019

31/05/2019

31/05/2019

Before

31/05/2019

Weekly basis

Weekly Basis



MARKET ATTRIBUTES: INDEX DASHBOARDIndex Investment Strategy

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of March 29, 2019. 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

Ÿ The S&P Pan Asia Bond Index, which seeks to track local currency bonds in 10 countries and is calculated in USD, went up 0.15% in March, and its yield-to-maturity stayed flat at 3.68%.

Ÿ The S&P China Composite Select Bond Index (USD) decreased 0.35%, and its yield-to-maturity widened 1 basis point to 3.30%.

Ÿ The S&P China Bond Index rose 0.24% for the month, while its yield-to-maturity widened 4 bps to 3.40%.

Ÿ The S&P BSE India Bond Index increased 1.61% for the month, while its yield-to-maturity tightened 19 bps to 7.55%.

Ÿ The Dow Jones Sukuk Total Return Index (ex-Reinvestment) went up 1.50% and the S&P MENA Sukuk Index increased 1.17% in March, gaining 3.74% and 3.42% YTD, respectively.

TOTAL RETURN OF ASIA FIXED INCOME INDICES

INDEX 1-MYIELD YTDS&P Pan Asia Bond Index

S&P Pan Asia Corporate Bond Index

S&P Pan Asia Government Bond Index

S&P China Bond Index

S&P China Convertible Bond Index

S&P China Composite Select Bond Index

S&P China Composite Select Bond Index (USD)

S&P Hong Kong Bond Index

S&P BSE India Bond Index

S&P BSE India 10 Year Sovereign Bond Index

S&P Indonesia Bond Index

S&P Malaysia Bond Index

S&P Philippines Bond Index

S&P Singapore Bond Index

S&P South Korea Bond Index

S&P Taiwan Bond Index

S&P Thailand Bond Index

0.15

-0.19

0.28

0.24

3.49

0.29

-0.35

0.19

1.61

1.63

1.50

1.21

3.72

0.71

1.16

0.38

0.55

3.68

4.10

3.52

3.40

-

3.30

3.30

1.41

7.55

7.35

7.57

3.91

5.86

2.39

1.88

0.80

2.36

2.94

2.85

2.97

1.06

16.99

1.31

3.59

0.69

2.15

0.58

3.85

2.61

8.15

0.46

1.23

0.76

1.06

INDEXS&P/ASX Australian Fixed Interest 0+ Index

S&P/ASX Australian Government Bond 0+ Index

S&P/ASX Bank Bill Index

S&P/ASX Corporate Bond 0+ Index

S&P/ASX Government Bond 0+ Index

S&P/ASX Government Inflation-Linked Bond 0+ Index

S&P/ASX State-Government Bond 0+ Index

S&P/ASX Supranational & Sovereign Bond 0+ Index

Dow Jones Sukuk Higher Quality Investment Grade Total Return Index

Dow Jones Sukuk Investment Grade Total Return Index

Dow Jones Sukuk Price Return Index

Dow Jones Sukuk Total Return Index (ex-Reinvestment)

Dow Jones Sukuk Higher Quality Investment Grade Select Total Return Index

S&P MENA Sukuk Index

1-M1.81

2.14

0.17

1.29

1.95

1.76

1.53

1.37

1.43

1.56

1.16

1.50

1.38

1.17

YIELD1.84

1.65

1.74

2.55

1.73

2.13

1.90

1.98

-

-

-

-

-

-

YTD3.42

3.92

0.52

2.57

3.66

3.40

3.11

2.59

3.27

3.64

2.79

3.74

3.23

3.42

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of Mar 29, 2019. Index performance based on total return, except for KOSPI 200. Returns for indices containing more than one currency area - including the S&P China 500 - are in USD, otherwise local currency. Charts and graphs are provided for illustrative purposes. Indices are unmanaged, statistical composites and their returns do not include the payment of any sales charges or fees an investor would pay to purchase the securities they represent. It is not possible to invest directly in an index. Back tested returns do not represent actual trading results and were constructed with the benefit of hindsight. Returns do not include payments of any sales charges or fees. Such costs would lower performance. Past performance is not a guarantee of future results. For more information, please visit www.spdji.com.

1-M 3-M YTDSingle-Country Equity

S&P China 500

S&P Hong Kong BMI

S&P/NZX 50 Portfolio

S&P/ASX 200

S&P Taiwan BMI

S&P/TOPIX 150

S&P BSE SENSEX

S&P Singapore BMI

S&P Korea BMI

Single-Country Strategy

S&P New China Sectors (USD)

JPX/S&P CAPEX & Human

Capital

S&P/JPX Dividend Arisocrats

S&P Japan GIVI

S&P Korea Dividend

Opportunities

S&P Korea Low Volatility

Volatility

CBOE Volatility Index /

VIX® (13.71)

CBOE/CME FX Yen

Volatility Index (6.93)

S&P/JPX JGB VIX (1.41)

S&P/ASX 200 VIX (11.91)

S&P 500® VIX Short-Term

Futures

HSI Volatility Index (14.73)

4.59%

0.92%

5.73%

0.73%

2.43%

0.12%

7.92%

0.83%

-2.19%

4.14%

0.04%

-1.20%

-0.67%

-1.42%

-1.16%

-7.24%

7.61%

-7.24%

-0.41%

-6.07%

-13.86%

21.02%

14.95%

11.03%

10.89%

10.19%

7.96%

7.43%

6.72%

6.13%

23.97%

8.26%

5.72%

5.36%

5.32%

3.66%

-46.07%

-28.19%

-15.57%

-33.82%

-37.41%

-41.15%

0.34%

5.70%

18.50%

12.06%

0.41%

-3.04%

18.77%

-4.50%

-10.16%

-5.11%

-2.06%

-7.17%

-3.94%

-0.19%

-1.66%

-31.35%

-19.04%

-6.62%

-28.56%

-38.53%

-19.04%

INDEX1-M 3-M YTD INDEX

1.30%1.51%1.27%0.32%0.28%3.30%

-1.13%

2.06%1.79%

2.45%

0.93%

-1.31%

0.98%0.42%

0.50%

0.08%

1.61%4.67%

-0.24%-0.19%-1.64%-3.16%

9.27%9.86%9.31%9.92%8.00%

11.79%4.55%

11.28%10.93%

9.45%

8.80%

8.43%

8.24%8.21%

7.22%

7.52%

14.97%30.68%9.32%3.41%0.91%

-2.80%

-5.67%-7.85%

-11.44%-6.04%-6.24%-4.62%-4.54%

-5.45%2.16%

-9.85%

-2.35%

3.69%

-4.92%-6.35%

-5.83%

-2.76%

-3.04%-4.27%-1.64%-4.07%-2.84%-7.89%

Pan Asia EquityS&P Pan Asia BMIS&P Pan Asia MidCap S&P Pan Asia SmallCap S&P Asia 50S&P Asia-Pacific BMIS&P Asia-Pacific Emerging BMIS&P Southeast Asia 40S&P Pan Asia BMI Smart BetaS&P Pan Asia GrowthS&P Pan Asia DividendAristocrats®S&P Pan Asia MomentumLargeMidCap S&P Pan Asia QualityLargeMidCap S&P Pan Asia Ethical SelectDividend OpportunitiesS&P Pan Asia Low BetaS&P Pan Asia IntrinsicValue WeightedS&P Pan Asia ValueCommoditiesDow Jones CommodityIndex (DJCI)S&P GSCIS&P GSCI Crude OilS&P GSCI CopperS&P GSCI AluminumS&P GSCI GoldS&P GSCI Silver

Single-Country Fixed

Income

S&P China Government

Bond

S&P/NZX Government Bond

S&P Japan Government

Bond

S&P/ASX Australian

Government Bond

S&P Hong Kong

Government Bond

S&P Taiwan Government

Bond

S&P Singapore

Government Bond

S&P BSE India

Government Bond

S&P Korea Government

Bond

S&P Pan Asia BMI

Sectors

Real Estate

Information Technology

Energy

Telecommunication

Services

Consumer Discretionary

Materials

Health Care

Industrials

Financials

Utilities

Consumer Staples

1-M 3-M YTD INDEX

0.29%

1.85%

0.65%

2.21%

0.15%

0.47%

0.73%

1.69%

1.32%

5.97%

1.91%

1.78%

2.54%

-0.09%

0.97%

0.25%

1.11%

0.29%

0.21%

1.96%

1.11%

3.09%

1.17%

4.07%

0.63%

0.89%

0.31%

2.13%

1.27%

14.36%

14.21%

11.38%

10.99%

9.58%

8.56%

8.14%

8.09%

7.04%

5.15%

4.36%

7.71%

7.38%

1.70%

8.40%

1.63%

3.28%

2.93%

8.63%

6.79%

5.92%

-11.48%

1.51%

4.44%

-9.64%

-6.40%

-5.45%

-6.45%

-5.37%

5.26%

-2.24%

3.16%

1.63%

-0.02%

1.66%

1.31%

0.78%

2.09%

7.33%

1.80%

0.90%

1.71%

0.34%

0.90%

1.35%

0.62%

0.50%

1.13%

1.34%

0.14%

0.30%

YieldYield

Contribution~


REGULATORY PUREGULATORY PULSE

SEBI’s Consultation Paper on the issuance of DVRsSEBI’s Consultation Paper on Shares with differential voting rights (DVRs) are shares that give the holder differential rights as to voting (either more or less voting right) as against the ordinary shareholders of the company. The Companies Act, 2013, permits companies to issue shares with differential rights. However, in 2009 the Securities and Exchange Board of India (SEBI) barred issuance of DVRs with superior voting rights (SR Shares). Presently, the issuance of shares with inferior/fractional voting rights (FR Shares) is permitted under the Indian regulatory regime. DVRs with FR Rights are suitable for investors who are keen on higher economic interest and are satisfied with inferior voting rights. FR Shares generally offer higher dividends compared to ordinary equity shares of a company. However, the popularity of DVRs has not picked up in India. DVRs are traded at a discount and they are less liquid compared to other securities. Till date, only 5 companies have issued DVRs in India, including Tata Motors and Stampede Capital Ltd.

In 2018, SEBI constituted a group comprising of members of the Primary Market Advisory Committee of SEBI (DVR Group) to study the introduction of shares with differential voting rights (DVRs).On March 20, 2019, the DVR Group submitted

a consultation paper (Paper) withrespect to the issuance of DVRs. The Paper inter alia highlights the pros and cons of issuing DVRs and has recommended the structure for regulating the issuance and listing of DVRs by companies. The recommendations in the Paper seem to have been prepared inter alia keeping in mind the needs of the founders of new age technology companies wherein promoters are seeking to raise capital and at the same time not lose control over their company.

However, there are several concerns with regard to the recommendations suggested in the Paper, some of which have been discussed here in below. As per the Paper, listed companies are not permitted to issue SR Shares. Further, FR Shares can be issued only through limited means, namely, by a rights issues, a bonus issue and a follow on public offer. Options such as private placement have not been considered. SR Shares also have to be compulsorily listed on a recognised exchange even though they will form a separate class of shares.

With respect to unlisted companies whose shares are proposed to be listed, SR Shares can be issued to only the promoters of such companies. Further, pursuant to an initial public offer, such SR Shares will remain

under a perpetual locked-in with the holder and she will not have the flexibility to transfer her DVRs to another person. According to the recommendations, in certain circumstances, the SR Shares will be treated at par with ordinary equity shares with respect to voting rights. The list of scenarios includes cases of change in control, which in a way defeats the purpose of issuing DVRs with SR Rights in the first place. Further, SR Shares are compulsorily convertible into ordinary equity shares within 5 years from the date of listing of the equity shares of the company, which may be too short a time frame to encourage new age technology companies to consider issuing SR Shares. The date of conversion can be delayed by way of special resolution in a general meeting where all members can vote on a one-share-one-vote basis.

In terms of voting rights, the Paper has also set a cap on the ratio between DVRs and ordinary equity shares. Further, a company can issue only one class of DVRs. Such restrictions may deprive the management of a company to adopt a convenientcapital structure. On account of the aforesaid concerns, implementing the recommendations of the DVR Group may not be enough to incentivise companies to issue DVRs and such a law may turn out to be a dead letter law.

SAT Order on advisory services by a Portfolio ManagerIn an order dated March 29, in the matter of Vijay Kumar Gabav. SEBI, the Securities Appellate Tribunal while discussing the nature of services provided by a portfolio manager (PM), has stated that rendering advisory-only services will not tantamount to portfolio managerial activities.

The issue under consideration for the Tribunal was whether a person rendering advisory services ‘for consideration’ could be considered as a PM in terms of SEBI (PM) Regulations, 1993. It is important to state here that this matter dates back to 2006 when the SEBI regulations governing investment advisory activities - the SEBI (Investment Advisers) Regulations, 2013 - were not in place.

While setting aside SEBI’s order which held the appellants liable for undertaking portfolio managerial activities without obtaining a

registration under the PMS Regulations, the Tribunal held: advisory services coupled with management/ administration of client’s portfolio will amount to portfolio managerial services. It can be either discretionary or non-discretionary. While in the former, the PM has full leeway to make decisions; in the latter, the PM has to counsel the investor and it cannot itself take decision for investment of client’s funds. Lastly, mere advice regarding securities cannot be clothed as portfolio management services. Hence, it was held that since the law governing advisory-only services came in 2013, therefore, the act of appellant undertaken in 2006 cannot be termed as portfolio management activities.

The Tribunal has rightly stated that while rendering non-discretionary portfolio management services, the PM is required to ‘counsel’ the investor first, thereby

differentiating between a PM and an execution-only intermediary, such as a stock broker. This is also consistent with the fiduciary obligations of a PM.

However, as per the order, a person undertaking advice-only activities related to securities cannot be termed as a PM. It should be noted that the PMS Regulations itself envisages three kinds of PM(s), including the ones into purely advisory business: Regulation 12E(2) and 16B(2)(b) provides for various obligations of an advisory-only PM. Similarly, Schedule I and V of the PMS Regulations, also provides for an enabling procedure to seek registration as an advisory-only PM. The order appears to be in the teeth of clear legal provisions and unlikely to be sustained in an appeal. We believe that the observations of the Tribunal must be read in the light of the facts and circumstances of the present matter only.

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.


REGULATORY PUREGULATORY PULSE

The Supreme Court strikes down RBI’s Revised Framework on the resolution of stressed assetsOn February 12, 2018, the Reserve Bank of India (RBI) had issued a circular (RBI Circular) which overhauled and revised the framework for the resolution of stressed assets in India. The RBI Circular had inter alia laid down a uniform and strict timeline for banks to initiate resolution proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). Under the RBI Circular, banks were required to classify any default of loan of 2000 crore and above as a non-performing asset and provide a defaulter a period of 180 days to repay the dues. In case of failure to recover dues within the stipulated period, the banks would have to initiate insolvency resolution process against the defaulter under the IBC. The RBI Circular also withdrew all previous schemes of the RBI with respect to the resolution of stressed assets, including the Strategic Debt Restructuring Scheme and the Scheme of Sustainable Structuring of Stressed Assets. In the past, RBI has also recommended banks to initiate action against specific defaulters under the IBC. For instance, in June 2017, RBI had identified a list of 12 specific defaulters which made up 25% of the non-performing assets of the banking systems at the relevant time and recommended banks to refer the matters for resolution under the IBC.

However, on April 02, 2019, the Supreme Court of India (SC) in the matter of Dharani

Sugars and Chemicals Ltd. v. Union of India &Ors. set aside the RBI Circular in its entirety (SC Order). With respect to RBI’s direction to refer matters under the IBC, the SC held that under Section 35AA of the Banking Regulations Act, 1949 (Banking Act), RBI could only issue directions on a particular default of a debtor pursuant to receiving the authorisation of the Central Government and not pass generic instructions mandating banks to initiate insolvency process against defaulters.

The SC Order distinguishes RBI’s powers to issue directions under Section 35AA and under Section 35A & Section 35AB of the Banking Act. Section 35AA is a specific provision related to cases wherein RBI can direct banks to initiate insolvency resolution process for stressed assets under the IBC. Whereas, Section 35A and 35AB deal with resolving stressed assets through other mechanisms/directions. For passing directions under Section 35AA, RBI requires specific authorisation from the Central Government. Whereas, the general powers of RBI to issue directions to banks under 35Aand 35AB do not require any specific authorisation from the Central Government.

The SC Order has brought a big sigh of relief for corporate debtors especially those from the power and infrastructure sectors. The SC Order grants more precious time to the promoters and management of defaulting

companies to renegotiate recovery plans with banks as they no longer need to comply with the strict timeline laid down in the RBI Circular. Further, lenders too continue to enjoy their discretionary rights to initiate proceedings against defaulters as per the terms of the IBC.

In the SC Order, the SC has distinguished Section 35A & Section 35B from Section 35AA and clarified that RBI can exercise powers under section 35AA subject to certain conditions. SC’s interpretation of section 35AA has curtailed RBI’s power to the extent that directions issued to banks under this section must now i) be authorised by the Central Government and ii) it must relate to a particular default of a particular debtor. RBI directions under Section 35AA cannot be generic instructions issued to banks.

Pursuant to the SC Order, the RBI must strive to exercise its powers reasonably and judiciously. Regulatory bodies may have the right intentions however, they cannot exercise powers beyond what is conferred upon them. Regulators in the financial sector including RBI and SEBI must ensure that they judiciously operate within the realm of their respective regulatory framework which also governs them. RBI’s recent decision to issue a revised circular taking into account the SC Order is a move in the right direction.

ANALYZING CIRCULARS (08 APRIL TO 05 MAY 2018)

CIRCULARSCIRCULARS


Regulator Important Circular's Title For The Period

SEBI Consultation Paper on Self Regulatory Organizations in Securities Market -->> SRO is an organization representing a particular segment of entities as a first level regulator, regulating members and playing an important role in the development of the securities market in discharging its regulatory duties.~~SRO are to be entrusted with important tasks, including registration / grant of membership, supervision, training and education of its members, and redressal of investors’ grievances and would be regulated under SEBI. Thus SEBI proposed changes with regards to Definition of SRO, Nomination Process, Nomination Committee, Governing Board and Committees, Arbitration & Dispute Resolution and Tenure of Recognition of SRO and invited public comments under specified format by April 21, 2019 by considering important points such as Need of Single SRO or different SROs for various classes of regulates and adequacy of their Roles. Enhancement of net worth of SRO from INR 1 Crore to extant specified under SRO Regulations 2004 and defining capital requirement for setting up an SRO

SEBI Empanelment of Insolvency Professionals (IPs) to be appointed as Administrator, remuneration and other incidental and connected matters under SEBI Administrator Regulations -->> New regulations provide, for appointment of an Administrator and procedure for refund to investors. After attachment of properties of defaulter, appointment of an Administrator to be done in the manner specified.~~Administrator shall be a person registered with Insolvency and Bankruptcy Board of India (“IBBI”) as an Insolvency Professional (“IP”) and empanelled with Board from time to time.~~Regulations fix the eligibility criteria, terms of appointment including remuneration of an Administrator and issue clarifications and guidelines in respect of the application of the Administrator Regulations. ~~Administrator shall appoint CA.~~Registered valuer and registrar and share transfer agent or such other agency, shall be appointed through open tender. Process of newspaper advertisement given.~~An officer of SEBI nominated by Recovery Officer shall be part of the Tender Opening Committee in such matters.

SEBI Streamlining the Process of Public Issue of Equity Shares and convertibles- Extension of time lime for implementation of Phase I of Unified Payments Interface with Application Supported by Block Amount -->> Based on representations of SCSBs ,NPCI and AIBI, Timeline for implementation of Phase I of public issue process using UPI with ASBA is extended by 3 months i.e. till June 30, 2019 in order to ensure that the transition of the same is smooth for all the stakeholders.~~Further the implementation of Phase II and III shall continue unchanged from the date of completion of phase as per circular Dt 01-11-2018.

SEBI SEBI SAST Regulations, 2011 [Last amended on December 31, 2018] -->> Key Highlights- Amendment of SEBI(Substantial Acquisition of Shares and Takeovers) Regulations, 2018. Regarding regulation 3, in sub-regulation 2 , "Provided further that, acquisition pursuant to a resolution plan approved under section 31 of the Insolvency and Bankruptcy Code, 2016 [No. 31 of 2016] shall be exempt from the obligation under the proviso to the sub-regulation (2) of regulation 3".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 the words and figures “Companies Act,2013 (18 of 2013)”~~Added further that In the event of failure of the delisting offer made under sub regulation (1), the open offer obligations shall be fulfilled by the acquirer in the following manner-as specified in 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.~~the 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 the 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 same be 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.~~Modification of regulation related to Disclosure of acquisition and disposal, ~~ disclosures requirement for acquisition and disposal of shares shall also not apply for a housing finance company or a systemically important non-banking financial company.

SEBI SEBI SAST (Amendment) Regulations, 2019 -->> Amendments specific to General Exemption – Where ambiguity related competent authority has been removed relevance of condition “in respect of acquisition by persons by way of allotment by the target company” has been removed. Further providing clarification in form of explanation regarding the term Lender has been elaborated. ~~Further clause regarding Acquisition of shares by way of allotment by the target company or purchase from the lenders and acquisition of shares of a target company, not involving a change of control over such target company, pursuant to a scheme of corporate debt restructuring to be omitted.

SEBI SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2019 -->> With regards to Preferential issue under regulation 158 sub regulation 6 the word scheme to be deleted from words debt restructuring scheme is omitted and explanation providing clarification regarding term Lender.~~Further sub


CIRCULARSCIRCULARS

regulation regarding preferential issue of specified securities is made to person(s) at the time of lenders selling their holding of specified securities or enforcing change in ownership in favour of such person(s) pursuant to a debt restructuring scheme implemented in accordance with the guidelines specified by the RBI, subject to various conditions is omitted.

SEBI Review of Commission, Expenses, and Disclosure norms etc. - Mutual Fund -->> The Regulator has announced changes in norms related to payment of commissions and disclosures for the MF industry. ~~ The commission will be paid from AMCs’ books and only the first SIP purchased by the new investor will be eligible for upfronting. In case multiple SIPs are purchased on different dates, the SIP for which the instalment starts on the earliest date will be considered for up fronting. ~~ The commission will account for computing the total expense ratio differential between regular and direct plans in each scheme.~~ For the purpose of charging additional TER from on inflows from retail investors from beyond top 30 cities, inflows of up to Rs 2 lakhs per transaction by individual investors will be considered as inflows from retail investor. AMCs are required to disclose the TER of all mutual fund schemes except infrastructure debt fund schemes on their website on daily basis. ~~ Also, issuance of prior notice to the investors will not be required in case of any increase or decrease in TER due to change in asset under management or other regulatory requirements. ~~ Further, SEBI while making other modifications in disclosure norms said that schemes in the category of overnight fund, liquid fund, ultra short duration fund, low duration fund and money market fund will be exempted from making performance disclosure provided that the schemes are in existence for less than one year. ~~ Additionally clarification given for No Entry Load on SIPs to be effective from April 15, 2019 that -mandated restriction of entry load will be applicable to all SIPs including SIPs registered prior to August 1, 2009 ~~ Borrowing Costs-To be adjusted against the portfolio yield of the scheme and excess if any of portfolio yield, shall be borne by AMC.~~ Clarification on Miscellaneous Expenses-misc expenses i.e which are very small in value but high in volume and paid out of AMC’s books (in consultation with AMFI/ SEBI) to be properly recorded and audited in the books of account of AMC

SEBI Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs) -->> Framework for BCP /DRS has been revised so as to maintain data and transaction integrity and would also be applicable for clearing corporations. stock exchanges and depositories. ~~DRS should preferably be set up in different seismic zones and there should be a minimum distance of 500 kilometres between it and the DRS so that both the systems are not affected by the same disaster. ~~To ensure zero data loss, Regulators/MII are required to have a Near Site in addition to DRS.~~ Institutions are required to have Recovery Time Objective (RTO) and Recovery Point Objective (RPO) of not more than 4 hours and 30 minutes Updates made at the PDC should be reflected at DRS/ Near Site immediately. ~~Disaster recovery drills should be conducted on a quarterly basis and include running all operations from DRS for at least one full trading day without any operational support from the staff based at PDC Live trading sessions ~~DRS should be scheduled for at least two consecutive days in every six months on normal working days and results and observations of these drills should be documented and placed before the respective governing boards and then their feedback to be forwarded to SEBI within a month of the disaster recovery drill. ~~SEBI has asked institutions to define 'disaster' depending upon their line of business and advised to submit their revised BCP–DR (Disaster Recovery) policy to Sebi within 3 months

SEBI Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity -->>SEBI has listed procedure and issued new formats to be followed for limited review and audit report of listed entities whose equity shares and convertible securities are listed and is effective April 01, 2019.T~~his would be also applicable for entities whose accounts are to be consolidated with listed entity. ~~The markets watchdog had decided to amendments in regulation for group audit after taking into consideration recommendations made by Uday Kotak-led panel on corporate governance. ~~A new sub-regulation has been inserted in LODR norms,-Statutory auditor of a listed entity shall undertake a limited review of the audit of all the entities/companies whose accounts are to be consolidated with the listed entity as per AS 21 in accordance with guidelines issued by the Board on this matter Insurance companies to follow as per formats prescribed by IRDA. ~~ICAI to issue necessary guidance to ensure necessary compliance

SEBI Valuation of money market and debt securities -->> In order to make the existing valuation practices for money market and debt securities of short term maturity more reflective of the realizable value, residual maturity for amortization based valuation reduced from existing 60 days to 30 days where amortized price will be compared with the reference price provided amortized price within a threshold of ±0.025% of the reference price~~Further in order to have uniformity and consistency across the Mutual Fund industry on valuation of money market and debt securities rated below investment grade, Securities will be valued at a price provided by valuation agencies but by the time agencies compute the valuation ,securities will be valued on the basis of indicative haircuts which shall be applied on the date of credit event. Detailing regarding Consideration of Traded price for valuation in case of trades during the interim period and after computation of valuation price~~Above changes and it will be effective within 90 days from 22 March 2019.

SEBI/BSE Framework for Utilization of Regulatory Fee Foregone by SEBI -->> SEBI reduced regulatory fee on Stock Exchanges in order to reduce the cost burden on farmers/FPOs and to to encourage their participation in agricultural commodity derivatives markets, which shall be deposited and utilized in separate fund created by exchange exclusively for the benefit of and easy participation by Farmers and FPOs.~~ The utilization of fund are limited to certain conditions such as overall amount per activity, maximum amount per farmer/FPO, maximum


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period etc in order to ensure fair and equitable distribution of benefit to farmers/FPOs.~~ Further outlining the guiding principles to be followed by exchange for purpose of utilization of the earmarked fund and also providing the ways of utilization that may be considered while preparing the action plan for a financial year.

SEBI Consultation Paper on Issuance of shares with Differential Voting Rights -->> To introduce dual-class shares in Indian Scenario , DVR Group has submitted its report to SEBI.~~• Report proposes to structure the regulation of DVR issuance under two broad heads. The broad heads will cover issuance by companies whose equity shares are already listed on stock exchanges ( SR Shares) ; and companies with equity shares not hitherto listed but proposed to be offered to the public. (FR Shares)~~• Public comments are invited on the proposals contained in the DVR Group Report on or before April 20, 2019.~~• DVR Ground Report (Issuance of Equity Shares with Differential Voting Rights) covers Namely:1. Introduction 2. Need for DVRs in India 3. Advantages and disadvantages for consideration in the context of DVRs 4. Regulatory Considerations in India 5. Comparison across Various Jurisdictions 6. Market Considerations and Companies with Listed DVRs in India 7. Recommendations of the DVR Group

SEBI Clarification on participation of (EFIs) in Commodity Derivatives in IFSC -->> EFIs participation in commodity derivatives contracts traded in stock exchanges in IFSC would be limited to the derivatives contracts in non agricultural commodities only ,which would be cash settled on settlement price determined on overseas exchanges and the transactions to be denominated in foreign currency only.

SEBI SEBI (Delisting of Equity Shares) Regulations, 2015 - Timelines for Counter Offer -->> SEBI's Framework and timeline for the counter offer process~~Counter offer is made where price discovered through reverse book building (RBB) is not acceptable to the promoter or the acquirer and public announcement should be made within 2 days and publication will have to be made in same newspapers where original RBB was published within four days from the date of closure of RBB bidding process~~Book value per share of shall be disclosed in public announcement for counter offer~~The circular details timelines of option to withdraw the shares tendered, dispatch of letter of offer, opening, closing and public announcement of success/failure Payment of consideration and return of equity shares of counter offer bidding.

SEBI Review of Investment by Foreign Portfolio Investors (FPI) in Debt Securities -->> As per earlier notifications, no FPI could have an exposure of more than 20% of its corporate bond portfolio to a single corporate however in order to encourage a wider spectrum of investors to access the Indian corporate debt market, this limit has been withdrawn with immediate effect.~~Further Circulars and directions issued hereinafter by RBI w.r.t investment conditions for FPI Investment in corporate debt securities shall be complied with as per specified timelines and any non-compliance with the requirements prescribed by RBI from time to time w.r.t corporate debt securities shall be liable for action in terms of SEBI (FPI) Regulations, 2014.

SEBI Modification of circular dated December 7, 2018 on Disclosure of significant beneficial ownership in the shareholding pattern -->> Amendments with respect to disclosure of significant beneficial ownership in the shareholding pattern of listed entities will be applicable to listed entities that are reporting companies as per SBO Rules 2018 .~~Further Revised format regarding Statement showing details of significant beneficial owners (SBOs) is enclosed as annexure to be replaced for format specified in circular dated December 7, 2018 where instead of Particulars of the shares in which significant beneficial interest is held by the beneficial owner, Details of holding/ exercise of right of the SBO in the reporting company, whether directly or indirectly needs to be additionally disclosed. ~~The changes will be effective from quarter ended June 30, 2019.

SEBI/CDSL Clarification on Cyber Security & Cyber Resilience Circular -->> The words “Internal Technology Committee” to be replaced as “Technology Committee” on the basis of representations received from brokers under Para 7 of Annexure I of SEBI circular Dt December 03, 2018.

SEBI Circular on Filing of Advertisements under SEBI MF Regulations, 1996 -->> MF advised to submit links to access the advertisements to be filed under MF Regulations by sending the same through e-mail to SEBI at [email protected]. ~~ While sending the e-mail, the compliance officer of respective MF shall expressly confirm that the advertisement is in compliance with the Advertisement code specified in the sixth schedule of the MF Regulations.

SEBI-PRESS RELEASE SEBI Board Meeting -->> The highlight of SEBI Board meet are as follows : Approval of proposal for undertaking a public consultation process for amending SRO Regulation in order to rationalise the process of recognition and strengthening the role of Self Regulatory Organizations (SRO).~~Deferment of implementation of provision till June 30, 2019. regarding Payment made towards brand usage or royalty to related parties exceeding 2% of the annual consolidated turnover of the listed entity during financial year would be considered material.~~Further SEBI Budget for the financial year 2019-20 was considered and approved by the Board.

SEBI-PRESS RELEASE Transfer of securities held in physical mode - clarification -->> Investors are not prohibited but have the \ NSDL option of holding shares in physical form even after April 01, 2019 and if desirous of transferring the same can do

so only after the shares are dematerialized. ~~Further transfer deeds lodged and returned due to deficiency in documentation can be relodged after the deadline of April 01, 2019.~~The above provision will not be applicable for demat of shares, transmission and transposition cases

SEBI-PRESS RELEASE SEBI signs a Memorandum of Understanding with the Insolvency and Bankruptcy Board of India -->> SEBIsigned a MOU with IBBI to co-operate with each other for effective implementation of Securities laws and


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Insolvency and Bankruptcy Code, includes SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 (Administrator Regulations).~~Thus MOU will focus on joint efforts to enhance the level of awareness among IPs about the importance and necessity of swift administration process , promoting entrepreneurship, availability of credit and balancing the interests of all stakeholders under the Code, etc.

SEBI-INFORMAL Informal Guidance in the matter of M/s Infosys Limited regarding SEBI (Buy-back of Securities)GUIDANCE Regulations, 2018 and SEBI (Share Based Employee Benefits) Regulations, 2014 -->> As per Buy Back

Regulations, A company shall not issue any shares or other specified securities including by way of bonus till the date of expiry of buyback period for the offer made under these regulations.~~However as per Companies Act, it cannot issue same kind of shares or other securities including allotment of new shares or other specified securities within a period of six months except by way of a bonus issue or in the discharge of subsisting obligations such as conversion of warrants, stock option schemes, sweat equity or conversion of preference shares or debentures into equity shares.~~Further Regulation 18(1) of SBEB Regulations provides that there shall be a minimum vesting period of one year in case of ESOS.~~Hence As long as the conversion of stock option does not take place during the buyback period. minimum vesting period of one year would be computed from the date of grant letters. Also Minimum vesting period of one year would be computed from the date of grant of ESOPs in case the equity shares were transferred by the Infosys Employee benefits trust to the employees pursuant to exercise of ESOPs

BSE Set-off of transaction charges across trading segments against Annual Membership Subscription fees. -->> Transaction charges to be allowed for set off of transaction charges cross all trading segments fully against the Annual Membership Subscription fees in order to optimize overall trading costs

BSE/NSE Notification of SEBI (Payment of Fees) (Amendment) Regulation, 2019 -->> Amendments to the SEBI (Stock Brokers and Sub brokers) Regulations, 1992 are as follows ~~•Under Schedule V, in Part B relating to CHARGE OF FEES, in clause 3 in sub clause (1) is as mentioned below 1.For Cash segment fees charges is Rs 10/Crore of turnover for Broker 2.For Equity/ Currency/ Commodities derivatives segment Rs 10/Crore of turnover for Broker and Rs 50k for CM and SCM. 3. For Interest rate derivatives segment Rs 5/crore of turnover for Broker and Rs 50k for CM and SCM. 4. For Agricultural commodity derivatives segment Re 1/Crore of turnover for Broker. 5. For Debt segment Rs 2/crore of turnover for Broker and Rs 50k for CM and SCM.~~ •Amendments to the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006 were as follows 1.under 4. (1) Regulatory fee charged on Annual turnover of More than 10,00,000 will be Rs 1crore or 0.000012 % off annual turnover in excess of !) Lakh Crores whereas earlier It was 0.00006% and further subject to maximum of Rs.20 Crores.~~ •Further Amendments to the SEBI ICDR Regulations, 2018 were as follows ~~•Under Schedule III, in clause 2 (i) in sub-clause (a) regarding revised Rate of fees for fresh filing are as follows 1.Rs 1 Lakh or Rs 50k if filed within one year after expiry of SEBI Observation letter in case of issue size less than or equal to 10crores. 2.0.1% of the issue size or 0.05 % of the issue size if filed within one year after expiry of SEBI Observation letter in case of issue size more than 10 crores but less than 5ooo crores . 3.Rs 5 Crores plus 0.025% of portion in excess of 5000 Crores or 2.5 crores plus 0.0125 % of portion in excess of 5000 Crores in case of issue size more than 5000 crores.~~ •Further under Schedule III, in clause 2 (i) in sub-clause (b) regarding revised Rate of fees for fresh filing are as follows 1.Rs 50k or Rs 25k if filed within one year after expiry of SEBI Observation letter in case of issue size less than or equal to 10crores. 2.0.5 % of the issue size or 0.025 % of the issue size if filed within one year after expiry of SEBI Observation letter in case of issue size more than 10 crores .

BSE/NSE Complaint of illegal deposit raising activities by Sagar Investments and related entities -->> TM are hereby advised to exercise extreme caution while dealing with by Sagar Investments and its related entities and details of them are mentioned in Circular as there have been complaint of illegal deposit raising from the public is being raised against them.~~Further EOW had filed an FIR against Sagar Investments & related persons under Maharashtra Protection of Interests of Depositors Act, 1999 and matter is under investigation by EOW with regard to illegal money mobilization.

BSE/NSE Collection of Broker Turnover Stamp duty by Agency on Transaction of Security & Commodity through Brokers for the State of UTTAR PRADESH -->> BOI Shareholding Ltd, has been authorized for collection of Broker Turnover Stamp duty on transaction of Securities & Commodities for the month of April, 2019 and thereafter w.e.f. 01-05-2019.

BSE Addition of new gateways in production and simulation environment -->> BSE to add new gateways in equity, equity derivatives, currency derivatives and commodities derivatives segment in to increase the gateways in production and simulation set-up of exchange for all IML and ETI based members.~~Further new gateways should be accessible without any change in member network in case existing member network has allowed route for the range 10.255.0.0 having subnet mask 255.255.0.0,~~Providing details regarding list of IP and ports of the additional gateways to be added in simulation and production set-up.

BSE UCC details in the Give-up/ Take-up module for Equity Cash Segment -->> Sett.No. 1920022 Facility of entering UCC Code for Give-up (6A) entries will be available in the RTRMS Module for Equity Cash Segment w.e.f. Tuesday, May 02, 2019 and thus members are required to provide UCC Code against the entries of Give-up positions in RTRMS module. ~~ Further members are required to Give-up entry manually or through file upload as per specified format (pipe separated same as at present) where UCC Code field had been added in the last field.


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BSE/NSE Role of Sub-Broker (SB) vis-a-vis Authorized Person (AP) -->> User ids of NEAT/CTCL terminals of Sub Brokers applied for migration/conversion until March 31, 2019 will be used for trading, whereas user ids of members associated with sub brokers who had not applied for migration/conversion until March 31, 2019 will be deactivated with immediate effect and ensure that the same is not used for trading purpose.

BSE Enhancements in Trading System APIs for Equity, Equity Derivatives and Commodity Derivatives segments – Revised Go live Date -->> Optional version release of ETI API ver.1.6.4 and IML API 7.14 & IML exe ver. 12.10 to be implemented in live environment for Equity, Equity Derivatives & Commodity Derivatives segments with effect from Monday, April 15, 2019 on the basis of feedback received from TM.

BSE Master Circular IT 2019 -->> Master Circular, which will supersede previous circulars / directions, in respect of IT covering majorly connectivity, redundancy, participant owned links and related charges, Application parameters over Leased lines, BOLTPLUS Configurations, peripheral applications and minimum recommended config for trading terminals.

BSE PAN-based Self-trade Prevention Check Mechanism - Enhancement -->> Based on member feedback, existing mechanism of self-trade prevention check is being enhanced for CDS w.e.f 1st April, 2019-for orders submitted through API-based (IML/ETI APIs) trading applications, member can specify at the time of order submission, whether to cancel active or passive order in case of a likely self-trade. ~~If an active order is likely to match with a passive order such that both orders belong to the same PAN thereby resulting in a likely self-trade, then either active or passive order shall be cancelled based on the active/passive specification provided in the incoming active order

BSE/NSE Revision in Market Lot of Derivative Contracts on Individual Stocks -FNO -->> Based on specified SEBI guidelines on periodic revision of lot sizes, Exchange has enclosed list where lot size will remain same, or revised from April 26, 2019 and revised with effect from April 26, 2019 only for July 2019 and subsequent expiries. May 2019 and June 2019 contracts shall continue to have the existing market lots. ~~Also Revised Downwards but new lot size is not a multiple of old lot size-April 26, 2019 (for July 2019 & later expiries) For the purpose of the computation, the average of the closing price of the underlying has been taken for one month period of March 1st March 29th 2019.

BSE Revision in Price Reasonability Check for Currency Option Contracts -->> This has reference to introduction of Price Reasonability Check (PRC) on currency option products with applicable Price Reasonability Ranges (PRR) & subsequent revision in PRC. Based on the feedback received from the market participants, it has been decided to further revise applicable in case of currency options shall be in absolute value and based on the order price slabs in which the PRR belongs as given in the circular and Exchange may revise applicable PRR depending on prevalent market conditions.

BSE Enhancements in Online Trade download (OTD) facility -->> On account of Uniform Membership structure and additional EOD Files in Eq segment, A new version of OTD application – ver. 1.8 to be made available for Equity, FNO, Currency and Commodity Derivatives segments for online trade file from Monday, April 01, 2019 as an OPTIONAL release.SLB segment can also use it. Circular also highlights the prerequisites and user manual and file f o r m a t s . N e w v e r s i o n t o b e a v a i l a b l e o n 2 9 - 0 3 - 2 0 1 9 o n t h e g i v e n l i n k -http://www.bseindia.com/boltpluslivesetup.aspx

BSE Validation for State, City and Pincode in UCC -->> Validation for Pin code- State shall be enabled during entry / upload of new UCC. Pincodes starting with first 2/3 digits shall be mapped with state and will; also apply while modifying UCC . The same will be effective from April 01, 2019. Further TM required to update the PINCODE & STATE according to the master provided in the UCC module in case of mismatch of the same with data provided in master

BSE FIRC submission for Non-Resident Indian (NRI) transactions -->> Foreign Inward Remittance Certificate (FIRC) is mandatory for transactions for NRI clients on BSE Star MF Platform Scanned copy of FIRC required on transaction date. Physical copy to be sent to RTA/AMC office subsequently

BSE/NSE Revised ratios for conversion of USDINR 1 million equivalent -->> The revised ratio for conversion of USD 1 million equivalent is EUR 0.88 million, GBP 0.77 million and JPY 110.13 million w.e.f April 29, 2019.~~Members to ensure that position across Exchanges is within prescribed limit of USD 100 million equivalent, If position is in excess, clients to provide disclosure of underlying exposure to TM.

BSE Uniform membership structure across segments -->> Providing conditions for the implementation of uniform membership structure in equity and equity derivatives segment.~~The membership structure (TM, SCM, PCM) applicable in the equity derivatives segment would also be implemented in the cash segment from April 1,2019.~~Further Networth requirement under Cash segment for TM/TCM/SCM is 25 Lakhs/3 Crores/ 1Crore respectively with no Net Liquid Collaterals .Existing Member and new members admitted after April 01, 2019 and not registered on other exchange to submit Networth certificate as per L.C. Gupta formula by September 30, 2019. Members registered from April 01, 2019 to September 30, 2019 as per the format prescribed by the respective exchanges .

BSE Single Sign On Portal For Members -->> With regards to IT security and regulatory requirement, Members to Complete their SSO registration and create their named sub-users and grant access to the applications that are


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required through the SSO front-end within stipulated time. Further direct links to the applications which are available through SSO, shall not be available post March 31, 2019.

BSE Trading in Real Estate Infrastructure Trusts (REITs) -->> Exchange to enable Trading in units of REITs pursuant to SEBI (REITs) Regulations, 2014 and subsequent guidelines issued thereto in the existing groups namely “IF” for normal/rolling settlement and “IT” for T2T settlement. Trading parameters are detailed in the circular

BSE/NSE Additional Exposure Margin on Securities under MWPL -->> Top 10 clients accounting for more than 20% of MWPL will be levied an additional exposure margin @15% in equity derivatives segment based on 3 months rolling data which will be reviewed on a monthly basis effective from March 29, 2019.~~However in case of securities to which ASM is applicable margin charged will be ASM or 15% whichever is higher.~~Further List of securities shortlisted is attached at Annexure 1.

BSE Collateral Management Charges. -->> On the basis of suggestion received from CM/Custodians ICCL would collect collateral management charges of Rs.2400/- for the entire year in April month of every financial year instead of earlier practice of monthly payment of Rs.200 and the same will also be applicable to the new CM/Custodians admitted/made active during the financial year.~~However the criteria/process pertaining to same day cash collateral withdrawal charges would remain unchanged.

BSE Operational Guidelines for Clearing and Settlement & Risk Management for BSE Equity Cash Segment under the Uniform Membership (TM-CM) structure in Equity Cash Segment -->> •Current Collateral framework of Equity Cash Segment will be applicable at Clearing Member (CM)/Custodian level. ~~• Providing details in Annexure pertaining to• Clearing & Settlement Process under the SEBI prescribed Uniform Membership (TMCM) structure in Equity Cash Segment regarding .1. Settlement Process with regards to Pay-in of Funds and Securities, Auto Delivery Out (DO) Facility for securities pay-in and Facility for direct pay-out to client’s (DPC) depository beneficiary Account. 2. Confirmation of trades entered by custodial participants 3. Early Pay-in of Funds & Securities~~• Risk Management- CM-TM Client Margin Structure regarding .1. Gross Open Position 2. Margin Flow 3. Mark to Market Losses 4. Risk Reduction Mode~~• Clearing & Settlement Process under the Uniform Membership (TM-CM) structure in OFS & Offer to Buy (OTB- Buy-back/Take-over/De-listing) Segments.

BSE Enhancements in Trading System APIs – Equity, Equity Derivatives, Currency Derivatives and Commodity Derivatives segments -->> Introduction of preference in order cancellation (active or passive order) in case of STPC (Self-trade Prevention Check) match.~~Order related messages will have new field STPC Flag (30651) to accept the preference from the members.~~The above changes are optional.~~Currency Derivatives segment - effective April 1, 2019 (Mock trading - March 30, 2019).~~Equity, Equity Derivatives & Commodity segments – effective April 15, 2019.(Mock trading on - April 13, 2019)

BSE/NSE KYC requirements for Foreign Portfolio Investors (FPIs) -->> As per SEBI circular, Category II and III type FPIs are advised to provide list of BO and applicable KYC Documents with in 6 month, further concerned custodian ensure that, such FPIs must compliance with SEBI circular, on account of noncompliance such FPIs cannot purchase fresh Securities, can only sell the purchased security.~~ Such FPIs allowed to disinvest its holdings within a period of 180 days from the expiry of the timeline, FPI registration will no longer be valid and disinvest its holdings immediately in case of noncompliance with given timeline.~~TM are advised to available the details of such FPIs on BSE Extranet FPI folder at the end of March 20,2019.

BSE Format of the Confirmation memo to be issued to the clients participating in Securities Lending & Borrowing (SLB) Scheme of Indian Clearing Corporation Ltd. (ICCL). -->> ICCL had finalised a revised format of the confirmation memo to be issued to clients for the trades executed in SLB Scheme and format for the same is attached as Annexure.~~Further in order to provide better understanding, TM are requested to take note of drop down options provided under the column “Txn Type” indicating the various types of transaction executed in the said scheme.

BSE Registration of AP in new / additional segment and cancellation of Sub Broker Registration -->> TM to submit applications through BEFS for migration of Sub Brokers (SB) affiliated with them to AP as per the checklist and simultaneously submit the original SEBI Sub Broker registration certificate along with the attached application letter on letter head of the TM in specified format~~SBs already registered as AP with existing TM in the derivative segments of the Exchange, can apply through BEFS for addition of segments by selecting the option of “AP segment change” along with the necessary documents. Further in order to ensure continuity of business TM to again submit the application for migration and additional segment registration of AP in advance

BSE Collateral towards the Securities Lending and Borrowing Scheme -->> Providing details of revised Haircut and Concentration Limit for Cash & Cash Equivalent and Non Cash for Eligible Collateral under Securities Lending and Borrowing Scheme w.e.f. Monday, April 01, 2019.

BSE Introduction of Scan-Mandate on BSE Star MF platform- Update -->> Revised structure of Mandate Details Report will be made live on March 15, 2019 after business hours, Hence MFIs/MFDs/RIAs to arrange necessary development and changes at their end.

NSE Clearing & Settlement for Real Estate Investment Trusts (REITs) -->> All CM will be eligible REITs settlementand margin framework of REITs to be applicable to other securities in CM Segment. Further OTR allocations for INST trades to be done in applicable market lot only. The settlement will on T+2 basis in rolling/T2T series as per CM settlement framework.


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NSE Introduction of trading on Interest Rate Options -->> As approval received from SEBI and RBI Interest Rate Options to be made available for trading in Currency Derivatives segment and members eligible to participate in interest rate futures would be eligible to participate in interest rate options in the Currency Derivatives segment.~~Further contract specifications is enclosed as Annexure.

NSE Discontinuation of Limited Physical Market -->> This has reference to SEBI notification on Transfer of securities held in physical mode In view same, Exchange shall discontinue trading in Limited Physical Market related series effective April 01, 2019

NSE Enablement - Uniform membership structure across segments -->> Members desirous of acting as TMCM w.e.f. April 01, 2019 should remit the applicable additional deposit via NEFT and to inform the Exchange by sending the filled as per annexure at [email protected] with subject line 'Deposit and Application for TMCM' latest by March 27, 2019 and thereafter request will not be considered .

NSE Introduction of One Time Password (OTP) based Two Factor Authentication (2FA)for Dissemination Board for Capital Markets (CMDB) and NSE- FII DEBT Limit bidding and allocation platform (NSE eBids) and for eIPO and Corporate Bond Reporting Platform (CBRICS) -->> Current questionnaire based 2FA authentication mechanism shall be replaced with an OTP based 2FA mechanism for login into CBRICS platform. An OTP will be send to the official email address and mobile number of the Participant updated on CBRICS.~~ Participants are advised to ensure register mobile number/email address of the user, do not share personal mobile no/email address and OTP, further Disable all not active users, Request shall be send to Exchange on the provided email id/Helpdesk number.~~ The above changes shall be implemented w.e.f. March 29, 2019.

NSE Transfer of companies from Calcutta Stock Exchange (CSE) to dissemination board of the Exchange.->> Guidelines issued by SEBI for ELC will be applicable for companies transferred from CSE to Dissemination Board of NSE by granting three months’ time from date of transfer to submit the plan of action to NSE in terms of SEBI Circular.~~Thereafter Once the company is transferred to dissemination board it will be delisted from CSE and will have the same listing status as applicable for other ELC.

NSE Trading in Real Estate Investment Trusts (REITs) -->> Exchange to enable Trading in units of REITs pursuant to SEBI (REITs) Regulations, 2014 and subsequent guidelines issued thereto in the existing groups namely “EQ” for normal/rolling settlement and “BE” for T2T settlement. Trading parameters are detailed in the circular

NSE Operation of terminals by the approved user/ person -->> Members to ensure all their approved users/person have valid certification and no trades are executed without a valid certification.~~Further to ensure that correct and updated information relating to trading terminal and certification is reported to Exchange and any non-compliance shall attract disciplinary actions including penalty as specified.

NSE Enhancement in Two Factor Authentication on Debt segment -->>To enhance the security measures, the 2FA authentication mechanism has been revised as per Annexure-1.

NSE Uniform membership structure across segments -->> To implement uniform membership across CM and F&O segment, revision in membership structure has been undertaken and accordingly, the deposit structure and networth requirements for CM segment enclosed in Annx 1.~~TMSCM/TM in Equity-FNO automatically become TMSCM in CM segment, but for members registered as TMCM (F&O) must fulfil deposit requirements to become TMCM (Capital market ) till 30th Sept, 2019, else can only trade as TMSCM.~~Members who don’t fall in TMSCM/TMCM in F&O/TM-Eq related criteria shall automatically become TMSCM in CM segment.~~Existing members in CM segment to meet with revised net worth requirement as per Dr. L. C. Gupta Committee stipulations by September 30, 2019,else can trade as TM thru TMCM/PCM or their business will be disabled.~~Existing PCM in F&O/custodian in CM segment are required to make an application for membership to become a PCM in Eq segment and abide by the necessary net worth, deposit and documentation requirements for membership.~~Members may change their CM type in Capital Market segment post April 01, 2019.

NSE Rules and Byelaws of Commodity Derivatives Segment -->> Rules and Bye- Laws applicable for Commodity Derivatives segment are attached as Annexure with the given circular.

NSE Disclosures by Credit Rating Agencies -->> CRA to submit disclosures as per Press Release regarding Rating Actions ,Review of Rating Criteria, Disclosure of Average Rating Transition Rates for long-term instruments, Disclosure of performance of CRAs on Stock Exchange and Depository website and Internal Audit of CRAs to the Exchange on [email protected] with the email subject “Disclosures by Credit Rating Agencies”.

NSE Introduction of bidding for REITs under e-IPO Module -->> Exchange developed a facility for bidding of units of REITs on its existing web based E-IPO Platform, TM/SCSB/DP and RTA registered on e-IPO platform, shall be eligible to participate in bidding of REITs.~~Further Exchange to conduct a Mock session on E-IPO platform on March 14, 2019 and March 15, 2019.Details of features of REITs on bidding platform is provided in circular.

NSE Introduction of One Time Password (OTP) based Two-Factor Authentication (2FA) mechanism forElectronic Book Mechanism (EBP) -->> Enhancement of security measures, current questionnaire based 2FA authentication mechanism shall be replaced with an OTP based 2FA mechanism for login into EBP portal where an OTP will be send to the official email address and mobile number of the Participant updated on EBP.~~In case, the participant with “ADMIN” User is not able to login into the portal, participant can send a request on email to Member Services Department to update the registered email address and mobile number.


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NSE Additional Margin in Equity Derivatives Segment -->> Full amount of loss in excess of Rs.25 crores shall be levied as Additional Margins in case of clients having net loss of Rs.25 crores and more w.e.f March 18, 2019.

NSE Revised / Additional file structure – Uniform Membership Structure -->> With regards to TM-CM structure in cash market, list of files applicable for TM and CM respectively along with the changes in file structure, wherever applicable enclosed as Annexure.~~Changes will be made effective from April 01, 2019.

NSE Collection of Option Value for In/Out of the money options in Cash -->> Amount of cash collected from CM will be added to collaterals and will be reflected in the heading Margin Amount Paid in the Collateral Break Up Report (CL01) of CM.~~Non-payment of cash by CM will be treated as margin shortfall and all actions including penalty as applicable for margin shortfall will be applicable.

CDSL Enhancement in display of “freeze status of BO account” -->> Release of enhancements in the display of freeze status against the securities lying in demat account of BO in the CDAS as well as in Easi-Easiest system is scheduled on Friday, April 05, 2019.

CDSL Revised Format For Report On Internal Audit And Concurrent Audit Of Risk Prone Areas Of Dp Operations For Half Year Ended 31st March, 2019 -->> Revised changes is given in Circular as follows. Changes in Annexure A namely.1. Due diligence with proper authentication, and retain the physical documents is added in Account Opening and KYC Documents section. 2. DIS contains information on "consideration" and Reason/purpose" in cases of off-market transactions and payment details if consideration amount is mentioned is added in “Processing of Delivery Instruction Slip (DIS)” section. 3. Criteria like DP has followed SEBI a guideline regarding appointment, rotation of Internal Auditors is added in “Certification from the Auditors” section.4. Designation/registration/PAN of the Auditor, Registration no of a firm is added in “Details of the Audit Firms to be provided (Mandatory requirement” section.5. Changes in Annexure B as follows.6. Designation/ pan / Registration of the Auditor and Registration No. of the Audit Firm , NDUs added in Concurrent audit Report of Risk Prone Areas.

CDSL Enhancement In Display Of “Freeze Status Of BO Account” -->>CDSL has made certain enhancements in the display of freeze status on request received from the DPs with the release of Safe keep Balance (i.e. Frozen Balance), the freeze balance of the BO will be displayed under the “Safe keep Balance” and new functionality after the release will be as follows.~~Status of Balance of securities will be displayed under “Safe keep Balance” in case of Full freeze and Freeze for Debit for BO Account , Whereas in case of ISIN Level Freeze Balance of securities for particular ISIN will be displayed under “Safe keep Balance” and “Free Balance” will be shown as “0”in both the cases. The same will also be displayed in reports like DPC9, DPM3, DPM4, DPG5 and Reports DPC7 and DP89 will not report anything relating to “Safe keep Balance”~~Further there will be no change in functionality at freeze for ISIN level for specific quantity, for Credit and Full freeze for Credit.

CDSL Due Diligence In Depository Operations -->> Listing of issues where Compliance / DP officers are advised to take proper care to strengthen the internal controls and take steps to avoid non-compliances with regards to Account Opening, Demat Related, DIS Related, PMLA Related and other areas. DPs to ensure appropriate system /manual controls in Internal audit, DP back office and PMLA /Surveillance aspects to cover the given controls. Other controls include NISM certification related requirements ,DP formats, easiest log in and IPV related

ANC Note: DPs to ensure appropriate controls in PMLA systems with regard to defined alerts and auto profiling of client risk and alert w.r.t non updation of income/NW in specified periodicity

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.

IS PURCHASING A PROPERTYSITUATED ON A COLLECTORLAND WORTH IT OR NOT?

By Neha Ahuja Advocate


FEATUREFEATURE

An interesting question is on collector’s land. The question that whether it is legal to ask for transfer charges by Collector Mumbai for issuing NOC of flats in Society standing on land belonging to Collector?

In Mumbai, such properties are found in the city centre (Nariman Point) as well as suburbs (Mira Road, Vasai, Virar, etc.). Several of the city’s government and privately developed high-profile housing societies are built on collector passing property.

Land is a State Subject. In a state, government-owned properties fall under the control of the revenue department, and the ownership of such property’s vests with the city collector. For developing housing projects on such land parcels, developers, state as well as private builders, must take the collector’s permission. It is only after obtaining his permission that a developer or property owners can start the process of attaining permissions from other municipal and development agencies to state the construction work.

In Mumbai Collector owns approximately about 3,000 housing societies built on collector’s land in Mumbai

while there are around 22,000 such societies across

the state of Maharashtra.

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).

Mumbai. There are over 2,200 such leasehold plots in Mumbai, whose lease time is less than 99 years. These are often premium properties in the city’s posh localities. However, a buyer must remember that the cost of buying and renting these properties will be higher when compared to similar properties as there are transfer charges involved. Apart from all the standard charges, buyers will have to bear the transfer cost.

The documentation process would also be lengthier since additional approvals must be taken to complete the transaction when compared to an average deal. Since there are no issues involving the legality of such properties, getting a home loan to buy collector properties is also not difficult if your paper work is complete. Despite of these, the loan to obtain for a collector property is easier.

Upcoming housing projects being built on the collector property fall under the ambit of the real estate law. In case of dispute, one could approach the state Real Estate Regulatory Authority. In a nut shell an investment in a collector land property is on one’s own choice but the factors to be taken into consideration before such purchase as mentioned above is a must for every buyer to look.

The Maharashtra Cabinet on March 5, 2019 took a decision to allow the Maharashtra cabinet has decided that the premium charged to convert collector land given for housing purpose to freehold land will be 15% of the Ready Reckoner Rate, as against 50% proposed earlier. For conversion of leasehold land given for residential use, the premium will be 25% of the RR rate as against the 37% and 50% planned initially, taking into consideration the lease period.

It was in September last year that the after the state approved the amendment made to the MLRC under which land for such purposes attracted a premium of 50 per cent in


By Ramesh L. SoniManagement Consultant andAdvisor on Labour Laws

FREQUENTLY ASKED QUESTIONS ONTHE MATERNITY BENEFIT ACT, 1961

Payment of Maternity Benefit: Are we supposed to pay Maternity Benefit like monthly salary or only after submission of the cert i f icate confirming the date of delivery?Answer : Sir about payment we are required to refer the Section 6(5). The amount of benefits for the period preceding the date of her expected delivery shall be paid in advance and for the subsequent period shall be paid within 48 hours of production of such proof as may be prescribed.

FEATUREFEATURE

Company as a whole not a

branch.- Every establishment having fifty or

more employees shall have the

facility of créche within such

distance as may be prescribed,

either separately or along with

common facilities

Answer : Company as a whole not a branch.- Every establishment having fifty or more employees shall have the facility of créche within such distance as may be prescribed, either separately or along with common facilities

Resignation after claiming Maternity Benefit: What are the rights of the employer in the event that a staff member does not resume work after the completion of 26 weeks of Maternity Leave and the option to work from home is not applicable?Answer : There is no restriction about resignation immediately after enjoying the benefits. Resignation after realizing that she is not eligible to claim Maternity Benefit: Will the employer be held responsible for the independent decision of a woman to resign if she is pregnant but not eligible to claim maternity benefit?Answer : In case of resignation employer is not responsible.

Eligibility for Maternity Benefit: For a woman to be eligible to claim Maternity Benefit does the date of delivery have to be minimum 12 months after the date of joining? i.e. Is she required to have a minimum of 80 working days in 12 months of service. Or is she required to have minimum 80days of service?Answer : Minimum 80 days she has to work during preceding 12 months for claiming the benefits.

Miscarriage: On submission of proof of a natural miscarriage, is the staff member entitled to 42 days of paid Maternity Leave?Answer : We are required to refer the provision of Section 6, 9 & 10 of the Act- As per section 6 women are entitled for benefits of 26 weeks of which not more than 8 weeks shall precedes the date of her expected delivery.

Section 9 : in case of miscarriage on production of such proof, be entitled to leave with wages for a period of 6 weeks immediately following the day of her miscarriage.

Section 10: Women will be entitled to the benefits in addition to the period of absence allowed U/s. 6 or as the case may be U/s. 9, to leave with wages at the rate of maternity benefit for a maximum period of one month.

Proof to be Submitted: Is a dr.’s certificate confirming the pregnancy and expected date of delivery sufficient? Is there any other form to be submitted?Answer : Sir we are required to refer the Rule 5 where Form No. 2, 3, and 4 are required forms and proof required for the same.

Work From Home: Will it be made applicable only from July 1, 2017?Answer : Effective from the date of notification.

Crèche Facility: Will be made applicable only from July 1, 2017? Does the crèche facility apply to the 50 employees in each branch or company as a whole?

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.

As per the Principal Rules, temporarily in-capacitated,

travelling and off site employees of all Special

Economic Zone units undertaking sub-contracting

for export on behalf of a Domestic Tariff Area exporter were permitted to work from

home or from a place outside the Special Economic Zone.

This is our fourteenth releasein the series of

awareness articles on IFSC


FEATUREFEATURE

MINISTRY OF COMMERCE ANDINDUSTRY AMENDS SPECIALECONOMIC ZONES RULES, 2006

By Niraj Kumar HarodiaDirector, JPNR Corporate Consultants Private Limited

1.0 Synopsis of the previous releaseIn our last two releases, we had discussed the International Financial Services Centres Authority Bill, 2019 which was approved by the Union Cabinet for setting up of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in the country. We had outlined the features, functions and powers of the Authority which could control all financial services in International Financial Services Centres (IFSCs) in India.

2.0 Coverage in the current releaseIn the current release, we shall discuss the recent amendments made by the Ministry of Commerce and Industry (“Ministry”) in the Special Economic Zones Rules, 2006 (“Principal Rules”). The amended rules may be called the Special Economic Zones (2nd Amendment) Rules, 2019 (“Amendment Rules”), which is effective 7th March, 2019.

3.0 Key highlights of the Amendment Rules:

4.0 3.1 Establishment of Special Economic Zone (SEZ):The proposal for establishment of SEZ, in specific cases, shall be subject to recommendations of National Security Clearance.

3.2 Establishment and operations of SEZ Units:• The proposal for establishment of SEZ unit to meet the

prescribed value addition apart from Net Foreign Exchange Earning (NFE) criteria in specific cases.

• The delay in filing application for renewal of Letter of Approval (LoA) after the expiry of the two month period will be examined on merits and circumstances of the case, and the request for renewal of LoA will now be dealt by the Development Commissioner instead of the Approval Committee.

• The criteria for renewal of LoA is amended, namely-(i) Export performance of the Unit in the last block i.e. five

years from the date of commencement of production or service activity.

(ii) Employment generated.(iii) Instance of violation of applicable statutes related to the

functioning of the Unit.(iv) Cases of default, if any, of statutory payments.

3.3 Relating to employees in SEZ:The provisions of the amended Rules will apply to employees of Information Technology and Information Technology enabled Services Special Economic Zone units and Information Technology and Information Technology enabled Services units registered as Other Service Provider with Department of Telecommunications, who are temporarily in-capacitated, travelling and offsite employees of Special Economic Zones were permitted to work from home or from a place outside the Special Economic Zone.

However, the provision is applicable subject to the fulfilment of the following conditions:(a) A regular employee of the Special Economic Zone unit,

who has been issued identity card will be authorised by the Special Economic Zone unit to undertake the work pertaining to that unit.

(b) The work to be performed by the employee permitted to work from home will be as per the services approved for the Special Economic Zone unit, and the work is related to a project of the Special Economic Zone unit.

(v) Undertaking of any activity not sanctioned or approved by the Development Commissioner.

(vi) The decision of the Development Commissioner or Approval Committee in this regard shall be final and binding on the Unit except in cases where the Unit prefers an appeal before the Board of Approval, in accordance with rule 55.

For more information & queries, please contact JPNR Corporate Consultants Private Limited 10, Bow Street, Near Central Metro, Kolkata - 700012.

Email ID: [email protected] / [email protected] Mobile No: +91 8017467202 / 9903271562

Niraj Kumar Harodia (FCA, ACS, B. Com)

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 Center [Gujarat International Finance Tec-City (GIFT)]. During his association with Deloitte earlier, he has gained expertise in Banking and Real Estate Industries.

He is proficient in Direct and Indirect Taxation and he has been rendering advisory services in GST Impact Assessment in various industries namely Hotel, Construction, Real Estate, Coal, Agro Chemicals etc.

He is also a visiting faculty of GMCS, ICAI and is also the Chairman of Editorial Board of Direct Taxes Professional Association.


FEATUREFEATURE

• NFE computation requirement is not to consider supply of goods to Domestic Tariff Area against payment in foreign exchange from the Exchange Earners Foreign Currency account of the Domestic Tariff Area buyer or Free Foreign Exchange received from overseas. This point has been excluded from the calculation of the value of export.

3.5 Miscellaneous:The revised format for Annual Performance Report (called as Form-I) for units has been prescribed.

5.0 ConclusionThe proposed amendments in SEZ Rules, 2006 is to attain the objectives of trade facilitation, ease of doing business and regular compliances to smoothen the process of achieving goals of the units. Further, in addition of above, this amendments have also brought employment opportunities for temporarily in-capacitated persons subject to fulfilment of certain conditions as already mentioned above.

(c) For the purpose of work from home, Special Economic Zone unit must provide laptop or desktop and secured connectivity (for e.g. Virtual Private network, Virtual Desktop Infrastructure) to establish a connection between the employee and work related to the project of the Special Economic Zone unit.

(d) The Special Economic Zone unit must ensure export revenue of the resultant products or services to be accounted for by the Special Economic Zone unit to which the employee is tagged and at no given point shall work from home involve the export of services from outside the Special Economic Zone unit.

(e) Once the employee ceases to be part of the project of such Special Economic Zone unit, the employee must be untagged from the respective Special Economic Zone unit and the unit shall surrender the I-Card to Specified Officer.

As per the Principal Rules, temporarily in-capacitated, travelling and off site employees of all Special Economic Zone units undertaking sub-contracting for export on behalf of a Domestic Tariff Area exporter were permitted to work from home or from a place outside the Special Economic Zone.

3.4 Computation of Net Foreign Exchange (NFE):• In the recent amendment, the value of exports will exclude

any supply of capital goods which includes those in unassembled or disassembled condition as well as plants, accessories, dies, tools and such other goods which are used for installation purposes till the stage of production for the computation of NFE.

• The supplies of services in Domestic Tariff Area against foreign exchange or Indian Rupees (considered as paid in foreign exchange by Reserve Bank of India) to be counted towards NFE.

• NFE computation requirement to consider only the value of exports and supplies of goods manufactured in SEZ and not the traded goods removed.

SEMINARS & EVENTS CONDUCSEMINARS & EVENTS CONDUCTED BY BBF FOR THE PROGRESS OF


All India Seminar on Surveillance Measures including GSM/ASM (With BSE Ltd.)

BBF Members Meet - Delhi 2019 (16th March)

Kolkata,5th April

Delhi,14th March

Ahmedabad,20th March

Naresh Rana (BBF -Governing Board Member

{Delhi}) welcomingthe gathering

Uttam Bagri(addressing

the gathering)Renowned Hasya Kavi

team entertaining the gathering

35 FORUM VIEWS - MAY 2019FORUM VIEWS - MAY 2019

TED BY BBF FOR THE PROGRESS OFSTAKEHOLDERS OF CAPITAL MARKETS (MARCH - APRIL 2019)

INDIAN MARKETS - THE WAY FORWARD (16th April)

CHIEF GUESTArvind Sawant (Member of Parliament, Shiv Sena Deputy Leader & Spokesperson)

Milind Deora (Mumbai Congress President, Former Member of Parliament, FormerMinister of State for IT, Telecom & Shipping)

MODERATED BY Govindraj Ethiraj (Financial Journalist & Founder BOOMLive.in and IndiaSpend.org)

Ashishkumar Chauhan (presenting mementos to dignitaries)

Uttam Bagri (presenting mementos to dignitaries)

Kamlesh Shroff (presenting mementos to dignitaries)

Alok Churiwala (Former Vice-Chairman - BBFaddressing the gathering)

WELLNESS Q&WELLNESS Q&ABY NAMITA JAIN

PILATES

By Dr. Namita JainManaging Director, Kishco Limited


Q: I have been asked to do Pilates exercises to improve abdominal and back strength. What is Pilates? What are the benefits of this exercise form? PILATES is a unique exercise system that gives lasting results: a leaner, sculpted body, increased abdominal and lower back strength and improved posture.

Joseph Pilates, a German, who devoted his life to the study of physical education, founded this system of exercising.

Why Pilates?Pilates training focuses around strengthening the “core”. The core is defined as the wide band of mid-section from the navel to the lower back, extending from the lower ribs to the pelvis. Each and every exercise in Pilates focuses on strengthening the core. You will be surprised how challenging it is to perform all exercises using these muscles.

The Pilates method of body conditioning is not a tedious technique that leaves you over-trained. In fact, the training method is quite the opposite of most other physical forms of exercise. It allows the movements to stretch your body as you s i m u l t a n e o u s l y w o r k o n t h e strengthening aspect. By doing this you create a habit of relaxed effort.

BenefitsThe benefits are a fitter body, better posture and balance, increased abdominal and back strength and a relaxed mind.

Pilates FAQS

Do you need to workout on machines to get results?No. You could do a Pilates mat routine to get amazing results. You do not have to use spring-driven machines to achieve your goals.

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].

Do you need to be fit to start Pilates?No. Pilates offers different levels of intensity and challenge. You can start at a basic level and progress according to your ability and fitness goals.

How is Pilates different from yoga?The emphasis in pilates is body alignment, precision of movement and use of core muscles. Moving to the next level of challenge is encouraged only if the body is able to maintain quality of movement. Whereas in yoga, the goal is to get into the pose and hold the pose. Also, the breathing technique used in pilates differs from that of yoga.

Is pilates the only exercise required to lose weight?Pilates is not an aerobic activity, so you need to include some form of aerobic activity to burn calories. Choose something that you would enjoy, such as walking, running, swimming, tennis or cycling.

How often should you do pilates?A pilates session twice or thrice a week will give you great benefits. Aim to do a pilates session every other day for the muscles to recuperate.

How long will it take to see results?Results are relative to individual fitness levels. On an average it would take10 to 12 sessions to feel a difference.

Pilates is a unique exercise system that gives lasting results: a leaner, sculpted body, increased

abdominal and lower back strength and improved posture.

The Pilates PrinciplesThe Pilates philosophy is based on six main principles:

1. Breath: Correct breathing oxygenates the blood and increases circulation. Inhale, through the nose and exhale through the mouth.

2. Concentration: There are no mindless or careless moments in pilates. Rather than allowing your thoughts to wander, focus your mind on the task at hand.

3. Control: Pilates requires mind-body control. Every motion should be planned for. This method reduces the risk of injury in the body.

4. Centering: Pilates is often described as “movement flowing out from a strong core”. This is the foundation of all movements.

5. Precision: Precision elevates the benefits of each exercise from superficial to intense. It is not the structure of the exercise but the precision with which you perform them that determines your results.

6. Flow: Movement is by nature continuous. In pilates, it is important to concentrate on flow during each individual exercise.


SCULPT YOUR FUTURE

By 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.

obody can predict your future. Only you can create it - with your Nthoughts. One thought can change

the pattern of your life. Sometimes society, nation, the whole world can transform with just a thought.

Thoughts are like bacteria. They multiply fast and change the fabric of your life. A thought pops up in your mind. If you identify with it and invest in it, you get caught up with it and it imprisons you. Thereafter you cannot think any other way, however bizarre and unreasonable the thought may be.

Shakespeare’s Othello had no doubt that he was right and strangled his wife Desdemona to death! Macbeth thought there was no other way of becoming King than by killing King Duncan. Similarly we are all locked on to a particular way of life, not realising there are better alternatives.

The law is - As You Think So You Become. Your thoughts are the blueprint which pan out as your personality and circumstance. A happy mind creates a happy world; an ill-tempered person has an angry world. A small mind is focussed on petty, insignificant things. A mature mind sees beauty and grandeur in the universe. If your environment is not conducive, you cannot go out into the world to change it. Change your thoughts. Miraculously, the situation begins to change.

You cannot achieve greatness with a small mind. You have to first think big, beyond yourself. But you have desires to fulfil, money to earn, family to look after and you get bogged down with just this. To achieve excellence you do not need more degrees, better skills or enhanced connections. All you need is better thoughts! This is easier said than done. You need guidance to bring about this change.

India is blessed with a galaxy of great thinkers who left a rich legacy of wisdom that transforms ordinary mortals to extraordinary immortals. One such e n l i g h t e n e d M a s t e r w a s A d i Shankaracharya who lived in the 8th century AD. His writings fall in three

Nobody can predict your future. Only you can create it - with your thoughts. One thought can change the pattern of your

life. Sometimes society, nation, the

whole world can transform with just a

thought.

Jaya Row will speak inNew Jersey from 3 to 7 May.

For lecture itinerary visitwww.vedantavision.org | All are welcome

categories - commentaries on Upanishads, Bhagavad Gita and other texts, original compositions which serve as introduction to the Bhagavad Gita, and devotional pieces. The BhajaGovindam is an introductory text. It focuses on the twin motivations that drive all humans - acquisition of wealth and enjoyment of the objects acquired. It presents the world from a different perspective.

no demands. Your love will be returned in ample measure and you will have amazingly satisfying relationships.

Life is as uncertain as a drop of water on a lotus leaf. Even during your life you are consumed by disease, sorrow and arrogance. Upgrade your feelings and thoughts. Keep the company of good people, loving and uplifting thoughts.

As the mind expands to accommodate the higher, you get disengaged from the lower. You grow into a towering personality, independent of the world. Ultimately, you take that giant leap into the realm of the Infinite!

B h a j a G o v i n d a m d i s p e l s t h e misunderstanding that spiritual life entails shunning of wealth, family and goodliving. Do not renounce wealth. Give up the greed that comes in the way of acquiring wealth. Be content with what you have. With a calm mind the intellect can aspire for more. Fix a higher ideal. Work dedicatedly for the welfare of others. Prosperity and happiness will come to you!

The whole world is in a frenzied chase after enjoyment. The more you indulge the less you enjoy. The way out is regulated contact with sense objects. So that the thrill of the first contact continues till the last day of life!

You have conflict with the people you love most because of attachment. Attachment is love polluted by selfishness. Attachment springs from insecurity and lack of self sufficiency. The law is - Attach you suffer. Attach you lose. The way out is ‘detachment’ or true love. Love people for what they are. Have no expectations, make

The aim of Access is to create a world of consciousness and

oneness, where everything exists and nothing is judged. It can be

the starting point of a great adventure and it can be

something you add to your life that will assist you in creating a greater ease with everything.


ello Readers! My name is Nipam Unadkat and I would like to share with you my journey as a Beauty therapist Hwho also facilitates healing. I specialise in treatments

for acne, pigmentation and anti-ageing but what is closest to my heart is the Access Consciousness Bars a healing modality which I practice myself and also teach and which has created the quickest and most miraculous shifts in my own life and helped me do the same for others. Combining facials with healing is my core potency and what fulfils me the most.

What is Access Consciousness? It’s a kind of magic...Access Consciousness is the most phenomenal thing that has happened in my life. Even after 4 years of following this awesome way of life, it amazes me how by merely touching 32 points on the head and asking the energy associated with them to run, years of limitations, negative thinking and even depression can be completely cured; sometimes; within just one session. And when you are happy from within, how can it not show on your skin?

HEALING TEHEALING TEMPLE

everything you desire in a different and easier way. The aim of Access is to create a world of consciousness and oneness, where everything exists and nothing is judged. It can be the starting point of a great adventure and it can be something you add to your life that will assist you in creating a greater ease with everything.

The tools of access consciousness and the bars helped me create more ease, joy and glory in every aspect of my life. I experienced greater relationships, better health, more money, more joy and such great moments and experiences that I could never imagine possible.

How is the access energetic facelift different from the normal one?Imagine... being able to look younger and have your body feel better without surgery, injections, creams or pills. Welcome to the Access Facelift™.️ The Access Facelift™ ️ is a wonderful way to rejuvenate and reverse the appearance of aging on the face and creates similar effects throughout the body. Working with the energy that you and your body have access to through gentle soothing touch to your face and neck, the Access Facelift™ ️ works with your body’s cells to restore, enliven and rejuvenate.

Access Consciousness is a different point of view about life. It allows you to change anything you cannot change and create

It started with a passion for skin and haircare.My journey started 30 years ago, before I got married. My passion for makeup, skin and hair led me to join the Tokyo Beauty Salon for hair and makeup at Breach Candy which was the number one salon in South Mumbai in the 80s run by Kiyoko, a Japanese lady. As fate would have it, she recognised my natural talent in the field and I got the opportunity to participate in the World Hair and Beauty show in Tokyo, Japan and I won the gold medal at the very start of my career. Soon

WHEN YOU ARE HAPPY FROMWITHIN, IT WILL SHOW ONYOUR SKIN!!!Priti K ShroffFounder and Managing DirectorPRISIM - The Healing Temple

By Nipam UnadkatAccess Bars Facilitator


HEALING TEMPLEHEALING TEMPLE

Would you like to be a part of this magical world?Today, I have facilitated 100s of people towards a greater possibility not just with their outward appearance but also with their innermost beauty, changing their life, living and reality with greater possibility and more choice. I invite you to join this magical journey with me in a one-day class or a 60-minute life altering session which is the start of a different, greater possibility and the end of limitation. Are you willing to take the plunge from problems to possibility? If yes, connect with me at Prisim Healing Institute.

And then the homemaker in me took overMy life took a turn after my marriage and the birth of my son brought out the nurturing woman in me with my home and family as my first priority. During this period, I pursued my second love which is music in the genre of ghazals and bhajans under the guidance of my guru, the very gifted UstaadSiraj Khan. I performed solo programs at Prempuri Ashram, Mumbai for many years.

Once my son joined medical college, I rekindled my passion by becoming a certified CIDESCO graduate following which I worked with Dr. Dinyar Boxwala who is a magician with all things related to skin; post which I started my independent practice at PRISIM HEALING centre. where my friend PRITI SHROFF welcomed me with open arms and since then PRISIM is home to me.

How does healing and beauty go hand-in-hand? Less stress, less wrinkles... Simple...My experience with my clients was that most skin disorders are a result of deep-rooted psychosomatic issues and are not just skin deep. I started looking for a more holistic approach which would take care of the problems from the root rather than just giving a topical solution. What ensued is an array of modalities including popular ones like Heal your Life, NLP and many others from the best of teachers in the industry. However, there was always something missing. Being the pursuer I am of my dreams and making them a reality, I stumbled upon this magic called Access Consciousness and I was finally home. The Access Bars and the very magical Access Energetic facelift was the answer I was seeking all along. Add to it the extremely potent body processes! I can’t thank the universe and Gary Douglas, the founder of Access Consciousness enough.

Creating miracles in peoples’ lives with Access ConsciousnessWithin the first few sessions that followed, I witnessed miracles in peoples’ lives way beyond what I could imagine. Years of chronic backache being cured in a few sessions,

severe stomach bloating healed within one session itself, PTSD caused by child abuse and years of trauma caused by it vanished with the bars (the client is now an Access Consciousness Bars Facilitator herself), movement in the leg where there was absolutely no movement (following a spine surgery) after just a few body processes and so many more. Clients started calling in day after day with magical stories of how the tools and processes of Access Consciousness changed their finances, their relationships, their health, their bodies, their wellbeing and their life in totality.

enough, I started heading the apparel team at my father’s showroom at the Oberoi hotel and combined garments and beauty and worked with celebrity clients and many famous actresses of that era.

Nipam Unadkat Access Bars FacilitatorCertifications:

• Hair & Makeup• Counselling• Heal your Life• NLP• CIDESCO

•• Access Facelift• Access Body Processes• Star Magic Healing• Star Magic Upgrade

Access Bars

Prisim Healing Institute is an alternative health center that believes in healing one individual at a time.

We have various complementary therapies that help an individual to reach to their optimal health.

• 10 Day Detox Programme• Brahma Satya Energy Healing• Aura Scan & Analysis• Aura Cleanse & Chakra

Alignment• Crystal Healing Workshops &

Crystal Grid• Yoga & Zumba• Sujok & Acupuncture• Sound Therapy• Art Therapy & Zentangle• Emotional Catharsis

• Fairy / Angel Card Reading• Healing Meditations - Chakra

Meditation, Naadabrahma etc.• Numerology• Hypnotherapy / Past Life

Regression• Clearing of Spaces• Reconnective Healing & The

Reconnection• Heartlight Ascension• Raw & Vegan Foods by Prana

Kitchen

When you talk about losing

weight, what you usually mean is

slimming down. But slimming down doesn't always

mean losing weight. It may sound odd, but it's possible to get thinner without actually seeing a change in your weight. This

happens when you lose body fat while

gaining muscle. Your weight may

stay the same, even as you lose inches, a sign that you're moving in the right

direction.

LOSING INCHES BUTNOT WEIGHT?

By Parth AdhyaruFitness Fundamentalist & Wellness Consultant


FITNESS CLINICFITNESS CLINIC

"In spite of losing inches, why ain't I losing weight?"“In spite of losing inches, why ain't I losing weight?"; asked Shreya in response to the article last week. "I jog for 45 mins thrice a week & perform weight-training at a gym for an hour thrice a week. I lost few pounds in the beginning after which my weight-loss stopped. I have been losing inches from my waist, hips & thighs gradually but my weight has become stagnant. What could be the reason? How to deal with this situation? I need to reduce at least 10 pounds for reaching my ideal bodyweight."

Almost every other person seeking help to lose weight faces such a situation at least once while on the journey to weight-loss; let me correct the word for the 100th time - "Fat-loss" instead of "weight-loss". Since no one wants to lose (or should be losing) precious lean muscle mass (LMM) or Skeletal Muscles (SM).

Focus on Fat Loss, Not Weight LossWhen you talk about losing weight, what you usually mean is slimming down. But slimming down doesn't always mean losing weight. It may sound odd, but it's possible to get thinner without actually seeing a change in your weight. This happens when you lose body fat while gaining muscle. Your weight may stay the same, even as you lose inches, a sign that you're moving in the right direction. But, if the scale doesn't change, you may not even be aware that you're getting real results. However, it is not that easy to gain muscle mass at a pace at which our body may be able to get rid of (burn-off) the fats!

foods in some or the other quantities. These foods contain chemically altered salts, sugars and other chemicals (like preservatives etc.) which tend to hold back or retain a lot more water inside our bodies than our bodies are actually meant to. Consumption of refined salt & sugar in addition to other chemically modi f ied agents that are an unavoidable part of packed foods increases body's water-retention capacity stretching it up to 70-75%! Water is heavier than bodyfats, muscle-cells and even the bones. There is an undeniable possibility that unless extra water isn't drained out of the body, in spite of losing fats (hence inches) one may not be able to lose weight substantially!

Get a BCA test doneConsult your healthcare professional, dietitian, nutritionist or ask your gym-instructor to get your BCA (body-composition analysis) test done. Knowing your body composition is crucial information if you really want to measure the 'fat-loss' results; unfortunately, the scale doesn't tell you that. Another reason scale weight isn't so reliable is that it changes all the time. All of us experience weight changes throughout the day, varying by as much as 5-6 pounds during a 24-hour period depending up on what & how much we eat & drink. While the scale isn't completely useless, it may not be the best tool for people just starting a fat loss program. If it doesn't help you stay on track & reach your goals, maybe it's time to forget asking your scale & get your BCA done.

Muscle vs. FatThe key here is to understand the difference in lean muscle & fat. The

The Truth About Your WeightWhat does your weight say about you? If you think about it, that number doesn't tell you a whole lot. The scale shows your weight, but does it tell you how much of that weight is muscle & how much is bodyfat? Or how much of that weight is water, bones or organs? Ideally, on an average a male body holds about 65% water while a female holds about 60%. In today's time, all of us consume packed or commercial


FITNESS CLINICFITNESS CLINIC

Parth Adhyaru is a fitness fundamentalist & wellness consultant. He is an M.D. in Alternative Medicine & relies on herbs & phyto-compounds extensively for weight loss, control & prevention of lifestyle induced diseases & conditions. He is an active participant in the ESPEN (European Society of Clinical Nutrition) & a former newspaper columnist featuring ‘Fitness Fundas’.

common phrase that I frequently come across, “muscle weighs more than fat, ” is wrong. A pound is a pound, no matter what you measure. The science is that the muscles are denser than fats hence fats take up 'more space' in the body & has a lumpy appearance. Muscle, on the other hand, is dense, lean & smooth. A simple rule is that 'If it wiggles & jiggles - it is fat'. A person weighing 150 pounds, with 14% body fat will obviously appear leaner than a person who weighs 120 pounds with 35% body fat.

What & Whom to believe?Now that you understand the different characteristics of fat and muscle, you are probably likely to reconsider your weight loss goals. Losing inches doesn't seem bad at all. If and when bodyfat is burned out while even a little muscles are built, your body may stay the exact same weight & lose inches; this is what everyone should be

wishing for! However, you are on to replacing lumpy, jiggly, unhealthy bodyfats with lean, solid muscle; an equal amount of muscle will take up approximately half (or even lesser) space as compared to the same amount of bodyfat. Believe your clothes; only they will tell you the truth first. Second to believe is your mirror; it never lies. Third is to believe what your BCA indicates. Fourth - your friends & relatives; they will not be able to resist any comments, may it be positive or negative. Fifth & the last whom you should be listening to is your weighing scale!

However, ideal bodyweight guidelines should not be neglected even if you are getting in to your ideal body shape. For a normal person (non-athlete), it is almost impossible to build a high amount of muscle as much as to keep the bodyweight up by 10 pounds; especially, females can not build

muscles of that kind without chemically tampering the body. In Shreya's case, there seems a little long way to go. Unless the training is not t uned fo r op t ima l metabo l i c acceleration in combination to a wholesome, natural & calorie-restricted diet it may not be possible to lose weight further. If you think your training part is near to perfect, there seems a large scope in improving your diet & nutrition plan.

Wishing you Happy Health.Send in your fitness queries at [email protected]

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HD VIDEO STREAMINGIS A SMART WAY OFDOING ONLINE MARKETINGFOR BUSINESSES

#ADVERTORIAL

By Siddharth BeraManaging DirectorEpitome Corporation Pvt. Ltd.

Contact us: [email protected]

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

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

echnology has brought about a transformation in the world that Twe are living in today! Science

has changed the face of technology to just heights that today no human is able to lead a happy life without it. Rapid technological advancement has become the game changer in the 21st century. One of the greatest evolvement that technology has brought about is the Internet. Yes, these days it is virtually impossible for people to lead a fast but smooth life without the help of the Internet. To find out, valuable information people are depending more on the Internet rather than on books.

Young entrepreneurs are launching their business online for conducting a more successful entrepreneurship business. They are being able to global within a fraction of seconds. Businesses are being able to generate a wider customer base with the help of the Internet. They are being able to target potential customers not only within the national territory but also across international borders.

One of the greatest factors that are being included in the online marketing strategy of most of the online businesses is HD video streaming.

Yes, this is one of the most effective ways to gather the attention of your potential customers. Showing videos is a great way to pass on your marketing message to your targeted audience or customers. Visual effects are easier to retain by human minds than normal textual messages.

Businesses are being able to

generate a wider customer base with

the help of the Internet. They are

being able to target potential customers not only within the

national territory but also across

international borders.

Most of the marketing gurus are aware of this fact. This is the reason more and more companies are making use of videos for launching a successful marketing campaign. There are a lot of benefits that one can get from HD video streaming. So, what are those benefits? Well, here is a quick glance at them.

HD video streaming can help businesses pass on their marketing message globally within minutes. You can target a wider global customer base with the help of video streaming. The investment for applying this technique is also very less and you can get quick, effective results with the help of this method of marketing.

One can watch videos not only on their personal computers but also on other dev ices l i ke tab lo ids , smarphones and iPhones. These days, most of the people are in the habit of using smartphones as it has a lot of inbuilt features. Surfing the Internet is one of the common features that all smarphones provide. Thus, streaming online videos related to your business can definitely build a strong customer base for your organization.

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