#Sethurathnam Ravi Bse

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Succession Planning in Family Businesses: Insights from Sethurathnam Ravi

Succession planning in family-run businesses in India has become a crucial topic of discussion, especially given the deep-rooted involvement of families and promoters in corporate leadership. Sethurathnam Ravi, former Chairman of the Bombay Stock Exchange (BSE), widely known as S. Ravi BSE, has emphasized the need for a clear and well-defined succession plan to avoid common family disputes that often plague Indian corporations. According to Sethurathnam Ravi, the lack of clarity in business transitions is one of the primary reasons family businesses fail or face disruptions.

Why Succession Planning is Critical: Insights from Sethurathnam Ravi BSE

S. Ravi BSE has pointed out that family businesses face unique challenges in leadership transitions, especially since most are centered around a single promoter or a close-knit family group. Without a clear succession plan, businesses are often disrupted or destroyed. Sethurathnam Ravi highlights that smooth transitions are vital for maintaining business continuity and prosperity. A structured approach is essential, considering factors such as family structure, skill sets of potential successors, the aspirations of family members, and the need for clear boundaries on ceding control.

The Key to Smooth Transitions in Family Businesses, According to Sethurathnam Ravi

Sethurathnam Ravi stresses the importance of early identification and grooming of successors. Potential successors should be chosen based on their skill sets and aspirations, with an emphasis on domain knowledge and administrative capabilities. He also notes that family size and the number of aspirants within the family play a significant role in determining the future leadership of the business.

To facilitate this process, Ravi recommends establishing family charters and councils. These governing bodies help create a written succession plan that covers not only business matters but also the distribution of family wealth, estate management, and overall family governance. In the case of listed companies, Ravi highlights the importance of adhering to SEBI guidelines, ensuring that corporate governance remains a priority throughout the transition.

Mitigating Conflicts in Family Businesses: S Ravi’s Recommendations

Conflicts within family businesses are inevitable, but according to S. Ravi BSE, they can be managed and mitigated through strong family charters and mediation mechanisms. Ravi emphasizes that conflict management is essential to prevent disputes from derailing the business. Families should implement mechanisms for mid-course corrections, reviewing family arrangements and business performance regularly.

In some cases, professional management may be necessary as an interim solution if successors are not yet ready to take control. According to Sethurathnam Ravi, family businesses can bring in professional managers without losing ownership control, which has been successfully done by several large Indian companies.

Essential Factors in Succession Planning: Lessons from Sethurathnam Ravi BSE

Tax planning, gifting, asset transfers, dealing with creditors, and governance structures are critical elements that must be factored into any succession plan. Sethurathnam Ravi explains that a future-ready structure is essential for a seamless business transition. Drawing from Indian corporate history, he points to a few successful transitions as examples to be emulated.

Promoters need to start early in planning their succession, ensuring that the brand and business fall into capable hands. According to Sethurathnam Ravi, transitions are inherently complex and require families to act carefully and promptly to avoid disruptions. The key to a successful transition lies in the foresight to plan and implement structures that will withstand the test of time.

By understanding these dynamics, family businesses in India can better prepare for the future, ensuring a smooth transition of leadership while safeguarding their legacy.

[wordexpress]

Sethurathnam Ravi’s Guide to Thriving Financially as a Freelancer

In a world where traditional nine-to-five jobs are becoming less common, a new frontier of work has emerged—one defined by flexibility, autonomy, and endless possibilities. Welcome to the gig economy, where freelancers and independent contractors chart their own course, embracing the freedom to pursue passion projects, side hustles, and entrepreneurial dreams. Yet, amid the excitement of this modern-day gold rush, there lurks a challenge as formidable as it is exhilarating: achieving financial wellness in the ever-shifting landscape of gig work.

Understanding the Gig Economy

The gig economy, often associated with individuals like Sethurathnam Ravi, refers to a labor market characterized by short-term contracts or freelance work instead of permanent jobs. Platforms like Uber, Airbnb, Upwork, and Fiverr have revolutionized the way people work, enabling individuals to leverage their skills and talents for income generation on a project-by-project basis. While the gig economy offers flexibility and the opportunity to pursue multiple income streams, it also presents unique financial challenges.

Challenges Faced by Freelancers and Independent Contractors

Income Variability

One of the biggest challenges for gig workers is the inconsistency of income. Earnings may fluctuate from month to month, making it difficult to budget and plan for expenses. Sethurathnam Ravi highlights the importance of creating a flexible budget that can adapt to these fluctuations.

Lack of Benefits

Unlike traditional employees, gig workers often do not receive benefits such as health insurance, retirement plans, or paid time off. This places the responsibility squarely on the individual to manage their own benefits and savings. Sethurathnam Ravi advises freelancers to look into affordable insurance options and set up their own retirement accounts.

Uncertain Work Opportunities

Gig workers are subject to market demand and competition, which can lead to periods of unemployment or underemployment. This uncertainty makes it challenging to maintain a steady income stream. Sethurathnam Ravi recommends diversifying income sources to mitigate this risk.

Tax Complexity

Freelancers and independent contractors are responsible for managing their own taxes, including tracking expenses, deductions, and making quarterly tax payments. Without proper planning, they may face hefty tax bills or penalties. Sethurathnam Ravi suggests working with a tax professional to navigate these complexities.

Strategies for Financial Wellness

Budgeting and Cash Flow Management

Creating a detailed budget is essential for managing irregular income. Start by calculating essential expenses such as rent, utilities, groceries, and transportation. Allocate a portion of your income to cover these necessities and prioritize saving for emergencies and taxes. Sethurathnam Ravi recommends using budgeting apps or spreadsheets to track your expenses and monitor cash flow regularly.

Diversifying Income Streams

Relying on a single source of income in the gig economy can be risky. Explore opportunities to diversify your income by offering different services, targeting multiple client niches, or using various gig platforms. Sethurathnam Ravi emphasizes the importance of having multiple income streams to provide stability during slow periods and reduce dependence on any single source of income.

Building an Emergency Fund

Given the unpredictable nature of gig work, having an emergency fund is crucial. Aim to set aside three to six months' worth of living expenses in a separate savings account. This fund can provide a financial safety net during lean times or unexpected emergencies, allowing you to cover expenses without relying on credit cards or loans. Sethurathnam Ravi advises prioritizing this fund to ensure financial security.

Investing in Insurance and Retirement

While gig workers may not have access to employer-sponsored benefits, they can still invest in their financial future by purchasing health insurance, disability insurance, and setting up retirement accounts such as IRAs or solo 401(k)s. Explore options for affordable health insurance through marketplace exchanges or professional organizations. Sethurathnam Ravi suggests consulting with a financial advisor to develop a retirement savings strategy tailored to your income and goals.

Managing Taxes Effectively

Stay organized throughout the year by tracking income and expenses using accounting software or dedicated apps. Set aside a portion of each payment for taxes to avoid a large tax bill at the end of the year. Consider working with a tax professional who specializes in self-employment taxes to maximize deductions and ensure compliance with tax laws. Sethurathnam Ravi stresses the importance of regular tax planning to avoid surprises.

Continuous Learning and Skill Development

Invest in your professional development to stay competitive in the gig economy. Stay abreast of industry trends, emerging technologies, and new skills in your field. Take advantage of online courses, workshops, and networking opportunities to expand your skill set and increase your earning potential. Sethurathnam Ravi encourages continuous learning to enhance your marketability and adaptability.

Achieving Financial Stability

Financial wellness is paramount for freelancers and independent contractors navigating the gig economy. By implementing proactive strategies such as budgeting, diversifying income, building emergency savings, investing in insurance and retirement, managing taxes effectively, and continuously learning and developing skills, gig workers can achieve greater financial stability and success in their careers. Despite the challenges posed by the gig economy, with careful planning and diligence, freelancers can thrive in this dynamic and evolving landscape. Sethurathnam Ravi’s insights provide valuable guidance for achieving financial wellness and stability in the gig economy.

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[brazilnews]

S Ravi BSE Chairman: How Sustainable Investing is Driving Change in India

Sustainable investing has rapidly evolved from a niche strategy to a powerful force transforming the financial landscape. Investors are increasingly focused on utilizing their capital to drive meaningful change, aligning profit with purpose. In India, this approach has gained traction, with companies like Tata Group and Infosys integrating financial success with positive social and environmental impact.

According to Sethurathnam Ravi, also known as S Ravi BSE Chairman, profit with purpose is becoming the new mantra for Indian businesses. Companies like Tata Group are channelling investments into education, healthcare, and rural development, while Infosys promotes digital literacy and environmental sustainability through its CSR initiatives. These examples illustrate how businesses can foster inclusive growth and address pressing social challenges while maintaining robust economic performance.

Sustainable investing’s transformation into a mainstream strategy reflects growing awareness of the critical role that environmental, social, and governance (ESG) factors play in investment decisions. As S Ravi BSE Chairman points out, the past decade has seen a surge in sustainable investing, driven by concerns about climate change, social inequality, and corporate governance. Investors are now actively seeking opportunities to use their capital to drive positive change, recognizing the risks associated with unsustainable business models.

Impact Investing: Merging Profit with Purpose

Within the sustainable investing sphere, impact investing has emerged as a prominent strategy. This approach prioritizes generating positive social and environmental outcomes alongside financial returns. Sethurathnam Ravi emphasizes that impact investors are deploying capital in projects and companies that address global challenges like renewable energy, affordable housing, and accessible healthcare. This strategy not only benefits society but also offers attractive investment returns, making it a popular choice for those seeking to merge profit with purpose.

Shareholder Activism: A Catalyst for Corporate Change

Shareholder activism has become a powerful tool for responsible investors to advocate for positive transformations within corporations. By leveraging their ownership stakes, investors can pressure companies to embrace greater transparency, accountability, and alignment with ESG principles. S Ravi BSE Chairman notes that shareholder resolutions addressing issues like climate change and diversity have gained significant traction, driving companies to re-evaluate their practices and engage more meaningfully with stakeholders.

Corporate Sustainability Reporting: A New Standard

Corporate sustainability reporting (CSR), once a voluntary practice, is now a mainstream requirement for companies seeking to establish trust with investors. Sethurathnam Ravi highlights that investors increasingly demand comprehensive ESG disclosures to assess a company’s long-term sustainability. Initiatives like the Task Force on Climate-related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB) are pushing for harmonized reporting standards, enabling better-informed investment decisions.

Integrating ESG Criteria: A Holistic Investment Approach

For investors aiming to manage risk and capture long-term value, integrating ESG criteria into investment decisions is essential. S Ravi BSE Chairman advises that considering environmental, social, and governance factors alongside traditional financial metrics provides a more comprehensive understanding of a company’s performance and prospects. This approach helps investors identify strong ESG opportunities while avoiding those with elevated sustainability risks, ultimately enhancing portfolio resilience and long-term returns.

Building a Sustainable Future through Responsible Investing

As sustainable investing gains momentum, the integration of ESG considerations into investment strategies is increasingly seen as crucial. Sethurathnam Ravi underscores the unique opportunity this trend presents to create a more sustainable and equitable future. By aligning financial objectives with broader social and environmental goals, investors can drive positive change and achieve superior risk-adjusted returns over the long term.

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Transformation in Focus: Sethurathnam Ravi Outlines Modi's Third Term Priorities

As Prime Minister Narendra Modi embarks on his third consecutive term, expectations are high for transformative governance that builds on the foundation laid during his previous terms. With a focus on evolving priorities and tackling unfinished business, the new administration is poised to bring significant changes.

The past two terms under PM Modi have seen a cautious approach, characterized by incremental reforms and social schemes aimed at appeasing various segments of society. However, the recent election results highlight a need for more bold and strategic reforms. The government’s reluctance to implement sweeping economic changes, coupled with a lack of substantial progress in overhauling key institutions like the bureaucracy, judiciary, and police, has left room for criticism. The consolidation of opposition votes and a slight discontent within the BJP’s core base underscore the need for a more comprehensive strategy moving forward.

Despite these challenges, securing a third term is a remarkable achievement, particularly in a political landscape dominated by coalition governments since 1989. Sethurathnam Ravi, a noted chartered accountant and policy influencer, emphasizes that the task ahead for PM Modi involves managing alliances and driving forward the long-awaited reforms that have been delayed.

A critical area of focus for the new government, according to Ravi, will be the reform of India’s bureaucracy. Often seen as lethargic and outdated, the bureaucracy has not only resisted change but in some cases has been granted excessive powers that have negatively impacted citizens and small businesses. This sector demands urgent attention to end the era of bureaucratic overreach.

Sethurathnam Ravi also highlights the need for judicial reform, pointing out that the judiciary continues to struggle with inefficiencies, including long-pending cases and a system that often favors incarceration over bail. Previous attempts at judicial reform were met with resistance, but the need for a more effective and fair judicial system remains pressing.

The economy remains a key area of concern. While Modi’s first two terms saw improvements in headline economic indicators and ease of doing business, the benefits of these achievements have not fully trickled down to all levels of society. Ravi argues that big bang economic reforms are necessary to unlock the country’s true potential, with an emphasis on fostering innovation and meritocracy.

In conclusion, Sethurathnam Ravi sees PM Modi’s third term as an opportunity to implement continuous and impactful reforms. By embracing the mantra of “Continuity, Balance, and Transformation,” Modi 3.0 can realize India’s true potential and leave a lasting legacy of progress and prosperity.

[ishaniblogs]

In Conversation with S Ravi, Former Chairman of BSE: Understanding the Dynamics of Taxation

In a recent dialogue with Tarun Nangia and industry experts, S Ravi, former Chairman of BSE, delved into the discussion surrounding the proposed increase in the GST arrest threshold from 2 crore to 3 crore. Shedding light on the implications for taxpayers, Ravi emphasized the industry’s persistent demand for a higher threshold owing to concerns over potential arrests and pressures on the finance ministry to address the issue.

While the proposed increase appears modest, Sethurathnam Ravi noted that industry stakeholders are advocating for more significant adjustments. However, he acknowledged the government’s dilemma regarding the balance between supporting honest taxpayers and combatting fraudulent tax practices, which have been a significant concern given their widespread prevalence.

According to Ravi, the calibrated approach to raising the threshold reflects the government’s cautious stance, particularly in light of the challenges posed by fraudulent tax invoicing. With the introduction of E-invoicing, the government seeks to streamline tax administration while minimizing opportunities for malpractice.

Discussing the broader taxation landscape, Ravi emphasized the importance of striking a balance to prevent undue panic or hysteria among taxpayers. He highlighted systemic issues within the taxation framework and underscored the need for transparent and consultative approaches to tax enforcement.

S Ravi BSE, Former Chairman proposed various techniques, including faceless engagements and consultation with taxpayers before issuing notices, as effective means to address interpretation difficulties and ensure fairness in tax administration. By fostering open dialogue and understanding stakeholders’ perspectives, Ravi advocates for informed decision-making and resolution of taxation challenges.

In conclusion, Ravi’s insights underscore the complexities inherent in tax policy and enforcement. As stakeholders navigate evolving tax regulations, fostering collaboration and transparency remains essential to uphold the integrity and fairness of the taxation system. Through proactive engagement and strategic reforms, policymakers can work towards a more equitable and efficient tax regime that serves the interests of all stakeholders.

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Fair Taxation Practices: S Ravi's Vision for a Balanced System

S Ravi BSE, the former Chairman, recently engaged in a compelling discussion with Tarun Nangia and other industry experts, shedding light on the proposal to raise the GST arrest threshold from 2 crore to 3 crore and its potential ramifications for taxpayers. Ravi highlighted the industry’s persistent demand for this adjustment, citing widespread apprehension regarding potential arrests, which prompted the issue to be escalated to the finance ministry. While the proposed increase from 2 to 3 crore is considered modest, Ravi emphasized the industry’s desire for more substantial adjustments.

Expressing his insights, Sethurathnam Ravi delineated the government’s delicate balance between supporting law-abiding taxpayers and combating fraudulent tax practices, which have reached alarming proportions. He acknowledged the significant concerns surrounding fraudulent tax invoicing and the formidable challenge of maintaining a fair tax regime. Ravi underscored the calibrated nature of the proposed rise, noting the government’s cautious approach and the introduction of E-invoicing to enhance tax transparency.

Ravi underscored the importance of taxation while emphasizing the need to mitigate hysteria and panic among taxpayers. He advocated for systemic improvements in tax administration, advocating for fair and transparent practices that prioritize dialogue and consultation over arbitrary enforcement measures. S Ravi BSE, the former Chairman proposed a shift towards faceless engagement with taxpayers, fostering mutual understanding and collaboration to resolve interpretation disputes and minimize disruptions to stakeholders.

Central to Ravi’s discourse was the imperative of providing taxpayers with a fair and transparent process, grounded in principles of equity and accountability. He emphasized the necessity of instituting a collective decision-making framework for issuing notices, incorporating legal opinion and committee oversight to enhance procedural fairness and accountability. Ravi underscored the systemic nature of the issue, urging officials to reevaluate the standard operating procedures (SOPs) governing notice issuance to promote consistency and procedural integrity.

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Decoding Your Credit Score: Strategies for Building and Understanding

Your credit score is more than just a number; it’s a financial passport that can either open doors to opportunities or constrain your financial journey. In the ever-evolving landscape of personal finance, a robust credit score is crucial for various aspects of your financial life. This blog post aims to guide you through the intricacies of building and comprehending your credit score, offering valuable insights and practical tips.

Understanding the Basics

The average credit score for Indians stood at 715 last year, according to a credit monitoring platform. While this may be considered decent, there is always room for improvement. Your credit score, ranging from 300 to 850, serves as a snapshot of your creditworthiness. A higher score indicates a lower credit risk, influencing your eligibility and the interest rates offered when applying for loans, credit cards, or mortgages.

Key Components of Your Credit Score

Several factors shape your credit score, with payment history playing a pivotal role. Timely payments on credit cards, loans, and other financial obligations significantly boost your creditworthiness. Credit utilization, representing the ratio of credit card balances to credit limits, is another crucial factor. Maintaining this ratio below 30% showcases responsible credit management.

The length of your credit history matters, with older accounts positively influencing your credit score. A diverse mix of credit accounts contributes positively, but managing them responsibly is essential. Opening multiple credit accounts within a short period can have a negative impact, so be cautious about unnecessary credit inquiries.

Building a Strong Credit Score

Building a strong credit score requires a proactive approach. Start by creating a budget and living within your means. Timely bill payments, set up with automatic reminders, are crucial to avoiding missed due dates. Regularly obtain and review your credit reports for inaccuracies, and dispute any errors promptly.

Pros and Cons of Credit Scores

A high credit score offers numerous financial advantages, including lower interest rates on loans, favorable credit card terms, and higher credit limits. It provides negotiating power and may result in lower insurance costs. Conversely, a low credit score can lead to loan denials, higher interest rates, and limited access to credit. Landlords may use credit scores as a criterion for renting, and a poor credit score can make securing a rental agreement challenging.

Best Practices for Maintaining a Strong Credit Score

Understand the factors influencing your credit score and borrow only what you can afford to repay. Use credit cards judiciously, avoid maxing out credit limits, and pay off balances on time. Regularly check your credit reports, build an emergency fund, and seek advice from financial counselors or credit repair professionals if needed.

The RBI Master Direction on IT Systems

Beyond individual efforts, the Reserve Bank of India (RBI) emphasizes the importance of IT infrastructure in financial services. The RBI’s master direction outlines mandatory procedures for the implementation and review of IT systems and applications, ensuring data security, disaster recovery management, and business continuity. In an era of digitization and increasing threats, this directive provides the necessary structure and procedures to secure banking systems.

In conclusion, your credit score is a powerful tool that shapes your financial future. Building and maintaining a strong credit score is a gradual process that requires discipline and financial responsibility. By understanding the key components and best practices, you can navigate the complex world of credit with confidence. Additionally, staying informed about regulatory directives, such as the RBI’s master direction on IT systems, adds an extra layer of security to your financial journey.

[trustednewstribune]

“Goods and Services Tax Has Been A Major Reform across India” – Sethurathnam Ravi, Former BSE Chairman

From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of local sales and entry levies. After years of pulling in 1 trillion rupees ($13 billion) a month or less, GST collections nowadays are consistently 50% higher. The technology has stabilized. Uniform taxation across the country has gone a long way toward making India a common market, logistics and e-commerce have benefited and apart from checking evasion, real-time data on supply chains promises to help small firms access cheap financing.

According to the former BSE Chairman, Sethurathanam Ravi there were some obstacles on the road of GST until its successful acceptance. He says that the way was not easy for GST to get accepted by the people, but surely it was progressive and has finally seen the outcome. After a sluggish start and underwhelming tax collections, GST collections in the past two years have seen a strong pick up. The average monthly collections have risen from Rs 90,000–100,000 crore in the first four years to Rs 1.20 lakh crore now. GST for May, collected last month, jumped an impressive 56% from a year earlier to 1.45 trillion rupees.

Sethurathnam Ravi BSE Former Chairman also says that the Goods and Services Tax has been a major reform across India. It has changed the view of the people about taxes and even the superseding of many of the other small indirect taxes was itself a major reform. GST was one of the toughest reforms to be undertaken in the country, where states gave up their tax sovereignty in the larger interest of the country and taxpayers. GST has in a way helped better administration of taxes, increased speed in the flow of goods across state borders as well as achieved greater uniformity in rates across all states.

GST has also led to the creation of a whole new digital system for paying taxes, claiming input tax credits, generating invoices, e-ways bills, etc. The digital system, even with its many flaws, has helped administration of taxes and tracking tax evasion. The financial expert, S Ravi BSE Former Chairman ,thinks that the more important factor is how we address to the lower category of people, i.e., the MSMEs and the SME's who have to bring in more awareness and to make the cost of compliance lesser.

According to Mr. Sethurathnam Ravi, over the last 5 years, 47 meetings with the GST council had taken place and every meeting was progressive to address some of these issues. Presently the GST council demands the compensation (for the loss in revenue due to implementation of GST) that the Centre gives to states (initially for the first five years) to extend for another three to five years, a demand the Centre has not been too keen to yield to. The success (or failure) of GST now depends on the smooth resolution of these issues. The GST Council meeting on June 28–29 could give a glimpse of what lies ahead for GST.

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S Ravi On The Increasing Cyber Frauds In India – ‘Never Trust Strangers’ Should Be The Watchword For Customers

Sethurathnam Ravi BSE Former Chairman, asks customers to remember mantra “Never Trust A Stranger” to avoid getting defrauded. According to the expert, the fraudsters succeed on account of customer’s need for rewards or better returns, increased spending limits, saving while spending and most importantly, carelessness.

As S Ravi says, “The advancement of technology, increased usage of digital platforms and mobile becoming a one stop device for various financial transactions, has eased the way of receiving and paying money and saving time in paying bills, making investments and also getting reward points. However, like each coin has two sides, this advantage comes with disadvantage of certain cyber threats, phishing, accounts getting hacked, bogus loan/ discount/ cash back offers”.

Apart from these there are various scams that are run by fraudsters such as credit limit updation, multi-level marketing, work from home, online shopping, social welfare schemes, financial help messages on social media/ through emails, use of data filled in various personal forms filled, google forms circulated, e-mails or text messages appearing to be from a legitimate site but are actually part of a scam looking to gain access to one’s accounts or personal information and kyc details shared with third party getting mis-utilized etc to name a few.

S Ravi BSE former chairman also shared details on the booklet that last year RBI had published named Raju and 40 thieves which details out the various modus operandi of fraud that are being used to deceive the customers as well as the checks one should make before making transactions. He also mentioned about the web series, ‘Jamtara’ that told the story of how youngsters wanting to make easy money are running successful phishing rackets by duping the vulnerable citizens.

Sethurathnam Ravi also mentioned that the customers are cheated through telephone calls asking for OTPs for transactions, sim cloning wherein the fraudster poses as the representative of Telecom Company and sells the idea of sim card upgrades which require Aadhaar details and unique SIM card number to be shared, transactions through payment links shared by unauthorized persons, easy loans on payment of advance fees, ATM frauds using skimming devices in the ATM unit, etc.

“Apart from being aware, one could protect themselves by updating their devices frequently to deal with new security threats, using multi-factor authentications of using security questions along with passcode/ PIN and having data backup as well as install software for protecting internet connection. One should always shop from secured websites and secured Wi-Fi networks. Last but not the least, don’t be embarrassed of getting cheated and report the matter to bank/financial institution/company, file a complaint on the Cyber Crime website at https://cybercrime.gov.in/ or call up their 24x7 Helpline 1930”, the former BSE Chairman S Ravi explained.

The fraudsters succeed increasingly nowadays as we seem to have forgotten what our elders taught us that Never Trust Strangers and Greed causes great Disaster, S Ravi says advising people to follow these mantras and always be alert of the frauds.

[citizenrecord]

‘Never Trust A Stranger’ – S Ravi (BSE) Former Chairman Advices Customers to Remember the Old Mantra to Avoid Getting Defrauded

S Ravi BSE Former Chairman shares his views on how the increased need for rewards and carelessness are greatly made use of by the fraudsters. “The fraudsters succeed on account of customer’s need for rewards or better returns, increased spending limits, saving while spending and most importantly, carelessness as we seem to have forgotten what our elders taught us that Never Trust Strangers and Greed causes great Disaster”, Mr. Ravi says.

As per the expert’s view, the advancement of technology, increased usage of digital platforms and mobile becoming a one stop device for various financial transactions, has eased the way of receiving and paying money and saving time in paying bills, making investments and also getting reward points. However, like each coin has two sides, this advantage comes with disadvantage of certain cyber threats, phishing, accounts getting hacked, bogus loan/ discount/ cash back offers.

There are also several other threats and scams that are run by fraudsters such as credit limit updating, multi-level marketing, work from home, online shopping, social welfare schemes, etc. to name a few. With technological progress, the fraudsters have also come up with novel ideas to deceive customers. They grow with the technology and adapt their fraud according to the new technological trends. Sethurathnam Ravi shared more insights on the various modus operandi of fraud that are conducted to deceive customers like phishing rackets, ATM fraud, sim cloning, telephone calls asking for OTPs for transactions etc.

“The other meaning of defrauding people are financial help messages on social media/ through emails, use of data filled in various personal forms filled, google forms circulated, e-mails or text messages appearing to be from a legitimate site but are actually part of a scam looking to gain access to one’s accounts or personal information and kyc details shared with third party getting mis-utilized”, the former BSE Chairman detailed, also advising that it is essential that the Customer is Aware and understands that Government agencies do not call one asking for payments and neither does banks call and ask for OTPs.

“As a precaution, one should shred all unwanted documents, cancelled checks or applications that contain personal or financial information. While checking messages on mobile/ email, one must be aware of short URLs used, spelling and grammatical mistakes made and likewise while receiving calls remember the details of relationship manager, if assigned to your accounts, name of the companies spouted during the call, schemes discussed during the call. All the prominent companies coming out with discounts/ offers/ schemes display this critical information on their official website”, S Ravi said.

The key is not to click on suspicious links coming on the SMS and emails. Customers should never leave their mobile numbers/ ID proofs/ address proofs on social media platforms or websites as they can be misused. Sethurathnam Ravi BSE Former Chairman also informed that updating your devices frequently and using multi factor authentications can also help to deal with the new threats. He also encouraged people to not be embarrassed if a fraud had happened and immediately file a complaint. This can help to prevent the fraud from happening in the future.

S Ravi concluded by asking people to remember about the old saying to ‘never trust strangers’, as it can be of great importance in the present era.

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Budget 2024 through the Lens of Mr. Sethurathnam Ravi: Sensitivity and Economic Aspirations

In a recent post-budget dialogue, we gained insights from Mr. Sethurathnam Ravi, managing partner and founder of Ravi Rajan and Company, and former chairman of the Bombay Stock Exchange. The discussion centered around the new budget announced by the Finance Minister, highlighting its potential impact on India’s economy. Here’s a summary of Mr. Ravi’s expert analysis on key aspects of the budget.

Key Takeaways from the Budget

Abolition of Angel Tax: The removal of angel tax is a significant boost for startups. This move is expected to encourage investment in early-stage companies, fostering innovation and growth in the startup ecosystem.

Focus on Employment: The budget places unprecedented emphasis on job creation, particularly targeting labor and employee-related areas. This focus aims to address high employment concerns and provide relief through various initiatives and incentives.

Taxation Adjustments: Changes in long-term and short-term capital gains tax reflect a broader strategy to manage investments more effectively. The introduction of higher taxes on certain transactions signals a shift towards encouraging long-term investments over speculative trading.

Reduction in Custom Duties: A notable reduction in custom duties for minerals like lithium underscores the government’s commitment to supporting sectors reliant on these critical materials. This move is expected to enhance the domestic mineral ecosystem.

Investment in Clean Energy and Infrastructure: With capital expenditure set at 3.9% of GDP, the budget highlights a strong commitment to clean energy and infrastructure development, aiming to drive sustainable growth.

Detailed Observations

Employment and Skill Development: Mr. S.Ravi BSE praised the focus on job creation and skill development but stressed that the success of these initiatives will depend on effective implementation. The budget’s promise to improve skilling, especially in rural areas, and enhance small-scale manufacturing is seen as crucial for long-term economic stability.

Agricultural Sector: The budget’s emphasis on agriculture reflects its importance in job creation and economic growth. Significant allocations are intended to boost productivity and support farmers, with a particular focus on improving rural infrastructure and reducing custom duties on agricultural equipment.

Stock Market Reaction: Despite the balanced nature of the budget, the stock market’s reaction was tepid. Mr. Sethurathnam Ravi attributed this to the market’s sensitivity to increased taxation on short-term gains and derivatives, which impacted traders and speculative investors.

Private Sector Participation: The budget’s static approach to capital expenditure reflects a reliance on government spending due to insufficient private sector participation. Encouraging private investment through schemes like the Production Linked Incentive (PLI) is critical for expanding manufacturing and job creation.

Conclusion

In summary, Mr. Sethurathnam Ravi described the budget as “sensitive,” acknowledging its responsiveness to public and market feedback. The budget has set a foundation for future financial planning, balancing immediate needs with long-term goals. The Finance Minister’s focus on job creation, skill development, and strategic tax adjustments reflects a nuanced approach to managing India’s economic aspirations amidst global uncertainties.

Final Thoughts

The budget’s emphasis on various sectors indicates a comprehensive strategy aimed at fostering growth and stability. As Mr. Sethurathnam Ravi noted, while the budget sets a positive direction, its success will hinge on effective execution and continued private sector engagement.

[wordexpress]

Former BSE Chairman, Sethurathnam Ravi: India Continues To Build Back Better In Key Sectoral Industries with Constant Signs of Economic Recovery

Mr. Sethurathnam Ravi is the former Chairman of Bombay Stock Exchange Limited (BSE) (November 2017 to February 2019) and Founder and Managing Partner of Chartered Accountants’ firm Ravi Rajan & Co., an advisory and accountancy firm, headquartered in New Delhi, India. Mr. S Ravi is a Post Graduate in Commerce and holds a diploma in Information System Audit (DISA). He is an Associate Member of Association of Certified Fraud Examiners (CFE), USA and is also registered as an Insolvency Resolution Professional.

S Ravi BSE former chairman was appointed by Government of India and RBI as Chairman of the Technical Experts Committee for Punjab & Sind Bank’s Strategic Turnaround. He was also appointed by Government of India as a member of the Strategic Revival Group for UCO Bank, where he played an instrumental role in formulation of the revival plan and its subsequent implementation. He has also served as Chairman of PNB Mutual Fund.

According to Sethurathnam Ravi BSE Former chairman, India continues to build back better in key sectoral industries with constant signs of economic recovery. Today India is the sixth largest economy in the world. Significantly, the attribution also lies in the agricultural sector, which is 29.7% of total GDP. But India is witnessing a new wave of agrarian crisis. The farmers are expressing their despair and alienation with the policy framework, from MSP to loan waiver. Hence, the agricultural belts have become synonymous to suicide belts where a number of farmers are forced to take their own lives, indicating the gravity of the crisis. This is a critical issue that could put a massive strain on the economy, if it further continues.

Despite a booming economy and an increasing labour force, the process of job creation is sluggish and has become one of the principle problems that India faces. There has been a sharp increase in the employment of informal workers, but the same has to apply to the formal sector (with skills), which holds important aspect of a progressive economy.

According to Mr. Sethurathnam Ravi, “Diagnosing unemployment is a golden key to unleash our economic power”. The latest CMIE data shows that the unemployment rate in India was 8.2% in February 2019. Besides the unemployment crisis, we should also shed light on balancing the male-female employment ratio. By balancing the ratio, 235 million women will be in the workforce which can make the country richer by 27%, the former BSE Chairman highlights.

In S Ravi’s point of view, there must be a shift, where development is more focused towards labour intensive sectors to create more jobs to ease the employment crisis. At the same time, there must be attention paid to social development investments like, health, education, nutrition, water sanitation (directly related to health), to improve our productivity, human capital, per capita income; and most importantly there must be a greater focus on progressive taxation where additional revenue generated can be invested in social security and other essential services that can significantly boost our economic strengths and capabilities. In a nutshell, this is where we are and what we can actually work on, Sethurathnam Ravi concludes.

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Sethurathnam Ravi on Merging Profit and Purpose in Investments

Sustainable investing has shifted from being a niche strategy to a driving force in reshaping the global financial landscape. Investors are no longer solely focused on profit but are also keen to align their financial objectives with broader social and environmental goals. This trend has gained significant momentum in India, with leading corporations like Tata Group and Infosys integrating their financial success with impactful initiatives.

According to Sethurathnam Ravi, also known as S Ravi BSE Chairman, the new mantra for Indian businesses is “profit with purpose.” This approach underscores the importance of using capital not only to generate returns but also to address pressing societal challenges.

Sethurathnam Ravi on Corporate Social Responsibility and ESG Integration

Sethurathnam Ravi emphasizes the significance of corporate social responsibility (CSR) in driving positive change. Companies like Tata Group are investing in areas such as education, healthcare, and rural development, while Infosys leads initiatives focused on digital literacy and environmental sustainability. Ravi notes that this holistic approach is essential for fostering inclusive growth while maintaining strong economic performance. By integrating environmental, social, and governance (ESG) factors into their business strategies, companies can simultaneously promote positive social impact and financial returns.

S Ravi BSE on the Rise of Sustainable Investing

The transformation of sustainable investing into a mainstream strategy reflects the growing awareness of ESG factors in investment decisions. Over the past decade, as S Ravi BSE Chairman highlights, the investment landscape has seen an increase in sustainable practices driven by concerns over climate change, inequality, and corporate governance. Investors are now more inclined to use their capital to drive social and environmental progress, recognizing the long-term risks associated with unsustainable business models.

Impact Investing: Sethurathnam Ravi’s Insights on Merging Profit with Purpose

One of the most promising developments within the sustainable investing space is impact investing. This strategy prioritizes the generation of positive social and environmental outcomes alongside financial gains. Sethurathnam Ravi explains that impact investors focus on projects addressing global challenges such as renewable energy, affordable housing, and accessible healthcare. Not only do these investments benefit society, but they also deliver attractive returns, making them an appealing option for investors seeking to align profit with purpose.

S Ravi BSE on Shareholder Activism: Driving Corporate Change

Shareholder activism has emerged as a powerful tool for responsible investors to influence corporate practices. By leveraging their ownership, investors can push for increased transparency, accountability, and alignment with ESG principles. Sethurathnam Ravi highlights the growing influence of shareholder resolutions, particularly those addressing climate change and diversity. These initiatives are pushing companies to reevaluate their practices and engage more deeply with their stakeholders, creating a more sustainable corporate environment.

Corporate Sustainability Reporting: The New Standard for Investors

Corporate sustainability reporting, once a voluntary practice, is now becoming a standard requirement for companies seeking investor trust. Sethurathnam Ravi points out that investors are increasingly demanding comprehensive ESG disclosures to assess long-term sustainability. With frameworks like the Task Force on Climate-related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB) gaining traction, companies are now expected to provide clear insights into their sustainability performance. This transparency helps investors make informed decisions based on long-term value creation.

Integrating ESG Criteria: Sethurathnam Ravi’s Holistic Investment Approach

Incorporating ESG criteria into investment decisions is essential for long-term value creation. S Ravi BSE Chairman advises that investors who consider environmental, social, and governance factors alongside traditional financial metrics can better assess a company’s overall performance. This comprehensive approach enables investors to identify strong ESG opportunities while avoiding businesses with heightened sustainability risks, ultimately leading to more resilient investment portfolios.

Building a Sustainable Future: Sethurathnam Ravi on Responsible Investing

As the trend toward sustainable investing continues to grow, integrating ESG factors into investment strategies is increasingly seen as vital for building a sustainable future. Sethurathnam Ravi underscores the potential of this trend to create a more equitable and environmentally responsible global economy. By aligning financial objectives with broader social and environmental goals, investors can drive positive change while achieving superior risk-adjusted returns over time.

Conclusion

The insights shared by Sethurathnam Ravi, or S Ravi BSE Chairman, highlight the growing importance of sustainable investing in today’s financial world. By merging profit with purpose, impact investing, and corporate responsibility, companies and investors alike are working towards building a more sustainable and prosperous future. As ESG considerations become an integral part of investment strategies, the potential for long-term positive change becomes more apparent, paving the way for a more equitable and environmentally-conscious global economy.

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Mastering Your Financial Destiny: S Ravi's Guide to Understanding and Building a Strong Credit Score

Your credit score serves as a financial passport, either opening doors to a world of opportunities or potentially constraining your financial journey. S Ravi BSE, former Chairman, shares insights on comprehending and building a robust credit score through disciplined financial habits and strategic planning.

According to Sethurathnam Ravi, key components influencing your credit score trajectory include factors like payment history. Timely payments on credit cards, loans, and other financial commitments can significantly enhance your credit score. Maintaining older accounts and having a diverse mix of credit accounts can also positively impact your creditworthiness, provided these accounts are managed responsibly.

Building a good credit score requires a proactive approach and effective financial planning. S Ravi advises starting with setting a budget and living within your means. To avoid missed due dates, ensure timely bill payments and set up automatic reminders, preventing credit responsibilities from becoming overwhelming.

A high credit score, as emphasized by S Ravi, unlocks doors to improved financial options, including lower loan interest rates, favorable credit card terms, and increased credit limits. It also enhances bargaining power when dealing with lenders, potentially leading to better rates on loans and credit. Conversely, a poor credit score can result in loan denials or approvals with higher interest rates, limiting borrowing options and increasing overall expenses.

Therefore, S Ravi BSE, underscores the importance of understanding the factors influencing your credit score and how financial decisions impact your creditworthiness. He recommends staying informed by regularly checking credit reports. Your credit score is a powerful financial tool that shapes your future, and a good credit score opens doors to relevant opportunities.

In conclusion, S Ravi emphasizes the gradual process of building a strong credit score, emphasizing discipline and financial responsibility. As a financial expert, he provides valuable guidance to individuals seeking to navigate the intricate landscape of credit and secure a prosperous financial future.

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Understanding and Building a Strong Credit Score: Insights from Financial Expert S Ravi, Former BSE Chairman

In the realm of personal finance, a high credit score holds paramount importance, influencing various aspects of one's financial life. Sethurathnam Ravi, a renowned financial expert and former Chairman of the Bombay Stock Exchange (BSE), sheds light on the intricacies of comprehending and enhancing your credit score. This essential financial metric serves as a powerful tool that shapes your financial destiny, with a robust credit score unlocking a myriad of opportunities.

Building and maintaining a good credit score is an ongoing process that necessitates discipline and financial responsibility. S Ravi BSE, Former Chairman emphasizes the significance of recognizing that a credit score is more than just a numerical value; it acts as a financial passport, either expanding the realm of financial options or constraining your financial journey.

Whether you're venturing into a mortgage, securing a car loan, or applying for a credit card, your credit score plays a pivotal role in assessing your eligibility and determining the interest rates you'll encounter. According to S Ravi, factors such as your payment history significantly impact the trajectory of your credit score. Timely payments on credit cards, loans, and other financial commitments exhibit commendable financial behavior, positively affecting your creditworthiness.

S Ravi BSE, delves into the importance of credit history length, elucidating that longer credit histories provide lenders with more data to evaluate your creditworthiness. Keeping older accounts open contributes positively to this aspect of your credit score.

Building a robust credit score demands proactive efforts, requiring diligence and strategic financial planning. S Ravi advocates starting with the creation of a budget and living within one's means. Timely bill payments, facilitated by setting up automatic reminders, are crucial to avoid the pitfalls of missed due dates that can lead to credit burdens.

In his latest articles, S Ravi outlines the pros and cons of credit scores. A high credit score opens doors to superior financial opportunities, such as loans with lower interest rates, credit cards offering favorable terms, and higher credit limits. It also enhances your negotiating power when dealing with lenders. On the flip side, a low credit score may result in loan denials or approvals with higher interest rates, limiting your access to credit. Landlords may even consider credit scores when renting a home.

S Ravi stresses the importance of understanding the factors influencing your credit score and how financial decisions impact your creditworthiness. Regularly checking your credit reports keeps you informed about your credit status. Establishing an emergency fund is advisable to cover unforeseen expenses and mitigate the risk of missed bill payments. Seeking guidance from a financial counselor or credit repair professional can be beneficial if you encounter credit-related challenges. In conclusion, S Ravi underscores that building and maintaining a good credit score is an ongoing journey that demands discipline and financial accountability.

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RBI Mandates IT Services Framework For REs

The new comprehensive master direction on information technology governance, risk, controls and assurance practices to be implemented by Regulated entities (REs) comprising of scheduled commercial banks (excluding regional rural banks); small finance banks; payments banks; NBFCs in top, upper and middle layers; all India financial institutions and credit information companies effective from 1st April 2024 shall facilitate the easy administration of IT and cyber governance and compliance, in place of the prevalent multiple circulars.

In the case of foreign banks, the directions state that they shall be subject to a ‘comply or explain’ approach in terms of the applicability of these Directions and they do not need to constitute any Committees (Board or Executive level) referred in this Master Direction at the branch level. They have been given the flexibility to leverage upon controlling office/ head office/ regional/ zonal Committees for compliance with this Master Direction as long as governance obligations/responsibilities outlined for the prescribed committees are met.

The master direction clearly outlines the role (including authority) of the board of directors, board-level committee and senior management of these REs in discharging their responsibilities to protect the interests of customers. and consolidates and updates the guidelines, instructions and circulars on IT Governance Risk, Controls, Assurance Practices and Business Continuity/ Disaster Recovery Management issued earlier.

The master direction makes it mandatory for the REs to put in place a robust IT Service Management Framework for supporting their information systems and infrastructure to ensure the operational resilience of their entire IT environment (including Disaster Recovery sites). Further its stresses the need to have a documented data migration policy specifying a systematic process for data migration, ensuring data integrity, completeness and consistency. In the wake of cyber and IT fraud, RBI in its master direction has stressed the need for IT applications to have the necessary audit and system logging capability and ability to provide audit trails. Further, in order to strengthen the IT infrastructure, the RBI through its direction highlights the need to adopt internationally accepted and published standards that are not deprecated/ demonstrated to be insecure/ vulnerable and the configurations involved in implementing controls to be compliant with extant laws and regulatory instructions.

While the approval of strategies and policies related to the IT function lies in the hands of the Board, these directions put the responsibility on the CEO to institute effective oversight on the planning and execution of IT Strategy as well as to ensure that cyber security posture of the RE is robust; and overall, IT contributes to productivity, effectiveness and efficiency in business operations. The directions designate a Chief Information Security Officer (CISO) who will be responsible for driving IT/ cyber security, compliance and related regulatory guidelines, and administering policies of the RE.

From a compliance perspective, REs have to ensure that appropriate vendor risk assessment process & controls proportionate to assessed risk & materiality has been put in place. Further, it shall be the responsibility of the REs to maintain an enterprise data dictionary to enable data sharing among applications & information systems

The RBI through this master direction, recognizing the increased relevance of IT infrastructure in the financial services space, has detailed the mandatory implementation and review of the IT systems and applications in order to keep a check on the processes, data security and integrity, disaster recovery management as well as business continuity in order to protect the interest of various stakeholders including customers. The directions mandate the adoption of several procedures and processes like IT Strategic Planning, Service Level Management (SLM), product approval and quality assurance process (for new IT-based business products) in order to ensure that the banking sector delivers secure products and services to its clients. In this era of digitisation and increasing threats, the master direction provides the required structure and procedures to secure banking systems.