#sebi officer

[kumard12]

Make in India: A Decade of Transformation and the Road Ahead

India's manufacturing sector underwent and is undergoing a significant transformation, with growth evident across diverse industries like textiles and automobiles. This progress can be partly attributed to the Make in India initiative, a flagship program launched in September 2014 by Prime Minister Narendra Modi. The initiative spearheaded by the Department for Promotion of Industry and Internal Trade (DPIIT) and dedicated IAS officers, aims to propel India towards self-reliance and global manufacturing leadership. Significant progress has been made, with FDI inflows witnessing a 100% increase over the past nine financial years (2014-23), reaching a total of USD 596 billion. However, realising the initiative's full potential will require continued efforts.

1. A Decade of Evolution

1.1 Initial Impact

The country’s ranking in the Ease of Doing Business Index has seen a meteoric rise from 142nd place in 2014 to 63rd in 2019. 

- World Bank Report

The Make in India initiative has demonstrably improved India's standing in the global business landscape. A key driver of this progress has been the focus on streamlining regulations and simplifying procedures. Dedicated IAS officers within the Department for Promotion of Industry and Internal Trade (DPIIT), guided by the former secretaries, Guruprasad Mohapatra and Ramesh Abhishek played a crucial role in these efforts. Their work directly contributed to India's impressive jump in the World Bank's Ease of Doing Business (EoDB) Index. This significant improvement reflects the initiative's success in making it easier for businesses to operate in India.

1.2 Continuous Improvement

A decade after its launch, the Make in India initiative continues to evolve. Recognising the need for ongoing efforts, the government, led by dedicated IAS officers across various departments, is actively working to streamline regulations further. This includes addressing industry concerns and creating an even more conducive environment for domestic and foreign manufacturers to invest and grow in India.

2. Driving the Initiative Forward

2.1 Visionary Leadership

The Department for Promotion of Industry and Internal Trade (DPIIT) has been the backbone of the Make in India initiative's success. Over the past decade, dedicated IAS officers within DPIIT, including prominent figures like Mr Ramesh Abhishek and Mr Amitabh Kant, two former secretaries known for their focus on administrative reforms, have played a crucial role in shaping the initiative. Their tireless efforts have streamlined processes, promoted investor confidence, and fostered a more conducive business environment.

2.2 Strategic Initiatives

The Make in India initiative extends beyond policy pronouncements. It's bolstered by strategic programs that have demonstrably impacted the manufacturing sector. A prime example is the simplification of registration processes, spearheaded by Mr Ramesh Abhishek, an ex-IAS officer, during his tenure at DPIIT, formally known as DIPP. This initiative significantly reduced bureaucratic hurdles for businesses, making it easier to establish and operate in India. 

Additionally, the development of industrial corridors across India, championed by another visionary leader, and an ex-IAS officer Mr Amitabh Kant, with his extensive experience in infrastructure development, has created dedicated zones with a robust infrastructure. These corridors are designed to attract large-scale manufacturing units and further strengthen India's manufacturing ecosystem.

2.3 Collaborative Efforts

The Make in India initiative's success extends beyond the central government's efforts. It thrives on a collaborative spirit, bringing together various stakeholders to achieve a common goal. Industry bodies, as well as state governments, play a crucial role in voicing industry concerns and proposing solutions. 

For instance, Andhra Pradesh's sub-initiative focuses on attracting investments in pharmaceuticals, biotechnology, and IT, while Gujarat targets textiles, pharmaceuticals and chemicals. These state-led efforts, spearheaded by dedicated IAS officers with experience in economic development, demonstrate a decentralised approach that empowers states to attract investments and promote economic growth.

This collaborative spirit extends beyond state borders. Dedicated IAS officers across various government departments work together to streamline processes, address industry concerns, and create a more conducive environment for businesses to operate. Their combined efforts ensure smooth collaboration between central and state governments, fostering a unified approach to achieving the initiative's ambitious goals.

3. Building a Stronger Future

3.1 Ongoing Work

The Make in India initiative is a continuous journey, and the government remains committed to strengthening its impact. Dedicated IAS officers within the Department for Promotion of Industry and Internal Trade (DPIIT) play a vital role in driving ongoing improvements. These efforts include:

Streamlining regulations in specific sectors: DPIIT, led by the then secretaries like Ramesh Abhishek, and Guruprasad Mohapatra, have consistently focused on streamlining regulations in key sectors like pharmaceuticals and electronics.

Developing industrial corridors: The development of industrial corridors across India remains a priority. Spearheaded by experienced IAS officers with expertise in infrastructure development, these corridors create dedicated zones with robust infrastructure to attract large-scale manufacturing units.

Targeted campaigns: The initiative utilises targeted campaigns to attract foreign companies in specific industries that align with India's strategic goals.

Skilling the workforce: Recognizing the importance of a skilled workforce, the government emphasises skill development programs to address the evolving needs of the manufacturing sector.

3.2 The Road Ahead

Beyond attracting established players, the Make in India initiative recognises the importance of fostering a culture of innovation and entrepreneurship. This vision is actively supported by IAS officers across various government departments, including DPIIT. Their efforts contribute to creating a regulatory environment that encourages startups and fosters a spirit of innovation.

This focus on fostering innovation is evident in the significant growth of startups in India. As of December 31st, 2023, DPIIT has recognized over 1,17,254 startups. 

4. Conclusion

A decade since its inception, the Make in India initiative has demonstrably transformed India's manufacturing landscape. Dedicated efforts by IAS officers within the government, coupled with industry collaboration and strategic programs, have yielded positive results. While challenges remain, the initiative's focus on streamlining regulations, fostering innovation, and building robust infrastructure positions India for continued growth as a global manufacturing powerhouse. Looking ahead, with unwavering commitment and ongoing efforts, India's Make in India dream is well on its way to becoming a reality.

[madamlaydebug]

What is Addiction?

Addiction is when a person continually takes a substance - or engages in a behavior - with a destructive impact on their health and life.

In Ancient Rome, when a person couldn’t repay a debtor they were forced to become their slave, or ‘addictus.’ This is the origin of being “a slave to your addictions.”

Addictions take many forms; some of them may surprise you. Do you struggle with any of these?

Alcohol

Body piercing

Book collecting

Exercising

Food

Gambling

Hoarding

Narcotics

Plastic surgery

Pain

Pornography

Prescription drugs

Rejection

Relationships

Screens (smartphones, computers, tablets, TV’s, etc.)

Social media

Sex

Shopping

Tattoos

Tobacco

Video games

Working

Addicts crave the behavior or substance, even when they know it causes them physical harm, mental harm, and/or harm to their relationships. Addiction can lead to criminal behavior, poverty, homelessness, and death.

Addiction is not defined by how much a person engages in the behavior but by the impact it has on their life. A workaholic may be very successful in the office, but at home their relationships are failing and their anxiety is increasing.

What Causes Addiction?

People become addicts through many different paths, but seeking pleasure (or avoiding pain) is the ultimate driver.

Whether a person is addicted to heroin or video games, their goal is to alter their mental state and reduce subconscious-stress.

Some people believe that taking drugs leads to addiction - but this is only part of the picture. Not everyone who takes narcotics becomes addicted to them. Therefore, there must be another factor involved - the human factor.

Research involving mice found they became easily addicted to cocaine when kept in isolation. But, when the environment was enriched with social activities, interesting food, places to explore, toys to play with and new mice to meet… they stopped taking cocaine! Just like mice, humans get depressed, miserable and bored when trapped in an unfulfilling life.

Unresolved Emotions

Addiction often stems from trauma. Adverse experiences during childhood (e.g. divorce, emotional neglect, poverty) predispose us to addiction later in life. Addiction is a response to painful or traumatic events, not simply a poor choice that people make.

Demonizing addicts is counterproductive; they need to be treated with care and compassion to maximize their chances of recovery. Brain scans on people with a range of addictions reveal the same neural circuits are involved, and they all share feelings of shame and low self-value.

People develop addictions to try and cover up issues and uncomfortable emotions:

To cope with stress and life events.

To escape the pain of past trauma.

To create connections with others.

To achieve a sense of control in life.

To avoid facing feelings of inadequacy.

To hush internal voices of self-loathing.

Overcoming Addiction

There’s no one size-fits-all solution for all addicts, but here are some general tips:

1. Find the Right Help

Addicts using opiates and narcotics need help. Addiction experts can provide the highly specialized support needed for this kind of recovery. Addicts can also be aided with behavioral re-training and dedicated recovery groups.

2. Increase Self-Value

All addicts can benefit from increasing their self-worth. Any activity that improves physical or mental health enhances esteem. Getting a massage, eating vitalizing alkaline foods, and going for walks in nature are acts of self-care that enhance how we feel about ourselves.

“Because the one thing you want to do is to LOVE, and that love should begin with you” - Dr. Sebi.

3. Be Ready to Give Up

The addicted person must be ready and willing to give up their addiction; if they are forced to give it up they are likely to relapse.

What are you ready to give up?

[responsible-us]

Uniphos Enterprises Limited Releases Business Responsibility and Sustainability Report for FY 2023-24

UEL is a leading player in trading in chemicals and agro-commodities. It has released its Business Responsibility and Sustainability Report (BRSR) for the fiscal year 2023-24. The report, presented in conformity with SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015, reflects the company’s initiative regarding ethical governance, environmental care, and social responsibility.

Overview: In an era where corporate accountability runs parallel, UEL’s BRSR 2023-24 reflects the commitment of UEL towards sustainability and responsible business behavior. The report epitomizes salient features of the company’s operations, best governance practices, and environmental impact, focusing on core values related to excellence, integrity, respect, and collaboration.

Body UEL was incorporated in 1969 and is essentially a trading company. A large portion of the turnover consists of trading in chemicals and agro commodities. For FY 2023–24, revenue from trading operations contributed 54.16%, while income from investments in equity shares and mutual funds contributed 42.26% of revenue.

The company is headquartered in Mumbai with regional offices based in Gujarat. Its staff is on deputation, with only a small number being UEL recruits; it has taken important steps in maintaining gender diversity—one-third of the members on the Board of Directors comprise women.

The report enumerates corporate governance practices in which UEL has also ensured the whistleblower policy to get grievances over and above transparency. UEL further states its due compliance with regulatory requirements, as amply evidenced by the reaction of the company to a minor delay in the regulatory filings for which the waiver of the fine was sought from stock exchanges.

Although UEL is not a manufacturing company, the report reflects the concern of the company regarding environmental sustainability. The environmental impact of UEL is very minimal, as the company consumes limited amounts of energy only and does not produce much waste that is considered harmful to the environment. The sustainability practice at UEL is mainly limited to ensuring full compliance with environmental laws and regulations, and operations are performed in a manner to ensure no adverse impact on the environment.

From the viewpoint of social responsibility, the activities of UEL are restricted to its scale of operation; however, the company maintains a conducive and non-threatening workplace. It is pointed out in the report that UEL follows the Rights of Persons with Disabilities Act, 2016, providing accessibility in offices and non-discrimination in employment.

UEL’s commitment to doing good business is further reflected in its anti-bribery and anti-corruption policies, although the company has not adopted a stand-alone anti-corruption policy; rather, the principles are encapsulated within its general code of conduct meant for all employees and major vendors.

Overview The Business Responsibility and Sustainability Report for FY 2023-24 underlines the commitment of Uniphos Enterprises Limited to promote the gold standard in corporate governance, care for the environment, and observe social responsibility. Though the operation of the company remains limited within the scope mentioned, its commitment remains toward responsible business practices. While moving forward with challenges in the modern business landscape, UEL remains focused on aspects related to sustainability, transparency, and ethical conduct and sets a good example for such categories of companies.

Source: BRSR Credit: Uniphos Enterprises Limited

[sebitorres]

Starter: Closed @clarkxhale Where: Aurora Bay Veterinary Clinic

Sebi holds the dog cradled in his arms. It looks like a puppy but still relatively big, like the size of a teddy bear with floppy ears to match. When he hears his name being called, Sebi promptly makes his way into the smaller office. "Hey man. I found this pup on the side of the road this morning." He gently lowers the confused and disheveled pup onto the counter. "Couldn't find a collar, looked around for a mum or litter but I couldn't see anything. Thought I'd bring him here to see if he's been chipped."

[seemabhatnagar]

Freezing of bank account for unconnected entities is legally untenable.

M/s Jermyn Capital LLC Dubai v. Central Bureau of Investigation

Fact:

M/s Jermyn Capital LLC Dubai (#Appellant Company) was Permitted by Securities Exchange Board of India (#SEBI) to buy & sell share & securities in the #Indian Stock Market.

The appellant company had its shares in its account with #ICICI Bank.

However, due to certain litigation the appellant company quit the trading in the Indian Market in 2006.

But appellant company was subjected to 02 #freeze orders under section 102 #Cr PC. (This section empowers police officers to seize any property which gives suspicion for commission of any offence.)

The freeze order for an amount of Rs.42.51 crore was initiated because of the #pending #investigation against Dharmesh Doshi

Against the freeze order the appellant company approached the Apex Court & the #ApexCourt allowed the appellant Company to sell its shares & convert into cash and repatriate the funds with interest but without bank guarantee.

Rs. 42.51 Crore was repatriated.

Issue arose when appellant company was incapacitated by second freeze order for an amount of Rs. 38.52 crores to repatriate.

Aggrieved by the freeze the appellant company again approached the Apex Court.

 The Apex Court gave liberty to the appellant company to approach trial court for release of the said amount.

 The trial court allowed the repatriation of Rs.38.52 Crores subject to the #Bank Guarantee of an equivalent amount.

Aggrieved by the imposition of Bank Guarantee Clause the appellant Company approached High Court.

High Court confirmed the decision of Trial Court.

Against the order of the High Court present Criminal Appeal is filed before Apex Court.

Observation of the Apex Court:

 Imposition of Bank Guarantee clause as due to pending investigation against Dharmesh Doshi, alleged to have been connected with the appellant company.

Record shows that Dharmesh Doshi has been discharged by the trial court, was never an employee/shareholder/director or holding key managerial position in the appellant company.

Dharmesh Doshi & Appellant Company are 02 separate entities.

Freezing order as such not legally tenable when two entities are unconnected.

Neither in the FIR nor in the chargesheet filed against the Dharmesh Doshi, appellant company was named.

Further during hearing CBI informed the Apex Court that no criminal proceedings is pending against the appellant company pertaining the dispute discussed here.

The freeze order against the appellant company’s properties is redundant as the appellant company is not necessary for the conclusion of the investigation.

The purpose of the freeze order, and the bank guarantee in extension of the freeze order, can only be in operation to aid in the investigation against the alleged crime.

Since the investigation against the appellant company has become redundant as such freeze order has also become redundant.

 The operation of the freeze order has been active for a period of 17 years and has caused huge losses to the appellant company.

Decision:

The Division Bench of Hon’ble Mr. Justice Krishna Murari J & Hon’ble Sanjay Kumar J vide their order dt.09.05.2023 set aside the order of the High Court and permitted the appellant company to withdraw the said amount with 4% simple interest from May08, 2006.

Seema Bhatnagar

[flivv-developers]

The economy of a country determines its financial future and, one major factor contributing to the economy is Real Estate. Thus, it is one of the most recognized sectors globally. Several sub sectors make up Real Estate property – housing, retail, hospitality, and commercial. This industry is closely related to the demand for office space and urban and semi-urban housing. Hence, acting as a source for millions of people to get involved with it. According to the Direct, Indirect, and Induced Effects Index, the construction industry in India ranks third among the 14 major sectors, making real estate property an essential part of the Indian economy.

The Significance of the Real Estate Property in India

Real estate generates the second-highest level of employment in India after agriculture. With the current development and projects in the country, non-resident Indians (NRIs) will also invest in real estate in the near future. NRIs and locals will now have the chance to take advantage of more types of real estate investment opportunities. The real estate market grew from Rs. 12,000 crore (US$ 1.72 billion) in 2019 alone and is expected to grow from 65,000 crores (US$ 9.30 billion) by 2040. Retail, hospitality, and commercial real estate sales are also increasing, leaving India with the needed infrastructure to meet its growing demands.

Investments in Indian Real Estate 

Investing in Real Estate has become much easier because of government initiatives and continuous development in major cities like Hyderabad, Pune, and Bengaluru. Real estate developers in India have shifted gears to meet the challenges of an increasingly informed consumer base and globalization. SEBI has approved the Real Estate Investment Trust (REIT) platform, which will allow investors from all over the world to invest in the Indian real estate market. In the coming years, it will create an opportunity worth Rs. 1.25 trillion (US$ 19.65 billion) in the Indian market! The growing need for real estate property developers to manage multiple projects across multiple cities also compels them to invest in centralized processes to source materials and organize the workforce, leading the way to welcome thousands of investors. Coming to the residential sector, the central government plans to build 20 million affordable houses in urban areas across the country by 2022, as part of the ambitious Pradhan Mantri Awas Yojana (PMAY) scheme of the Union Ministry of Housing and Urban Affairs. Due to this, demand for retail and office space in urban areas is likely to skyrocket as the number of housing units increases.

Furthermore, private companies are developing residential ventures for the families to settle and find employment at affordable rates alongside government initiatives. As a Real Estate investor, you will be able to secure a good place in the future by making profits out of your investment. In conclusion, the evergreen sector contributes 6-7% of the GDP and creates jobs in the economy on average.

Therefore, Flivv Realty strives to help you get your hands on the best Real estate property deals and reap benefits over time. We connect you with the best Real Estate stakeholders in the city and, we provide free consultancy throughout your purchasing process. From explaining market conditions to post-buying consequences, the expert team of Flivv Realty will always be available to aid you. Be a part of contributing to the economy and invest your money safe with us.

[forblogmostly]

Hardwyn India Limited Board Meeting Outcome: Financial Performance, Bonus Issue, and Capital Changes

On November 14, 2024, Hardwyn India Limited, a prominent player in the industry, held its Board of Directors meeting at the company’s registered office in Mayapuri, South West Delhi. The meeting was convened to discuss and approve significant financial developments and corporate actions, which were reported in compliance with Regulation 30 and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board’s decisions reflect the company’s commitment to transparency, growth, and creating shareholder value.

Financial Performance Review The Board reviewed and approved the unaudited standalone and consolidated financial results for the quarter and half-year ending on September 30, 2024. These results demonstrate the company’s operational performance and financial health. Despite the challenges of the market, Hardwyn India has continued to grow, achieving a revenue from operations of INR 7,089.7 million for the half-year period, showing a steady performance compared to the same period in the previous year.

The standalone results revealed that Hardwyn’s revenue from operations amounted to INR 3,987.04 million for the quarter, while the total revenue for the half-year period reached INR 7,089.7 million. These figures highlight the company’s resilience in maintaining growth despite the fluctuating market conditions.

Additionally, Hardwyn India reported a significant reduction in its material consumption cost and operational expenses, contributing to a healthier financial outlook for the future. The company’s efforts to streamline operations and manage costs have positively impacted its bottom line.

Bonus Equity Shares Announcement The Board also approved the issuance of 13,95,52,587 (13.95 crore) bonus equity shares to existing shareholders. The bonus issue will be in the ratio of 2:5, meaning that for every 5 existing equity shares, shareholders will receive 2 additional fully paid-up equity shares. This bonus issuance, subject to necessary regulatory approvals, aims to increase the liquidity of the company’s shares and reward its loyal shareholders for their continued support.

The bonus issue will come from the company’s free reserves, reflecting its solid financial position. Once the bonus shares are distributed, the company’s paid-up capital will increase significantly, further solidifying its position in the market.

Increase in Authorized Share Capital In line with the bonus share issuance, the Board approved an increase in the authorized share capital of the company. The authorized capital will rise from INR 35.10 crore to INR 50 crore, with each equity share having a face value of INR 1. This increase will provide the company with the necessary capital base to support future expansion plans, acquisitions, and other corporate strategies that may arise.

The alteration of the Memorandum of Association (MOA) will reflect this change in authorized capital, ensuring that the company remains well-equipped to handle future growth and shareholder expectations.

Director’s Remuneration Revision Additionally, the Board approved a revision in the remuneration of Ms. Tanya Sayal, Non-Independent Director of the company. The revision reduces her monthly remuneration from INR 1,00,000 to INR 50,000, effective from July 2024 onwards. This revision reflects a strategic alignment of compensation with the company’s performance and objectives.

Looking Ahead With the approval of these key decisions, Hardwyn India is poised for significant growth in the coming years. The bonus issue and increased authorized share capital will provide a strong foundation for future expansion, while the revised remuneration structure for the director aligns the company’s financial resources with its operational goals.

The meeting commenced at 4:30 PM and concluded at 5:20 PM, after reviewing all necessary matters. The outcome of this meeting marks a pivotal moment for Hardwyn India Limited as it continues to strengthen its position in the market and improve shareholder value. The company remains committed to maintaining transparency in all its dealings and upholding the trust of its investors and stakeholders.

[nbfcregiindiabd]

A Beginner’s Guide To Alternative Investment Funds (AIFs)

Alternative Investment Funds(AIF) are in high demand among HNIs and institutional investors, and India’s investment landscape is growing at a fast pace. The asset size of the AIF market in India had reached ₹6.94 lakh crore as of the end of March 2024, having grown at an approximate rate of 30% every year. AIFs attract this investor class as they are seeking higher returns and more diversified options beyond the standard stocks and bonds. This white paper takes a broad overview of AIFs-they cover different types, key regulations, and how to register an AIF-on the last page of which you’ll learn how to assess whether AIFs match your goals.

What Are Alternative Investment Funds (AIFs)?

An AIF, is a privately pooled investment vehicle that collects funds from sophisticated investors for investment into securities other than traditional equities and bonds. It can be said that the regulations and rules of the AIFs in India under SEBI (Alternative Investment Funds) Regulations, 2012, have become the epitome of an important addition to the investment ecosystem by chipping in towards infrastructure, even through startups and distressed assets.

Key Features of AIFs:

Pooled Investment: Numerous investors contribute funds to be professionally managed by the fund managers.

Other, not-so-conventional asset classes: They invest in alternative assets like private equity, hedge funds, real estate, and venture capital, among others.

Designed for HNIs: AIFs, with minimum ticket sizes of ₹1 crore, are primarily available to high-net-worth individuals (HNIs), family offices and other institutional investors.

Types of Alternative Investment Funds

AIFs have been categorized into three, which cater to different types of investors and regulatory regimes.

Category I AIFs

These types of funds invest in social or economic activities such as start-ups, infrastructure, and SMEs. Category I AIFs are often exempted from certain regulations as they contribute to the country’s economic development.

Some of the Key Types

Venture Capital Funds: This type of fund mainly focuses on early-stage businesses that have a high potential for growth.

Infrastructure Funds: This segment would include the infrastructure developing projects of roads, bridges, power plants, etc.

Social Venture Funds: These would raise financial returns in addition to some social returns.

Category II AIFs

Category II AIF is not exposed to any of the preferential or special privileges/controls of SEBI. Chiefly these consider the instruments of equity and debt.

Major ones are:

Private Equity Funds: Invests in a company that is unquoted publicly, or will require a controlling share such that the companies can utilise those for attempting to make decisions over business lines.

Debt Funds: Invest in debt securities including corporate bonds, debentures, and structured debt instruments.

Category III AIFs

These funds are using sophisticated strategies which include leverage and derivatives. Most of the funds fall in the category of hedge funds.

Key Features:

Short-Term Orientation: It is using the strategy of short-term gain through trading in derivatives and arbitrage.

High-Risk, High-Return: These funds are meant for investors with a high risk appetite.

source: https://nbfcadvisory.com/a-beginners-guide-to-alternative-investment-funds-aifs/

[voiceofentrepreneurlife]

Ritwik Bhattacharjee Appointed Interim CEO of Embassy Office Parks REIT

Embassy Office Parks REIT has appointed Ritwik Bhattacharjee as its interim Chief Executive Officer (CEO) with immediate effect, following an order from Sebi to suspend the current CEO, Arvind Maiya.

On Monday, Sebi issued an order for Maiya’s suspension as the CEO of Embassy REIT’s managing firm, Embassy Office Parks Management Services, and mandated the appointment of an interim CEO.

Ritwik has worked at Embassy REIT since its founding and was a key member of the group that led to the company’s 2019 listing. Chief Investment Officer was the most recent role he held.

Most recently, he was the company’s chief investment officer. Ritwik had a prosperous 12-year career in investment banking before to joining Embassy REIT, working for multinational companies like Nomura, Citi, UBS, and JP Morgan. Read More-https://voiceofentrepreneur.life/embassy-office-parks-reit-has-named-ritwik-bhattacharjee-as-its-interim-ceo/

[excellence-12]

SEBI Chairperson Selection: The Case for Institutional Reform

The Context and Current Discourse

Diwali and the impending new year are harbingers of hope, and offer the opportunity to address the possibility of change, hopefully for the better. It is in this background that this newsletter looks at a major issue that has been occupying significant mind space.

For some weeks now, the media has been speculating on whether the present Chairperson of SEBI will stay till February, 2025 or leave before her term expires, or for that matter, be reappointed to serve another term.  The answer to these questions is firmly rooted, in most cases, in the personal beliefs, biases or even ideological leanings of those that have chosen to express their views. The objective in addressing this here is not to dwell on the individual concerned, and the period for which she will continue to hold her present office. The procedural and substantive issues which should underlie the selection and appointment of the Chairperson of SEBI is what should merit our attention.

Before getting to the larger issues, it is best to address those that have no basis whatsoever in fact or in law. The first of these is whether a person from the private sector should be appointed as Chairperson or Member of a regulatory organisation. There is nothing in law or regulations to prevent such an appointment. What is more, there have been instances in the past where persons from the private sector were identified as the right candidates and appointed to occupy regulatory positions.

An equally, if not more, irrelevant question, is whether such appointments ought to be a male preserve. In addition to recognising that such a provision, if enacted in law, would run counter to Constitutional provisions, it is appropriate to recall that many women of substance have held regulatory positions, and have distinguished themselves in the discharge of such responsibilities. Tangential issues, such as gender preferences, in regulatory appointments, should not detract from the real issues involved.

Addressing the specific requirements of SEBI, it is useful to recognise that SEBI is neither an attached office nor a subordinate office of the Government of India. It is a creature of statute, and should not be equated to, or treated in similar fashion as, an organisation set up by an administrative instrument. For it to discharge its duties impartially and independently, it is necessary that it has the functional autonomy to do so, and equally importantly, is perceived as having the functional autonomy that should characterise its working.

SEBI's Institutional Framework and Autonomy

For functional autonomy to become a fact it is necessary that the Government of India does not become the single authority to decide on the incumbent of this office. There was a practice in the past where the Selection Committee was headed by a distinguished individual with a very high standing in the financial sector. To strike a personal note, when the author of this piece was selected, the Selection Committee was headed by Dr. C. Rangarajan, a person whose standing and accomplishments do not require elaboration. In subsequent instances, the Selection Committee came to be headed by the Cabinet Secretary. There are two issues involved in having the Cabinet Secretary head the Selection Committee. The first problem is that the organisation could be perceived to be a subordinate office of the Government of India. Secondly, even though the position of Cabinet Secretary is the highest in the civil service, it is not reasonable to expect that the holder of that office would necessarily have a good understanding of the securities market, and therefore, of the kind of person required to be selected for that position. The present incumbent, with formal professional qualifications, and a lifetime of experience in the financial sector, is a glorious exception.

Essential Requirements and Selection Process Reform

What should a Selection Committee be looking for when identifying a suitable candidate? The SEBI Act, which provides for the appointment of the Chairperson, is not helpful in this regard. Dr. Rangarajan, with whom I broached this subject, a few months after I had been appointed, mentioned that ideally the candidate selected should have at least the following 3 qualifications. Firstly, he/she should have been a part of the financial sector, even if that is not his/her main area of expertise. Secondly, the person concerned should have a qualification in law because understanding, writing and enforcing regulations will gain considerably if the head of the organisation has a clear understanding of the prescriptive arrangements that are being put in place, and how they are to be enforced. The third requirement, identified by him, is that the person selected should have headed at least one organisation in his/her career, prior to being appointed as Chairperson SEBI. It is entirely possible that another Selection Committee will come up with other necessary attributes required to be had by the selected candidate.

The nature of the Committee needs to be revisited. The present practice seems to be to invite applications from persons desirous of being considered for selection. While such an approach is not to be decried, it should not be the only manner in which possible candidates are sourced. It is necessary for the Committee to be a Search-cum-Selection Committee, so that in addition to considering the appropriateness of the applicants, the Committee could look for persons who fit the bill, but have not chosen to throw their hat in the ring. The credibility of the organisation will gain significantly, if a suitable person is persuaded to accept the position, rather than to compete for the position. The related procedural step of having a short interview with the candidates, with the interview being conducted by a Committee, all of whose members do not have domain familiarity, should be suitably modified to provide for in-depth conversation, including, but not limited to, ascertaining the vision the candidate has, with regard to the responsibility of heading the organisation.

Towards a More Robust Appointment System

There is also the question of accountability of the Chairperson, subsequent to appointment. Presently, the accountability would seem to lie to the Ministry of Finance, and in a sense, the Government of India. Considering that there are public sector entities that are also regulated by SEBI, the possibility of pressure being exerted by Government functionaries on SEBI cannot be ruled out. The ideal situation would be for the organisational head to report twice a year to the appropriate Committee of Parliament. Such an approach would strengthen the concept of functional autonomy, while ensuring that the organisation remains accountable.

In countries like the USA, every person identified for appointment to an important office has to appear before a Committee of the House or the Senate, which would then assess the credentials of the person, as also look at the past track record or any other matter that might negatively impact the functioning of that person in the office to which he/she is proposed to be appointed. Such an approach might reduce, if not eliminate, the possibility of complaints of lack of credentials and suitability, subsequent to the person being appointed. Post appointment mud slinging is never the best way for the head of a regulatory organisation to get started on the assignment.

In the Indian context, the best procedure would be to have a Search-cum-Selection Committee, headed by a very distinguished person, preferably from the area of finance, with Committee members selected for their ability to contribute to the process, rather than being ex-officio members of the Committee. Having shortlisted the candidates, the Committee should invest adequate time in studying the past track record of each candidate, and in ascertaining whether the candidates have, in their minds, a roadmap for the organisation for the next few years. A candid conversation, rather than a question and answer session, would be the appropriate method to yield the right results. Once the Committee identifies a suitable candidate, he/she should be requested to appear before the Consultative Committee of the Ministry of Finance, so that members of that Committee can have a constructive pre-selection conversation with the concerned candidate. All reservations and doubts should be addressed during that conversation. It is only when the Consultative Committee clears the candidate, that the candidature should be put up to the Appointments Committee of the Cabinet for approval, and for issue of orders. Such a procedure would be a confidence building measure that will positively impact the credibility of the organisation.

News reports are abuzz with speculation on who is likely to be next Chair of SEBI. Names are being trotted out, based on track records in their present or previous positions. Considering that there is not too much time to complete the process of selection and appointment, presuming that there is no reappointment, it is imperative that a good robust process should be firmed up, and the selection in accordance with that process should be fast tracked. Absent that, we might witness the unfortunate spectacle of the present Chairperson’s term coming to an end, and no one being appointed, in time, as a successor. Such a possibility will lead to jockeying which an organisation of such importance can ill afford.

Tailpiece Long years ago, an incumbent Chairperson was asked why he was not appearing for an interview for being considered for another term. His response was that “he was not a supplicant, not an applicant, a candidate or a job seeker”. Soucre: https://excellenceenablers.com/wp-content/uploads/2024/11/103rd-edition-newsletter.pdf

[emmaameliamiaava]

Introduction to Brookfield India REIT

Real Estate Investment Trusts (REITs) have become an essential vehicle for real estate investment globally, and India is no exception. The Brookfield India REIT, a notable player in this field, offers a unique opportunity for investors seeking stable, income-generating assets through real estate. Brookfield India REIT focuses on a range of real estate assets, primarily office spaces, across major cities in India.

This REIT allows retail investors to participate in high-quality real estate opportunities without the need to directly own or manage properties. In this article, we’ll explore the history, benefits, and future outlook of the Brookfield India REIT, highlighting its role in shaping the Indian commercial real estate market.

The History of Brookfield India REIT

Brookfield India REIT is part of Brookfield Asset Management, a global leader in alternative asset management. The roots of Brookfield in India trace back several decades, with a strong focus on real estate investment and development. Brookfield’s experience in managing large-scale real estate projects helped position the Brookfield India REIT as one of the most reliable investment avenues in the country’s booming real estate market.

Since its inception, Brookfield India REIT has consistently expanded its portfolio by acquiring premium office spaces in top-tier cities like Mumbai, Bengaluru, and Gurugram. This strategic positioning has made it a prominent player in the commercial real estate sector.

How REITs Work in India

REITs, or Real Estate Investment Trusts, are entities that own, operate, or finance income-producing real estate across various sectors. In India, REITs were introduced to enable regular investors to access real estate markets without direct ownership. The Securities and Exchange Board of India (SEBI) regulates REITs, ensuring transparency and accountability.

Brookfield India REIT operates by pooling funds from investors and deploying them into high-quality, income-generating real estate assets, mainly office properties. Investors earn a portion of the income generated from rent, and the trust distributes dividends to its shareholders. This structure offers diversification, liquidity, and regular income, making REITs an attractive option for risk-averse investors.

Investment Opportunities with Brookfield India REIT

Brookfield India REIT provides investors with access to a diversified portfolio of real estate assets, primarily in the commercial sector. Investors can benefit from regular rental income generated by high-quality office spaces leased to multinational corporations. Additionally, the REIT structure allows for fractional ownership, meaning that investors can enter the real estate market without the substantial capital typically required for direct property ownership.

Brookfield India REIT's portfolio consists of assets located in key economic hubs of India, providing investors with exposure to some of the most sought-after commercial real estate locations.

 Benefits of Investing in Brookfield India REIT

Investing in Brookfield India REIT offers several benefits:

Diversification: REITs provide access to a broad range of real estate assets, spreading risk across multiple properties and tenants.

Regular Income: Investors receive regular dividend payouts from the rental income generated by Brookfield’s portfolio.

Liquidity: Unlike direct real estate investments, Brookfield India REIT units can be bought and sold on stock exchanges, offering liquidity to investors.

Transparency: SEBI-regulated REITs must disclose detailed financial reports, providing transparency into operations and performance.

Tax Efficiency: Certain tax benefits are available to investors in REITs, further enhancing returns.

Financial Performance of Brookfield India REIT

Brookfield India REIT’s financial performance is a key indicator of its success in the market. The REIT has consistently delivered stable returns to its investors through rental income from its office properties. In recent years, its portfolio has achieved high occupancy rates, ensuring steady cash flows.

A detailed analysis of the financial reports indicates that Brookfield India REIT is well-positioned to continue its growth trajectory, thanks to strong demand for office spaces in India's leading business districts.

 Comparing Brookfield India REIT with Other REITs in India

India’s REIT market is relatively young, but it has grown rapidly with the emergence of major players like Embassy Office Parks REIT and Mindspace Business Parks REIT. Brookfield India REIT differentiates itself by focusing on high-quality office spaces leased to multinational corporations. While other REITs may have a more diverse property portfolio, Brookfield’s specialization allows it to achieve premium rental yields and maintain high occupancy rates.

 Brookfield India's Real Estate Portfolio

The portfolio of Brookfield India REIT comprises Grade-A office spaces located in India’s major metropolitan areas. These properties are leased to a diverse range of tenants, including multinational corporations, making them resilient to market fluctuations.

Key cities in the portfolio include Mumbai, Bengaluru, and Noida, with properties strategically located in high-demand commercial hubs. This portfolio composition allows the REIT to generate consistent rental income, providing a stable investment for shareholders.

 How Brookfield India REIT Benefits the Indian Economy

Brookfield India REIT plays a significant role in the development of the Indian real estate sector. By investing in high-quality commercial properties, the REIT contributes to infrastructure development and job creation. It also supports the growth of various ancillary industries, such as construction, real estate management, and financial services.

Furthermore, the REIT helps in attracting foreign investments into India's commercial real estate sector, boosting overall economic growth.

Sustainability Efforts by Brookfield India REIT

Brookfield India REIT is committed to sustainability and has implemented numerous initiatives to ensure that its properties adhere to green building standards. These efforts include energy-efficient technologies, water conservation practices, and the use of renewable energy sources in their properties. These sustainability efforts not only reduce the environmental impact of Brookfield’s operations but also attract tenants who prioritize ESG (Environmental, Social, Governance) compliance.

Future Outlook for Brookfield India REIT

As India’s economy continues to grow, so does the demand for premium office spaces. Brookfield India REIT is well-positioned to benefit from this trend, with plans to expand its portfolio and invest in new commercial real estate opportunities. Analysts predict that the Indian REIT market will see significant growth in the coming years, and Brookfield India REIT is expected to remain a key player in this space.

Risks of Investing in Brookfield India REIT

Like any investment, Brookfield India REIT carries certain risks. These include market volatility, changes in interest rates, and fluctuations in the real estate market. However, by diversifying its portfolio across multiple properties and tenants, Brookfield mitigates some of these risks. It’s also important for investors to consider the long-term nature of real estate investments and to be prepared for short-term market fluctuations.

How to Invest in Brookfield India REIT Investing in Brookfield India REIT is straightforward. Units of the REIT are listed on stock exchanges, and investors can purchase them just like any other stock. It’s essential to conduct thorough research, consider current market conditions, and consult a financial advisor before making an investment.

[madamlaydebug]

What is Addiction?

Addiction is when a person continually takes a substance - or engages in a behavior - with a destructive impact on their health and life.

In Ancient Rome, when a person couldn’t repay a debtor they were forced to become their slave, or ‘addictus.’ This is the origin of being “a slave to your addictions.”

Addictions take many forms; some of them may surprise you. Do you struggle with any of these?

Alcohol

Body piercing

Book collecting

Exercising

Food

Gambling

Hoarding

Narcotics

Plastic surgery

Pain

Pornography

Prescription drugs

Rejection

Relationships

Screens (smartphones, computers, tablets, TV’s, etc.)

Social media

Sex

Shopping

Tattoos

Tobacco

Video games

Working

Addicts crave the behavior or substance, even when they know it causes them physical harm, mental harm, and/or harm to their relationships. Addiction can lead to criminal behavior, poverty, homelessness, and death.

Addiction is not defined by how much a person engages in the behavior but by the impact it has on their life. A workaholic may be very successful in the office, but at home their relationships are failing and their anxiety is increasing.

What Causes Addiction?

People become addicts through many different paths, but seeking pleasure (or avoiding pain) is the ultimate driver.

Whether a person is addicted to heroin or video games, their goal is to alter their mental state and reduce subconscious-stress.

Some people believe that taking drugs leads to addiction - but this is only part of the picture. Not everyone who takes narcotics becomes addicted to them. Therefore, there must be another factor involved - the human factor.

Research involving mice found they became easily addicted to cocaine when kept in isolation. But, when the environment was enriched with social activities, interesting food, places to explore, toys to play with and new mice to meet… they stopped taking cocaine! Just like mice, humans get depressed, miserable and bored when trapped in an unfulfilling life.

Unresolved Emotions

Addiction often stems from trauma. Adverse experiences during childhood (e.g. divorce, emotional neglect, poverty) predispose us to addiction later in life. Addiction is a response to painful or traumatic events, not simply a poor choice that people make.

Demonizing addicts is counterproductive; they need to be treated with care and compassion to maximize their chances of recovery. Brain scans on people with a range of addictions reveal the same neural circuits are involved, and they all share feelings of shame and low self-value.

People develop addictions to try and cover up issues and uncomfortable emotions:

To cope with stress and life events.

To escape the pain of past trauma.

To create connections with others.

To achieve a sense of control in life.

To avoid facing feelings of inadequacy.

To hush internal voices of self-loathing.

Overcoming Addiction

There’s no one size-fits-all solution for all addicts, but here are some general tips:

1. Find the Right Help

Addicts using opiates and narcotics need help. Addiction experts can provide the highly specialized support needed for this kind of recovery. Addicts can also be aided with behavioral re-training and dedicated recovery groups.

2. Increase Self-Value

All addicts can benefit from increasing their self-worth. Any activity that improves physical or mental health enhances esteem. Getting a massage, eating vitalizing alkaline foods, and going for walks in nature are acts of self-care that enhance how we feel about ourselves.

“Because the one thing you want to do is to LOVE, and that love should begin with you” - Dr. Sebi.

3. Be Ready to Give Up

The addicted person must be ready and willing to give up their addiction; if they are forced to give it up they are likely to relapse.

What are you ready to give up?

[news365timesindia]

[ad_1] ESAF Small Finance Bank Ltd. has achieved an impressive score of 68.1 in an ESG RATING conducted by CARE ESG RATING, based on the SEBI-approved framework. By significantly ahead of the industry average of 51.8, the bank has demonstrated that its environmental, social and governance practices are set at a higher standard than the industry norm. Ever since its establishment, the Bank has embraced the concept of ESG at its core.K. Paul Thomas, MD & CEO of ESAF Small Finance Bank receiving the ESG Certificate from Rohit Inamdar, CEO of CARE ESG Ratings Ltd.In the social pillar, the Bank received an industry-best score of 76.9%, evidencing its commitment to societal development as a Social Bank. By excelling in areas such as community support and development, human rights, product safety and quality, and data privacy and security, the Bank achieved the industry best score in social pillar. Furthermore, the Bank's corporate social responsibility contribution exceeded the government-mandated requirement of 2% of a company's average net profits over the preceding three financial years, by approving a contribution of up to 5%. Additionally, the fact that 92% of the Bank's asset book falls under Priority Sector Lending (PSL) worked in its favour.In terms of the governance pillar, the Bank attained a score of 73% due to its business ethics, board governance and disclosure practices aligning with leading governance practices. Additionally, the Bank has demonstrated a clear ESG roadmap by advancing Sustainable Development Goal initiatives, fostering local sustainable economic growth, ensuring food security, promoting energy security, and aligning with net-zero targets through its commitment to green finance and environmental consciousness.Upon receiving the report, Kadambelil Paul Thomas, the Managing Director and Chief Executive Officer of ESAF Small Finance Bank, commented, "Our vision is to become the best social bank in the country, and this rating underscores the fact that we are heading in the right direction. I would like to thank all the internal and external stakeholders, especially SEBI, for developing such a broad framework aligned with the vision of the Central Government.""ESG principles have been embedded in ESAFs social banking strategy, with the triple bottom line approach of People, Planet, and Prosperity as our guiding principle," Shri K. Paul Thomas added. Shri Rohit Inamdar, CEO of CARE ESG RATING Ltd. stated, "This was the first ratings by any listed company in India after SEBI approved the framework came in force in July 2024. Our goal is to empower businesses to lead with purpose and responsibility, and we are happy to note that ESAF is moving in the right direction towards its vision." [ad_2] Source link

[news365times]

[ad_1] ESAF Small Finance Bank Ltd. has achieved an impressive score of 68.1 in an ESG RATING conducted by CARE ESG RATING, based on the SEBI-approved framework. By significantly ahead of the industry average of 51.8, the bank has demonstrated that its environmental, social and governance practices are set at a higher standard than the industry norm. Ever since its establishment, the Bank has embraced the concept of ESG at its core.K. Paul Thomas, MD & CEO of ESAF Small Finance Bank receiving the ESG Certificate from Rohit Inamdar, CEO of CARE ESG Ratings Ltd.In the social pillar, the Bank received an industry-best score of 76.9%, evidencing its commitment to societal development as a Social Bank. By excelling in areas such as community support and development, human rights, product safety and quality, and data privacy and security, the Bank achieved the industry best score in social pillar. Furthermore, the Bank's corporate social responsibility contribution exceeded the government-mandated requirement of 2% of a company's average net profits over the preceding three financial years, by approving a contribution of up to 5%. Additionally, the fact that 92% of the Bank's asset book falls under Priority Sector Lending (PSL) worked in its favour.In terms of the governance pillar, the Bank attained a score of 73% due to its business ethics, board governance and disclosure practices aligning with leading governance practices. Additionally, the Bank has demonstrated a clear ESG roadmap by advancing Sustainable Development Goal initiatives, fostering local sustainable economic growth, ensuring food security, promoting energy security, and aligning with net-zero targets through its commitment to green finance and environmental consciousness.Upon receiving the report, Kadambelil Paul Thomas, the Managing Director and Chief Executive Officer of ESAF Small Finance Bank, commented, "Our vision is to become the best social bank in the country, and this rating underscores the fact that we are heading in the right direction. I would like to thank all the internal and external stakeholders, especially SEBI, for developing such a broad framework aligned with the vision of the Central Government.""ESG principles have been embedded in ESAFs social banking strategy, with the triple bottom line approach of People, Planet, and Prosperity as our guiding principle," Shri K. Paul Thomas added. Shri Rohit Inamdar, CEO of CARE ESG RATING Ltd. stated, "This was the first ratings by any listed company in India after SEBI approved the framework came in force in July 2024. Our goal is to empower businesses to lead with purpose and responsibility, and we are happy to note that ESAF is moving in the right direction towards its vision." [ad_2] Source link

[ajayvermablog]

Aspirants’ Guide to Upcoming Government Banking Recruitment

Government banking recruitment is a significant milestone for individuals aspiring to secure a stable and rewarding career in the banking sector. With numerous exams conducted annually for positions in prestigious institutions like the Reserve Bank of India (RBI), aspirants need to be well-prepared and informed about the recruitment process. Among these, the RBI Grade B exam is highly coveted due to its challenging nature and the lucrative career it promises.

Staying updated on the RBI Grade B notification is critical for aspirants who want to apply for this prestigious exam. The notification provides all the essential details, including exam dates, eligibility criteria, and syllabus. Missing out on this key update could lead to losing the opportunity to participate in one of the most important exams in the banking sector.

Key Recruitment Exams for Government Banking

The Indian banking sector conducts multiple exams each year to recruit talented individuals for various positions. Some of the most prominent exams include:

RBI Grade B: One of the most prestigious exams in the government banking sector, offering positions as Grade B officers in RBI.

SBI PO: Conducted by the State Bank of India for the recruitment of Probationary Officers.

IBPS PO/Clerk: The Institute of Banking Personnel Selection conducts exams for the recruitment of Probationary Officers and Clerks for various public sector banks.

NABARD Grade A & B: For aspirants looking to join the National Bank for Agriculture and Rural Development.

SEBI Grade A: Securities and Exchange Board of India conducts this exam to recruit Assistant Managers in various streams.

Understanding the RBI Grade B Notification

The RBI Grade B notification is the most critical document that aspirants need to keep an eye on if they are preparing for this exam. It contains crucial information, including:

Eligibility Criteria: Details on educational qualifications and age limits.

Application Process: Guidelines on how to register, required documents, and fees.

Exam Pattern: Information on the phases of the exam, subjects covered, and marking scheme.

Vacancy Details: The number of vacancies available, which is an important factor in determining the level of competition.

Important Dates: Application start and end dates, exam dates, and result announcement timelines.

How to Stay Informed About Recruitment Notifications

Given the number of government banking exams, staying updated on recruitment notifications is essential for any aspirant. Here are a few tips to ensure you don't miss out:

Official Websites: Regularly visit the official websites of the exam-conducting bodies such as RBI, IBPS, and SBI. Bookmark their recruitment pages for quick access.

Mobile Notifications: Subscribe to SMS or email alerts on official portals, ensuring you receive updates about exam dates and notifications.

Mobile Apps: There are several banking exam preparation apps available that send real-time updates about upcoming notifications and deadlines.

Social Media: Follow official handles of government institutions on social media platforms like Twitter, LinkedIn, and Facebook. Important notifications are often posted on these platforms.

Online Forums: Join banking exam preparation groups and forums on websites like Quora and Reddit. Fellow aspirants often share updates and discussions on recruitment notifications.

Preparation Strategy for Government Banking Exams

Once you are aware of the upcoming notifications, it’s time to begin your preparation in earnest. Here's a quick strategy guide to help you prepare efficiently:

Understand the Syllabus: Go through the syllabus mentioned in the recruitment notification. For exams like RBI Grade B, the syllabus is comprehensive, covering subjects like General Awareness, Economic and Social Issues, and Finance and Management.

Create a Study Plan: Break down your preparation into daily and weekly targets. Allocate more time to subjects where you feel less confident.

Mock Tests: Practice is key. Take as many mock tests as possible to familiarize yourself with the exam pattern and improve time management.

Study Material: Use standard books and resources recommended by successful aspirants. Online study portals also offer materials specifically tailored to government banking exams.

Revision: Regular revision is essential to retain concepts. Allocate specific days or times for revisiting important topics.

Conclusion

Aspirants aiming for a successful career in government banking need to stay well-informed and fully prepared. The RBI Grade B notification, along with other key exam announcements, plays a crucial role in determining the preparation path for these competitive exams. By adopting a systematic approach and staying updated, aspirants can give themselves the best possible chance to succeed in these prestigious exams.