Forum Views - December 2024

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BOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF) | MUMBAI, INDIA

DECEMBER 2024 | VOLUME: 13 • ISSUE NO. 9 •

VIRGILIA VIRJOGHE

Iconic Women

Redefining Success

in the Digital Age

GOUTAM CHAKRABORTY

Investor Relations:

Essentials, Strategies

& Best Practices

KRISHNA KANHAIYA

Escaping Debt Traps:

Breaking Free from

Financial Stress

GAURVI SHARMA

The Power of Personal

Branding on Social Media

for Financial Professionals

AJAY KEJRIWAL

The Next Chapter in

India's Financial

Inclusion Story

CHETAN MAHAPATRA

Essential Cybersecurity

Practices for Modern

Enterprises

GOVINDRAJ BASATWAR

Strengthening Mobile App

Security for Banking and Fintech:

RBI DPSC Guidelines

AISHAH AHMAD

Central Banks:

Catalysts for Financial

Inclusion in Africa

BBF’s presence at the 29th

Asia Securities Forum (ASF)

Annual General Meeting

in Tokyo, Japan,

October 22-24, 2024

GLIMPSE

IT Governance for Stock

Brokers: Cybersecurity

& Compliance Guide

The Joys of Christmas

More Insights Inside

FORUM VIEWS - DECEMBER 2024

EXECUTIVE COMMITTEE

GOVERNING BOARD MEMBERS

BOMBAY STOCK EXCHANGE BROKERS’ FORUM (BBF)

GOVERNING BOARD 2024 - 25

FORUM VIEWS - DECEMBER 2024

ANUP GUPTA

Chairman | BBF

Sykes & Ray

Equities India Ltd.

VIRENDER MANSUKHANI

Jt. Secretary | BBF

Mansukh Securities

and Finance Ltd.

RAJIV CHOKSEY

Treasurer | BBF

KR Choksey Shares

& Securities Pvt. Ltd.

ANURAG BANSAL

Vice Chairman | BBF

SMC Global

Securities Ltd.

HEMANT MAJETHIA

Secretary | BBF

Ventura

Securities Ltd.

Ajit Sanghvi

MSS Securities

Pvt. Ltd.

Cyrus Khambata

Paytm

Money Ltd.

Ashish Rathi

HDFC

Securities Ltd.

Kamlesh Jhaveri

Jhaveri

Securities Ltd.

Ketan Marwadi

Marwadi Shares

& Finance Ltd.

Rajiv Kejriwal

SBICAP

Securities Ltd.

Neeraj Choksi

NJ India

Invest Pvt. Ltd.

Kranthi Bathini

WealthMills

Securities Pvt. Ltd.

S. P. Toshniwal

Sunlight

Broking LLP

Roopkishor Bhootra

Anand Rathi Shares &

Stock Brokers Ltd.

Vivek Gupta

GEPL Capital

Pvt. Ltd.

Tejas Khoday

Fyers Securities

Pvt. Ltd.

Saurabh Jain

SSJ Finance &

Securities Pvt. Ltd.

Shripal Shah

Kotak

Securities Ltd.

Ajay Kejriwal

Choice Equity

Broking Pvt. Ltd.

Binkle R. Oza

Sharekhan

Ltd.

BBF FORMER CHAIRMEN

(currently serving on the BBF Governing Board)

Kishor Kansagra

Pragya Securities

Pvt. Ltd.

Lalit Mundra

Suresh Rathi

Securities Pvt. Ltd.

Uttam Bagri

BCB Brokerage

Pvt. Ltd.

Disclaimer: This magazine is meant for information purposes only and does not constitute any opinion or guidelines or recommendation on any course of action to be followed by the reader(s). It is not intended to be used as trading or

investment advice by anybody and should not in any way be treated as a recommendation. The information contained in this magazine does not constitute or form part of and should not be construed as, any offer for purchase or sale of

any product or service. While the information in the magazine has been compiled from sources believed to be reliable and in good faith, readers may note that the contents thereof including text, graphics, links or other items are

provided without warranties of any kind. Bombay Stock Exchange Brokers' Forum (BBF) expressly disclaims any warranty as to the accuracy, correctness, reliability, timeliness, merchantability or fitness for any particular purpose, of

this magazine. Bombay Stock Exchange Brokers' Forum (BBF) shall also not be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of the information or data contained in this magazine.

Any alteration, transmission, photocopied distribution in part or in whole or reproduction of any form of this magazine or any part thereof without prior consent of Bombay Stock Exchange Brokers' Forum (BBF) is prohibited.

Write to us: We would be happy to hear

from you! Do send in your suggestions,

feedback and comments via email to

forumviews@brokersforumofindia.com

Visit us: www.brokersforumofindia.com

FORUM VIEWS - DECEMBER 2024

BBF Steering Committee

Anup Gupta (Chairman)

Anurag Bansal (Vice Chairman)

Hemant Majethia (Secretary)

Rajiv Choksey (Treasurer)

Virender Mansukhani (Jt. Secretary)

Concept, Production and Editorial: Dr. Vispi Rusi Bhathena, PhD (h.c.)

Publisher Name: Dr. V Aditya Srinivas | Nationality: Indian

Address: BSE Brokers Forum, 808-A, 8th floor, P.J. Towers, Dalal Street, Fort, Mumbai - 400001. Maharashtra

Printer Name: Dr. V Aditya Srinivas | Nationality: Indian

Address: BSE Brokers Forum, 808-A, 8th floor, P.J. Towers, Dalal Street, Fort, Mumbai - 400001. Maharashtra

Editor Name: Dr. V Aditya Srinivas | Nationality: Indian

Address: BSE Brokers Forum, 808-A, 8th floor, P.J. Towers, Dalal Street, Fort, Mumbai - 400001. Maharashtra

Place of Publication: BSE Brokers Forum, 808-A, 8th floor, P.J. Towers, Dalal Street, Fort, Mumbai - 400001.

Maharashtra

Printing press: Kshitij Printers (Shree prints), 49 Parsi Panchayat Rd., Ashok Ind. Est., 1 Floor, Andheri (E),

Mumbai - 400069. Maharashtra

Design & Layout: Harshad Gajera

Global

Insights

Your Questions

Answered

NAVIGATING IT GOVERNANCE FOR STOCK BROKERS: A

GUIDE TO CYBERSECURITY, COMPLIANCE, AND RESILIENCE

CENTRAL BANKS AS CATALYSTS FOR FINANCIAL

INCLUSION IN AFRICA: POLICY, INNOVATION & IMPACT

ICONIC WOMEN: REDEFINING THEIR SUCCESS

AND MARKET VALUE IN THE DIGITAL AGE

BBF

Events

BBF’S PRESENCE AT THE 29TH ASIA SECURITIES FORUM

(ASF) ANNUAL GENERAL MEETING (TOKYO, JAPAN)

/bbfindia

@bbfindia

17 Insights

THE NEXT BIG CHAPTER

INDIAN FINANCIAL INCLUSION STORY NEEDS

CYBERSECURITY AND INFORMATION SECURITY:

ESSENTIAL PRACTICES FOR MODERN ENTERPRISES

STRENGTHENING MOBILE APP SECURITY FOR BANKING

AND FINTECH: ADAPTING TO RBI DPSC GUIDELINES

COMPLIANCE CALENDAR

Regulatory

Compliance

THE JOYS OF CHRISTMAS

Leadership,

Empowerment

& Lifestyle

25 Feature

INVESTOR RELATIONS -

IMPORTANCE, STRATEGIES

AND PRACTICES

BREAKING FREE:

AVOIDING DEBT TRAPS AND

ESCAPING FINANCIAL STRESS

WHY PERSONAL BRANDING ON

LINKEDIN IS CRUCIAL FOR

PROFESSIONALS IN

THE FINANCIAL SECTOR?

REFORMING JUSTICE:

INDIA'S NEW BAIL PROVISIONS FOR

UNDERTRIAL PRISONERS

SUSTAINABILITY IS SURVIVAL:

UNDERSTANDING THE IMPERATIVE

FORUM VIEWS - DECEMBER 2024

This festive season, we are delighted to present a wealth of insights from experts across

the globe, aiming to enrich your knowledge and provide fresh perspectives on key

economic trends and industry practices. In this edition, we explore a diverse range of topics,

beginning with global perspectives on the role of Central Banks as Catalysts for Financial

Inclusion in Africa, and Iconic Women: Redefining Their Success and Market Value in the Digital

Age. We also take a closer look at The Next Chapter in India’s Financial Inclusion Journey.

Additionally, we dive into Essential Cybersecurity Practices for Modern Enterprises, the

importance of Strengthening Mobile App Security for Banking and Fintech by Adapting to RBI

DPSC Guidelines, and the core strategies and best practices for Investor Relations.

Additionally, we cover Escaping Debt Traps and Paths to Financial Freedom, The Power of

Personal Branding on LinkedIn for Financial Professionals, and IT Governance for Stock

Brokers, offering guidance on Cybersecurity and Compliance. Lastly, we reflect on The Joys of

Christmas, celebrating the spirit of unity and togetherness. We hope these articles inspire you,

spark new ideas, and add valuable perspectives to your understanding of today's rapidly

evolving financial landscape.

Economic and Market Overview: The global economy is currently navigating significant

volatility, with international events shaping the Indian market’s movements. The recent U.S.

presidential election has drawn to a close with Donald Trump’s victory, which brings a degree of

clarity after a period of uncertainty. The U.S. economy recorded a GDP growth of 2.8%—below

the projected 3.1%. In response, the Federal Reserve has adjusted its interest rates downward

by 25 basis points, bringing the Fed rate range to 4.5%-4.75%, signalling a cautious approach

toward sustaining economic growth.

In India, the economy remains resilient, though stock markets face pressures from global shifts.

October’s GST collection reached `1.87 lakh crore, a six-month high, indicating continued

economic strength. However, the Indian markets saw significant withdrawals by Foreign

Institutional Investors (FIIs), totalling `1,14,000 crore, marking the highest outflow since March

2020. Meanwhile, Foreign Portfolio Investors (FPIs) have invested `1.06 lakh crore in the debt

market this year, showcasing steady foreign interest in India’s debt segment.

Domestic confidence remains strong, with SIP (Systematic Investment Plan) inflows in mutual

funds hitting a record `24,509 crore in October, highlighting sustained retail investor trust.

Inflation is a growing concern, as October’s rate rose to 5.49% from 3.65%. The Reserve Bank of

India continues its cautious approach, closely monitoring inflation trends before making rate

adjustments.

We invite you to explore this edition and gain a comprehensive understanding of today’s

financial landscape.

FROM THE BBF SECRETARIAT

FORUM VIEWS, DECEMBER 2024 edition

From

to You...

BBF

FORUM VIEWS - DECEMBER 2024

Dr. Vispi Rusi Bhathena, PhD (h.c.)

Chief Executive Officer

Dr. V. Aditya Srinivas

Consultant

Wishing you a joyous

Christmas season with

warmth, laughter, and

cheer, and a New

Year of success and

happiness!

FORUM VIEWS - DECEMBER 2024

BBF’S PRESENCE AT THE 29TH ASIA SECURITIES

FORUM (ASF) ANNUAL GENERAL MEETING IN

TOKYO, JAPAN, OCTOBER 22-24, 2024

FORUM VIEWS - DECEMBER 2024

BBF’S PRESENCE AT THE 29TH ASIA SECURITIES

FORUM (ASF) ANNUAL GENERAL MEETING IN

TOKYO, JAPAN, OCTOBER 22-24, 2024

Uttam Bagri speaking at Panel Discussion on

"Market Regulation: Recent Changes in

Securities Markets Post-COVID”

Anurag Bansal presenting the India Report 2024

Introduction

Unseen Mandate: Central Banks Expanding Role in

Financial Inclusion

Financial inclusion is vital for reducing poverty, strengthening

financial stability, and driving economic growth. Central banks

in the global south are leading the charge, increasingly

adopting innovative strategies in collaboration with the private

sector, to expand financial access for underserved

populations. These efforts are key to achieving sustainable

development goals such as gender equality (SDG 5), decent

work and economic growth (SDG 8), and they merit ongoing

support.

Globally, central banks have long been tasked with traditional

roles: issuing currency, serving as bankers to the government,

acting as lenders of last resort, and ensuring price, monetary,

and financial stability. In emerging markets, however, with

additional challenges such as poverty and inequality, financial

inclusion has increasingly become a strategic priority for

central banks, acknowledging its role as a key enabler of

development, crucial for effective monetary policy and overall

economic stability.

This shift has been further driven by initiatives such as the

Alliance for Financial Inclusion (AFI), a global network of

central banks and policymakers established in 2008. As of

September 2023, AFI’s 86 member institutions from 76

countries have made 1,222 “Maya Declaration”

commitments—a set of policy actions aimed at advancing

financial inclusion on a national level.

Since taking the lead, the results have been significant.

According to the World Bank’s Global Findex report, the

percentage of adults with bank accounts globally increased

from 51% in 2011 to 76% in 2021. This success demonstrates

the convening power of central banks, which have brought

together diverse stakeholder groups to work towards a

common goal—tackling multiple development challenges

through inclusive financial systems.

CENTRAL BANKS AS CATALYSTS FOR

FINANCIAL INCLUSION IN AFRICA:

POLICY, INNOVATION & IMPACT

Aishah N. Ahmad, CFA

Central Bank of Nigeria

Experiences from countries like Nigeria, Rwanda, and

Eswatini highlight how regulatory leadership and innovation

can drive meaningful progress in financial inclusion and other

global challenges.

Over the past decade, Nigeria’s financial system has

transformed into a powerhouse of payments and financial

services innovation, attracting global investment and driving

significant growth in digital financial access. According to

EFINA, the country’s financial inclusion rate increased from

An Ecosystem Approach to Expanding Financial Access in

Nigeria

Globally, central banks have long been

tasked with traditional roles: issuing

currency, serving as bankers to the

government, acting as lenders of last

resort, and ensuring price, monetary,

and financial stability. In emerging

markets, however, with additional

challenges such as poverty and

inequality, financial inclusion has

increasingly become a strategic

p r i o r i t y f o r c e n t r a l b a n k s ,

acknowledging its role as a key

enabler of development, crucial for

effective monetary policy and overall

economic stability.

(Nigeria)

FORUM VIEWS - DECEMBER 2024

Global Insights

Former Deputy Governor

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