Forum Views - January 2024
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BOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF) | MUMBAI, INDIA
JANUARY 2024 | VOLUME: 12 • ISSUE NO. 10 •
SUDHA Singh
Can the Retail Investor be a
Force for Good and Powerful
Voice in Influencing India’s
Climate Change Strategy?
PETER Elwin
Investing for 2050:
Navigating the Climate and
Nature Crises: Economic and
Financial Perspectives
TINA Mažuran
Public Relations Profession in
the Age of Change
What can We Expect in the
Future?
DESMA D'Souza
Navigating the Future: SMEs
at the Crossroads of Human
Genius and AI
Dr. NAVIN Punjabi
Expert v/s Social Media
Influencers (Fin-Influencers)
MAHEK Shah
2024: Promising Year for the
Indian Bond Market
DEVAPRIYA Khanna
Beyond Bias: Unveiling the
Economic Power of Gender
Equality
TUSHAR Khandelwal
Discovering Hidden Finance
Gems: Recruiting Exceptional
Talent Beyond Top Education
Institutes
Building a Financially Resilient
India: The Impact of
Generative AI and Metaverse
in Insurance Education
Dr. RAUL Rodriguez
AARTI Sharma
Elevating Financial Eminence
Through Image Shaping
Dr. HARVEEN Kaur
Green Drive, Grey Disposal:
Navigating the E-waste
Challenge in India's EV
Revolution
Recent updates - India AIFs and IFSC funds
A fresh start for mind, body, and soul in 2024
Law of limitation and its applicability to the
securities law
Inside
FORUM VIEWS - JANUARY 2024
EXECUTIVE COMMITTEE
GOVERNING BOARD MEMBERS
BOMBAY STOCK EXCHANGE BROKERS’ FORUM (BBF)
GOVERNING BOARD 2023 - 24
FORUM VIEWS - JANUARY 2024
Ajit Sanghvi
MSS Securities
Pvt. Ltd.
Cyrus Khambata
Paytm
Money Ltd.
Ashish Rathi
HDFC
Securities Ltd.
Harin Mehta
M/s. V. C.
Mehta
Kamlesh Jhaveri
Jhaveri
Securities Ltd.
Ketan Marwadi
Marwadi Shares
& Finance Ltd.
Rajiv Kejriwal
SBICAP
Securities Ltd.
Neeraj Choksi
NJ India
Invest Pvt. Ltd.
Parth Nyati
Swastika
Investmart Ltd.
Dr. Pravin Bathe
Angel
One Ltd.
Purav Fozdar
Axiom Share
Broking Pvt. Ltd.
Kranthi Bathini
WealthMills
Securities Pvt. Ltd.
Vivek Gupta
GEPL Capital
Pvt. Ltd.
Virender Mansukhani
Mansukh Securities
and Finance Ltd.
Uttam Bagri
BCB Brokerage
Pvt. Ltd.
Tejas Khoday
Fyers Securities
Pvt. Ltd.
KISHOR KANSAGRA
Chairman | BBF
Pragya
Securities Pvt. Ltd.
KUSHAL SHAH
Jt. Secretary | BBF
Ratnakar
Securities Pvt. Ltd.
RAJIV CHOKSEY
Treasurer | BBF
KR Choksey Shares
& Securities Pvt. Ltd.
ANURAG BANSAL
Vice Chairman | BBF
SMC Global
Securities Ltd.
NIRAV GANDHI
Secretary | BBF
JM Financial
Services Ltd.
Saurabh Jain
SSJ Finance &
Securities Pvt. Ltd.
S. P. Toshniwal
Sunlight
Broking LLP
Roopkishor Bhootra
Anand Rathi Shares &
Stock Brokers Ltd.
Santosh Jayaram
GROWW
Shripal Shah
Kotak
Securities Ltd.
Ajay Kejriwal
Choice Equity
Broking Pvt. Ltd.
07
BBF
Events
TH
BBF PRESENCE AT 8 INTERNATIONAL
FINANCIAL COOPERATION FORUM (IFCF), KOREA
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
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Editor & Publisher: Dr. V. ADITYA SRINIVAS
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via email to team@brokersforumofindia.com | Visit us: www.brokersforumofindia.com
BBF Steering Committee
Kishor Kansagra (Chairman)
Anurag Bansal (Vice Chairman)
Nirav Gandhi (Secretary)
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Kushal Shah (Jt. Secretary)
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FORUM VIEWS - JANUARY 2024
08
Global
Insights
INVESTING FOR 2050. NAVIGATING THE CLIMATE AND
NATURE CRISES: ECONOMIC AND FINANCIAL PERSPECTIVES
19
Your Questions
Answered
RECENT UPDATES - INDIA AIFs AND IFSC FUNDS
22 Insights
2024: PROMISING YEAR FOR THE INDIAN BOND MARKET
29 Feature
COMPLIANCE CALENDAR
46
Regulatory
Compliance
A FRESH START FOR
MIND, BODY, AND SOUL IN 2024
UNVEILING THE THERAPEUTIC
WONDERS OF ABHYANGA:
AN AYURVEDIC MASSAGE JOURNEY
BEYOND BIAS: UNVEILING THE
ECONOMIC POWER OF GENDER EQUALITY
BUILDING A FINANCIALLY RESILIENT INDIA:
THE IMPACT OF GENERATIVE AI AND
METAVERSE IN INSURANCE EDUCATION
GREEN DRIVE, GREY DISPOSAL:
NAVIGATING THE E-WASTE CHALLENGE
IN INDIA'S EV REVOLUTION
ELEVATING FINANCIAL EMINENCE
THROUGH IMAGE SHAPING
HOW CAN PR MAKE THE MOST OUT OF
INVESTOR RELATIONS FOR A FINANCIAL
SERVICES HOUSE-STOCK BROKING FIRM?
INNOVATION IN DEVELOPING AND LESS
DEVELOPED COUNTRIES: AN OVERVIEW
CONTRACT OF AGENCY
NAVIGATING THE FUTURE: SMEs AT THE
CROSSROADS OF HUMAN GENIUS AND AI
PUBLIC RELATIONS PROFESSION IN THE AGE OF CHANGE
WHAT CAN WE EXPECT IN THE FUTURE?
CAN THE RETAIL INVESTOR BE A FORCE FOR
GOOD AND POWERFUL VOICE IN INFLUENCING
INDIA’S CLIMATE CHANGE STRATEGY?
TIME - A GREAT LEGALIZER
47
Living Health
Matters
DISCOVERING HIDDEN FINANCE GEMS: RECRUITING
EXCEPTIONAL TALENT BEYOND TOP EDUCATION INSTITUTES
EXPERT V/S SOCIAL MEDIA INFLUENCERS (FIN-INFLUENCERS)
FORUM VIEWS - JANUARY 2024
Dr. Vispi Rusi Bhathena, PhD (h.c.)
Chief Executive Officer
Dr. V. Aditya Srinivas
Chief Operating Officer
and Chief Economist
The New Year of 2024 brings with it new hopes and faith that our economy and lives will witness positive
changes. In the year 2023, the Indian economy demonstrated considerable strength, with a GDP growth of
7.6%, a robust figure compared to the global GDP at 3%. Notably, retail inflation increased from 4.87 percent
to 5.5 percent which is still below RBI mark of 6.percent. This provides the Reserve Bank of India (RBI) with the
comfort to maintain an unchanged Repo rate. In times of strong economic revival and growth, it is crucial that
the cost of capitalremains affordable.
The core sector holds a significant 40% weightage in the Index of Industrial Production (IIP). In October, core
sector growth reached 12.1%, surpassing the 9.2% recorded in September.
FROM
T H E
BBF SECRETARIAT
This growth is reflected in the expected IIP number for October, ranging from 6 to 8%, which bodes well for
the economy and markets. The consistent average GST collections exceeding Rs. 1.5 lakh crore indicate
robust business activity and increasing economic strength.
Looking ahead, the year 2024 is pivotal for the economy as it coincides with general elections, laying the
groundwork for the next round of economic reforms. Globally, there are expectations of a decline in US
interest rates in 2024. From near-zero on January 1, 2022, these rates have risen to 5.25%, marking a 22-year
high. With interest rates in the US, UK, and the European Union nearing their terminal levels, and global
inflation decreasing, there is a high probability of interest rates decreasing from 2024. This anticipated
reduction would provide a new boost to the world economy, spurring demand and consumption by lowering
the cost of capital, thereby encouraging corporate expansion.
With ambitious targets, the Indian economy is poised to become the third-largest in the world, aiming for a
$7 trillion size by 2030.
FORUM VIEWS, JANUARY 2024 edition
From
to You...
BBF
FORUM VIEWS - JANUARY 2024
WISHING YOU
A LUMINOUS NEW YEAR!
May the year 2024 be a tapestry
of joy, success, and cherished
moments. Embrace each day
with enthusiasm, turning
dreams into reality. Let
laughter echo, love flourish,
and the journey ahead be
sprinkled with magic!
BBF PHYSICAL INTERACTION MEETING SERIES
Ahmedabad, 22 November
Mumbai, 24 November
Kolkata, 30 November
Delhi, 8 December
FORUM VIEWS - JANUARY 2024
th
The 8 International Financial Cooperation Forum (IFCF)
Republic of Korea | December 3 - 6, 2023
Trends in Global Financial Cooperation for Sustainability
BBF PRESENCE AT IFCF, KOREA
FORUM VIEWS - JANUARY 2024
The Impact of Climate Change on the Global Economy
The current state of climate change poses significant
challenges to the global economy, with repercussions
affecting various sectors. The rising frequency of
extreme weather events, unpredictable food production,
and the depletion of natural capital assets all contribute
to the escalating impact on economic stability, at
the same time that we are facing an increasingly uncertain
geopolitical situation that is impacting supply chains
and food production across the globe as trading
relationships are reshaped to align with political
alliances.
Against that backdrop, the climate discussions at the 28th
Conference of the Parties (COP 28) in Dubai in December
were always going to be difficult, but while many will have
been disappointed by the soft language used in the final
communiques and the less ambitious targets agreed upon, it
is clear that the world’s nations are taking the climate crisis
seriously and that there is a growing sense of urgency to take
meaningful action.
In addition to this sense of urgency, there is now a clear
acknowledgement that the nature and climate crises are
completely interlinked and that we cannot solve one without
solving the other.
This is a welcome shift. The International Energy Agency's
recent 'Breakthrough Agenda Report' highlighted a
concerning trend - emissions are on the rise, and nature-
altering activities persist. This dual threat exacerbates the
carbon pollution problem while eroding the very foundations
of our economic resilience, such as vital rainforests.
On top of that, there is now a growing focus on food and
health as two key areas where the nature and climate crises
have significant impact.
INVESTING FOR 2050. NAVIGATING
THE CLIMATE AND NATURE CRISES:
ECONOMIC AND FINANCIAL PERSPECTIVES
Peter Elwin
Director of Fixed Income
Head of Food & Land Use
Programme
Planet Tracker
Businesses and finance face unprecedented challenges in
this shifting landscape. The destabilization of the once-
predictable 'Holocene' period demands a reevaluation of
existing models. This unpredictability escalates the cost of
risk across insurance, debt finance, and equity capital.
The economic toll of extreme weather events is staggering. In
2022 alone, climate-related disasters caused damages
exceeding USD 3 trillion, with estimates likely underreporting
the true cost, focusing mainly on insurance losses rather than
encompassing broader economic and human losses.
Resource overuse and environmental harm compound the
issue. Fossil fuel extraction and use remains a primary
contributor to climate change, further depleting nature's
resilience and intensifying the risks faced by humanity.
The International Energy Agency's
recent 'Breakthrough Agenda
Report' highlighted a concerning
trend - emissions are on the rise,
and nature-altering activities
p e r s i s t . T h i s d u a l t h r e a t
exacerbates the carbon pollution
problem while eroding the very
foundations of our economic
resilience, such as vital rainforests.
(United Kingdom)
Global Insights
FORUM VIEWS - JANUARY 2024
The consequence? Businesses find planning increasingly
difficult, leading to elevated expenditures in defending
against climate-related consequences. Simultaneously,
finance providers struggle to gauge risks accurately,
hindering their ability to determine appropriate capital prices.
The increased financing costs associated with this rising
uncertainty are having a perverse impact on the provision of
essential funding to many Lower and Middle Income
Countries (LMICs) across the global south that face the
greatest threats from climate change and yet now find
themselves having to pay ever high costs for the funding they
require to support adaptation and mitigation measures on top
of the impact on global interest rates caused by rising
inflation.
These costs apply to businesses as well and the vulnerability
to threats arising from the interlinked climate and nature
crises extends across sectors and along supply chains,
making it imperative for businesses to adapt proactively.
As the source of a third of humanity’s GHG emissions and the
primary driver of biodiversity loss (as well as the cause of a
fifth of global deaths due to non-communicable diseases) the
food system cannot remain as it is today. Transformation is
essential and inevitable, but investors can accelerate the
pace of change by deploying their capital where it is most
needed.
Planet Tracker published a report in March 2023 entitled ‘A
Financial Markets Roadmap for Transforming the Global Food
System’ where we identified six priority actions that financial
institutions (and individuals) should take to support the
transformation.
Allocate capital to stopping or reducing harms including
deforestation, methane emissions and food loss and waste;
and invest in solutions including traceability systems for
supply chains, regenerative agriculture and aquaculture, and
the development of alternative proteins.
There are four underlying themes that will drive this
transformation and thus create these investment
opportunities:
• Responsible supply chains - increasingly, regulation and
pressure from end customers will require businesses to
have full visibility over their supply chains (‘traceability’)
to be able to ensure they can provide the information that
regulators and the markets require (‘transparency’).
Planet Tracker’s research shows that this can be
profitable for the businesses that embrace it (and those
that don’t will find their costs increase - as already
illustrated by the EU’s impending deforestation due
diligence rules that will require traceability of key soft
commodity imports).
• Increased (true cost) efficiency - the food system is
incredibly inefficient, wasting a third of the protein
produced, using land inefficiently to focus on industrial
meat production rather than alternatives which require far
less land, excess use of water, wasteful deployment of
costly fertilisers, and ultimately using agricultural and
fishing practices that deplete the natural capital base on
which the whole system depends. There are probably no
other systems in the global economy that provide such
low hanging fruit in terms of enhancing efficiencies while
respecting planetary boundaries.
• Reduced pollution - the food system is responsible for
significant, life threatening, pollution including methane,
particulate matter, nitrogen run-off and plastics.
Significant opportunities will arise as existing businesses
seek to address these issues and new ones arise to
provide novel solutions (such as bio-alternatives to
plastics).
• Sustainable production - consumers are powerless in the
face of the marketing spend of the large food
manufacturing, retail and food service companies, and
too many of the products we are persuaded to consume
Allocate capital to stopping or
reducing harms including
deforestation, methane
emissions and food loss and
waste; and invest in solutions
including traceability systems
for supply chains, regenerative
agriculture and aquaculture,
and the development of
alternative proteins.
Investing in solutions
Investing in sustainability and green technology emerges as
a pivotal strategy. Not only do these initiatives mitigate
economic losses, but they also offer substantial long-term
benefits. Delayed action, on the other hand, comes at a steep
cost, both economically and in terms of human lives.
Moving towards a low-carbon economy not only aligns with
environmental goals but also yields economic advantages.
Investing in innovative strategies, such as regenerative
agriculture and traceable supply chains, can enhance
resilience and contribute to sustainable business practices.
The food system provides a significant opportunity for
investors to support and benefit from the required
transformation.
10
FORUM VIEWS - JANUARY 2024
are bad for our health, bad for the planet, and create
significant costs for taxpayers. We can already see a
growing number of companies focusing on health and
healthy foods and this trend will be supported by an
increased focus from governments on addressing the
system costs that irresponsible food marketing causes.
Food environments and food architecture will be
reshaped as a result creating further investment
opportunities.
Early financial planning is crucial in mitigating the impacts of
climate change.
Crafting individual investment portfolios that align with the
Paris climate goals and the Kunming-Montreal Global
Biodiversity Framework is a basic step that will help to
protect capital against future losses, and investing in
sustainable businesses and divesting from those causing
harm aligns financial security with sustainability efforts.
Diversified portfolios that favour sustainable assets provide a
buffer against market volatility resulting from climate-related
risks, and there are a growing number of financial products
(such as ETFs) that make this easier.
However, there is a not a one-size-fits-all solution. In crafting
a financial strategy that safeguards their interests and
empowers climate action, individuals should align their
choices with their environmental and social values, and move
away from the old-fashioned approach that simply
encouraged a focus on ‘risk appetite’.
Aligning personal finance with one’s values provides a much
stronger underpinning investment philosophy than a simple
focus on expected returns, in no small part because historic
investment returns are likely to prove a poor indicator of
future returns as we transition from the stable Holocene to
the unpredictable Anthropocene. As the adverts say, ‘past
performance is no indicator of future returns’ and that has
never been more true than today.
As we confront the complexities of climate change, both on a
global and individual scale, proactive and sustainable
financial practices are key to building resilience in the face of
an increasingly uncertain future. But individual action alone
will not be enough. Governments and financial institutions
must champion policies and investments that achieve net
zero, foster climate resilience, restore and enhance
biodiversity, and ensure a just transition to a new, greener
economy that enhances the well-being of all, not the survival
of the few.
Conclusion
Governments and financial
institutions must champion
policies and investments that
achieve net zero, foster climate
resilience, restore and enhance
biodiversity, and ensure a just
transition to a new, greener
economy that enhances the
well-being of all, not the
survival of the few.
Broader business trends to watch
Investment strategies for individuals
Insurance becomes a key tool in maintaining financial
resilience against climate-related risks. However, that also
means that insurance premiums will increase as the
insurance companies respond to demand while also facing
an underlying increase in the risks of climate and nature-
related losses (and costs of restoration).
Innovative financial tools, such as sustainability-linked
bonds, offer promising solutions, both for companies and for
governments. These instruments tie financial outcomes to
sustainable targets, promoting responsible financial
practices, and often achieve cheaper financing for the
companies or governments issuing them.
Individuals, too, must navigate the financial implications of
climate change. Voting for environmentally conscious
governments and/or supporting positive environmental
policies is a crucial step, but personal financial decisions also
play a vital role.
Governments and financial institutions play a pivotal role in
preparing individuals for these challenges. Transparent
communication, clear transition strategies, and the
redirection of financial resources toward sustainable
initiatives are essential components of this preparation.
Peter Elwin is Director of Fixed Income, and Head of the Food & Land Use
Programme, at financial think tank Planet Tracker and has over 20 years of
financial markets experience in senior management and functional roles on the
buy side and sell side. His experience covers food systems, equity and credit
research, accounting, valuation, natural capital, sustainability, strategy, and
operations.
Peter was previously Head of Research at the Universities Superannuation
Scheme (USS), one of the largest UK private pension schemes with over £60bn
under management. Before joining USS, Peter was Deputy Head of European
Research and the #1-rated Global Head of Pensions, Valuation, & Accounting
research at JP Morgan. He is the lead author of Planet Tracker’s award-winning
Financial Markets Roadmap for Transforming the Global Food System.
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