Forum Views - March 2024
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HEERAL SHAH
Barclays
Fostering
Diversity
MAHIMA DOMINIC
AdaniConnex
Brokerage Firms and
Blockchain/Data Center Tech
RAJANI SINHA
CareEdge Group
Interim Budget: Capex and
Fiscal Discipline Balances
NEHA SHAH
MentorMyBoard
Diverse Boards: Catalysts
for Corporate Change
RITIKA KUNGWANI
Social Nazaria
Branding in Entrepreneurial Age
UMA SISTLA
Ex SBI-SG Global Securities
SGBs The Way to
Invest in Gold
NEHA AHUJA
Advocate
Understanding Pure Agents
ABBY GHAFOOR
arc Management Consulting
Brand Equity: Unleashing
Financial Value
PARINA MUCHHALA
Nishith Desai Associates
Improved Information
Dissemination by Listed Companies
INSIDE:
Regulating Depositories: Securing the Vaults
Retail Investors: New Strength to Indian Capital Market
Equity as an Asset Class
Make Work-Life
Balance a Priority
BOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF) | MUMBAI, INDIA
MARCH 2024 | VOLUME: 12 • ISSUE NO. 12 •
International Women's Day
Inspire Inclusion
2024
FORUM VIEWS - MARCH 2024
EXECUTIVE COMMITTEE
GOVERNING BOARD MEMBERS
BOMBAY STOCK EXCHANGE BROKERS’ FORUM (BBF)
GOVERNING BOARD 2023 - 24
FORUM VIEWS - MARCH 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.
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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FORUM VIEWS - MARCH 2024
12
Your
Questions
Answered
SEBI’S PROPOSAL FOR
BETTER INFORMATION
DISSEMINATION
BY LISTED COMPANIES
16 Insights
THE ERA OF BROKERING
FIRMS PROFITING
FROM BLOCKCHAIN
AND DATACENTER
TECHNOLOGIES
22 Feature
COMPLIANCE CALENDAR
37
Regulatory
Compliance
INTERIM BUDGET: BALANCES ON
CAPEX AND FISCAL DISCIPLINE
08
Global
Insights
THE RISE OF BRAND
EQUITY AS A FINANCIAL
ASSET: UNLOCKING
HIDDEN VALUE IN
MARKETING STRATEGIES
FOSTERING DIVERSITY
REGULATING
DEPOSITORIES:
SECURING THE VAULTS
AROMATHERAPY ESSENTIAL OILS:
AN EXPLORATION OF NATURE'S FRAGRANT ELIXIRS
MAKE WORK-LIFE BALANCE A PRIORITY
Leadership,
Empowerment
& Lifestyle
38
Concept, Production and Editorial: Dr. Vispi Rusi Bhathena, PhD (h.c.)
Editor & Publisher: Dr. V. Aditya Srinivas
Design & Layout: Harshad Gajera
th
Publisher’s address: BBF, 808A, 8
Floor, BSE Building, P.J Towers, Dalal Street, Fort, Mumbai - 400 001
st
Printing press: Kshitij Printers, 49 Parsi Panchayat Rd., Ashok Ind. Est., 1 Floor, Andheri (E), Mumbai - 400 069
BBF Steering Committee
Kishor Kansagra (Chairman)
Anurag Bansal (Vice Chairman)
Nirav Gandhi (Secretary)
Rajiv Choksey (Treasurer)
Kushal Shah (Jt. Secretary)
DIVERSE BOARDROOMS:
CATALYSTS FOR CORPORATE TRANSFORMATION
BRANDING IN THE AGE OF ENTREPRENEURSHIP
SOVEREIGN GOLD BONDS - THE RIGHT WAY
TO ADD GOLD TO YOUR INVESTMENT PORTFOLIO
LESSONS FOR THE FUTURE: AN OVERVIEW
WHO IS A PURE AGENT?
RETAIL INVESTORS: NEW STRENGTH
TO INDIAN CAPITAL MARKET
EQUITY AS AN ASSET CLASS
FORUM VIEWS - MARCH 2024
Dr. Vispi Rusi Bhathena, PhD (h.c.)
Chief Executive Officer
Dr. V. Aditya Srinivas
Chief Operating Officer
and Chief Economist
Dear Readers,
India's Economic Resilience in a Global Landscape
In the ever-evolving landscape of global economies, India stands out as a beacon of resilience and growth. As the world
grapples with uncertainties and slowdown fears, our nation's economic performance is turning heads and earning
accolades.
The recently released forecasts by the International Monetary Fund (IMF) paint a promising picture for the Indian
economy. With a projected GDP growth rate of 6.5% for the fiscal year 2025, India emerges as one of the fastest-growing
economies globally. In stark contrast, the world GDP is anticipated to grow at 3%, and the United States at 1.8%.
F R O M
T H E
BBF SECRETARIAT
This impressive growth trajectory not only underscores India's economic prowess but also positions it as a torchbearer
amid global uncertainties.
The Reserve Bank of India (RBI), in its recent monetary policy review, decided to keep the Repo Rate unchanged at 6.5%.
The central bank's cautious approach is reflected in its inflation forecasts, with an expectation of 4.5% for the fiscal year
2025. The RBI emphasizes that the downward journey of interest rates will be contingent on a substantial decrease in
inflation, showcasing a commitment to maintaining economic stability.
Examining key indicators, the Index of Industrial Production (IIP) reflects a positive trend, growing at 3.8% in December.
While slightly slower than the previous month, this figure outpaces the expansion observed in the same month of the
previous year. Consumer Price Index (CPI)-based inflation is also on a downward trajectory, registering 5.1% in January
2024 compared to 5.69% in December. This marks a significant improvement from the 6.52% recorded in 2023,
reinforcing the narrative of controlled inflation.
A crucial barometer of economic activity, the Goods and Services Tax (GST) collection, has reached an impressive Rs.
1,72,000 crores. This robust collection not only signifies the strength of the underlying currents in the Indian economy but
also underscores its ability to withstand global headwinds. Furthermore, direct tax collections stand at ₹15.60 lakh crore,
representing a substantial 20.25% increase compared to the corresponding period last year.
In conclusion, India's economic journey is capturing the attention of the world. The numbers speak for themselves,
portraying a story of resilience, growth, and sound fiscal management. As we navigate the global economic landscape,
the torchbearer that is the Indian economy illuminates the path forward, instilling confidence in the face of uncertainties.
FORUM VIEWS, MARCH 2024 edition
From
to You...
BBF
FORUM VIEWS - MARCH 2024
BF Policy Group Physical Meeting, IMC (3 February 2024)
FORUM VIEWS - MARCH 2024
FORUM VIEWS - MARCH 2024
n the dynamic realm of global finance, traditional
metrics no longer stand alone as sole indicators of a
Icompany's prosperity. While metrics like revenue,
profit margins, and market share retain their significance,
there's a burgeoning acknowledgement of the influence
wielded by intangible assets, particularly brand equity, in
shaping sustained financial performance.
Brand equity encapsulates the perceptions, associations,
and emotional ties consumers harbor towards a brand. It
transcends tangible products or services, embodying the
intangible worth a brand holds in the psyche of its target
audience. Constituents of brand equity encompass brand
awareness, perceived quality, brand associations, and
brand loyalty.
For decades, marketers have diligently cultivated robust
brand equity to foster customer loyalty, expand market
share, and command premium pricing. However, what's
increasingly apparent is that brand equity transcends its
role as a marketing metric; it metamorphoses into a potent
Defining Brand Equity: Beyond Conventional Metrics
financial asset with tangible implications for a company's
financial well-being.
A fortified brand equity translates into tangible financial
advantages for companies. Brands endowed with high
equity enjoy enhanced customer loyalty, culminating in
augmented sales volumes, repeated purchases, and
elevated customer lifetime value. Furthermore, brands
with formidable equity possess the ability to exact price
premiums, fostering improved profit margins and
heightened shareholder value.
Consider renowned brands like Apple, Coca-Cola, and
Nike, which have etched indelible marks through their
formidable brand equity. These companies consistently
outperform competitors in revenue generation,
profitability, and market capitalization, owing a significant
debt to the potency of their brands.
The Financial Impetus of Brand Equity
THE RISE OF BRAND EQUITY AS A FINANCIAL ASSET:
UNLOCKING HIDDEN VALUE IN MARKETING STRATEGIES
Abby Ghafoor
Director
arc Management Consulting Ltd.
Collaborative Synergy between Marketing and
Finance
The recognition of brand equity as a financial asset
underscores the imperative for symbiotic collaboration
between marketing and finance professionals within
organizations. While marketers orchestrate endeavours
aimed at fortifying and perpetuating brand equity through
strategic branding initiatives, finance professionals
assume the mantle of quantifying and measuring the
financial impact of these endeavours.
For decades, marketers have
diligently cultivated robust brand
equity to foster customer loyalty,
expand market share, and
command premium pricing.
However, what's increasingly
apparent is that brand equity
transcends its role as a marketing
metric; it metamorphoses into a
potent financial asset with
tangible implications for a
company's financial well-being.
(London, United Kingdom)
Global Insights
FORUM VIEWS - MARCH 2024
During my 25 years working with businesses, I have seen
that synergy between any department with marketing is
crucial in fostering complete communication between the
company.
By fostering a nexus of collaboration, marketers and
finance professionals can create more robust
methodologies for assessing brand value and its impact on
the company's overarching financial performance. This
collaboration can facilitate alignment between marketing
strategies and broader business objectives, ensuring that
investments in branding yield returns.
Customer-based brand valuation models, for instance,
scrutinize consumer perceptions and behaviours to
ascertain the financial value of a brand. By harnessing the
power of data analytics and consumer insights,
companies can more accurately gauge the impact of brand
equity on pivotal financial metrics such as revenue, profit,
and market capitalisation.
Optimising Brand Equity for Financial Triumph
In today's fiercely competitive markets, brand equity
emerges as a pivotal driver of financial success.
Companies that invest in nurturing and fortifying robust
brands stand poised to reap bountiful rewards in terms of
revenue amplification, enhanced profitability, and
augmented shareholder value.
For marketers, the paradigm shift towards regarding brand
equity as a financial asset presents an auspicious
opportunity to underscore the tangible impact of their
endeavours on the company's bottom line. By forging
close alliances with finance professionals and embracing
innovative approaches to brand valuation, marketers can
unearth concealed value in their marketing strategies,
thereby steering their organizations towards sustainable
competitive advantages.
As we gaze across the horizon, it becomes patently clear
that brand equity will continue to exert a profound
influence on companies' financial trajectories and their
capacity to flourish in an increasingly intricate and
dynamic marketplace. By acknowledging the financial
value of brand equity and investing judiciously in its
cultivation, companies can position themselves for
enduring success in the global economic landscape.
Exciting Times Ahead!
Conclusion
By acknowledging the
financial value of brand
e q u i t y a n d i n v e s t i n g
judiciously in its cultivation,
companies can position
themselves for enduring
success in the global
e c o n o m i c l a n d s c a p e .
Exciting Times Ahead!
Evolving Paradigms in Brand Valuation
Conventional methods of brand valuation, such as the cost
approach and market approach, present limitations that
can engulf the entirety of brand equity's financial value.
Consequently, there's a growing interest in burgeoning
trends and methodologies that proffer more nuanced
insights into brand valuation.
Abby Ghafoor, A visionary leader in marketing. Abby is a triple Fellow with distinctions from the Chartered Institute of Marketing (CIM), the Institute of Consulting (FIC), and
the Chartered Management Institute (CIM).
As the Founder and CEO of Arc Management Consulting, her expertise lies in pioneering marketing strategies backed by a rigorous scientific approach, driving remarkable
growth and market share expansion. Under her leadership the business is the Winner of the corporate livewire and Prestige Awards "Management Consultancy of the Year "
2022/2023
With a remarkable 17-year tenure in the corporate realm, Abby served as a leading Marketing Consultant for industry giants like BT, Yell, and Hibu. Her remarkable
achievements earned her the prestigious national gold award for consistently delivering sustainable business results.
In addition to her corporate and charitable roles, Abby passionately fuels business growth. Over the past 13 years, she's collaborated with global brands, empowering their
marketing teams to deliver exceptional, game-changing results.
Her tireless dedication to propelling business, championing women's causes, and shaping future leaders has left an indelible mark in the realms of marketing,
entrepreneurship, and philanthropy.
10
FORUM VIEWS - MARCH 2024
s we commemorate International Women's Day in
2024, the world is engaged in conversation
Asurrounding diversity, equity, inclusion and
belonging, echoing the voices of women across all
industries, including the complex and dynamic world of
financial services. This year's theme, "Inspiring Inclusion,"
is a reminder of the collective journey we are on towards a
more equitable and diverse society. As I reflect on my
career, we must use IWD to celebrate the successes and
progress made but also recognise existing disparities that
continue to exist and make a concerted effort to address
them not just for now, but for future generations to come.
Inclusion is not just about representation; it's about
creating environments where women feel valued, heard
and empowered to thrive. The financial services sector has
historically struggled with gender diversity at senior
levels. Notwithstanding progress in recent years, women,
despite their undeniable talent and potential, continue to
face barriers that impede their career progression
and limit their representation in leadership roles. However,
amidst these challenges, I believe there exists hope
through mentorship, sponsorship, and coaching,
something that I have been fortunate to have benefited
from through my career.
Mentorship as the cornerstone of personal and
professional growth, plays a pivotal role in empowering
women to navigate the complexities of the workplace. A
mentoring relationship provides women with guidance,
advice, and valuable insights from someone who has
navigated similar challenges and triumphs. Through their
mentors, women can access networks, gain exposure to
new opportunities, and develop the skills and confidence
needed to advance in their careers. I have been privileged
to have had some incredible mentors throughout my career
who have done just that for me.
FOSTERING DIVERSITY
Heeral Shah
Head of ESG Strategy & Propositions,
Wholesale Lending, Corporate
and Investment Banking
Barclays
Moreover, mentorship goes beyond guidance; it fosters a
sense of belonging and empowerment. Some of the best
mentors I have had have also inspired me as role models.
When women see themselves reflected in leadership
positions and receive support from mentors who champion
their growth, it sends a powerful message: their voices
matter and their potential is limitless.
However, mentorship alone is not enough to overcome the
barriers that hinder women's advancement. This is where
sponsorship comes into play - as a proactive form of
support that goes beyond advice to advocacy. Sponsors
are typically influential leaders within an organisation, who
leverage their power and influence to actively promote the
careers of their protégées, opening doors to key
I n c l u s i o n i s n ' t j u s t a b o u t
representation; it's about creating
environments where women feel
valued, heard and empowered to
thrive. The financial services sector
has historically struggled with
gender diversity at senior levels.
Notwithstanding progress in recent
years, women, despite their
undeniable talent and potential,
continue to face barriers that
impede their career progression
and limit their representation in
leadership roles.
(London, United Kingdom)
Global Insights
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