Forum Views - Sep 2024
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BOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF) | MUMBAI, INDIA
SEPTEMBER 2024 | VOLUME: 13 • ISSUE NO. 6 •
Keith Warburton
India's Global
Potential: the
Cultural
Perspective
Nina Nagpal
The Surging
Intelligence
Emerging Tech
& Indian
Banking Laws
Dimple Mittal
Emerging
Wealth
Management
Careers in India
Soma Roy
ESG's Impact on
SME Growth
Divya Singh
The Art of Silent
Communication
Kashnie Naidoo
CompTech:
Elevating
Compliance
Excellence
Mehak Malhotra
Building Your
Personal Brand
and Leadership
Rajiv Mohapatra
FORUM VIEWS - SEPTEMBER 2024
EXECUTIVE COMMITTEE
GOVERNING BOARD MEMBERS
BOMBAY STOCK EXCHANGE BROKERS’ FORUM (BBF)
GOVERNING BOARD 2023 - 24
FORUM VIEWS - SEPTEMBER 2024
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.
Purav Fozdar
Axiom Share
Broking Pvt. Ltd.
Neeraj Choksi
NJ India
Invest Pvt. Ltd.
Parth Nyati
Swastika
Investmart Ltd.
Dr. Pravin Bathe
Angel
One 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.
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FORUM VIEWS - SEPTEMBER 2024
BBF Steering Committee
Kishor Kansagra (Chairman)
Anurag Bansal (Vice Chairman)
Nirav Gandhi (Secretary)
Rajiv Choksey (Treasurer)
Kushal Shah (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
st
Printing press: Kshitij Printers, 49 Parsi Panchayat Rd., Ashok Ind. Est., 1 Floor, Andheri (E), Mumbai - 400069.
Maharashtra
Design & Layout: Harshad Gajera
16 Insights
THE SURGING INTELLIGENCE
20 Feature
COMPLIANCE CALENDAR
32
Regulatory
Compliance
BUILDING YOUR PERSONAL BRAND
AND LEADERSHIP
08
Global
Insights
REACHING INDIA'S GLOBAL POTENTIAL
- THE CULTURAL PERSPECTIVE
Leadership,
Empowerment & Lifestyle
33
THE ART OF SILENT COMMUNICATION: HARNESSING BODY LANGUAGE FOR
PERSONAL AND PROFESSIONAL SUCCESS
LEVERAGING TECHNOLOGY FOR
COMPLIANCE EXCELLENCE:
THE ROLE OF COMPTECH SOLUTIONS
SUSTAINABILITY INITIATIVES
IN PASSENGER TRANSPORTATION
- COMPARING GERMANY AND INDIA
THE IMPACT OF EMERGING TECHNOLOGIES
ON BANKING LAWS IN INDIA
ESG - IMPACT & IMPORTANCE IN
THE GROWTH STORY OF SMES
WEALTH MANAGEMENT EMERGES AS A
PREMIER CAREER CHOICE IN INDIA
INTERNATIONALIZATION OF HIGHER
EDUCATION IN INDIA - A PERSPECTIVE
OF GROWTH TOWARDS INDIA@2047
SKILL DEVELOPMENT: UNDERSTANDING
THE IMPERATIVE FOR THE INDIAN ECONOMY
MINDFUL MEDITATION: ORIGINS, BENEFITS, AND PRACTICE
MINDFULNESS IN A HECTIC WORLD
FORUM VIEWS - SEPTEMBER 2024
Dr. Vispi Rusi Bhathena, PhD (h.c.)
Chief Executive Officer
Dr. V. Aditya Srinivas
Chief Operating Officer
and Chief Economist
The global financial markets experienced a significant downturn on August 5, 2024, as fears of a recession in the
United States, the world's largest economy, intensified. This apprehension has been looming over the global
economy for some time, largely due to the U.S. Federal Reserve's stringent monetary policy. The Fed has kept
interest rates at a 21-year high of 5.5%, with no indication of easing until inflation is brought down to its target of 2%.
The result of this policy has been a pervasive sense of uncertainty that finally culminated in a sharp decline across
global markets on August 5.
In comparison to global counterparts, the Indian stock markets displayed remarkable resilience during this
tumultuous period. Despite significant selling pressure from Foreign Institutional Investors (FIIs), who offloaded
shares worth Rs. 10,000 crore, the Indian markets managed to mitigate the damage. This was largely due to the
supportive actions of Domestic Institutional Investors (DIIs), who purchased shares amounting to Rs. 9,165 crore,
thereby providing a much-needed cushion to the market.
T H E
BBF SECRETARIAT
The year 2024 has seen a marked difference in the behaviour of mutual funds and FIIs in the Indian market. Mutual
funds have been consistent net buyers, amassing investments totalling Rs. 1,94,000 crore, whereas FIIs have been
more conservative, with net purchases of just Rs. 31,000 crore. This divergence highlights the growing confidence of
domestic investors in the long-term prospects of the Indian economy, even as global uncertainties loom large.
The global economic landscape has been fraught with challenges, primarily driven by the rising cost of capital as
central banks worldwide have raised interest rates to combat inflation. This has led to widespread concerns about
the possibility of a global recession. The situation in the United States, where recession fears are most acute, is
compounded by geopolitical tensions, such as the ongoing conflict between Iran and Israel, further exacerbating the
sense of instability.
In contrast, the Indian economy has shown relative stability. Inflation remains below the Reserve Bank of India's (RBI)
upper tolerance level of 6%, allowing the RBI to adopt a cautious "wait and watch" approach rather than rushing to
cut rates. The current Repo Rate of 6.5% is nearing its terminal level, suggesting that the RBI is carefully balancing the
need to control inflation with the goal of sustaining economic growth.
Meanwhile, in the United Kingdom, the Bank of England has taken a different approach, opting to cut its benchmark
interest rate by 0.25%, bringing it down to 5%. This move reflects the varying strategies adopted by central banks in
response to their unique economic conditions.
Amidst these global challenges, the Indian economy has continued to demonstrate resilience. The Goods and
Services Tax (GST) collection for July 2024 amounted to Rs. 1.82 lakh crore, a figure that underscores the underlying
strength of the Indian economy. Despite the headwinds posed by global economic uncertainties, India remains on a
relatively stable footing, bolstered by strong domestic demand and prudent fiscal management.
In summary, while global markets have been shaken by recession fears, high-interest rates, and geopolitical tensions,
the Indian economy stands out for its resilience and steady performance. The cautious approach of the RBI, coupled
with robust domestic investment activity, has helped shield the Indian markets from the worst of the global
downturn. As the world navigates these uncertain times, India's economic stability offers a glimmer of hope amid the
broader turbulence.
FORUM VIEWS, SEPTEMBER 2024 edition
From
to You...
BBF
FORUM VIEWS - SEPTEMBER 2024
FORUM VIEWS - SEPTEMBER 2024
FORUM VIEWS - SEPTEMBER 2024
have been working on projects with an India connection
since 1996 and over the past three decades people in the
IWest have been talking about India’s potential to become
one of the world’s leading economies - but many
commentators have also focused on why India would never
reach its true potential. The doom-mongers have been proved
spectacularly wrong and India is now, finally, emerging as the
‘go-to’ market for global companies who are either looking at
India as a lucrative future market or who are hoovering up the
vast well of human capital which India has in abundance.
However, the move which has most surprised many people is
how India-based companies are now scanning the globe for
overseas opportunities and either setting up permanent
establishments across the world or acquiring companies to
give them a foothold in multiple geographies.
While India’s progress has been spectacular, there remain a
number of significant barriers which need to be addressed if
India is to truly become the dominant global economic super-
power which will enable its enormous population to fulfil their
aspirations - and I would argue that one of the biggest
challenges which needs to be addressed is around developing
a truly global mindset within those sections of the workforce
who are globally facing. I say this because globalisation is a
mindset not just a word.
So why is developing a global mindset is so important for
corporate India?
There are three main factors which point to this as a necessity:
1. Many foreign companies who invest heavily in India and
who employ thousands of people in their operations
approach my company, Global Business Culture, because
they struggle to come to terms with the culturally different
approach to the everyday working situations they
encounter in India. These challenges are sometimes so
strong that it leads companies to question the wisdom of
their investment and they openly talk about shifting
operations to other locations. Why do they feel so
strongly? Because the internal inefficiencies which result
from these culture clashes start to eat away at any cost
arbitrage they sought in India in the first place.
REACHING INDIA'S GLOBAL POTENTIAL
- THE CULTURAL PERSPECTIVE
Keith Warburton
CEO
Global Business Culture
2. The workforce in India is very young. Indeed, the
population of India is very young and with youth comes
inexperience. Many employees in India lack the global
experience they need to help them cope with the cultural
challenges they encounter when working with a colleague
from the USA on Monday, a colleague from Germany on
Tuesday and a colleague from Japan on Wednesday. They
need quality help and guidance, but they are not getting it.
Technical competence simply isn’t enough. It is
interpersonal skills that make the difference and, if you are
working in an international environment, cultural fluency is
a core skill.
3. When Indian companies employ talent in overseas
markets (whether through organic growth or acquisition)
the world suddenly changes for them. They have to learn
how to recruit, maintain and motivate employees from
different cultural backgrounds. Senior Indian leaders need
to start to be comfortable with junior employees saying
’no’ to them or telling them that their decisions are wrong.
For example, when we work with people in the US who are
employed by Indian companies, they tell us how
uncomfortable they feel with what they see a ‘command
and control’ approach from India. In fact, many great
There is no such thing as “the good
leadership style” when you work
in a global environment. Any
leadership training program you have
been on which tells you there is a
leadership style that works equally
well everywhere in the world has
simply misled you.
United Kingdom
Global Insights
FORUM VIEWS - SEPTEMBER 2024
people are so uncomfortable with this that they simply
leave. That is a cost you cannot support in the long
run as great talent becomes ever scarcer in just about
every country.
Cultural knowledge and its practical application are not just ‘a
nice to have’ but ‘a need to have’ for corporate India and the
journey of learning and development needs to start now and it
needs to be effectively rolled-out.
The answer to this question is almost certainly, ‘not really.’ A
few people in an organisation might have some understanding
but the vast majority of your employee base do not. India is not
alone in this - the same can be said for the USA, the UK,
Germany, Japan etc. The difference is that companies in those
other countries are doing something about it. They are
investing in their people and they are asking such questions
as:
• What is the appetite for risk in Japan?
• Why don’t people from the USA give me clear
instructions?
• Why do Germans take so long to make decisions?
You need to understand these things right from the get-go. I
know many companies who have attempted to develop new
markets without acquiring the right levels of expertise in those
markets. I know this because 25% of our clients come to us
and say, ‘We are just about to start an operation in country Y
what do we need to know?’ - but 75% of our clients come to us
and say, ‘We opened an operation in country Y 3 years ago and
it has been a nightmare. Where have we gone wrong?’
Don’t be one of the organisations that gets this wrong. Make
some significant investments in developing your people up
front - it will pay dividends quickly through increased
efficiency and improved staff morale.
There is no such thing as “the good leadership style” when you
work in a global environment. Any leadership training program
you have been on which tells you there is a leadership style
that works equally well everywhere in the world has simply
misled you. Leadership styles vary enormously around the
world and if you are leading multi-cultural global teams you
need to be aware of this or else you are very quickly going to
alienate large numbers of your employees.
Employees in many countries in the West expect leaders to
give them objectives but then be allowed to work towards
those objectives without much oversight. Many of our clients
complain about what they see as a micro-management
approach from Indian leaders, and nothing will aggravate
people in the US, the UK etc more than that. Hands-off
leadership and empowerment are viewed as a good
leadership approach; detailed instructions and too many
touch points are seen as patronising.
Do you understand your global markets, clients and
colleagues?
How transferable is the typical Indian leadership style?
In addition, in the West most team members expect to have
their voice heard in meetings, to be able to push back against
their leader and to be able to say ‘no’ without fear of sanction,
to a greater extent than most India-based teams. In a way,
being disrespectful to the perceived hierarchy is seen as a
good thing and actively encouraged because, it is felt, this is
where innovation and growth will be found. How will India
leaders adapt to this approach? If you can’t work with it, you
will lose top talent.
As a non-Indian working closely with India, one of the most
challenging aspects of doing business in India is what I see as
a prioritization of cost over quality. It seems that, no matter
what questions are asked regarding quality, the final decision
in most cases is based on price. I dread the ‘What is your no
regret price?’ question because I know that the only thing that
will swing a deal my way is to go to price-point I am extremely
uncomfortable with - and so I just walk away. I know I have the
best solution for the client, but I feel that most clients are not
really interested in the best solution but rather the lowest
possible price.
If India is to truly reach its potential, this traditional price
obsession has to change otherwise mediocrity will drag
quality down, employees will become frustrated by having to
work with sub-optimal solutions and international suppliers
will give up on a market in which they feel they cannot make a
good enough margin.
Of course, price matters. It matters everywhere in the world
but in many countries, people start the tendering process by
saying that although price is a factor, it will not be the
determining factor when choosing a partner.
Although I have spent over 20-years helping many of the
world’s major corporations ‘go global’ by helping them develop
a global mindset, I know that cultural fluency is not the only
thing organisations need to get right when working cross-
border. However, I feel that companies very often ignore this
issue and think that they can ‘manage through’ any pain they
encounter. Take it from me, it is much more difficult to resolve
cultural inefficiencies after they have become engrained than
it is to get it right from the start.
Prioritizing quality over cost
Go Global - but go global effectively
Keith Warburton is an internationally recognized expert on the impact of cross-
border cultural differences and global communication issues. He is the founder of
Global Business Culture which has offices in India, the UK, USA, Mexico, Brazil
and Australia.
He has been involved in training and consultancy projects related to India since
1996 and is a very frequent visitor to the country. He has been involved in more
than 50 large scale offshoring projects to India from the West and is called upon
to help companies make these processes work effectively
He works in a consultancy, training, and mentoring capacity with some of the
world’s great companies as well as professional service firms, governments and
Higher Education establishments.
For more info visit www.globalbusinessculture.com
10
FORUM VIEWS - SEPTEMBER 2024
aintaining compliance in today's dynamic business
environment is like performing a high-wire
Mact—complex, demanding, and full of potential
pitfalls. With over 25 years in the finance industry, I have seen
laws and regulations evolve at a pace that challenges even the
most agile businesses. Navigating this maze of requirements
while staying competitive and profitable is no small feat. As
technology accelerates, the pressure to innovate intensifies,
leaving those who do not adapt, at risk of falling behind. This
evolution has led to the rise of RegTech, SupTech, and
CompTech solutions.
As the CEO and Founder of Crescent Compliance Solutions
(CCS), I have dedicated myself to this passion for many years.
At CCS, we see technology not just as a convenience but as a
powerful enabler and a cornerstone of an effective compliance
strategy. This evolution marks the beginning of a new era in
compliance transformation.
CompTech solutions empower businesses to automate
intricate compliance workflows, ensuring that regulatory
standards are met without constant manual oversight.
“When compliance meets technology, the future isn’t just
secure—it’s unstoppable.”
Automation covers a broad spectrum, from real-time
monitoring of regulatory changes to proactive understanding
of the effectiveness of internal controls. Advanced analytics
embedded within CompTech platforms provide valuable
insights into compliance status and potential risks, enabling
forward looking management and strategic planning. The
fusion of compliance and technology forms the ultimate
partnership, transforming regulations from obstacles into
opportunities.
In South Africa, the CompTech market is still emerging but
brims with potential. Our regulatory framework, influenced by
both local and international standards, increasingly
necessitates robust compliance solutions. While challenges
such as limited funding and skills shortages persist, the
growing adoption of technology and the rise of innovative local
startups suggest a promising trajectory for the industry.
The South African CompTech Landscape
LEVERAGING TECHNOLOGY FOR COMPLIANCE
EXCELLENCE: THE ROLE OF COMPTECH SOLUTIONS
Kashnie Naidoo
Founder and CEO
Crescent Compliance
Solutions (Pty) Ltd.
South African businesses are becoming increasingly aware of
the critical role that compliance technology plays in their
future, with this heightened awareness fuelling innovation and
investment within the sector, which has seen a rise in the
provision of CompTech services and solutions. By aligning
with global trends and adopting best practices, South Africa is
well-positioned to establish itself as a leader in the CompTech
arena, or at least that is my hope. Having witnessed firsthand
the transformative impact of technology, I can attest that it has
evolved from a mere support tool to a cornerstone of our
compliance ecosystem.
CompTech solutions empower
businesses to automate intricate
compliance workflows, ensuring that
regulatory standards are met without
c o n s t a n t m a n u a l o v e r s i g h t .
Automation covers a broad spectrum,
from real-time monitoring of
regulatory changes to proactive
understanding of the effectiveness of
internal controls. Advanced analytics
e m b e d d e d w i t h i n C o m p Te c h
platforms provide valuable insights
into compliance status and potential
risks, enabling forward looking
management and strategic planning.
Gauteng, South Africa
Global Insights
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