Forum Views - Oct 2024
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BOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF) | MUMBAI, INDIA
OCTOBER 2024 | VOLUME: 13 • ISSUE NO. 7 •
SUSAN
HOLLIDAY
Governance in Financial
Services: Emerging
Market Challenges
KRITHIKA
SHANKARAN
India Way Forward-
Sustainable, Systemic
& Synergistic Growth
VIJAY
EMMANUEL
Full Commitment in
Finance: A Quiet
Revolution Underway
ANANDSAGAR
SHIRALKAR
The Power of
Small Ideas: Lessons
from Japan’s Kaizen
DR. VEDRANA
MLADINA
Prioritizing Mental
Health at Work
TARUN
NAZARE
Data Privacy: Key to
the Digital Age
INSIDE
Mistakes to avoid while applying for a personal loan
Maximizing digital PR for financial institutions & stockbrokers
Leave and license agreement
Secrets to longevity: What healthy elders do differently
BBF commemorates
World Mental Health Day on October 10
FORUM VIEWS - OCTOBER 2024
EXECUTIVE COMMITTEE
GOVERNING BOARD MEMBERS
BOMBAY STOCK EXCHANGE BROKERS’ FORUM (BBF)
GOVERNING BOARD 2023 - 24
FORUM VIEWS - OCTOBER 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.
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 - OCTOBER 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
IT IS TIME TO PRIORITIZE MENTAL HEALTH IN WORKPLACE
GOVERNANCE CHALLENGES IN FINANCIAL SERVICES AND
EMERGING MARKETS - INSIGHTS FROM THE BOARD ROOM
13 Feature
INDIA WAY FORWARD-SUSTAINABLE,
SYSTEMIC & SYNERGISTIC GROWTH
COMPLIANCE CALENDAR
30
Regulatory
Compliance
Leadership,
Empowerment
& Lifestyle
32
SECRETS TO LONGEVITY: WHAT
HEALTHY ELDERS DO DIFFERENTLY
08
Global
Insights
THE GROWING NEED FOR DATA PRIVACY: UNDERSTANDING
ITS SIGNIFICANCE IN TODAY’S DIGITAL AGE
MISTAKES TO AVOID WHILE APPLYING FOR A PERSONAL LOAN
NO TIME FOR HALF MEASURES IN THE DYNAMIC WORLD
OF FINANCE, A QUIET REVOLUTION IS UNDERWAY
THE QUIET POWER OF SMALL IDEAS:
LESSONS FROM JAPAN’S KAIZEN
FINANCIAL INSTITUTIONS/ STOCK BROKING FIRMS
MAKE THE MOST OUT OF DIGITAL PR
SUSTAINABLE WEALTH CREATION AND SKILL DEVELOPMENT
LEAVE AND LICENSE AGREEMENT
FORUM VIEWS - OCTOBER 2024
This month's issue presents a rich array of global perspectives, diving into key topics shaping
financial services today. From emerging market challenges in governance to India's roadmap for
sustainable, systemic growth, we explore the evolving landscape of finance. Discover practical
insights on personal loans, digital PR strategies for financial institutions, and lessons from Japan's
Kaizen philosophy. We also touch on important legal frameworks like Leave and License
Agreements and share secrets to longevity from healthy elders. These diverse features offer
valuable guidance for navigating the complexities of modern finance and beyond.
T H E
BBF SECRETARIAT
Turning our focus to the market, India continues to shine as a beacon of resilience in a globally
turbulent economy. Despite global selloffs and underperformance by major US tech companies,
India's stock market thrives on strong domestic fundamentals. The GDP for the first quarter of FY
2024 (April-June) reached 6.7%, following 7.8% growth in the previous quarter, solidifying India's
leadership among major global economies. For comparison, GDP growth in other major economies
includes: USA at 2.8%, China at 4.7%, Japan at 3.1%, UK at 0.6%, and Germany at -0.1%.
Robust GST collections, reaching a record Rs. 1.75 lakh crore in August 2024 (a 10% increase from
the previous year), further highlight India's strong fiscal position. Capital markets continue to
expand rapidly, with 42.3 lakh new demat accounts opened in August alone, bringing the total to
over 17.11 crore—a milestone that now places India ninth globally in terms of demat account
numbers, surpassing the populations of countries like Russia, Mexico, and Japan.
Meanwhile, private vehicle sales in the April-June quarter saw remarkable growth of 17%, far
surpassing last year's 10%. These figures emphasize the strength of the Indian economy, even amid
global headwinds such as geopolitical tensions and high interest rates that have slowed growth
elsewhere.
Stay tuned for more detailed analysis and insights in this edition, aimed at helping you navigate the
ever-changing worlds of finance, governance, and economics with confidence and clarity.
FORUM VIEWS,
2024 edition
OCTOBER
From
to You...
BBF
FORUM VIEWS - OCTOBER 2024
Dr. Vispi Rusi Bhathena, PhD (h.c.)
Chief Executive Officer
Dr. V. Aditya Srinivas
Consulting Editor
FORUM VIEWS - OCTOBER 2024
very year on October 10, we mark World Mental
Health Day and this year’s theme is focusing on
Eprioritizing mental health in workplace. For many of
us, this has always been a priority, but for many others this
could be a wakeup call. Around 60% of world’s adult
population is employed (WHO, 2024) and most of us spend
most of our time at work and go through different
challenges and work related situations that may
significantly affect our mental health.
Work/ employment can be a great source of financial
stability, personal and professional fulfillment and overall
purpose in life. These are all much desired and positive
aspects of many working environments.
However, workplace can more often than not be a source
of stress, mental and emotional exhaustion and burnout.
Globally, an estimated 12 billion working days are lost
every year to depression and anxiety at a cost of 1 trillion
USD per year in lost productivity (WHO, 2024).
The most common reasons for mental health issues in the
workplace are under or overuse of skills, inappropriate
work pace, long and inflexible working hours, lack of clear
structure and support, discrimination, harassment and
bullying at work, among other things.
As much as these risk factors are clearly systemic in
nature and are closely related to the respective collective
culture of the workplace, they mostly become an
individual problem and source of stress for individual
employees. This again leads to decrease in individual
employee’s sense of belonging and increased social
isolation. Affected individuals start to feel that they are on
their own and that this particular challenge they are facing
could be detrimental to their employment status. If
company’s culture is all about “soldiering up” and lack of
understanding for individual hardship, then there is no way
to prevent further damage from happening and resulting in
either disability or job loss or both.
IT IS TIME TO PRIORITIZE
MENTAL HEALTH IN WORKPLACE
Dr. Vedrana Mladina
Clinical Psychologist
NYU Abu Dhabi
Prioritizing mental health in the workplace means that
mental health in the workplace can no longer be an
individual problem. It is everyone’s problem and
everyone’s responsibility. From safe and healthy work
spaces to supportive and empowering working
environments.
That being said, having employee assistance
programs is no longer enough. Top down proactive
approach is necessary to lead by example and
normalize struggle at work by raising awareness,
leading by example and encouraging employees to
contribute with ideas and solutions for their respective
challenges.
Work/ employment can be a
great source of financial
s t a b i l i t y, p e r s o n a l a n d
professional fulfillment and
overall purpose in life. These are
all much desired and positive
aspects of many working
environments.
Abu Dhabi Emirate, United Arab Emirates
FORUM VIEWS - OCTOBER 2024
Global Insights
Associate Director of Counseling
Accommodating those who have special needs to
optimally perform and throve at work despite their
challenges is also an integral part of the agenda.
regardless of their role, they will naturally want to perform
well and act in the interest of the company. If people feel
devalued and used, they will naturally drop in performance
and no longer be invested in progress. The latter can result
in silent quitters - the term used for those employees who
are still around, but they are mentally and otherwise
“checked out” and have resigned on the inside.
Let’s hope that there is no longer need to be silent nor to
quit. Let’s hope that mental health in the workplace is truly
prioritized in a way that caters for both - the workplace and
the workers and helps them grow together, rather than at
each other’s expense.
Let’s hope that there is no
longer need to be silent nor to
quit. Let’s hope that mental
health in the workplace is truly
prioritized in a way that caters
for both - the workplace and
the workers and helps them
grow together, rather than at
each other’s expense.
Generally speaking, meting people where they are and in
the way that is useful and helpful to them is the key.
Assuming what is best for employees without assessing
their needs is not always accurate and it may be
counterproductive. Compassionate and caring leaders try
to assess individual needs and then increase productivity
through empowering and supporting each individual
employee - if people feel valued and appreciated,
FORUM VIEWS - OCTOBER 2024
Dr. Vedrana Mladina, PhD, is a licensed Clinical Psychologist with 20+ years of
experience. Originally from Bosnia, she obtained her undergraduate and
postgraduate degree from Karl Franzens University of Graz, Austria. Before
joining New York University Abu Dhabi eight years ago, she spent 14 years in the
Netherlands working for the International Criminal Tribunal for Ex Yugoslavia and
International Criminal Court in The Hague, providing psychological support for
victims of war crimes worldwide. She also taught undergraduate and graduate
courses at Webster University in Leiden, Netherlands and worked with expat
clients in her own private practice.
She is trained in CBT, ACT and Schema Therapy and certified in Nutritional
Psychology.
She is experienced in treating a wide range of disorders such as trauma, anxiety,
depression, stress, burnout, adhd, relationship, family and identity issues,
personality disorders, eating disorders (trained in CBT-E and Schema Therapy for
Eating Disorders), body image and self-esteem related difficulties.
She currently serves her second term as the first Middle East Psychological
Association UAE Chapter Director.
n the dynamic and complex landscape of financial
services, the board plays a pivotal role in steering
Iinstitutions through uncertainty, safeguarding
stakeholder interests, and ensuring long-term
sustainability. This is especially true in emerging markets,
where the challenges of governance are magnified by
factors such as regulatory volatility, political instability, and
the varying maturity of financial markets.
Emerging markets are characterized by rapid economic
growth, evolving regulatory frameworks and diverse
financial ecosystems. While these factors offer significant
opportunities, they also present unique governance
challenges that require careful navigation.
Financial services are heavily regulated throughout the
world, but in emerging markets regulation tends to be
simpler but less risk based. Whilst many countries have
The Unique Governance Landscape of Emerging
Markets
1. Regulatory Volatility and Uncertainty
moved to a Basel III type approach for banks, local
requirements still vary and, in many markets, insurance is
still regulated with a Solvency I ratio type capital
requirement rather than Solvency II, which is more risk
based. There is, therefore, more uncertainty as it is not
clear how and when new solvency requirements may be
implemented. In many cases regulators actually require
more information from financial services companies than
they would in mature markets, such as having to get
permission for premium increases or send budgets to the
regulators. This means that the regulatory burden is often
high and can create uncertainty for financial institutions
where strategic choices may be limited by factors such as
exchange controls or lack of sophisticated financial
instruments, making it difficult to manage risk effectively.
GOVERNANCE CHALLENGES IN FINANCIAL
SERVICES AND EMERGING MARKETS -
INSIGHTS FROM THE BOARD ROOM
Susan Holliday
Independent Board Director
Acrisure Re
By definition, financial services regulations are behind the
reality of the markets, with crypto currencies being just one
example of this. However, in emerging markets it is
common to see more gaps which can be exploited in both
positive and negative ways. For example, some countries
only recognize the concepts of insurance companies and
brokers, with no explicit rules for price comparison sites,
underwriting agents (often called Managing General
Agents or MGAs) or they mandate business to go through
brokers which in other countries can be sold directly to
consumers online. This adds to regulatory uncertainty, and
may stifle innovation, whilst also allowing in potential bad
actors outside of the regulatory regime.
In the dynamic and complex
landscape of financial services, the
board plays a pivotal role in steering
institutions through uncertainty,
safeguarding stakeholder interests,
a n d e n s u r i n g l o n g - t e r m
sustainability. This is especially true
in emerging markets, where the
challenges of governance are
magnified by factors such as
regulatory volatility, political
instability, and the varying maturity
of financial markets.
Philadelphia, Pennsylvania, United States
10
FORUM VIEWS - OCTOBER 2024
Global Insights
®
QRD (Qualified Risk Director)
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