Forum Views - February 2023
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BOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF) | MUMBAI, INDIA
FEBRUARY 2023 | VOLUME: 11 • ISSUE NO. 11 •
RICHARD FRIESEN NADEERA ATHUKORALE COUMAR ANANDA
ELRONA D'SOUZA ADEBOLA ADETUNJI
RICHA PANT TARANJEET CHOHAN SHIKHA PANDEY
NIKITA GORDE BAKHTAVAR CHAUHAN SHRUTI NISAL
SUPER SECRET TRADING COMPUTER • CENTRAL DEPOSITORY SYSTEMS, SRI LANKA
FRANCE FINTECH ECOSYSTEM • DEMYSTIFYING LIFE IN DUBAI • TAXATION IN INDIA
FUTURE OF REAL ESTATE IN INDIA • FINANCIAL INCLUSION VIA ‘PHYTICAL’ PEER LEARNING
ART OF NETWORKING • SURVIVING TO THRIVING • IMAGE MANAGEMENT • 23 MUSINGS IN '23
RETAIL BROKING IN INDIA • CRYPTO CONUNDRUM • CORPORATE GREENMAIL
GOVERNING BOARD MEMBERS
BOMBAY STOCK EXCHANGE BROKERS’ FORUM (BBF)
GOVERNING BOARD 2022 - 23
Sykes & Ray
Equities India Ltd.
Services Pvt. Ltd.
Invest Pvt. Ltd.
Securities Pvt. Ltd.
S. P. Toshniwal
Vice Chairman | BBF
Chairman | BBF
Securities Pvt. Ltd.
Treasurer | BBF
M/S. V. C.
KUSHAL A. SHAH
Jt. Secretary | BBF
Securities Pvt. Ltd.
Secretary | BBF
Securities Pvt. Ltd.
Dr. Pravin Bathe
Angel One Ltd.
Broking Pvt. Ltd.
and Finance Ltd.
SSJ Finance &
Securities Pvt. Ltd.
Anand Rathi Shares &
Stock Brokers Ltd.
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FORUM VIEWS - FEBRUARY 2023
ONLY YOU CAN ACCESS
CHALLENGES OF THE
SYSTEMS (PVT) LIMITED
(CDS) OF SRI LANKA
LIFE IN DUBAI
HOW TO THINK
LIKE A RENAISSANCE
LEADER HOW TO
EVEN IF YOUR
IS NOT OPEN
PARADIGM OF RETAIL
BROKING IN INDIA
TAXATION IN INDIA -
THE FUTURE OF REAL
ESTATE IN INDIA
VIA ‘PHYTICAL’ PEER
LIFESTYLE FACTORS IMPACTING
THE RISK OF CERVICAL CANCER
DUTY - YOUR PASSWORD
CORPORATE GREENMAIL: BLACKMAIL
OF A DIFFERENT COLOUR
ART OF NETWORKING
FROM SURVIVING TO THRIVING
23 MUSINGS IN ‘23
REAL COACHING IS ABOUT CARING
CHANGE IS THE ONLY CONSTANT
The wHole Story
Dr. Vispi Rusi Bhathena | PhD (h.c.)
Chief Executive Officer
Dr. V. Aditya Srinivas
Chief Operating Officer
and Chief Economist
FORUM VIEWS, FEBRUARY 2023 edition
WORLD AND INDIAN ECONOMY SHOWS STRONG MACRO DATA
Macro-Economic data seems to be improving world over with US inflation coming down from 7.1%
to 6.5% which is huge relief for the world economy as the FED may take softening of inflation to go
slow for rate hikes in 2023. This will also reduce the fear of USA entering recession which is being
F R O M
The World Bank has projected that Indian Economy GDP growth would be 6.8% which is very
positive since the world GDP is likely to be in the range of 2.2% to 2.5% while the US GDP was at
1.9% and China was at 3.9%. The last 20 years average GDP data of India has been in the range of 7
to 7.5%, while the world average has been in the range of 2 to 3%. Thus, even in the post pandemic
world Indian economy is one of the fastest growing economies in the world.
The Indian Economy is also witnessing strong macro economic data as inflation has eased from
5.88% to now at 5.72% which is one year low. This will give RBI same elbow room to have a wait and
watch situation in going for aggressive rate hikes. This is very important for the consumption
driven economy like India where majority of houses, vehicles are sold on loans. Thus, cost of capital
becomes very important for the long-term growth of the economy.
The index of industrial production data which track the demand in the manufacturing segment has
also witnessed an improvement from 2.4% to 7.1%. This is positive news as the demand in the
manufacturing sector rises. This will create more jobs in the economy.
The GST collection has been consistently rising and the latest GST collection of Rs. 1,50,000 crore
shows that the economic demand is going up and there is strong recovery in the economy in terms
of business activity.
On the BBF front:
BBF conducted 30 webinars towards investor education
and awareness initiatives which were attended by over
Interactive webinar(s) on
Allocation - operational impact of CC penalty norms w.e.f. 1-Feb-2023 and
Friday, 20th January
Running account settlement on 6-Jan, and New Reporting Format for
Segregation file from 20-Jan.
Thursday, 5th January
FORUM VIEWS - FEBRUARY 2023
f you type “secret trading strategy” into the Google
search engine, you will receive over 27 million returns.
So now that I have your attention, what is this amazing
super secret trading computer that only you can access?
This super secret trading computer is only available to you.
And if you haven’t guessed by now, it is your brain.
So, why is it that marketers use the word secret when in
fact they are flogging it to everyone in the world on the
Internet? Because it works. We all want to be part of the
secret. We all want to be part of a special group.
will give you some clues. First, it was developed in its current
form about 50,000 years ago. And that is a bit before Intel and
Microsoft. This amazing computer was programmed over
thousands of years in a complex adaptive system. This system
created continuous feedback loops that perform much like the
self-learning artificial intelligence that we know today.
Or at least, your own personal version of it.
brain is a remarkable pattern recognition, filtering, sorting,
compressing, and distorting machine. It can take trillions of
bits of information and turn them into digestible patterns,
pictures, and concepts. This remarkable machine is able to
look at market activity and create patterns of behaviors that
are repeatable and tradable.
AMAZING “SUPER SECRET TRADING COMPUTER”
ONLY YOU CAN ACCESS
Chief Executive Officer
Mind Muscles Academy
On one hand, we have a powerful machine, and on the
other hand, it is deeply flawed.
So, we have this amazing pattern recognition
machine that can not only make trillions of computations a day
but also comes with biases that do not serve us as traders or
So what can we do? At the
Mind Muscles Academy, we create software patches and
develop new processes that create maps and models of the
world that serve us better. We can create new subroutines in
this amazing computer by creating new neural connections
that create new ways to perceive market activity and create
actionable behaviors with improved maps and models of the
world of markets.
Your brain is a remarkable pattern
recognition, filtering, sorting,
compressing, and distorting
machine. It can take trillions of bits of
information and turn them into
digestible patterns, pictures, and
concepts. This remarkable machine is
able to look at market activity and
create patterns of behaviors that are
repeatable and tradable.
(San Jose, California, United States)
Are your beliefs about investing and
trading success holding you back?
90% of financial success is your mindset!
However, this remarkable secret trading computer comes
with some software bugs and flaws. In order to manage the
overwhelming amount of information it is bombarded with, it
has to delete, distort, and generalize this massive amount of
data in order to make it useful. This process of deletion,
distortion, and generalization means that we aren’t accessing
reality directly. It simply means that we are creating maps and
models of the world. Concurrently, we are also creating beliefs
about ourselves and the world and how we interact with it.
This belief system then returns its process to a continuous
feedback loop. With repetition, we believe the distorted
information in order to support the beliefs that we have created
about ourselves and the world.
FORUM VIEWS - FEBRUARY 2023
The process for doing this is what we call the three Golden
AWARENESS: In order to shift a subroutine with its biases,
we first need to be aware of it.
ACCEPTANCE: Next, is acceptance.
AGENCY: Finally, we ask, what do we want?
Measuring what Matters:
At Mind Muscles, we break
down the process of awareness into three parts to make it
easier to bring them to our attention.
1. First, we check our physiology and our sensations.
2. Secondly, we focus on our emotions and feelings.
3. Finally, we look at the quality of the thoughts that are
whizzing in and out of our heads.
This means that we
aren’t fighting our own brains. We simply treat behaviors that
no longer serve us as unproductive subroutines left over from
our survival brain or our early training. We no longer need to
judge ourselves, we no longer need to berate ourselves, and
we can end all shame and blame. Once we understand there is
no moral failure, we can move on to improving our maps and
models of the world with less stress and self-judgment.
Agency is the
ability to intentionally decide how we experience both our
internal and external world. With this intention, we can decide
to create new behaviors that serve us better.
This intention can then be
measured and celebrated as we make progress. At Mind
Muscles, we use our Market Metrics application. But you can
use a spreadsheet or any other device. Create your specific
measurable intentions, then measure the progress on a regular
same software bugs, you end up “trying” but never
accomplishing the new patterns of behavior that serve you
If you are willing to step into the
master traders mindset by
becoming aware of your state of
being, willing to accept those
parts of yourself that don't serve
you well, and willing to set an
intention to create new actions
that do serve you better, then this
secret is for you and you alone.
Needless to say, most of us, when we “try” to make these
changes hit a wall. Our old patterns are very powerful and
often connected to our survival mechanisms. They simply do
not want to change because “change” feels risky. This is
where it is helpful to step into a program that already knows
that you are successful, for example, a community that works
from the ground of being that you are in fact a successful trader
or investor already. From that vantage point, we can then start
to resolve the behaviors that no longer serve the trader. As long
as you are trying to resolve the software bugs by using the
Richard Friesen works with independent and professional traders who want to
increase their consistent profits. His neuroscience-based Mind Muscles™
model gives his clients the opportunity to reach their goals with online training,
simulations, interactive exercises, group support, and real-time decision
He has been a futures broker for Merrill Lynch, a floor trader on the CME, CBOT,
and the options floor of the Pacific Exchange where he built and sold a successful
options trading firm. He also served on the Exchange's board of directors. He also
founded and built a financial software company and is the inventor of ten
significant trading interface patents. This combined with his Master’s Degree in
Clinical Psychology, Neurolinguistic Programming Master’s certification, and
neuroscience focus brings a unique framework to trading success.
He is the CEO of the Mind Muscles Academy which offers live group meetings,
private coaching, and online courses for traders, investors, and entrepreneurs.
He is also the author of “A Private Conversation with Money” which has rave
Mind Muscles Financial Freedom Investing and Trading Process:
Expand awareness of your beliefs about yourself and the world
Focus on the process, not the outcome
Continually improve your strategy, execution, and mindset process
Check your financial outcomes
Repeat the four steps over and over again.
Feeling Comfortable allowing all my
trades to play out as pre-planned
So in the flow that I pull the trigger
easily on all setups that fit my plan
Physically relaxed, deep
Experience losses as a statistical
Joy with my process, not P&L
So here is the amazing supper secret trading computer
that only you can access.
I invite you to step into the Master Trader’s and Investor’s
And I can say that this is a super
secret even though I am publishing it and it can be discovered
by everyone. The reason this will remain a “secret” is that
most traders in the world want a super secret trading strategy
that doesn’t involve personal growth and change. Most
traders have already skimmed this blog and moved on. Most
traders have already filtered out this information because they
know that they are special and really don’t need to look at their
own operating system.
If you are willing to step into the master traders
mindset by becoming aware of your state of being, willing to
accept those parts of yourself that don’t serve you well, and
willing to set an intention to create new actions that do serve
you better, then this secret is for you and you alone. Few
others will be able to see it even though it is right in front of
FORUM VIEWS - FEBRUARY 2023
n 1980s and 1990s when science fiction cartoons and drama
series were running on tv, being small kids, we were dreaming
Iof living in an era which could enable us doing things sitting at a
one place comfortably with an electronic device. This feeling can
be totally subjective, but the feeling of the experience would be
similar for most of us. At present the term Digitalization is heard
almost everywhere. Now adays with the abundance of Digital
avenues we would not imagine what it would have been in 1980s
and 1990s. However, the challenges remain when it comes to the
adoption of NEW.
The constant of the modern-day world is that the technology
evolves. Sometimes we may feel that the speed of evolution of
the technology is too fast that the humans would never catchup in
time. I would argue again that this is subjective. With the
emergence of the Web 1.0, the earliest version of internet, the
society at large was amazed by the future it would bring. The Web
2.0 ensured the rise of web apps and self-publishing plat forms,
and social media sites. The Web 2.0 has made the biggest impact
to the society so far in the history.
We saw a big boom in social media and in the second decade of
the millennia and the momentum also helped the Digitalization
efforts as well. In Sri Lankan context although the initiatives were
made, the progress was slow until the world woke up to the worst
pandemic in living memory.
The important question in any context would be “Why
Digitalization”. Till the pandemic the society at large had not seen
the true benefits of digitalization. Each and every entity, mostly
banks, tried its level best to promote the digitalized services from
the beginning of the second decade of the millennia. I remember
during 2010 to 2012 myself and few of my colleagues requesting
from the banks which we had our savings accounts and credit
cards to provide us with online access. This was mainly due to the
busy work life we had to go through those days that making bill
payments by visiting a counter in person during weekdays was so
difficult. An online access ensured that we could process
payments and other cash transfers at any time of the day from
anywhere. Further our expenses could be tracked on monthly
basis which helped us managing our finances as well. We could
also witness how Indian CSDs, CDSL and NSDL working on their
own unique Digitalization making it more convenient to Indian
investors. There are many viewpoints on why Digitalization
should exist. Some would say reduction of cost is the reason for
them to digitalize which I do not agree. In my opinion Digitalization
changes and enhances the business model of an organization
which brings multiple benefits to all stakeholders. I would simply
call it “Convenience”.
IMPLEMENTATION OF DIGITALIZATION AND POST
DIGITALIZATION CHALLENGES OF THE CENTRAL
DEPOSITORY SYSTEMS (PVT) LIMITED (CDS) OF SRI LANKA
Central Depository Systems (CDS)
of Colombo Stock Exchange
Sri Lankan Stock Market is not an exception when it comes to
Digitalization. The Central Depository Systems (Pvt) Limited
(CDS) a fully owned subsidiary of the Colombo Stock Exchange
(CSE) being the key infrastructure provider has also taken
important initiatives to digitalize its services.
The CDS had already laid the foundation for the Digitalization of its
business processes by taking crucial steps.
1. Digital Settlement Schedule Signing (DS3)
The CDS started its Digitalization journey in 2014 with the
enhancements of converting all archived physical documents to
electronic form. In 2015 the CDS came up with the DS3 system to
dispatch settlement reports to all settlement banks with Digital
Signatures as the very first entity in capital market industry to
Digitalization Journey of the CDS - Pre-Covid
Sri Lankan Stock Market is not an
exception when it comes to Digitalization.
The Central Depository Systems (Pvt)
Limited (CDS) a fully owned subsidiary
of the Colombo Stock Exchange (CSE)
being the key infrastructure provider has
also taken important initiatives to
digitalize its services.
FORUM VIEWS - FEBRUARY 2023
start the same. This initiative helped all four settlement banks at
the time to coordinate the daily interbank settlement
expeditiously and complete the process in a timely manner.
2. Digital Front Desk (DFD)
Digital Front Desk concept was introduced in 2018 in order to
enhance the process of documents submissions and transfers
from the depository participants to the CDS and vice-versa. The
traditional model of submitting documents physically to the CDS
was completely eliminated through this initiative. Further, the
preparation of all stakeholders for a major Digitalization drive was
also planned with the same.
3. e-Dividend Payments.
e-Dividend Payment concept was introduced in 2017 in order to
provide a better service to listed issuers by offering novel and
cost-effective solution and at the same time providing investors
with timely payment of dividends.
However, with the Covid pandemic the CDS had to expedite its
efforts further. In this backdrop The Securities and Exchange
Commission of Sri Lanka (SEC) and Colombo Stock Exchange
jointly formed a committee for the Digitalization of the Stock
Market in May 2020. Under the direction and the
recommendations of the SEC/CSE Digitalization Committee, the
CSE/CDS was able to design the business framework and
implement the Digitalized onboarding of individual local investors
in 2020. The individual foreign investor and local corporate
investor digitalized onboarding was done in 2021. e-IPOs and
Virtual AGMs are initiatives taken by the CDS during this
Digitalization drive of the stock market.
1. Digital Onboarding of CDS Accounts.
The initiative of Digitalizing of onboarding of CDS account holders
via the CSE Mobile App was implemented in 2020 in order to
make the entry to market more convenient with the reduction in
time to market. The main challenges were to come up with an
acceptable business process, especially concerning the KYC
guidelines. With the assistance of the SEC/CSE Digitalization
Committee, the CSE and the CDS could sign a Memorandum of
Understanding with the Department of Registration of Persons
(DRP) of Sri Lanka to authenticate online applicants via the DRP
database. This MOU was a significant boost to the development
of digitalization of the entire country since it gave precedent to so
many other initiatives as well. Currently, the digitalized
onboarding of local individual investors and local corporate
investors is almost 100%. The CSE and the CDS have already
made plans to improve the digitalized onboarding of other investor
categories in the next couple of years.
2. CDS e-Connect - Investor interactions between
stockbroker firms and the CDS.
The CDS e-Connect is the one-stop shop for all investors. This is a
feature included in the CSE Mobile App where CDS account
holders can conveniently access in order to interact and submit
instructions related to depository matters. Following are some of
the services provided via the CDS e-Connect.
a. Balance view.
b. Transaction history view.
c. Monthly statements for past six months.
Digitalization Journey of the CDS - Post-Covid
d. Account detail change instructions directly/ online from the
e. Intra account transfer requests directly/ online from the client.
Digital CDS 28 - e-Mail and Mobile Number change requests.
g. Research portal access.
h. e-Nominations submissions.
3. e-IPO Applications.
This enabled the investors to apply for an IPO from wherever they
are without having to go to a physical location. Moreover, the
issuers can also attract more investors via this facility since the
process is more convenient.
4. Virtual General Meetings.
The major drawback in having general meetings of companies
physically is that not every shareholder can participate due to
reasons such as distance and work. Moreover, it is a massive
burden for listed issuers logistically and financially to conduct a
General Meeting in the current context. Therefore, Virtual General
Meeting is the most comprehensive solution for issuers and
Not only in capital markets but, every industry has to go through
many challenges after implementing Digitalization. If
implementation was a challenge, convincing market participants
to adopt Digitalization in day-to-day activities has become more
than a challenge. Once you start the Digitalization journey, there is
no turning back. The more you digitalize more you will see the
gaps in existing business processes. However, one has to have
determination and perseverance to carry out the change
management through all these challenges.
1. Handholding elderly investors when using digitalized
2. Maintenance of a dynamic Help Desk.
3. Conducting continuous awareness programs for
4. Execution of improvements dynamically to the current
Solutions to Post Digitalization Challenges and Continuous
Nadeera is currently serving as the Deputy Head of Central Depository Systems
(CDS) of the Colombo Stock Exchange (CSE), Sri Lanka. He has been with the
CDS for more than 14 years. During his tenure at the CSE, in addition to working
for the CDS, he worked as the Assistant Manager - Trading and Market
Surveillance Division in 2017 and as Assistant Manager - Special Projects
attached to the CEO’s Office from 2019 to 2021.
He has also played vital roles in projects listed below,
1. Implementation of Debt Securities Trading in Automated Trading System in
2. Implementation of the new core depository system for the CDS in 2014.
3. Establishing the Corporate Solutions Unit of the CDS in 2018, which is the first
new business initiative/ diversification of the CDS.
4. Introduction of the e-Dividend and e-IPO concept.
5. Implementation of Delivery Vs. Payment (DVP) in 2021.
6. Leading the business side of the Digitalization Projects.
He was appointed as a member of the SEC/ CSE Joint Committee for
Digitalization in 2020, which took significant initiatives during 2020-2022.
He has a B.Sc in Business Administration (Business Economics) Special Degree
from University of Sri Jayewardenepura, Sri Lanka and has completed the MBA
from Cardiff Metropolitan University, United Kingdom.
FORUM VIEWS - FEBRUARY 2023
“Spotlight on Kriptown a unique French financing platform
that allows start-ups and SMEs to strengthen their equity
capital, with the largest number of investors, through the
issuance of digital assets - a potential solution for the
growing Indian start-up and SMEs equity market.”
India Advisory Paris is specialized in helping French tech
startups expand in India, we believe that Kriptown will
expand its foot print in Europe both at the regional and
national equity market for supporting the start up and SME
The European Parliament and Council have published the
Regulation 2022/858 on a pilot regime for market infrastructures
based on distributed ledger technology (DLT Pilot Regime). This
is part of a package of measures introduced by the European
Commission to enable the development of digital finance,
particularly in terms of innovation and competition, while
reducing potential risks.
The DLT Pilot Regime establishes the conditions for permission
to operate a DLT market infrastructure and limitations on the DLT
financial instruments that can be admitted to trading and settled
on the DLT. It also sets out rules for cooperation between DLT
India Advisory Paris is sharing in this article the point of
view from Kriptown founder Mark Kepeneghian and
Kriptown Legal head Cassandre Vassilopoulos.
market operators, competent authorities, and the European
Securities and Markets Authority (ESMA).
In order to allow innovation and experimentation, the DLT Pilot
Regime allows for the trading and settlement of transactions in
crypto-assets that qualify as financial instruments under
Directive 2014/65/EU (MiFID II), also known as true digital
securities. For other crypto-assets that do not qualify as
financial instruments, such as stablecoins, e-money tokens, and
utility tokens, a dedicated regulatory framework at the EU level
is being developed. This framework, known as the Markets in
Crypto-Assets Regulation (MiCA), will provide a harmonized EU
framework for these types of assets.
FRANCE FINTECH ECOSYSTEM
Co-founder & Partner
India Advisory Paris
The DLT Pilot Regime allows for the digital representation,
namely the tokenization, of financial instruments on distributed
ledgers or the issuance of traditional asset classes in tokenized
form. This is expected to create new opportunities to improve
the efficiency of trading and post-trading processes. However,
existing union financial services legislation was not designed
with blockchain technology and crypto-assets in mind and
contains provisions that could limit their use. The DLT Pilot
Regime was introduced to allow for the use of such technology,
while also accounting for potential risks.
Not all financial instruments will be eligible for trading and
settlement on the DLT. Only less liquid bonds, shares and fund
units will be allowed. Furthermore, the aggregate market
capitalization of these assets shall not exceed EUR 6 billion at
the moment of admission to trading, or initial recording, of a new
DLT financial instrument. This is to ensure that the DLT Pilot
Regime allows for innovation and experimentation, while also
mitigating potential risks.
In concrete terms, the DLT Pilot Regime creates 3 new
DLT multilateral trading facilities ("DLT MTF"), which are
multilateral trading facilities which admit trading of DLT
DLT settlement systems ("DLT SS"), which are settlement
systems that settle transactions of DLT financial
Spotlight on Kriptown a unique French
financing platform that allows start-
ups and SMEs to strengthen their
equity capital, with the largest number
of investors, through the issuance of
digital assets - a potential solution for
the growing Indian start-up and SMEs
(Paris, France)1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60