Forum Views - June 2023
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BOMBAY STOCK EXCHANGE BROKERS' FORUM (BBF) | MUMBAI, INDIA
JUNE 2023 | VOLUME: 12 • ISSUE NO. 3 •
TAHMINA
Day
THILAN
Wickramasinghe
Dr. CHITRA
Paul Victor
NIVEN
Postma
OLGA
Valadon
SHANTI
Mohan
YASMIN
Rose
UPASNA
Batra
VISHRANTH
Suresh
HEMIN
Bharucha
Dr. DIVYA
Jaitly
TINA
Walia
KARTIKEYA
Talreja
<
< Financial incentives and work performance < What are office politics?
< Leading with empathy < Societal norms influencing investment choices
< Mutual Fund distribution opportunity for Stock Brokers
< London, a thriving centre of choice for Indian companies with global aspirations
< It's time public market investors invested in private markets
< Corporate strategy: permeating through disruptions
< ABCDE of image management < Extraordinary importance of sleep
< What we should all know about birth < & other trending topics inside
The forgotten piece of ESG < INDIAN and ASEAN capital markets
FORUM VIEWS - JUNE 2023
FORUM VIEWS - JUNE 2023
EXECUTIVE COMMITTEE
GOVERNING BOARD MEMBERS
BOMBAY STOCK EXCHANGE BROKERS’ FORUM (BBF)
GOVERNING BOARD 2022 - 23
Anup Gupta
Sykes & Ray
Equities India Ltd.
Cyrus Khambata
Paytm
Money Ltd.
Madhavi Vora
ULJK Securities
Pvt. Ltd.
Naresh Rana
Vishwas Fincap
Services Pvt. Ltd.
Neeraj Choksi
NJ India
Invest Pvt. Ltd.
Nirav Gandhi
JM Financial
Services Ltd.
Nithin Kamath
Zerodha
Securities Pvt. Ltd.
Ajit Sanghvi
MSS Securities
Pvt. Ltd.
Parth Nyati
Swastika
Investmart Ltd.
S. P. Toshniwal
Sunlight
Broking LLP
HEMANT MAJETHIA
Vice Chairman | BBF
Ventura
Securities Ltd.
LALIT MUNDRA
Chairman | BBF
Suresh Rathi
Securities Pvt. Ltd.
HARIN MEHTA
Treasurer | BBF
M/S. V. C.
Mehta
KUSHAL A. SHAH
Jt. Secretary | BBF
Ratnakar
Securities Pvt. Ltd.
KISHOR KANSAGRA
Secretary | BBF
Pragya
Securities Pvt. Ltd.
Anurag Bansal
SMC Global
Securities Ltd.
Ashish Rathi
HDFC
Securities Ltd.
Dr. Pravin Bathe
Angel One Ltd.
Purav Fozdar
Axiom Share
Broking 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.
Saurabh Jain
SSJ Finance &
Securities Pvt. Ltd.
Roopkishor Bhootra
Anand Rathi Shares &
Stock Brokers Ltd.
Santosh Jayaram
GROWW
FORUM VIEWS - JUNE 2023
FORUM VIEWS - JUNE 2023
FORUM VIEWS - JUNE 2023
FORUM VIEWS - JUNE 2023
Dr. Vispi Rusi Bhathena, PhD (h.c.)
Chief Executive Officer
Dr. V. Aditya Srinivas
Chief Operating Officer
and Chief Economist
FORUM VIEWS, JUNE 2023 edition
INDIAN ECONOMY CONTINUES ITS STRONG GROWTH MOMENTUM: The Indian economy showing strong
macroeconomic indicators trend. The much-debated CPI inflation has come down from 5.66% to 4.70% which was a big
relief to the RBI and good news for the economy. The RBI decision to keep the repo rate unchanged in the last monetary
policy was a surprise but a welcome move as the economy needs time to adjust the 250-basis point rise in the repo rate.
The GST collection which came to all time high of INR 1.87 lakh crores shows that the momentum in the economic activity
is very strong and the businesses are getting a level even higher than the pre-covid times. The overall economic condition
seems to be doing well; though at the global front there are still headwinds.
FROM
THE
BBF SECRETARIAT
The US Fed Reserve had increased its benchmark rate by 25 basis point which was an anticipated move. The range of US
Fed is now between 5 to 5.25%. This is close to the terminal rate and hence going ahead there could be downward
movement of the interest rates in the US. The US Government is struggling to convince the congress to pass the debt
ceiling limit which otherwise would trigger default of the US government and could trigger financial markets to go for a
free fall.
China GDP came as a good surprise for the world markets with 4.5% growth which is highest since first quarter of 2022.
Recovery of China is an important news for the global supply chain and the commodity markets. China pumps in $ 25
Billion into the banking system; it has pushed liquidity so that credit flows remain intact and economic activity picks up. It
has left key lending rate unchanged at 2.75%.
The FII flows have slowly began to turn into positive zone and they are buying the Indian stocks as the valuations seems to
have moderated. The opening of Apple store in Mumbai and Delhi is a clear indication that the world over multinational
companies want to set up their presence more strongly in the Indian markets.
From
to You...
BBF
FORUM VIEWS - JUNE 2023
BBF conducted OVER 30 SEMINARS towards
investor education and awareness initiatives
which were attended by MORE THAN 1500
participants.
On the BBF front:
Day/ Date
Interactive webinar(s) on
Re-launch of S&P BSE SENSEX and
BANKEX Derivatives Contracts with
Friday expiry from 15th May 2023
Wednesday,
10th May
The iconic ‘Charging Bull’, ‘BSE Gong’ and the
‘Common Man’ sculptures were unveiled at
the Traffic Island of Horniman Circle, Mumbai,
India (27 April 2023).
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
investment advice by anybody and should not in any way be treated as a recommendation. The information contained in this magazine does not constitute or form part of and should not be construed as, any offer for purchase or sale of
any product or service. While the information in the magazine has been compiled from sources believed to be reliable and in good faith, readers may note that the contents thereof including text, graphics, links or other items are
provided without warranties of any kind. Bombay Stock Exchange Brokers' Forum (BBF) expressly disclaims any warranty as to the accuracy, correctness, reliability, timeliness, merchantability or fitness for any particular purpose, of
this magazine. Bombay Stock Exchange Brokers' Forum (BBF) shall also not be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of the information or data contained in this magazine.
Any alteration, transmission, photocopied distribution in part or in whole or reproduction of any form of this magazine or any part thereof without prior consent of Bombay Stock Exchange Brokers' Forum (BBF) is prohibited.
Concept, production and editorial: Dr. VISPI RUSI BHATHENA, PhD (h.c.)
Editor: Dr. V. ADITYA SRINIVAS
Design & Layout: HARSHAD GAJERA
Printer: KSHITIJ PRINTERS, 49, Parsi Panchayat Road, Ashok Ind. Estate, 1st Floor,
Andheri (East), Mumbai - 400 069
Write to us: We would be happy to hear from you! Do send in your suggestions, feedback and comments
via email to team@brokersforumofindia.com | Visit us: www.brokersforumofindia.com
BBF Steering Committee
(Chairman)
(Vice-Chairman)
(Secretary)
(Treasurer)
(Jt. Secretary)
Lalit Mundra
Hemant Majethia
Kishor Kansagra
Harin Mehta
Kushal A. Shah
Follow us on:
@bbfindia
/bbfindia
/Bsebrokersforum
/bbfindia
FORUM VIEWS - JUNE 2023
10
Global
Insights
THE FORGOTTEN
PIECE OF ESG
23
Your
Questions
Answered
STRIKING A BALANCE
BETWEEN THE
MAJORITY RULE AND
MINORITY RIGHTS
25 Insights
HOW SOCIETAL NORMS ARE INFLUENCING OUR INVESTMENT CHOICES
MUTUAL FUND DISTRIBUTION OPPORTUNITY FOR STOCK BROKERS
32 Feature
LONDON, A THRIVING CENTRE
OF CHOICE FOR INDIAN
COMPANIES WITH GLOBAL
ASPIRATIONS
THE INDO- JAPAN
PARTNERSHIP AND EMERGING
GEOPOLITICS: AN OVERVIEW
29
Economy
& Society
COMPLIANCE CALENDAR
43
Regulatory
Compliance
Leadership,
Empowerment
& Lifestyle
44
THE ABCDE OF IMAGE
MANAGEMENT TO BUILD A
POWERFUL PERSONAL BRAND
THE TIES THAT BIND
INDIAN AND ASEAN
CAPITAL MARKETS SHARE
HISTORY. A BRIGHTER,
COLLABORATIVE
FUTURE AWAITS
CAN FINANCIAL
INCENTIVES BE ENOUGH
TO IMPROVE
WORK PERFORMANCE?
WHAT ARE
OFFICE POLITICS?
LEADING WITH
EMPATHY IS A
COMPETITIVE ADVANTAGE
IN TODAY’S BUSINESS
ENVIRONMENT
HOW TO THINK LIKE A
RENAISSANCE LEADER:
LISTEN AND LEAD WITH
CURIOSITY
IT'S TIME PUBLIC MARKET
INVESTORS INVESTED IN
PRIVATE MARKETS
CORPORATE STRATEGY:
PERMEATING THROUGH
DISRUPTIONS
STRESSED BY INCREASING
HOME LOANS? HERE ARE
SEVEN TIPS TO SAVE YOU
FROM THE HEAT
ENTREPRENEURS SHOULD HAVE
A STOP LOSS FOR THEIR GREED
WHAT IS A DEFAULT BAIL?
MEASURES STUDENTS CAN ADOPT
TO OVERCOME ACADEMIC PRESSURE
OR ANY MENTAL EXERTION
53
Living Health
Matters
SUPERFOOD #1 - WHEATGRASS
THE EXTRAORDINARY
IMPORTANCE OF SLEEP
WHAT WE SHOULD ALL
KNOW ABOUT BIRTH
EARLY DETECTION WILL LOWER
MORTALITY RATES AMONG
ABDOMINAL CANCER PATIENTS
Global
10
FORUM VIEWS - JUNE 2023
efore there was ESG, we had boards of directors and
corporate governance. When I started my career in ESG
Bwith the World Bank’s International Finance Corporation
(IFC) in 2007, not many people knew or had a desire to
understand what ESG was. Corporate governance, on the other
hand, was the center of the business world’s attention.
Companies had been shaken by a series of corporate scandals
and came to the realization that everything originates from
strong governance. The erected measures and conversations
around governance felt so intense that we believed we
wouldn’t lose sight of this subject ever again. But did we?
Fast forward to today, ESG turned into one of the trendiest
corporate marvels. We know that along with other things, ESG
stands for equitable rights. But does it follow its own advice
and treats all three dimensions of ESG equally? For every single
mention of “corporate governance” on the web media, there
are five that are dedicated to “climate”. The environmental
factor in ESG dominates news, corporate agendas, and efforts.
Understandably, climate risk poses serious threats and
deserves urgency and high prioritization.
However, the situation raises some valid questions. Have we
put corporate governance on the back burner and downgraded
it as a priority? Do we believe that environmental and social
factors can be properly managed without a strong foundation -
governance?
Let’s examine the situation and discuss why corporate
governance should always be the highest priority in the ESG
trifecta.
While the importance of strong governance in ESG is not
disputed, governance has been overlooked or given less
importance compared to its peer - the environmental factor.
We might argue that corporate governance has been around
for a longer time and has a more established structure and
consensus on what it stands for. However, if not constantly
brought into the spotlight and updated to reflect the dynamics
of change around us, governance issues might stagnate and
turn irrelevant just like any other aspect of business.
The Neglect of Governance
Insights
THE FORGOTTEN PIECE OF ESG
Tahmina Day
ESG, Risk,
and Governance Leader
Part of the reason for the neglect of governance in ESG may be
due to a lack of standardization in measuring and reporting on
governance practices. While there are several voluntary
frameworks for reporting on environmental and/or social
factors, such as the Task Force on Climate-related Financial
Disclosures (TCFD) and the Global Reporting Initiative (GRI),
there is no widely accepted framework for reporting on
governance practices.
The regulatory reporting landscape follows a similar pattern.
The EU’s European Sustainability Reporting Standards (ESRS)
exposure draft, for example, includes two governance
standards (ESGR G1 and G2) that capture a limited set of
governance topics. They are also smaller in scope in
comparison to six environmental standards and four social
standards.
If a business community would like to continue with the
concept of ESG and not just “ES”, it is time to give governance
an equal amount of attention and priority.
Fast forward to today, ESG turned into
one of the trendiest corporate
marvels. We know that along with
other things, ESG stands for equitable
rights. But does it follow its own
advice and treats all three dimensions
of ESG equally? For every single
mention of “corporate governance”
on the web media, there are five that
are dedicated to “climate”. The
environmental factor in ESG
dominates news, corporate agendas,
and efforts.
(Stuart, Florida, United States)
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