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

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

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

@bbfindia

/bbfindia

/Bsebrokersforum

/bbfindia

FORUM VIEWS - JUNE 2023

Global

Insights

THE FORGOTTEN

PIECE OF ESG

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

Economy

& Society

COMPLIANCE CALENDAR

Regulatory

Compliance

Leadership,

Empowerment

& Lifestyle

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

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

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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