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1
Association of Investment Bankers of India raising the credibility standard
Contents Page
Notice 2
Directors' Report 3
Auditors' Report 19
Balance Sheet 21
Income & Expenditure 22Account
Notes to the Financial 23Statements
List of Members 28
Board of Directors
Mr. Sanjay Sharma Chairman
Mr. B. Madhuprasad Vice Chairman
Mr. Anay Khare Director
Mr. T.R.Prashanth Kumar Director
Mr. Ranganath Char Director
Mr. Abhay Bongirwar Director
Ms. Gesu Kaushal Director
Mr. Ajay Pancholi Director
Mr. K. Srinivas Director
Mr. Avinash Kulkarni Director( w.e.f. 3RD December 2012)
Honorary Advisor
Mr. Prithvi Haldea
Chief Executive Officer
Mr. V.S. Narayanan
Auditors
M/S. Chandabhoy & Jassoobhoy
Chartered Accountants
208, “A” Wing, 2ND Floor
Phoenix House
462, Senapati Bapat Marg
Mumbai – 400 013.
Bankers
Central Bank Of India
Axis Bank Ltd.
Registered Office
505/506, Dalamal Chambers
29, New Marine Lines
Mumbai – 400 020.
2
20th Annual Report 2012-13 raising the credibility standard
Notice is hereby given that the Twentieth Annual General Meeting of the Association of Investment
Bankers of India will be held on Monday the 30th September 2013 at 3.00 pm at Hotel West End,
45, New Marine Lines, Mumbai- 400 020 to transact the following business:
1. To consider, approve and adopt the Directors’ Report, the Audited Income & ExpenditureAccount for the year ended 31st March 2013, the Audited Balance Sheet as at that date andthe Auditor’s report thereon.
2. To elect a Director in place of Mr. T. R. Prashanth Kumar, who retires by rotation and is eligiblefor re-appointment.
3. To elect a Director in place of Mr. Ajay Pancholi, who retires by rotation and is eligible for re-appointment.
4. To elect a Director in place of Mr. Avinash Kulkarni, who retires by rotation and is eligible forre-appointment.
5. To appoint Auditors to hold office from the conclusion of the Twentieth Annual General
Meeting until the conclusion of the Twenty First Annual General Meeting and to authorise theBoard to fix their remuneration.
NOTICE
Registered Office : 505-506, Dalamal Chambers,
5th Floor, 29, New Marine Lines, Mumbai - 400 020.
By the order of the Board
SANJAY SHARMA
Chairman
Place : Mumbai
Date : 28th August 2013
NOTES :
A) As per Article 45 of the Articles of Association of the Association of Investment Bankers of India
(AIBI) the total number of Directors on the Board of Directors shall not be more than fifteen out of
which ten will be elected by members, two will be elected by Associates and three will be nominee
Directors (not subject to retirement by rotation) of the Securities & Exchange Board of India (SEBI).
Accordingly, the Board of Directors was constituted. The authorised representatives of Members are
entitled to be appointed on the Board of Directors, if elected. At the AGM the ballot papers with
necessary instructions will be handed over to the Members for electing the Directors.
As Investment Bankers belonging to Categories II, III and IV are no longer registered with SEBI,
there will be no Director from the category of Associates. SEBI has decided not to nominate any
Director on the Board. The reservation for public sector Directors and Non-public sector Directors
does not exist any more.
B) A Member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of
himself provided that the proxy is a Member or an officer of any other Member and registered with
AIBI as per provisions of Article 15 of the Articles of Association.
The Proxy Form should be deposited at the Registered Office of the Association of Investment
Bankers of India, not less than 48 hours before the meeting.
3
Association of Investment Bankers of India raising the credibility standard
DIRECTORS’ REPORT
Your Directors have great pleasure in presenting the Twentieth Annual Report of the Association of
Investment Bankers of India together with the Income and Expenditure Account for the year ended
31st March 2013 and the Balance Sheet as at that date.
FINANCIAL RESULTS
Membership Fees 2,787 2,675
Summit Income 2,030 0
Other Income 5,179 4,713
Total Income 9,996 7,388
Employees benefits expenses 2,875 2,253
Other Expenses 1,582 1,317
Summit Expenses 1,491 0
Depreciation and amortization expense 425 465
Total Expenses 6,373 4,035
Excess of Income over Expenditure for the Year befor tax 3,623 3,353
Less: Tax expense
(1) Current tax 1,140 1,100
(2) Deferred tax (27) (17)
Excess of Income over Expenditure after tax 2,510 2,270
Less: Short /(Excess) provision for income tax of earlier years (38) (57)
Excess of Income over Expenditure carried to Balance Sheet 2,548 2,213
CHAIRMAN AND VICE CHAIRMAN
At the Board Meeting held on the 27th September 2012, Mr. Sanjay Sharma, Managing Director,
Deutsche Equities India Pvt. Ltd and Mr. B. Madhuprasad, Vice Chairman, Keynote Corporate
Services Ltd. were unanimously re-elected Chairman and Vice Chairman respectively of the Association
till the conclusion of the next Annual General Meeting.
(`. ‘000s)
ParticularsYear ended Year ended31-3-2013 31-3-2012
4
20th Annual Report 2012-13 raising the credibility standard
DIRECTORS
The following Directors are due to retire by rotation at the end of the 20th Annual General Meeting
and are eligible for re-appointment by election.
1) Mr. Avinash Kulkarni
2) Mr. Ajay Pancholi
3) Mr. T.R.Prashanth Kumar
HONORARY ADVISOR
Mr. Prithvi Haldea, Chairman & Managing Director of PRIME Database, continued as the Honorary
Advisor to AIBI .The Board would like to express its special appreciation for his continued support
and guidance, especially in successfully conducting our Summit 2012.
MEMBERSHIP
Between the last AGM and the ensuing AGM two new Investment Banking entities viz. IL&FS
Capital Advisors Ltd. and Chartered Finance Management Ltd. were admitted as Members. We
warmly welcome the new Members and look forward to their contribution to making our Association
and industry stronger.
The total number of members as on the date of this report is 57.
MARKET SCENARIO
EQUITY CAPITAL MARKETS - SECONDARY
SUMMARY
The secondary market was quite volatile during the year. A number of factors contributed to this
volatility such as political uncertainty, rising oil prices, weak macroeconomic indicators and
volatile exchange rates. After being range bound during April 2012, the indices lost more than
6% in May 2012 (Sensex and Nifty were down by 1100 points and 324 points respectively as
compared to April 2012 closing). The Sensex was one of the worst performing global indices in
the last week of July 2012 on account of concerns regarding RBI monetary policy rates remaining
unchanged and weak FII inflows. By September, the markets gathered some momentum, with
Sensex and Nifty moving up by 1330 (7.35%) and 444 points (8.46%) respectively, as compared
to the previous month’s closing. This was mainly on account of positive FII inflows during the
month, announcement of FDI reforms in insurance and pension sectors and brief strengthening
5
Association of Investment Bankers of India raising the credibility standard
of the rupee. November 2012 saw positive investor interest on account of discussions on FDI in
multi brand retail in the upper house of Parliament. In January 2013, the indices (Sensex at
20203.66 and Nifty at 6111.8) touched the high of the financial year though the closing levels
for the month were not much higher than the previous month. However, in February 2012, the
indices lost nearly two thirds of the gains made in the last four months with the Sensex and Nifty
falling by more than 1000 points and 300 points respectively. The Sensex and Nifty at the end of
the Financial Year were at 18835 and 5682.55 (representing a gain of 8.23% and 7.31%)
respectively over the previous year’s closing (Sensex 17404 and Nifty 5295.22). The performance
of the indices in the last quarter of FY 13 was influenced by events such as the Union Budget
falling short of market expectations, weak global cues and lower GDP numbers among other
factors.
Volatility in the indices during the year was more than 28% with Sensex and Nifty touching a
high of 20203.66 points and 6111.8 points and a low of 15437 points and 4770.35 points
respectively.
In terms of other stock market indices, FMCG, Healthcare, IT, Bankex, Consumer Durables,
TECk, Oil & Gas and Realty closed in the positive while Auto, Midcap, Capital Goods, PSU,
Small Cap had negative closing.
• FMCG continued to show maximum growth with 31.7% followed by Healthcare and IT at
20.9% and 13.2% respectively. Consumer durables at 10.8% also registered a higher growth
as compared to the previous year (2.6% growth).
• Oil & Gas and Realty indices showed considerable gain while closing positive at 2.9% (-21%
in previous year) and 0.2% (-23.9% in the previous year) respectively.
• Auto sector and Midcap indices slipped to negative closing at -1.4% (9.1% previous year)
and -3.2%(7.7% previous year) respectively.
• Capital Goods, PSU, Small cap and Metal indices continued to have negative closing at
-10.1, -11.4%, – 12.4% and -22.8% respectively despite gains as compared to previous year.
• Power sector index remained negative at -21.3% without much change from the previous
year.
6
20th Annual Report 2012-13 raising the credibility standard
INDICES REPRESENTED IN BAR CHART
Indices 31/3/2012 31/3/2013 Growth Indices 31/3/2012 31/3/2013 Growth
% %
Sensex 17404.20 18835.77 8.23
BSE Sectorial Indices
FMCG 4493.10 5,919.19 31.74 Auto 10134.88 9,994.23 -1.39
Healthcare 6625.74 8,008.09 20.86 Midcap 6,346.38 6,142.06 -3.22
IT 6081.87 6,885.46 13.21 Capital 10027.92 9,017.59 -10.08
Goods
Bankex 11751.18 13,033.35 10.91 PSU 7311.47 6,481.16 -11.36
Consumer 6402.49 7,094.55 10.81 Small 6,629.38 5,804.65 -12.44
Durables Cap
TECK 3,562.41 3,900.94 9.50 Power 2090.97 1,646.50 -21.26
Oil & Gas 8087.50 8,326.60 2.96 Metal 11346.31 8,758.32 -22.81
Realty 1776.96 1,780.09 0.18
Source: www.bseindia.com
20000 18000 16000 14000 12000 10000 8000 6000 4000 2000
0
7
Association of Investment Bankers of India raising the credibility standard
SEBI REGULATIONS
The following new Regulations/ guidelines were issued by SEBI by way of Amendments/Circulars:
between August 22, 2012 and August 28, 2013 (date of this Directors’Report)
Sr. Date of Regulation / Gist of Regulations/Circular/
# Regulation / Circular/ Notification/ Notification/Circular / General Order General Order
Notification/General Order
SEBI (ICDR) REGULATIONS 2009
1. August 24, 2012 SEBI (ICDR) Third 1) New Proviso added to Regulation 14 (1) to align
Amendment the miniumum subscription received in an IPO
with Regulation, 2011 the minimum allotment
prescribed under 19(2)(b) of Securities
Contracts (Regulations) Rules 1957.
2) Regulation 91G(1) substituted by new
Regulation 91G(1) putting restriction of the sale
by Promoter/Promoter Group through IPP or
Stock Exchange Mechanism.
2. Oct. 12, 2012 SEBI (ICDR) 1) Definition General Corporate Purposes (GCP)
Fourth Amendment included and the total amount of GCP restricted
Regulation, 2012 to 25 of Objects of Issue.
2) Average Market Capitalisation of public
shareholding reduced to Rs. 3000 crs for Fast
track issues.
3) Fast track issues not to open before 3 days of
filing of RHP with RoC.
4) Non-underwritable portion increased from 50%
to 75% in case of Issues not complying with
eligibility criteria.
5) Track record for eligibility criteria under
Regulation 26 (1) (b) changed to minimum
average pre-tax operating profit of Rs. 15 crs
during the most profitable 3 years of the
preceding 5 years.
6) Change in Regulation 26 (2) - Net offer to
Public increased to 75% for companies not
meeting eligibility criteria stipulated under
Regulation 26(1).
7) Change in Regulation 30 (1) – Period for
announcing Price band increased to at least
before 5 days of opening of bid.
8) Regulation 33(1)(b) and 36 (a) – Investment by
alternate investment fund to be a part of
Promoters’ contribution.
8
20th Annual Report 2012-13 raising the credibility standard
9) New Sub Regulation 43 (2A) to align with new
Regulation 26 (2).
10) Regulation 49(1) - Minimum application value –
range increased to Rs. 10,000 and Rs. 15,000.
11) New Regulation 50 (1A) – compulsory
allotment to each retail individual investor (RII),
subject to availability of shares in the RII
category.
12) New Regulation 51A – Annual updation of
Offer document .
13) New proviso to sub regulation 57(b) introduced
in case of follow on and rights offer.
14) New proviso to sub regulation 85(1) – discount
on QIP.
15) New “Point # 17” added to DD Certificate from
Lead Managers in Form A under Schedule VI.
16) Schedule VII – Updation and Refiling of Offer
documents – restricted to only increase in Issue
size and the limit increased from 10% to 20%.
17) Marketing lead manager’s name to appear on
the Cover page.
18) Sub clause (i) in Schedule XI – Part A – RIIs
allowed to withdraw or revise the bid until
finalization of allotment.
19) Sub clause (j) in Schedule XI – Part A – QIBs
cannot lower their bids.
20) Manner of allocation/allotment modified - para
15 of Schedule XI Part A .
21) Schedule XIV substituted by new Schedule XIV.
22) Schedule XV substituted by new Schedule XV.
3. February 27, SEBI (ICDR) Regulation 100 – existing regulation substituted by
2013 Amendment new Regulation.
Regulation, 2013
4. August 26, 2013 SEBI (ICDR) Changes in Preferential Allotment Regulations-
Second Amendment 1) sub clause (e ) in Regulation 73 (1) modified to
Regulation, 2013 included beneficial owners.
2) New sub Regulation 74 (4) introduced allotment
only in dematerialized form.
3) New sub Regulations (5) and (6) included in
Regulation 74 – in respect of cash receipt for
allotment of shares.
9
Association of Investment Bankers of India raising the credibility standard
4) Sub Regulations (1), (2), (4) and (6) to
Regulation 78 – “date of allotment” substituted
by “date of trading approval”.
5) New sub Regulation (79) (2) introduced – inter
se transfer of locked-in shares not permitted till
the date of trading approval.
SEBI (BUY BACK OF SECURITIES) REGULATION, 1998
5. August 8, 2013 SEBI Key amendments in the Buy back Regulations
(Buy back of included :
Securities) 1) Regulation 4 modified - Buy back through
Amendment Open Market route restricted to 15% of share
Regulation, 2013 capital and reserves.
2) New sub Regulation (14) (4 ) introduced – one
year gap between two Buy back offers.
3) New sub Regulation 14 (2) (3) introduced – for
successful Buy back minimum 50% of amount
reserved for Buy back has to be utilized.
4) Sub Regulation 15(i) changed – information on
Buy back to be put up Company’s website on a
daily basis.
5) New sub Regulation 15(k) – Buy back offer
period restricted to six months.
6) New sub Regulation 15A introduced – Buy back
of physical shares.
7) New sub Regulation 15B introduced –
providing for minimum 25% of Buy back
amount to be kept in escrow account and other
operational matters.
8) New sub regulation 16 (3) – extinguishment of
shares.
9) Sub Regulation 19 (e ) changed – restricting the
promoters’ right in dealing in the shares from
the date of Buy back resolution to closing of
offer.
10) New sub Regulation 19 (f) introduced –
restriction of one year for further raising of
capital.
10
20th Annual Report 2012-13 raising the credibility standard
SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVER ) REGULATION 2011
6. March 26, 2013 SEBI (Substantial 1) At several places in the Regulation, the words
Acquisition of “on which the voting rights so increase” has
Shares and been substituted by “the date of closure of buy
Takeover) back offer”.
Amendment 2) The relevant date for Public announcement
Regulation 2013 under Regulation 13 (2) (g) amended.
3) New sub Regulation 13(2A) introduced to
provide of Public announcement.
4) New sub Regulation 22 (2) introduced – to
provide for shares to be kept in escrow account.
5) New Proviso introduced to Regulation 23 (1)
(c) – restricting the acquirers’ right to withdraw
the open offer.
6) Existing sub clause 29(2) substituted by new
clause.
SEBI (CERTIFICATION OF ASSOCIATE PERSONS IN THE SECURITIES
MARKET) REGULATION 2007
7. August 2, 2013 Notification Certification from NISM for at least two key
under personnel involved in Primary Capital market
Regulation 3 activities made compulsory by passing NISM-
Series IX (Merchant Banking Certification
Examination).
GENERAL ORDER UNDER SECTION 11 A OF SEBI ACT, 1992
8. October 9, 2012 SEBI 1) Criteria for rejection of Offer Documents.
(Framework for 2) Applicability of the General Order.
Rejection of Draft 3) One time withdrawal Opportunity.
Offer Documents) 4) Consequences of Rejection.
Order 2012.
NISM CERTIFICATION
Vide Notification dated August 2, 2013 SEBI has mandated that a Registered Merchant Banker
should have at least two of its key personnel involved in Primary Capital Market activities, should
pass the NISM Series IX examination conducted by National Institute of Securities Management.
We are glad to inform you that AIBI was involved in developing the course content for this
examination.
11
Association of Investment Bankers of India raising the credibility standard
SUMMARY OF OFFERINGS – EQUITY CAPITAL MARKET
During year the total amount raised through equity offerings were higher at Rs. 55,018 crores (from
100 issues) as compared Rs. 28,547 crores (from 65 issues) during the previous Financial Year.
And more than Rs. 28,024 crores (51%) were from OFS as compared Rs. 13,518 crores (55%).
a) IPOs:
During FY 2012-13, there were almost similar number of IPOs compared to the previous year
(33 as against 34) which mobilized a slightly higher amount of Rs. 6,497 crores against Rs.
5,893 crores during the previous FY, thus representing a marginal increase of about 10%.
b) FPOs:
There was no FPO during FY 2012-13 as against one FPO for Rs. 4,578 crores in the previous FY.
c) QIPs:
Similar to Rights Issues, QIPs also witnessed a substantial increase, up from Rs.1,713 crores (11
issues) in FY 2011-12 to Rs. 10,818 crores (14 issues) representing an increase of 532% . in the
amount raised during the year.
d) IPPs:
IPP was a new product introduced in January 2012 to enable companies to meet minimum
public shareholding requirements. During FY 2012-13, Rs. 734 crores was raised from 2
Institutional Placement Programmes (IPPs) thus witnessing an increase from Rs.471 crores of
funds raised through IPP issue when compared to 1 (one) IPP during FY 2011-12.
e) OFS:
Offers for Sale through the Stock Exchange mechanism witnessed a huge increase, up from 2
offers in the previous year for Rs. 13518 crores to 35 offers for Rs. 28024 crores in FY 2012-13.
This was also on account of the fact that most companies were required to meet the minimum
public shareholding requirements by June 2013.
f) Rights Issues:
During FY 2012-13, the number of Rights Issues remained the same at 16 as the last year.
However, the total amount mobilized increased significantly to Rs.8,945 crores as against Rs.
2,375 crores (FY 2011-12), thus up by 277%.
SUMMARY OF OFFERINGS - DEBT CAPITAL MARKET
During year the total amount raised through debt offerings were higher at Rs. 369108 crores (from
1854 issues) as compared Rs. 289819 crores (from 1386 issues) during the previous Financial
Year. Out of these Private Placement of Bonds/NCDs were much higher at 348875 crores (1890
issues) as compared Rs. 252181 crores (1360 issues). Public Issue of Tax free bonds were lower at
Rs. 14764 (14 issues) crores as compared to Rs. 27987 crores (5 issues) during the last Financial
Year.
12
20th Annual Report 2012-13 raising the credibility standard
Public Issues
a) NCDs/Bonds:
During FY 2012-13, the number of Public Issue NCDs reduced to 6 as compared to 15 in FY
2011-12. The amount raised also decreased from Rs. 7,624 crores in fiscal 2012 to Rs. 2,217
crores in fiscal 2013.
b) Tax-free Bonds:
During FY 2012-13, the number of Public Issues of Tax-free Bonds increased to 14 as compared
to 5 in FY 2011-12. However, the amount raised decreased significantly from Rs. 27,987 crores
in fiscal 2012 to Rs. 14,764 crores in fiscal 2013.
Private Placements
a) NCDs/Bonds:
The total amount raised through this mode increased by more Rs, 96,694 crores during FY
2012-13, up from Rs. 2,52,181 crores in previous year to Rs. 3,48,875 crores). The number of
issues also increased from 1360 to 1820.
b) Tax-free Bonds:
The Private Placements of Tax-free Bonds increased to 14 in FY 2012-13 from 6 during FY
2011-12, raising Rs. 3,252 crores raised as against Rs. 2,027 crores in FY 2011-12.
Amount of funds raised from capital markets during the year:
2011-12 2012-13
Particulars No. of Amount No. of Amount
Issues (Rs. Crores) Issues (Rs. Crores)
EQUITY
i) Public Issues
Public Issue out of which: 38 24460 70 35255
- IPOs 34 5893 33 6497
- FPOs 1 4578 0 0
- QIPs 11 1713 14 10818
- IPP 1 471 2 734
- OFS 2 13518 35 28024
ii) Rights Issues 16 2375 16 8945
Total (i +ii) 65 28547 100 55018
DEBT
i) Public Issues 20 35611 20 16981
- Bonds/NCDs 15 7624 6 2217
- Tax-free Bonds 5 27987 14 14764
ii) Private Placement of Debt 1366 254208 1834 352127
- Bonds/NCDs 1360 252181 1820 348875
- Tax-free Bonds 6 2027 14 3252
Total (i +ii) 1386 289819 1854 369108
Source: PRIME Database
13
Association of Investment Bankers of India raising the credibility standard
AIBI SUMMIT 2012
On December 19, 2012 AIBI held its “Summit 2012” at Grand Hyatt, Mumbai. The Summit was
well attended with nearly 300 participants. All the three Stock Exchanges viz. BSE, NSE and
MCX-SX were the Principal Sponsors while Mysys, CCL and Western Printers were the Associate
Sponsors for the Summit. Prime Database was the Summit Advisor and CARE Ratings was the
Knowledge Partner for the Summit.
The Summit commenced with formal inauguration of the Summit by lighting of the ceremonial
lamp by Mr. U.K. Sinha, Chairman SEBI. Mr. Sanjay Sharma, Chairman AIBI welcomed the Chief
Guest and other dignitaries and members. This was followed by Mr. U.K. Sinha releasing a
“Background Paper” prepared by our Knowledge Partner, CARE.
Dr. P. Harsh Vardhan, Partner Bain and Company made a presentation on “Global Investment
Banking Trends. This presentation focused on three issues – the aftermath of 2008 crisis and the
implications of the crisis in 2008 on the way the investment banking business evolved overseas. Dr.
Harsh Vardhan touched upon Cost Management, ROE, change in business model from “Originate
to Whole captive” principle to “Originate to manage’ principle. The concluding remarks of the
presentation stressed on the important role of Regulations in striking a balance between evolution
of financial system with the real system, Regulatory role, Corporate Governance and talent at
reasonable price.
In his Keynote Address, Mr. U.K. Sinha outlined the various measures taken by SEBI for protecting
the investors and urged the Investment Bankers to raise the standard of due diligence, be reasonable
in pricing the IPOs and strive to restore the credibility in the minds of the retail investors to revive
the Primary Capital Market.
This was followed by a speech by Mr. V.S. Sundaresan, CGM, SEBI who stressed that SEBI is
always willing to engage with the market participants to make the market a better place. He also
stressed that all efforts have to be made to bring the retail investors, the backbone of Indian
Primary Capital Market, to support the IPOs and subscribe to the IPOs.
There were four Technical Sessions which were moderated by eminent persons including Mr.Tamal
Bandhyopadhyay, Editor, Mint, Mr. Vivek Law, Editor, Bloomberg, Mr. Prithvi Haldea, Chairman
and Managing Director, Prime Database and Mr. Sanjay Sharma, Chairman AIBI and MD, Deutsche
Equities India Private Ltd.
The Panel Members for each session had representation from the Investment Banking community,
Corporates, Lawyers and Regulators and there was lively interaction between all panel members.
There was also an interesting talk by the eminent Leadership Consultant, Mythologist and Author,
Dr. Devdutta Pattanaik. The topic was “Rannbhoomi to Rangbhoomi” in which Dr. Pattanaik
compared the market and market participants to various characters from mythology wherein the
rights and wrongs are always a perception and depend on the point of view of the player.
14
20th Annual Report 2012-13 raising the credibility standard
Mr. Madhuprasad, Vice Chairman of AIBI and Vice Chairman, Keynote Capital succinctly summarized
the entire proceedings of the Summit 2012 in his Vote of Thanks speech.
Key takeaways from the Technical Sessions are -
1st Technical Session – “Are Regulations fostering or hampering growth of Primary
Capital Market” –
• Moderator - Mr. Tamal Bandyopadhyay, Deputy Managing Editor, Mint.
• Mr. Ashishkumar Chauhan, Managing Director & Chief Executive Officer, BSE - Period
between issue closing and listing has to be shortened. Safety Net is a good idea for the
protection of the small investors.
• Mr. K. Hari, Vice President, NSE - Equity is a risk capital and investors must be aware of the
risks. Subscription from Retail Individual Investors should be routed through Mutual Funds and
ETF.
• Mr. U. Venkataraman, Chief Executive Officer and Whole time Director, MCX – Capital
formation will be easier if we quicken the process of listing. This will generate more allocation of
investment for productive purposes and create more jobs.
• Dr. S. Subramanian, Managing Director, Investment Banking, Axis Capital – Instruments like
NCDs with warrants, IDRs and REITs can play an important role in mobilizing subscription from
Retail Individual Investors.
• Mr. V. K. Bansal, Chairman and Managing Director, Morgan Stanley India - Long term
capital gains must be extended to IDRs and Insurance Companies must be allowed to participate
in IDRs to bring in deep pocket investors. QIP route should be used for FCCB issues. The
investment limit of Insurance Companies, PF and Pension Funds needs to be increased.
• Mr. Somasekhar Sundaresan, Partner, J. Sagar Associates - Regulations have to do a
balancing role between being excessive and market development. Materiality should be very
clearly defined and should be only threshold for disclosures in Offer Documents. Regulators
should not be obsessed about pricing and Merchant Bankers found wanting in due diligence
must be punished. Action must be swift and not after 24-36 months.
2nd Technical Session - “Expectations from Investment Bankers by Regulators, Investors
and Issuers – A Reality Check”
• Moderator - Mr. Vivek Law, Editor, Bloomberg TV India.
• Mr. Prithvi Haldea, Chairman and Managing Director, PRIME Database - IPO structure and
process needs to be overhauled. The role of Investment Bankers needs to be defined more
clearly.
15
Association of Investment Bankers of India raising the credibility standard
• Ms. Neelam Bhardwaj, former General Manager, SEBI - Due diligence by Investment Bankers
needs a lot of improvement. The Due Diligence manual should help the Investment bankers in
due diligence.
• Mr. Girish Nadkarni, Executive Director, Avendus Capital - Allotment to QIBs should be
discretionary. In proportionate allotment everyone is a price taker and not a price giver. Defaulters
of Regulations have to be severely punished.
• Mr. Mahesh Chhabria, Partner, Actis PE – There is not enough appetite from Institutional
Investors forIPOs and hence PEs find it difficult to exit.
• Mr. V. Srinivasa Rangan, Executive Director, HDFC Ltd – In the debt market pricing and
quality of issuance is very transparent. But pricing an IPO is a tough because issuers want
maximum price and the issue of optimum price or maximum price is debatable. There is no
benchmark for IPOs from new or growing sectors.
• Mr. Sanjay Bajaj, Managing Director, HSBC Securities – Institutional participation is necessary
for getting retail participation. Indian Investors are obsessed with “listing gains”. Forward looking
statements with enough caveats must be allowed in Offer Documents. Greed and fear should be
replaced by rational expectations on returns.
• Mr. V.G.Kannan, President & Chief Operating Officer, SBI Capital – Retail investors are
followers and come to the IPO only when the market is euphoric and more regulations and
regulatory actions happen only when the market is down. QIP is the best way of fund raising
and will be order of the day in future.
3rd Technical Session – “Re-examining the role of small investors in an IPO Market”
• Moderator - Mr. Prithvi Haldea, Chairman and Managing Director, PRIME Database.
• Mr. Anup Bagchi, Managing Director & Chief Executive Officer, ICICI Securities – Retail
Investors are price folIowers and not price setters and they should have the choice of subscribing
directly or through Mutual Funds in an IPO In an IPO with Offer for Sale, the pricing and gains
post listing are likely by muted. Fiscal incentive in RGESS is not a good idea to drive people to
the secondary market.
• Mr. D.R.Dogra, Managing Director & Chief Executive Officer, CARE Reatings – Discount of
15% to retail investors in PSU issues is a good idea. IPO grading has a great value and is seen
from high volatility in lower graded IPOs as compared to higher graded IPOs.
• Mr. Ankush Pitale, Managing Director, Religare Capital – Retail investors must be allowed in
OFS. Rs. 15 crores profitability criteria is a good move to distinguish companies with stable cash
flows and others.
16
20th Annual Report 2012-13 raising the credibility standard
• Mr. Sanjay Golecha, VP, MCX-SX – Equity investment gives more gains and hence retail
participation has to be promoted in every nook and corner of the country. Discount to retail in
FPOs by listed PSUs is a good idea but there should be lock-in for larger discounts.
• Mr. Ved Prakash Chaturvedi, Chief Executive Officer, L&T Finance – The over-arching
goal is that we should get larger and larger part of Indian retail savings in a structured, proper,
correct manner to risk assets like equity of individual companies preferably but not necessarily
through MF route.
• Ms. Vibha Padalkar, Executive Director & CFO, HDFC Standard Life – Retail Investors
should understand the risk in equity instrument but should not be banned from coming to the
primary market. But Safety Net is not the right protection measure. By giving discount in PSU
offers, the Government directly and the tax payers indirectly are the losers.
4th Technical Session – “Voluntary and Compulsory Delisting – What is the way
forward?”
• Moderator - Mr. Sanjay Sharma, Chairman, AIBI and MD Deutsche Equities India
• Mr. Sandip Bhagat, Partner, S&R Associates - Listing is a commercial decision, it is a
corporate decision. And hence delisting too should be a commercial decision keeping in mind
the interest of the minority. There is minority protection built in since delisting cannot be done
below the floor price. The concept of reverse book building is probably dated.
• Mr. Gautam Gupte, Director, Ambit Corporate Finance - Currently MNC pay a higher
premium for getting the shares delisted.In a reverse book building process currently being
followed for delisting, the book is not built like it is built in an IPO or follow offerings. Only the
person holding the maximum number of shares determines the price, others just participate but
do not determine the price, even though they are substantial majority in numbers.
• Mr. Yogesh Dhingra, Chief Operating Officer & Finance Director, Blue Dart - Delisting in
India is a very cumbersome, long drawn process with huge costs. You are not sure what price
will come in, secondly one has to wait for long period of time to get 100% though you may be
delisted after reaching 91%. Delisting process needs to be made simpler and has to be
commercially viable for both the parties.
• Mr. Rakesh Singh, Head-Investment Banking, HDFC Bank - Shareholders today may not be
well equipped to estimate the value of a company. Hence the board should guide the retail
shareholders by giving a direction to think. Some kind of a squeeze out provision has to be
brought in. Regulations should keep the company in mind and not the promoters in mind. The
listing fee could be linked to market cap.
• Mr. Nehal Vora, Chief Regulatory Officer, BSE - As in offer for sale on the exchange platform
today, have a T+2 rolling settlement for delisting. Have an “offer to buy” window which is
17
Association of Investment Bankers of India raising the credibility standard
available through the exchange window, Permit another group of promoter who is willing to
buy over the promoter shares. Intent is to maximize shareholder wealth. So use the merits of
the reverse book building by bringing some of the good points of the other systems which are
already in place and merge it with this process. The compliant community is burdened with
more regulation because of the 5% that continues to be non-compliant. There should be a
series of other actions against the group responsible for the non-compliance. So I think the
entire enforcement system needs to be revamped.
BOARD MEETINGS
It is stipulated that the Board of Directors should meet at least 4 times in an accounting year. The
Board of Directors met 10 times during the period the date of last AGM i.e. September 27, 2012 to
August 2013. The details of the attendance of the Directors are given below.
Name of Director Meetings Attended
Mr. Sanjay Sharma, Chairman 8
Mr. B. Madhuprasad, Vice Chairman 8
Mr. K. Srinivas 8
Ms. Gesu Kaushal 7
Mr. Anay Khare 7
Mr. Abhay Bongirwar 6
Mr. T.R. Prashanth Kumar 6
Mr. Ajay Pancholi 4
Mr. Avinash Kulkarni 3
Mr. Ranganath Char 2
AUDIT COMMITTEE
Given the nature of the Association’s functions, a separate Audit Committee is not considered
necessary.
REMUNERATION TO DIRECTORS
No remuneration is paid to any Director.
STATUTORY STATEMENT
No employee was covered under Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules 1975.
18
20th Annual Report 2012-13 raising the credibility standard
AUDITORS
M/s. Chandabhoy & Jassoobhoy, Chartered Accountants, the statutory auditors of your company
hold office till the conclusion of the twentieth Annual General Meeting and are recommended for
re-appointment. The Association has received a certificate from them to the effect that their re-
appointment would be within the limits prescribed under Section 224(1) of the Companies Act
1956.
ACKNOWLEDGEMENTS
The Directors would like to thank Mr. U.K. Sinha for being the Chief Guest at our Summit 2012
and for delivering the Keynote Address. The Board would also like to thank Dr. P.Harsh Vardhan,
Mr. V.S.Sundaresan and Mr. Devdutta Pattanaik for their presentation and talks at our Summit
2012.
The Board would also like to put on record their special appreciation to all the Moderators and
Panel Members of the Technical Sessions at our Summit 2012.
The Board would like to profusely thank all the sponsors of our Summit especially BSE, NSE and
MCX. Special thanks are due to CARE for being the Knowledge Partner.
The Directors would like to thank all Members for their interest and co-operation in the Association’s
affairs. The Directors would also like to appreciate the services rendered by our Statutory Auditors
and all members of AIBI’s staff.
For and on behalf of the Board of Directors
SANJAY SHARMAChairman
Place : MumbaiDate : 28th August, 2013
19
Association of Investment Bankers of India raising the credibility standard
AUDITORS' REPORT
ToThe Members ofAssociation of Investment Bankers of India.
We have audited the accompanying financial statements of Association of Investment Bankers ofIndia, which comprise the Balance Sheet as at March 31, 2013, and the Income and ExpenditureAccount for the year then ended, and a summary of significant accounting policies and otherexplanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fairview of the financial position and financial performance of the Company in accordance with theAccounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956(“the Act”). This responsibility includes the design, implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that give a true andfair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with the Standards on Auditing issued by the Institute ofChartered Accountants of India. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor’s judgment, includingthe assessment of the risks of material misstatement of the financial statements, whether due tofraud or error. In making those risk assessments, the auditor considers internal control relevant tothe Company’s preparation and fair presentation of the financial statements in order to designaudit procedures that are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accounting estimatesmade by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us,the financial statements give the information required by the Act in the manner so required andgive a true and fair view in conformity with the accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;and
b) in the case of the Income and Expenditure Account, of the excess of income over expenditurefor the year ended on that date.
20
20th Annual Report 2012-13 raising the credibility standard
Report on Other Legal and Regulatory Requirements
1. The Association is licensed to operate under Section 25 of the Companies Act, 1956 and assuch the provisions of the Companies (Auditor’s Report) Order, 2003 are not applicable to theAssociation.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations, which to the best of our knowledge andbelief were necessary for the purpose of our audit;
b) in our opinion proper books of account as required by law have been kept by the Company sofar as appears from our examination of those books;
c) the Balance Sheet and Income and Expenditure Account dealt with by this Report are inagreement with the books of account;
d) in our opinion, the Balance Sheet and Income and Expenditure Account dealt with by thisreport comply with the Accounting Standards referred to in subsection (3C) of section 211 ofthe Companies Act, 1956; and
e) on the basis of written representations received from the directors as on March 31, 2013, andtaken on record by the Board of Directors, none of the directors is disqualified as on March 31,2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274of the Companies Act, 1956.
For and on behalf ofCHANDABHOY & JASSOOBHOY
Chartered AccountantsFirm’s Registration No.- 101647W
BHUPENDRA T. NAGDAPartner
Membership No: F 102580
Place : MumbaiDate : 28th August, 2013
21
Association of Investment Bankers of India raising the credibility standard
BALANCE SHEET AS AT 31st MARCH, 2013
As at As atParticular Note 31.03.2013 31.03.2012
No. `̀̀̀̀ `
As per our report attached
For and on behalf ofCHANDABHOY & JASSOOBHOYChartered Accountants
Firm’s Registration No.- 101647W
BHUPENDRA T. NAGDA
Partner
Membership No: F 102580
Place : MumbaiDate : 28th August, 2013
For and on behalf of the Board of DirectorsASSOCIATION OF INVESTMENT BANKERS OF INDIA
SANJAY SHARMA
Chairman
B. MADHUPRASADVice Chairman
Place : MumbaiDate : 28th August, 2013
I.EQUITY AND LIABILITIES
1 Shareholders’ funds
(a) Reserves and surplus 1 5,95,26,403 5,64,78,450
2 Non-current liabilities
(a) Deffered tax liabilties (Net) 2 11,14,928 11,41,716
3 Current liabilities
(a) Other current liabilities 3 3,21,148 1,02,764
(b) Short-term provisions 4 1,29,107 1,85,777
TOTAL 6,10,91,586 5,79,08,707
II.ASSETS
1 Non-current assets
(a) Fixed assets
(i) Tangible assets 5 65,56,400 69,81,667
2 Non Current Investments 6 1,02,22,250 ––
3 Current assets
(a) Cash and cash equivalents 7 4,09,28,510 4,78,10,811
(b) Short-term loans and advances 8 2,13,206 69,259
(c) Other current assets 9 31,71,220 30,46,970
TOTAL 6,10,91,586 5,79,08,707
The accompanying notes 1 to 17 are an integral part of the financial statements.
22
20th Annual Report 2012-13 raising the credibility standard
INCOME AND EXPENDITURE ACCOUNT FORTHE YEAR ENDED MARCH 31, 2013
As per our report attached
For and on behalf ofCHANDABHOY & JASSOOBHOYChartered Accountants
Firm’s Registration No.- 101647W
BHUPENDRA T. NAGDA
Partner
Membership No: F 102580
Place : MumbaiDate : 28th August, 2013
For and on behalf of the Board of DirectorsASSOCIATION OF INVESTMENT BANKERS OF INDIA
SANJAY SHARMA
Chairman
B. MADHUPRASAD
Vice Chairman
Place : MumbaiDate : 28th August, 2013
Year ended Year ended
Note 31.03.2013 31.03.2012
No. `̀̀̀̀ `
I. Membership Fees 27,87,500 26,75,000
II. Summit Income 20,30,000 ––
III. Other Income 10 51,78,673 47,13,041
IV. Total Income 99,96,173 73,88,041
V. Expenses:
Employee benefits expense 11 28,74,909 22,52,855
Depreciation and amortization expense 4,25,267 4,64,970
Summit Expenses 14,91,152 ––
Other expenses 12 15,81,739 13,17,088
Total Expenses 63,73,067 40,34,913
VI. Excess of Income over Expenditure for
the year before tax (IV-V) 36,23,106 33,53,128
VII. Tax expense:
(1) Current tax 11,40,000 11,00,000
(2) Deferred tax (26,788) (17,350)
11,13,212 10,82,650
VIII. Excess of Income over Expenditure for
the year after tax (VI-VII) 25,09,894 22,70,478
IX. Less: Short /(Excess) provision for
income tax of earlier years (38,059) 57,446
X. Excess of Income over Expenditure (VIII-IX) 25,47,953 22,13,032.
The accompanying notes 1 to 17 are an integral part of the financial statements.
23
Association of Investment Bankers of India raising the credibility standard
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED MARCH 31, 2013
As at As at
31.03.2013 31.03.2012
`̀̀̀̀ `
NOTE : 1
RESERVES AND SURPLUS
General Reserve
As per Last Balance Sheet 5,64,78,450 5,27,65,418
Add: Entrance fees received during the year 5,00,000 15,00,000
Add: Excess of Income over expenditure during the year 25,47,953 22,13,032
5,95,26,403 5,64,78,450
NOTE : 2
DEFERRED TAX LIABILITIES (NET)
Deferred tax liabilties :
Differences between book and tax depreciation 11,54,822 11,77,511
Deferred tax assets :
Expense allowable on payment basis 39,894 35,795
Deferred tax liabilites (Net) 11,14,928 11,41,716
NOTE : 3
OTHER CURRENT LIABILITIES
Outstanding expenses 3,12,440 1,02,764
TDS Payable 8,708 ––
3,21,148 1,02,764
NOTE : 4
SHORT-TERM PROVISIONS
Provision for employee benefits 1,29,107 1,15,841
Provision for Income Tax (net of taxes paid) –– 61,995
Provision for Fringe Benefit tax (net of taxes paid) –– 7,941
1,29,107 1,85,777
24
20th Annual Report 2012-13 raising the credibility standard
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25
Association of Investment Bankers of India raising the credibility standard
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED MARCH 31, 2013
NOTE : 6
NON CURRENT INVESTMENTS
Other Investments :
Investments in Bonds :
(Unquoted, Non Traded, At cost)
50 (Previous year - Nil) 6.70 % Indian Railway Finance
Corporation Tax Free Bonds 2020 of Rs.100,000 each 48,95,000 ––
2,500 (Previous year - Nil) 8.20 % Power Finance
Corporation Tax Free Bonds 2022 of Rs.1,000 each 26,60,000 ––
25,00 (Previous year - Nil) 8.20% National Highway
authority of India Tax Free Bonds 2022 of Rs.1,000 each 26,67,250 ––
1,02,22,250 ––
NOTE : 7
CASH AND CASH EQUIVALENTS
a. Cash on hand 676 5,843
b. Balances with Banks:
In Savings Accounts 5,40,478 10,86,057
In Deposit Accounts 4,03,87,356 4,67,18,911
4,09,28,510 4,78,10,811
Balances with banks in deposits accounts includes bank
deposits with more than 12 months maturity - Rs.8,00,000
(Previous year - Rs. 12,055,019).
NOTE : 8
SHORT TERM LOANS AND ADVANCES
Unsecured, considered good :
Security Deposits 23,010 23,010
Staff Advances 25,520 12,630
Prepaid Expenses 33,235 33,619
Income Taxes paid (net of provisions) 1,31,441 ––
2,13,206 69,259
NOTE : 9
OTHER CURRENT ASSETS
Interest accrued on Fixed Deposits with banks 28,20,935 30,46,970
Interest accrued on Investments 3,50,285 ––
[Includes Rs.2,68,905 representing interest for the 31,71,220 30,46,970
broken period paid at the time of purchase of investments]
As at As at
31.03.2013 31.03.2012
`̀̀̀̀ `
26
20th Annual Report 2012-13 raising the credibility standard
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED MARCH 31, 2013
For the For the
year ended year ended
31.03.2013 31.03.2012
`̀̀̀̀ `NOTE 10
OTHER INCOME
Interest :
On deposit with banks 50,87,115 47,06,157
On savings account with bank 9,933 5,874On Investments 81,380 ––
Miscellaneous Income 245 1,010
51,78,673 47,13,041
NOTE 11
EMPLOYEE BENEFIT EXPENSES
Salaries 25,75,016 19,49,458
Contribution to provident and other funds 1,99,495 2,44,753
Staff welfare expenses 1,00,398 58,644
28,74,909 22,52,855
NOTE 12
OTHER EXPENSES
Travelling & Conveyance 492,782 229,446
Website Expenses 333,900 330,900
Vehicle Expenses 119,882 100,494
Electrical Charges 106,832 74,652
Auditor’s Remuneration
- for Statutory Audit 35,000 35,000
- for taxation matters 30,000 36,500
- for company law matters 25,000 37,500
- for reimbursement of expenses 16,261 28,061
Printing and Stationery 91,860 78,757
Repairs and Maintenance - Others 77,899 48,120
Meeting Expenses 59,999 122,041
Telephone & Communication Charges 55,804 80,839
Office Expenses 40,552 48,909
Society Charges 35,541 35,360
Professional fees 33,000 16,000
Miscellaneous Expenses 11,715 5,908
Books & Periodicals 7,614 5,568
Rates & Taxes 5,000 ––
Insurance Charges 3,098 3,033
1,581,739 1,317,088
NOTES TO THE FINANCIAL STATEMENTS FORTHE YEAR ENDED 31ST MARCH, 2013
13. Significant Accounting Policies
13.1 The accounts of the Association are maintained on historical cost convention.
13.2 Income and expenses are accounted on accrual basis.
13.3 a) Membership fees is accounted as income except in cases where mem bership
ceases to be so in terms of Part E of Articles of Association.
b) Annual Subscription fees is accounted as income and Entrance fees is considered
as an addition to Reserves.
13.4 Fixed assets are stated at cost less accumulated depreciation.
13.5 Depreciation is provided on fixed assets on written down value basis at the rates
specified in Schedule XIV to the Companies Act, 1956.
13.6 Investments intended to be held for a period exceeding twelve months are classified as
long-term investments and are carried at cost. Provision for diminution, if any, in the
value of each long term investment is made to recognize a decline, other than of a
temporary nature.
13.7 a) Provident Fund is a defined benefit scheme and the contributions are charged to
profit and loss account of the year on accrual basis.
b) The liability for Gratuity and Superannuation is funded through Schemes
administered by the Life Insurance Corporation of India. Amounts payable under
the schemes are charged to revenue.
c) Liability for leave encashment of employees, in accordance with the rules of the
Company, is accrued for the un-availed encashable leave balance standing to the
credit of employees as at the balance sheet date.
13.8 a) The tax liability for the year is computed as per the provisions of the Income Tax
Act 1961, as amended.
b) Deferred tax is recognized on timing differences, being the differences between the
taxable income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. The tax effect is calculated
on the accumulated timing difference at the year end based on the tax rates and
laws enacted or substantially enacted on the balance sheet date.
14. Association of Investment Bankers of India (Formerly Know as Association of Merchant bankers
of India) is a non-profit association registered under section 25 of the Companies Act, 1956.
15. There was no expenditure or income or remittance in foreign currency during the year.
16. Amounts due to Micro enterprises and Small enterprises is NIL (Previous Year – NIL).
17. Previous Year’s figures have been regrouped / rearranged wherever necessary.
LIST OF MEMBERS
Association of Investment Bankers of India raising the credibility standard
28
1. A K CAPITAL SERVICES LTD.
2 ALMONDZ GLOBAL SECURITIES LTD.
3 AMBIT CORPORATE FINANCE PTE. LTD.
4 ANAND RATHI ADVISORS LTD.
5 ANTIQUE CAPITAL MARKETS PVT. LTD.
6 ASHIKA CAPITAL LTD.
7 AVENDUS CAPITAL PVT. LTD.
8 AXIS BANK LTD.
9 AXIS CAPITAL LTD.
10 BARCLAYS BANK PLC
11 BIRLA CAPITAL AND FINANCIAL SERVICES LTD.
12 BOB CAPITAL MARKETS LTD.
13 CANARA BANK
14 CENTRAL BANK OF INDIA
15 CENTRUM CAPITAL LTD.
16 CHARTERED FINANCE MANAGEMENT LTD.
17 CITIGROUP GLOBAL MARKETS INDIA PVT. LTD.
18 CREDIT SUISSE SECURITIES (INDIA) PVT. LTD.
19 DEUTSCHE EQUITIES INDIA PVT. LTD.
20 DSP MERRILL LYNCH LTD.
21 EDELWEISS FINANCIAL SERVICES LTD,
22 ERNST & YOUNG MERCHANT BANKING
SERVICES PVT. LTD.
23 HDFC BANK LTD.
24 HSBC SECURITIES & CAPITAL MARKETS
(INDIA) PVT. LTD
25 ICICI SECURITIES LTD.
26 IDBI CAPITAL MARKET SERVICES LTD.
27 IDFC CAPITAL LTD.
28 IL & FS CAPITAL ADVISORS LTD.
29 IMPERIAL CORPORATE FINANCE &
SERVICES PVT. LTD.
30 INDIAN OVERSEAS BANK
31 INGA CAPITAL PVT. LTD.
32 J.P. MORGAN INDIA PRIVATE LTD.
33 JM FINANCIAL INSTITUTIONAL
SECURITIES PVT.LTD.
34 KARVY INVESTOR SERVICES LTD.
35 KEYNOTE CORPORATE SERVICES LIMITED
36 KJMC CORPORATE ADVISORS (INDIA) LTD.
37 KOTAK MAHINDRA CAPITAL COMPANY LTD.
38 LAZARD INDIA PVT. LTD.
39 MEGHRAJ CAPITAL ADVISORS PRIVATE
LTD.
40 MORGAN STANLEY INDIA CO. PVT. LTD.
41 MOTILAL OSWAL INVESTMENT
ADVISORS PVT. LTD.
42 MUNOTH FINANCIAL SERVICES LTD.
43 PRIME SECURITIES LIMITED
44 RBS EQUITIES (INDIA) LTD.
45 RELIGARE CAPITAL MARKETS LTD.
46 ROTHSCHILD (INDIA) PVT. LTD.
47 SAFFRON CAPITAL ADVISORS PRIVATE LTD.
48 SBI CAPITAL MARKETS LIMITED
49 SMC CAPITALS LTD.
50 STANDARD CHARTERED SECURITIES
(INDIA) PVT. LTD.
51 STATE BANK OF HYDERABAD
52 TRUST INVESTMENT ADVISORS PVT. LTD.
53 UBS SECURITIES INDIA PRIVATE LIMITED
54 UNION BANK OF INDIA
55 VERTEX SECURITIES LTD.
56 VIVRO FINANCIAL SERVICES PVT. LTD.
57 YES BANK LTD.