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President's Message

Dear Hon’ble Members,

At the outset, I would like to convey my deepest gratitude not only to my members for re-electing me to the Coveted Chair of ANMI- National President but also to other stake holders, Exchanges, Depositories, Regulators, etc. for their congratulating messages and reaffirming to work closely with ANMI. I am equally thankful to international associations for their word of praise for ANMI, its leadership role in Indian Capital Market and the way globe is looking at India : The New India ‾ The Efficient India.

When I look back at my earlier term 2011-12 as ANMI President, I recall ANMI having submitted 4 study reports viz. IPO Listing, Simplification and Retail Participation, Role of Corporate Goverance and Role of Dividends Declaration Policy to SEBI. And it is very pleasant to note that all major recommendations of ANMI in first three study reports have been accepted to and have already been in force. Now we do not need any Stamp Paper for opening of Accounts. Rules and Regulations relating to IPO listing and disclosures have been modified substantially. Brokers now need not to have multiple registrations across different segments with the same exchange or with multiple exchanges. Now a consolidated contract note can be issued electronically to investors duly signed digitally. Account opening and documentation with KYC have been simplified and standardized. NISM/NCFM examinations have been linked with CPE where certificate can be obtained by attending various programs with specific relaxation to directors and senior executives. Dividends declaration policy also, we understandis being deliberated seriously. Exchanges have played a very significant role in achieving simplification and ANMI is grateful to them.

However, the market mechanisms are always dynamic and it has givenriseto new concerns to the stakeholders.

Reduction in volume, brokerage rate and fierce competition have started questioning the very survival of the broking business. Medium and small broking houses, particularly, therefore, are looking for more scope of revenue generation, reduction of cost and ease of business. Safety of client money and securities is of para- mount importance in every business and more in case of broking business where the basic nature of engagement is ‘fiduciary’. We at ANMI and its members are committed for that and definitely welcome a comprehensive, well thought and effective regulations in this regard, which is based on principles and not on micro management. Broking Industries has to be developed as a catalyst for financial inclusion. Audit and Inspections are needed for regularization and not penalization. Therefore, role of pre-implementing Exchange and Regulator in this regards is highly appreciated. However any manipulation with market or trading with fraudulence intention should be dealt with solemnly while all other deficiencies be taken as minor irregularizations.

Solvency and Capital adequacy of financial intermediaries is a matter of deep concern globally. The networth and the member deposits of NSE were fixed around 20 years back and requiresto be revised suitably.

Exercise for 2016-17 National Budget is in full swing. ANMI has re affirmed it demand for total abolition of Securities Transaction Tax (STT) and of rationalization in Stamp Duty which should be collected and deposited by Exchanges. Dividends are tax exempt income seems to be myth only if seen in the light of Dividends Distribution Tax (DDT) and disallowance make under rule 14-A. Abolition of DDT would also result in significant cash surplus with the companies which will help them in achieving ‘Make in India’ more effectively. Improvement in corporate earning is the only panacea for Capital Markets woes.

ANMI has identified following four thrust areas in which it requires to work very closely with Exchanges and Regulator:

  • Simplification in Capital Market Regulations
  • Reduction in cost
  • Increase in scope for revenues.
  • Broader retail participation


However, before embarking upon any course prompt and wider feedback is essential and as such I request all the members for sharing concerns, suggestions or inputs for betterment of the role ofANMI as protector of interest of members and creating congenial atmosphere for development of industry and ease of doing business

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Let us stand and march together to create better tomorrow. Wish You Merry Christmas & Happy New Near 2016.

With Best Wishes,

Dr. Naresh Maheshwari