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At Kolkata

Brickwork Ratings has partnered with the Confederation of Indian Industry (CII) for the 15th Edition of Banking Colloquium 2022 on 23rd September at Kolkata around the theme ‘Economic Revival and the changing Regulatory Landscape'.

As the Technical Partner, Brickwork Ratings has authored and launched the report titled ‘India Growth: On Track' at the colloquium.

At Mumbai

Mr. Rajat Bahl, Chief Analytical Officer and Head Financial Institutions, Brickwork Ratings participated in the rating agency panel of the conference. The focus of the discussion was on the Innovative structures in Infrastructure financing and investor interest in REITs and InvIT as a preferred collateralised asset class.

 
 

At BKC, Mumbai

Mr. Vivek Kulkarni, Founder & Managing Director, Brickwork Ratings, participated in a panel discussion on “ Significance of Credit Ratings in Municipal Bonds issuance and other criteria for aspirational Municipal Bodies”.

The Conference had provided a unique platform for Municipal bodies, Urban Local Bodies, Investors, Arrangers, Credit rating Agencies, International and Finance Experts and other Market Participants to discuss the potential challenges in the development of Municipal Bond Market in India and the way forward for creating a conducive municipal bond ecosystem.

 
 
 
 

FICCI CAPAM 2019, 16th Annual Capital Market Conference

FICCI has concluded its 16th Annual Capital Market Conference on 26th September in Mumbai. This year’s topic was “Building a $5 trillion economy: The Role of Capital Market”.

The one-day conference featured panel discussions on a range of topics related to a virtuous cycle of investment, growth in the mutual fund industry to revitalising Corporate Bonds, InvITs and REITs. The conference was attended by SEBI Chairman, CEOs, CFOs, representatives of government and Capital Market sector.

Brickwork Ratings, India’s third largest credit rating agency was the “Knowledge Partner” at the conference and launched the FICCI BWR Capital Market Investor Sentiment Index. The index was based on a survey conducted with over 1900 market participants. The sentiment indicated that after the recent reform announcements of the government to lift up the growth in the economy had a positive impact and the index was in the ‘turning positive’ phase. Rajat Bahl, Chief Analytical Officer, BrickworkRatings said, “The market participants seem to have given thumbs up to the recent measures announced to uplift the investment sentiments. However, the demand side issues also need to be worked out to ensure a complete revival". During the conference, the audience poll indicated optimism in the economy, which echoed the survey results.

Mr. Vivek Kulkarni, Founder & Managing Director, Brickwork Ratings, said during a panel discussion on “Kick-starting the virtuous cycle of investment” that there is an urgent need to improve infrastructure at the municipal level. For this, the country requires to develop a vibrant municipal bond market. The other panellists were Mr Himanshu Kaji, Co-chair, FICCI National Committee on Capital Markets and Executive Director & Group COO, Edelweiss Financial Services Limited, Mr Ravi Kapoor, Managing Director & Head Corporate & Investment Banking, India, Citi and Mr A.Balasubramanian, Managing Director & CEO, Aditya Birla Sun Life Asset Management Company Limited.

Brickwork Ratings being the knowledge partner with CII, prepared and released jointly with CII, the Research Report on “Macro Economic, Capital Market Outlook and Key Sectoral Trends” at the Financial Market Conclave Emerging Trends on 3rd August 2019, at Hyatt Regency, Kolkata.

In this research report, the Indian governments’ over reliance on domestic borrowing and the preference over G-sec market over corporate debt market has been highlighted. Government’s initiative to introduce rupee denominated bonds or masala bonds is a positive step in relieving the pressure on domestic bond market.

BWR strives to constantly engage in the development of the financial, debt and capital markets in the country through its training and financial literacy programs. BWR participates in conferences or seminars as Knowledge Partners with leading industry bodies like CII. In this context, CII organized the 8th edition of Financial Market Conclave to deliberate on the recent developments in the Financial Market. CII-Brickwork team shared a set of business models and emerging trends which would be suitable in the current scenario; it has also analysed how the stakeholders can go about it in the changing market dynamics.

The Union Budget 2019-20 has many encouraging announcements like merging of NRI portfolio route with FPI, allowing FIIs & FPIs investment in debt securities issued by NBFCs, deepening of corporate tri-party repo market in corporate debt securities, enable stock exchanges to allow AA rated bonds as collateral, setting up of Credit Guarantee Enhancement Corporation with specific focus on infra sector and Social Stock Exchange under SEBI for listing social enterprises & voluntary organisations.

With a major paradigm shift in the financial market wherein the household sector is increasingly investing more in the secondary market, it is very important for the market to embrace the Emerging Trends. Thus, the development of a vibrant bond market is imperative to meet the financing needs. The future long-term financing needs of the industry, particularly those in the infrastructure sector with long gestation periods in their projects will have to be met by developing a vibrant corporate bond market.

The Indian debt market is dominated by G-sec market. The market-based debt instruments are accessed only by large corporates. The smaller firms may not have the required credit rating nor do they have the economies of scale enjoyed by large well-established corporates in private placement. High cost of debt instruments vis-à-vis other forms of raising funds, liquidity problems due to the absence of a vibrant secondary market, lesser scope to tap cheaper overseas market even after hedging for exchange rate risks, non-uniformity of stamp duties across States are some of the supply side factors hindering the growth.

The absence of a deep and liquid corporate bond market at the longer end of the maturity spectrum causes corporations either to go for rolling shorter maturity borrowings, which tend to be more expensive, or to go for foreign borrowings, which pose exchange-rate risks. Recently, RBI relaxed the end-use restrictions relating to External Commercial Borrowings (ECBs) for working capital requirements, general corporate purposes and repayment of rupee loans. With the benefit of lower cost of borrowings in the ECBs as opposed to the domestic market, NBFCs and corporates may prefer to raise cheaper offshore funds as they continue to face liquidity crunch.

At Hotel Taj Mahal, Mansingh Road, New Delhi

Mr Vivek Kulkarni (Founder & Managing Director, Brickwork Ratings) participated and discussed on topics related to “Expenditure Management”.

Dr M Govinda Rao (Chief Economic Advisor, Brickwork Ratings) participated and represented as session moderator and discussed on topics related to “Tax/ Revenue Management”.

This program was well received and appreciated by fellow participants.

At PHD House, New Delhi

Mr. A P Kamath (Senior Director - Ratings, Brickwork Ratings) spoke at the workshop and addressed the participants as one of the key panellists. He briefed the participants about the BWR and explained the positive implications of listing in the SME exchange of BSE/NSE on credit ratings for bank loan and other Capital Market Instruments.

He also briefed the participants the benefits of SME listing, viz., providing an avenue to raise capital through capital infusion, creating greater credibility/transparency , higher valuation of the company, opportunity for expansion, merger & acquisition, liquidity for shareholders, opportunity for PE/VC an exit route, employee stock option, tax benefits etc.

Mr Kamath also participated in the question and answers session alongwith other speakers. The event was well received by fellow credit market representatives.

At National Stock Exchange of India, Mumbai

Brickwork Ratings proudly sponsored winners of fourth-annual KWHS Investment Competition Region 2 Finale held at NSE, Mumbai. Congratulations to the winners from Amity International School, Noida; Jayshree Periwal International School, Jaipur and Amity International School, Vashundhra Sector-6, Ghaziabad. The judges included: Pankaj Dinodia of Dinodia Capital Advisors, Kisha Gupta of Infosys, Vivek Kulkarni of Brickwork Ratings, Rajat Kumar of ABP Digital, Rajesh Sehgal of Equanimity Investments, and Yatrik Vin of the NSE.

The competition sponsor Brickwork Ratings rewarded the winners with trophies and financial prizes worth $1000

The 2019 KWHS Region 2 Investment Competition represented a first-time partnership between Knowledge@Wharton High School and the National Stock Exchange of India, including the NSE Academy Limited.

Read more about the competition and the winners here https://goo.gl/e7Nr3q

At National Institute of Bank Management (NIBM) Campus, Pune

Shri Rajat Bahl, Chief Analytical Officer & Head-Financial Institutions, Brickwork Ratings participated as a panel member on the theme Alternative Sources Of Financing covering Bond and capital markets, Infrastructure Investment Trusts, Foreign investments in infrastructure projects. He spoke and expressed his views pertaining to the sources of funding appropriate to the infrastructure arena. The panel discussion was well received amongst the participants.

Building and Safeguarding Intellectual property key to the success of start-ups: Vivek Kulkarni, Managing Director, Brickwork Ratings

Vivek Kulkarni, Managing Director, Brickwork Ratings was a key speaker at the recently concluded Entrepreneurship Summit 2019 held between 19th & 20th January 2019, at the Indian Institute of Technology, Bombay. Mr. Kulkarni interacted with future entrepreneurs currently undergoing their graduation programme at various technology led institutions in India. He spoke on the critical topic of “Intellectual Property Valuation” and its implication on the success of start-ups in its life cycle. Mr. Kulkarni highlighted the importance of intangibles patents, trademarks, customers, contracts, and others in the valuation of a company. He also shared many relevant valuation case studies in his interaction with the summit delegates. His session concluded with a lively query session where the delegates had very pertinent and important questions on the topic.

The summit also witnessed key participants from the industry like Guenter Butschek,Global CEO and MD,Tata Motors; Abhishek Maheshwari, India Head, The Walt Disney Company; Ahmed Elsheikh, President - India Region, Pepsico; Warren Harris, CEO & MD , TATA Technologies; Ajit Balakrishnan, Chairman & CEO, Rediff.com; Hitesh Oberoi, MD and CEO, InfoEdge(Naukri, 99acres etc); R S Sodhi, CMD, Amul; Hemant Mohapatra, Partner, Lightspeed Ventures; K R Sanjiv, CTO, Wipro to name a few.

Increasing Role of NBFCs in Building a new India

Brickwork Ratings was the Silver Partner

BWR non-banking financial company (NBFC) are emerging as an alternative to mainstream banking. Besides, they are also emerging as an integral part of Indian Financial System and have commendable contributions towards core development of Infrastructure, transport, employment generation, wealth creation, economic development despite of all the rapidly changes new technologies. They have been to some extent successful in filling the gap in offering credit to retail customers in underserved and unbanked areas.

Hon’ble Prime Minister’s has recognised several times and addressed the role and importance of NBFCs ‘s inclusive growth for the country in term of coverage of NBFCs under the Credit Guarantee Scheme (CGTMSE). This is also observed that leading global financial institution like the World Bank and investment fund has recognised the importance of NBFC and Domestic financial institutions like NABARD and SIDBI have come forward to initiate the refinancing of NBFCs.

ASSOCHAM organised its fifth edition of NBFCs summit in Mumbai. Brickwork Ratings was the ‘Credit Ratings Partner’ at the event. This was a full day long conference, with all eminent speakers from NBFC & MFIs sectors, wherein they highlighted the overall success of NBFC for Promoting economic growth of India with case studies; discussed the challenges through panel discussions and explored ways in which technology is changing the face of this industry. This summit also provided a platform to discuss the various strengths, opportunities, challenges and problem faced by this sector and charting a roadmap for the future of NBFCs.

Market participants from Government officials and Regulators, Non-Banking Finance Companies, Micro Finance Institutions Companies, Banking and Financial organizations, Payment Gateway/ Cash Management/Security, Executives from the MSME sector, Venture Capitalists & Angel Investors, Technology Service/ IT Solution Provider, Mobile Banking/ Core Banking Solution Provider Solution Providers and others were present at the event.

The Main Focus Areas the Event Deliberated were on

  • NBFCs and its Diversifying Role
  • Financial Disruption: Laying Digital Footprints to drive financial inclusion's
  • The role of Financial Inclusion: The success story of NBFC’s and Micro Finance
  • Challenges & Opportunities in NBFCs
  • Modifying Framework of NBFCs
  • Role of Regulatory Bodies
  • Role of Technology in NBFCs
  • Regulations: Its Evolution & changes ahead
  • P2P Lending
  • Impact of GST
  • Allowing NBFCs to take deposit
  • High customer acquisition costs

India at Seventy: New Development Challenges

Session on Challenges for Education Sector and Human Resource Development
Chair: Mr. Vivek Kulkarni, IAS (Retd), Managing Director, Brickwork Ratings, Bangalore

  1. Pattern of Enrolment in School Education in India: Possible Inferences on Inclusive Quality Education

    P. Geetha Rani, Department of Economics, Central University of Tamil Nadu, Thiruvaur

  2. Intergenerational Transfers of Education in India: Does Gender Discrimination Exist?

    Indrajit Bairagya, CHRD, ISEC, Bangalore

  3. Education & Welfare State in South Asia: Investigating the Processes of De-commodification & Stratification

    Bharat Rout, University if Missouri, USA

  4. An Empirical Investigation into the Relationship between Education and Foreign Direct Investment: Lesson for India from a Cross Country Analysis

    Saina Baby, Madhvi Sethi and Aarti Mehta Sharma, Symbiosis Institute if Business Management, Bangalore

  5. Private Sector Participation in School Education: New Partnerships and its Challenges

    Har Simrat Kaur, Jawaharlal Nehru University, New Delhi