SPEAKER PROFILES - Fofm.in

fofm.in

SPEAKER PROFILES - Fofm.in

SPEAKER PROFILES

Global media partner

HOST


Financial Technologies Group

The Financial Technologies Group is among the global leaders in offering

technology and domain expertise in the creation of next-generation

financial markets that are transparent, efficient and liquid across

various asset classes, including equities, commodities, currencies and

fixed income segments. The Group operates one of the world’s largest

network of exchanges connecting fast-growing economies from Asia

to Africa. It also has four ecosystem ventures to address upstream

and downstream opportunities around exchanges, including exchange

and trading technologies, clearing, warehousing, real-time market

information, mobile payment solutions and knowledge management.

The Group operates some of the most successful exchange industry

ventures in India, such as Multi Commodity Exchange of India (MCX),

India’s No. 1 commodity exchange and the third largest in the world;

Indian Energy Exchange (IEX) for trading in electricity; and National

Spot Exchange (NSEL) for spot trading in commodities. Its global

forays include Singapore Mercantile Exchange (SMX), Dubai Gold and

Commodities Exchange (DGCX), Bahrain Financial Exchange (BFX),

Global Board of Trade (GBOT) in Mauritius and Bourse Africa in

Botswana. The Group also promoted MCX Stock Exchange (MCX-SX) in

India. MCX-SX has leadership in exchange-traded currency futures and is

now majority-held (89%) by a large number of financial institutions and

banks in the public and private sectors.


Financial Technologies Group Promoted Exchange Industry and Ecosystem Ventures

Domestic Markets

India’s largest commodity exchange

trading in over 70 commodities, with

global leadership in Gold and Silver

India’s largest spot exchange for trading

in commodities. Has extensive business

relations across India

India’s largest private sector warehousing

and collateral management company.

Developing warehousing receipt financing

India’s largest exchange for trading

in electricity futures. It streamlined

the distribution of power in India

Global Markets

Leading commodities exchange in the

Gulf, originally set up by the Group, in

which it now holds significant stake

The new-generation pan-

Asia multi-asset exchange

promoted by the Group

A leading international multiasset

exchange in Africa, based

in Mauritius

A pan-African multicommodity

exchange that

will soon begin its operations

Trades in securities, derivatives,

structured products and Shariahcompliant

financial instruments

Real Time Information and Payment Solutions

Knowledge Management

Real-time information service provider that

offers customized and cost-effective solutions

for data and information

A pioneer in providing mobile payment

solutions for a wide range of institutions,

individuals and investors

A leading provider of domain knowledge

solutions and market development strategies

in financial markets in India and abroad

FINANCIAL TECHNOLOGIES (INDIA) LTD

www.ftindia.com


Future of Financial Markets

Markets are the major drivers that support economic growth.

Markets bestow economies with allocative efficiency, transactional

intensity, process enhancement, enterprise and entrepreneurial

development that could enable policy to play a proactive role in

economic development.

The Financial Technologies Group has set standards in

conceptualising and developing state-of-the-art financial market

architecture, creating extensive exchange industry infrastructure

across the developing world and pioneering technology

interventions in Indian capital markets. The Group believes in

promoting and generating ideas on creating and developing

markets that help nations pursue growth strategies on the premise

of inclusion, empowerment and stability.

Future of Financial Markets is the annual summit conceptualised

by the Financial Technologies Group, which is devoted to generate

the best of ideas and thinking on how to bring markets closer to the

people and play a useful role in their progress.

6


INTRODUCTION

FOFM 2012 stands out for several distinguishing features. The Summit is organized

at a time when strategic issues on financial markets scope and structure are being

widely discussed in global markets. The Ascent of Asia is happening in terms of both

economy and finance. Global issues dominate the growth concerns of the domestic

markets. Asian engagement is growing manifold in reaching international consensus

on aspects such as growth and stability.

FOFM 2012 has endeavoured to address some of these issues. Aspects such as

designing capital markets that serve growth objective, pursuit of aspirations of

becoming global financial centers, blending finance with statecraft, impact of Asian

ascendancy on the nature of global finance, challenges of Asian financial markets

amidst pressures of global slowdown, how current concerns on global bond markets

might affect the issuers in emerging markets, scope for expanding the size and

significance of commodity markets, etc. are a few of the issues featured in FOFM 2012.

FOFM 2012 received warm and wide response from India and international

institutions. Over 40 top financial experts representing different geographies,

regulatory regimes and market segments along with key decision makers from policy,

regulation and market practice in India and other developing markets are speaking in

this Summit, distinctly making it a strategic think tank that India could host on global

finance.

The FOFM Directory is published to help our distinguished guests from India and

abroad, providing comprehensive information on various aspects of the Summit.

The Financial Technologies Group extends a warm welcome to all the delegates of

FOFM and wishes them a pleasant time at the Summit with productive discussions.

Dr Bandi Ram Prasad

Financial Technologies Knowledge Management Co. Ltd

Knowledge Management & Secretariat for FOFM

7


CHIEF GUESTS

prashant saran

Whole-Time Member

Securities and Exchange Board of India

INAUGURAL AND KEYNOTE

ADDRESS

Financial Markets in India

A Policy for Growth and Stability

32

Prashant Saran is a whole-time member of Securities and Exchange

Board of India (SEBI) since May 2009. Earlier, he was with the Reserve

Bank of India (RBI), where he acquired a wide experience in regulatory

functions. Mr Saran was chief general manager in-charge in RBI, heading

the Department of Banking Operations and Development (DBOD) during

2005-2009 and was responsible for regulating commercial banks. Mr

Saran has held membership of a number of committees like International

Liaison Group (ILG) and International Liaison Group on Capital (ILGC)

of Basel Committee on Banking Supervision (BCBS), National Advisory

Committee on Accounting Standards, and Empowered Committee on

External Commercial Borrowings.

He is the current co-chair of IOSCO EMC Task Force on Corporate Bond

Markets and INFE Expert Sub-Group on Financial Education and Women.

He is also governor on the Board of National Institute of Securities Market

(NISM). He holds a master’s degree in Physics from Panjab University,

Chandigarh.


Dr K C Chakrabarty

Deputy Governor

Reserve Bank of India

Valedictory Address

Ascent of Indian Finance

Financial Inclusion as a Strategy

Dr KC Chakrabarty, a seasoned and accomplished banker with

over three decades of experience in commercial banking, is deputy

governor of the Reserve Bank of India. Before taking up the current

responsibilities, Dr Chakrabarty was chairman and managing director

of Punjab National Bank and Indian Bank for two years each. He was

also chairman of the Indian Banks’ Association (IBA) for a brief period.

Dr Chakrabarty started his career as a teacher and researcher at the

Benaras Hindu University and went on to have a long and distinguished

career of 26 years at Bank of Baroda.

Dr Chakrabarty is the central bank’s nominee on the Financial Stability

Board. He is also chairman of the Advisory Committee of College

of Agricultural Banking (CAB). He was chairman of Committee of

RBI Working Group on timely rehabilitation and flow of credit for

rehabilitation. Dr Chakrabarty was a regular visiting faculty in various

training institutions in India. He holds a doctorate in statistics from

Benaras Hindu University.

33


CHIEF GUESTS

ramesh abhishek, IAS

Chairman

Forward Markets Commission, India

Special Address

Regulation and Development

of Commodities Markets

Emerging Trends

34

Ramesh Abhishek joined the Indian Administrative Service in 1982 and

has served in the state of Bihar and in the Central government. In Bihar,

he worked as district collector of East Champaran and Patna districts

and as divisional commissioner, Patna. He worked in the ministry of

coal, ministry of food processing industries, ministry of home affairs,

and ministry of law and justice of the Government of India. He worked

in the Supreme Court of India for about two years and for the United

Nations in Yugoslavia for over three years.

Mr Abhishek is the chairman of the Forward Markets Commission,

which is the regulator for commodity futures market in India. The

Commission has also taken several measures to improve market

integrity by stopping the misuse of client code modification facility

and execution of trade without uploading client code details. He

holds master’s degree in public administration from Harvard Kennedy

School. He also holds a master’s degree in international studies from

Jawaharlal Nehru University, New Delhi.


sPECIAL address

H.e. Jaya Nyamrajsingh Meetarbhan

Ambassador & Permanent Representative of

Mauritius to the United Nations

FINANCIAL INCLUSION AS A

GLOBAL PRIORITY AND POLICY

PERSPECTIVE

Milan Jaya Nyamrajsingh Meetarbhan is ambassador and permanent

representative of the Republic of Mauritius to the United Nations. Prior

to his appointment at the UN in January 2011, Dr Meetarbhan had

a long record of public service, having served as senior policy adviser

to the prime minister of Mauritius, legal adviser to the ministry of

finance, board member of the Stock Exchange Commission, chairman

of Mauritius Telecom, head of the Law School at the University of

Mauritius. From 2005 to 2010, he was head of a regulatory agency, the

Financial Services Commission. He also worked as an international civil

servant for four years. In his illustrious public service, Dr Meetarbhan

has vast experience as lawyer and consultant to a number of

international corporations for around ten years.

Dr Meetarbhan studied law in London and Paris. He earned a doctorate

in International Law from the Sorbonne. He was conferred the title of

Honorary Fellow in Law by the University of Mauritius.

35


CHIEF GUEST (FOFM Delhi)

r gopalan*

Secretary, Economic Affairs

Ministry of Finance, Government of India

INAUGURAL AND KEYNOTE

ADDRESS AT FOFM 2012

NEW DELHI

*To be confirmed.

36


fofm leadership

Jignesh Shah

Chairman and Group CEO

Financial Technologies Group, India

VISION FOFM

Jignesh Shah is the founding chairman and group chief executive

officer of the Financial Technologies Group, a global leader in creating

and operating technology-centric financial exchanges for stocks,

commodities, currencies and bonds among other asset classes. Mr Shah

is often called the ‘Innovator of modern financial markets’ for his role

in creating a successful public-private partnership (PPP) model to build

world class financial institutions. He has created modern IP-centric

financial markets, which have been instrumental in changing the

contours of exchange trading in India and emerging economies from

Africa to Asia. Under his leadership, the Group launched MCX in 2003,

which is now the world’s third largest commodity futures exchange

in terms of number of contracts traded and the first-ever exchange in

India to get listed in public equity markets. The IPO of MCX has been a

record-breaking event with subscriptions received to the tune of US$7

billion for an issue size of US$135 million with 300,000 shareholders on

the first day of listing itself.

38


Ashok Jha, IAS (Retd)

Chairman, FOFM 2012 Board

Chairman, MCX Stock Exchange &

Former Finance Secretary to the Government of India

FOFM: An Agenda for Financial

Markets

Ashok Jha is a renowned expert in handling policy issues of key

economic ministries of the government. His vast experience of over four

decades in the upper echelons of the government and the private sector

coupled with his administrative acumen stands him in good stead to

guide companies to realise their potential.

Mr Jha, an IAS officer of the 1969 batch, has held crucial positions

in central and state government machineries. He is one of the very

few civil servants to have extensive work experience in foreign

policy, industrial promotion, international trade as well as economic

affairs and finance. Mr Jha’s appointment as the finance secretary,

Government of India, was a fitting culmination of an illustrious career in

civil service. Mr Jha graduated from St Stephen’s College in economics

and went on to do his master’s from Delhi School of Economics. He has

another master’s degree in Development Economics from the Australian

National University, Canberra, and he was also a Visiting Fellow at

Oxford University, UK. He is currently chairman of MCX Stock Exchange.

39


fofm leadership

Lamon Rutten

Managing Director & CEO

MCX, India

Welcome Address

40

Lamon Rutten is managing director and CEO of MCX. A worldrenowned

authority on commodity markets, Mr Rutten’s main area of

focus at MCX is to drive the development of the entire commodities

market value chain in India. Mr Rutten has served as chief of Finance,

Risk Management and Information in the Commodities Branch of

UNCTAD, Geneva. In UNCTAD, he was responsible for developing

the organization’s work on commodity price risk management and

structured finance. He has been doing extensive work in the areas

of commodity policies, commodity market reforms, institutional

developments, upgrading the skills in the financial sector, and

regulations affecting the commodity and financial sectors. He has

published more than 40 papers and numerous articles on these issues,

spoken at over 100 seminars, and conceptualized and organized many

high-level conferences. He is on the board or advisory board of several

companies in the United States, Middle East, Asia and Africa.

Mr Rutten holds a postgraduate degree with honours in international

economic management from Tilburg University, the Netherlands.


Joseph Massey

Managing Director & CEO

MCX Stock Exchange, India

Future of Finance:

Opportunities and Challenges

Joseph Massey is managing director and CEO of MCX Stock Exchange,

India’s new stock exchange. He is instrumental in formulating and

implementing policies, procedures and best practices at the Exchange

and oversees strategic operations and overall functioning of the

Exchange. Mr Massey was managing director and CEO of MCX. He

headed strategic operations and development initiatives of MCX and

made MCX the “exchange of choice” for all commodity participants.

Mr Massey has over 20 years of diverse corporate experience and has

been associated with leading financial organizations such as LIC, RBI,

Stock Holding Corporation of India, Vadodara Stock Exchange and

Interconnected Stock Exchange of India. He was chairman of South

Asian Federation of Exchanges (SAFE), a regional forum of exchanges

and regulated entities. He has been on various committees of FMC, SEBI

and the government on policy issues related to the development of

commodities and securities markets. He is actively involved in the field

of education as a visiting faculty at leading institutions.

41


kEYNOTE PRESENTATIONS

Paul Koster

Chief Executive

Dubai Financial Services Authority, UAE

Global Financial Markets

Landscape

Opportunities for Asia

Paul Koster, chief executive of the Dubai Financial Services Authority

(DFSA), was earlier commissioner and member of the Executive Board

of AFM, the national, integrated conduct of business and financial

services regulator for the Netherlands, where he was identified as

one of the four leaders shaping the conscience of Dutch business. He

chaired CESR-Fin, the permanent working party of the Committee of

European Securities Regulators, which co-ordinates the endorsement

and enforcement of financial reporting standards in Europe. He chaired

CESR’s sub-committee on International Standards Endorsement and is

actively involved in the work of IOSCO. Mr Koster is a licensed, registered

chartered accountant having qualified through the Royal Dutch

Institute of Chartered Accountants and certified as a registered auditor.

In 2009, he joined the Advisory Board of the Securities and Commodities

Authority, the UAE’s federal securities regulator. In 2010, Mr Koster won

the CEO of the Year for Financial Services award and was voted one of

the most influential expatriates living and working in the region.

42


Dr Maurice Newman

Former Chairman

Australian Securities Exchange, Australia

India as a World Financial

Center

Dr Maurice Newman was chairman of the Australian Broadcasting

Corporation. Prior to that he was chairman of the Australian Securities

Exchange (ASX).. His career spans 40 years in stockbroking and

investment banking. In 1984, he was managing director of the Deutsche

Bank in Australia and later executive chairman from 1985 until 1999.

He was chairman of the Deutsche Bank Asia-Pacific Advisory Board

and a director of Deutsche Bank Asia-Pacific from 1999 to 2001. He also

served as chancellor of Macquarie University.

Dr Newman has chaired a number of Asian business alliances, including

the East Asia and Oceania Stock Exchange Federation and the Australia

Taiwan Business Council. He has been an adviser to the Australian

government. Dr Newman is currently chairman of Melon Pastoral Pty

Ltd, director of the Queensland Investment Corporation, honorary chair

of the Macquarie University Foundation, chairman of The Taronga

Foundation; chairman of The Bradman Foundation; and a patron of the

Committee for Economic Development of Australia (CEDA).

43


financial statecraft

Dr S Narayan

Member, FOFM 2012 Board

Head of Research

Institute of South Asian Studies, NUS, Singapore

Introduction

44

Dr S Narayan has nearly four decades of experience in senior positions

in development administration in the state and Central governments.

He was economic adviser to the Prime Minister and was responsible

for implementation of economic policies of over several ministries,

including finance, trade & commerce, energy and infrastructure.

He served as Secretary of Finance in the ministry of finance. He was a

member of the group of officers responsible for trade policy making in

the context of WTO-related issues. He was chairman of the committee

for grant of approvals for foreign investments in India. He was secretary

in the ministry of petroleum and natural gas responsible for energy

policy. Since 2005, he is a Senior Research Fellow at the Institute of

South Asian Studies, National University of Singapore (NUS). He has

several publications to his credit, including ‘Growth Opportunities in

Indian States’’. He holds an MSc in physics from University of Madras,

Master of Business Management from University of Adelaide, MPhil

from University of Cambridge and doctorate from IIT, Delhi.


kEYNOTE PRESENTATION

Dr Benn Steil

Director

International Economics, Council on Foreign Relations

USA

Financial Statecraft

A Strategy for India

Dr Benn Steil is a Senior Fellow and director of international economics

at the Council on Foreign Relations (CFR) in New York. He is also

the founding editor of ‘International Finance’, a top scholarly (ISIaccredited)

economics journal, as well as a co-founder and managing

member of Efficient Frontiers LLC, a markets consultancy. Prior to

joining CFR in 1999, he was director of the International Economics

Programme at the Royal Institute of International Affairs in London.

He received his MPhil and DPhil in economics from Nuffield College,

Oxford. He also holds a BSc in economics from the Wharton School

of the University of Pennsylvania. Dr Steil has written and spoken

widely on international finance, securities trading and financial market

regulation. He is a regular op-ed contributor at The Wall Street Journal

and Financial Times. His most recent book, ‘Money, Markets and

Sovereignty’, was awarded the 2010 Hayek Book Prize. His previous

book, ‘Financial Statecraft: The Role of Financial Markets in American

Foreign Policy’, was named one of the Best Business Books of 2006 by

Library Journal and an Outstanding Academic Title of 2006 by Choice.

45


Capital Markets for a Growth

Economy

G N Bajpai

Member, FOFM 2012 Board

Former Chairman

Securities and Exchange Board of India

Introduction

46

Ghyanendra Nath Bajpai was chairman of the Securities and Exchange

Board of India (SEBI). Prior to that he was chairman of the Life Insurance

Corporation of India (LIC). Mr Bajpai received awards for contribution

to business and authored several books. Mr Bajpai has been chairman

of the Corporate Governance Task Force of International Organization

of Securities Commissions (IOSCO) and chairperson of the Insurance

Institute of India. As chairman of SEBI, Mr Bajpai initiated numerous

reforms and innovations in India’s securities markets. As chairman, Mr

Bajpai transformed LIC to meet the challenges of deregulation and

competition from global insurance companies. Mr Bajpai has been

a member of Board of Directors at General Insurance Corporation of

India, ICICI Bank, Unit Trust of India, Tata Chemicals, Jindal Steel, etc.

Currently, Mr Bajpai is non-executive chairman and non-executive

director of several corporates in India. He has been a visiting faculty

at leading institutes of management and training. He received the

‘Outstanding Contribution to the Development of Finance’ award from

Prime Minister Dr Manmohan Singh.


kEYNOTE PRESENTATION

Dr Ruben Lee

Chief Executive Officer

Oxford Finance Group, London, UK

Capital Markets for a Growth

Economy

An Approach to Financial Markets Growth in India

Dr Ruben Lee is CEO and founder of Oxford Finance Group, a consulting

firm that concentrates on business, economic, legal, political, regulatory

and strategic aspects of financial markets. From 1989 to 1992, Dr Lee

was a fellow of Nuffield College, Oxford University, where he specialized

in financial economics and law. From 1980 to 1984, he worked in

the capital markets in New York and London for Salomon Brothers

International. He has published widely on many topics concerning

financial markets, including functioning of exchanges, clearing and

settlement, market data, regional integration, and regulation. His

recent book is titled ‘Running the World’s Markets: The Governance of

Financial Infrastructure’.

47


Global Bond Markets

U Venkataraman

Chief Executive Officer, Currency Derivatives Segment

MCX Stock Exchange, India

Introduction

U Venkataraman is CEO of currency derivatives segment and wholetime

director at MCX Stock Exchange, India’s new stock exchange that

is setting global benchmarks as the market leader in exchange-traded

currency futures platform. He is also a member of the governing board

of MCX-SX. Prior to joining MCX-SX, Mr Venkataraman was the Head of

Treasury at IDBI Bank in Mumbai. His expertise and experience cover

a broad business and product spectrum—asset liability management,

foreign exchange, fixed income and derivatives. He has attended

several training programmes in India and abroad on subjects related

to resource management, foreign exchange, technical analysis, trade

finance and international payments. In his current assignment, he is

involved in developing strategies for business development, overseeing

the risk management guidelines prescribed under the extant regulatory

regime as well as overall administration of the Exchange. He has been

representing the Exchange in various regulatory forums as well as in

seminars organized by trade bodies and associations.

48


kEYNOTE PRESENTATION

Dr Hans J Blommestein

Head of Bond Markets

OECD, Paris, France

CHAIR AND KEYNOTE

Developments in Global Bond

Markets & Sovereign Risk

Outlook

Challenges for Issuers in Emerging Bond Markets

Dr Hans J Blommestein graduated in economics from the Free

University of Amsterdam where he obtained his PhD on an econometric

topic. He has worked for the OECD in Paris in various senior capacities,

including Head of the Financial Affairs division of the OECD. He is the

co-ordinator of OECD Working Party on Public Debt Management,

manager of OECD Project on African Debt Management and Bond

Markets, member of the Technical Advisory Group (TAG) of the Debt

Management Facility of the World Bank, and co-director of African

Centre for Public Debt Management and Bond Markets (joint venture

of OECD and South African Ministry of Finance). Dr Blommestein

participated as adviser in IMF missions to Central and Eastern Europe

and the former Soviet Union on financial sector and sovereign debt

issues. He was also a visiting scholar in the research department of the

IMF, focusing on banking and financial sector issues. Dr Blommestein

published numerous articles on econometric methodology, spatial

economics, pension finance, risk management, ethics and finance,

financial markets, and banking issues.

49


PERSPECTIVE

Nilesh Shah

President

Axis Bank, India

Bond Market Development in India

Exploring New Opportunities

Nilesh Shah is president of Axis Bank. He is managing investment

banking, broking and private banking business for the Bank. He has

worked with ICICI Prudential Mutual Fund, Franklin Templeton Mutual

Fund and ICICI Securities covering debt, equity, currency and real estate

markets over the last two decades. Nilesh is a chartered accountant and

a cost accountant. He is also topper of GFM-25 course at JP Morgan.

Nilesh was the inaugural ‘Business Standard Fund Manager of the Year

– Debt’ in 2003. Nilesh was also inaugural ‘CA Professional Manager of

the Year 2007 – Private Sector’.

50


ASIAN FINANCIAL MARKETS

Dr Ashima Goyal

Professor

Indira Gandhi Institute of Development Research, India

Chair

Dr Ashima Goyal is professor at the Indira Gandhi Institute of

Development Research (IGIDR), Mumbai. She is widely published in

institutional and open economy macroeconomics, international finance

and governance and has participated in research projects with ADB,

DEA, GDN, RBI, UN ESCAP and the World Bank. She is the editor of a

Routledge journal in macroeconomics and international finance. She

has received many fellowships, national and international awards,

is active in the Indian public debate, has served on several boards

and policy committees, is currently a member of the Monetary Policy

Technical Advisory Committee, and contributes a monthly column

to the Business Line. She has been a visiting fellow at the Economic

Growth Centre, Yale University, USA, and a Fulbright senior research

fellow at Claremont Graduate University, USA.

52


panel discussion

Dr Peter Wolff

Head - World Economy

German Development Institute, Germany

World Economy

Dr Peter Wolff leads the World Economy and Development Financing

department at the German Development Institute (DIE) in Bonn.

His major areas of work are international finance, global economic

governance, economic policy and capital market development. He has

been working in various senior capacities as researcher and consultant

for public institutions in Germany and overseas. He was a consultant for

the World Bank’s Operations Evaluation department and worked as an

economic adviser in the Central Institute for Economic Management,

Hanoi, Vietnam, from 1997 to 2000.

53


ASIAN FINANCIAL MARKETS

Syetarn Hansakul

Vice President & Senior Economist

Deutsche Bank, Singapore

MacroEconomics and Risk

54

Syetarn Hansakul joined Deutsche Bank Research as senior economist

in its Global Risk Analysis group in 2002. Apart from being responsible

for the overview of the sovereign and country risk internal ratings for

Non-Japan Asia, she covers China, India, Malaysia, Singapore, South

Korea and Thailand in detail. Ms Syetarn has published a number of

publications with Deutsche Bank Research, including ‘China’s financial

integration into the world economy’ and ‘Emerging Asia’s Middle Class’.

Before joining Deutsche Bank, she was senior economist for WestLB’s

Global Financial Markets in Singapore. Prior to WestLB, Ms Syetarn

was covering the Asian economies at various organizations: as Visiting

Fellow at the Institute of Southeast Asian Studies, regional economist

at Overseas Union Bank and international relations officer at the Bank

of Thailand. Ms Syetarn received the King Scholarship from Thailand to

study economics and international relations at Tufts University in the

US. She was also a recipient of the Bank of Thailand scholarship for

her master’s degree at the Fletcher School of Law and Diplomacy, Tufts

University. She is a Thai national.


panel discussion

Dr Bejoy Das Gupta

Deputy Director

Institute of International Finance, USA

Financial Flows

Dr Bejoy Das Gupta has over 20 years experience in the analysis of

macroeconomic policy, structural reforms, capital flows and financial

sector, providing policy advice and managing missions and highlevel

relationships. As deputy director, Asia-Pacific Department of

the Institute of International Finance, Dr Gupta offers objective and

independent analysis of emerging markets as well as constructive policy

dialogue. His educational qualifications include graduation from the

London School of Economics and master’s and doctorate in economics

from Christ Church, Oxford. He is also an adjunct professor at Maxwell

School, Syracuse University.

55


ASIAN FINANCIAL MARKETS

Dr Joseph Cherian

Director

Centre for Asset Management Research &

Investments, NUS, Singapore

Asset Management: Scope for

New Direction in Asia

56

Dr Joseph Cherian is professor of finance and director of the Centre

for Asset Management Research and Investments (CAMRI) at NUS

Business School in Singapore. Earlier, he was an Executive-in-Residence

at Cornell University’s Johnson Graduate School of Management,

where he is now a member of the Dean’s Advisory Council. Prior to that

he was managing director, global head and CIO of the Quantitative

Strategies Group within Credit Suisse Alternative Investments in New

York. While at Credit Suisse, Dr Cherian also served on the global

executive committee and various committees of the asset management

division. He joined Credit Suisse in 2004 from Bank of America Capital

Management, New York, where he was managing director and senior

portfolio manager of their asset allocation funds. He was an associate

professor of finance at Boston University. He has authored numerous

articles and serves on the Scientific Advisory Board of the Orissa Group,

a pioneer in the development and dissemination of liquidity-based data

and analytical products. He holds a BS in electrical engineering from

MIT and MS and PhD degrees in finance from Cornell University.


panel discussion

Dr Veerathai Santiprabhob

Chief Strategy Officer

The Stock Exchange of Thailand, Thailand

Regional Cooperation: Taking

the Cue from Asean

Dr Veerathai Santiprabhob oversees the overall strategic initiatives,

demutualization roadmap, capital market research and international

affairs of the Stock Exchange of Thailand (SET). Before joining SET

in 2009, Dr Veerathai had more than 15 years of experience as a

policy economist and a banker. He spent four years with the IMF in

Washington, DC. During the peak of the 1997 Asian financial crisis,

he served as a co-director of the Policy Research Institute of the

Thai ministry of finance. The Institute was instrumental in designing

economic stimulus packages and financial sector restructuring

programmes during the crisis. Dr Veerathai spent eight years with Siam

Commercial Bank. With his strong background in macroeconomics,

Dr Veerathai served as a member of various economic advisory

committees at the national level. He was an executive director of

the Economic Society of Thailand and the Harvard Club of Thailand.

He holds a PhD in economics from Harvard University. In 2007, Dr

Veerathai was selected by ‘The Banker’ magazine as one of the ‘50 Most

Promising Young Bankers in the Asia-Pacific and Middle East Regions’.

57


panel discussion

Ramu Chakravarthy

Vice President - Investments

UBS Financial Services, USA

financial products

Ramu Chakravarthy has more than 19 years of global financial market

experience in investment banking, institutional sales and high-level

private banking at Merrill Lynch, Morgan Stanley and UBS spread across

India, Australia and the US. Before joining UBS, Mr Chakravarthy was

vice president and international financial adviser at Morgan Stanley

and international financial adviser with Merrill Lynch in the US and

Australia. He was head of Institutional Sales for South India with DSP

Merrill Lynch, Bangalore. He had a two-year stint with Mashreq Bank

Plc, Mumbai, as head of treasury.

Mr Chakravarthy holds an MBA from Bangalore University and is

an alumnus of Investment Banking Institute, New York, where he

specialized in financial valuation. He has been a speaker and chair at

many international financial market conferences around the world. He

lives in Silicon Valley, California.

58


sPECIAL sESSIONs

Parveen Singhal

Deputy Managing Director

MCX, India

Regulation and Development

of Commodities Markets

Emerging Trends

60

Parveen Singhal is deputy managing director of Multi Commodity

Exchange of India (MCX). He oversees business development, product

knowledge and management, legal and arbitration, and membership

and compliance initiatives of MCX. Mr Singhal has over 36 years of

diverse corporate experience in financial services, institutions, securities

and commodities market space. He has held challenging positions

such as division chief (secondary market) with the Securities and

Exchange Board of India (SEBI), executive director and CEO of Delhi

Stock Exchange and director with Forward Markets Commission

(FMC). Prior to joining MCX, Mr Singhal was handling marketing and

business development function (North India) for MCX-SX. Mr Singhal

has served as a member on important committees of SEBI, such as risk

management and corporate governance. He was also a member of

Regional Council of Institute of Company Secretaries of India (North

India). Mr Singhal holds an MBA in finance, diploma in business finance

from ICFAI and also a certificate on capital markets from New York

University, USA.


Dewang Neralla

Director-Technology

Financial Technologies, India

Technology and Finance

Emerging Frontiers

Dewang Neralla is director of technology, Financial Technologies, the

technology leader for creating next-generation financial markets.

He is also director of ‘atom technologies’, a subsidiary of Financial

Technologies. With a vast experience of over 18 years in transaction

technologies and their implementations, he is now spearheading

‘atom technologies’ to create a revolution in the payment ecosystem,

especially focusing on the mobile ecosystem, which includes traditional

card-based payments over mobile. As a mobile payments service

provider, ‘atom technologies’ has created multiple ‘patent pending’

products and services for mobile payments, mobile banking for the

un-banked, IVR-based payments and mobile-based service distribution

framework. As the Group’s technology strategist, Mr Neralla had laid

down the technology architecture that has today become the driver

for the Group’s core technologies. He holds a degree in engineering

(computer science). He has been a speaker at several national and

international academic, business and technology forums as well as

industry events.

61


ise of india and china

Dr Kerry Brown

Head - Asia Programme

Chatham House, London, UK

KEYNOTE

Rise of China and India

Their Influence on the Shape of Global Finance

62

Dr Kerry Brown is head of the Asia Programme at Chatham House,

London, where he leads the Europe-China Research and Advice Network

(ECRAN), funded by the European Commission. Educated at Cambridge,

London and Leeds Universities, he worked in Japan, Australia and

the Inner Mongolian region of China before joining the Foreign and

Commonwealth Office (FCO) in London. He worked in the China

section and then served as First Secretary, Beijing, from 2000 to 2003,

and head of the Indonesia-East Timor section at the FCO from 2003 to

2005. He is a research associate of the Centre for International Studies

and Diplomacy at SOAS, an associate of the China Policy Institute at

Nottingham University, an advisory editor to the Berkshire Encyclopedia

of China, and editor of the Berkshire Dictionary of Chinese Biography.

He is the author of ‘The Cultural Revolution in Inner Mongolia’,

‘Struggling Giant: China in the 21st Century’, ‘The Rise of the Dragon

– Chinese Investment Flows in the Reform Period’, and ‘Friends and

Enemies: The Past, Present and Future of the Communist Party of China’.

He is currently working on a political biography of Hu Jintao.


sPECIAL sESSION

Antoine Kuo

Senior Director

CITIC Bank, Hong Kong

PERSPECTIVE

Rise of China and India

Their Influence on the Shape of Global Finance

With more than 20 years experience in securities, wealth management

and private banking field, Antoine Kuo worked for various financial

institutions such as ING, KGI and Donghai Securities (China), focusing

on high net wealth market in the Great China region. He was managing

director of Danghai Securities.

Antoine Kuo launched the first TOT (Trust of Trusts) product—Shangshi

One—in China with Ping-An Trust in 2009 and it was awarded the Best

Innovative Product in China by ‘Shanghai Securities News’. Through

his years of experience in China, Hong Kong and Taiwan, Antoine Kuo

is developing the family office market in China. He holds a doctorate in

international law from East China University of Politics and Law.

63


AFRICA AND THE MIDDLE EAST

Clairette Ah-Hen

Chief Executive

Financial Services Commission, Mauritius

KEYNOTE

Africa and the Middle East

Emerging Growth Opportunities

64

Clairette Ah-Hen has a wide and in-depth experience in financial

reporting and corporate capital structures. Before joining the Financial

Services Commission (FSC), she was responsible for monitoring of

compliance with financial reporting standards across sub-Saharan

Africa for a large international accounting firm. She was the first chief

executive officer of the Mauritius Financial Reporting Council and

held the post of senior adviser for corporate affairs to the ministry of

economic development. She was an associate professor and dean of

the faculty of law and management of the University of Mauritius. She

also chaired several committees at national level on accounting and

auditing standards and worked in collaboration with the World Bank.

In her capacity as chief executive of the FSC, Clairette Ah-Hen currently

occupies the post of vice chairperson of the Committee for Insurance,

Securities and Non-Bank Financial Authorities (CISNA) for the Southern

African Development Community (SADC). She is a fellow member of the

Institute of Chartered Accountants in England and Wales (ICAEW) and

the Chartered Institute of Management Accountants, UK (CIMA).


Keynote

Dr Ramakrishna Sithanen

Chairman and Director

International Financial Services, Mauritius

Discussion

Africa and the Middle East

Emerging Growth Opportunities

Dr Ramakrishna Sithanen was deputy prime minister and minister of

finance and economic empowerment of Mauritius. He held several

senior positions in the private sector and was an adviser and consultant

to some regional and international organizations and governments. He

was the director of strategy at the African Development Bank in Tunis.

Dr Sithanen was governor for Mauritius at the IMF, World Bank

and the African Development Bank. He was the leader of the

Mauritius delegation at the Joint Annual IMF/WB meeting and the

Commonwealth Finance Ministers meeting. He also led the Mauritius

delegation at the negotiations in Washington for the African Growth

and Opportunity Act (AGOA). He was the spokesperson for the

African, Caribbean and Pacific (ACP) Group countries during the WTO

negotiation in Geneva in 2008. He was the chairperson of the Council

of Ministers of Finance of Common Market of Eastern and Southern

Africa (COMESA). He is chairman and director of International Financial

Services. He read economics at the London School of Economics and

holds a PhD in political science from Brunel University, UK.

65


AFRICA AND THE MIDDLE EAST

Arshad Khan

Managing Director & CEO

Bahrain Financial Exchange, Bahrain

Discussant

Africa and the Middle East

Emerging Growth Opportunities

66

Arshad Khan is managing director and CEO of Bahrain Financial

Exchange (BFX) and BFX Clearing and Depository Corporation (BCDC),

which are wholly owned by the Financial Technologies Group. He also

represents the Group on the Board of Financial Technologies Middle

East (FTME) in Dubai. In his current role, Mr Khan is responsible for the

strategic direction of the business as well as ensuring that BFX meets its

objective of being the true leader in the exchanges space. He has also

undertaken thorough study of Islamic finance market and has been

instrumental in launching landmark initiative – Bait Al Bursa (Home

of Exchanges) – to automate the Islamic finance business by bringing

it on an exchange platform. Mr Khan played a key role in setting up

Dubai Gold and Commodities Exchange in the UAE and served as the

Board Member of the Exchange and its Clearing Corporation for five

years. He was instrumental in the design and implementation of India’s

most sophisticated and widely used ‘Straight-Through Processing’ (STP)

market-wide platform. He is a frequent contributor to a number of

regional and international publications.


Discussion

J D Gilbert Gnany

Group Chief Strategy Officer

The Mauritius Commercial Bank, Mauritius

Discussant

Africa and the Middle East

Emerging Growth Opportunities

Gilbert Gnany is the chief strategy officer and adviser to the Board of

Directors of the Mauritius Commercial Bank Group. He also serves as

board member on several companies of the Group. For a two-year

period, he was senior adviser on the World Bank Group’s Executive

Board where he was responsible for issues relating mainly to the IFC

and to the private and financial sectors. Earlier, he was chief economist

of the MCB Group and economic adviser to the minister of finance,

Government of Mauritius. He has been involved in various high-profile

boards/committees. He chaired the Stock Exchange of Mauritius, the

Statistics Advisory Council as well as the Steering Committee for the

setting up of the Financial Services Commission. He has also been a

member of the Board of Governors of the Mauritius Offshore Business

Activities Authority. He is the chairperson of the Statistics Board,

director of the Board of Investment, and a member of the Senate of the

University of Mauritius. Gilbert is also a member of the IMF Advisory

Group for sub-Saharan Africa.

67


sPECIAL sESSION

Chris Goromonzi

Managing Director & Chief Executive Officer

Bourse Africa, Botswana

Discussant

Africa and the Middle East

Emerging Growth Opportunities

68

Chris Goromonzi is the founding managing director of Bourse Africa.

An economics graduate with over 20 years experience in various fields

in the financial sector, Mr Goromonzi worked for a commercial bank

as well as a development bank before pioneering the venture capital

industry in Zimbabwe and establishing the Venture Capital Company

of Zimbabwe (VCCZ). Mr Goromonzi was involved in the establishment

of Trust Merchant Bank (Zimbabwe) as a co-founder and a significant

shareholder, with specific responsibilities for Business Development and

Corporate Banking. Trust Bank converted its licence to a commercial

bank, at which point Mr Goromonzi assumed the position of deputy

managing director, responsible for merchant banking. The Bank

evolved into Trust Holdings, and he assumed several key responsibilities

within the Group. He was involved in founding Pivot Capital Partners

in South Africa, as the director responsible for structured trade finance.

He is a regular speaker at the African Export-Import Bank’s conferences

and has also been a resource person and speaker at several agricultural

and commodity finance conferences sponsored by the UN.


Commodities Markets

Dr Sayee Srinivasan

Financial Economist

US Commodity Futures Trading Commission, USA

Global Commodities Markets

Dr Sayee Srinivasan is a financial economist at the Commodity

Futures Trading Commission (CFTC), based in Washington, DC. Prior

to joining CFTC, he was head of Product Strategy at Bombay Stock

Exchange (BSE). As part of the senior management team, Dr Srinivasan

was involved in various initiatives related to business and market

development, and to the development of regulatory policy in India.

His previous experience includes working with the Chicago Mercantile

Exchange (CME) Group, based in Chicago and Mumbai, National Stock

Exchange of India and OptiMark Technologies in the US. His interests

include building new markets and products across multiple asset

classes, including equities, interest rates, corporate bonds and foreign

exchange. He is also interested in the design of market structures and

regulatory framework to facilitate market development. Dr Srinivasan

has a master’s degree in finance from University of Mumbai and

master’s and doctorate in economics from the University of Texas,

Austin, USA.

70


Discussion

Anjani Sinha

Managing Director & CEO

National Spot Exchange, India

Discussant

rOLE OF Spot Markets

Anjani Sinha is managing director and CEO of National Spot Exchange

Limited (NSEL), a Financial Technologies Group initiative and India’s

No 1 electronic spot market for commodities. Mr Sinha has

conceptualized the business model of NSEL and implemented it from

scratch. Besides, Mr Sinha is co-chairman of Agriculture Committee

of FICCI, member of Science and Technology Committee of FICCI,

member of Agriculture Committee of CII, member of Commodity Market

Committee of CII, and member of the ‘Working Group on Agriculture

Marketing Infrastructure’ constituted by the Planning Commission. He

was the founding CEO of MCX and a director at MCX before joining

NSEL. Mr Sinha has been part of various government delegations. He

has written many articles and research papers on agriculture marketing

and issues connected with commodity market. Prior to MCX, Mr Sinha

was associated with Ahmedabad Stock Exchange, Bombay Commodity

Exchange, Inter connected Stock Exchange and Magadh Stock

Exchange. A chartered accountant and law graduate, Mr Sinha also

holds an MBA and a master’s degree in economics and commerce.

71


Discussion

Anil Choudhary

Managing Director & CEO

National Bulk Handling Corporation, India

Discussant

Collateral Management

72

Anil K Choudhary is managing director and CEO of National Bulk

Handling Corporation Ltd, a Financial Technologies Group initiative.

Prior to joining NBHC, Mr Choudhary was on deputation from SBI to

MCX, overseeing banking and collateral lending. With over 27 years in

SBI, his experience covers credit, domestic branch banking, farm and

SME credit, and international banking. Under his leadership, NBHC

is today acknowledged as the country’s leading service provider for

professional warehousing with over 900 locations spread across 19

states with more than 24-lakh MT, collateral management services

with over Rs 300 billion (cumulative) assets under management, pest

control services, quality assurance services with QA proficiency in over

125 commodities, and MSP procurement services with assignments

and consultancy for FCI, NAFED, and Orissa Civil Supplies Corporation.

Nominated by CII on its National Council on Agriculture, he has led the

CII delegation before the Parliament’s Standing Committee on Food,

Consumer Affairs and Public Distribution to present the industry’s

viewpoint on the Warehousing (Development & Regulation) Bill, 2005.


eading the trends

Jamal Mecklai

Managing Director

Mecklai Financial Services

Moderator

Financial Markets in 2012

74

Jamal Mecklai is CEO of Mecklai Financial Services, the leading financial

risk management company in India, providing consultancy services to

Indian corporates. He was curator of Appropriate Technology at Fashion

MODA, a revolutionary museum of science, art, technology and magic

set up in 1979 in the South Bronx in New York City. Earlier, he worked as

a free-lance media consultant, developing and implementing projects

for various non-governmental organizations in the US. Mr Mecklai

was a member of the OP Sodhani Committee to suggest methods of

deepening and widening the local foreign exchange market and the RV

Gupta Committee to assess whether and how Indian companies should

access international markets to hedge commodity price risk, both set

up by the RBI. He was a consultant to the World Gold Council to assist

in drafting an approach to the Indian government on gold policy

and a consultant to the FMC under a World Bank grant for regulating

brokerages on commodity exchanges in India. He is a graduate in

chemical engineering and carried out doctoral research in biomedical

engineering at Rice University, Houston, USA.


Discussion

Raamdeo Agrawal

Joint Managing Director

Motilal Oswal Financial Services, India

Discussant

Financial Markets in 2012

Raamdeo Agrawal is the Jt. Managing Director of Motilal Oswal

Financial Services Limited (MOFSL). MOFSL is a well-diversified

financial services firm offering a range of products and services in

securities, commodities, investment banking, asset management and

venture capital. He is also the co-founder of Motilal Oswal Securities

Ltd (MOSL) along with Motilal Oswal. MOSL is the subsidiary of MOFSL

and is engaged in stock broking and retail wealth management. MOSL

has been consistently rated by Asia Money Broker’s Poll as one of the

leading equity research houses in India. Mr Agrawal is the key driving

force behind MOSL’s strong research capability. Mr Agrawal is an

Associate of Institute of Chartered Accountant of India. He is a member

of the National Committee on Capital Markets of the Confederation

of Indian Industry. He has been authoring the annual Motilal Oswal

Wealth Creation Study since its inception in 1996. He has also featured

on ‘Wizards of Dalal Street’ on CNBC TV 18. He co-authored the book

‘Corporate Numbers Game’, along with Ram K Piparia.

75


Discussion

Seth R Freeman

CEO & Chief Investment Officer

EM Capital Management, USA

Discussant

Financial Markets in 2012

Seth R Freeman is the co-founder, CEO, and chief investment officer

of EM Capital Management, LLC, a US SEC-registered investment

adviser and fund manager specializing in emerging and frontier

markets. He is the co-portfolio manager of an India-focused mutual

fund and several India-focused private investment vehicles. Seth

holds an MBA in International Management from Thunderbird. He

is a frequent contributor on Bloomberg TV, CNBC, and NDTV Profit.

Seth regularly teaches at professional institutions and is a speaker at

major investment conferences around the world. He is also a certified

insolvency and restructuring advisor, advising investors, funds,

directors, and their attorneys in resolving complex cross-border and

emerging markets investment problems. His areas of expertise are ETFs,

mutual funds, and stocks.

76


Directory

FOFM : Knowledge Management & Secretariat

Financial Technologies Knowledge Management Co. Ltd

Exchange Square, Level One, Suren Road, Chakala

Andheri East, Mumbai, India

Pin: 400 093

Tel: + 91 22 6731 8819 | 8827 | 8817

Fax: +91 22 6726 9541

Email: fofm@fofm.in

www.fofm.in

www.ftindia.com

www.ftkmc.com

Knowledge Management & Secretariat

Financial Technologies Knowledge Management Co. Ltd

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