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3rd Capital Market Summit:"Deepening Capital Market for Financing Growth"
 

a)     Mr U K Sinha, Chairman, SEBI stated the need for introspection and developing business plans that help larger participation. He asserted that India definitely has an opportunity to figure as a favored financial destination given we introspect and improvise.

 

b)    Mr Uday Kotak, Chairman, National Committee on Capital Market, CII and Executive Vice Chairman and MD, Kotak Mahindra Bank highlighted the need to reform the tax structure and rationalize transaction costs to really make the markets more liquid and broad.

 

c)     Mr. Joseph Massey, and CEO, MCX Stock Exchange alluded that we should aspire not just to emerge as a global market but also as a global financial center, and for this what is required is to widen our investor base with a focus on “ investment oriented” long term view rather than trading oriented short term view.

 

d)      Mr Madhu Kannan, Managing Director and CEO, BSE, gave a snap shot of the global landscape where trading patterns have changed and global financial crisis has prompted consolidation and regulatory changes across the globe. Mr. Kannan stated that the domestic mutual funds are gradually becoming active. He highlighted the need for rationalization of Securities Transaction Tax across assets and within assets across products.

Speakers
 
Mr Uday Kotak, KOTAK MAHINDRA BANK LTD, Managing Director & CEO
Mr Joseph Massey, METROPOLITAN STOCK EXCHANGE OF INDIA LTD, Managing Director & Chief Executive Officer
Mr Raamdeo Agrawal, MOTILAL OSWAL FINANCIAL SERVICES, Joint Managing Director
Mr Anup Bagchi, ICICI SECURTIES LTD., Managing Director & CEO
Mr Ananda Bhoumik, FITCH RATINGS INDIA PVT LTD, Senior Director & Head of Banks & Financial Institutions
Mr Ved Prakash Chaturvedi, L&T FINANCE HOLDINGS, Chief Executive Capital Markets & Investment Management Group
Mr Rajendra Chitale, CHITALE & ASSOCIATES AND M.P. CHITALE & CO., Managing Partner
Mr Rajeev Chitrabhanu, JM FINANCIAL LTD, Managing Director & CEO
Mr Mihir Doshi, CREDIT SUISSE SECURITIES (INDIA) PVT LTD, Managing Director & Country Head
Mr Nirmal Jain, INDIA INFOLINE LTD, Founder & Chairman
Mr M m, BSE LTD, m
Mr B V Krishnan, KKR INDIA ADVISORS PVT. LTD, Director
Ms Kaku Nakhate, BANK OF AMERICA MERRILL LYNCH INDIA, President & Country Head
Ms Falguni Nayar, KOTAK INVESTMENT BANKING & DIRECTOR OF KOTAK SECURITIES, Managing Director, CEO
Ms Dipti Neelakantan, JM FINANCIAL LTD, Group Chief Operating Officer
Mr Punit Shah, KPMG, Executive Director and Head of Financial Services and Private Equity Tax practice
Mr Sanjay Sharma, DEUTSCHE EQUITIES INDIA PRIVATE LTD, Managing Director & Head Equity Capital Markets
Mr U K Sinha, SECURITIES & EXCHANGE BOARD OF INDIA, Chairman
Mr N Sivaraman, LARSEN & TOUBRO LTD, President & Whole- Time Director
Mr R Sundararaman, NSE, Sr Vice President,
Mr U Venkataraman, METROPOLITAN STOCK EXCHANGE OF INDIA LTD, CEO-Currency Derivatives Segment & Whole Time Director
Description

The 3rd Capital Market Summit with the theme “Deepening Capital Market for Financing Growth” focused mainly on Capital markets contribution to wealth creation and wealth distribution in an economy and in the process helping in making capital available to investors. In emerging economies, capital markets have also been instrumental in heralding the process of financial inclusion through product innovation and financial education. Given India’s robust savings potential of around 30% of GDP, Indian capital markets hold immense potential to finance the growth process in India. However, markets require grooming to keep abreast of international standards and best practices. This would include developing the dormant corporate debt market as well as the cash market to enable channelizing the retail savings towards the capital markets.

 

The annual flagship highlighted the requirement to extend the reach of markets across the various strata of population and bring in efficiency and transparency along with technology upgradation and taxation reforms.

 

The key themes discussed by the speakers and panelists at the Capital Markets Summit are as follows:

  • Rationalizing Tax Structure for Market Development

 

Indian Capital Market faces an unfavorable taxation regime due to the cascading effects of Dividend Distribution Tax as well as the distorting effects of STT. The Session delved into;

 

a)     Restructuring tax regime to revive capital market

b)    STT and Dividend Distribution Tax – removing the distorting effects

c)     Harmonizing transaction & income/capital gains tax

 

 

  • Growth of Cash Market in India – Improving Depth and Liquidity

 

Indian Equity market suffers from low depth and liquidity in cash market. The major chunk of capital flow comes from the foreign institutional investors as compared to the domestic investors and majority of the flows are in the form of short term money from FII’s which makes the market highly volatile. This session delved into:

 

 

a)     How do we deepen the shallow cash market and improve liquidity?

b)    How do we bring in more retail investors into the market?

c)     Can Regulatory change help in deepening cash market in India?

 

  • Corporate Bond Market – Financing Long Term Growth

 

An active corporate bond market is crucial for a vibrant India Inc. from the point of long term funding needs including financing for growth. The introduction of mandatory reporting of trades in corporate bonds is a welcome step as that helps in directing the market and improving market efficiency. It is also a progressive step that repos have been introduced in the corporate bond market. However, the challenges involved in developing an efficient bond markets include removal of tax distortions and bring in vibrancy in the corporate bond market, particularly the rupee convertible market. This also implies the need for a robust exchange traded secondary market. This session delved into:

 

a)     What are the constraints in raising the long term funding requirements from the capital market?

b)    How can we create a vibrant corporate bond market and develop a robust eco-system for corporate debt market development?

c)     What are the regulatory and policy changes needed?

 

The well attended conference attracted speakers of National and International repute. Some of the eminent speakers were from SEBI, Kotak Mahindra Bank, MCX Stock Exchange Ltd, India Infoline Ltd, KPMG, JM Financial Services Pvt Ltd etc.

 

Kotak Mahindra Bank, IIFL and KKR were the sponsors of the conference.

Knowledge Resources
You will get access to following Knowledge Resources by subscribing to the Digital Library of this event.
 
Welcome address by Mr Uday Kotak, EVC and MD Kotak Mahindra Bank Ltd at the 3rd Capital Market Summit.
Mr Joseph Massey, Managing Director & CEO MCX Stock Exchange Ltd addressing at the Inaugural Session of the 3rd Capital Market Summit.
Mr Madhu Kannan, MD & CEO, Bombay Stock Exchange Ltd addressing at the 3rd Capital Market Summit.
Ms Chitra Ramkrishna, Joint MD, NSEI addressing at the Inaugural Session of the 3rd Capital Market Summit.
Inaugural address by Mr U K Sinha, Chairman, Securities & Exchange Board of India at the 3rd Capital Market Summit
Release white paper on “CII Proposals on the Development of the Corporate Bond Market in India”
Concluding remarks by Mr Uday Kotak, EVC & MD, Kotak Mahindra Bank Ltd at the Inaugural Session of the 3rd Capital Market Summit
Opening remarks by Mr Rajendra Chitale, Managing Partner, Chitale & Associates & M P Chitale & Co at the Session on "Rationalising Tax Structure for Market Development"
Ms Dipti Neelakantan, Group COO, JM Financial Ltd addressing on "Rationalising Tax Structure for Market Development"
Rationalising Tax Structure for Market Development - A Perspective by Mr Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services Ltd
Rationalising Tax Structure for Market Development - A Perspective by Mr Punit Shah, ED and Head of Financial Services and Private Equity Tax Practice, KPMG
An Open House Discussion on Rationalising Tax Structure for Market Development
Concluding remarks by Mr Rajendra Chitale, Managing Partner, Chitale & Associates and M.P. Chitale & Co. at the Session on "Rationalising Tax Structure for Market Development"
Opening remarks by Mr Ved Prakash Chaturvedi, Chief Executive, Capital Markets & Investment Management Group L&T Finance Holdings Ltd at the Session on "Growth of Cash Market in India -Improving Depth and Liquidity"
Mr U Venkataraman, CEO - Currency Derivatives Segment & Whole Time Director, MCX Stock Exchange Ltd - A perspective on 'Growth of Cash Market in India -Improving Depth and Liquidity'
Growth of Cash Market in India -Improving Depth and Liquidity: A Perspective by Ms Falguni Nayar, MD & CEO, Kotak Investment Banking & Director, Kotak Securities
Mr Nirmal Jain, Founder & Chairman, India Infoline Ltd - A perspective on 'Growth of Cash Market in India -Improving Depth and Liquidity'
Mr Rajeev Chitrabhanu, MD & CEO, JM Financial Services Pvt Ltd - A perspective on 'Growth of Cash Market in India -Improving Depth and Liquidity'
Mr Sanjay Sharma, MD & Head Equity Capital Markets, Deutsche Equities India Private Ltd - A perspective on 'Growth of Cash Market in India -Improving Depth and Liquidity'
Growth of Cash Market in India -Improving Depth and Liquidity - A perspective by Mr Anup Bagchi, MD & CEO, ICICI Securities Ltd
Growth of Cash Market in India -Improving Depth and Liquidity - A perspective by Mr R Sundarraman, Senior VP, NSEI
An opon house discussion on "Growth of Cash Market in India - Improving Depth and Liquidity"
Closing remarks by Mr Ved Prakash Chaturvedi, Chief Executive, Capital Markets & Investment Management Group, L&T Finance Holdings Ltd at the session on "Growth of Cash Market in India -Improving Depth and Liquidity"
Opening remarks by Mr Uday Kotak, EVC & MD, Kotak Mahindra Bank Ltd at the Session on "Corporate Bond Market-Financing Long Term Growth"
Corporate Bond Market-Financing Long Term Growth - A perspective by Mr N Sivaraman, President and Whole Time Director, L&T Finance Holdings Ltd
Mr Ananda Bhoumik, Senior Director & Head of Banks & Financial Institutions, Fitch Rating India Pvt Ltd - A perspective on "Corporate Bond Market-Financing Long Term Growth"
Mr B V Krishnan, Director, KKR India Advisors Pvt Ltd - A perspective on "Corporate Bond Market-Financing Long Term Growth"
Mr Mihir Doshi, MD & Country CEO, Credit Suisse, India - A perspective on "Corporate Bond Market-Financing Long Term Growth"
An open house discussion on 'Corporate Bond Market - Financing Long Term Growth'
Mr Uday Kotak, Chairman, CII National Committee on Capital Markets & Executive Vice Chairman and MD, Kotak Mahindra Bank Limited delivering closing remarks at the Valedictory Session of the 3rd Capital Market Summit.
 
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