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Bombay Chamber Mutual Fund Conclave says industry needs a North Star to guide towards long term financial security for all

Bombay Chamber organised its annual Mutual Fund Conclave yesterday at the St Regis Hotel, Mumbai. The theme of the Conclave was India’s growth funded by Indians.

In her welcome address, Pinky Mehta, President, Bombay Chamber and CFO, Aditya Birla Capital, said, “The Assets Under Management (AUM) of India’s mutual fund industry rose by an impressive 40.70% over the past year, climbing from ₹46.94 lakh crore in August 2023 to ₹66.04 lakh crore in August this year, as reported by the Association of Mutual Funds in India (AMFI). Recognising this expanding market, SEBI has introduced a simplified regulatory framework for launching passive mutual fund schemes, known as MF Lite. This initiative aims to reduce compliance burdens and encourage new entrants into the mutual fund space.”

Setting the theme for the Conclave, Nilesh Shah, Past President, Bombay Chamber & Group President and Managing Director, Kotak Mahindra AMC said, “The MF industry represents a sustainable model where distributors, manufacturers, and investors come together to drive economic freedom. It is unique in aligning the interests of all three stakeholders. The industry’s primary responsibility is to safeguard investor trust, which has remained strong thanks to regulatory oversight.”

He further added, “Currently, 93% of household savings in India go into instruments like bank savings and fixed deposits, which do not keep pace with inflation. The remaining 7%, invested in equities and mutual funds, offers inflation-beating returns. This imbalance means most Indians are not financially secure. A greater push, such as through initiatives like Jan Nivesh, is needed to direct savings toward real-return products. The younger generation must also be engaged – 18 crore Indians traded in cryptocurrencies and lost money, with many of these being young investors. The MF industry needs a North Star, to guide these efforts toward long-term financial security for all.”

The Keynote Speaker, Manoj Kumar, Executive Director, SEBI, said, “With 60 lakh crore AUM, the regulator should work fast too. There is no meaning to whatever has been built if trust is eroded. Our objective is to help everyone. We are making changes to MF to match the pace of growth of the industry. We actively consult with everyone for these changes – the industry, the distributors and gain a holistic view. The recent introduction of MF Lite was in keeping pace with the needs of the industry and investors. To reduce compliance burden and make it lighter, while also ensuring compliance standards are adhered to. Similarly, the new asset class for HNIs. With a lot of unauthorised activities that happen at the lower end of the market, we need to take action and adopt a development approach to the same. Since there is a need in the market, we address it by bringing it into the regulatory framework. The structure we are trying to create is that all PMS and AIF players should be facilitated in MF Lite and the new asset class. “

In a Fireside Chat on Guardrails for a Growing Mutual fund industry, between Navneet Munot, Board Member, Bombay Chamber and Chairman, AMFI and MD & CEO, HDFC AMC and Anil Singhvi, Managing Editor, Zee Business, the two speakers shared insights on reaching the 5 crore unique investors and cautioned that the industry still has a long way to go.

The Conclave also saw two panel discussions. The first which was on ‘The journey from 4 cr to 40 cr investors’ was moderated by Latha Venkatesh, Executive Editor, CNBC TV18 and the panelists included Nilesh Shah; Swarup Anand Mohanty, Vice-Chairman and CEO, Mirae Asset Investment Managers (India); Lalit Keshre, Co-Founder & CEO, Groww and D P Singh, DMD, SBI Mutual Fund.

The second panel moderated by Nisha Poddar, Managing Editor, Times Experiences included panelists Soumya Rajan, Founder & CEO, Waterfield Advisors; Karan Bhagat, Founder, MD & CEO, 360 ONE; Sudhir Variyar, Deputy CEO, Multiples Alternate Asset Management; Ashish Gupta, Chief Investment Officer, Axis Mutual Fund and Vishal Agarwal, Partner & National Leader – Transaction Tax and PE Channel, Grant Thornton Bharat LLP. The panel discussed about wealth creation through AIFs and PMS.

Webinar on LEADERSHIP ACCELERATOR

The Young Bombay Forum of the Bombay Chamber organized a six-part Leadership Accelerator webinar series in September 2024. Ms. Shruti Rathod, representing the Bombay Chamber, extended a warm welcome to the speaker and participants, highlighting the rich legacy and accomplishments of both the Bombay Chamber and the Young Bombay Forum. The event saw participation from professionals across various industries.

The webinar featured two expert coaches:

• Ms. Monica Divekar, Founder of The Mind Coaching Academy, Author, Behavior Specialist, ICF Certified Coach with expertise in Neuroscience and Emotional Intelligence (EI), Master NLP Practitioner, EI Certified Assessor, Facilitative Trainer, and Visiting Faculty at S.P. Jain Institute of Management & Research.
• Ms. Varsha Chitnis, Founder of The Mind Coaching Academy, Author, ICF Certified Coach specializing in Brain-Based Intuitive & Solution-Focused Coaching, Certified Behavior Trainer, Certified in Facilitation, Certified Assessor BAT 5, and Visiting Faculty at We School and Tata Institute of Social Sciences.

The webinar addressed key challenges faced by many talented leaders that often hinder their progression into senior positions or critical roles. Common hurdles discussed included confidence gaps, self-doubt, lack of self-awareness, and the need for proactive engagement and relationship-building. By identifying these challenges and offering actionable insights, the webinar aimed to help leaders unlock their full potential and advance in their careers, benefitting both individuals and their organizations.

The Leadership Accelerator initiative was designed to equip participants with the tools and strategies needed to overcome leadership obstacles. The series focused on various topics, including:

• Self-Awareness and Growth: Tools and techniques to foster self-awareness and overcome self-doubt.
• Confidence and Focus Building: Exercises aimed at boosting self-confidence and strengthening leadership presence.

The program’s structure included:

• Six online sessions, each lasting 60-90 minutes
• Four weeks of ongoing support via WhatsApp
• Focus group discussions (FGD) with participant sponsors
• Participant orientation and assessments, followed by group feedback sessions
• Interactive sessions for introducing tools and techniques, with continuous review and feedforward
• Certification upon completion

Participants also benefited from continuous support and practice exercises through WhatsApp, reinforcing the concepts learned during the sessions.

Key Takeaways:

• Improved self-awareness and recognition of gaps holding leaders back
• Greater belief in their ability to step into leadership roles
• Practical, actionable insights ready for immediate implementation

The feedback from attendees was overwhelmingly positive, with many highlighting the webinar’s relevance and effectiveness. The interactive format and practical focus made it a valuable and enriching experience for all involved.

Thought Leadership Session by Dr. VS Parthasarathy

The Young Bombay Forum of the Bombay Chamber organized a dynamic Thought Leadership Session on September 25, 2024, featuring Dr. VS Parthasarathy, a distinguished coach, mentor, and social entrepreneur. Dr. Parthasarathy, known for his roles with SEWA, LIC, NIIT, Cloud9, and other prominent organizations, delivered an enriching session at The Ruby, Mumbai, that attracted professionals eager to gain insights from his extensive leadership experience.

The session began with a warm welcome by Ms. Shruti Rathod from the Bombay Chamber, followed by introductory remarks by Mr. Ashith Kampani, Chairman of the Young Bombay Forum and Managing Director of CosmicMandala 15 Securities Pvt. Ltd. Mr. Kampani reflected on the historical milestones of both the Bombay Chamber and the Young Bombay Forum, setting the stage for an engaging discussion.

Dr. Parthasarathy captivated the audience with his insightful address on leadership, emphasizing both professional and personal development. His talk was inspiring, practical, and interactive, encouraging active participation from the attendees. He offered actionable advice on enhancing leadership skills, grounded in his philosophy of perseverance, passion, and purpose—the “three Ps” that he believes are essential for success.

He shared key mantras for excellence and leadership, focusing on empathy, understanding others, and the importance of consistent practice. Dr. Parthasarathy challenged the common belief that success is solely about strategy and execution. He argued that true success also requires perseverance. He illustrated this with a powerful metaphor: “When you plant a seed and water it, the results aren’t immediately visible. It takes time and perseverance for the plant to grow.”

Dr. Parthasarathy also spoke about the significance of creating a familial atmosphere in the workplace. Given the long hours professionals spend at work, he suggested treating colleagues like family to achieve better work-life balance. He emphasized that perseverance, once established as a habit, helps in balancing life effectively.

Looking to the future of business, he discussed the idea of “business movement,” where companies evolve beyond their original models—just as Amazon expanded from a bookstore to finance, insurance, and data centers. He highlighted the importance of adaptability, especially as the world grapples with climate change and the rise of experiential commerce. He stressed that only innovative companies that are willing to adapt will survive.

“Learning should never end,” Dr. Parthasarathy advised, encouraging continuous learning and adaptability. He introduced the concept of shifting from a 70:30 to a 30:70 ratio—where 70% of repetitive tasks should be automated through technologies like AI, allowing professionals to focus 70% of their time on future-oriented strategies.

In closing, Dr. Parthasarathy left the audience with memorable words: “Keep your eyes on the horizon but your feet firmly on the ground.” He urged everyone to remain grounded while aiming high, recounting his personal journey of perseverance and growth, starting alone and gradually building a strong network of like-minded individuals.

The session concluded with a lively Q&A segment, where participants had the opportunity to seek advice from Dr. Parthasarathy on their professional challenges. The feedback from attendees was overwhelmingly positive, reflecting the event’s success and the profound impact of Dr. Parthasarathy’s insights.