Blog

Banking Conclave 3.0 Explores the Future of Banking Amidst Digital Transformation, Consolidation, and Regulatory Change

Bombay Chamber organises conclave on Reimagining MSME growth: Opportunities in a smart finance era

AYUSH exports climb 6.11% to USD 688.89 Million in 2024–25 amid export facilitation measures and trade agreement inclusion

Don’t resist the AI wave, be a surfer and ride it, says Arundhati Bhattacharya at
Bombay Chamber’s 190th Foundation Day

Mumbai: Leverage artificial intelligence and technology as enablers, rather than fear them, was central to the message delivered by Arundhati Bhattacharya, President and Chief Executive Officer of Salesforce South Asia and former Chairperson of the State Bank of India, at the Bombay Chamber of Commerce and Industry’s 190th Foundation Day on December 17, 2025, in Mumbai.

“AI will change the way we work. It is a change here to stay, not to be resisted. If you resist, it will hit you like a tsunami. Resisting it will disempower you. Leaning in will make you far more powerful than otherwise. Ride AI like a surfer,” Bhattacharya said, addressing an audience comprising business leaders, policymakers, diplomats, and members of the wider corporate community.

Welcoming the audience, Rajiv Anand, President of the Chamber and MD & CEO of IndusInd Bank, reflected on the Chamber’s journey since 1836 and its enduring role in shaping India’s economic and commercial landscape. Anand emphasised that the Foundation Day was not only a commemoration of the Chamber’s past but also a reaffirmation of its commitment to progress and transformation.

He noted that the Chamber’s membership today reflects the breadth of India’s enterprise ecosystem, ranging from some of the country’s largest corporates to a dynamic small and medium enterprise sector that now accounts for two-thirds of its base. “This diversity,” he said, “has been central to the Chamber’s ability to adapt and evolve over nearly two centuries.”

Anand also elaborated on how the Chamber reinforced its role as a trusted bridge between government and industry through an active committee structure, thought leadership initiatives, and effective dispute resolution. Guided by the theme Shaping the Future: Innovation, Inclusion, Impact, its engagements covered priority areas including AI and responsible innovation, arbitration, labour reforms, DEI, MSME development, capital markets, sustainability, agriculture, and infrastructure. The Chamber also strengthened its international footprint through overseas delegations, including India’s first business delegation to Cyprus, while continuing to develop forward-looking knowledge initiatives such as the CSR Year Book and the upcoming CEO’s AI Playbook.

“Together, these initiatives highlight the Chamber’s commitment to progressive business practices, enterprise development and reinforcing Mumbai’s position as a hub of economic leadership, supported by the continued partnership of sponsors and collaborators,” said Anand.

The Foundation Day also saw the unveiling of a book capturing DEI journeys authored by the winners of the third edition of the Bombay Chamber DEI Forum & Awards, held in June. Building on the momentum of the Awards, the initiative seeks to advance DEI conversations by presenting these journeys as practical and inspirational case studies for industry. The book titled DEI Dynamics in India Inc 2025 was unveiled in the presence of Arundhati Bhattacharya, Rajiv Anand, Latha Venkatesh, Executive Editor, CNBC TV18; Sudhanshu Vats, Senior Vice President, Bombay Chamber and Managing Director, Pidilite Industries Ltd.; Meenakshi Priyam, Chair, DE&I Committee, Bombay Chamber and Senior Vice President & Head – Human Resources (Automotive Division), Mahindra & Mahindra Ltd.; Pinky Mehta, immediate Past President, Bombay Chamber and CFO, Aditya Birla Capital; Dr Indu Shahani, Founding President & Chancellor, Atlas Skilltech University; and Sandeep Khosla, Director General, Bombay Chamber, reaffirming the Chamber’s commitment to diversity, equity, and inclusion as a cornerstone of responsible and future-ready business.

This was followed by a highly illuminating fireside chat that seamlessly blended personal experience with visionary thinking. Bhattacharya, a pioneering leader who has transformed banking and now leads Salesforce South Asia, shared a compelling perspective on technological transformation, with a particular focus on artificial intelligence and its implications for India’s economic landscape. Moderated by Latha Venkatesh, the conversation explored the intersections of technology, banking, and societal progress, anchored in a clear message, “Technological change is not something to fear—it is something to engage with thoughtfully and strategically.”

Addressing concerns around job loss, Bhattacharya reframed the debate and noted, “This is not a question of jobs going away, but of jobs changing.” While acknowledging that transition periods are always painful,” she emphasised the importance of preparedness, adding “What will differentiate people in the future is multidisciplinary capability, experience, and human judgement.” AI, she observed, enhances productivity by enabling faster, more informed decision-making. “Today, AI can point out discrepancies instantly,” she said, citing examples such as loan processing timelines shrinking from two days to thirty minutes. For MSMEs, she noted, “AI can pull data from multiple sources, not just historical financial statements, to enable better and faster access to credit.” In this sense, she stressed that AI will not take away opportunities; it will lead to a burgeoning of opportunities.

Reflecting on the banking sector, Bhattacharya remarked that liquidity is not leaving the system—it is flowing differently because behaviour has changed. This, she argued, requires banks to adapt, with a far deeper understanding of capital markets than ever before.

On the question of public sector banks, Bhattacharya observed that PSBs are delivering with one hand tied behind their back. She underscored that there is no lack of merit or talent, but highlighted the challenges of operating under multiple regulators and diffused priorities. “Privatisation is not the answer,” she said, adding, “What we need is clarity on what we want to achieve, the milestones we want to reach, and the removal of anything that stops institutions from getting there.”

The discussion concluded with a forward-looking call to action – India has the hunger to build, she noted, but we need the right push. Capital, capability, and mindset will be critical, and in an era defined by rapid technological change, she concluded, every organisation must become a learning organisation.

In his vote of thanks, Sudhanshu Vats, reflected on the key themes of the discussion and India’s evolving opportunity landscape. Acknowledging Bhattacharya’s session, he noted how digital adoption and artificial intelligence can help level the playing field, particularly for MSMEs. He also observed that technology is reshaping economic narratives, offering pathways that extend beyond traditional global comparisons.

(Write to us at editorial@bombaychamber.com)

Bombay Chamber webinar highlights urgent DPDP compliance needs

Mumbai: The Bombay Chamber of Commerce and Industry, through its Legal & IPR Committee, convened a high‑level webinar on the Digital Personal Data Protection (DPDP) Act and the newly notified rules. The programme brought together leading legal experts and industry representatives to explore the legislation’s wide‑ranging impact and to share practical insights on how businesses can adapt to an evolving regulatory environment.

Held on December 05, 2025, the session clarified the compliance requirements organisations must meet within the 18‑month transition period. Sandeep Khosla, Director General of the Bombay Chamber, delivered the welcome address and acknowledged the efforts of Attreyi Mukherjee, Co‑Chair of the Legal & IPR Committee and Vice‑President & Head of Legal, Mahindra & Mahindra (EV Business), for her role in actively shaping and planning the discussions.

Speakers Supratim Chakraborty, Partner at Khaitan & Co, and Sumantra Bose, Counsel at Khaitan & Co, outlined the scope of the Act and explained how it reshapes organisational accountability. They emphasised that the law introduces binding standards for consent, data minimisation, breach response, retention controls and governance. The discussion highlighted that these obligations are not routine adjustments but fundamental changes to how enterprises handle personal data.

Participants were reminded that the compliance window is short and that delaying action could expose organisations to operational disruption, legal consequences and reputational damage. The speakers examined practical steps for implementation, including revising contracts, updating internal processes and strengthening technical safeguards. They also addressed the role of consent managers, the handling of children’s data, and the responsibilities of significant data fiduciaries.

The session explored the challenges of breach reporting, particularly the requirement to notify multiple regulators and affected individuals. Attention was also given to data retention and deletion, with guidance on navigating the new framework. The speakers noted that organisations must prepare for audit‑ready governance and be able to demonstrate compliance at short notice.

Cross‑border data transfers were another area of focus, with discussion on how the rules alter existing practices and what safeguards are now expected. The webinar also touched on mergers and acquisitions, stressing that data protection considerations will become central to due diligence and transaction planning.

The panel discussion and Q&A session, moderated by Attreyi Mukherjee, Co‑Chair of the Legal & IPR Committee, Bombay Chamber and Vice‑President & Head of Legal, Mahindra & Mahindra (EV Business), highlighted the need for companies to treat compliance as an immediate priority, not something to be delayed. The speakers stressed that the Act requires organisations to act now, both to meet legal requirements and to maintain the trust of customers and stakeholders.

The webinar helped cut through the complexity of the legislation and gave attendees clear, practical insights. By explaining the law’s requirements and the risks of non‑compliance, it underscored the need for proactive preparation during the transition period.

(Write to us at editorial@bombaychamber.com)

Corporate governance and legal experts discuss SEBI amendments to LODR and ICDR regulations

Mumbai: The Bombay Chamber of Commerce and Industry hosted a seminar on the recent amendments to the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements (LODR) and Issue of Capital and Disclosure Requirements (ICDR) regulations. The event brought together industry leaders, legal experts and regulatory professionals to examine the implications of these changes and their impact on corporate governance and compliance.

The seminar opened with a welcome address by Sandeep Khosla, Director General, Bombay Chamber, who highlighted the importance of understanding regulatory amendments and their role in fostering transparency and accountability in the corporate sector.

The keynote address was delivered by Jeevan Sonparote, Executive Director at SEBI. He provided an overview of the amendments, emphasising SEBI’s commitment to enhancing disclosure standards and streamlining compliance processes. His remarks set the tone for the evening, underscoring the significance of these changes in strengthening investor confidence and promoting fair practices in the capital markets.

The first panel discussion, moderated by Suhas Tuljapurkar, Founder and Managing Partner of Legasis Partners and Co‑Chairperson of the Corporate Governance Committee at the Bombay Chamber, examined the ICDR amendments in detail. The conversation explored key changes, including the alignment of promoters’ lock‑in periods with the use of proceeds, the introduction of a single advertisement two days prior to the issue, expanded disclosure requirements covering transactions, placements, litigation, agreements, financials and employee‑related matters, and the revised framework for rights issues.

Panellists Manan Lahoty, Partner and Head of Capital Markets at Cyril Amarchand Mangaldas, Sudhir Bassi, Executive Director of Capital Markets at Khaitan & Co., and Jabarati Chandra, Partner at S&R Associates, shared their perspectives on the implications of these changes. They discussed the removal of the ₹50 crore threshold for rights issue applicability and the shift in filing draft offer documents from SEBI to stock exchanges. The session also examined the evolving role of merchant bankers and the increasing involvement of legal professionals in capital market transactions.

The second panel discussion focused on the latest amendments to LODR regulations and their impact on compliance. Moderated by Bharat Vasani, Senior Advisor on Corporate Laws at Cyril Amarchand Mangaldas and Chairperson of the Legal Affairs & IPR Committee at the Bombay Chamber, the session addressed critical topics such as challenges in identifying related parties, evolving disclosure standards, brand royalty payments and practical difficulties in adhering to the ‘purpose and effect’ test.

Panellists Hetal Dalal, President and Chief Operating Officer of Institutional Investor Advisory Services India Ltd., Savithri Parekh, Company Secretary and Compliance Officer at Reliance Industries Ltd. and Chairperson of the Corporate Governance Committee at the Bombay Chamber, and Suhas Tuljapurkar offered valuable insights into navigating these challenges. They also discussed the role of audit committees in determining arm’s length pricing and ensuring compliance with the amended regulations.

The seminar concluded with a vote of thanks by Sandeep Khosla, who emphasised the Chamber’s commitment to fostering dialogue and collaboration among industry leaders, regulators and professionals to promote best practices in corporate governance and compliance. This was followed by networking, where attendees engaged with peers and experts. The event provided a platform for meaningful discussions on the evolving regulatory landscape and its implications for businesses and stakeholders.

Nilesh Shah stresses ‘Mutual Fund Sahi Hai, Par Sirf Equity Nahin Hai’ at Bombay Chamber Mutual Fund Conclave 3.0

“Mutual Fund Sahi Hai, par sirf equity nahin hai,” said Nilesh Shah, Past President of the Bombay Chamber and Group President & Managing Director of Kotak Mahindra Asset Management Company, in his special address at Mutual Fund Conclave 3.0, organised by the Bombay Chamber in Mumbai. Shah noted that while the industry has effectively built trust in mutual funds, the next phase of growth must expand investor awareness and product adoption beyond equities.

Reviewing the industry’s evolution, Shah pointed out that mutual funds have often provided exit routes to both FPIs and promoters, and reminded that such actions must always remain aligned with the long-term interests of Indian investors. India, he said, enjoys a rare alignment between investors and distributors, placing the domestic mutual fund industry among the most transparent globally.

He highlighted a key contrast: even with ₹80 lakh crore in assets under management, Indians continue to hold large sums of idle cash and participate heavily in derivatives—despite nine out of ten derivative traders losing money. He juxtaposed this with the remarkable success of the SEBI-mandated “Mutual Fund Sahi Hai” campaign, which reached over five crore individuals and played a pivotal role in shaping a more informed investor base. Yet, he observed that while equity participation has risen sharply, categories such as debt and precious metals remain significantly under-represented compared to traditional physical holdings.

Shah cited the example of a woman saving for months to buy gold jewellery—despite high making charges and limited financial returns—to illustrate how investment behaviour is shaped by generations of habit, not short-term persuasion. He urged the industry to build products and investor engagement models that appeal to safety-seeking savers, supporting them on the journey from traditional accumulation to structured financial growth. 

Setting the theme for the Conclave, Navneet Munot, Director at the Bombay Chamber and Managing Director & CEO of HDFC Asset Management Company, in his video address, reflected on the role of mutual funds in helping build a more inclusive and confident financial Bharat. He noted that India is transitioning from a nation of savers to a nation of investors, with nearly 60% of new SIP registrations now coming from Tier-2 and Tier-3 cities. Monthly SIP flows of ₹29,000 crore and annual domestic equity flows of nearly $40 billion reflect a structural shift in household financial behaviour, reducing dependence on foreign capital. Munot described this as a “silent revolution,” built on track record, transparency, technology and investor training—pillars that have strengthened trust and widened participation. He urged the industry to maintain its mission-led approach as India progresses toward 2047, ensuring that capital markets contribute to broad-based prosperity and long-term value creation.

The first panel discussion of the day, Mutual Funds – Mobilising Savings from Bharat, led by Moderator Neil Borate, Editor-in-Chief, thefynprint, featured panellists Madhu Lunawat (Founder & CEO, The Wealth Company Asset Management), Swarup Mohanty (Vice Chairman & CEO, Mirae Asset Investment Managers) and Chitra Iyer (CEO, MFA), highlighted the importance of improving relevance and access for first-time investors, particularly across Bharat. Chitra Iyer, CEO of MFA, stressed that SIPs must be treated not as products but as behavioural commitments, and called for communication that empowers investors rather than merely sells to them. Swarup Mohanty, Vice Chairman & CEO of Mirae Asset Investment Managers, posed a fundamental question—why don’t more Indians feel the need to invest—and encouraged deeper reflection on making mutual funds more meaningful to new investors. Madhu Lunawat, Founder & CEO of The Wealth Company Asset Management, advocated for a hybrid distribution model that blends digital outreach with personal engagement, noting that many distributors still lack even a basic online presence. Rishi Kohli, CIO of JioBlackRock Mutual Fund, observed that digital partners often focus disproportionately on new customer acquisition, and stressed the need for stronger post-investment support, including service infrastructure and call-centre capabilities, to empower and retain investors.

A Fireside Chat with Sundeep Sikka, Chairman of AMFI and ED & CEO of Nippon Life India AMC, conducted by Latha Venkatesh, Executive Editor, CNBC-TV18, explored the growing footprint of mutual funds across the country. Sikka remarked that directly or indirectly, every Indian is already a mutual fund investor, and highlighted that financial behaviour is shaped slowly through experience, trust, and sustained education. He called on the industry to scale responsibly, build deeper investor touchpoints, and continue nurturing a data-led, trust-driven investing culture across Bharat.

The second panel of the day, titled Mutual Funds & IPOs – Growth Drivers for a Viksit Bharat, was moderated by Niraj Shah, Executive Editor, NDTV Profit, and brought together Dhiraj Relli (MD & CEO, HDFC Securities Ltd), B. Gopkumar (MD & CEO, Axis AMC), and D.P. Singh (DMD & Joint CEO, SBI Mutual Fund). Relli highlighted the importance of professionally managed portfolios, particularly for individuals who lack the time or expertise to manage investments, and pointed to GIFT City as a gateway opening global markets to Indian investors. Gopkumar stressed the need to support households in building wealth prudently even during expensive market phases, reinforcing the value of discipline and long-term investing. Singh noted that while current flows remain concentrated in regulated markets, India is steadily moving toward greater participation in private markets—a shift that could unlock substantial wealth creation.

Bombay Chamber Sustainability Conclave focuses on Circular Economy and product innovations needed to achieve material efficiency

Bombay Chamber’s annual Sustainability Conclave 2025 held yesterday at the St Regis Hotel Mumbai, focused on Closing the Loop: Circular Pathways to Business.

With a line-up of eminent leaders in the field, the Conclave touched upon the current scenario in circularity and the challenges within. Panelists were in agreement that policy interventions were the need of the hour to incentivise players who have entered the field.

In his theme setting address, Anirban Ghosh, Head – Centre for Sustainability, Mahindra University and chairperson Sustainability Committee, Bombay Chamber said, “Our societal norms often encourage uncontrolled consumption and waste, which harms the environment. This is where the concept of a circular economy comes in – a system that promotes sustainability and efficient use of resources. The need for a circular economy is urgent, as there’s no Planet B to fall back on.
To achieve this, we need to adopt pathways like reducing the use of virgin materials and increasing the lifespan of materials in use. Research in circular economy is gaining momentum, focusing on: Circular materials and bio-based polymers and urban mining and e-waste recovery.”

He observed that the potential value from waste management is substantial. “Just a few years ago, the value was negligible, but now it’s over ₹100 crores. This shift highlights the importance of embracing a circular economy and rethinking our relationship with resources, “he said.

This was followed by a panel discussion on Beyond Compliance: Leveraging EPR for Business Sustainability. The panel was moderated by Abhishek Deshpande – Co-Founder & COO, Recykal and the panelists included Alok Chandra – Chief HSE & Sustainability Officer, Tata Chemicals; Ramnath Vaidyanathan – Head – Environmental Sustainability Godrej Industries Group; Prabodha Acharya – Chief Sustainability Officer, JSW Group and Abhinay Lakhmapure, Chief Business Officer – Sustainability, The Shakti Plastic Industries.

This was followed by a Fireside Chat on Collaboration Across Value Chains: Building Ecosystems for Circular Growth between Prof. Vikram Vishal, Professor and Convener, National Centre of Excellence in CCUS, IIT Bombay, Co-founder and CEO, UrjanovaC and Sumit Issar, MD & CEO, Mahindra Accelo Ltd. and Mahindra Steel Service Centre Ltd.; Director, CERO (Mahindra MSTC Recycling Pvt. Ltd.); Board Member, Mahindra Auto Steel Pvt. Ltd., Mahindra Middle East, and PT Mahindra Auto Steel Indonesia. Issar outlined the purpose of setting up CERO – to bring the hassle-free vehicle recycling experience to every doorstep and help everyone contribute towards a greener future. Prof Vishal spoke about the initiatives IIT Bombay is doing in the field of circularity.

The second panel discussion was on Design to Disposal: Product Innovation, Data and Material Efficiency. The session was moderated by Sandeep Kumar Mohanty, PwC, Partner – Sustainability Transformation, iBT,  One Consulting and the panel members were Surya Valluri – Chief Sustainability Officer, Grasim Industries; Dr. Neeru Bansal – Chief Sustainability Officer, Cement Business, Adani Group; Pratibha Dewett – Chief Sustainability Officer​, Lucro Plastecycle and Nishtha Gupta– Group Head – Sustainability & ESG, Suzlon Energy. The panel deliberated on how it is necessary for organisations to move from compliance to competitiveness and design products sustainable by nature. They agreed that scalability brings competitiveness and this will come only when consumers are aware of it. Brands and value chains need to brand around circularity which is not the scenario at the moment. They also discussed how digitalization can help move the needle on circularity.