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    Business Wire IndiaThe Institute of Rural Management Anand (IRMA), along with Grameen Foundation India, recently concluded a study entitled “Scaling Digital Financial Services: Research and Innovation”. Aimed at gauging savings and banking habits of the Bottom of the Pyramid (BoP) populace – both rural and urban - the study threw up some interesting revelations.
    The researchers discovered, for instance, that women were likelier to own bank accounts and engage with banking institutions compared to men. According to the study, nearly 72 percent women prefer depositing money in formal banks compared to men who would rather keep their money at home. Also, ownership of more than one account increases the likelihood of usage by 29 percent. Additionally, the study established a linkage between account activity and level of economic activity in the context of geographies. Among the important recommendations made by IRMA, therefore, is that financial inclusion policies take geography-relevant economic activities into consideration.
    Studying cellphone ownership trends among both rural and urban account holders it was discovered that only 36 percent rural women owned basic phones compared to 77 percent of their urban counterparts.
    Other findings, not necessarily gender-related, have been equally significant. For instance, individuals possessing a PMJDY (Pradhan Mantri Jan Dhan Yojana) account along with a regular savings account were likelier to leave the latter dormant. The probability of such a scenario is as high as 80.63 percent. This has to do with the incentives linked to PMJDY accounts including access to government schemes, among other things.
    The study also found that participants in the formal banking sector were likely to select sub-optimal types of accounts. Also, in the event of information deprivation they were less likely to operate them frequently. The significance of educating clients about the types and benefits of the accounts was highlighted by the researchers. Finally, the study raises concerns including rural access to financial services along with inadequate infrastructure, low financial literacy, and lack of suitable products for the underprivileged.
    The project, funded by JP Morgan Chase India, was coordinated by Prof. Rakesh Arrawatia, with IRMA’s RBI Chair Prof. HK Nagarajan, Prof. Vivel Pandey, and Prof. Shyam Singh as members.

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    Business Wire IndiaFY2017 Results Highlights:

    • Max Healthcare Network Gross Revenues: Rs. 2,567 Cr., grew 18%
    • Max Healthcare Network EBITDA: Rs. 281 Cr., grew 31%
    • Max Bupa Gross Written Premium: Rs. 594 Cr., grew 25%
    • Antara Senior Living commenced operations at maiden community in Dehradun, Uttarakhand

    Max India Ltd. (Max India), Max Group’s listed company in the Health and Allied Services sector, today announced its financial results for the fourth quarter (Q4) and financial year 2016-17 (FY2017). These are the first annual financial results to be declared since the Company’s stock commenced trading on the NSE and the BSE in July 2016.

    Max Healthcare (MHC), Max India’s flagship operating company, reported Gross Revenues of Rs. 2,567 Cr. in FY2017 for its network of owned and managed hospitals, growing 18%. MHC, which is an equal joint venture with South Africa-based Life Healthcare, reported a robust 31% growth in EBITDA for its network of hospitals to Rs. 281 Cr. in FY2017 and 23% growth in Q4 to Rs. 77 Cr. over the corresponding quarter last year. The MHC Network of Hospitals also reported significant growth of 141% in Profit Before Tax (PBT) to Rs 24 Cr. in FY2017. Q4 resulted in PBT of Rs. 15 Cr. compared to Rs. 2 Cr. in the corresponding quarter last year.

    This marked improvement in profitability was driven, in part, by a significant performance turnaround at MHC’s newer hospitals including Dehradun and Bathinda, as well as Max Smart Super Speciality Hospital (formerly Saket City Hospital) in Saket, New Delhi. Key specialities such as Renal Sciences, Neuro Sciences and Oncology, among others, continue to be the biggest drivers of growth for MHC.

    Max Bupa, one of India’s leading standalone private health insurers, also reported strong growth in its topline with Gross Written Premium (GWP) of Rs. 594 Cr. in FY2017, growing 25% over FY2016. In Q4, Max Bupa reported a GWP of Rs. 193 Cr., growing 28% over the same quarter last year.

    The growth in revenues was primarily driven by robust growth in new sales as well as renewals, over the previous year, and multiple product and portfolio improvement initiatives as well as launch of new group products. Additionally, savings in operating expenses and implementation of technology-enabled solutions helped the company improve its profitability margins. The company also moved up 2 ranks to become the 8th largest private health insurer overall in FY2017.

    Antara Senior Living, the third operating company under Max India, is pioneering the concept of ‘Age in Place’ for the elderly by developing Senior Living communities in India. In April 2017, Antara opened the gates to its maiden community of 200 apartments near Dehradun, Uttarakhand, with unanimous appreciation from customers, public and media. In FY2017, the company generated collections of Rs. 78 Cr., a growth of almost 100% over the previous year.

    Commenting on Max India’s performance, Mr. Rahul Khosla, Chairman, Max India said, “The past one year has been an eventful one for Max India. While the Company itself commenced trading on the bourses in July last year, each of our operating companies achieved important milestones of their own. MHC continues to be a sterling performer, despite challenges such as demonetization and multiple regulatory headwinds, and in addition to its core tertiary specialties, is also well-positioned to scale up some of its newer business initiatives such as Max Labs, Max@Home and Oncology Day Care. Max Bupa has also had a successful year under new leadership and as is well on its way to achieving a turnaround in profitability. Finally, we are delighted that Antara launched its first community recently and we look forward to it establishing new benchmarks in service standards in the coming years.

    Mr. Mohit Talwar, Managing Director, Max India, added, “The strong growth in top line as well as profitability are testimony to the success of several initiatives across our businesses, such as new clinical programs, product launches and improvements, new partnerships and alliances, improved operating efficiencies, delivery of superior service standards, and tangible return on investments in people and technology. All these and more are evident in the strong stock performance over the past few months. With a further capital infusion now from the Promoters, we will have adequate liquidity to explore additional growth opportunities, mainly in healthcare.”

    In January 2016, the Max Group concluded an important corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. With the listing of the Max India stock in July 2016, all three holding companies of the Max Group are now listed. 
    About Max Group

    The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2017, the Group recorded consolidated revenues of Rs 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC, Ward Ferry, Temasek, Vanguard, Wasatch, Fidelity and New York Life.

    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

    About Max India Limited

    Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living and equal joint venture partner in Max Healthcare, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 45.95% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
    Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.

    For further information, please visit:
    Max Group:
    Max India:

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    Business Wire India

    Embedded Value[1] at Rs. 6,590 Cr., 20% Operating Return on EV

    FY2017 Results Highlights:

    • Max Life Value of New Business: Rs. 499 Cr, grew 29%
    • MFS Consolidated Revenues[2]: Rs. 12,971 Cr., grew 19%
    • MFS Consolidated Net Profit[3]: Rs. 395 Cr., grew 56%
    • Max Life Shareholder PBT: Rs. 768 Cr., grew 50%
    • Max Life Assets Under Management (as at 31st Mar. 2017): Rs. 44,370 Cr., grew 24%

    Max Financial Services Ltd. (MFS) today announced financial results for the fourth quarter (Q4 FY2017) and financial year 2016-17 (FY2017). MFS, which is the first of only two listed companies providing pure access to the Indian private life insurance sector, reported strong financial growth with consolidated revenues[2] of Rs. 12,971 Cr. and consolidated Net Profit3 of Rs. 395 Cr. in FY2017, growing 19% and 56%, respectively, over the previous year.

    In Q4 FY2017, the Company reported consolidated revenues[2] of Rs. 4,316 Cr., and Net Profit[3] of Rs. 118 Cr., growing 17% and 134%, respectively.

    MFS’ sole operating subsidiary Max Life Insurance showcased robust growth on all business parameters, marking FY2017 as its strongest performance of the decade. In Q4 FY2017, the company reported revenues of Rs 4,309 Cr. and PBT of Rs. 219 Cr., growing 17% and 99%, respectively, over the same period last year.

    In FY2017, Max Life reported Individual Adjusted Sales of Rs. 2,639 Cr., growing 25% and revenues of Rs. 12,937 Cr., growing 19%. Max Life reported Shareholders’ Profit Before Tax of Rs. 768 Cr., growing 50% due to strong revenue growth, higher realised investment income, and favourable product mix. Max Life’s Embedded Value stood at Rs. 6,590 Cr. as at 31st March 2017 with an Operating Return on EV (RoEV) of 20%. The Value of New Business (VNB) written during FY2017 was Rs. 499 Cr, growing 29% over the previous year, and the new business margin stood at 18.8%, Max Life’s Assets Under Management (AUM) stood at Rs. 44,370 Cr. as at 31st March 2017, growing 24% over last year. While Max Life maintained its overall market share at 9% in FY2017, it hit an important milestone in its digital journey by transitioning from a challenger to a market leader in Online Term Sales. Max Life’s e-Commerce channel reported an overall growth of 89% in FY2017.

    Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Over the last two decades, Max Life has grown into one of the largest, fastest-growing and highest quality private life insurance businesses driven by market leading performance across key parameters, operational efficiencies, a robust and diversified distribution architecture, a profitable agency force and significant growth potential. It speaks volumes of the company’s underlying strength that even at a stage of maturity in 2017, the business has delivered its strongest financial performance in 10 years.”

    Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “Max Life has delivered a stupendous performance with a 20% operating return on embedded value and a 29% growth in value of new business. Max Life will continue to lay strong emphasis on profitability, solvency and embedded value growth to ensure the best returns to its stakeholders.”

    In August 2016, the Board of Directors of Max Life Insurance Company, Max Financial Services Ltd., Max India Limited and HDFC Standard Life Insurance Company Ltd. (HDFC Life), at their respective meetings had finalized agreements for the amalgamation of business between the entities through a composite Scheme of Arrangement. Currently, both the entities are in the process of seeking regulatory approvals.

    About Max Group

    The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Vanguard, Ward Ferry, New York Life, Wasatch and Invesco.

    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

    About Max Financial Services Limited

    Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan-headquartered global leader in life insurance. 

    For further information, please visit:
    Max Group:


    [1] EV post final shareholder dividend

    [2] Excludes Max Life Unit Investment Income

    [3] After adjusting for minority interest

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    Business Wire IndiaIndia’s largest multinational flexible packaging materials and Solution Company Uflex Limited has reported a 22% rise in consolidated net profit for Q4 FY 2016-17 as compared to the same period in the previous fiscal. Figuratively the consolidated net profit stood at Rs. 98 Crore as opposed to Rs. 80 Crore in the fourth quarter of FY 2015-16. The total consolidated revenue stood at Rs. 1634 Crore showing a 9% increase w.r.t. the same period in the previous financial year when it was recorded at Rs. 1493 Crore.

    For the entire fiscal FY 2016-17, the top line of company grew by 2% to stand at Rs. 6250 Crore when compared to FY 2015-16. The consolidated net profit for FY 2016-17 stood at 348 Crore registering a bottom line growth of 11% w.r.t. FY 2015-16.

    While approving and adopting the audited annual accounts for the FY 2016-17, the Board has recommended Dividend of 35% subject to approval by the shareholders of the company.
    Elaborating about the earnings, Mr. R.K. Jain, Group President (Corp. F & A), Uflex Limited said, “Owing to the emphasis that we invariably lay on innovation to create value-added differentiation, our total sales volume in the fourth quarter of FY 2016-17 and that for the entire fiscal grew by 14% and 9% respectively (Y-O-Y). New variants of Speciality and high barrier films coupled up with value added flexible packaging solutions that we launched throughout the year played a significant role in the overall sales volume and profit growth.”

    In an official statement issued soon after the results were declared, Mr. Ashok Chaturvedi, Chairman & Managing Director, Uflex Limited said,“FY 2016-17 has been an eventful year with a lot that happened at both micro as well as macro-economic levels. The foundation of our business emanates from and rests upon innovation to create value-added differentiation, therefore as always, we unwaveringly focused all our energies towards developing yet enhanced Flexible Packaging Solutions adding value to the businesses of our clients across the globe simultaneously contributing towards shareholders’ wealth.

    Owing to our agile Global Sales and Marketing Network, we have been able to bring some of the best Convertors and FMCG Brands under the fold of our servicing. I am glad to share with you that the demand for our bespoke flexible packaging solutions is showing a steady and positive uptrend.
    Our impeccable products & services coupled up with the indomitable zest to contribute towards socio-environmental sustainability was acknowledged at various platforms not only in India but internationally too. Particularly impressive has been our win at Association of International Metallizers, Coaters, and Laminators’ (AIMCAL) Awards 2017 in USA where our Waterless Internet Flower Packaging, working on the principle of Active Modified Atmospheric Packaging bagged four (2 Gold + 2 Silver) top honors in the categories of technical innovation, sustainability, extending the use of flexible packaging and packaging excellence.

    Our aseptic packaging material manufacturing plant at Sanand (Gujarat) will be commissioned soon and we shall commence commercial operations shortly thereafter.

    The new financial year has kicked off on a robust note and this upbeat fervor will encourage us to engineer and deliver best-in-class flexible packaging solutions throughout the year and beyond!”

    About Uflex

    Uflex is India’s largest multinational flexible packaging materials and Solution Company and an emerging global player. Since its inception back in 1985, Uflex has grown from strength to strength to evolve as a truly Indian Multinational with consumers spread across the world. Uflex today has state-of-the-art packaging facilities at multiple locations in India with installed capacity of around 100,000 TPA and has packaging film manufacturing facilities in India, UAE, Mexico Egypt, Poland and USA with cumulative installed capacity in excess of 337,000 TPA.

    All Uflex plants are accredited with ISO 9001, 14001, HACCP & BRC certifications. Uflex caters to markets spanning across the globe in over 140 countries like USA, Canada, South American countries, UK and other European Countries, Russia, South Africa, CIS, Asian and African nations. Integrated within its core business profile are allied businesses like Engineering, Cylinders, Holography and Chemicals which further give Uflex a superior edge above 

    Uflex Limited is also a part of the D&B Global Database and winner of various prestigious national and international awards for its products’ excellence. Uflex offers technologically superior packaging solutions for a wide variety of products such as snack foods, candy and confectionery, sugar, rice & other cereals, beverages, tea & coffee, dessert mixes, noodles, wheat flour, soaps and detergents, shampoos & conditioners, vegetable oil, spices, marinades & pastes, cheese & dairy products, frozen food, 
    sea food, meat, anti-fog, pet food, pharmaceuticals, contraceptives, garden fertilizers and plant nutrients, motor oil and lubricants, automotive and engineering components etc.

    Some of Uflex’s clients on the global turf include P&G, PepsiCo; Tata Global; Mondelez, L’ Oreal, Britannia, Haldiram’s, Amul,
    Kimberly Clark, Ferro Rocher, Perfetti, GSK, Nestle, Agrotech Foods, Coca-Cola, Wrigley, Johnson & Johnson among others.


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    Business Wire India

    • Alankit records remarkable growth of 186.32% in gross revenue
    • EBITA touches Rs 20.28 cr, a notable growth of 300%
    • The board has recommended dividend at the rate of 10% to its shareholders on enhanced capital
    • Alankit Limited profit after tax stands at Rs. 13.25 cr, growth of 276%
    • Earnings per share for FY 2017 stands at 0.93
    Alankit Limited is a flagship company of the Alankit Group listed on both the premier exchanges of the country, NSE and BSE. The company announced the results for the fourth quarter (Q4) and financial year 2016-17. The company has clocked in notable figures across all metrics of performances and the board has recommended dividend at the rate of 10% to its shareholders.

    From gross revenue to EBITA to profit after tax, the company has seen a triple digit growth on all counts. Sitting at a gross revenue of Rs. 86.65 cr, Alankit Limited recorded a remarkable growth of 186.32%. In terms of EBITA, the company registered a growth of 300% with the figure touching Rs. 20.38 cr. The company’s EPS ranged around 0.93 and profit after tax grew by 276%, standing at 13.25 crore.

    A large part of business for Alankit sits in the e-governance space and it has been noted as one of the fastest growing companies in the sector. The company has achieved new mile stones towards PAN application acceptance and has reached a figure of 1.15 Crores Pan Application forms in FY16-17 against 51 Lakhs in the previous year, registering a growth of 125%. Currently, Alankit has a network of 2250 TIN/PAN centers and with advent of GST, the company plans to double its footprint over next few months across the nation. With GOI clear focus on less cash Society, there is huge potential for growth for Alankit as leading pan Facilitator.

    Commenting on Alankit Limited’s performance, Mr. Ankit Agarwal, Managing Director said, “Alankit Limited is a company committed to partner India’s dream of going digital on back of skilled manpower so we contribute towards building an electronically governed, efficient, transparent and an effective economy. Our longstanding commitment to our stakeholder’s reflect in our performance year over year, as we work hard to offer better returns to our investors each year. A marquee achievement for the company this year was securing the license as a GST Suvidha Provider (GSPs) and we are leaving no stone unturned to achieve newer heights by being an enabler of this positive transformation in national tax regime. With over 40% market share in direct tax compliance, making a headway in the indirect tax compliance market is a natural progression for the group.” 

    Alankit’s Adhaar enrolment service is another important peg in the e-governance portfolio. In addition to it the potential of Aadhaar diversified activities such as corrections/updates/e-Aadhaar, Aadhaar seeding and Aadhaar PVC Card version has increased by multi folds with addition of the existing 1140 million Aadhaar card holders. To maximize encashment of the potential, Alankit has devised a new strategy to entail enhanced patronage by conducting camps in corporate offices, large business houses and hospitals etc. The company organized more than 1250 camps throughout the country in 2016-17 and this year the target is to organize more than 3000 camps. Alankit at present is operating more than 400 PECs. In FY 2017-18, the company has plans to establish 700 exclusive PECs/AKs targeting 25 lac enrolments including 18.50 lac fresh enrolments and 6.5 lac updates i.e., 50 % increase over the previous year.

    Alankit has been appointed as a distribution agency for EESL (under UJALA programme) to distribute fan, tube light and LED bulbs. The main objective of the project is to provide energy efficient appliances at low cost to households and institutes, which is one of the key initiatives being driven by Government of India and various State Governments to enhance energy efficiency in all sectors. Alankit has distributed about 10 lakhs bulbs in this Financial Year and is confident of achieving numbers of above 80 lakhs in the next Financial Year.

    Alankit is a 25 year old entity which has been operating across the diverse spectrum of financial services, e-governance, insurance and healthcare services. Alankit Assignments Ltd., one of the leading affiliated companies of the group commenced business operations in 1995 and was recently the registrar of one of India’s largest ever public sector IPO – HUDCO. With a network of over 5000 centers, Alankit has direct presence in more than 673 cities across India. The company also has presence in international frontiers with presence in UAE, UK and Singapore. After building strong and successful portfolio in financial services and e-governance space with offerings like UID enrolment (Aadhaar), TIN and PAN facilitation, IWRC, e-Return intermediary and more, a recent milestone for the company has been identification and authorization by GSTN as a GST Suvidha Provider (GSPs).

    About Alankit Limited

    Alankit Limited (BSE: 531082, NSE: ALANKIT), part of Alankit Group and a leading e-Governance Service Provider in India. Alankit Group is a conglomerate of 10 Group companies with diversified activities into e-Governance, Financial Services, Insurance and Health Care verticals. Alankit is a professionally managed Group, led by a team of level headed personnel with outstanding managerial acumen. With a customer base of over 20 Million, this is increasing steadily year after year.

    Alankit Limited’s services include GSP (GST Suvidha Provider), TIN Facilitation Center & PAN Center, UID Enrolment (Aadhaar), Business Correspondent (BC), Printing of PVC Aadhaar Card, Aadhaar Seeding, National Distributor for Entrust Datacard Printers, Authentication User Agency (AUA), KYC User Agency (KUA), Distribution Agency for EESL, POP- National Pension System (NPS), Authorized Person (AP) for National Insurance - Policy Repository (NIR), Point of Service (POS) for National Skills Registry (NSR), Facilitator for Atal Pension Yojana (APY), Manpower Services, Scanning and Digitization of Medical Records- www., Online Pharmacy etc.

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    Business Wire India

    Get your travel insurance online through UAE Exchange
    Get your travel insurance online through UAE Exchange

    Growing travel requisites and awareness about high health expenses inclined travellers to choose travel insurance as necessity in VISA processing procedure to several countries. Taking a cautious measure before scheduling abroad travel benefits travellers in midst of urgency.

    UAE Exchange has introduced online travel insurance facilities for loyal customers to meet all domestic and international travel insurance requirements. Advanced feature facilitates customers to obtain travel insurance service online, a relaxation from visiting service providers. UAE Exchange has taken a greater step to connect directly with the customers promoting B2C business, the evolving trend in every business sector.

    UAE Exchange has designed the online portal to facilitate the issuance of policies, with just the basic information regarding the travel and without any documentation, facilitating branch staff to issue the policies with just the passport of the customer. The Online Travel Insurance Portal being simple and time-saving enabling customers to avail the services without any hassles.

    About UAE Exchange India

    UAE Exchange India is one of the pioneers of financial services renowned for its penchant quality and optimized service trends, creating a niche for itself in the industry. Connecting people and creating progress with the finest of quality is the vision of the company that has an extensive reach of 376 branches serving a population of 1.25 million people under the proficient support of 3375 employees. The company has been instrumental in providing cost-effective service in Foreign Exchange, Outward Remittance, Money Transfer, Air Ticketing & Tours, Gold Loan, Insurance and Share Trading. UAE Exchange Mobile App – “Xpay Cash Wallet” provide seamless options for customer ranging from Instant Money transfer, Mobile /DTH Recharge, Gifting Services etc ensuring safe & secure digital/mobile payment platform.


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    Business Wire India

    Andersen Tax has achieved another legal victory in its determined and successful effort to protect the trademark rights in its iconic brand name, Andersen, in jurisdictions around the world.


    In a settlement agreement this week, the Brazilian firm, MP Cont Sociedade Simples Ltda., agreed never to use the terms “Andersen,” Arthur Andersen,” or any mark incorporating the term “Andersen” (or any confusingly similar term) to promote its services anywhere in the world. The agreement resolves legal action that Andersen Tax filed before the Brazilian intellectual property authorities and other related disputes.


    It is a another legal blow to a French firm, Arthur Andersen & Co., formerly named Quatre Juillet Maison Blanche, which illegally used the trademark Arthur Andersen to recruit and promote the Brazilian firm as part of an international accountancy, tax and business consultancy network.


    “In blatant disregard for the law, the French infringers began promoting the Andersen brand for offices throughout Brazil, apparently without conducting any due-diligence investigation on Brazilian trademark rights,” said Oscar L. Alcantara, Managing Director and Associate Counsel at Andersen Tax. “Had they done so, they would have seen that Andersen Tax has had its filings in the intellectual property offices of Brazil for several years now.”


    It is the third legal setback for the French entity. In early April, the United States District Court for the Northern District of California entered an injunction prohibiting the French network’s U.S.-affiliate MoHala Enterprises, doing business as Sundial Consulting, from using the terms “Andersen” or “Arthur Andersen” in the United States.


    On April 28, 2017, the High Court of Judicature in Bombay, India imposed a permanent injunction against an Indian firm, International Business Associates (IBA), from using the terms “Andersen,” “Arthur Andersen,” and confusingly similar trademarks to promote its professional services consultancy.


    The Indian court also handed down a preliminary injunction against the French entity, Arthur Andersen & Co., temporarily prohibiting it from promoting its consultancy services in India. IBA had aligned itself with the French firm as an affiliate member of its network in India.


    “We have now successfully enforced our rights to the Andersen name and precluded the French firm from violating our legal rights on three different continents,” said Mark Vorsatz, CEO and Managing Director at Andersen Tax.


    “I feel sorry for those individuals or groups who have been misled and may have paid fees to the French firm for the use of a name which we own,” Vorsatz said.


    Andersen Tax now has settlement agreements or injunctions against infringers in the U.S., India and Brazil. The French entity, Arthur Andersen & Co., misrepresented its global presence on its website.


    In addition to listing a Houston, Texas address that did not exist, the site lists four locations in the U.S. where Arthur Andersen & Co. has no office, no firm and no representation. It is similar in Brazil and India where the French website lists seven locations where they have no office, firm or representation. In Dubai, Andersen Tax was informed that the French network was not authorized to use the name of the local firm they listed on their website.


    “I think that this group has been exposed for what they are. We will continue to aggressively pursue actions against this group and enforce our legal rights,” Vorsatz said. “For all of the partners and employees of Andersen Tax, and for all of those who had worked at Arthur Andersen, we have every commitment to prosecute our rights against this attempt to take advantage of the Andersen brand.”


    MP Cont Sociedade Simples Ltda., the Brazilian firm, also agreed to dissolve a legal entity it had established called "Arthur Andersen & Co Brazil Participações Ltda.”; to transfer domain names that incorporate the term Andersen to Andersen Tax LLC; to withdraw trademark applications for the marks Arthur Andersen & Co. and Arthur Andersen Co. LLC from the Brazilian intellectual property office; and acknowledges that Andersen Tax LLC is the owner of the “Andersen” trademarks in Brazil, including the marks Andersen Tax, Andersen Global, Arthur Andersen, and its iconic Door logo.


    The Agreement is signed by Vitor Saldanha, the individual that Quatre Juillet had identified as the “Managing Partner – South America” of its purported network.


    In another blow to the French entity, last week the Japanese Trademark Office issued a final rejection of Quatre Juillet’s application to register the mark Arthur Andersen because it conflicted with Andersen Tax’s rightful registration.



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    Business Wire IndiaHighlights

    • DigiGST™ is a unique technology tool from EY  that integrates services of both Application Service Provider (ASP) and GST Suvidha Provider (GSP)
    • Combines EY’s tax domain expertise, technology capabilities and sector knowledge
    • Hosted on the highly secure local Microsoft Azure cloud in India with a multi-layered security architecture for greater resilience
    • Scalable and flexible infrastructure capable of handling large volumes of transactions and unpredictable data patterns
    • Offers 24/7 and 365 days monitoring and control of data security by two ISO 27001 certified EY Security Operations Centres (SOCs) in Chennai and Trivandrum 
    EY, the leading global professional services organization, today announced the launch of DigiGST™, its integrated GSP-ASP solution that provides organisations with end-to-end GST compliance support. DigiGST is hosted on the highly secure Microsoft Azure platform and combines EY’s tax domain expertise, technology capabilities and deep Sector knowledge.

    “The launch of GST is perhaps India’s most significant and complex economic reform the largest yet most complex change in the world and technology will play a critical role in this transformation journey. DigiGST™ combines our tax knowledge and technology expertise in a way that it adds value to businesses, helping them fully realise the benefits of GST while meeting compliance requirements in the most digital or user-friendly way”, says Rajiv Memani, Chairman, EY India and Chairman, Global Emerging Markets Committee, EY.

    The GST Network (GSTN) will be the technology backbone of the new GST regime and it is estimated that over 8 million taxpayers will upload in excess of 3 billion invoices in a month on the GSTN. This is unique to India’s GST network as this level of transaction volume has not been managed in any other tax governance system anywhere in the world.

    DigiGST™ is built on a fault tolerant and secure Microsoft Azure cloud platform that has the world’s best standards for cloud privacy. This solution uses intelligent tax automation supported by industry-specific algorithms and a reliable and resilient technology platform that is capable of handling a large volume of transaction data.

    Bertrand Launay, Chief Operating Officer, Microsoft India, said, “Microsoft Azure cloud offers the most consistent, familiar and stable environment through local datacenters for EY’s intelligent tax automation tool, DigiGST™. It ensures protection of business-critical data with managed cloud backups and disaster recovery as a built- in service. Microsoft Azure is ISO/IEC 27018 certified and has the world’s first code of practice for cloud privacy. Its multi-level security and flexibility will further support the scalability and resilience of the DigiGST™ solution.”

    “Tax compliance work in India has hitherto been about manual extraction and processing of transaction data, and submitting returns to the tax authority in a prescribed manner. This is set to change with GST. Built by our professionals with deep tax domain and sector knowledge in collaboration with our technology experts, DigiGST™ helps businesses optimise the benefits of GST. We have the largest pool of Indirect Tax (IDT) professionals powered by over 800 GST practitioners across 14 cities. India’s GST is the biggest and most ambitious digital tax reform carried out by any country, making DigiGST™, the largest intelligent tax automation project of EY anywhere in the world”, says Sudhir Kapadia, Partner and National Tax Leader, EY India.

    EY’s GSP will connect with the GSTN system seamlessly over a secured leased-line and upload taxpayer data in JavaScript Object Notation (JSON) format using Application Programming Interface (APIs) and the license key accorded by the GSTN. EY ASP will provide all the value-added services to make GST compliance easier. Only GSPs and ASPs together can provide seamless end-to-end GST compliance services to taxpayers. The DigiGST™ uses robust in-memory multilevel reconciliation for timely error detection and appropriate credit availment to taxpayers thus reducing their working capital blockage.

    Today, organisations are faced with the challenge of ensuring robust GST compliance and governance while their internal and external systems stabilize, as they prepare for the GST rollout. Our DigiGST™ solution is purpose-built to offer timely GST compliance of a company’s entire business ecosystem including supply-side vendors and delivery, including distribution partners. This solution is designed to be scalable and flexible to handle the large data volumes expected to flow through the system in traffic patterns that are likely to be uneven and unpredictable. DigiGST is also highly customisable with a rules engine that can adjust to a company’s sector and structural complexities including tax positions”, says Harishanker Subramaniam, Partner and Indirect Tax Leader, EY India.

    Companies today are concerned about safety of their data and are keen to know how ASPs and GSPs will ensure data integrity and security while they interact with the Enterprise Resource Planning (ERP) systems to extract transaction records. The DigiGST™ solution while being customisable, automated and intuitive is also highly resilient, providing the best security infrastructure and complying with the highest accepted industry standards. At each layer of the infrastructure and application, controls have been established to ensure data confidentiality and integrity. While the GSTN mandates all GSPs to be ISO 27001 certified, EY’s ASP solution too complies with the ISO 27001 data security standards. DigiGST™ ensures that the entire value chain from taxpayer system to the EY ASP to the EY GSP platform and server works like a single secure data pipeline. DigiGST™ offers role-based access control privileges to prevent any individual other than the one assigned by the company leadership to interact with the complete dataset. This solution uses data virtualisation to prevent data manipulation and theft by individuals with access to the solution interface. EY’s two ISO 27001 certified Security Operations Centers (SOCs) in Chennai and Trivandrum with highly mature detection and response capabilities will provide 24/7 monitoring and control of data security as part of the DigiGST™ service offering.
    About EY

    EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

    EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit
    About Microsoft India

    Founded in 1975, Microsoft (Nasdaq “MSFT” @microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more. Microsoft set up its India operations in 1990. Today, Microsoft entities in India have over 8,000 employees, engaged in sales and marketing, research and development and customer services and support, across 11 Indian cities – Ahmedabad, Bangalore, Chennai, New Delhi, Gurugram, Noida, Hyderabad, Kochi, Kolkata, Mumbai and Pune. Microsoft offers its global cloud services from local datacenters to accelerate digital transformation across Indian start-ups, businesses, and government agencies. In 2016, Microsoft opened one of its eight Cyber Security Engagement Centers in the country, to address security needs of both public and private sectors.

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    Business Wire India

    Banks and their investment firm clients spoke loudly in May: they chose financial platform company Dealogic to connect them electronically on 10 major deals—globally.


    This Smart News Release features multimedia. View the full release here: 

    How Dealogic Connect works (Graphic: Business Wire)

    How Dealogic Connect works (Graphic: Business Wire)

    Dealogic Connect, which allows investors to place electronic indications of interest as well as reconcile and evaluate all sellside-provided activities, is growing fast. “We’re pleased at how quickly the industry is adopting Connect,” said Jody Drulard, Chief Product Officer. “We’re seeing major IPOs, like the largest telecom IPO in Europe this year, open for orders. In fact, we just had the first orders to joint bookrunners on Connect and the first electronic deal in Asia.”


    One reason behind Dealogic Connect’s rapid adoption is the need for firms to comply with MiFID II directives by January 2018. This regulation requires research unbundling and associated proof of no inducements by banks to investors.


    Dealogic Connect offers:

    • Allocation Justification: banks can demonstrate order timing and allocation rationale
    • Transaction Reporting: banks and investors get a full set of terms, identifiers, and details on deals to comply with regulatory reporting needs
    • Resource Reconciliation: investors can demonstrate a full audit trail of all resources received, consumed, and valued.

    Dealogic Connect ensures consistency and accuracy for banks and investors, and reduces risk—looking at the same data whether placing orders or reconciling resources means fewer mistakes and greater transparency. Furthermore, aligning banks and investors around universal processes reassures regulators.


    Innovation and client focus are at the heart of Dealogic product development. Given the company’s unique connectivity between the buyside and sellside, no other firm can ensure the capital markets are prepared for MiFID II in advance of January 2018.


    For more information on Dealogic, visit


    About Dealogic


    Dealogic offers integrated content, analytics, and technology via targeted products and services to financial firms worldwide. Whether working in capital markets, sales and trading, banking, or on the buyside, firms rely on Dealogic’s platform to connect and more effectively identify opportunities, execute deals, and manage risk. With 30 years’ experience and a deep understanding of financial markets, Dealogic is a trusted global partner.





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    Business Wire India

    • Our policy and business ecosystem are among the best in the country: Chief Minister of Odisha, Naveen Patnaik
    • 10 proposals approved by the High Level Clearance Authority at Bhubaneswar
    The initiative of Chief Minister, Shri Naveen Patnaik to engage with top industry houses during the 3 investors’ meets last year coupled with host of business reforms carried out by the government have paved the way for large investments in the State in diversified sectors. The High Level Clearance Authority (HLCA), chaired by the Chief Minister, approved 10 proposals worth more than Rs 1.10 Lakh Crore which will create nearly 46,000 jobs in the State.

    Speaking about the ongoing investment proposals received by the state of Odisha, Hon’ble Chief Minister, Shri Naveen Patnaik said “We are extremely pleased to have received firm commitments for more than 50% of the investment intents received during the Investors' Meets held last year at Mumbai, Bengaluru and Bhubaneswar. Our priority now is on-ground implementation of these projects to create additional employment opportunities for our people. Our policy and the business ecosystem are among the best in the country and we shall strive to improve them further”.

    The projects approved by the HLCA include those by JSW Steel Limited, Paradeep Phosphate Ltd., OCL India Limited, NLC India, National Aluminum Company Ltd. Bhusan Power & Steel Ltd., National Mineral Development Corporation, JSW Infrastructure Ltd. and Smartchem Technologies Ltd.

    Following the Make in Odisha Conclave in Bhubaneswar and Odisha Investor’s Meets in Mumbai and Bengaluru, the state received investment intent of Rs 3.6 Lakh Crores through a total of 124 projects. The government has already received firm commitment for 71 projects. This is one of the highest and fastest rates of conversion of investment intent into commitment anywhere in the country.

    With a large number of industries evincing interest to start operations in Odisha, the state government has decided to focus on rapid on-ground implementation of these projects. An inter-ministerial committee chaired by Minister, Industries is closely monitoring the process. A GIS enabled land bank of 100,000 acres has been created to ensure ready availability. In the next quarter, groundbreaking and inauguration of more than 10 industrial projects are planned in various districts across the state.
    Abstract of Projects Approved by 17th HLCA
    Sl. Name Sector Capacity Location Amount  
    (Rs in crores)
    Employment Potential
    1 NLC Thermal Power Power & Renewable Energy
    3200 MW
    (4 X 800)
    Jharsuguda 23,569.60 3,320
    2 JSW Steel Metal & Minerals 10 MTPA Paradip 50,000.00 30,000
    3 JSW Slurry Pipeline Metal & Minerals 30 MTPA Joda to Paradip 3,700.00 350
    4 NALCO Smelter Expansion Metal & Minerals 0.50 MTPA Angul 10,000.00 5,700
    5 NALCO Refinery Expansion Metal & Minerals 1.0 MTPA Damanjodi 4,357.20 1,462
    6 Bhushan Power and Steel Limited Metal & Minerals 5.50 MTPA Jharsuguda 4,252.40 900
    7 NMDC Pellet Plant Metal & Minerals 2 MTPA Dhamra 1,810.00 850
    8 PPL Expansion Fertilizer, Refinery, Petro-Chemical, Chemical & Plastics Urea Plant - 3,850 MTPD
    DAP Plant  - 1,300 MTPD
    Paradip 9,459.17 2,667
    9 Deepak Fertilizers and Petrochemicals Corporation Ltd. Fertilizer, Refinery, Petro-Chemical, Chemical & Plastics Technical Ammonium Nitrate - 3,30,000 MTPA Paradip 1,750.00 440
    10 OCL Cement Plant Expansion Cement 2.25 MTPA Rajgangpur 1,994.98 365
    Total 1,10,893.40 46,054

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    Business Wire IndiaIndia has witnessed a substantial growth in aspiring entrepreneurs in the past few years and the government has been successfully able to create a conducive environment for start-ups. The increase in the number of small and medium-sized enterprises (SMEs) has led to a rise in demand for business loans for meeting operational as well as capital expenditure demands.

    Bajaj Finserv Ltd., India’s most diversified financial services company, through its lending arm Bajaj Finance Ltd. disbursed loan to SMEs of Rs. 1275 crore in the quarter ended March’17. The business loan witnessed growth of 18% against Rs. 1086 crore in the previous corresponding quarter.

    Bajaj Finserv provides business loans at an attractive interest rates and flexible repayment options that empowers businesses and SMEs to fulfil their financial needs.

    Convenient Processes and Documentation:

    1. Online Application and Information
    Bajaj Finserv allows you to apply for Business Loan online without moving out of your office. The site also provides easy accessibility for new and existing borrowers to check their business loan account statement online at the click of mouse.

    2. Rapid Approvals and Disbursal
    Applicant needs to fill a form online with necessary details and essential documents. Once the documents are verified, the loan application gets approved within 4 hours. On approval, the sanctioned amount is transferred to your account in 72 hours.

    3. No Collaterals
    Bajaj Finance offers a non-securitized loan which means customer do not have to pledge or risk any of their personal or business assets. No collateral also means minimal paperwork and translates in quick processing of the loan. This further reduces the customer’s responsibility to report the asset valuation regularly.

    4. Line of Credit
    Line of credit also known as LOC is a max credit facility allotted for a specific amount. From this line of credit, you can withdraw as per your use, within the maximum allowed credit limit. With Line of Credit facility, your monthly instalment is only the interest amount charged for the month, unlike any other term loan. You can opt to part- prepay your loan amount, anytime of the year, with no additional charges. Also, there are no additional cost levied on withdrawals/ drawdown, with a flexibility to convert your term loan into line of credit, anytime of the year.

    5. Minimal Documentation
    There are two broad types of documents required, namely the KYC documents and one business vintage proof. This is essentially to prove the number of years the business is operational.

    Where Can You Use the Loan Amount?

    As Working Capital: You can avail a business loan to manage your business’ daily operational expenses.

    Business growth: Expanding an enterprise needs capital. You can get an SME loan for a viable business plan, to buy/rent more office space, to upgrade/enhance technology, for increasing bench strength or for expanding to new geographical locations for enhancing the reach.

    Buy Equipment: Instead of leasing machinery, buying it is better. At the end of equipment’s life, it can even be discarded for some value.

    The Bottom Line
    There are numerous options for you when it comes to business loans. However, Bajaj Finserv Business loans are tailor-made for your requirements. The array of features offered by Bajaj Finserv Business Loans has made it popular amongst the SMEs. 
    About Bajaj Finance Ltd.

    Bajaj Finance Limited, the lending arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 7 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle re-financing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.

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    Business Wire India

    FlexTrade Systems (@FlexTrade), a global leader in multi-asset execution and order management systems, announced it has been chosen as the Best Liquidity Aggregation Platform for FX at this year’s Profit & Loss Readers’ Choice Awards, also known as the FoXys, which was recently held in New York.


    "It is an honor to be recognized by the readers of Profit & Loss as this year's Best Liquidity Aggregation Platform," said David Ullrich, Senior Vice President, FX Execution Strategies at FlexTrade. "With the FX market becoming more decentralized, liquidity aggregation is mission critical for efficient trade execution."


    Now in its 10th year, the Profit & Loss Readers’ Choice Awards are voted for by the magazine's subscribers, and reflects their choice of the best service providers and market makers operating in FX.


    Continued Ullrich: "As more complex interactions between the buy side and the sell side become standard, FlexTrade's FX solutions help deliver real, best execution by offering a dynamic array of liquidity aggregation based on user criteria and pre-trade TCA analysis."


    Liquidity aggregation is available in all of FlexTrade’s FX trading solutions, which includes MaxxTrader, a complete turnkey, white label front-end system; FlexFX, the award-winning FX execution management system for trading and risk management; and FlexFX OMS, a global order management system to handle the full order life cycle from order generation and execution of trades to allocations and confirms.


    About FlexTrade Systems, Inc.


    Founded in 1996, FlexTrade Systems, Inc. is the industry pioneer in broker-neutral algorithmic trading platforms for equities, foreign exchange and listed derivatives. With offices in North America, Europe and Asia, FlexTrade has a worldwide client base spanning more than 200 buy-side and sell-side firms, including many of the largest hedge funds, asset managers, commodity trading advisors, investment banks and institutional brokers. For more information, visit FlexTrade Systems at





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    Business Wire India

    Rand Merchant Investment Holdings (JSE:RMI) through AlphaCode, RMI’s innovation hub for fintech entrepreneurs and Nedbank Private Equity (“NPE”) through its private equity investment vehicle, BoE Private Equity Investments, have each acquired minority shareholdings in Entersekt in a multi-million dollar transaction. Entersekt is a Stellenbosch-based innovator that has developed world-class push-based authentication and app security technology.


    The capital injection will be used to fund international expansion and research and development. All regulatory approvals have been obtained, including the Competition Commission of South Africa.


    Entersekt targets global enterprises which require user-friendly and solid authentication and security products for interactions with their customers. Entersekt’s patented security products already protect close to 100 million transactions monthly and comply with the most stringent global regulatory guidelines. While the focus is financial services, the products and solutions have wider application in industries such as healthcare and insurance which also face security and regulatory challenges.


    The company’s patented solution creates a secure channel between enterprise and user that not even Entersekt themselves can intercept, with banking clients seeing up to a 99% reduction in mobile fraud losses since implementation. Entersekt has already secured several large banking clients including Absa, Nedbank, Capitec, Investec, Swisscard, Equity Bank, Ecobank, Pluscard and First Bank of Colorado. The company has also extended beyond the banking sector providing authentication solutions for Old Mutual among others, and has signed reseller agreements in Europe and in the US. Entersekt continues to have a strong sales pipeline.


    Mobile authentication is a fast-growing industry that is an enabler of financial services driven by the need to perform riskier transactions more simply without complex authentication processes. Recently a client’s customer processed a $65 million transaction via the mobile using Entersekt’s encryption technology. Entersekt’s disruptive model significantly reduces fraud at lower cost than other technologies while providing superior fraud prevention.


    Dominique Collett, RMI Senior Investment Executive and head of AlphaCode explains the rationale for investment, “RMI through AlphaCode seeks investments in next generation fintech opportunities. We look for high growth businesses that are ready to scale and are led by strong entrepreneurial management teams. Entersekt met all these criteria. As RMI has experience of scaling companies globally and as providers of growth capital, we believe that this deal will add value to our portfolio of blue chip investments. It is AlphaCode’s second investment after Merchant Capital, which provides SMEs with working capital finance.”


    Marthin Greyling, a Principal in the Nedbank Private Equity team commented: “Entersekt’s proven success in deploying its unique product offering at leading financial institutions as well as their strategic positioning to take advantage of the global growth in mobile application security and transaction authentication, make Entersekt an appealing investment. We look forward to partnering with AlphaCode and the existing shareholders to support the company’s global growth aspirations.”


    “We are immensely honoured that investors of such a high calibre have endorsed our long-term vision in this way,” said Schalk Nolte, Entersekt’s CEO. “We look forward to working together at a board level to unlock the significant potential we see in the global market. We can now accelerate beyond our very healthy organic growth and rapidly establish a presence in new territories. We have a solid foothold in Africa, Europe and the United States, but our technology can provide as much value to enterprises in other regions. Enterprise-grade security solutions that streamline consumer mobile experiences, meet compliance obligations, and provide a launchpad for innovation have wide and growing applicability.”


    About Entersekt


    Entersekt is an innovator in push-based authentication and app security. The company’s one-of-a-kind approach harnesses the power of digital certificate technology with the convenience of mobile phones to provide financial services companies and their customers with full protection from online fraud. Built on open technologies for high availability, scalability, and simple integration, Entersekt’s patented security products protect millions of devices and transactions daily, while complying with the world’s most stringent regulatory guidelines. Enterprises across the globe look to Entersekt to strengthen the bond of trust they share with their customers, and to build on those relationships by introducing compelling, user-friendly new mobile and online services.


    About BoE Private Equity Investments


    BoE Private Equity Investments is the investment vehicle for the Nedbank Private Equity business, one of southern Africa’s prominent mid-market private equity investors, with an established track record of successfully investing and partnering with management teams across a diverse range of growth companies and sectors.


    About Rand Merchant Investment Holdings


    Rand Merchant Investment Holdings, also referred to as RMI Holdings, is a JSE-listed investment holding company with an investment team of experienced, alternative thinking financial services specialists who actively partner smart and industry-changing management teams by being a stockholder of influence.


    About AlphaCode


    AlphaCode, a collaborative club for next generation financial services entrepreneurs, seeks to create a financial services entrepreneurial ecosystem by bringing together entrepreneurs, intrapreneurs, industry experts and thought leaders to connect, share knowledge and ultimately reshape the industry. AlphaCode was set up by the founders of RMI to identify, partner and grow disruptive, sustainable and scalable fintech businesses that will change the landscape of the financial services industry.





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    Business Wire IndiaThe six-member Monetary Policy Committee (MPC) headed by Reserve Bank (RBI) Governor Urjit Patel which met on June 6 and 7 for the Second Bi-monthly Monetary Policy Statement for 2017-18, reduced the standard assets provisions on individual housing loans to 0.25 percent and also lowered the risk weights on such lending. “The RBI move, which reduces provisions and risk weights will make home loans cheaper,” said Dr Niranjan Hiranandani, CMD, Hiranandani Communities.

    During the previous monetary review in April, the RBI had maintained status quo as regards rates. Despite that, banks have recently reduced interest rates on home loans. “In line with these reductions, the move on part of the RBI, reducing asset provisions and lowering risk weights - as Governor Urjit Patel mentioned – is a part of the RBI and the Indian Government’s attempts of ‘targeted interventions’ which should help boost growth numbers. It is a positive move,” said Dr Niranjan Hiranandani.

    The standard asset provisions, or the amount of money to be set aside for every loan made, has been lowered to 0.25 percent from the earlier 0.40 percent, which will help reduce the interest rates on home loans. “The RBI also eased the risk weights for certain categories of loans, which will help banks on the capital adequacy front, and enable them to give more home loans,” he added.

    From the perspective of the real estate industry, Dr Niranjan Hiranandani said any rate cut by the RBI would obviously, have boosted sentiment and had a positive effect on sales of residential real estate. "That being said, the RBI maintained a 'status quo' during the monetary policy review, but it has relaxed the loan to value ratio, standard asset provisioning and risk weight for individual housing loans,” said Dr Niranjan Hiranandani.

    “Those looking to buy a home for end-use should make the most of the RBI move and opt for a home loan. With banks and HFIs reducing home loan interest rates, and the RBI, in turn, reducing provisions, risk weights – effectively, making home loans even more affordable, it would be the right time,” concluded Dr Niranjan Hiranandani.

    Dr Niranjan Hiranandani is Founder & CMD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is also Founder and First President, National Real Estate Development Council (NAREDCO-WEST), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.

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    Business Wire India

    • Leading banks like HDFC, SBI and HSBC bring exclusive offers this summer
    • Offers on all leading categories including Fashion, FMCG and Home décor etc.
    With the onset of summer, Snapdeal has partnered with leading banks to bring in special offers for its customers across all product categories. Currently running campaigns include a range of attractive discounts and reward points on HSBC and HDFC cards. Previously, in the months of April and May, Snapdeal customers enjoyed especially curated offers in partnership with SBI, ICICI Bank, and IndusInd. As summer proceeds, more banks are expected to come on board.  
    Valuing the wide reach to Indian consumers that Snapdeal enables, leading financial institutions continue to repose their faith in the e-commerce platform. Commenting on the same, Vishal Chadha, Chief Business Officer, Snapdeal, “Snapdeal is proud to be associated with the country’s leading financial institutions, to bring the best value-for-money offers to our customers. We have seen great success with these partnerships in the past, and are confident that future collaborations will also be well appreciated.”

    A quick glimpse of various offers:
    HDFC credit card discount offer
    10% instant discount every Friday
    Period 1st April - 30th Sep 2017
    HSBC credit + debit card discount
    10% discount on shopping worth Rs. 3000 and above
    Period – 17th June – 16st Aug
    Snapdeal HDFC Bank Credit Card
    10% instant discount + 10X reward points
    HDFC credit card 5X reward points offer
    Period 1st April - 30th Sep 2017

    Offers are valid on all leading product categories including Fashion, FMCG and home décor. Customers can also make use of the various cash back offers and rewards available, up to the month of September 2017. 
    About Snapdeal

    Snapdeal’s vision is to create India’s most reliable and frictionless commerce ecosystem that creates life-changing experiences for buyers and sellers. In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal. Today Snapdeal is India’s largest online marketplace, with the widest assortment of 65 million plus products across 1000+ categories from over 125,000 regional, national, and international brands and retailers. With millions of users and more than 300,000 sellers, Snapdeal is the shopping destination for Internet users across the country, delivering to 6000+ cities and towns in India. In its journey till now, Snapdeal has partnered with several global marquee investors and individuals such as SoftBank, BlackRock, Temasek, Foxconn, Alibaba, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners, Mr. Ratan Tata, among others.

    For further information visit:

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    Business Wire India

    Customer Meet at Nirmal branch
    Customer Meet at Nirmal branch

    UAE Exchange Nirmal branch in Telangana celebrated its 11th anniversary by conducting customer meet on 5th June 2017.  Branch invited the loyal customers to the meet. Dr. U Kirshnam Raju, Eye Specialist, Dr. Prabhakar Rao, IMA President- Nirmal and Mr. Anna Rao, retired Principal & Yoga Expert was the Chief Guest of the meet. Zonal Head, Mr. N Gopi addressed the customers with present trends and the company's support in the digital movement. He also briefed about the company’s global presence and the benefits of XPay Cash Wallet. The cultural activities done by children had made the meet all the more colorful.

    As 5th June is World Environment Day, Branch had distributed tree saplings to the customers. They also planted tree saplings at Armed Reserve Police Headquarters at Nirmal town with the support of Sub Inspector, Mr. Sainath and team. Around 20 tree saplings were planted inside the headquarters. Zonal Head, Mr. N. Gopi, Regional Heads and police officers actively took part in the CSR activity.


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    Business Wire IndiaIn an unscheduled televised appearance on November 08, 2016, India’s Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes (which accounted for 86% of all currency) would be removed from circulation overnight.

    The purpose of this demonetization policy was to promote fiscal transparency, modernise a complex, cash-centric economy and empower social inclusion.

    But as one would expect, the impact of such a radical, unexpected approach was immediate and profound. Cash accounted for 90% of all transactions, so the early days of demonetized India were defined by queues at ATMs and an economically damaging liquidity crisis.

    With liquidity stabilising and a more certain picture emerging, however, it is clear that identity, mobile and payments are increasingly converging to meet the challenges of the Indian digital economy.

    Aadhaar – the enabler of demonetization

    One of the fundamental pillars supporting demonetization in India is the ‘Aadhaar Program’.

    Aadhaar is a twelve-digit unique identification number, which contains biometric and demographic data. Uptake has been extraordinary, with 99% of Indians aged 18 and above having enrolled as of January 2017, making it by far the world’s most advanced biometric identification scheme. 

    The importance of Aadhaar in India’s brave new digital economy cannot be underestimated. This is because it can be used as the sole means of identity verification when accessing financial services, removing the key barrier for India’s unbanked population. Already, over 270 million bank accounts have been opened using Aadhaar.

    Leaders of the mobile world
    This wider and simplified access to financial services is coupled with an increasingly advanced mobile infrastructure. India boasts the highest global mobile per capita rate, and it will lead the world in smartphone adoption between 2016-20. Mobile data usage will also increase fivefold by 2021.
    Consequently, the Indian mobile wallet market is set for 148% growth between 2017-22, accounting for $4.4 billion in transactions. Indeed, we are already seeing considerable innovation across mobile payments and the emergence of a sophisticated mobile payments infrastructure.
    For example, the National Payments Corporation of India (NPCI) - an umbrella institution for all retail payment systems designed to facilitate affordable payment mechanisms in the country - has developed its Unified Payment Interface (UPI) platform. UPI is a payments application that enables users to transfer and transact using just a mobile number, dedicated UPI address or Aadhaar ID.
    We also expect several HCE-based mobile wallet solutions to emerge as a quick and cost-effective means of delivering mobile payment services. In the absence of hardware security, however, the security of cardholder data is integral to ensuring consumer confidence and driving adoption. Compliance with industry standards such as PCI DSS, therefore, is key.
    In parallel, the strategic and commercial importance of the Indian market means the ‘OEM Pay’ platforms will undoubtedly have a role to play. Samsung Pay has already launched, and we can surely expect similar announcements from the other technology giants.
    Meeting terminal demand

    The demonetization process, in parallel with the ongoing EMV®* migration, means that the merchant community is embarking on the huge task of upgrading the acceptance infrastructure nationwide.

    For India’s terminal manufacturers, this expanding market is an unprecedented opportunity. But they must move quickly. Tax exemptions for domestic manufacturers are incentivising entry into this increasingly lucrative space, and governmental regulation to relax certification requirements for imported POS terminals will foster further competition from overseas.

    Accelerating time to market is key to meeting demand. Manufacturers and developers may therefore want to work with local partners to streamline the certification process for their solutions.
    Getting to the next level

    Let us be clear. Demonetization in India is a policy of extraordinary scope and ambition, combining advanced solutions across identity, mobile and payments to revolutionize commerce and financial services across the nation.

    It is imperative, therefore, that local players upgrade their knowledge and work with the right partners to assess and analyse the changing landscape to enable them to make the right decisions swiftly, now and in the future.

    FIME has over 20 years’ experience in bringing innovative technologies to market quickly and efficiently.

    It has developed a comprehensive offer of consulting services, technical training, technology design, test tools and certification testing. Its experts support projects from start to finish, resolving the technical challenges posed by implementing a complete portfolio of specifications, standards and multi-brand industry requirements.

    *EMV is a registered trademark in the U.S. and other countries, and is an unregistered trademark in other countries, owned by EMVCo.
    About FIME

    FIME offers comprehensive consulting services, technical training, technology design, test tools and certification testing across the financial services, telecom, transit and identity sectors. Its experts support projects from start to finish, resolving the technical challenges its customers face when implementing a complete portfolio of specifications, standards and multi-brand industry requirements.
    FIME speaks the language of its customers and uses its 20+ years of experience to ensure that card and mobile transactions services are implemented efficiently and successfully. It supports a range of technologies including contact, contactless, EMV chip, near field communication (NFC), host card emulation (HCE), tokenization, secure element (SE), machine to machine (M2M), internet of things (IoT) and trusted execution environment (TEE).
    Partnering with the international and national payment schemes, and industry bodies, FIME ensures its multi-brand offering is always aligned with the latest market requirements. | Twitter | LinkedIn | YouTube

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    Business Wire India

    Individuals queuing up outside the Salaam Loans stall at Dharavi where deserving individuals can record their story
    Individuals queuing up outside the Salaam Loans stall at Dharavi where deserving individuals can record their story

    Some people are brave enough to dream big and are bold enough to push limits and achieve great professional heights. However, sometimes lack of credit is the stumbling block for such individuals, which is prevalent not only in the rural sectors but also in urban, Tier 1 cities like Mumbai. Tata Capital aims to provide loans to deserving individuals based on the strength of their conviction, and with the help of the public at large.

    Under its ‘Do Right’ mission, Tata Capital has launched ‘Salaam Loans’, an initiative which spreads the message that every right intention has a #LoanKaHaq. To reach out and support resolute individuals from within the vicinity of Mumbai, the company conducted an on-ground activation and setup two booths – one each in Dharavi and Golibar area. The video booths allowed individuals to walk in and shoot their own video narrating their story. The activation unearthed over 120 stories of courage and determination, highlighting the need to widen access to credit.

    One of the stories is that of Nasir Qureshi - a visually challenged individual from Dharavi, whose wife was recently diagnosed with cancer. He needs urgent funds for her treatment and also wants to start a small business of his own to sustain his family. From Golibar, Shivkumar Pasi, a car driver turned vegetable vendor who lost vision in his left eye, because of which he cannot make his ends meet. He nurses a dream to start his own two-wheeler washing centre and secure a better future for his family.

    The selected stories of these loan aspirants are posted across social media platforms, and uploaded on the website Public at large is encouraged to visit these digital forums and encouraged to ‘salaam’ or like the stories of these deserving candidates. Under the initiative, the number of ‘Salaams’ / likes garnered are considered as votes for their nomination to secure a loan from Tata Capital. ‘Salaam Loans’ is a first-of-a-kind initiative which, puts the power of loan approval into the hands of the public.
    Commenting on this campaign initiative, Veetika COO-Digital Vertical and Vice President- Brand Marketing and Corporate Communication said that, “Tata Capital Salaam Loans is a true embodiment of the Company’s ‘do right’ spirit. Salaam Loans specifically cater to the needs of deserving individuals who are otherwise denied credit. Buoyed by the excellent response the initiative received on our digital platforms, we recognized that more can be done on-ground to reach out to such individuals. We encourage everyone to come and both - post their own story or the story of their known ones, or ‘salaam’ other uploaded stories which are heart-warming and deserving.”About Do Right Initiative

    The Do Right initiative stems from Tata Capital’s brand promise – ‘We only do what’s right for you’, and aims to spread the spirit of ‘doing right’ among our stakeholders and society at large. To know more, visit

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    Business Wire India

    AerSale®, a global supplier of mid-life aircraft, engines, used serviceable material (USM), and MRO services, announced today the addition of Jacqueline Fernandez as Senior Vice President Materials Group. Fernandez will be responsible for the day-to-day management of AerSale’s global airframe and engine materials sales, and product-line groups.


    “We are delighted to have an industry veteran like Jacqueline lead this critical division of AerSale,” said Basil Barimo, Chief Operating Officer at AerSale. “We are confident her in-depth experience across the entire USM supply-chain spectrum will serve to grow AerSale and enhance supply-chain efficiencies for our customers worldwide.”


    Fernandez is a well-seasoned aviation professional with over 20 years of industry expertise covering all aspects of aircraft component sales, mergers and acquisitions, product-line management, marketing, and business development. Past positions have included key roles at Aero Technologies, GA Telesis, Kellstrom Aerospace, and most recently XTRA Airways. In her new capacity, Fernandez will be responsible for strategic and operational oversight of AerSale’s Used Serviceable Material business units, which currently service the company’s global customer base from facilities and regional offices located in Miami, Dallas, Singapore, and Cardiff.


    A global aviation leader, AerSale specializes in the sale, lease, and exchange of used aircraft, engines, and components, in addition to providing a broad range of maintenance, repair, and overhaul (MRO) services for commercial aircraft and components. AerSale also offers asset management services to owners of end-of-life aircraft and engine portfolios. Headquartered in Coral Gables, Florida, AerSale maintains offices and operations in the United States, Europe, and Asia.


    For more information, visit our website at or contact AerSale Media Relations by calling (305) 764-3200 or via e-mail at


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    LinkedIn | Twitter | Facebook | Instagram





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    Business Wire IndiaAxisDirect, the retail broking arm of leading BFSI player Axis Securities Limited, has won Gold at DMA Asia ECHO® 2016 for Real Time Email Marketing in “Insurance & Financial Products & Services” category. DMA ECHO® Awards is one of the most coveted prizes that celebrate strategy & creativity in the field of marketing. The awards honor the world’s most innovative, creative and effective data-driven marketing campaigns. AxisDirect has also won the DMA International Gold in 2016, DMA India Gold in 2016 & DMA Asia Bronze in 2015 for first in the industry marketing innovation.
    Real Time e-mailers by AxisDirect overcome the challenges faced in traditional email communication where data is static, by providing market information and news as it happens. Real-time personalization technology addresses the most critical factor of providing live information at the right time, creating a real value for customers. This innovation is most relevant to stock markets as news, indices and stock prices change every second and real-time data is critical to make investment decisions. The email displays live content e.g. live stock/index rates, live portfolio value, live portfolio actionable, current research picks, market open & close countdown whenever a customer opens the email. AxisDirect has seen significant increase of ~ 50% in the open rates and ~100% in click rates of the real time emails. AxisDirect’s customer rating on these emails is 4+ out of 5 stars.
    With nominations across 9 countries China, Hong Kong, India, Malaysia, Philippines, Singapore, Taiwan, Thailand & Vietnam, DMA Asia ECHO® 2016 honored AxisDirect with the Gold award.
    Commenting on winning the award, Mr. Arun Thukral, MD & CEO, Axis Securities said, “Email with its wide reach & cost effectiveness is an extremely significant medium to reach out to customers. Our aim was to empower users with real-time market data to enable them to make smart investing decision. As DMA Asia ECHO® Awards serves as a benchmark for recognizing creative excellence, we are elated by the appreciation of our efforts towards providing better customer experience. It’s a testimony to our innovative customer centric approach recognized at global level.”
    AxisDirect has been at the forefront of product innovation and customer experience. AxisDirect has also made some interesting innovations in its web-portal as well as it's mobile app. The web-portal is amongst one of the most simplified web portals, which is not only user friendly but also highly informative for the retail investors. The website is intuitive and features rich with in-built filters to help customers find the desired and accurate information. The layout on the website is neat, clutter-free and smartly designed to keep customers’ investment journey simple. It has a very interesting take on learning investment concepts with short animation videos explaining the complex market terminologies. The whole learning experience is gamified and fun-filled where the user can take quizzes, cross levels and win badges on finishing courses. Customers can also access the latest news from the best sources through live tweets, video, live TV, RSS feeds from the web-portal without having to shuffle to various websites to seek information. AxisDirect has also introduced a revolutionary mobile app with an industry first feature of trading via voice commands. This innovation makes trading from a Smartphone or tablet highly intuitive and hassle free.
    About Axis Securities Limited
    Axis Securities Ltd. (ASL) is a proud subsidiary of Axis Bank – India’s 3rd largest private sector bank. ASL is currently present in 80+ branches across India. ASL offers retail broking services and also functions as a distributor to Bank’s financial products. The retail broking vertical of ASL, AxisDirect engages in offering simplified investment solutions to the customers. AxisDirect offers a bouquet of investment products to its customers e.g. Equities, Mutual Funds, SIPs, IPOs, Derivatives, Bonds, NCDs, ETFs and Company Fixed Deposits. With over 14 lakh customers, AxisDirect is one of the fastest growing players in the industry and is among the top 5 players in terms of customer base.

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