TABLE OF CONTENTS

Sr. No. Particulars Page No.

1 Director’s Message 1

2 From Dean’s desk 2

3 Message from HOD-Finance 3

4 Editorial 4
Role of SEBI in the promotion and protection of the Indian Capital
5 5-6
Market
6 Reliance Industries, A Masterful Conductor of the Money Market 7-8

7 Role of Investment Banks and the Merchant Banks 9-11

8 India’s Digital Rupee: Pioneering the Future of Currency 12-13

International Financial Reporting Standards (IFRS): Structure,
9 14-17
Oversight, and Benefits
10 Investment Opportunities in Debt Instruments 18-20

11 Payments Banks – A Path to Financial Inclusion in Indian Economy 21-22

12 Risk Management through Mutual Funds 23-24

13 Old v/s New Tax Regime 25-26

14 Portfolio- Risk Management Strategy 27-28

Navigating the Stock Market Volatility in Current Era
15 29-30
The Role of Big Data Analytics in Risk Management for Financial
16 31-32
Institutions
17 A Penny Saved Is A Penny Earned 33-34

18 World of Finance 35-39

19 Events 40-43

20 Student Achievements 44-45

Faculty Achievements & Welcome Message for New Faculty
21 46
Members
 DIRECTOR’S MESSAGE

Dear Team FiNiTi!

International economic and political policies are undergoing profound transformations. The
prospects of a soft landing have improved for the global economy, but there are multiple
challenges with uncertainties looming on the horizon. India has successfully navigated through
multiple challenges and emerged as the fastest-growing large economy. Prudent monetary and
fiscal policies have paved the path for India’s success in sailing through these rough waters.
The Reserve Bank projects the Indian economy to grow by 7.0 percent during 2024-25,
marking the fourth successive year of growth at or above 7 percent

India is making notable progress in deeper integration with advanced economies to stimulate
economic growth and foster inclusiveness. I am sure the Finiti magazine will offer some
takeaways for our students. I would like to convey my best wishes to the Finance department
and Finiti team for excellent work in enhancing the knowledge of students by exploring modern
ways of learning.

Dr Lakshmi Mohan
Pro Vice-Chancellor, ITM Skill University and Director, ITM Business School
E-mail: lakshmimohan@itm.edu

1
 DEAN’S MESSAGE

I am delighted to extend my warm wishes to the Department of Finance on the third-year

publication of the "FiNiTi" magazine. This remarkable endeavour continues to provide students
with an exceptional platform to share their ideas and showcase their creative talents. I am
certain that the magazine will continue to spark enthusiasm and stimulate innovative thinking
among our students. Moreover, it will undoubtedly inspire passion and collaboration among
the dedicated members of the FiNiTi team.

My compliments to Team Finiti for their exceptional work in creating this magazine, which
seamlessly integrates a wealth of data, information, and creative talent.

Dr. Sarit Prava Das

Dean Academics
E-mail:saritd@itm.edu

2
 MESSAGE FROM HOD-FINANCE

In the wake of Industrial Revolution 4.0, India is uniquely placed to benefit from the ongoing
transformational shifts in the global economy. India can become the world's new growth engine
if we acquaint the required skills to contribute to the growth. Building a resilient brand India
from an economic perspective includes the aspects of financial stability, risk management,
crisis preparedness, and sound corporate governance complemented by robust supervision.
In this movement, at ITM we continue with our efforts to nurture the skills of students. The
Finiti magazine which is now in its third year of publication is one such initiative by the
department in this regard.
I congratulate the Finiti team for continuously striving the research skills of students and
motivating them to continue dedication to sound financial practices, prudent risk management,
transparency, and ethics through the magazine. I wish very best to the editorial team of Finiti,
and the students who have written articles. I am sure that the readers would enjoy reading about
the contribution of our young and budding authors.

Dr Sankalp Srivastava
Professor & Head of Department, Finance
E-mail:sankalps@itm.edu

3
 EDITORIAL Team Members

Shweta Roy Nicole Dsouza

A vibrant and resilient financial sector is vital for a Fellowship Research Associate F2 (2023-25)
country’s growth and development. It becomes
very important to keep oneself updated on
economic activities to contribute to the
development of the nation. We this thought we
sensitize students to participate and register their
opinions in Finiti magazine on different topics Shivangi Maharana
Joydip Mondal
F3 (2023-25)
related to finance. We want to express our sincere F1 (2023-25)
gratitude to the young and brilliant students who
have contributed to develop Volume 03, Issue 01
edition of Finiti magazine. In this, you will find
articles on the Role of Regulators, the Digital
Rupee, Payment banks, Risk Management, Tax
regimes, and Financial Markets to name a few.
We, as a team, would like to extend our profound Sanit Thyagarajan Abhishek Yadav
F1 (2023-25) F2 (2023-25)
gratitude to Dr Lakshmi Mohan, Pro Vice-
Chancellor, ITM Skill University, and Director,
ITM Business School for the unwavering support.
Heartfelt thanks to Dr. Sarit Prava Das, Dean
Academics for the invaluable guidance provided to
us. Special thanks to Dr Sankalp Srivastava
Professor and HOD Finance for constant Vishakha K
Khushbu Kabra
encouragement in making this magazine possible. F3 (2023-25) F4 (2023-25)
We hope that the readers find this magazine
interesting and enriching.
Dr Yogesh Ingle
Associate Professor-Finance
Editor in Chief -Finiti Magazine Haard shah
F3(2023-25)

4
 ROLE OF SEBI IN THE PROMOTION AND PROTECTION OF THE
INDIAN CAPITAL MARKET
The primary responsibility of financial
regulators is to safeguard the interests of
investors and promote the financial
intermediaries. At the global level, we have
financial regulators like the Securities
Exchange Commission (North America),
the Australian Securities Commission
(Australia), the Financial Services
Authority (United Kingdom), etc. In India,
the Securities and Exchange Board of India
(SEBI) regulates Capital Market and
Commodity Markets. In certain cases, joint
mechanisms with the Ministry of Finance
and RBI (Reserve Bank of India) need to
work to regulate hybrid financial products
and services.
The capital market is the platform between
the suppliers and the buyers of capital. The
savings and investments are channelled
between the persons with surplus capital
and those needing capital. In simpler terms,
the market is where buyers and sellers trade
financial securities like shares, debentures,
bonds, stocks, government securities, and
financial schemes like mutual funds,
insurance, etc. The participants during such
transactions can be individuals or
Ensuring Fair Competition: Regulatory
bodies work to prevent anti-competitive
practices that could disadvantage certain
market participants. This promotes healthy
competition and benefits both investors and
companies.
5
"In the world of finance, patience is a profitable virtue." - Raghuram Rajan
institutions. It includes all types of lending
and borrowing. The capital market is
generally for the raising of long-term funds.
The market deals mainly with debts and
equity securities. There are different types
of buyers such as businessmen, companies,
government, or general people. SEBI plays
a crucial role in the promotion and
protection of the Capital Market for several
key reasons, explained below:
Maintaining Market Integrity and
Fairness: Regulatory bodies establish rules
and guidelines to discourage and punish
fraudulent activities like insider trading,
market manipulation, and pump-and-dump
schemes. This helps protect investors from
unfair practices and ensures a level playing
field for everyone.
Enforcing Transparency and Disclosure:
Regulations require companies to disclose
relevant information about their finances,
operations, and risks. This transparency
allows investors to make informed
decisions and reduces the risk of
misinformation and scams.
Setting Minimum Standards for
Investment Products and Services:
Regulatory bodies establish minimum
standards for things like broker
qualifications, capital requirements, and
risk management practices. This helps
ensure that investors have access to safe and
reliable investment products and services.
Providing Investor Education and
Resources: Many regulatory bodies offer
educational resources and materials to help
investors understand the risks and
opportunities involved in different
investment options. This empowers
investors to make informed decisions and
manage their own finances effectively.
Resolving Disputes and Addressing
Complaints: Regulatory bodies have
mechanisms for investors to file complaints
and seek redressed in case of issues with
companies or intermediaries. This helps
ensure that investors have recourse in case
of unfair treatment or misconduct.
Promoting Financial Stability and
Economic Growth: Efficient and well-
regulated capital markets instil confidence
among investors and businesses. This
attracts more investment, which promotes
economic growth and development.
Preventing Systemic Risks: Regulatory
bodies work to identify and mitigate
potential systemic risks within the financial
system. This helps prevent financial crises
and protects the wider economy from
instability.
6
"I don't look to jump over seven-foot bars; I look around for one-foot bars that I can step over." —
Warren Buffet
Adapting to Change: Regulatory
frameworks need to evolve to keep pace
with new technologies, market trends, and
emerging risks. Regulatory bodies play a
crucial role in adapting regulations to
ensure the continued stability and
efficiency of the capital markets.
In conclusion, financial regulatory bodies
are essential for ensuring the smooth, fair,
and efficient functioning of the capital
market. They protect investors, maintain
market integrity, promote financial
stability, and ultimately contribute to
economic growth and development of that
country.
References:
 Bharati V. (2019) Indian Financial
System 5th edition
 www.sebi.gov.in
 www.dea.gov.in/business/financial
-regulators
Details of Author:
Aniket Boghra
F4 (2023-25)
 RELIANCE INDUSTRIES, A MASTERFUL CONDUCTOR OF MONEY
MARKET
The Indian money market has a vibrant
system of short-term financial instruments,
that serve as the backbone of the nation's
financial ecosystem. This intricate network,
pulsating with daily activity exceeding ₹4
trillion, facilitates smooth financial
transactions, regulates liquidity, and offers a
plethora of opportunities for businesses,
investors, and the government alike. The
money market offers a diverse array of
instruments, each tailored to specific needs
and maturities. Treasury bills (T bills),
Certificates of Deposit (CDs), Commercial
papers (CPs), and repurchase agreements
(repos) are just a few key players in this
financial orchestra. Banks, financial
institutions, corporations, and even
individuals participate in this intricate dance
of borrowing and lending, guided by the
Reserve Bank of India (RBI) which acts as the
conductor, wielding its monetary policy tools
to regulate the market's rhythm
Brief explanation of some key instruments
that contribute to activity:
The Repo Market: This crucial segment,
where the RBI lends short-term funds to
banks, contributes significantly to the daily
turnover, playing a vital role in managing
liquidity.
7
"Savings without investment is like a ship without a captain." - Dhirubhai Ambani
Commercial Paper Market: Companies like
Reliance Industries rely on CPs to raise short-
term working capital, adding their own
melody to the market's overall volume.
Certificate of Deposit Market: Banks issue
CDs to attract deposits with varying
maturities, further enriching the market's
daily activity and providing investors with a
haven.
Case of Reliance Industries - A Masterful
Conductor of the Money
Reliance Industries, a leading Indian
conglomerate, requires immediate operational
funding of ₹500 crores. Here’s how they
might navigate the symphony of the money
market:
Issuing Commercial Paper: Reliance could
issue 3-month CPs worth ₹500 crore,
attracting investors seeking higher returns
than traditional bank deposits. This allows
them to raise immediate funds while
diversifying their funding sources and
contributing to the market's overall activity.
Repo Transactions: Alternatively, they
could borrow ₹500 crores from a bank
through a repo agreement, pledging
government securities as collateral. This
provides them with quick access to funds with
a fixed interest rate, ensuring financial
stability and contributing to the repo market's supply and control inflation, playing a crucial
vibrancy. role in conducting the symphony of the
Investing Surplus Cash: If Reliance has overall economic environment.
surplus cash, they could invest in T-bills or Conclusion: The Indian money market, with
CDs, earning a safe and predictable return its robust daily turnover and diverse
while maintaining liquidity and participating instruments, presents a dynamic and complex
in the market's broader ecosystem. landscape for various stakeholders.
The Money Market’s Impactful Performance: Understanding its intricate workings is crucial
The money market's significance transcends for businesses like Reliance to make informed
mere daily transactions. Its influence extends financial decisions and navigate the ever-
to the very core of the financial system. evolving economic landscape. By delving
Interest Rate Symphony: Money market rates beyond the numbers and appreciating their
influence lending and borrowing rates across impact on the broader financial ecosystem, we
the economy, impacting investment gain a deeper appreciation for the symphony
decisions, business operations, and of the Indian money market.
ultimately, the nation's economic growth. References:
Liquidity Management: Businesses like  Naliniprava T (2018) Investment
Reliance can leverage the market's Banking
 I M Pandey (2020) Essentials of
instruments for short-term funding needs,
Financial Management
ensuring smooth operations and contributing
 Sasidharan and Mathews (2013)
to the market's overall liquidity.
SAPM
Monetary Policy Harmony: The RBI uses
money market instruments to regulate money Details of Author:

Baby Kumari
F2(2023-25)

8
"Risk comes from not knowing what you're doing in the financial world." - Warren Buffett
 ROLE OF INVESTMENT BANKS AND MERCHANT BANKS

Foreign banks first introduced merchant

In India, most people think that the
banking services in India, namely "the
investment bank and the merchant bank
National Grindlay’s Bank” in 1967 and the
are similar. Merchant banks and
"City Bank “in 1970. A merchant bank is a
investment banks share some similarities
financial institution that conducts
in their operations, but they are different.
underwriting, loan services, financial
Investment banks mainly handle
advising, and fundraising services for large
underwriting and selling securities to the
corporations and high-net-worth
public through IPOs. They also offer
individuals. Merchant banks specialize in
advisory services for mergers and
providing services for private corporations.
acquisitions and provide investment
Merchant banks do not typically provide
research. Merchant banks, on the other
financial services to the public.
hand, operate on a fee basis and don't

Merchant banks are specialized financial typically engage in underwriting securities

institutions assisting multinational for public offerings. They offer financial

corporations in international finance. They services like private equity and business

offer services like private equity, loans to corporations.

fundraising, and business loans tailored for

Investment banks have a two-fold income
corporate clients. Unlike traditional banks,
structure, earning fees for advisory
they don't typically serve the general public
services and generating income from
but focus on wealthy individuals and
interest and other sources. Both types of
corporations. For instance, if a U.S.-based
banks have to meet minimum disclosure
company aims to acquire a German firm, it
requirements when selling securities,
might engage a merchant bank for advice,
including audits by external CPAs to
financing, and navigating legal
provide investors with information about
complexities. These banks facilitate
risks and potential rewards.
transactions using tools like letters of credit
and manage currency exchanges for
Investment banks primarily focus on
multinational operations. Additionally,
providing financial services to governments,
they can assist in issuing securities through
corporations, and institutions. They handle
private placements, especially beneficial
activities like underwriting securities,
for smaller companies.
advising on mergers and acquisitions, and
facilitating capital raising through IPOs.

9
"Invest in yourself; it pays the best interest." - Rakesh Jhunjhunwala
Merchant banks, specialize in international
finance for multinational corporations and
high net-worth individuals. They offer
services such as private equity, fundraising,
and business loans tailored for corporate
transactions and global financial
management. In the financial market
JPMorgan Chase, Goldman Sachs, and
Citigroup etc. are the most famous merchant
bank who operate in our India also.
SEBI’s regulation in the merchant
banking: According to the SEBI's
Regulation Act of 1992, a 'merchant
banker' is essentially someone involved in
handling the issuance of securities. This
means they deal in the buying, selling, or
subscribing to securities, providing
Advisory services, or acting as a consultant
for such activities. However, to legally
carry out these activities as a 'merchant
banker,' an organization must obtain a
registration certificate from SEBI. To
obtain this certificate, one must adhere to
specific regulations.
These regulations require the applicant to
apply in the prescribed form and meet two
sets of criteria: Operational capabilities and
Capital adequacy norms.
Operational capabilities entail having
sufficient physical infrastructure, necessary
expertise, good financial standing,
professional integrity, and fairness in
transactions.
In line with these objectives, SEBI, on
behalf of the government, issued policy
guidelines for merchant bankers. These
guidelines aim to ensure transparency,
accountability, and investor protection in
merchant banking operations. One such
instance is the issuance of new policy
guidelines by SEBI on March 1.
These guidelines encompass various
aspects of merchant banking activities,
including pre-issue obligations,
underwriting, advertisements, and post-
issue obligations. For instance, merchant
banking companies are mandated to have
at least two employees with prior
experience in merchant banking. This
requirement is set to ensure that the
company possesses the necessary expertise
to conduct its operations effectively.
SEBI prohibits merchant banking
companies from having any direct or
indirect affiliation with other registered
entities as merchant bankers. This
measure aims to prevent conflicts of
interest and maintain the independence
and integrity of merchant banking
operations.
Merchant bankers must maintain a clean
record, free from any guilt associated with
economic offenses. This requirement
underscores the importance of upholding
ethical standards and integrity in the
financial sector. Integrity of merchant

10
"Financial discipline is the bridge between goals and accomplishments." - Amar Pandit
 Banking
bankers, thereby safeguarding the
 SEBI (Merchant Banking)
interests of investors. By ensuring aims to
Regulations 1992
foster investor confidence and promote a
 www.sebi.gov.in
fair and efficient capital market
ecosystem. Transparency, accountability, Details of Author:
and adherence to regulatory standards, Joydip Mondal
SEBI Overall, these policy guidelines by F1(2023-25)
SEBI serve to enhance the competence.

References:

 Naliniprava T (2018) Investment

11
"Financial discipline is the bridge between goals and accomplishments." - Amar Pandit
 INDIA’S DIGITAL RUPEE: PIONEERING THE FUTURE OF
CURRENCY

India, renowned for its vibrant culture, rich
history, and bustling economy, is now
embarking on a transformative journey into
the digital realm with the introduction of the
Digital Rupee. Launched on December 1,
2022, by the Reserve Bank of India (RBI),
the Digital Rupee represents a bold step
towards modernizing the country's
monetary infrastructure and embracing the
potential of digital currency.
A Breakthrough in Monetary Innovation
The Digital Rupee, denoted as e₹, marks
India’s foray into central bank digital
currencies (CBDCs). Unlike decentralized
cryptocurrencies like Bitcoin, the Digital
Rupee is a regulated form of digital
currency issued and backed by the RBI,
ensuring stability and trust in the financial
system. This innovative initiative aligns
with India's broader efforts to foster
financial inclusion, promote digitalization,
and propel the economy into the digital age.
Empowering Financial Inclusion
One of the primary objectives of the Digital
Rupee is to enhance financial inclusion,
particularly among the millions of Indians
who remain underserved by traditional
banking infrastructure. With just
smartphone and internet connectivity,
individuals in even the most remote regions
can access formal financial services,
conduct transactions, and participate in the
digital economy. By breaking down barriers
of geography and socioeconomic status, the
Digital Rupee empowers all citizens to
actively engage in economic activities and
improve their financial well-being.
Efficiency, Security, and Transparency
Digital currency offers significant
advantages in terms of efficiency, security,
and transparency compared to traditional
cash-based transactions. By leveraging
block-chain technology and advanced
cryptographic techniques, the Digital
Rupee ensures the integrity and
immutability of transactions, minimizing
the risk of fraud and counterfeiting.
Moreover, digital transactions are faster,
cheaper, and more transparent, driving
greater efficiency in the financial
ecosystem and facilitating real-time
monitoring of economic activity.
Fostering Innovation
The introduction of the Digital Rupee is
expected to catalyse innovation across
India's fin-tech landscape, unlocking new
a opportunities for entrepreneurs, developers,
and businesses. From decentralized finance

12
"The best investment you can make is in yourself." - Manish Chauhan
(DeFi) platforms to innovative payment Conclusion
solutions, the Digital Rupee ecosystem
As India embraces the digital future, the
holds immense potential for creativity and
Digital Rupee emerges as a symbol of
entrepreneurship. By embracing digital
innovation, progress, and resilience. By
currency, India can position itself as a hub
harnessing the power of technology to
for technological innovation, driving
digitize its currency, India is laying the
economic growth, and job creation in the
foundation for a more inclusive, efficient,
digital economy.
and transparent financial system. With
Challenges and Opportunities Ahead visionary leadership, strategic partnerships,
and a commitment to empowerment, India
While the Digital Rupee holds immense
is poised to unlock new pathways to
promise, its widespread adoption faces
prosperity and lead the way in shaping the
several challenges and considerations.
future of currency in the digital age.
Addressing issues such as digital
infrastructure, regulatory frameworks, References:
privacy, and security will be critical to ● https://rbi.org.in
ensuring the success and sustainability of ● https://finmin.nic.in/

the Digital Rupee initiative. Moreover,

promoting digital literacy and fostering Details of Author:

trust in digital financial services are Rupayan Ghosh

F4(2023-25)
essential for overcoming barriers to
adoption and achieving inclusive growth.

13
"Diversification is not just a strategy; it's a shield against financial storms." - Radhika Gupta
 INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS):
STRUCTURE, OVERSIGHT, AND BENEFITS

(IASB). These rules explain how different

kinds of transactions and events should be
shown in the financial reports of the
companies. They help make sure that
financial information is clear and
comparable worldwide. When businesses
operate in different countries, their
Image: 01
Source : www.ifrs.com accounting practices may differ because
each country has its laws and rules. This can
International Financial Reporting be confusing. To solve this problem the
Standards are the rules for how companies International Accounting Standard Board
write their financial statements. They are created IFRS on April 1,2001. From Images
made and managed by a group called the 01 & 02 we can get a clear idea about IFRS.
International Accounting Standards Board Let’s a look at each of these bodies:

AS) is also based on IFRS but it includes Monitoring Board: It is the main
certain modifications and adoptions to suit monitoring body which ensures that all the
the specific needs of the Indian business companies using these rules and following
environment. In 2015, the Ministry of the guidelines. This monitoring body
Corporate Affairs (MCA) issued a checks that the financial reports of all of the
notification mandating that all listed companies are structured, written correctly
companies and certain other entities and also approves the appointments of
transition into Indian Accounting Standards trustees.
(IND AS) for their financial reporting
IFRS Foundation Trustees: The IFRS
starting from accounting periods
Foundation Trustees serve as the oversight
commencing on or after April 1, 2016.
body responsible for the governance and
IFRS is a well-structured governance strategic direction of the IFRS. The
system. It comprises of several bodies Chairman of the trustees is Erkki Liikanen
working together, as seen in the image and this trustee consists of 22 members.
below: Another functionality of this trustee is to
promote the use and application of these

14
"True wealth is measured in experiences, not dollars." - Gaurav Mashruwala
standards globally and it also have the understand this we can dig little deep. Let’s
fundraising responsibilities. take an example of IFRS 13. The title of this
specified standard is fixed, i.e. Fair Value
International Accounting Standard
Measurement. From the title we can
Board (IASB): This board consists of 14
understand the purpose of the standard
independent members appointed by the
which provides rules for how companies
IFRS Foundation Trustees. The main
should measure and disclose the fair value
functionality of the IASB is to create and
of different assets and liabilities. Except
publish accounting regulations for
IFRS 13 other examples of IFRS standards
business.
are IFRS14, IFRS15, IFRS16, IFRS17, etc
International Sustainability Standards for Regulatory Deferral Accounts, Revenue
Board (ISSB): This board is also from Contracts with Customers, Leases,
developed by IFRS Foundation Trustee. It and Insurance Contracts respectively.
also consists of 14 members to develop
The implementation of IFRS offers
global sustainability reporting standards.
numerous advantages, including global
IFRS Interpretations Committee: This comparability, increased transparency,
committee is also made by 14 members access to capital markets, cost savings,
appointed by the IFRS Foundation facilitation of cross-border transactions,
Trustees. This committee mainly provides enhanced corporate governance, alignment
and resolves accounting issues of current with economic realities, and adaptability to
IFRS Standards. changing business environments. These
IFRS Advisory Council: The IFRS benefits contribute to the efficiency,

Advisory council comprises total 51 credibility, and integrity of financial

organizations and 56 members across the reporting on a global scale. Now we can dig

world. It provides many advices related to deep for a better understanding of some of

strategy to IFRS Foundation, IASB, ISSB. the advantages, which are as below:

There is total 17 standards which is Global Comparability: IFRS fosters

implemented by IFRS for various purposes. comparability of financial statements

The different standards is named with a across countries and industries, enhancing

specific number which is connected to a transparency and aiding investors in

specific title and specific purpose. So, to making informed decisions.

15
"Financial education is the passport to a secure financial future." - Hemant Beniwal
Increased Transparency: IFRS statements reflect the true economic
emphasizes disclosure, reducing position of companies, thus preventing
information asymmetry between manipulation .
companies and investors, thereby building
Adaptability to Changing Business
trust in financial markets.
Environments: IFRS is continuously
Access to Capital Markets: Compliance updated to address emerging issues,
with IFRS enhances access to international enabling it to remain relevant and effective
capital markets, bolstering investor in modern business landscapes.In
confidence and lowering the cost of capital conclusion, International Financial
for companies. Reporting Standards (IFRS) play a pivotal
role in global financial reporting, providing
Cost Savings: Harmonizing accounting
a common framework for how companies
practices through IFRS reduces compliance
write their financial statements. Managed
costs for multinational corporations,
by the International Accounting Standards
streamlining financial reporting processes.
Board (IASB), IFRS ensures clarity,
Facilitation of Cross-Border comparability, and transparency in financial
Transactions: IFRS provides a common reporting across borders and industries. As
accounting language, facilitating seamless businesses continue to operate in
consolidation of financial statements and increasingly interconnected and dynamic
accurate assessment of potential acquisition global markets, the importance of IFRS in
targets. fostering confidence, credibility, and
Enhanced Corporate Governance: IFRS integrity in financial reporting cannot be

promotes transparent financial reporting, overstated. By adhering to IFRS standards

enabling stakeholders to hold management and principles, companies can better meet

accountable and improve corporate the needs of investors, regulators, and other

decision-making and risk management. stakeholders, ultimately contributing to the

IFRS focuses on the substance of stability and efficiency of the global

transactions, ensuring that financial financial system.

16
"Investing is not about beating others; it's about managing yourself." - Parag Parikh
Image: 02
Source : www.ifrs.com

References: Details of Author:

 Dr. Kaustubh Sontakke (2018) Siddhartha Mallick

F1(2023-25)
Financial Accounting
 V.A.Avadhani (2022)International
Finance
 https://www.ifrs.org/

17
"Don't just work for money; make your money work for you." - Sapna Arora
 INVESTMENT OPPORTUNITIES IN DEBT INSTRUMENTS

A debt fund is a financial scheme that

generates a fixed income in the form of
Interest and Capital appreciation. For
example, Corporate and Government
Bonds, Corporate debt securities, and
Money market instruments etc. Debt funds
are for investors with low-risk tolerance.
Image: 01
Debt funds are available for the short-term Source :www.investment instrument.com
from 1 day to 364 days. and long-term for
Debt Oriented Mutual Funds: A debt
more than 364 days. Instead of keeping
mutual fund basically invests in a
funds in a regular Savings account or Fixed
culmination of corporate bonds,
Deposit, Investors can invest in
government bonds and other debt
Government Bonds to get 7-9% returns per
securities. Since this is a mutual fund, less
annum.
than 50% portion may or may not be
Debt Instruments available for retail invested in equities and cash. The returns
investors: from debt funds are not very volatile, as
compared to equity mutual funds and
Treasury Bills :Treasury bills are an
stocks, however, they can vary depending
investment instrument with relatively less
on the market.
risk, as these are issued by the Government
of India. These T-Bills are offered for a
short term, not more than one year. The
minimum amount to be invested is INR
25,000 and can be increased in multiples of
INR 25,000. Three types of T bills are
available including 91 days, 182 days, and
364 days are offered.

Image: 02
Source :www.investment instrument.com

18
"Success in the financial world is not about predicting the future, but preparing for it." - Sanjay
Kumar
Government Bonds : Government Bonds
India, are a part of government securities
(G-Sec) They are long term investment
tools issued for periods from 5 years to 40
years. Government Bonds are issued by
Central Government, State Governments as
well as Municipal Corporations of India.
Image: 03
Source :www.investment instrument.com
Fixed Deposits: A fixed deposit is the
preferred investment choice for most
Indians especially individuals with less
market knowledge. FD is the most popular
instrument even though there are several
other options in the market. A fixed deposit
is an investment option offered by Banks
and Non-Banking Finance Companies
(NBFCs). Investors invest a set amount for
a particular period to earn a fixed interest
rate. Investors also have the option of
regular interest payout. However, returns
from fixed deposits are taxable.
Image: 04
Source :www.investment instrument.com
19
"Financial goals without a plan are just wishes." - Sunita Abraham
Public Provident Funds (PPF) :PPF is
one of the most opted schemes by the
middle-aged Indians. The central
government pays interest on PPF. The
calculation of PPF monthly interest amount
is done on the lowest balance between the
close of the fifth day and the last day of
every month; Interest is calculated on the
amount deposited before 5th of every month
Therefore, to maximize returns investors
must deposit between the 1st and 5th of the
month. This Interest is exempted from
Income Tax. PPF also falls under Section 80
‘C’ of the Income Tax Act and therefore
attains tax exemption up to Rs. 1,50,000.
However, there is little to no liquidity
option available as PPF has a lock-in period
of 15 years.
Sukanya Samriddhi Yojana: It is a fixed
returns offering debt instrument. The
scheme aims to support the needs of a girl
child financially. Investors can invest a
minimum of Rs 250 and a maximum of Rs
1.5 lakhs in this scheme. To meet their
child’s higher educational expenses the
scheme allows the investor to withdraw.
Also, for the girl’s marriage after the age of
18 years the account can be closed as well.
This scheme also allows Tax benefits of a
maximum Rs. 1,50,000 under Section 80
‘C’ of the Income Tax Act.
Senior Secured Bonds (Newly References:
Introduced in 2021): A Senior secured
 I.M.Pande.(2022)Financial
bond is the only instrument in India that is
Management 12th Edition
backed by a pool of security, such as gold
 Bharati V.(2019) Indian Financial
loans, automobile loans, or property loans.
System 5th edition.
In a senior secured bond, the term “senior”
means that bondholders have first priority Details of Authors:
to be repaid if the NBFC defaults. Investors
Vidhi Shukla
can invest a minimum of Rs 10,000 in these F2(2023-25)
bonds to earn monthly interest. As much as
33% of the principal will be repaid every 9
months, giving a reinvestment opportunity
to investors, and reducing credit risk. Akash Verma
F3(2023-25)
Investors who are looking for an alternative
to traditional fixed-income instruments can
consider senior-secured bonds. This is
because these bonds offer higher interest
rates than government bonds and fixed
deposits and are less risky than equity
investments and unsecured bonds.

Image: 05
Source :www.investment.com

20
"Money is not the goal; time is. Money is a tool for getting more time." - Satyajit Das
 PAYMENTS BANKS – A PATH TO FINANCIAL INCLUSION IN
INDIAN ECONOMY
Image: 01
Source : www.bank.com
The concept of payment banks was first
introduced in India, by the RBI. In 2006, the
concept of ‘Digital Wallets’ started
emerging. It was started in the form of
payment apps. Several digital wallets were
operating in India before 2013 such as
ItzCash, Oxygen, PayMate, MobiKwik,
and Paytm. Through these apps, electricity
bills and mobile bills were able to be paid.
Many FinTech companies started to launch
digital wallets and it was accepted by the
huge number of people. Due to this, digital
wallets became popular in India. The
success of digital wallets showed that there
was a significant demand for digital
payment solutions in India, especially
among the unbanked population who did
not have access to traditional banking
services. Hence, RBI launched Payments
Banks in 2014, which converted
technological companies . Payments Banks
provide certain banking services to their
customers such as-
21
"Financial success is a journey, not a destination." - Subhash Lakhotia
 Accept demand deposits
 Payment services
 Remittance services
 Internet banking
Being digital wallets, these apps use to
provide only payment services through
which users were able to pay only mobile
bills and electricity bills. RBI wanted that
within the FinTech companies, they should
leverage the mission of financial inclusion
in India to succeed in providing basic
banking services to the unbanked sector.
RBI does not allow Payments Banks the
facility of Credit Lending because it
involves significant credit risk. RBI
instructed payment banks to conduct basic
banking services rather than credit lending.
Payments banks are not allowed to set up
subsidiaries to undertake Non-Banking
Financial Companies (NBFC) business.
Any entity that full fills the criteria
recommended by the RBI can seek a license
from RBI and may establish payment.al
companies into payment banks. A payment
bank must have ‘Payments’ word in their
name. I them todistinguish themselves from
traditional banks and other financial
institutions that may offer a wider range of
financial products and services, including
lending and investment products. At
present, RBI has given licenses to six  https://www.rbi.org.in/commonPer
Payments Banks in India, the list is as son/english/scripts/banksinindia.as
below: px
 https://www.adda247.com/upsc-
1. Airtel Payments Bank Ltd.
exam/differentiated-banks-in-india/
2. India Post Payments Bank Ltd.
3. FINO Payments Bank Ltd.  https://www.met.edu/knowledge_at
_met/Payment_Banks_A_Path_to_
4. Paytm Payments Bank Ltd. Financial_Inclusion_in_Indian_Eco
5. Jio Payments Bank Ltd. nomyn

6. NSDL Payments Bank Ltd.

Details of Author:
References: Purva Ashok Joshi
F2(2023-25)
 Guidelines for Licensing of
“Payments Banks” November 27,
2014 by Reserve Bank of India
 RBI working paper on Banking
Structure in India – The Way
Forward

22
"Diversification is not just a strategy; it's a shield against financial storms." - Radhika Gupta
 RISK MANAGEMENT IN MUTUAL FUNDS

"Invest in mutual funds, build your 25 underperform during market surges,

crores!" It sounds tempting, doesn't it? But highlighting the delicate trade-off between
before you dive headfirst into this alluring stability and high-growth potential.
pool, let's take a deeper breath and explore
the hidden currents of risk that navigate the
diverse landscape of mutual funds across
market capitalizations.

Image: 02
Source : www.mutualfund.com

Mid-cap funds, venturing into companies of

Image: 01 moderate size, present a balancing act. They
Source : www.mutualfund.com offer potentially higher growth compared to
large-caps, but with some increased
While whispers might exaggerate, mutual volatility. Picture them as the agile
funds indeed offer a powerful avenue for mountain goat, nimble and quick, yet
wealth creation. But the path, much like navigating treacherous terrain. These
investment itself, is rarely linear. "Goldilocks" funds may appeal to investors
Understanding the intricate interplay seeking a sweet spot between risk and
between risk and return across different growth potential.
market capitalizations is paramount to
making informed decisions and navigating
toward your financial goals.

Large-cap funds, the seasoned giants,

provide stability and lower volatility, ideal
Image: 03
for conservative investors seeking steady
growth. Think of them as the sturdy oak, Source: www.mutualfund.com
weathering market storms with grace. But
Small-cap funds, targeting smaller, high-
remember, their measured pace might
growth companies, tantalize with the

23
“If you make meaning, you’ll make money.” —Guy Kawasaki
prospect of exponential returns. Think of finally, currency risk, a challenge for
them as the gazelle, swift and explosive, but international funds, can be managed
susceptible to the slightest stumble. These through hedging strategies and
funds are well-suited for investors with a geographical diversification. Remember,
higher risk tolerance and a longer the whispers often simplify the complex
investment horizon that can weather the reality. While the potential for wealth
inevitable storms. creation exists, the journey through mutual
funds demands a nuanced understanding of
Unraveling the intricacies of risk
both risk and return. Explore different fund
management requires a keen understanding
types, identify key risk categories, and
of key categories. Market risk, the
leverage data-driven insights to make
omnipresent force affecting all funds due to
informed decisions aligned with your risk
overall market fluctuations, necessitates
tolerance and financial goals.
diversification across asset classes and
Diversification is your bedrock, and
sectors, along with strategic rebalancing.
ongoing monitoring and adaptation are
Company-specific risk, arising from
crucial in this dynamic financial landscape.
individual company performance, demands
So, embark on your investment journey
rigorous fundamental analysis and
with eyes wide open to the risks and
diversification within each capitalization
rewards, and conquer the exciting world of
bucket. Think of these risks as hidden
mutual funds!
currents, impacting individual funds
differently. References:

Liquidity risk, the potential difficulty in https://www.religareonline.com

selling fund units readily, can be mitigated
https://blog.shoonya.com
by choosing open-ended funds with high
Details of Author:
net asset values (NAVs). Interest rate risk,
Nicole Dsouza
particularly relevant for fixed-income
F2(2023-25)
funds, can be countered through duration
management, laddering maturities, and
considering inflation-linked bonds. And

24
"Compound interest is the eighth wonder of the world. He who understands it, earns it; he who
doesn't, pays it." - Ankit Fadia
 OLD VS NEW TAX REGIME

The new tax regime was introduced in

Budget 2020 but in Budget 2023, several
changes were made in the new tax regime
so that more taxpayers would switch to
the new tax regime than the old tax
regime. The New tax regime is set as a
default regime. As per the announcement
in the Budget 2023-24, income from
traditional insurance policies where the
premium is more than Rs. 5 lakh will not
be tax-free.

The comparison of Old tax and New

tax regime :

In New tax regime it can be seen that the

exemption limit has increased from 2.5L
to 5L and the tax bracket has been

changed. Now u/s 87A has been increased

from 12500 to 25000 in the new regime.
But in the new tax regime individual cannot
claim deductions under sec 80C, HRA,
LTA, and several other deductions that
could be claimed in the old tax regime. A
recent survey of Policy Bazaar shows that
in India even today 63% of people opt for
the old tax regime rather than the new tax
regime following reasons could
considered:
"Budgeting is not just for people with a small income; it's for everyone who wants to have control over
their financial future." - N.R. Narayana Murthy
Image: 01
Source : www.oldvsnew.com
Familiarity: As people are familiar with old
tax regime they don’t want to switch to new
tax regime even if it benefits them.
Long term investment: In old tax regime
there are several deductions were available
whereas in new tax regime these deductions
be
aren’t available.
This decision to switch in between new or
old tax regime should depend on factors
like:-
25
Investment Goals- It is always advised to
evaluate investment goals before selecting
which tax regime to choose. The new tax
regime suits you if you are flexible with
your investments and looking forward to
not investing in tax-saving instruments.
However, If you have investment goals
such as retirement savings or building a
corpus for a long-term goal, the old tax
lower tax rates under the new tax regime,
which has revised tax slabs and rates to
relieve taxpayers. Also it can be noted that
a salaried individual can switch between
old and new regime once a year.
Also in Interim Budget 2024, there were no
changes made in tax regime.
Reference:

regime may be more beneficial as it offers •https://tax2win.in/guide/old-vs-new-tax-

deductions for contributions to various regime
investment instruments.
Details of Author:
Income level- Under the new tax regime, Riya D’silva
the tax rates are lower than the old tax F1 (2023-2025)
regime. The new tax regime may be more
beneficial if you have a higher income. As
per budget 2023, an individual with INR 9
lakh annual income will have to pay INR
45,000 as tax, which is 5% of the taxable
income. This represents a reduction of INR
47,500 from the INR 92,500 tax liability
that the same individual would have had
under the old tax regime.

Similarly, an individual with INR 15 lakh

annual income will have to pay a tax of INR
1.5 lakh under the new tax rates introduced
under budget 2023 for the new tax regime,
which is a reduction from the earlier tax
liability of INR 1.87 lakh calculated as per
new tax regime rates before budget 2023.
The reduction in tax liability is due to the

26
"In investing, what is comfortable is rarely profitable." — Robert Arnott
 PORTFOLIO- RISK MANAGEMENT STRATEGY

The portfolio is a risk management strategy investors' objectives and market conditions.
that involves the diversification of During periods of economic growth,
systematic and unsystematic risk across a equities may outperform fixed-income
variety of securities, asset classes, securities, while in economic downturns,
industries, and geographic regions. This bonds may provide stability and income.
diversification is to reduce the volatility of Through asset allocation, investors can
the market and security to get risk-adjusted capitalize on different market conditions
returns. Portfolio is the strategic and investment opportunities to optimize
distribution of financial instruments such as their portfolio's return potential. Portfolio
stocks, shares, bonds, debentures, real helps investors to meet their specific
estate, cash equivalents, etc., The process objectives over the long term by
involves assessing an investor's financial considering factors like time horizon,
goals, risk tolerance, and time horizon to income needs, and risk tolerance.
determine the optimal mix of assets. For
Asset allocation as per the factors:
example, young investors with a longer
time horizon may allocate a larger portion Tactical Asset Allocation: Adjusts asset

of their portfolio to higher risk and higher allocations based on short-term market

return assets like stocks, while senior and conditions and economic outlook. Seeks to

super-senior citizens may prioritize capital exploit opportunities and mitigate risks

preservation with a higher allocation to arising from market trends or events.

fixed deposits, bonds, or cash equivalents. Requires active monitoring of market

The portfolio helps investors to manage risk indicators and flexibility to adjust

by diversifying the impact of the volatility allocations accordingly.

of security on the overall portfolio. Factor-based Asset Allocation: Allocates

Additionally, it allows investors to capture assets based on factors such as value, size,

opportunities for growth while providing a momentum, and volatility. Aims to capture

level of downside protection during market specific risk premia associated with these

downturns. Regular monitoring and factors to enhance portfolio returns.

periodic rebalancing of asset allocations Utilizes quantitative techniques and data

ensure that portfolios remain aligned with

27
"Budgeting is not just for people with a small income; it's for everyone who wants to have control over
their financial future." - N.R. Narayana Murthy
analytics to identify and exploit Factor adhering to a predetermined asset allocation
based opportunities. strategy, investors can maintain discipline
and avoid making impulsive investment
Risk Parity Asset Allocation: Allocates
decisions based on fear or greed. This
assets based on their contribution to overall
disciplined approach fosters a long-term
portfolio risk rather than market
perspective and reduces the likelihood of
capitalization. Seeks to achieve balanced
making costly mistakes during periods of
risk exposure across asset classes, reducing
market volatility.
reliance on any single asset or factor.
List of Financial products with features that
Portfolio help investors to avoid emotional
can help to diversify risk by having a
decision-making driven by short-term
Portfolio is as below:
market fluctuations or sentiment. By

Financial/Real Marketability/
Return Risk Tax Shelter Convenience
Assets Liquidity
Equity Shares High High Fairly High High High
Non-Convertible
Moderate Low Average Nil High
debentures
Insurance/MF-
High High High High Very High
Equity schemes
Insurance/MF-Debt
Low Low High Medium Very High
schemes
Bank Deposits Nil Negligible High Low Very High
Public Provident
Moderate Nil Average Moderate Very High
Fund
Insurance-Pure Moderate Nil Average Moderate Very High
Residential House Moderate Fair Low High Fair
Gold/Silver Moderate Fair High Nil Average

Reference:www.riskmanagement.com

Details of Author:
Srijani Dutta
F1(2023-25)

28
"The biggest risk of all is not taking one."— Mellody Hobson
 NAVIGATING THE STOCK MARKET VOLATILITY IN THE
CURRENT ERA

Volatility serves as a fundamental trait of the dispersing investments across various asset
stock market, embodying the swift and classes, sectors, and geographic regions, you
unforeseeable price swings of stocks and other can diminish the influence of volatility on your
financial assets. Although volatility may pose overall portfolio. Diversification safeguards
obstacles for investors, it equally unveils against potential declines in one segment of
avenues of opportunity for those who adapt at your portfolio by leveraging gains from others.
navigating its nuances. The following
Regularly Realign Your Portfolio:
strategies delineate ways to maneuver through
Consistent portfolio rebalancing serves to
stock market volatility. This fluctuation within
uphold your intended asset allocation and risk
the stock market arises from alterations in
tolerance. Amid volatile periods, certain assets
interest rates, economic metrics, corporate
may experience overvaluation or
earnings disclosures, geopolitical occurrences,
undervaluation in comparison to others.
and investor outlooks. While volatility may
Rebalancing entails divesting from assets that
instill apprehension and ambiguity among
have demonstrated strong performance while
investors, it concurrently unveils prospects for
acquiring those that have lagged, thereby
accruing gains and fostering expansion.
realigning your portfolio with your desired
Sustaining a Long-Term Outlook: allocation targets.
Upholding a long-term perspective stands as a
Emphasize Fundamental Analysis: In times
pivotal principle in navigating stock market
of market volatility, individuals may be
volatility. Throughout history, the stock market
swayed by short-term market movements and
has exhibited an upward trend over extended
prevailing sentiment. Nonetheless, it remains
periods, notwithstanding transient
critical to acknowledge that the enduring
fluctuations. By directing attention to your
success of investments hinges on the
long-term investment objectives and
underlying fundamentals of the companies.
remaining invested during market downturns,
Prioritize companies with robust business
you can steer clear of impulsive decision-
models and enduring value propositions for
making driven by short-term volatility.
sustained long-term returns.
Broaden Your Portfolio: Diversification
Implement Dollar-Cost Averaging: Dollar-
emerges as a fundamental strategy for
cost averaging is a method that entails
mitigating risk in volatile markets. By
investing a predetermined sum at consistent

29
"Returns matter a lot. It's our capital." — Abigail Johnson
intervals, irrespective of
circumstances. Through consistent investment
over time, you capitalize on market downturns
by acquiring more shares when prices are
lower and fewer shares when prices are higher.
This strategy mitigates the effects of market
volatility and may yield improved long-term
returns.
market In essence, navigating stock market volatility
requires strategic foresight, discipline, and
commitment to long-term goals. Volatility
presents challenges and opportunities inherent
to the market.
Reference:
 https://navigating-current-market.

Stay Knowledgeable but Resist Details of Author:

Overreactions: While staying abreast of Priyansh Balmiki

market developments and economic trends is F2 (2023-25)

crucial, it's equally vital to refrain from

excessive reactions to short-term news or
market shifts. Attempting to time the market
through rapid buying and selling in response to
momentary fluctuations poses significant risks
and may result in losses. Instead, prioritize
adherence to your long-term investment
strategy and steer clear of impulsive responses
to market volatility.

Explore Alternative Investments: Beyond

conventional stocks and bonds, contemplate
allocating a segment of your portfolio to
alternative investment avenues like real estate,
commodities, or private equity. These
alternative assets typically exhibit low
correlation with traditional asset classes and
offer diversification advantages, especially in
times of increased market volatility.

30
"Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows."
— Jim Rogers
 THE ROLE OF BIG DATA ANALYTICS IN RISK MANAGEMENT FOR
FINANCIAL INSTITUTIONS
Risk management holds paramount
importance for financial institutions in today's
fast-paced and interconnected realm of
finance. The identification and mitigation of
risks are essential for safeguarding assets,
complying with regulations, and ensuring
long-term stability. Big data analytics has
emerged as a significant tool for risk
management, enabling financial organizations
to analyze vast datasets, uncover hidden
patterns, and make informed decisions. This
article explores the role of big data analytics in
risk management for financial institutions and
how it is revolutionizing the process of risk
identification, assessment, and mitigation.
Definition of Big Data Analytics:
Big data analytics involves the analysis of
massive and complex datasets to extract
valuable insights and inform data-driven
decisions. In risk management, big data
analytics enables financial organizations to
leverage diverse data sources, including
transactional data, customer data, market data,
and social media data, to gain a comprehensive
view of risks and enhance predictive
capabilities.
Benefits of Big Data Analytics:
One of the primary advantages of big data
analytics in risk management is the ability to
identify and respond to threats in real-time or
31
Money won’t create success, the freedom to make it will – Nelson Mandela
near real-time. Unlike traditional risk
management systems, which rely on historical
data and periodic reporting, big data analytics
enables proactive risk identification and early
intervention. For example, it can detect
anomalies or fraudulent activities in
transactional data as they occur, allowing
institutions to mitigate potential losses
promptly. Real-time monitoring of market data
and news sentiment also helps identify market
concerns and adjust investment strategies
accordingly.
Moreover, big data analytics enhances risk
assessment by providing a more detailed and
accurate understanding of risks. Traditional
risk assessments often rely on aggregated and
generalized data, which may overlook
individual nuances and complexities. Big data
analytics allows organizations to delve deeper
into data, uncover hidden patterns, and assess
risks with greater granularity.
Challenges:
However, there are challenges associated with
the application of big data analytics in risk
management. Data privacy and security are
paramount concerns when dealing with large
volumes of sensitive financial data. Financial
firms must implement robust data governance
procedures, adhere to data privacy regulations,
and ensure adequate data security measures are data can have severe consequences for the
in place. organization. Such as GDPR requires
organizations to implement stringent data
Data Quality and Integration: A significant
protection measures while big data analytics
Challenge lies in ensuring the quality and
offers immense potential for enhancing risk.
integration of data. Organizations collect vast
Management in financial institutions also
amounts of data from different sources both
poses challenges related to data privacy, an
structured and unstructured ensuring data
organization can harness the power of big data
accuracy and consistency is essential for
analytics to efficiently manage the risks and
generating reliable risk assessment and
achieve long-term success including
actionable insights. To address this challenge
encryption, access controls and regular audits
organizations need a robust data governance
frame data integration technology and data Reference:
quality in accordance with process security,
 https://www.financemagnates.com
and data quality. Addressing these challenges
requires a concerted effort to implement robust Details of Author:

data governance frameworks, ensure data Anushka Konar

F2 (2023-25)
integrity, and comply with data protection
regulations. By overcoming these challenges,
financial. Primary and data security are critical
considerations in big data analysis. Data
breaches, unauthorized access, and misuse of

32
For every minute that I spin, there is in me the consciousness that I am adding to the nation’s wealth.”
– Mohandas Gandhi
 A PENNY SAVED IS A PENNY EARNED
As a teenager, how many of you have been
part of your parents’ discussions related to
money? and when you try to join their
conversation, have they allowed you to be a
Apart of their discussion? For quite some of
you, they may switch the topic or say
something like “We are doing something
important don’t disturb”, or they may say
“You are too young to get involved in these
discussions, will tell you everything when
you grow up”. For quite some of you, the
situation is the opposite, your parents call
and make you sit with them and be part of
their discussions. They discuss about the
cash inflows, budgeting, expenses, savings
etc. They intentionally involve you in their
discussion. Most of us wonder why they do
this. in the first case why they can’t let us
be part of their discussions? Second, why
should I be part of elder’s discussions on
money management? Well, for the first
case, you are not exactly financially literate.
And your parents think it would be of no
help at this moment to involve you in their
discussions. In the second situation, your
parents are aware that you are not exactly
financially literate, but they think that
including you in their discussions would
help you to be financially literate. What is
financial literacy? Financial literacy is
defined as the ability to understand and use
33
"Budgeting is not just for people with a small income; it's for everyone who wants to have control over
their financial future." - N.R. Narayana Murthy
various financial skills. This includes,
personal financial management, budgeting,
investing, credit management. So, now
what do you think is the right approach for
bringing in financial literacy among youth?
Which one among the two scenarios’ do
you belong to? Well, my father included me
and my brother in his every discussion of
money. We used to sit with our father on the
day he used to get his salary and discuss
with him on income, expenses for the
month, savings, his investments etc. This
approach made us to be financially literate
and understand the importance of managing
money, role of investments and financing
uncertainties at an early age. Financial
education is extremely important, as it will
help you in building wealth, achieving
goals, tackling challenges in case of
emergencies, and securing your family’s
present and future!
While it is all right to not expose
children/teens to crucial financial matters,
involving them in day-to-day money
matters, like handling household expenses,
helps open their minds to certain financial
aspects. To provide practical understanding
to their child, parents can:
1. Give a fixed amount of pocket money
every month
2. Help their child maintain a piggy bank. undervalued skills, financial literacy will
determine a country’s future.
3. Issue a prepaid card in your child’s name
and let them manage money independently. References:

4. Encourage them to earn their first income  https://www.gingersoftware.com

early in life.
Details of Author:
Doing so will help them become more
accountable towards their spending Dr. Uma Hanjige
behaviors, as they will ultimately realize Assistant Professor
Finance
how to spend little amounts of money and
save as much as possible for when they
need it. Considered to be one of the most

34
“Money moves from those who do not manage it to those who do.” – Dave Ramsey
 WORLD OF FINANCE

Indian Financial Regulators

1. Ministry of Finance (MoF) North America

2. Reserve Bank of India (RBI)

● British Columbia Securities
3. Securities and Exchange Board of Commission (Canada)
India (SEBI) ● SEC - U.S. Securities& Exchange

4. Pension Fund Regulatory and Commission

Development Authority (PFRDA)
Latin America
5. Insurance Regulatory and
Development Authority of India ● CNBV - Comision Nacional Bancaria y
(IRDA) de Valores (Mexico)

6. Ministry of Corporate Affairs ● The Jamaica Stock Exchange

● Comissao De Valores Mobiliarios -

Global Financial Regulators Brazil

Asia Others
● Capital Market Board (Turkey)
● World Bank
● Securities Bureau of the Ministry of ● WTO - World Trade Organization
Finance (Japan) ● Association of National Numbering
● Securities Commission (Malaysia) Agency
● International Organization of Securities
Europe
Commissions

● Financial Services Department (Jersey) For more information please visit:

https://dea.gov.in/business/financial-
● Financial Services Authority (United regulators
Kingdom)
Compile by :

Australia Mudra Sonchhatra

F1 (23-25)
● Australian Securities Commission
● The New Zealand Securities
Commission

35
"Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows."
— Jim Rogers
Important Regulations/Acts/Schedules:  Depositories Act 1996
 The Finance Act.2015
 The Companies Act, 2013
 Prevention of Money-Laundering
 The Limited Liability Partnership
Act, 2002
Act, 2008
 Securities Laws (Amendment)
 The Insolvency and Bankruptcy
Act.2014
Code, 2016
 Recovery of Debts and Bankruptcy
 The Competition Act, 2002
Act, 1993
 The Partnership Act, 1932
 The Chartered Accountants Act,
1949
 Reserve Bank of India Act, 1934
For more information please visit :
 Right to Information Act, 2005
 State Bank of India Act, 1955  https://www.rbi.org.in/Scripts/Act.aspx
 Securities and Exchange Board of  https://www.sebi.gov.in/sebiweb/home/H
India Act, 1992 omeAction.do?doListing=yes&sid=1&ssid=

 Securities Contracts (Regulation) 1&smid=0

Act, 1956 Compiled by :

 Foreign Exchange Management

Act, 1999
Samridhi Sethiya
 National Housing Bank Act, 1987 F4 (23-25)
 Negotiable Instruments Act, 1881
 Banking Regulation Act, 1949
 Regional Rural Banks Act, 1976
 Reserve Bank (Transfer to Public
Ownership)

36
"In investing, what is comfortable is rarely profitable." — Robert Arnott
Important Financial Abbreviations:
Sr.No. Abbreviation Full Form
1 SEBI Securities and Exchange Board of India
2 NSE National Stock Exchange
3 BSE Bombay Stock Exchange
4 CDSL Central Depository Services Limited
5 NSDL National Securities Depository Limited
6 NIFTY National Stock Exchange Fifty
7 SENSEX Sensitive Index (BSE)
8 FII Foreign Institutional Investor
9 DII Domestic Institutional Investor
10 FDI Foreign Direct Investment
11 FPI Foreign Portfolio Investor
12 PMS Portfolio Management Services
13 MF Mutual Fund
14 NAV Net Asset Value
15 SIP Systematic Investment Plan
16 RTGS Real Time Gross Settlement
17 NEFT National Electronic Funds Transfer
18 IFSC Indian Financial System Code
19 GST Goods and Services Tax
20 CRR Cash Reserve Ratio
21 SLR Statutory Liquidity Ratio
22 Repo Rate Repurchase Rate
23 RBI Reserve Bank of India
24 IPO Initial Public Offering
25 ADR American Depository Receipt
26 GDR Global Depository Receipt
27 ETF Exchange Traded Fund
28 MIBOR Mumbai Interbank Offer Rate
29 MIBID Mumbai Interbank Bid Rate
30 MICR Magnetic Ink Character Recognition

37
"Courage taught me no matter how bad a crisis gets ... any sound investment will eventually pay
off." — Carlos Slim Helu
Important Financial Documents:

Sr.No Document Description

The annual financial statement of the Government of India,

1 Union Budget presenting revenue and expenditure for the upcoming fiscal
year, along with fiscal policies and taxation proposals.

Prepared by the Ministry of Finance, providing an overview of

2 Economic Survey the Indian economy's performance, economic indicators, policy
recommendations, and emerging trends.
Released by the Reserve Bank of India (RBI), outlining the
Monetary Policy
3 central bank's monetary policy stance, interest rate decisions,
Statement
liquidity management, and inflation targeting.
Published by the RBI bi-annually, assessing the stability of the
Financial Stability
4 Indian financial system, analysing risks, and providing
Report
recommendations to enhance financial stability.

Historical documents outlining India's economic development

5 Five-Year Plans
strategies, policy priorities, and targets over five-year periods.

Goods and Services

Periodic meetings of the GST Council to discuss and decide on
6 Tax (GST) Council
GST rates, compliance requirements, and policy changes.
Meetings

Detailed information on the RBI's functions, operations, policy

7 RBI Annual Report initiatives, monetary aggregates, banking sector performance,
and regulatory developments.
Financial Sector
Development Gatherings of regulators and policymakers to discuss financial
8
Council (FSDC) sector development, stability, and regulatory reforms.
Meetings
SEBI-issued updates on regulatory matters affecting securities
SEBI Circulars and
9 markets, including changes in regulations, compliance
Notifications
requirements, and market developments.

Reports and publications related to government finances, fiscal

Public Finance
10 deficit, public debt, revenue projections, and expenditure
Documents
priorities.

38
"How many millionaires do you know who have become wealthy by investing in savings accounts? I
rest my case." — Robert G. Allen
Financial Intermediaries:

Sr.No. Bank Group No. of Banks

1 SBI 1
2 Nationalised Banks 11
3 Development Banks 4
4 Private Sector Banks 21
5 Local Area Banks (LABS) 2
6 Small Finance Banks (SFBS) 12
7 Payments Banks (PBS) 6
8 Foreign Banks 45
9 Regional Rural Banks 43
10 State Co-Operative Banks 34

No. of Public Insurance No. of Private Insurance

Sr.No. Insurance Group
Company Company
1 Life Insurance 1 23
2 General Insurance 5 21
3 Health Insurance 0 5
4 Reinsurance 1 10

Sr.No Name of Stock/Commodity Exchange Valid Up to

1 BSE Ltd. Permanent
2 Calcutta Stock Exchange Ltd. Permanent
3 Metropolitan Stock Exchange of India Ltd. 15-Sep-24
4 National Stock Exchange of India Ltd. Permanent
5 Indian Commodity Exchange Limited Permanent
6 Multi Commodity Exchange of India Ltd. Permanent
7 National Commodity & Derivatives Exchange Ltd. Permanent

For more information please visit : https://m.rbi.org.in

Compiled by:

Rahul Surve
F3(2023-25)

39
"In investing, what is comfortable is rarely profitable." — Robert Arnott
 EVENTS
Name of the
Sr.No. Designation Company Topic of lecture
Speaker
BSE
Foreign Exchange and Its
1 Dr. Vishnuvajjala Chief Economist BSE Brokers
Impact on Economy
Forum
Mr. Satyaki PWC
2 Sr. Analyst PWC US Banking Crisis
Bhattachayra Kolkata
Chat GPT for Financial
3 CA Adarsh CA/CISA/DISA/BCAF
Analysis
SBI / SBI
4 Dr. Siva Kumar Ex. SBI Sr VP Climate Risk
Gen Ins
ArthVitt
CA Sunil Kumar Arth Vritt Services-
5 CFO SME and MSME Financing
Pandey IIM Alumni
Services
ICAI- Accounting
6 Museum ICAI ICAI Accounting
Inauguration
Deloitte US Tax
7 Mr. Ashutosh Vyas Deloitte Placement Training
Consul.
Visiting
8 CA Pragya Jian CA Placement Training
Faculty
ITM
9 Dr. Yogesh Ingle ITM Faculty Business News Analysis #1
Faculty
MCX
10 MCX Mr. Jaydeep MCX Commodity Digital Gold
Exchange
ITM
11 Dr. Yogesh Ingle ITM Faculty Business News Analysis #2
Faculty
VP ICICI
12 Mr. Amit Gala VP ICICI Securities Credit Evaluation
Securities
Telawane
Telawane Industries
13 Industrial Visit Industries Costing in Industries
Taloja
Taloja
ITM
14 Budget Day ITM Faculty Budget Discussion
Faculty
Mr. Zubin VP Axis Role of Financial Securities
15 VP Axis Securities
Sanghavi Securities Firm in Financial Services
Business News ITM
16 ITM Faculty Business News Analysis #3
Analysis #3 Faculty
Mrs. Sushma G. SEBI Understanding Commodity
17 NCDX
Das Faculty Derivatives
Investor Awareness Progg by
18 Miss Neeru Bansal BSE BSE
BSE
ITM
19 Dr. Yogesh Ingle ITM Faculty Business News Analysis #4
Faculty
20 Mr. Karan Joshi NSE NSE NSE Visit

40
"In the world of finance, patience is a profitable virtue." - Raghuram Rajan
Selected pics of some Events

Inauguration of Accounting Museum on 5th September 2023 by CA Arpit Kabra,

Chairman WIRC, ICAI

Guest Session on Credit Evaluation Seminar on Commodity Derivatives

in Fundraising by Mr. Amit Gala. Market by Mrs. Sushma G. Das (21st
(7th November 2023)
February 2024)

41
"I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy
when others are fearful." — Warren Buffett
Industrial Visit to Telawne Power Industrial Visit to National Stock
Equipment Ltd on 18th & 19th Jan Exchange on 14th March 2024.
2024.

42
“We spend money, we must have the courage to do a self-audit and admit what emotion is driving our
spending.” – Deborah Smith Pegues
Centre for Policy Studies organized a session on the latest developments related to policies in
our country. First Speaker Mr Ravi Gupta spoke on "Strategic Policy Options in Changing
Paradigm in Financial Landscape, Climate Change & Sustainability. Second Speaker, Mrs
Renu Gauri spoke about “Policy Matters Related to Women” and the third speaker CA Madhav
Kalani’s topic was “Indirect Taxation in India. Please find snap of the event as below:

Business News Analysis Session-4 Students attended the Foreign Trade

Knowledge Summit 2024 at
the World Trade Center, Mumbai

43
“Investing is not about how much you make, but how much you keep." - P.V. Subramanyam
 STUDENT ACHIEVEMENTS

Sr. Name of the Status

Name of Student Name of Event Batch
No. Institute (Participated/Won)
1 Madhur Gupta F3
Solo Singing
2 Divyanshu Singh F4
3 Bipin Yadav Chess F4
4 Ninad Salunkhe Table Tennis F1
5 Divyanshu Singh F4
6 Aditya Mehta F4
7 Abhishek Yadav BGMI F4
Aniket Rajaram
8 F4
Thale
Vaibhav
9 F4
Chaudhary
Tug of War
10 Abhishek Yadav F4
11 Aditya Mehta F4
Vaibhav
12 F4
Chaudhary
13 Abhishek Yadav F4
14 Aditya Mehta Participated F4
Box Cricket Lala
15 Divyanshu Singh F4
Lajpatrai
16 Ninad Salunkhe Institute of F1
Aniket Rajaram Management
17 F4
Thale
18 Aditya Mehta F4
19 Abhishek Yadav F4
20 Divyanshu Singh Treasure Hunt F4
21 Prakhar Srivastava F4
22 Ashmit Gupta F4
23 Bipin Yadav F4
Vishakha
24 F4
Karamchandani
Trade Titans
Kanish Jain &
25 Tournament F3
Nikhil Guggle
26 Aditya Mehta F4
27 Manish Gautam F1
28 Bipin Yadav Case Crunch Won 2nd Prize F4
29 Apurva Srivastava War of Words Participated F4
Vishakha
30 Case Crunch Won 2nd Prize F4
Karamchandani

44
“Investing is not about how much you make, but how much you keep." - P.V. Subramanyam
 Name of Name of the Status
Sr. No. Name of Student Batch
Event Institute (Participated/Won)
Vishakha
31 F4
Karamchandani
32 Pratik Somani Thakur F3
Ashutosh Kumar Institute of
33 Tarangan Management Participated F1
Chowrasia
Studies and
34 Aditya Mehta F4
Research
35 Abhishek Yadav F4
36 Pratik Somani F3

Pillai's Instiute
37 Madhur Gupta Singing Participated
of Management

38 Kanish Jain Jeopardy Sydenham Participated F3

39 Madhur Singing Institute of Won 4th Prize F3
40 Aman Singh Baywatch Management F3
Studies,
41 Nandani Solo Dance Research and F3
Participated
42 Anuj Bihani Cricket Entrepreneursh F3
43 Aditya Nandwal Cricket ip Education F2

44 Rini Kanude Dance SVKM's F3

Mithibai Participated
College of Arts
45 Kanish Jain IPL Auction F3

45
"The biggest risk of all is not taking one."— Mellody Hobson
 Faculty Achievement
Prof. Uma Ghosh Awarded with the Late Prof. Y
K Bhushan 'Most Influential Professors Award' at
the 12th World Education Congress held in Taj
Lands End, Mumbai on July 13, 2023
Dr. Yogesh Namdeo Ingle received a Memento of
Honor for commitment and excellence in the field
of education from Chhatrapati Shivaji Maharaj
University on December 20, 2023.
Achievements of Dr. Yogesh Ingle
As an Examiner, conducted a Ph.D. Viva on
February 24, 2024 at Chhatrapati Shivaji Maharaj
University for the Management students.
Session Chair at the " International Research
Conference: SRUJAN 2024" Thriving and Growing in
Uncertain Times: Unleashing Business Potential
through Innovative Strategies organized
"Returns matter a lot. It's our capital." — Abigail Johnson
SIESCOMS and SIES School of Business Studies
(SIESSBS) on January 20, 2024.
Delivered sessions at Refresher course in
Commerce, Accountancy, and Management
organized by UGC - HRDC, University of
Mumbai, coordinated by Nagindas Khandwala
College Empowered Autonomous Institution,
Malad, Mumbai, ICSSR-sponsored Capacity
Building Program organized by Anjuman-I-
Islam's Akbar Peerbhoy College of Commerce
and Economics Chhatrapati Shivaji Maharaj
University, Padmshri Dr.V.B.Kolte College of
Engineering Malkapur Dist Buldana, and South
Indian Association College of Higher
Education on topics related to Management and
Finance.
Welcome Message -New Faculty
Member in the Finance Department!
We welcome Dr. Uma Hanjige, a new
faculty member in the Finance Department.
She joined the institute in the month of
February 2024 as Assistant Professor –
Finance, ITM Business School, Kharghar.
She has 10+ years of experience in teaching
and was working with Presidency College -
Banglore, India.
Wishing her success in this new journey!
by
46