Changing Trend in Practice related to Capital Markets p

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J.B. Nagar
g CPE Studyy Circle of WIRC
Changing Trend in Practice
related to Capital
p
Markets
CA BhaveshVora
06-12-2015
Contents
 Statistics of Membership
 Statistics of Capital Market
 Changes
Ch
iin R
Regulatory
lt E
Environment
i
t
 Challenges in Profession
 Goal Setup and Execution Strategy
 Need for Merger
 Steps for Merger
 Future of profession
p
2
JB Nagar CPE
CA BhaveshVora
06-12-2015
Change is INEVITABLE,
P
Progress
is
i OPTIONAL
Tony Robbins
3
JB Nagar CPE
CA BhaveshVora
06-12-2015
Statistics – members ICAI Trend
As on
Associate
Fellow
Total
Increase
1-4-1950
1120
569
1689
-
1-4-1961
4059
1590
5649
3960
1-4-1981
16796
8642
25438
19789
1-4-2001
51603
44789
96392
70954
1-4-2005
68052
55494
123546
27154
1-4-2010
94991
66525
161516
37970
1-4-2015
160708
79266
239974
78458
S
Source
- ICAI
4
JB Nagar CPE
CA Bhavesh Vora
06-12-2015
Statistics – members WIRC (1-4-2014)
(1 4 2014)
Fellows
Associate
Totall
T
Numbers
Western
W
Region
% to W
Western
Region Total
Fulltime
61105
17676
80.25
Part-Time
2975
888
04.03
Not In practice
12167
3462
15.72
Sub-Total
76247
22026
100.00
Fulltime
41335
14438
25.48
Part-Time
5356
2095
03.70
Not In practice
106208
40121
70.82
Sub Total
Sub-Total
152899
56654
100 00
100.00
Grand Total
229146
78680
S
Source
- ICAI
5
JB Nagar CPE
CA Bhavesh Vora
06-12-2015
Statistics – members WIRC (1-4-2015)
(1 4 2015)
Fellows
Associate
Totall
T
Numbers
Western
W
Region
% to W
Western
Region Total
Fulltime
63702
18401
80.57
Part-Time
2906
855
3.74
Not In practice
12658
3582
15.69
Sub-Total
79266
22838
100.00
Fulltime
43498
15163
25.18
Part-Time
5434
2113
3.51
Not In practice
111776
42953
71.31
Sub Total
Sub-Total
160708
60229
100 00
100.00
Grand Total
239974
83067
S
Source
- ICAI
6
JB Nagar CPE
CA BhaveshVora
06-12-2015
Important Indicators - Capital Market
P i l
Particulars
A on 31.03.2011
As
31 03 2011
As on 31st
A
December, 2014
Brokers – Cash Segment
9,235
7,306
Sub Brokers
83,952
44,540
Brokers – Equity Derivatives
2,301
3,008
Brokers – Currency Derivatives
1,894
2,406
5,92,250
10,51,343
5,067
5,541
1,99,62,101
( on 31.03.2012))
(As
2,30,28,426
Mutual fund (AUM) (Rs. in Crores)
No. of listed companies – BSE
No. of beneficial owner a/cs (DP)
Source - SEBI
7
JB Nagar CPE
CA BhaveshVora
06-12-2015
Resource Mobilisation - PMS
Particulars
As on 31.12.2010
Discretionary PMS (No. of clients
As on 31st
December,
ece be , 2014
0 4
67,417
38,849
2,67,433
6,62,464
Non -Discretionary PMS (No. of
clients
3,685
3,207
Discretionary PMS (AUM) (Rs.in
Crores)
6,902
45,035
Advisoryy PMS (No.
(
of Clients))
8,078
,
4,165
,
Advisory PMS (AUM) (Rs. in Crores
88,611
1,60,885
267
193
Discretionary PMS (AUM)
N off R
No.
Registered
i
d PMS
Source - SEBI
8
JB Nagar CPE
CA BhaveshVora
06-12-2015
3rd December, 2014
Turnover and Market Capitalisation
Particulars
2010-11
Apr-Dec 2014
Cash Segment Turnover (Rs. in
Crores)) – BSE
11,05,027
6,23,162
Cash Segment Turnover (Rs. in
Crores) – NSE
35,77,410
31,55,162
Market
M
k Capitalisation
C
l
– BSE
(Rs. in Crores) (As on data)
68 39 084
68,39,084
98 36 377
98,36,377
Market Capitalisation – NSE
(Rs. in Crores) (As on data)
67,02,616
96,00,459
Source - SEBI
9
JB Nagar CPE
CA BhaveshVora
06-12-2015
3rd December, 2014
Important SEBI Regulations
Year
Regulation
2015 SEBI(Procedure for Search and Seizure) Repeal Regulations,
2015
10
2015
SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015
Regulations,
2015
SEBI (Issue and Listing of Debt Securities by Municipalities)
Regulations 2015
Regulations,
2015
2014
2014
2014
2014
SEBI (Prohibition of Insider Trading) Regulations, 2015
SEBI (I
(Infrastructure
f t t IInvestment
t
tT
Trusts)
t )R
Regulations,
l ti
2014
SEBI (Real Estate Investment Trusts) Regulations, 2014
SEBI(R
SEBI(Research
hA
Analysts)
l t )R
Regulations,
l ti
2014
SEBI (Foreign Portfolio Investors) Regulations, 2014
JB Nagar CPE
CA BhaveshVora
06-12-2015
Important SEBI Regulations
Year
Regulation
2013 SEBI (Issue and Listing of Non-convertible
Redeemable Preference shares)) Regulations,
g
2013
2013 SEBI (Investment Advisers) Regulations 2013
2012 SEBI (Alternative Investment Funds) Regulations,
2012
2011 SEBI {KYC (Know Your Client) Registration Agency}
Regulations 2011
Regulations,
11
JB Nagar CPE
CA BhaveshVora
06-12-2015
Merger of FMC with SEBI
- Many Avenues …….
12
JB Nagar CPE
CA BhaveshVora
06-12-2015
Changing Trends…….
Trends
 Checklist based audit / review
 Regulators becoming friendly
 Availability
A il bili off information
i f
i andd guidance
id
 Introduction of more regulations for capital market
intermediaries
 Increase in compliances and regulations
 Computerisation / Use of technology
 Increase in white collar frauds
JB Nagar CPE
13Study Circle
CA Bhavesh Vora
06-12-2015
CA Bhavesh Vora
24th November, 2013
Challenges – Capital Market
 Regular
g
updation
p
of regulations
g
/ issuance of circulars
 Increase in Compliances – Internal Audit Reports /




ce t cat o / Sa
certification
Sample
p e ssizee – Knowledge
ow e ge o
of bus
business
ess
Reduction in Fee scale – not proportion to increase in
scope and volume
Non availability of capable team / resources
Changing attitude of clients towards audit
Industry specific risk – if sector has grown, you grow, if no
you don’t
JB Nagar CPE
CA Bhavesh Vora
CA Bhavesh Vora
06-12-2015
24th November, 2013
Challenges – Practice in general
Economical Challenges
g
2. Regulatory Challenges
3 Organizational Challenges
3.
1.
HR Challenges
ii Technological Challenges
ii.
i.
4.
Personal Challenges
JB Nagar CPE
CA Bhavesh Vora
CA Bhavesh Vora
06-12-2015
24th November, 2013
The secret of Change is to focus
all of your energy
not on
fighting the old,
but
on building the new
Socrates
16
JB Nagar CPE
CA BhaveshVora
06-12-2015
Revisit/Re engineer strategies
Revisit/Re-engineer
 New clients /Prospective
p
Clients Vs. Existing
g Clients
 Billing Patterns/ Timely Billings
 Faith
a t aand U
Understanding
e sta
g aamongst
o gst pa
partners
t e s aand sta
staff
and their remuneration
 Learning soft skills
 Updation of knowledge /Training
 Traditional to technology upgradation
JB Nagar CPE
17
CA BhaveshVora
06-12-2015
CA Bhavesh Vora
a bit change
g in Approach
pp
Control the Processes……Not People
18
JB Nagar CPE
CA BhaveshVora
06-12-2015
Way forward
Goal
Plans
Executive
Strategy
gy
Monitoring
Where do I fit myself?
19
bJB Nagar CPE
CA Bhavesh
CA Bhavesh
Vora
Vora
06-12-2015
th
24 November, 2013
Executive Strategy
Identify the
challenges
Provide
Vaccines
Get Immunized
Build Revenue,
Brand and
Experiences
Perform the
Work
Goals can be same but strategies
g differs
20
JB Nagar CPE
CA BhaveshVora
06-12-2015
MERGER possibilities
 Need for merger
 Growth of client’s business and expectations
 New Services/New Areas
 Increasing regulatory requirements
 Retention
R
i off key
k personnell
 Investment in technology and infrastructure
 “Nothing
“N thi New”
N ” in
i lif
life…
 Knowledge/Skill updation challenges
 Personal
P
l Limitations
Li it ti
21
JB Nagar CPE
CA Bhavesh Vora
CA Bhavesh Vora
06-12-2015
th
24 November, 2013
Steps
p for merger
g
22
Self Analysis
y
Preparing for
change
Identifying right
partner(s)
Understanding
the deal breakers
Due diligence of
partners, firm
and other aspects
Informal
Discussion
PProfit
f Sharing
Sh
Ratio and broad
terms
Formal
Documentation
Cultivating
C
l
common Values
and vision
JB Nagar CPE
CA Bhavesh Vora
06-12-2015
Future of Practice – Capital Market
 Internal Audit to Control definition and control
settings
 Activity based consultancy in addition to sector
based consultancy
 Execution and result oriented practice
 Auditingg / Computing
p g knowledge
g to legal
g
Domain
 Competing
C
ti with
ith Law
L H
Houses
 Specialised services to super specialised services
23
JB Nagar CPE
CA BhaveshVora
06-12-2015
Future of the profession
24
JB Nagar CPE
Compliance
To
Consulting
Value
Protection
To
Value
Creation
Service
Provider
T
To
Solution
Provider
Size
To
Positioning
CA BhaveshVora
06-12-2015
Everyone has inside himself a
piece of good news! The good news is
that you really don't know how great
you can be, how much you can love,
what you can accomplish, and what
your potential is!
~ Anne Frank
JB Nagar CPE
clave
CA Bhavesh Vora
2nd
February, 2013
06-12-2015
J.B. Nagar
g CPE Studyy Circle of WIRC
Changing Trend in Practice
related to Capital
p
Markets
CA BhaveshVora
06-12-2015
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