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OctOber 14, 2011


5.14 100

Words of en
I congratulate the Chaanakya team as they release their 100th issue on the 14th October 2011. It has always set itself as a good example to all Departments of Christ University in terms of its content and on time delivery.
Dr. (Fr.) Thomas C. Mathew Vice Chancellor

I also congratulate the Finance department which has always stood out in the various activities that they conduct everywhere.

Finance department has always been the one which has been serious to find balance between the curriculum and the co-curricular activities. Finance team, to their credit has their fortnightly magazine Chaanakya too. The punctuality of this magazine to hit the mails on the correct date irrespective of exams or else is a fact of appreciation. The newsletter stands as an epitome of dedication and sincerity which has been transferred to the batches year after year. I congratulate Team Chaanakya and the finance club coordinators for the 100th issue of the financial newsletter Chaanakya.

Fr. Thomas T. V. Director

Prof. C K T Chandrasheksra Head of Department

Finance Club has been very active since its inception and it is one forum where it has been found that there is total participation of all the students. Finclave is conducted every year to celebrate the milestones of its newsletter Chaanakya. This year, Finclave commemorates the 100th issue of the newsletter. Chaanakya, the magazine of the Club is one of the best on Campus, hitting about 12000 mailboxes every fortnight punctually since its inception in September 2007. Best wishes to Team Chaanakya for its 100th Issue.

The Finance Club of CUIM has always stood apart from its counterparts. Continuous improvement is always visible in all their ventures. Finclave is the finance fest conducted annually to encourage participation of all junior students in the diverse field concerning finance. Best wishes to Team Chaanakya for its 100th issue which will be released in Finclave 2011.

Prof. (CA) J. Subramanian Registrar, Dean(Commerce and Management)

Prof. T S Ramachandran Faculty Coordinator

Chaanakya is a journey in my view. It takes you through several learnings. It brings you together. It makes you to adhere to deadlines and to quality. It provides you an opportunity to exhibit your talent in writing about the issues that would interest you, especially in the area of finance. It is a joy at the end of the hardship. It is pride for all of us that Chaanakya; the finance newsletter is celebrating its Centennial issue. On this occasion, I desire that each and every student of Christ University Institute of Management, contributes to Chaanakya in one way or the other, and takes along a wonderful memory which they will cherish forever during their lifetime.

Food is the foremost necessary item for life. Money, property, gold ,silver , jewels and pearls cannot satisfy human hunger. That is why food grains are called synonym of richness. An individual arranges food for family while the ruler may manage for the whole state. For food, it is necessary to give importance to agriculture and farmer. Also the means of irrigation like canal and dams may be constructed . In modern age, using the best of the technique more and more food should be grown so that nobody may shortage of food. In the absence of proper distribution also, supply of food appears to be short. It is the administrators duty to manage it properly.

Chaanakya Our Sole Inspiror

The day for which all of us at Wealth Incorporation (Finance club of CUIM) have been awaiting has finally arrived - the release of our centenary issue of Chaanakya. When this newsletter was handed over to us by our seniors, we became a part of the legacy Chaanakya. Having successfully completed the 100th issue, we are proud to be a part of history and we are sure there will be many more milestones to celebrate in the future.


It was intimidating because of Chaanakyas reputation of delivering quality articles and always releasing on time regardless of circumstances. However, a team of well informed writers and creative designers ensured that we not only lived up to the expectations of the readers, but have also raised the bar with every issue. To meet the quality standard that Chaanakya is known for, the team had a well defined structure with clear roles and was led by two editors who took care of alternate issues. This year we introduced two new sections Investors focus which gave recommendations on buy and sell using technical analysis and Book review in which a financial novel is reviewed. Chaanakya is growing and reaching the mailboxes of more alumni as well as students and faculty members of both the campuses. Regular feedback and opinions from readers have always been a motivating factor reminding us of the need to improve the magazine on a regular basis and encouraging us to aim for greater heights each time. In CUIM, Chaanakya is known to be on time, every time as we have ensured the release of the newsletter on the 1st and 16th of every month without fail. Chaanakya has helped the finance students to understand some of the summer internship projects undertaken by interviewing students about their internship experiences. It also created a sense of excitement among the readers through the crossword and quiz sections at the end of the magazine by acknowledging winners in the next issue. Working for Chaanakya has always been challenging and interesting. Now looking back, we are impressed by our work as a team that has yielded results, kept promises and exceeded expectations. As we hand over this to our juniors in few months, we are going to miss working for Chaanakya, but are confident that Chaanakya will break all barriers and reach greater heights.

Apoorv Jhudeley Rajat Sikri

Our Future rOadmap

Welcoming revolution with open hands, Chaanakya is a fine example of dynamism in the ever-changing environment. With many ideas in the brewing, the Centenary issue is trying to bring forth certain ideas for the widening of the perspectives of the Chaanakya Newsletter. Chaanakya is one of the most organized Newsletter of Christ University Institute of Management in terms of the content and the financial issues it covers across the sphere; it was a daunting task for the next level of thinkers to redefine Chaanakya with already what it is presently. In such a case we would really thank and congratulate our seniors for their fruitful efforts in making what The Strategist Newsletter today is! Our future road map for Chaanakya includes: Readability: The newsletter is full of contents which are of utmost importance in terms of understanding and information providence but still it fails to attract readers. In order to make Chaanakya more readable every fortnight, there would be a TEASER PAGE which will be released a day before the newsletter releases i.e. A page that contains the title of the articles or the topics which will be covered and the picture of the recent topic happening in the financial world. SMS to Club members: To increase our readership, Student, faculty and other members would receive SMSs with the highlights of the issue, fortnightly, after the release of Chaanakya. Reachability: In order to increase readership base we have to involve classes to contribute articles for the newsletter. We cannot make it

mandatory but can always create a special space in the newsletter applauding the class which contributed the most in the issue of the newsletter with the authors pictures. It not only creates a better awareness among the sections regarding Chaanakya but also a healthy competitive spirit to outdo the other sections in terms of content richness in the issue. Research Papers: We would be providing links of the Website of the Chaanakya newsletter archive where the readers would be able to upload research papers of their choice. This would act as a forum for the members, which can help them in their curriculum as well as in their career. Column on Case Study: We would try to include Financial case studies in every issue like quiz and crossword. Mention of Winners of previous issue: Last year we encouraged our readers to send the solutions of the quiz, crossword and case study. The Winners and their answers (of each issue) were acknowledged in the succeeding issue. This year we would make the newsletter more interactive and which would be helpful in arousing curiosity among the students. Letter to the Editor(s): The readers would be given an opportunity to send letters to the Editor(s) on the articles of previous issues. The best views and opinions would be published.

Pragathi P . Apurva Gupta Aparna Raj



Swift Shift of the Easterly Winds


Major News Highlights


Value Addition at Finance Club


Journey of the Economic Numbers


Analysis of our Investor Focus 100 and its Peculiarity! A Word with Previous Editors

14 16 17

retrospect RetRospect
The 100th issue of Chaanakya is a retrospect of its journey over the past four years and highlights some of the trends and changes that have occurred and those that will continue to develop. Chaanakya is the fortnightly financial newsletter dedicated to everybody enthralled by the world of Finance. Chaanakya which started its publishing as a fortnightly newsletter in 2007 in response to the explosive surge of interest and activity in the finance department is now one of the most reputed newsletters of CUIM. Tracking the economy closely and watching its markets gain and tumble, the magazine enlarges the view into general occurrences through a small window. Nothing has changed! We are still on the crest of the wave and have steadily continued our march forward. Furthermore, Chaanakya now reaches out to the corporate world and other departments of the University as well. Every single issue right from the first to the centenary one has marked an improvement in standards and quality of Chaanakya. Started as a four page newsletter, Chaanakya today has 20 pages of knowledge and insight. It showcases diverse articles ranging from current affairs to international markets, stock graphs, debates, financial creativity, alumni insights, genius games and quizzes. Chaanakya has seen many changes since its inception. Every volume of Chaanakya had something new for its readers. Along its journey, Chaanakya added new sections like Alumni Speak (Interviews of the alumni of MBA Finance, CUIM, their views on various issues and advice to the students), Commodity Articles, Investors focus (Buy/Sell recommendations based on technical analysis of the stock) and Book Review which stimulated interest among the readers to pick up a copy for themselves. Team Chaanakya came up with the initiative to bring out quiz competitions for students in 2011 which proved to be highly successful. Students who participated in various B-School competitions credited their success to Chaanakya. The strength of Chaanakya lies in its commitment to punctuality, hitting the mail boxes every fortnight on time every time irrespective of holidays and examinations. Team Chaanakyas zeal, commitment, hard work, and their continuous pursuit of quality make Chaanakya the most read and highly acclaimed newsletter in CUIM. Chaanakya has never compared itself with the newsletter of other departments, but has created a benchmark for itself. We hope that this hard work and commitment will be carried forward by the junior team that would make Chaanakya a national level financial newsletter in B-schools someday. It is perhaps easy to look back at the last 100 issues of Chaanakya and be content with our collective efforts. Without a doubt, there is much to be proud of Chaanakyas four years of publication. We believe that, in many ways, Chaanakya has fulfilled some of its initial goals. For example, when challenged with the question Why start a new newsletter? The response given in 2007 was ... hope this forum will provide a common vehicle for bringing together the diverse concepts, ideas, and techniques that make up Finance. The newsletter has not only achieved this goal but has also gone a few steps ahead. Our challenge for the future is to continue to address the changing needs of the readers and implement new approaches and techniques. The continued inputs from our esteemed faculty members and support from new batch of students will be critical to meet these goals.

Compiled by: Kumar Gaurav;Rajat Sikri; Sandeep Kalra


swift shift of the easteRly winds

The background of Western Economy before the decline

The signals of economic fallout started around the year 2007-08. Currently western countries are

facing this crisis due to the way they have structured their financial markets. Most of the countries which are undergoing this situation are due to heavy dependence theyve had on the financial markets. To start off, the US economic situation was as follows after four years of speedy growth, the country had come up with many financial instruments to mitigate risks. Especially the hedge fund investors who wanted to protect themselves from a fall from the high position they had taken. This led to many innovations like derivative products. Banks started securitizing loans and selling them off to other parties and hence generating liquidity for themselves. This led them to giving more loans to the riskier groups or NINJA groups as land prices kept raising due to increase in demand for homes. What banks failed to realize is that they were creating a whole pool of defaulting customers. But they were happy as long as they could dispose of these risky assets to other players in the market. The banks started creating more of an investment banking environment throughout the economy. And when inflation reached double digits, the fallout was on its way, much faster than the growth rate!! The country kept creating more risky assets to come out of one risk. The situation that Ireland faced is quite similar. It was the greed of the private players in the market and bankers which has led to the pain being inflicted on the citizens the tax payers. What the government did wrong is take up the obligation of recovering the debts created by external investors. This has led to high unemployment and inflation. The Greek economy is feared to default. The reasons behind Greeces condition are as follows. During the period of 2000 2007, Greece was the fastest growing economy in the Euro zone. This was mainly attributed the fact that Greece adopted euro as its currency in January 2002, which made it possible for it to borrow loans at competitive rates and also lower the rates in the euro bond markets. This led to increased domestic expenditure and economic boost. During this phase Greece recorded an average GDP of 4%, almost double of Euro Zone at that time. Greece at that time also had huge trades with the US with the exports from US amounting to billions of dollars. When the states started to reduce their international trades due to recession, Greece started getting affected. With the western countries facing recessional winds, the Greek government lost access to credit, world trade and domestic consumption the three important engines of growth for the country. Greeces growth rate fell to 2%. Further to keep in track with the monetary union guidelines, the Greek government paid huge amount of money to major banks like the Goldman Sachs to hide their true economic statistics. This though helped Greece to obtain more debt and refinancing, has eventually led to deepen their debt situation. And ever since the credit rating agencies have downgraded the countrys credit worthiness, investors have lost their confidence in the country, FDI flows have stopped, leaving the country in a deep pit from where it is difficult to come out. The Italian economy is facing a stagnant situation despite certain achievements it has to its name like highly industrialized developed nation is due to its political corruption and the northern and southern state divide.


The reasons for decline of the western economy could be attributed to two components, the financial component and the effect on the ability and will of western powers, to project power. The other factor would be the profound effect Americas flawed thinking about the world. Europe is in sovereign debt crises, which may worsen with times to come. The health of German banks may be considerably worse than is commonly believed. France too is in a much weaker financial position, than it realizes. The Euro sovereign debt crises, in one angle are seen as crises of the democracy. The crisis began with Greece running out of funds to pay its debts. It was then funded by the EU to prevent Greece from defaulting. Greece instead spent the money too lavishly on its people. It had given false figures to sell its bonds and some say even false figures to get into the EU. Also rules were established that each country should keep its finances, and must not expect others to subsidize its expenses, however this rule was broken. But the fear was that if they dont help Greece out, other PIGS (Portugal, Italy, Greece and Spain) countries could default on their debt as well. These countries also borrowed to the hilt and banks and investors might not buy their government bonds at an affordable interest rate if they think richer northern countries are not coming to help them. If a large country like Spain defaults, then it would damage the European economy. This crisis did not start overnight. The concept of unequal distribution of wealth plays its role here, and this has existed since decades. Another hypothesis claims that the euro crises were allowed to evolve in order to deflate the euro. As we have now entered into the competitive currency devaluation era where the theme is devalue or die, nations will take up any measure to keep their products competitive in the global market. As Germany was replaced by China in the field of exports, the euro was further devalued, and then when things started to look really bad, the EU pretended to help by approving a huge package, but this package would now devalue the euro even more. If they had approved a bailout package immediately, the euro would not have shed as much as it did. In a matter of months the Euro dropped almost 24%; in the currency markets, this is considered to be a very large move. Another factor to consider is that no government wants to pay its debt in a stronger currency; governments borrow money so that they can pay it back with cheap currency. Thus while one currency might appear to be appreciating against another; the truth is that they are all falling down, some faster than others. Clearly, all these governments have been overspending and over borrowing for many decades. United States is proceeding to aggravate the health of the global economy through a huge new infusion of money, which is going to devalue the dollar and set off a war of competitive beggar thy neighbor devaluations. It is certainly not going to improve Americas employment situation and its going to massively worsen the current fiscal crisis. The state of the economy, national as well as global, has a material effect on Americas ability to project power. Moreover the U.S. is now planning to bring in the twist again. This means a twist of the yield curve, which ultimately melted the stock markets. It is a situation in which governments sell financial securities (bonds) of various maturities to finance their fiscal deficit. By alternatively buying and selling these bonds they plan to fluctuate prices and thus gain in the process. This format when adopted earlier was one of the major reasons for the crash in stock markets which had a profound effect worldwide. Stock markets across the world are seeing a downward trend, many financial institutions too have col-

The reasons for decline in the Western Economy


lapsed or been taken over. This led to governments of the most financially strong nations too had to come up with rescue packages to sustain their financial system. There have been various acts contributing to this decline, which created a wave of downfall throughout the world. High street banks got into a form of investment banking, buying, selling and trading risk. Investment banks, not content with buying, selling and trading risk, got into home loans, mortgages, etc without the right controls and management. Many banks were taking on huge risks increasing their exposure to problems. Perhaps it was ironic, that a financial instrument to reduce risk and help lend moresecuritieswould backfire so much. There is a crisis of confidence even now. Assets were plummeting in value so lenders wanted to take their money back. But some investment banks had little in deposits; no secure retail funding, so some collapsed quickly and dramatically. The problem became so large, banks even with large capital reserves ran out, so they had to turn to governments for bail out. New capital was injected into banks to, in effect; allow them to lose more money without going bankrupt. That still wasnt enough and confidence was not restored. The Wall Street is blamed by many for causing the problem in the first place because it is in the US that the most influential banks, institutions and ideologues that pushed for the policies that caused the problems. The subprime crises, in appropriate analysis of the market by financial institutions in the U.S. while lending money, the credit crunch, poor performance of the economy and unexpected reaction of the financial markets to the plan devised by the government were some of the major factors leading to the decline. A failure in decision making, to revive themselves from the crises, was another factor which worsened the situation. GDP Growth Rate: While the G7 countries have had a very volatile GDP growth in the last 5 years with 2009 recording some of the lowest (negative) rates, Asia has grown 9% last year, but they will continue with a 7.8% growth and a 7.7% growth rate in the next two years. This high growth is led by China whose growth rate last year was over 10%. The growth rate of China will slightly moderate but it will continue to have a higher than 9% growth. In 2011 it is expected to grow 9.6% and in 2012 it is expected to grow 9.2%

Factors influencing the growth of Eastern Economy

India is also doing quite nicely. Their growth rate will moderate a little bit like China. Their growth rate will be above 8.2% in 2011 and 8.8% in 2012. Its not just for India and China, actually the high growth in Asia is quite broad-based and other regions are actually doing well. Central Asia benefits from the higher oil prices, so it will actually have a higher growth rate compared to last years. The region will


have higher than 6% growth rate. East Asia, led by China, will still have above 8% growth rate. Southeast Asia, and if you look at Indonesia, it is doing quite nicely and its growth rate is projected above 6%. Malaysia, its growth rate will moderate but it will continue to have a growth rate higher than 5%. Inflation: High inflation hurts economic growth. Economies that suffer from high inflation usually suffer from relative price distortions as different prices adjust at different speeds and in different time patterns. Moreover, high inflation economies tend to have high volatility of real interest rates and real exchange rates.

However, inflation pressures are building up. The average inflation rate in Asia was 4.4% in 2010. It is expected to increase to 5.3% in 2011 and we assume the Asian governments will do monetary tightening and pursue anti-inflation policies. That is why we are expecting inflation in 2012 will moderate to 4.6%.

Future Growth for Eastern economies:

Asias recovery is quite firm with growth rate nearing 8% in the next two years, more specifically 7.8% in 2011 and 7.7% in 2012 despite modest recovery in the major industrial countries. However, inflation pressure is building up and, considering the geopolitical risks in the Middle East and North Africa, we expect high oil prices is likely to continue which may make Asia -- home of 2/3 of the worlds poor quite vulnerable to the inflation pressure, especially food price inflation.


Over the medium term, the challenge for Asian economies is to sustain its high growth for the next decade. It has to find alternative and supplementary source of demand and new source of growth for the global economy as well as the Asian economy. It is very unlikely that major industrial countries will be the engine of growth for the global economy again anytime soon. So, in order to take up the slack from the West, Asian economies have to find new and alternative source of aggregate demand. Another important factor, unlike the past, the growth of Asia last year was led by domestic demand rather than external demand. In sum, our study finds that the Asian recovery is quite firm, with the growth rate nearing 8% in the next two years. Asia will and is leading the global recovery but rising inflation is a concern and the policies will have to be quite coherent in coping with inflation.

Current situation of East against the West

When the HSBC Board announced last year that the Group Chief Executives main office to Hong Kong, it prompted a number of reactions. Some asked if it was a first step towards moving HSBCs headquarters away from London. Some wondered if HSBC was going to split the bank into two. In fact, the move had everything to do with Group strategy. HSBC has long been convinced that the worlds centre of gravity is steadily shifting east and south. Hong Kong for example, is perfectly located. Not only to tap into whats happening in mainland China, but also the flows of business in Asia and between Asia and the rest of the world.

A new phase for the global economy

Emerging markets are set to grow three times faster than developed ones. In other words, they are driving the global recovery. Many Western nations will struggle for some time, and we could see further setbacks, particularly in Europe. It is now the emerging markets that are leading the way forward, in a way few would have thought possible only a few years ago. The economic firepower of emerging markets will overtake the developed world - measured by purchasing power parity. Its a defining moment. Its hard to believe the term BRIC was invented only ten years ago. And what a ten years it has been. Brazil, India and Chinas roles are now secure on the world stage. As for Russia, the potential is there with its strong commodity base and its growing wealth. CIVETS are named after the cat-like animals found in many of these countries. These are the new BRICS: Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. Each has large, young, growing population. Each has a diverse and dynamic economy.

Changing patterns of wealth

The economic shift is creating a new middle class. In 2000, the emerging market middle class numbered 250 million people. By 2030, it will be 1.2 billion. Asia-Pacific will become home to more millionaires than the USA or Europe soon. China already has more millionaires than the UK - and the average age of their millionaires is an enviable 43. All of this has implications for any industry that relies on consumers. Chinas tourists are now the number one spenders in Paris, ahead of the Americans and even the Russians. China has also become the second-largest luxury goods market in the world, consuming 25% of luxury goods such as Louis Vuitton handbags and Rolls Royce.


Changing trade routes

Latest research shows that export orders are at their highest levels in emerging markets for five years. If anything, things are speeding up. And companies are taking on staff at the fastest rate for two years just to meet that demand. These exports are not all bound for the West. In India, two thirds now go to markets other than the US and Europe. And last year, China became the largest importer of Brazilian goods. There is still plenty of room for growth. Financial and capital markets in most emerging markets are small relative to GDP. Even now, only a quarter of the value of Chinese corporations is publicly listed. This compares to more than 70 per cent in the USA. Its clear that emerging market currencies will become preferred stores of value in the years ahead. Its also clear that since the crisis started, the financial centres like Hong Kong and Singapore have been closing the gap on London and New York. And this gap is likely to continue to narrow, with many western markets facing years of austerity ahead as they attempt to regain control of their fragile fiscal positions.

Written by: Rao Pavan ;Richa M Jain; Ritu Jadwani; Vinutha V Jois Our Sources: www.imf.org_external_pubs_ft_weo_2010_01_pdf_text

Expressing in some words, what "Chaanakya" gave us is a tough task and I am privileged to work as a member of team "Chaanakya. It gave us tremendous learning of basic financial insights and world economy as well as the ability to work in a team effectively. It was difficult to bring Chaanakya every 15th day without compromising with its quality, but we never failed to keep our word "EVERY TIME ON TIME". Amit Prakash MBA Finance Its content is really helpful for us to know the current financial world. Quizzes & current affairs really help us to enhance our general knowledge. I am lucky to have this on every fortnight basis but would like to have it on a more frequent basis. Ankit Koolwal JUNIOR MBA N


MajoR news highlights

AT & T to buy T-Mobile from Deutsche Telecoms for $39 billion. ROMANIA will soon get a new loan worth 5 billion euros ($ 6.8 billion) from the International Monetary Fund (IMF) and the European Union. Proceeds will be used to prevent a debt crisis. Hero Honda Motors Ltd (HHML) will pay at least `2,350 crore as royalty to Honda Motor Co. Ltd till June 2014 as a part of the fresh licensing agreement signed between the two firms after the Japanese firm decided to exit from the joint venture in December. Microsoft buys Skype in $8.50 billion deal. Handset maker Nokia is likely to be paid hundreds of millions of dollars by Apple after victory in a legal wrangle over technology used in its arch-rivals top-selling iPhone. Frances LAGARDE has been elected as new IMF chief. She will be the first women who will head IMF. India and China are now the top choice of Canadian investors, according to a survey by Franklin Templeton Investments Corp. According to the survey, 38 percent respondents think India and China represent the greatest investment opportunity over the next decade. The euro zones debt crisis has taken a dangerous turn. Contagion is singeing the currency blocs third biggest economy Italy, which would be too big to save with existing EU financial fire-fighting tools. British consumer products giant Reckitt Benckiser has named its global marketing head Rakesh Kapoor as its new chief executive, a rare appointment of an Indian to the helm of a marquee European corporate name. Tata Chemicals Ltds (TCL) acquisition of 25.1 percent stake in a greenfield fertiliser project in the west central African country of Gabon has increased the Tata Groups presence in Africa. World Bank President Robert Zoellick shuffled top management on August 26, 2011 naming bank veteran Caroline Anstey to one of the top four posts. Ghana will repay its $3 billion loan from the China Development Bank at an interest rate of 6-month LIBOR plus 2.95 percent. From June 30 2011, 50 paisa will be the minimum coin accepted in the markets as all denominations below it will cease to be legal currency. Also, the entries in books of accounts, pricing of products, services and taxes should be rounded off to 50 paisa or whole rupee from this date.


The Securities and Exchange Board of India (SEBI) on January 14, 2011 said billionaire Anil Ambani cannot invest in publicly-listed securities until the end of this year, and barred two of his companies from such investments until the end of 2012.

Government scrapped the 1000 cr deal between Antix Corp. Ltd., the commercial arm of ISRO and Devas Multimedia Pvt Ltd. to offer multimedia services via two proposed government funded satellites.

Shipping Corp. of India Ltd, the nations largest sea cargo carrier, hired State Bank of India (SBI) to help it borrow $216 million around (960 cr) in a two part loan. Cheque transactions worth over ` 8.66 lakh cr were carried out in the country during April, 2011, with a growth of over 0.7 per cent from the same month last year. To ensure greater participation of retail investors, SEBI is planning a series of changes to the existing Demat, IPO and secondary market trading rules. These changes will not only make the stock market a safer place but also streamline the entire process of investing.

India slipped one step to become the fourth largest steel producer in the world in 2010 with 68.3 million tonnes (MT) production, according to World Steel Association (WSA). The Reserve Bank of India (RBI) extended the time limit for buyback of Foreign Currency Convertible Bonds (FCCBs) issued by companies, by nine months to March 31, 2012 but has reduced the discount slabs for the buyback.

India has overtaken Spain to become the 11th largest insurance market in the World. But while the Indian market has jumped up 10 places in the last decade, Indian companies individually are yet to make their presence in global rankings because of their localized operations.

The countrys second-largest bank, Punjab National Bank, has said that it has acquired a 30% stake in the Indian arm of the biggest US life insurer MetLife at an undisclosed amount. Food inflation accelerated significantly in the week that ended on July 30 because of simmering price pressures in several commodities, even as the Reserve Bank of India damped down hopes of a pause in rate increases, at an informal interaction with top bankers in Mumbai.

The government has approved 18 FDI proposals worth `122.79 cr including those of Pipavav Defence and Offshore Engineering Company.

Compiled by: Gurjit Singh; Vaibhav Nagar


Value addition at finance club of christ University institute of Management

There are more than 8 committees in the finance club of CUIM Finance Dept. which work together for providing knowledge and practical application for the students of finance. Some of the value addition activities that took place during the last year were: Work shop committee Excel Workshop: Excel offers new data analysis and visualization tools that assist in analyzing data, spotting trends and accessing data more easily than in the past. The beauty of Excel is that it can be used as a receiver of workplace or business data, or as a calculator, a decision support tool, a data converter or even a display spread sheet for data interpretation. The workshop committee had conducted 2 excel workshops for the finance students. There was a workshop on excel basics conducted by the senior committee members. Secondly, there was an advanced excel workshop conducted by Pramartha organisation facilitated by Mr. Mahindra and on successful completion of four sessions certificates were awarded. SAS Workshop: Due to positive response and feedback from the senior students, a SAS workshop was conducted for students across all specialization with maximum participation from finance students. Documentary Committee: Visual media has proved to have more impact on human mind as compared to oral or textual media. There were many videos showed related to the financial world out of which these are important Movie The Insider -The movie focused on ethical behaviour in the corporate world, whistle blowing and corporate social responsibility Documentary-On Forensic investigation focusing on auditors responsibility . The video was taken from Association of Certified Fraud Examiners (ACFE). Additional Certification : The committee came out with a supplementary issue to the Chaanakya, which brings out various additional certifications that a finance professional can aspire for. NCFM EXAMS : These exams help us to give an insight into the financial markets and services. Students are required to take minimum 3 modules. NISM EXAMS: The committee members requested the BSE authorities to conduct the NISM Mutual Fund Exams in Banagalore specially for Christ college Mba students and they conducted the same. CFA : Mr. David E. Upton had given us brief insight into CFA exams including the pattern of questions, level of difficulty and how to study for the exams . He motivated lots of students to take up the course.


Contemporary Issues Committee : The world is changing at a fast pace and every factor which is impacting or getting impacted by it has financial implications and we need to be aware of these contemporary issues. The contemporary issue committee conducted a discussion on annual budget and monetary policy 2011. They also came up with articles on recent issues in Chaanakya. Numbers and quiz committee: Numbers speak for themselves & Quiz is very important because it is a part of your education to test your knowledge and skills of what youve been learned. This committee releases certain numbers like all the important indicators of economy like Repo rates, etc. There were three quizzes conducted by the committee for the finance students of our college. Corporate Interface committee : This committee was successful in getting a lot of corporate heads and executives to the college to share their experience with us and give us a practical view of the corporate world . Some of them are: ING Vysya Insurance- CFO- Mr. John Boers. Zerodha CEO-Mr Nithin Kamath who gave us session on stock markets. SBI Mr D. Subramani who gave us a session on credit appraisal. Alumni committee Alumni are the strength of any organisation and our Finance club was constantly in touch with them. Finance club contacted alumni and their interviews were recorded in each Chaanakya issue. Placement Committee Our finance club placement team has worked hard throughout the year, beginning with collecting database of our senior finance student selected in various companies to help our batch mates to know about recruitment process of firms coming for campus recruitment. We also collected data of our batch mates internship details to help our juniors to find prospective company & relevant project for summer internship project. Time and again we also organized various mock GD sessions to help students to know more about GDs.

Compiled by: Ashish Chopra; Prachi Rathi

Chanakya aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields including asset pricing, corporate finance, banking, law and finance, behavioral finance, and experimental finance. Praveen Sidola MBA Operations


joURney of the econoMic nUMBeRs fRoM MaRch 2010 to septeMBeR 2011

Post the sub-prime crisis, India has shown a favorable growth. But for the last one year i.e. March 2010 to September 2011 the growth of the country is showing a downward trend. The GDP of the country has fallen from 8% to 7.7% as on August 2010 and due to this the Prime Minister Advisory Council has changed the projected GDP to 8% from the previous 9%. When it comes to inflation, the country is seeing a regular rise in the headline inflation. The main problem is the rise of core inflation or the non-manufacturing inflation. The headline inflation was 10.36% in March 2010 to 9.78% by September 2011 while the core inflation was 3.5% as against 7.8% today. So, it can be clearly seen that inflation was a major area to focus on during the last 19 months. Still, RBI is not able to bring down the inflation which is nearing the peril level of double digit. The central bank of India took some measures to tame inflation and the effect is the increase of key rates 12 times in the last 19 months. The key rates include the repo rate and the reverse repo rate. The repo rate changed from 4.75% in March 2010 to 8.25% in September 2011. When it comes to reverse repo rate, the change is from 3.25% to 7.25%. When it comes to stock market, the Sensex has given negative returns in the period between March 2010 and September 2011. Sensex has given a return of -1.9% during this period. Nifty has given a return of -1.7%. In IIP, India has grown better in June 2011 when compared to June 2010. In June 2011, IIP grew at 8.8% as against 7.5% in June 2010 and in May 2011, it stood at 5.9%. The increase in IIP is due to one area which is Capital goods which grew at 37.7% year-on-year and 30% month-on-month. The Manufacturing sector output which constitute over 75% of the index grew by 10% in June 2011 as compared to 7.9% in June 2010. The mining sector grew at 0.6% in June 2011 as against 7% in June 2010. This clearly indicates that the mining sector has been growing very slow compared to capital goods and manufacturing sector. India reached the highest ever monthly exports in June 2011 which helped the country to reduce its trade deficit to $7.7 billion which was $15 billion two-months ago. This still shows an average performance as the trade deficit was still less at $6.9 billion in June 2010. The value of exports and imports for month June 2011 stood at $29.2 billion and $36.9 billion respectively which shows a growth of 46.6% and 42.5% respectively. In the imports section, the non-oil imports grew sharply by 47.8% to $26.9 billion as against $18.05 billion for the month of June 2010 and the oil-imports showed a positive trend by growing at 30.1% to $10.18 billion in June 2011. The exports increased by 45.8% for the period April-June 2011 to $79 billion but the imports increased by 36.6% to $110.6 billion. The exports may slowdown in the near future as there is a chance of double-digit inflation in India and a double-dip recession in the developed countries. The overall economic growth of the world may also see a slowdown in the exports. Fiscal deficit of India is presently at 4.7% of GDP as against the target of 4.6% of GDP. The fiscal deficit in the first half of the fiscal year stood at `228753 cr which is approximately 55% of the


targeted fiscal deficit for the whole year. Government target the fiscal deficit at 4.6% of the GDP which comes to be `412817 cr. When it comes to revenue deficit for the period April-July it stood at `194920 cr which is more than 63% of the full year target of `307270 cr. If we consider the month of July 2011, the revenue deficit stood at `60299 cr. India has a massive revenue generation from Foreign Direct Investment (FDI) inflows which showed a massive jump of 295% in June 2011. It stood at `25371 cr which is $5.65 billion, the highest monthly inflow in the last 11 financial years in INR terms. The FDI inflow rose by 129% for the period of April-July 2011 at `60163 cr as against `26261 cr for the period April-July 2010. The areas where FDIs have seen potential and have invested a lot are Service Sector, Housing and Real Estate, Telecommunication and Computer Software and Hardware. Mauritius was the top investing company contributing to 41% of the total FDI inflows in to the country.

Compiled by: Naveen Kulkarni; Sumit Kumar Gupta

Cartoon by: Md. Zafar Iqbal


analysis of oUR inVestoR focUs

Investors Focus is an initiative started in October 2010, to bring the readers attention towards the use of Technical Analysis to time the investments (entry and exit) for fundamentally sound stocks. However, to be able to demonstrate its application within a short period, the calls (Buy or Sell) are given for a period of 15-30 days so that readers can assess performance every month, making follow up to the previous issues convenient for them. The intention is to familiarize readers with various technical analysis tools, illustrate with charts and provide their interpretations. Some of the most popular tools like Japanese Candlestick patterns, Momentum, MACD, Commodity channel index, Volume, Relative strength index and Stochastic oscillators are used to generate Buy/Sell signals with a target price and a downside limiting stop loss price. Price chart patterns such as continuation triangles, head & shoulder bottom, diamond bottom, pennant, flag and breakouts are used in combination with above mentioned tools to signal a confident Long/Short position call. Each issue begins with an overview of the broader equity market and major happenings in Indian and world economy. It also highlights one company replete with basic information about it and also its financial ratios along with its recent earnings growth. Thus Investors Focus is an informative article for readers interested in Indian equity markets.
Chaanakya A v e r a g e Call AcIssue Returns c u r a c y Issue 4.14 Issue 4.15 Issue 4.16 Issue 4.17 Issue 4.18 Issue 4.19 Issue 4.20 Issue 4.21 Issue 4.22 Issue 4.23 Issue 4.24 Issue 4.25 Issue 5.02 Issue 5.03 Issue 5.04 Issue 5.05 Issue 5.06 Issue 5.07 Issue 5.08 Issue 5.10 Issue 5.11 Issue 5.12 3.97 10.85 1.11 16.67 7.53 4.68 4.44 3.81 10.95 5.63 5.58 2.83 2.14 4.05 8.44 4.63 3.46 4.53 3.89 7.79 5.69 6.39 50 100 50 80 100 75 50 75 100 75 75 75 50 75 100 75 50 75 75 75 75 100


Total Return (%)* Annualized Return (%)* Overall Call Accuracy (%)

94.175 98.27 75.22

* The returns are calculated as the average of compounded returns of alternate issues (Month beginning & Mid-month). The graph shows growth of `10,000 invested at beginning of 1st & 2nd issues.

Compiled by: Madhukar Das

A wonderful finance newsletter which gives an extra edge to its readers. It feels good to be a part of this amazing journey. Prateek Nangia MBA Finance A comprehensive finance oriented newsletter, proud to get associated with 100th issue. Congratulations to team & support staff. Chinmay Jethwa MBA Finance Chaanakya has always been a valuable resource to keep myself abreast with the latest in financial world and the events surrounding it. It is something that I would refer back to at any stage of my life if need be. Cheers to the entire Chaanakya team for the hard work put into making this amazing Magazine. Abhinav Das MBA Finance


100 and its pecUliaRity!

Chaanakya The Strategists Magazine is on the verge of completing its successful century in a style, with its centesimal issue on the roll. 100 has always been a unique number in itself with various mathematical facts surrounding it and the cent percent has always been an elusive dream in exams for the students to achieve (at least elusive for me). In 2011 as the Indian economy is facing the litmus test to verify its ability to survive the financial turmoil across the globe, I will take you 100 years back in 1911 when some distinct geo-economic events took place which affected our present economy in some or the other way: The countrys capital was transferred from Kolkata to New Delhi by King George V in December 1911. The first issue of PIG RUPEE, that was minted from both Kolkata and Mumbai then in 1911. The coins had an impression of elephant on the Kings robe that was considered to resemble a pig, thus the variety known as the pig rupee got established. Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai. The bank was founded on 21 December 1911. Now the bank has 3,563 branches across 27 Indian states and three Union Territories. National Anthem Jana Gana Mana composed and scored by Nobel Laureate Rabindranath Tagore was first sung at the Calcutta Session of the Indian National Congress on 27 December 1911. The Tata Iron and Steel Company Ltd. (TISCO) was set up in 1907 at Jamshedpur, Bihar. The first ingots were rolled in TISCO in 1911. Bihar and Jharkhand formed the part of Bengal Presidency till 1911, when on 12 December 1911, a separate province of Bihar and Orissa was created. On Feb 18, 1911, Henry Piquet flew his Humber bi-plane from Allahabad to Naini, six miles (eight km) away, in Uttar Pradesh, carrying first official airmail, marking the beginning of air transport in India. So from TATAs initial production to the marking of 100 years of civil aviation in India to the division of states or to the establishment of banking fundamentals, India has come a long way in these 100 years to where it stands tall in the world today as the most stable and fast growing economy. In the same way with the previous 99 successful issues Chaanakya has made its mark as the most prominent financial magazine rolled out from the stable of Christ University and now with its 100th issue on the roll it redefines solidarity and establishes faith among academicians. Our Sources: www.indiachild.com; www.indiacurrentaffairs.org; www.whereincity.com

Compiled by: Anubhav Jain; Dhruv Chopra


a woRd with pReVioUs editoRs

Name- Mathew A Thomas Batch- 2006-08 Present organisation- Infosys Chaanakya:First things first, how does it feel to hear about the grand 100th issue of Chaanakya? Mr. Thomas: Time flies so fast, it just seemed like only a few months back I had come there on its 50th issue, but when I look back in time, that was two years ago. This is really a remarkable milestone that had a very humble beginning. Chaanakya:What was the idea behind beginning a magazine like Chaanakya? Do you think it has achieved the intended motive? Mr. Thomas: We started with a simple concept of engaging the students with the current affairs. It was a platform for them to express their views too. We had a long term vision of making it a journal with research papers contributed by students only. To that respect the magazine has been able to achieve its first intended purpose. The inclusion of debate & editorial section is a good step in our long term intension for the journal, but still some way to go before we can showcase this journal to a world outside Christ College. Chaanakya:What was the challenge/s that you had to face with respect to Chaanakya, in any aspect? Mr. Thomas: As I mentioned earlier, we had a humble beginning, and generally people dont want to get associated with small things. We had difficulty getting students, to take up responsibilities as there were pressures of performing well in the exams and obviously the future of this magazine was uncertain. To dream that it will see the light of 100th issue was flamboyant. Chaanakya:What kind of coordination was received during the first year of Chaanakya? Mr. Thomas: Our major source of inspiration was our mentor Prof T.S Ramachandran. It was his push that kept us going. The editorial team had to work hard during exam days, but the magazine never missed any timelines, thanks to the hard work of few folks namely Ritesh, Sindhu, Simi and Soumyaranjan. Chaanakya:Chaanakya from 5 to 20 pages, 5 to 30 member team. Your comment on its progress, and the showcase in the editions that you have been seeing. Mr. Thomas: Participation of more number of students is highly commendable. This will give a good platform to all those students who are not able to showcase their talent in other fests or events. The editorial team has been successful in bring out new content ideas, thus making this newsletter an interesting read all the time. Those who are following it from the start know the changes this newsletter has undergone, and all for good. Chaanakya: Its time for Chaanakyas new team, what suggestions would you like to give them? Mr. Thomas: Its time to move to the next level. May be once in two months or quarter, bring out this newsletter with a couple of pages of research article purely written by a student on any financial topic/news/happening etc. Gradually we can transform this magazine into a journal comparable to the standards brought out by IIMs or ICFAI.


Chaanakya: How is your journey so far in the corporate world. Mr. Thomas: It has not been a cake walk as we dream while we are doing our MBA, but Hardwork and Smartwork pays it all. I joined as a team member and now am a Team leader of 11 professional all either MBAs or CAs. I got a chance to work personally with the Country Head of the major Aluminium giant of USA and the work was recognised and rewarded. Chaanakya: Please discuss any recent happenings that races to your mind when you think of the Global/Indian Financial scenario and give your opinion on the same Mr. Thomas: The recent US debt crisis and spurt in Gold prices created a mindboggling gold seeking rush. It was almost a panic situation and everyone wanted to hoard gold in his possession. The latest data shows that the usage of gold in industry or jewellery has come down by 18 % since 2004 but prices have gone up much more than that. This is a bubble situation and we cant be sure when it will burst. According to one expert, if society collapses, caned food and guns will be of more value than gold. So I think we should invest wisely and not be drifted by the market sentiments. And to avoid any mis-happenings, we need to diversify our investments and have alternative sources of income. Chaanakya: Thank you for sharing your thoughts, lastly we would like your word of advice to the future finance professionals especially in the light of placements Mr. Thomas: Choose the right company where you want to work at least for the next 2 or 3 years. Dont get into any company just for the sake of getting placed. The best paying firms might not be the one you want to get into because of their work culture, timings etc. So, take your time and get to know of the profile and work culture of the firm from various sources and then decide.

Name- Fouzia Taranum B Batch- 2007-09 Chaanakya: First things first, how does it feel to hear about the grand 100th issue of Chaanakya? Ms. Taranum B: It is wonderful that the finance fortnightly has reached its 100th issue. Yet, none of us are very surprised. The dedication that went into every issue ensured that this milestone would be achieved along with many more. My heartiest congratulations to all the Chaanakya Teams, past and present. Chaanakya: What was the challenge/s that you had to face with respect to Chaanakya, in any aspect? Ms. Taranum B: Initially, it took some time getting used to the strict timelines, especially during exam time or having to coordinate during vacations. Eventually we learnt to deal and this helped us to learn to manage our time better. We have TSR sir to thank for the constant encouragement and guidance.


Chaanakya: How would you define Chaanakya in one line. Ms. Taranum B: Its a good compilation of current issues, articles and potpourri on finance and finance related matters. Chaanakya: What made you take up further studies after MBA? Put some light on sustainable development course and future prospects of other courses for MBA grads. Ms. Taranum B: There are limitless opportunities in the corporate world and beyond. After a brief period with Tata Consultancy Services (TCS) as a Business Analyst, I realized that I wanted to do something more. Circumstances afforded me this opportunity and I gladly grabbed it. Studying or not is a personal choice and depends on what career path you plan for yourself. The sector/s you see yourself in may not require any further qualifications; rather work experience or simply the aptitude to back you. Many of my friends are doing professional courses like CFA, FRM, IPGDRM, project management courses among others in spite of their demanding job profiles. Few are taking up or are planning to take up PhDs. Few others are running their own businesses. It is all up to you and your goals. Chaanakya: Its time for Chaanakyas new team, what suggestions would you like to give them? Ms. Taranum B: Please carry on with the great work. If possible try including an interview with someone in the corporate sector, non-government/non-profit organisation, academic experts, entrepreneurs, etc. once every few issues. Chaanakya: Please discuss any recent happenings that races to your mind when you think of the Global/Indian Financial scenario and give your opinion on the same. Ms. Taranum B: There is so much going on! Great opportunity to learn. The European sovereign debt crisis and fears of contagion, US credit rating downgrade, etc. have had an impact on the markets. The G20 Finance Ministers meet speeches have shown that we may potentially face currency wars and competitive devaluations. There is speculation about Yuan as a reserve currency, while the euro and EU are cast in doubt. PM Manmohan Singh stated at the UN General Assembly that we are now dealing with the negatives of globalization and interdependence. The efficacy of the Bretton Woods Institutions is being questioned. We are talking about a greater role of India at the global economy level. At the same time, on the domestic front, we face many problems due to these external as well as internal factors. The complex debate on growth-versus-inflation is on. Crude and commodity prices are causing further problems. Exports have been resilient but we dont know till when. Rupee has depreciated and there is speculation about RBI intervention in the forex market. Fiscal imbalance is another issue to address. There is a need to address leakages in the subsidy regime. Corruption has rightly become the flavour of the season. There are umpteen demands on the government. Yet we have talk of policy paralysis. Scams have affected investor confidence and there is a dire


need to restore it by taking bold administrative steps. Chaanakya: Thank you for sharing your thoughts, lastly we would like your word of advice to the future finance professionals especially in the light of placements. Ms. Taranum B: This is probably said too often to all of you, but I would still like to reiterate. Please read the newspapers, use the internet productively and keep yourself abreast with all the current events. This will help you grow by leaps and bounds! And find a passion for what you do. Things become effortless and fun then. All the best!

Name- Manesh Paul Mani Qualification- BTech, MBA Batch- 2009-2011 Present organisation- MindTree Ltd. Chaanakya: First things first, how does it feel to hear about the grand 100th issue of Chaanakya? Mr. Paul Mani: I am really proud to know that Chaanakya has hit Century! Definitely I would like to extend my congratulations to all the team members who have made this happen and especially to Prof T.S. Ramachandran Sir who has been the driving force and the inspiration behind this initiative. To have been associated in the journey of Chaanakya is a pride for me. It has always been a great learning experience. This is also an achievement for all the Chaanakya team members of ester years who have committed their selfless efforts for this noble cause. I am definitely sure that Chaanakya is destined for greater heights and will continue spreading financial wisdom to all, especially to the budding managers. Chaanakya: What was the challenge/s that you had to face with respect to Chaanakya, in any aspect? Mr. Paul Mani: Chaanakya has always presented me with challenges and thus given me opportunities to learn and reinvent. The greatest challenge I would say was to set track the team effort and exceed the expectations of the readers in terms of the quality and timeliness of the content. To be contemporary and to hit the readers with the buzz of the market, this was our mission and for this all the team members worked throughout irrespective of exams. Being a fortnightly issue, the responsibility was even greater. I still remember the days when we all used to stay awake working to ensure that the next morning our readers have their copy in the mailbox. Be it the content writers, the reviewing team, the designers, everyone played their role throughout with utmost enthusiasm and passion to bring out the issues on time. Chaanakya: How would you define Chaanakya in one line? Mr. Paul Mani: Chaanakya is a wealth of information realising the greater mission of churning out financially literate managers.


Chaanakya: It has been a year since you delegated the responsibility of Chaanakya to us, what difference do you find in a years time? Mr. Paul Mani: Rather than speaking about the difference in Chaanakya, I would like to commend on the difference it would have brought about in each and every individual contributing to the various issues. I am sure that Chaanakya would have instilled a sense of discipline and financial literacy. I would like to applaud the current team members for their dedication and effort towards bringing out every issue on time and keeping the articles relevant. Chaanakya: Its time for Chaanakyas new team, what suggestions would you like to give them? Mr. Paul Mani: I would request the new team to keep the spirit of Chaanakya alive and continue contributing to this great cause with their soul and mind. Our motto has always been to educate the readers. To select contemporary topics, to scourge and to get the best information available on it and present readers with the complete view in a crisp and concise manner is the challenge you have to take up. Also brainstorming and refining to give a new dimension to the newsletter with lots of variety and spice. Learning finance can be made fun. How you do it is up to you? I would request the team to definitely draw inputs from the variety of sources but present their views on the topic of discussion. Chaanakya: How is your journey so far in the corporate world? Mr. Paul Mani: The journey into the corporate world has been interesting with each day a new learning experience. There is an ocean of information out there, lots of tasks you need to learn and perform time bound. The challenge here is not only to perform; but perform the best. You have to be innovative, creative and challenge your limits. Chaanakya: Thank you for sharing your thoughts, lastly we would like your word of advice to the future finance professionals especially in the light of placements. Mr. Paul Mani: To me, Placements is one of the most important decisions you take in your life time. It decides to a large extend how your careers will shape. So it is ultimately on you to take informed choices. But definitely there is no reward without hard work. We have to set time from our busy schedule and prepare for the placements. If you commit yourself to a few hours of hardship everyday in preparation, then it will save you a lifetime. To be able to better articulate and to present your thoughts in an organised manner for debates, you have to read the newspapers regularly. They will give you the fuel to speak. For interviews you have to be confident in your basics, so revise your fundamentals. Dont leave your careers to chance but take a bold step in defining your futures, for this is in your hands.

Interviewed by: Cymy Varghese; Geetika Gupta

Its a great magazine. Topics discussed in it are enriching and provides valuable insight into current economic scenario. Chanakya helps in building a clear picture of the industry. Jeta Prakash Marketing


President: Saket Bhartia (Saket.Bhartia@in.ey.com) Secretary: Ritesh Tibrewala (riteshtibrewala13@gmail.com)

Lay a foundation for professional growth and success in the anti-fraud field join the ACFE.
Todays anti-fraud field is high profile, exciting, stimulating and offers many opportunities for building the kind of career you want. A diverse range of choices is available, offering competitive salaries with the potential for rapid career growth. One of your most valuable anti-fraud career resources is the Association of Certified Fraud Examiners (ACFE), the worlds largest anti-fraud organization and premier provider of anti-fraud training and education. With members in more than 160 countries representing numerous industries and job functions, the ACFE is your gateway to an influential and diverse group of anti-fraud professionals who can provide valuable insight into launching your own career.

Focus on your future as an Anti-Fraud Professional

JOIN ACFE BANGALORE CHAPTER Avail the Special Student Membership @ discounted fee for the year 2011-12

Rs. 500/- only

(Regular Annual membership fee: Rs 1500)

Benefits of being a member of ACFE BANGALORE CHAPTER: Attend Professional Development Meetings get insights from experienced CFEs Attend Bangalore Chapter Annual Fraud Conference - get member discount on conference fees Get introduced to senior members in the industry increase your career opportunities Make this your first step to establish a career as an anti-fraud professional. This certification will complement your graduation and post graduation degree. Key areas where you are likely to find ACFE members: Internal Audit Independent Audit Law Enforcement Investigations Governance, Risk and Compliance Loss Prevention Computer Forensics Consulting Accounting

Contribution By: Rahul Sinha (Design) Apoorv Jhudeley (Editing and Compiling) Abhijeet Singh (Student Reviews) Rohit Dhannawat; Saurabh Khator; Soumya Sar (Corporate Feedback) Akshat Malik; Manan Datt; Mandeep Kaur (Interviews and Messages) Kumar Gaurav; Meenakshi Ramnath (Review)


First Row (From Left to Right) : Mathew Alexander, Rao Pavan Sridhar, Sandeep Kalra, Gurjit Singh, Kumar Gaurav, Manan Datt Second Row : Amit Prakash, Md. Zafar Iqbal, Chinmay Jethwa, Vaibhav Nagar, Saurabh Khator, Anubhav Jain, T B Deekshit Ravichandra, Soumya Sar, Gaurav Jain Third Row : Madhukar Das, Rohit Dhanawat, Meenakshi Ramnath, Vinutha V Jois, Apurva Gupta, Richa M Jain, Mandeep Kaur, Ritu Jadwani, Cymy Varghese, Prachi Rathi, Sumit Kumar Gupta, Abhijeet Singh Sitting Row : Rahul Sinha, Apoorv Jhudeley, Prof. T S Ramachandran, Fr. Thomas T V, Prof. C K T Chandrashekhra, Rajat Sikri, Akshat Malik

This Photo is incomplete without: Naveen Kulkarni, Geetika Gupta , Pragathi P., Prateek Nangia and Ashish Chopra

Institute of Management Hosur Road, Bangalore - 560029, Karnataka, India Tel: +91-80-4012 9350/9351/9355 Fax: +91-80-4012 9000 Website: www.christuniversity.in

Please mail your valuable feedbacks, reviews at chaanakya@mba.christuniversity.in