MEMBER SOCIETY OF

NEWSLETTER

December 2011

In this Issue
IAIP p2 OctoberVolunteer Day 16 , 2011
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From the Presidents Desk

Wish you and your near and dear ones a Happy, Healthy and Prosperous 2012! One of the most challenging years in recent times: 2011 has come to an end and I am sure all of us would heave a sigh of relief. Almost everything that could have been a headwind for Sunil Singhania, CFA investors in India has happened; whether it's the negative global environment and news flow or the domestic political and economic data points. We enter 2012 with optimism but also uncertainty. Whether the current challenges are already factored into the current market valuations? Can the possible fall in inflation and interest rates be the trigger for revival in investor sentiments? Will decision making be the biggest factor to track? There are many more questions that remain unanswered. We start the year with an attempt to get some answers to these questions through our much awaited Second Annual Investment Conference. The lineup of speakers' is excellent and it promises to be an exciting and enlightening event for every finance professional. Please take benefit of the same. The last quarter was a very busy quarter yet again for IAIP. The India leg of the CFA Institute Research Challenge concluded in December and was a resounding success. This event has become the premier research challenge event for B-schools in India. This year almost every top B-school in India participated in the challenge. The welcome ceremony for new professionals also saw record attendees and was also graced by top CFA officials. I once again reiterate, more action and events are planned in the coming months and the events would be more enjoyable if more members participate. Thus once again, it's a request for all to participate as volunteers as well as attend every event at IAIP. Your suggestions for topics of interest are also welcome. Thanks and best wishes!

IAIP organized a Volunteer Day on Sunday October 16th at Holiday Inn, Mumbai with the objective of encouraging members...

IAIP Challenge 2011 p4 CFA Institute Research Challenge in India December 13th, 2011
IAIP concluded the National Finals of CFA Institute Investment Research Challenge in Mumbai on December 13th 2011.

Welcome Ceremony p7 For New Professionals December 14th, 2011

CFA Charter, considered the Global Passport and Gold Standard by the investment fraternity worldwide, is earned after putting in considerable time and effort.

Kindly visit iaip.wordpress.com for more notes and photographs of the events. ---------------------------------------------------Elizabeth has been actively helping society for various events organized by it and issues faced by members. You could reach her at secretary@india.cfasociety.org.

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NEWSLETTER December 2011

Recent, Forthcoming Events

India Investment Management Conference th January 13 , 2012 IAIP Annual Forecast Event st April 1 , 2012

IAIP - Volunteer Day

October 16th 2011

IAIP organized a Volunteer Day on Sunday October 16th at Holiday Inn, Mumbai with the objective of encouraging members to come forward and volunteer for the society, evaluate their interests in various activities & committees, gain insights from their existing society leaders and volunteers, share experience with each other and have fun networking. The session helped past, present and potential volunteers gain new perspectives, explore own strengths and self-actualization. Lastly volunteers could come out as more committed, connected, and creative in a collaborative work environment. To make the session more interesting IAIP invited, Pratapaditya Chakravarty, popularly named PACO, to talk about volunteerism, building and uniting teams for a common cause, expanding horizon on both professional as well as personal fronts. He started with the fact that The Eiffel Tower was build to demonstrate that Iron is lighter than stone by a group of people, who were all volunteers! The team lead by Gustave Eiffel included 50 engineers, 100 Iron workers, 120 construction workers. The 324 metre & 108 stories tower took 18,038 pieces of metal, 2.5mn rivets and 60MT of paint.

So all the volunteers who attended the session were divided into 6 groups and given a task to build a replica of Eiffel Tower using wheat flour, which combined with water becomes binding material, spaghetti representative of iron structure, and water colors. The time allotted 20 minutes. All the members discussed, designed, planned, collaborated and built the coveted Tower. Everybody thoroughly enjoyed. Through this fun session PACO passed on some very memorable messages on volunteerism:

Volunteering gives you an opportunity to make a difference to people's lives in your community. You can use your skills and experience to help and enrich the local community. Volunteering can enhance your future employment prospects and enable employers to see that you have developed the necessary skills you may need in their organization. Volunteering gives you a chance to get experience in a field you would like to work in.

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NEWSLETTER December 2011

Past Events
India Investment Management Conference: Whats Next After The Recovery? January 7th, 2011 IAIP Challenge National Finals th February 5 , 2011 Presentation by Wells Fargo Team th February 15 , 2011 Annual Forecast Event April 1st, 2011 Best Practices in Equity Research By James Valentine, CFA th June 14 , 2011 Aadhar Building India 4.0 By Govindraj Ethiraj th July 29 , 2011 Avoiding Short-Termism in Investment Decisions By Jack Gray August 21st, 2011 Why successful spoken communications cant be soft skill? By Richard Cooper th September 15 , 2011 IAIP AGM September 28th, 2011

Many of the volunteer projects will include training, which will be useful both on the project and in later life. Volunteering gives you the chance to meet people both from within and outside the industry who you would not normally come across. Volunteering gives you the opportunity to test out potential career choices. Volunteering provides you with development opportunities that are not always possible with paid employment, for example; communication and people skills, organizational and time management skills, planning and budgeting skills. Volunteering can help you build links with particular organizations like Schools, FE Colleges and specific community organizations. Volunteering is fun and fulfilling, allowing you to experience many diverse opportunities not always available to you elsewhere.
So what are you waiting for? Take a leap. Get in touch with your society leaders and active volunteers. To seek for more information and opportunities for Volunteering and register kindly visit CFA Institute website or India page . You could also get in touch with Elizabeth at secretary@india.cfasociety.org.
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About PACO:
Pratapaditya Chakravarty, popularly known as Paco, has more than a decade of experience in exceeding SLAs and C-Sat scores for internal and external customers and has been associated with EDGE The Learning Academy, Reliance Capital Asset Management Co. His specialties are project management, performance consulting, training, instruction design, content development, occupational standards, conceptualizing & running corporate university. For more photographs visit this link . -----------------------------------------------------------------------------------------------1) CFA Institute Website: http://www.cfainstitute.org/mycfa/member/community/getinvolved/Pages/index.aspx 2) India Page: http://www.cfasociety.org/india/Lists/Volunteer%20Form/NewForm.aspx?Source=/india/ pages/volunteers.aspx 3) Photographs: http://iaip.wordpress.com/2011/11/03/iaip-volunteer-day
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INDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS

NEWSLETTER December 2011

IAIP Challenge 2011 CFA Institute Research Challenge in India

December 13th, 2011
IAIP concluded the National Finals of CFA Institute Investment Research Challenge in Mumbai on December 13th 2011. The four teams, which made it to the finals after the equally tough regional rounds, gave brilliant presentation of the investment thesis on the respective companies and responded well to the questions raised by the distinguished panel of judges. Bloomberg, NSE and Bloomberg UTV were the sponsors of the event. The two winning teams will represent India at the APAC finals in Hong Kong on March 2nd, 2012. For the starters the process started almost 3 to 4 months ago. IAIP Challenge task force screened and finalized the companies under $4bn in market capitalization for each of the four regions of the country North, South, East and West. It invited and shortlisted 32 business schools to participate in the competition. Then it brought on board a host of graders who evaluated the reports from each of the team and ranked them, mentors who guided the teams in preparing the reports, presentation and Q&A sessions and finally the judges for each of the regional rounds and national finals. Besides the task force arranged for venues, scheduled company presentations, managed logistics and worked to the minutest details. Needless to say they were able to convince and bring in the sponsors for this event.

Region North (Winner) South East (Winner) West

Regional Finalist Indian Institute of Foreign Trade, Delhi The Institute for Financial Management and Research, Chennai Indian Institute of Management, Shillong Shailesh J. Mehta School of Management, IIT, Mumbai

Company covered Petronet LNG Coromandel International Emami Marico

IIFT, Delhi

INDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS

NEWSLETTER December 2011

Feedback from Judges

The judges for the National finals were Sunil Singhania, CFA, Ramesh Damani, Ratnesh Kumar and Alan Meder, CFA (brief given below). They provided some valuable feedback to the students which would also be applicable to practicing professionals. Firstly, due to limitation of time one has to focus on few points which will corroborate the broad conclusion consistently. A brief background of the company especially to the international audience who may not be familiar with the local companies is always helpful. It is like educating the people on an investment idea. At the same time they need not overload, or run the slides faster or yell. Likewise using the financial statements and figures in global currency like the USD and using international conventions like millions instead of crores will be helpful. Overall, the panelists were impressed by the performance of each team and quality of their presentations.

IIM, Shillong

Panel discussion: Investment Outlook For Indian Equities

Following the National finals, IAIP organized a short panel discussion on the investment outlook with the same set of judges and Vivek Law as an anchor from Bloomberg UTV which broadcasted it live as well as repeated the telecast twice to its TV audience. While the panelist were optimistic about the long term investment story about India, they were nervous about the government policy gridlock, corruption issues, ban on mining, lack of orders for infrastructure projects, deteriorating fiscal & current account deficit, higher inflation & interest rates, depreciating currency and slowing economy. One of the key differences pointed out between 2008 bear market and current has been the absence of the entrepreneur's zeal & confidence in new projects. Likewise there have been negligible inflows into the mutual funds or the equity market from the investors. On the positive side prices for stocks in few of the affected sectors have dropped considerably and could be looked at.

About the Judges and Panelists

Sunil Singhania, CFA, is a Head - Equity Investments, at Reliance Capital Asset Management Ltd and President of IAIP

INDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS

December 2011

Ratnesh Kumar, is Managing Director and Head, at Standard Chartered Securities India (SCSI) Alan Meder, CFA, is SVP and Chief Risk Officer, at Duff & Phelps Investment Management Co. and also Vice Chair, CFA Institute Board of Governors Ramesh Damani, is seasoned investor with over two decades of experience and popular for his show on CNBC TV18 Wizards of Dalal Street.

About CFA Institute Research Challenge

The CFA Institute Research Challenge is a global competition which tests the analytic, valuation, report writing, and presentation skills of university students. Students have the unique opportunity to develop and present an equity research report and be mentored and judged by leading industry experts. Local CFA Institute member societies host and launch local competitions involving teams of three to five business and finance students from participating universities who work directly with a local company in researching and preparing a company analysis. The local winning teams will advance to the respective regional finals held in Asia Pacific; Europe, Middle East & Africa; Americas; and New York regions. The regional winners will then advance to the global final in the hopes of being crowned the global champion. To learn more about the CFA Institute Research Challenge, Follow us on website (www.researchchallenge.org); Twitter (http://twitter.com/cfachallenge); Facebook (www.facebook.com/globalirc); YouTube (www.youtube.com/cfachallenge) To learn more about the competitions held in India, Follow us on website (www.iaipirc.org); Twitter (http://twitter.com/iaipchallenge); Facebook (www.facebook.com/iaipirc) We are pleased to announce that the Videos for CFA Institute Research Challenge in India National Finals and Investment outlook for Indian Equities held on 13th Dec 2011 at Mumbai on Bloomberg Terminal's AV Function. You can just copy paste the link on Bloomberg command line and view the video by hitting Enter. CFA Institute Research Challenge in India Part 1:{NSN LXCHWX1A1I4H <go>} CFA Institute Research Challenge in India Part 2: {NSN LXCI5O1A1I4I <go>} Panel on Investment outlook for India Equities: {NSN LWAZXY1A1I4I <go>} The story is also searchable on AV or using NI VOD and through our many news searches. The Key words for the story would be IAIP Challenge, IAIP, CFA, India, IAIPIRC, Alan Meder, Ratnesh Kumar, Sunil Singhania, Ramesh Damani etc. For more questions, please reach us at team@iaipirc.org. For more photographs visit http://iaip.wordpress.com/2011/12/25/iaip-challenge-2011/

INDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS

NEWSLETTER December 2011

Welcome Ceremony For New Professionals

December 14th, 2011

CFA Charter, considered the Global Passport and Gold Standard by the investment fraternity worldwide, is earned after putting in considerable time and effort. So on becoming one it's the sight to watch out for there are lot of joys and smiles on the faces. To celebrate their key milestone CFA Institute and IAIP organized welcoming ceremony for the new investment & finance professionals on December 14th 2011 at Mumbai. Rohit Rebello, CFA, Secretary IAIP, moderated the entire events, tirelessly inviting more than 150 professionals to the stage and keeping the interest alive till the end. Sunil Singhania, CFA President IAIP welcomed professionals to the elite group of charter holders and highlighted the benefits of getting the CFA Charter and becoming the members of both CFA Institute and IAIP (the India society). On this occasion we had Alan Meder, CFA, Vice Chair of the CFA Institute Board of Governors and Ashvin Vibhakar, CFA, Managing Director, Asia-Pacific Operations, CFA Institute. Alan emphasized on the ethical dimension to bring back the trust of the clients and how the CFA Institute has been a voice of integrity. Ashvin gave the glimpse of how the Body of Knowledge is written by the practicing professionals & academicians. There are few important steps which needs to be completed before getting the CFA charter and becoming a member like getting sponsors, meeting the minimum work experience to receive regular membership or else receive affiliate membership, and so on. For the complete information on applying for membership kindly visit this page
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and for membership application process visit this link . So we urge you to complete this important task. In case of any difficulties you could get in touch with any one of the active volunteers and existing members. The benefits of getting the Charter and becoming the member of both the CFA Institute and IAIP are multifold. Primary being opportunities to network, to share and gain knowledge & best practices, contribute to the profession and society at large. IAIP has been regularly being conducting speaker events with both local and global experts enlightening the members, organizing regular annual events like research challenge, forecast survey and event, India Investment Management Conference etc. So once again welcome to the growing group of professionals! For more photographs visit: http://iaip.wordpress.com/2011/12/30/welcome-ceremony/ ---------------------------------------------------------------------------------------------1) Applying for Membership: http://www.cfainstitute.org/about/membership/process/Pages/index.aspx 2) Membership Application Process: http://www.cfasociety.org/india/Newsletters/Membership%20Application%20Process%2 0-%20For%20Applicants.pdf

INDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS

NEWSLETTER December 2011

iaip.wordpress.com
It has been a long cherished dream of our members to have some kind of communication channel wherein we could cover the various IAIP speaker and annual events as soon as we finish one. Accordingly, we have created one at www.iaip.wordpress.com. Brief notes as well as select photographs of almost all the events since beginning of the current calendar year have been posted on this site. We hope you would find it useful and would like it. Kindly visit the same and don't forget to provide us your feedback.

IAIP Committees:
Office Bearers Sunil Singhania, CFA President Vidhu Shekhar, CFA Vice President Rohit Rebello, CFA Secretary or Treasurer Programming CE and Networking Committee Jayesh Gandhi, CFA Director in Charge Anil Ghelani, CFA Chair Mital Parekh, CFA, Jayen Shah, CFA Members Kishor Bagri, CFA, Hitesh Shah, CFA Deepak Laxmi, CFA, Jitendra Marchino, CFA Salonee Sanghvi, CFA Anuj Kapoor, CFA Sanjeev Patni, CFA Advocacy Committee Director Chair Members Vidhu Shekhar, CFA Navneet Munot, CFA Prashant Nair,CFA, Nalin Moniz, CFA Rohan Ghalla, CFA, Vinay Bagri, CFA Biharilal Deora, CFA Saurav Mishra, CFA Jayen Shah, CFA Deepak Laxmi, CFA Biharilal Deora, CFA Chetan Shah, CFA Amit Khurana, CFA Jayna Gandhi, CFA Kishor Bagri, CFA Namit Arora, CFA Chetan Shah, CFA

Join IAIP member group on Linkedin at

Speakers/ Other Events:

Please send in suggestions on topics you would like events to be organized on. This will enable us to assess areas of interest and organize events accordingly. Members who have access to insightful speakers are requested to please let us know and help in facilitating events around such speakers. This will enable us to leverage the network of our members and deliver enhanced value to the member community. Please email anil.ghelani@dspblackrock.com or jayesh.gandhi@morganstanley.com or secretary@india.cfasociety.org.

Technology Committee Director Chair Members

Employer Outreach Committee Director Chair Members Communications Committee Director Chair

Membership & Recognition and Awards Committee Rohit Rebello, CFA Director Dinesh Da Costa, CFA Chair Neeraj Gaurh, CFA Members IAIP Challenge Task Force Namit Arora, CFA, Biharilal Deora, CFA, Kishor Bagri, CFA, Vinay Bagri, CFA, Neeraj Gaurh, CFA, Aviral Jain, CFA, Jatin Gujarati, CFA

Want to Volunteer?
IAIP is always looking to increase member participation and networking opportunities. You are most welcome to volunteer for our society to make it more vibrant. To understand more reach out to any of us or Elizabeth at secretary@india.cfasociety.org

We are open to a few additions to each of these committees as well as the formation of additional committees to enhance member value. Please come forward and be an active part of the society volunteers. In addition to the opportunity to interact with members and the investment community, it is also a good platform for developing leadership and keeping in touch with latest developments in the CFA community and the financial industry. It is also an excellent forum for giving back to the profession. Please email: rohit.rebello@barclaysasia.com, sunil.singhania@relianceada.com,vshekhar@nse.co.in or with the committee you are interested in participating in and your contacts.

Feedback/Request For Articles:

Please send feedback/interesting articles that you would like to contribute to the Newsletter to chetan.shah@religare.com or namit.arora@sc.com or sunil.singhania@relianceada.com or rohit.rebello@barclaysasia.com or secretary@india.cfasociety.org. Light readings, humor, interesting personal experiences are also most welcome.
Copyright 2011 CFA Institute | Copyright 2011 Indian Association of Investment Professionals | All Rights Reserved.