PHDCCI organized its 4th Annual Convention on Capital Market & Commodity Market

No.PR-274 October 3, 2020 New Delhi

PHDCCI organized its 4th Annual Convention on Capital Market & Commodity Market

The Capital Market and Commodity Market Committee of PHD Chamber of Commerce and Industry organized the 4th Annual Convention on Capital Market & Commodity Market: Role of Financial Markets in Building Aatam Nirbhar Bharat on Saturday, 3rd October 2020 through Webex. Mr Santosh Kumar Gangwar, Hon’ble Minister of State for Labour and Employment was the Chief Guest for the Convention.

Mr. Santosh Kumar Gangwar, Hon’ble Minister of State for Labour and Employment (Independent Charge), in his address, indicated that financial markets has a pivotal role to play a pivotal in making India Aatam Nirbhar. He informed that under the guidance of our Hon’ble Prime Shri Narendra Modi Ji, they have taken this pandemic as a challenge, converting it into an opportunity, working diligently towards making economy and country prosperous. He opined that there is a need for more development in the capital and commodity market, going forward.

He said that due to the pandemic, sectors like healthcare, IT, and others have seen a spike rise in their development and opined that the capital market sector is one of the backbone sectors for the other sectors and country's overall economic growth. In the past one year, there has been an optimistic growth in the capital market giving a message that with the development of the nation and its arising challenges, the capital market is one of the markets which gives better outputs, he added. The Hon’ble Minister also said that Commodity exchange will play an important role in the future especially in the agriculture sector. He shared the success stories of using Commodity exchange in the farming sector that has led to an increase in the farmer’s income and efficient planning.

Discussing about the recent developments in the labour reforms, he mentioned that with self-reliant India, there will be self-reliant labour by enhancing the ease of doing business and robust reforms. He informed that they are also working towards creating a database of the labourers which will help to make this sector an organized sector. He said that the country has to work in unity and adapt to the developments of the world to make India a prosperous economy and have to expand Indian industries so that more people are employed.

Dr. D K Aggarwal, President, PHDCCI, in his address, lauded the diligent efforts of regulators, banks, clearing corporation, depositories for making sure the smooth transaction and working of this industry during the lockdown and pandemic. Giving a historical perspective, he mentioned that the several banking reforms have taken place due to covid-19 crisis. He stated that with the clarion call for Building Aatma Nirbhar Bharat, the country has to strengthen itself to be self-reliant and self-sustainable which will happen by increasing the focus on domestic manufacturing, increasing exports, making India a manufacturing hub, integrating local supply chain with global supply chain, among others.

Dr Aggarwal said that in these times, our markets are in the recovery phase and are spearheading towards the rejuvenation of Indian economy. While mentioning that the stock market is the source of domestic mobilization and savings, he said that the stock market has been a pivotal part of the economy, serving the nation in these times of crisis. Looking at the present times and situation in the commodities market, he opined that there will be an increased venturing of international companies into Indian markets and, there will be a need to help them understand the Indian markets. He also said that there is a need to ensure the provision for a platform for the hygiene of their currency rise, commodities pricing, and interest rates.

Mr. Ashok Aggarwal, Chief Mentor, CPAI & Chair, Globe Capital Market Ltd, while talking about Aatam Nirbhar Bharat, discussed that self-reliant India is strengthening Indian companies and making them globally competitive. He highlighted the benefits of GST, IBC, and Jan Dhan Account, DBT and other reforms that are helping India to be self-reliant. He opined that the reduction of corporate taxes has profitably helped the corporate sector. Talking about the capital market, he said that India has to raise its reserves and resource.

While discussing about the government reforms in the agriculture and commodities acts, he highlighted the challenges and opportunities of these reforms. He opined that these reforms will give farmers access to sell their produce in any part of the country with ease and these reforms are path-breaking for the farmers as well as the buyers. He said that there is a need to reduce the cost of the transaction, build a vibrant debt market, and judicially use capital and commodity market.

Ms Latika S Kundu, MD &CEO, Metropolitan Stock Exchange of India Ltd, in her address, said that the role of financial markets in building a self-reliant India is at the core of our duty and we need to believe in it. She opined that trading of spot commodities is the need of the hour in this industry. She mentioned that it is important to build spot commodities that will help to widen this market. Ms Kundu stated that there is a need of multiple market places and at the same time ensuring that market places have certain products that have unique offering to the market. Each marketplace has its area and is working together to build their eco system. Technology is the key to the future and we need to change the market structure with the new technology, she added.

Mr. Vijay Kumar Venkataraman, MD & CEO, National Commodity & Derivatives Exchange Ltd, in his address, indicated that the purpose of capital is not just to generate wealth but, it is also to generate employment and livelihoods for all. In a country like India where we have a massive population, the need to give employment to everyone is essential. In the context of Self-Reliant India, it becomes pivotal to focus on what capital can do to generate more livelihoods and employment, he said.

Mr P S Reddy, MD & CEO, Multi Commodity Exchange of India Ltd in his address gave a background about the capital market and talked about the impact of agriculture products. He mentioned that the government has given the reforms and now it is time for the corporate sector to step in and give ignition to this industry and thereby ultimately providing a boost to the country. He opined that there is a need for capital and commodity market to work together on this as that will help to create a vibrant eco-system to allow the government to shift to the private sector.

Mr. Ashish Chauhan, MD & CEO, BSE Ltd, in his address, said that in the times of lockdown and disruption, a new leap has been taken in transactions and trade processing, clearing settlement and risk management, among others. Mr Chauhan suggested that there is a need to become more resourceful for making India Self-Reliant. Further, focus should be to go deeper into agriculture spot markets and make some part of the verticals automated, he added.

Mr. Vikram Limaye, MD &CEO, National Stock Exchange of India Ltd, while talking about the importance of the capital market, deliberated that India has been a bank finance market and, this industry has a long way to go. He discussed the features in the equity market and new reforms and initiatives to boost this industry. He also discussed the intervention of technology-driven tools in the industry for smoother transactions and fast working, which is the need for the future. He opined that there is a need to work with the regulators and government to get a framework made.

Mr. Sanjay Aggarwal, Senior Vice President, PHDCCI gave the concluding remarks and presented the vote of thanks to the eminent experts at Inaugural Session. He mentioned that the government is taking diligent steps towards making India self-reliant and, there is a need to strengthen the Commodity sector to boost the economy.

Mr B K Sabharwal, Chair, Capital Market and Commodity Market Committee, PHDCCI moderated the convention. While giving reference to these times of pandemic, hehighlighted that the capital market has the capacity to handle any kind of volume.

The session was also attended by Mr. Saurabh Sanyal, Secretary-General, PHDCCI; Mr Rajeev Agarwal, Co-Chair, Capital Market and Commodity Market Committee; Mr Narinder Wadhwa, National President, Commodity Participants Association of India along with senior officials from SEBI; Ministry of Finance, Ministry of Corporate Affairs; PHD Chamber and received participation of around 200 participants. It was live on YouTube as well.

In the first Technical Session – Role of Equity Market – Building Aatam Nirbhar Bharat, Mr Ajay Bagga, Market Expert moderated the session. Mr. Navneet Munot, Executive Director and Chief Investment Officer, SBI Mutual Funds Management Pvt Ltd; Mr Nilesh Shah, MD, Kotak Mahindra Asset Management Co. Ltd and Mr Ravi Varanasi, Chief Business Development Officer, National Stock Exchange of India Ltd presented their views.

In the second Technical Session – Commodity Market for Aatam Nirbhar Bharat – Opportunity in Changed Regulatory Environment, Mr Vijay Sardana, Advocate, Delhi High Court &Member - CDAC, SEBImoderated the session. Dr Shashank Saksena, Adviser (FSRL & C&C), Ministry of Finance and Mr Aliasgar S Mithwani, Chief General Manager-CDMRD, SEBI were the eminent experts.

Ends Media Division PHD Chamber of Commerce and Industry