SGX – NSE International Exchange Connect – Pitfalls for GIFT IFSC

Singapore has over the years emerged as a top International Finance Centre (IFC) and the Singapore Exchange (SGX) has found a successful niche in licensing of indices from other jurisdictions such as China, India, Indonesia, Japan, Taiwan, Malaysia, Thailand, Korea, Australia, New Zealand, Philippines etc. and creating deep and liquid index derivatives markets. Besides having created a deep and liquid market in India based index and related products, Singapore also is a global foreign currency hub of the India Rupee based contracts through the NDF and SGX markets.

To counter this unabated export of Indian products to such international financial centres, India has established its own IFSC at GIFT City, Gandhinagar to develop an international financial centre in India, rivalling the likes of Singapore and Hong Kong. It aims to have a prime position in Asia and emerge as a financial centre of choice for global participants. Eventually, GIFT city should become a vehicle or a place for investments across the world into India like Hong Kong has acted for China in the last 30 or 40 years as envisioned by our Honourable Prime Minister.

Additionally, skilled manpower is also expected to return to the onshore markets and numerous job opportunities created for our own people as foreign participants and intermediaries set up offices in GIFT IFSC. Already, over the past few budgets, various tax incentives, exemptions, relaxations have been provided to create a level playing field for GIFT IFSC to compete with other IFCs.

An initiative which is being envisaged to build liquidity at GIFT IFSC is the proposed SGX – NSE International connect, which is a proposed collaboration between the NSE International Exchange (NSE International) and the SGX wherein SGX will provide order routing into NSE International and all the foreign financial intermediaries and participants will operate from Singapore with no visibility to NSE on the participants, rendering it as a permanent vassal under this arrangement. The details of financial arrangements, operational and implementation issues are still not public, the collaboration it is believed remains subject to further approvals from authorities, including amendments to the Prevention of Money Laundering Laws, which would be a major concession to enable the project take off.

Incidentally, one of the big reasons for participants using SGX is the Omnibus account structure, wherein the details of end client of beneficiary is not known to the Exchange and in many cases to its intermediaries, which poses a significant Money Laundering risk affecting our economic and national security. Potentially, no trading member, clearing member, institutional investor of SGX, which are some of the marque names, would then be incentivised or find it worthwhile to ever set up a presence at GIFT IFSC, since they can easily access all IFSC products from Singapore, killing the potential of GIFT IFSC forever.

The settlements of trades would take place at SGX for those trades which are netted out and required to be settled between SGX members and other trades would be settled at the NSE International Clearing. In essence, SGX therefore would continue to retain its participants, order flows, settle trades, offer margin offsets, earn its fees, leaving no development of markets, creating an investor base at GIFT IFSC.

The collaboration seems to completely rely on order flows and business emanating from Singapore almost acknowledging that GIFT IFSC does not have any potential or standing of its own to generate business or trading volumes. This could have probable damaging consequences to the reputation of GIFT IFSC. It also shows our continued reliance and dependency on an offshore venue, not only for volumes but also as the price setter for India based indices and exchange rate. This seems clearly contrary to the goals envisaged while setting up GIFT IFSC and erode the importance of GIFT IFSC in the minds of international participants.

When all the efforts should be to develop a transparent, deep and liquid market in the India based products at GIFT IFSC, wouldn’t such a link destroy the potential of GIFT IFSC to emerge as competition to Singapore, Hong Kong, Dubai etc., by handing over our markets and volumes to Singapore? The other issue which remains to be seen is whether investors would have an interest in the SGX – NSE connect, which brings in an additional set of rules, regulations and processes to be followed. Will it bring enough liquidity to GIFT IFSC, will it hamper the attractiveness of GIFT IFSC by keeping other potential participants away, since they would certainly notice the absence of large international names at GIFT IFSC?

Will it bring skilled financial sector manpower back to onshore markets? What would be the parameters on which the success of the venture be monitored and how much time given to the project to emerge successfully? In case any potential damage to the reputation of GIST IFSC ensues, whether due to abuse of laws, lack of build-up of liquidity, lack of international institutional investors at GIFT IFSC, who would bear responsibility and can the reputation of GIFT IFSC be subsequently salvaged?

Clarity would also be required whether the SGX – NSE connect would be a one off, case to case approval or would it be a general go ahead for other exchanges at IFSC to also connect to international venues such as Korea, Taiwan, Dubai, Mauritius etc.

While other countries such as Japan and China are implementing policies to bring back liquidity to their local markets from Singapore, would it be a right step for India to continue handing over the markets to Singapore and lose out on market participants?

Osaka bourse revamped its derivatives trading in 2016 by implementing new technology along with longer trading hours and reduced transaction costs with an objective to bring back Japanese index futures (NIKKEI 225 futures) trading from foreign bourses (SGX & CME) to home country.

China has also placed restrictions and disallowed certain indices like A 50 index option from being trading on the SGX and also getting HK to take exclusive licenses of MSCI indices preventing SGX from trading them any further. In fact, China has created a connect model between their domestic and offshore markets within the same jurisdiction, through the Shanghai/Shenzhen – Hong Kong Stock Connect, to develop their own local and onshore markets.

In the long run, building deep and liquid local markets or a continued dependency and reliance on foreign markets needs to be well thought through for the success of IFSC. Finally, when the policy aim of the government is being Aatmanirbhar (self-reliant), would be worthwhile to emerge as a strong, stable, independent Indian IFSC or become reliant on a competing International Finance Centre to get business?

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This Lucknow based brand, Gyan Dairy, is leveraging its strength in milk and dairy products through its home delivery app ‘Gyan Fresh’.

Gyan Dairy, a well-recognised name in the dairy industry, is into the processing of dairy products and one of the leading suppliers of fresh milk and dairy in India. Gyan sources, processes, markets and sells a full line of dairy products, fermented, and value-added products such as Milk, Lassi, Curd, Butter, Ghee, etc. With the tagline ‘Vishwaas Se Bhara’, the brand stands true to its theme song ‘Shuddh aur taaza, Gyan ka waada’.

From starting small to becoming a market leader

Gyan Dairy founded in 2007 is a privately held subsidiary of C.P. Milk and Food Products. The brand sources its milk from over 1 lac dairy farmers residing in the heartland of UP, ensuring their growth and progress through direct employment. The sourced milk is then processed in state-of-the-art processing centres and then provided to various parts of UP through a network of Gyan Fresh Stores, Gyan Select Stores and other retail stores via an extensive distributor channel.

From the humble beginnings in 2007 to partner with small-time farmers has resulted in a close to 1000 Cr mammoth organisation by 2019-20. The promoters, brothers Jai and Anuj Aggarwal, under their able guidance, envision to turn this organisation into a multi-product multi-location dairy company benefitting the farmers through the tech-friendly environment while giving value for money to the consumers in the coming years.

Key Highlights About Gyan Diary –

• Connecting with over 3000+ villages as milk collection centres daily, bringing in livelihood to 1 lac plus farmers.
• Reaching 1.5 lac plus household through a network of 200+ distributors; 30000+ Retailers
• Embracing the state-of-the-art technology in Production Plants and adopting SAP driven accounting system.
• Introduced Gyan Fresh App for “Direct to Home Delivery”
• An environmentally responsible company by following sustainable practices, ensuring low carbon footprints by investing in solar enabled solutions and battery-operated transportation
• CSR- Setting world-class international level schools, medical facilities in rural area or contributing to the COVID-19 crisis fund
• Gyan Fresh Stores-the exclusive company-operated retail outlets spread across 43 locations in UP to enhance customer experience by providing a complete cold chain set up for the consumer to procure fresh and pure dairy products.
• Gyan E-carts is an innovative way to cater to areas which are inaccessible by conventional transportation means.

Gyan Fresh App – Adversity is the mother of Invention

Gyan Dairy launched the Gyan Fresh – Home Delivery App; fondly called ‘the jewel in the crown’, is a contactless and hygienic way to get Milk & Dairy products home-delivered. This comes at a time when the deliveries at the last mile have been largely challenged by COVID-19 guidelines like social distancing, contactless deliveries, sanitised environment, masks & gloves for the front-end team. Milk is an inevitable natural immunity booster that was given utmost importance by the government to ensure hassle-free deliveries to public. Gyan Dairy with its assortment of fresh milk and milk products attempted to reach customers by resorting to technology to overcome this challenge. In this novice attempt, they could touch record numbers of customers.

Few glimpses of the app:

• Pre COVID- 1200 deliveries
• Current (Mid August) – 18000 active consumers & average 7000 + deliveries daily
• Adopting technology to successfully scale 100% digital subscription-based Milk home delivery model- Gyan Fresh App
• Flawless delivery of milk & milk products by 8 am daily, 7 days a week, 365 days a year 
• For first time customers, free milk for 10 days. Additional benefits attractive customer offers, Value deals and combo offers
• Weekend offers and free samples of new range to home delivery customers who are treated as privilege partners
• Enables customers to receive a bouquet of products through a contactless and cashless delivery system

“Hard times will not last long and we will be able to come out of it soon, but the customers will always remember the way we cared for them during these trying times,” says Mr. Venkataramani Santhanam, VP, Sales & Marketing. “It is evident from the numerous feedback and appreciation we receive from the elderly to the kids for our timely delivery of not only milk but mouth-watering dairy products at their doorstep” he concludes.

For more information, please visit https://www.gyandairy.com/

To download the Gyan Fresh App, visit  bit.ly/GyanAndroid for android and  https://apple.co/3aA0KEZ for iOS.

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Saint-Gobain Ecophon offers innovative solutions such as acoustic walls and ceilings to improve sound absorption and noise reduction within all environments.

Over hundreds of thousands of years, our ears have evolved to provide perfect hearing outdoors, in nature. But today most of us spend up to 90% of our time indoors, in environments not suitable for the human ear. This has long-term effects for both patients and staff in healthcare facilities.

Hospitals are places where ceilings, walls and floors all have hard and reflective surfaces. When it comes to sound, this means there is nothing to absorb it. It will bounce around and spread everywhere it can, raising noise levels and making it hard to relax and to have normal conversations.

A good sound environment is possible

It doesn’t have to be this way. There are solutions – sound absorbing ceilings and walls that comply with the hygiene demands in every kind of hospital environment, from intensive care units and operation rooms to patient rooms and airtight laboratories.

This means patients and staff no longer need to cope with poor environments. Instead, we can safely bring the outdoor sound environment indoors, to increase wellbeing, performance, rest and recovery.

Research shows that high sound levels in hospitals and healthcare facilities:

• Impair sleep
• Increase stress
• Raise heart rates
• Delay post-illness rehabilitation

Enabling communication is vital in operation rooms

In specialist care areas, doctors and nurses have to communicate continuously in order to ensure that everybody is informed about what is happening and what is to come. It is crucial that decisions can be made quickly and that everybody is clearly informed about them.

When an acoustic solution is introduced, the change will be very noticeable. Stress levels will drop, staff will be able to communicate clearly without raising their voices and patients will have a much better chance of remaining calm.

In a study done by Saint-Gobain Ecophon at Hvidovre Hospital in Copenhagen, Denmark, two operating rooms were given different acoustic treatments. In operating rooms, communication is often made more difficult by sounds from technical equipment, activities and speech that bounce back and forth between all the hard surfaces in the room. This was the environment in the original operating room.

Introducing a sound-absorbing ceiling reduced the overall sound level and hindered the sound from spreading. This was further enhanced with wall absorbers. They reduced the noise and thus improved speech clarity even more. The staff clearly experienced the difference and stated that the most improved room was the place where they were most relaxed and could communicate without effort.

In this study, three operating rooms were involved in the project. The first room was treated with an acoustic ceiling and the second one with both acoustic ceiling and wall absorbers. The participating staff worked in all three operating rooms.

Benefits of good acoustics in healthcare back office set ups and corridors

Up to 40% of hospital premises can consist of office environments. These offices may be used for administration, hospital management or nurses and doctors in wards. A wide range of activities are included in office work. At any given time, people may be talking on the phone, working in teams, holding meetings or performing tasks at the computer that require concentration.

Corridors are busy and vibrant areas in healthcare settings. They are everywhere and a natural part of every unit and ward. Patients, visitors and staff use them to move from one place to another. They are also used for moving beds, medical equipment and other supplies.

The solution is to stop sound close to the source, before it spreads, by adding sound-absorbing ceilings and walls. When this is achieved, and people are no longer disturbed by high-level background noise, they will naturally lower their own voices, resulting in reduced sound levels and improving speech clarity.

According to the India business head of Ecophon, Mr Prateek Tandon, “In healthcare set-ups, it is important that acoustic solutions also meet the strictest hygiene demands with regards to cleaning and disinfection, and Ecophon has the right portfolio of ceiling systems and wall panelling solutions which can cater to these requirements in Medical facilities.”

For more information about good acoustic solutions for healthcare premises, please visit www.ecophon.in or write to [email protected]  

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Thrusting engineers and managers into endless heights by providing the best platforms for growth.

One of the most prestigious colleges of north India, GL Bajaj Institute of Technology and Management, based in Greater Noida, Uttar Pradesh is offering B.Tech, MBA, MCA courses with highest sterling international parameters. The distinctive hallmark of the college is its corollary ‘Tell me I forget, Teach me I remember, Involve me I will learn – Benjamin Franklin’.

The institute is a fine blend of the latest technology emphasizing on invoking ever more dedicated active participation from the students embodying the concept of actual learning. The college has compulsorily bound itself by being accredited with the NBA to ensure the excellence does not corral to just marketing jargon but delivered on the ground.

Owing to the virtuous education delivery the institution has succeeded in placing its students in many national and international companies. During the year 2020, 1720 students have secured an average package of Rs 4.49 LPA, top recruiters being Amazon, Accenture, Capgemini, TCS & Bosch to name a few. Notably, the highest package that GL Bajaj students got is 30.25 LPA by Amazon. 200 students have been placed in core companies.

Along with earning a plethora of benchmarks meeting its parameters in order to keep pace with global excellence is a continuous process. The college deserves to be made a beeline of the 204 recruiters for. 150 odd students placed on the package of 6 LPA & above. Not just this, the companies like Bosch, Virtusa & Birlasoft have signed MOU with the college to recruit students from.

Having found the quality of the students and their learning, such companies have come forward to sign MOUs with the college. Notably, this is the only college to have signed these MOUs establishing a close association with Colleges in terms of Campus Placement, Faculty Development Program, Guest Lectures, Industrial Visits, Join Project & Sponsorships in the entire NCR. This indeed has to turn out to be yet another feather in the cap.

 We all know the world has been passing through the worst ever catastrophe COVID-19 for almost 7-8 months, rendering the world pace to almost standstill during the last 3-4 months. The pay-cuts and layoffs during the pandemic have sent shock waves amongst the workforce across the globe. Even in these hard-pressed times, GL Bajaj has managed to recruit 50 students. The figures speak for themselves loudly what facts they are testimony to.

For Online registrations in UG and PG Programs, visit   www.glbitm.org. To take a virtual tour of the campus, visit https://youtu.be/4bTnyxOCS7g

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Converge BioTech created a pan- India presence with coverage at 8000 Doctors and 7500 retailers within 5 years.

“The innovation we undertake or the medicines we manufacture are paramount to the wellbeing of society. Every year the pharmaceutical companies produce innumerable lifesaving drugs, yet millions of people die, either due to lack of access to these drugs or their inability to afford the treatment cost. At Converge, our biggest mission is to plug this gap”, quotes Arun Kumar Bijjala, the man behind Converge Biotech, a leading healthcare organization headquartered at Hyderabad.

Converge Biotech started as humble beginnings in the year 2015 with a product portfolio of 10 brands, a team of 25 employees and operational in 2 states. Within a short span of 5 years, it had a pan-India presence with coverage at 8000 Doctors and 7500 retailers and is now a name to be reckoned with in the healthcare industry. The company has a strong foothold in the critical care and cardio-diabetic segment, and with the recent launch of Vergiflu (Favipiravir), it has marked its foray into the ant-viral space. A strong employee-centric culture, strategic innovation, robust planning and meticulous execution have been at the core of Converge Biotech’s success.

Converge Biotech is the brainchild of Arun Kumar Bijjala, a professional with 2 decades of versatile experience. An out-of-the-box thinker, he was popular for challenging the status quo of defined processes during his stint with organizations as Panacea Biotech, Novartis and Biocon.

Arun was aware that India has a significantly high disease burden, but unlike advanced economies the cost of treatment for most ailments was not covered under insurance. When pharmaceutical industry was grappling with pricing pressures and regulatory compliances; offering medicines that were accessible at an affordable price, without any deviation in quality was a challenge that he took head-on.

To begin, Arun ensured that all products offered by the company were manufactured in WHO GMP certified facilities and were additionally audited by the Quality Control team. Operational efficiencies were built in to reduce overheads and pass on the price benefit to the end consumer. Two significant examples were dry powder injection Staflowin (Flucloxacillin) and Tablet Tenlicret (Teneligliptin), which offered an affordability index of 40- 60%. Converge proactively plugged therapy gaps by introducing innovative products and combinations. Accomplishing a rare feat, the company achieved its breakeven in the very first year, much of which was attributed to the strategic planning of Arun Kumar Bijjala.

To scale-up the operations, Partha Roy Chowdhury was on-boarded as COO in the year 2017. Having more than 3 decades of versatile experience in Sales and Marketing, his professional stint included leadership positions in organizations as Serdia, Panacea Biotech, Zydus Cadilla and Biocon.

With a cumulative work experience of 7 decades and strong research acumen; the senior management combined strategic planning with an agile methodology. Operational procedures were optimized to generate demand, while ensuring that products were known to a wider medical community and were easily available throughout India.

An organizational culture of utmost transparency and trust was cultivated, commensurate with the vision of the organization. The first breakthrough came when Converge became ISO 9001:2008 certified in the year 2017, being the youngest organization to reach this milestone. Subsequently, it was also awarded as the Fastest Growing Company.

“For us at Converge, it has always been about scientific promotions and collaborative learning. We frequently organize scientific discourses for the medical fraternity and knowledge-enhancement sessions for our internal teams”, quoted Partha. Converge has also been active in raising awareness about diseases and their prevention, through patient awareness programs in co-ordination with Doctors. In these POCT Devices are used to reduce turnaround times for tests as SMBG, HbA1C, and ECG monitoring.

Within a span of 5 years, the company has demonstrated an aggressive growth. Arun attributes this to strong support from Team Converge, which has worked relentlessly to fulfil the company’s vision. Acknowledging the significant contribution of Converge Biotech to the healthcare industry, it was conferred with the Emerging Entrepreneur Award in the year 2019. However, Team Converge believes that its biggest reward is the difference that it is able to make to society. For more information, visit  https://www.convergebio.in/

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EXHICON has left no stone unturned to address the growing COVID-19 pandemic in the country.

During time of great uncertainty, it’s easy to worry about the situation. But it’s also vital to move ahead with a focused, innovative and emergency scope to bring about a change. The COVID 19 Pandemic in India offered a glimpse into a better health care system, powered by ingenuity, quick solutions and innovation.

One such example in India is set by EXHICON Group, An Indian Multinational headed by M Q Syed, A first-generation serial entrepreneur involved in Conventions, Exhibition Venues, Trade Show & Event Management and India’s Pioneer Trade Show Magazine TradeFairTimes.

EXHICON’s role during Pandemic

In the month of March, EXHICON’s German Structure Associate LIRI Technologies Converted many of its German Structures into COVID Isolation Centres, Hospital, Bio-Medical Waste facilities. EXHICON, taking lead in India then conceived Heath Care Solutions around German Hangars in India.

German Structures for COVID Hospitals

EXHICON’S Technical team conceived innovative ‘Jumbo Hospitals’ using the German Structures & Modular Exhibition Structure available with many event infrastructure companies in India. The Idea was to quickly create Hospitals and Isolation Centres in open grounds. The idea was first picked up by Government of Assam which created the first Isolation Centre in Guwahati by using the German Tent in April.

This was then followed by Government of Maharashtra and in just in over one month, India could see over 50,000 bedded Dedicated COVID Care Hospitals in Mumbai, Guwahati, NCR, Ahmedabad, Benguluru currently constructions are also underway in Pune and other cities. However, the specs and quality control were a matter of concern as the technical know-how wasn’t equally picked up by the corporations and contractors, which resulted in some of the incidents due to heavy rains and thunderstorms. If the concept was taken in it’s entirety, these incidents would have been averted.

India’s Largest ICU In 30 Days

EXHICON then got a chance to construct 220 bedded Covid ICU Hospital for Municipal Corporation of Greater Mumbai (MCGM) hailed as India’s largest ICU and in just over 30 days in collaboration with Highway Construction Company ( HCC) and in technical Collaboration with Birla’s Aerocon and Everest Industries Limited built this ICU at Bombay Exhibition and Convention Centre (NESCO).

Over 250 tons of steel and more than double of the Civil Construction materials along with a team of over 300 Experts was used to create the facility in record time. The permanent ICU is now ready to be inaugurated.

Concept To Execution For DCHC

Post these two positive developments, EXHICON got in Consortium with AAA Healthcare Services and together created a ‘Concept to Execution’ plan for Pune Municipal Corporation where two of the Jumbo facilities each for 800 bedded Oxygenated and 200 Bedded ICU facilities were planned to be up and running in 20 days. EXHICON’s role for these facilities included from Concept Designs to Execution Plan.

Medical Oxygen Generator

It was being noticed that the Oxygen played the most crucial role in the second phase of Spread of Covid in India. And the most important issue was to arrange alternatives for the Oxygen. EXHICON got in Innovative action and conceived with Coimbatore-based Trident Pneumatics to scale up the technology into a truck-sized ‘Medical Oxygen Plant’ which could simultaneously and continuously supply oxygen to anywhere between 50 and 800 patients without worrying of refilling.

The system also stores oxygen in case of an electricity failure. This new innovation presented by EXHICON to Pune Municipal Corporation was quickly picked up, the Corporation has already floated tenders for these ‘Oxygen Generators’ for it’s COVID Hospital requirements. Furthermore, EXHICON has also signed up an exclusive agreement with Trident to promote these ‘Oxygen Generators’ for COVID Hospitals.

Fully Functional Healthcare Division

Based on all the positive developments, the EXHICON Board, in the month of July took a conscious call to fully venture into Health Care Domain, the plan was discussed at lengths with group shareholders and finally, on the 20th August 2020, the new, fully functional Healthcare Division of EXHICON has been launched. With 20 member team of Medical Planners, Architects, BioMedical professionals and Doctors on board, The division is serving as full-service COVID Care Project Management Consultants (CPMC) especially for government and private sector clients.

M Q Syed, Group MD of EXHICON says, “What is clear from my vantage point is that the pandemic is driving innovation and experimentation, and will reward those who create real tangible impact to scale and transform our system. “

EXHICON has also signed up a number of MOUs and Agreements with leading Healthcare Service and Products Companies and helping Corporations, Private Sector and CSR to address the growing pandemic in the country.

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