Newsletter dated 08th March, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“No matter how qualified or deserving we are, we will never reach a
better life until we can imagine it for ourselves and allow ourselves
to have it.”
Law Updates:
 Concerned over the rising cases of refund related grievances for the tax
paying public, CBDT on Monday issued fresh directors to the Income
Tax Department asking it to process all such cases, pending this fiscal,
within 15 days instead of the stipulated 30 days.
 Government exempts ‘enterprises’ having asset value of upto Rs. 350
Crores from ambit of provisions of combination.
 Government exempts 'Groups' exercising less than 50% voting rights
for five years for purpose of determining combinations.
PROFESSIONALS INPUTS:
 CBEC vide Notification No. 37/2016 - Customs (N. T.) dated 04th
March, 2016 has notified the India-ASEAN Trade in Goods Agreement
(Safeguard Measures) Rules, 2016.
 Production based duty to be paid by 5th of the next month if machine is
installed in mid of the month: CESTAT- New Delhi.
 Physician’s samples to be valued on basis of value of identical
drugs/medicines as per rule 4 of excise valuation rules: CESTAT- New
Delhi.
 TPO should consider details of only segmental accounts of comparable
if separate segmental accounts are available: Hyderabad Tribunal.
MARKET WATCH:
SENSEX: 24672.48 24.29 NIFTY: 7492.35 6.35
SILVER: 37745.00 176.00 GOLD (MCX): 29942.00 350.00
USD/INR: 67.10 -0.00 CRUDE OIL: 2531.00 -16.00
CS Rajiv Bajaj
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Date: 08th
March, 2016

2. www.csrajivbajaj.com
Shikha Sharma
Managing Director & CEO of Axis Bank.
Mrs. Shikha Sharma is the Managing Director & CEO of Axis Bank, India’s third largest
private sector bank in India. Mrs. Sharma joined Axis Bank in 2009 and as a leader adept at
managing change, she has focused on transforming Axis Bank into a Bank with strengths
across a wide range of Corporate and Retail Banking products. At Axis Bank, she has focused
on strengthening its retail lending franchise, enlarged its investment banking & advisory
capabilities and developed a comprehensive portfolio of products in the payments space.
Early Life and Education
Daughter of an officer in the Indian Army, Shikha was born on November 19, 1958. As her
father was an army man, the Sharma family travelled all over the country and Shikha attended seven schools in as many
cities before finishing her schooling from Loreto Convent in Delhi. She went on to do BA (Honours) in Economics from
the Lady Shri Ram College for Women (LSR) in Delhi and MBA from IIM Ahmedabad. She also holds a post-graduate
diploma in Software Technology from the National Centre for Software Technology in Mumbai.
According to a Business Standard report, “Physics was her first choice for an undergraduate course but she settled for
economics because the former was not offered by LSR. But she has no regrets as economics gave her enough opportunity
to prove her formidable skills in maths — a subject very close to her heart.”
Career
Mrs. Sharma has more than three decades of experience in the financial sector having begun her career with ICICI Bank in
1980. In her 29-year tenure with the ICICI group, Mrs. Sharma was instrumental in setting up ICICI Securities – a joint
venture between ICICI and J.P. Morgan, besides setting up various group businesses for ICICI, including investment
banking and retail finance. In her last assignment at ICICI, as Managing Director & CEO of ICICI Prudential Life
Insurance Company, she built and contributed remarkably to make it the number 1 private sector Life Insurance Company
in India.
Achievements
Since Mrs. Sharma's appointment as MD & CEO of Axis Bank in 2009, the bank’s stock has appreciated by a phenomenal
90%. After a year and a half, she acquired Enam Securities, which has turned the bank into an investment banking
powerhouse today. The bank's compounded annual net profit growth rate was above 20 per cent in the three years ending
2014-15. The bank’s net non-performing asset ratio was 1.34 per cent as on March 2015, much lower than the 4.4 per cent
for the banking sector as a whole. Net profit in 2015-16 rose 18.3 per cent to Rs 7,358 crore, operating profit was up 24 per
cent at Rs 3,582 crore, while net interest income grew 19 per cent to Rs 14,224 crore. Advances grew 22 per cent and
deposits were up 15 per cent during the year, both higher than the industry. The share of low-cost current account savings
account (CASA) deposits remained stable at 45 per cent, a high ratio. The Bank continued its international expansion
during the year and opened a Representative Office in Dhaka. Under Mrs. Sharma’s leadership, Axis Bank has received
many awards notably, 'Bank of the Year in India' for the year 2014 by The Banker Magazine, Financial Times. The Bank
was conferred the Certificate of Recognition for excellence in Corporate Governance by the Institute of Company
Secretaries of India (ICSI), for the year 2015. The Bank was ranked as the 'Most Trusted Private Sector Bank' second year
in a row - 'Most Trusted Brand Survey', conducted by Brand Equity, Economic Times. Axis Bank was ranked No 1
company to work for in the BFSI sector - 'The Best Companies to Work for' survey by Business Today in 2013. As an
acknowledgement of her efforts, Harvard Business School published a case study on Managing Change at Axis Bank in
2013.
The Bank's CSR arm, Axis Bank Foundation, won the title of ‘Outstanding Corporate Foundation’ as part of the Forbes
India Philanthropy Awards 2014. Axis Bank Foundation has set a target of providing sustainable livelihood to one million
households by 2017.
Awards and Recognition
 Banker of the Year' for 2014-15 by Business Standard.
 AIMA - JRD Tata Corporate Leadership Award for the Year 2014.
 'India's Best Woman CEO' by Business Today- 2013.
 'Transformational Business Leader of the Year’ at AIMA’s Managing India Awards – 2012.
 Woman Leader of the year’ at Bloomberg - UTV Financial Leadership Awards – 2012.
 Forbes List of Asia’s 50 Power Business Women – 2012.
 Business Today ‘Hall of Fame' – 2011
 And, many more…..