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Newsletter dated 22nd May,2015


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Newsletter dated 22nd May,2015

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Newsletter dated 22nd May,2015

  1. 1. c THOUGHT OF THE DAY “Success occurs when opportunity meets preparation…” Law Updates:  The Union Cabinet approved a relaxation of policy on investment proposals from Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs), treating them at par with Non-Resident Indians (NRIs) in this regard. The government also approved an amendment to Schedule 4 of the Foreign Exchange Management Act (FEMA) Regulations, that NRI investments would be “deemed to be domestic investment made by residents”.  Asset managers escape insider trading rules. Under the new regulations, mutual fund (MF) units have been left out of the definition of „securities‟. This might lead to rise to situations where employees would be able to trade on advance knowledge, which would affect the net asset value (NAV) of a scheme. MF units were part of the draft regulations. Also, they were mentioned in a report by the Sodhi committee, which formulated the new insider trading regulations.  SEBI charged A Vellayan, chairman of the Murugappa Group, and three others with insider trading. The regulator alleged Vellayan had passed price-sensitive information pertaining to the acquisition of Sabero Organic Gujarat by Coromandel International, a Murugappa Group entity. The order said the regulator would impound gains worth Rs 2.15 crore, including interest of 12 per cent a year since 2011, from the entities involved. . PROFESSIONALS INPUTS  The Reserve Bank of India had incentivised lenders for early recognition and sale of non-performing assets (NPAs) by saying the shortfall between the sale value and the net book value can be spread over a period of two years. This facility was earlier available only for NPAs sold till 31st March 2015. But, the regulator has extended this benefit for another year.`( Notification ref- RBI/2014- 15/606 DBR.No.BP.BC.94/21.04.048/2014-15 dated May 21, 2015)  To facilitate external commercial borrowing (ECBs) and lending denominated in rupees by foreign lenders, the Reserve Bank of India (RBI) has allowed such lenders to enter into swap transactions with their overseas bank, which shall in turn enter into a back-to- back swap transaction with banks in India. The continuation of the swap shall be subject to the existence of the underlying ECB at all times. (RBI Circular ref RBI/2014-15/608 A. P. (DIR Series) Circular No. 103 dated May 21, 2015) MARKET WATCH: SENSEX: 27985.64 176.29 NIFTY: 8463.30 42.30 SILVER: 39295.00 129.00 GOLD (MCX): 27170.00 62.00 USD/INR: 63.6 -0.05 CRUDE OIL: 3876.00 15.00 CS Rajiv Bajaj 9811453353 1Bajaj Date: 22ndMay, 2015
  2. 2. VISHAL SIKKA, CEO and MD, INFOSYS… “Vishal Sikka is another reason why India is in the world map having taken himself to represent the country in world map of corporate blue-chip companies. His grit and determination to achieve and his non-complacent nature has contributed a great deal towards helping him to achieve what he has. His beginnings, though humble and ordinary, he rose above it showing to the world that how true the adage “Where there is a will, there is a way” is.” EARLY LIFE: Sikka was born in Shajapur Madhya Pradesh into a Punjabi family, studied at the Rosary High School in Vadodara. Being a son of a teacher mother and an Engineer father who worked for Indian Railways, he probably imbibed the love for academics and the inclination towards engineering from them. He graduated in computer engineering from MS University, Vadodara. Sikka graduated in computer science from Syracuse University and got his doctorate in artificial intelligence from Stanford University. CAREER PROFILE: He worked at Xerox's research lab at Palo Alto and later started his first company, iBrain, with his brother, which was acquired by PatternRX, Inc. His second start-up,, was bought by Peregrine Systems, where Sikka worked as vice president for platform technologies after the acquisition. Sikka joined German enterprise solutions provider SAP in 2002 to head the advanced technology group, where he was responsible for strategic innovative projects. Five years later, he was named the first CTO of the company, reporting directly to the CEO, and was responsible for all SAP products and innovation. Sikka is credited as the brain behind the game-changing HANA platform, which converges database and application platform capabilities in-memory to transform transactions and analytics, helping clients to derive meaningful conclusions out of mountains of data faster and at lower costs. In addition, he led multiple initiatives to accelerate innovation and research at SAP, playing a key role in turning around the firm. His turning point in life came in 2008 when he met with an accident. Though not serious motivated him to reconsider his options and he left SAP to work on something new thereby introducing to the world the High Performance Analytic Appliance or HANA, one of SAP‟s most popular and high selling products. Today he is the new CEO of Infosys and is seen as continuing with the legacy left behind by Narayana Murthy. He is also the creator of the concept of „timeless software‟, which articulates the principles for the renewal of products without disruption to customer environments. He is especially known for his championship of technology as an amplifier of human potential, and his passion for applying software in purposeful ways to address some of the biggest global challenges. His experience includes research in artificial intelligence, intelligent systems, programming languages and models, and information management – at Stanford University, at Xerox Palo Alto Labs, and as founder of two startup companies.