India launches ‘Indian Chamber of Financial Services’

The Indian Financial Services sector needed a strong and united voice. ICFS, a sectoral Chamber specialising on Financial Services would bring all stakeholders from the financial services industry in a single platform to discuss, deliberate and dialogue on the relevant issues; be a voice to reckon and be a part of the policymaking process

India launches Indian Chamber of Financial Services

A group of established industrialists, former bankers, CFOs, financial consultants, former bureaucrats and experts gathered in New Delhi on 10th August, 2017 with an objective to build a platform that can be the united and strong voice of the Financial Services industry under the Chairmanship Dr. Amandeep Singh, IRS.

The Group announced formation of the Indian Chamber Financial Services (ICFS) in its second meeting. The meeting began with a welcome note by Mr. Satish Goel, Former GM Bank Of India who is one of the trustees. He welcomed all the dignitaries and requested the members present to utilize this opportunity to lay a strong foundation for Indian Chamber of Financial Services.

Mr. Goel presented a brief presentation on the developments happening in the chamber. The presentation consisted of the name of the trustees, governing council members, Office Bearers, Mission and Objective of the Chamber and the its future roadmap.

The members proposed that the Governing Council should meet at-least once in a quarter and the officer bearers can meet any number of times as per the requirements of the Chamber. The quorum of such meetings was mutually decided to be of 5 members.

The members present also adopted the following resolution for induction of members in the Chamber:

“Adoption of resolution that any individual, firm, corporate body, trust, concern or any other body can be admitted as a member of ICFS subject to KYC and approval of the same by committee of office bearers (quorum will be 3 for this purpose)”

Post the presentation, the forum was thrown open to suggestions and discussion by the members present. The members suggested that there is a need of formation of various committees to undertake various activities related to the Chamber.

To begin with, Mr. Jagdish Kapoor, writer and author was proposed as a Head of Committee for publishing ‘E-Journal & Monthly Bulletin’ by Mr. Satish Goel and seconded by all the members present. Mr. Jagdish Kapoor thanked the members for granting him such an opportunity and requested that there needs to be adequate support from the Chamber for conducting research activities.

The Ethics committee was proposed to be chaired by Mr. Parvez Hayatt, IPS and this was accepted by the members present. The members further decided that the Governing Council would decide upon the chair of various other committees and communicate to the members accordingly.

India launches ‘Indian Chamber of Financial Services’

The members also decided that the above fees are interim in nature and can be changed based on requirements in the future. Mr. Satish Goel then further requested a few members present to share their views. Mr. Raman Chaddha, one of the Governing Council members of ICFS, highlighted the importance of representing the Chamber in various national and international forums and offered to connect the Chambers to various such Chambers across Europe, Middle East, and Japan. Mr. Parvez Hayatt, IPS appreciated the members for taking up the cause associated with the Chamber and hoped that in near future to come it will be a voice to reckon and would be a part of various decision making by the government.

Mr. R.K. Dubey, Governing Council Member of ICFS, said that the Chamber would work towards active involvement of Chartered Accountants, Company Secretaries, Cost Accountants, Lawyers and other such professionals who can use this forum to enhance their understanding of the sector and raise their concerns/issues to the stakeholders.

Mr. Pravin Sethia pitched in with an idea of having a ‘Branding Committee’, which can work on the overall image building of the Chamber. Mr. Sobti also suggested that the leadership of the Chamber should not be confined to a few members and it should encourage participation from all the members.

Mr. Mahmood Khan, Managing Director of Goldrush Capital Services Pvt. Ltd. further reiterated that the Chamber provides platform for various stakeholders in the financial services industry such as CFO’s, Advisors, Other Professionals to raise their concern to the government/authority. He also appealed to the members present that the Chambers belongs to each one of them and everyone should contribute for the upliftment of this cause and bring in sponsors for the Chamber so that the funding of the Chamber is not constrained.

Dr. Amandeep Singh, IRS, the Chairperson of the meeting, then concluded the meeting by suggesting that the Chamber should work on Developing and Delivering Products that are relevant to the industry. He also highlighted the importance of the setting timelines for various activities and following them strictly.

The Vote of thanks was given by Mr. Jyoti Prakash Gadia, Managing Director, Resurgent India & General Secretary of ICFS, who highlighted the pain points of various stakeholders in the financial services industry and how this Chamber could address these issues. He hoped that the Chamber would rise to the occasion and address such shortcomings and would be a voice to reckon in the future.

List of Trustees:

  • Dr. Amandeep Singh, IRS
  • Mr. Mehmood Khan, MD, Goldrush Capital Services Pvt Ltd
  • Mr. Mukul Bansal, FCA, M.D. (Embee Group)
  • Mr. Jyoti Prakash Gadia, MD Resurgent India
  • Mr. Anil Kumar Mishra, Director Finance (Worlds Window)
  • Mr. Tilak Raj Chawla, Former ED Allahabad Bank
  • Mr. Deept Sarup Agarwal, M.D. (KGL Group)
  • Mr. Navjeet Singh Sobti, M.D. (Almondz Group)
  • Mr. Satish Goel, Former GM Bank Of India
  • Mr. U S Singh, Former GM UCO Bank
  • Mr. N A Siddiqui, FCA Director Goldrush Capital Services Pvt Ltd
  • Mr. Ajay Kumar, M.D, CEO (UV Capital)
  • Mr. C P Bhardwaj, Director (Infra Advisors Pvt Ltd)
  • Mr. Ajay Kathuria, Former AGM PNB), Promoter AVAM FINSOL
  • Mr. Shiv Nath, Chopra,Former GM OBC
  • Mr. Ashok Kumar Mehrotra, Promoter, ASR Associates Private Limited