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Press Release  
Association of Merchant Bankers of India (AMBI)
Organises its 1st Annual Summit-Inaugurated by
Mr. C.B.Bhave, SEBI Chairman

Mumbai, 24th September, 2010: The Association of Merchant Bankers of India (AMBI) has set course to sail in a new direction and reinvent itself. A number of major initiatives will be undertaken as part of this exercise. The first major step in this direction was holding the first annual Investment Banking Summit on 24th September, 2010 at Mumbai. The theme of this Summit was: “Challenges & Opportunities in the New Economic Landscape”.
 
The second important initiative, which was launched at this Summit, was AMBI’s website – www.ambi.org.in. Over the near future, AMBI plans to undertake a wide range of activities including, panel discussions and research initiatives.
 
Elaborating on AMBI’s new plans, Mr. Nagendra Bhatnagar, Chairman, AMBI said, “At our first Annual Summit, we discussed and debated on the emerging challenges and opportunities for the investment banking industry in India . We also launched a dedicated AMBI website to showcase our industry.”
 
Mr. C.B. Bhave, Chairman of the Securities & Exchange Board of India (SEBI) delivered the keynote address as well as launched the AMBI website at this Summit. A report prepared by CARE Ratings on the Indian Capital Markets was also released. A special address was delivered by Mrs. Usha Narayan, Executive Director, SEBI on ‘Indian Primary Capital Market-Recent Developments & Challenges Ahead’.
 
The Summit had a session ‘Economist’s View: What Next for India ’s Economy’ by Mr. Jahangir Aziz, Chief Economist, JP Morgan India, followed by a presentation was Dr. S, Subramanian, Managing Director, Enam Securities Pvt. Ltd. delivered a special presentation on ‘Divestments in India-Opportunities and Challenges.’.
 
Specific current issues were discussed by renowned persons across5 Technical Sessions. The first one on ‘Increasing Retail Investor Base: Challenges and Innovative Solutions’ was moderated by Mr. Prithvi Haldea, CMD of Prime Database. The second one, moderated by Cyril Shroff, Managing Partner at Amarchand & Mangaldas & Suresh A. Shroff & Co, looked at ‘The New Takeover Code: Where are we Headed?’
 
The third session on ‘Private Equity: Emerging Challenges’ was moderated by Mr. Pradip Shah, Chairman of Indasia Fund Advisors Pvt Ltd. The fourth session on ‘India’s Infrastructure Requirements: Funding by the Capital Market’ was moderated by Mr. V.K. Bansal, Vice Chairman & MD of Morgan Stanley India Co. Pvt. Ltd. The last session on ‘SME Exchanges-The Way Forward” was, moderated by Mr.Madhuprasad, Vice Chairman, Keynote Capital Services Ltd.
 
About AMBI:
 
In the early 1990s, the merchant banking industry in India witnessed a phenomenal growth with over 1,500 merchant bankers registered with SEBI. In order to ensure the well being of the industry and for promoting healthy business practices, it became necessary to set up a Self Regulatory Organisation within the industry. This led to the birth of the Association of Merchant Bankers of India (AMBI). It was promoted to exercise overall supervision over its members in the matters of compliance with statutory rules and regulations pertaining to merchant banking and other activities.
 
AMBI was granted recognition by SEBI to set up professional standards, for providing efficient services and to establish standard practices in merchant banking and financial services. AMBI, in consultation with SEBI, is working towards improving the compliance of statutory requirement in a systematic manner. AMBI's primary objective is to ensure that its members render services to all its constituents within an agreed framework of ethical principles and practices. It also works as a trade body promoting the interests of the industry and of its members.
 
The spectrum of AMBI's activities is wide. It is the nodal point for the assimilation and dissemination of information relating to the merchant banking industry. Thus AMBI ensures that its members are aware of the latest rules/guidelines issued by various statutory authorities, as also other matters of interest. AMBI is the merchant banking industry's sole representative to all statutory authorities, in particular, SEBI. The Chairman of AMBI is on the Primary Market Advisory Committee of SEBI.
 
To ensure healthy competition within the industry, AMBI has published its Code of Conduct for Merchant Bankers. This document sets out the broad parameters and the spirit in which the members of AMBI should conduct business. AMBI has also produced a Due Diligence Handbook, which has proved to be a useful tool for merchant bankers. This handbook is currently under revision. For the benefit of investors, AMBI has brought out an Investor's Education Handbook
 
Concurrent with the activity of educating investors, AMBI regularly conducts/sponsors talks and seminars on financial matters. AMBI regularly submits a Pre-Budget Memorandum to the Finance Ministry. This memorandum expresses the concerns of the industry and requests specific changes in various financial legislations that would help better the range of services and opportunities provided by the industry.
 
AMBI is also the intra-industry arbitrator on all matters arising between its members.
 
For further information please contact:
Ujjawal Punmiya, Adfactors PR Pvt. Ltd., + 91 9619130947
Narayan Bhatt, Adfactors PR Pvt. Ltd., + 91 9796226670
 

  
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