Independent Research and Policy Advocacy

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Independent Research and Policy Advocacy

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A Workshop on Market Monitoring and Market Disciplining of Credit Institutions: Perspectives for the Regulator

Friday, September 24th 2021, 2:30 – 6:35 PM IST

This workshop aims to gather the views of various stakeholders, such as regulators, practitioners, and researchers, to understand the nuances of two related themes. One is on the feasibility of operationalising a framework to enhance the RBI’s credit market monitoring capacity, while detecting the prevalence of overindebtedness and; two is on improving the quality of public disclosures pertaining to the financial position and health of banks and non-bank lenders in India to enable better market disciplining.

Friday, September 24th 2021, 2:30 – 6:35 PM IST

2:35 PM – 3:00 PM: A Framework for Detecting Over-Indebtedness and Monitoring Credit Markets – What and Why– Dwijaraj Bhattacharya, Senior Research Associate, Dvara Research

Panel Discussion

3:00 PM – 4:30 PM: What is the Role of the Regulator in Monitoring and Responding to Over-Indebtedness?

Panelist

N. S. Vishwanathan

Ex-Deputy Governor, RBI

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Panelist

Jorge Mogrovejo

Deputy Superintendent, BIPPA, Peru

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Panelist

Gabriel Davel

CEO, Centre for Credit Market Development & Innovation

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Moderator

Anantha Nageswaran

Part-time Member of the Economical Advisory Council to the Prim minister, India

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Full Agenda
Register Here

Click here to watch session replay

Friday, September 24th 2021, 2:30 – 6:35 PM IST

4:40 PM – 5:00 PM: An Assessment of Banks’ and NBFCs’ public disclosures requirements against BCBS Transparency Framework- Madhu Srinivas,Senior Research Associate, Dvara Research

Panel Discussion

5:00 PM – 6:30 PM: Supporting Market Participants in Market Disciplining: Improving Public Disclosures

Panelist
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Harsh Vardhan

Executive-in-Residence, SPJIMR

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Panelist
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Sankaran Naren

ED & CIO, ICICI Prudential AMC

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Panelist
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Nandini Vijayaraghavan

Head of Research, Korea Development Bank

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Panelist
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Niranjan Chipalkatti

Chair & Professor, Accounting Department Seattle University

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Moderator
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Ananth Narayan

Part-time Member of the Economical

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Full Agenda
Register Here

Click here to watch session replay

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N. S. Vishwanathan

N. S. Vishwanathan is a career central banker. He joined the Reserve Bank of India (RBI) in 1981 as a Direct Recruit Officer in Grade B, and retired as Deputy Governor in March 2020. During his nearly four decade service in RBI, he had exposures to core central banking and administrative functions. In this period he also worked in three external institutions – two domestic organisations and a foreign central bank. His areas of expertise include regulation and supervision of banking, non-Banking and cooperative banking entities and sector. As Deputy Governor, he handled banking, non-banking and cooperative banking regulation and supervision besides several other functions including internal governance, internal control and risk monitoring. He was Member of the Expert Committee on Economic Capital Framework for the Reserve Bank of India (Chairman: Dr Bimal Jalan, former Governor, Reserve Bank of India). Mr Vishwanathan is currently the Chairman of the Academic Advisory Council of the College of Supervisors of Reserve Bank of India.

As Deputy Governor he represented RBI/India as the Member, Basel Committee on Banking Supervision (BCBS). Member, Financial Stability Board (FSB) and some of its sub committees, Member and later Co-chair of FSB Regional Consultative Group for Asia (RCG Asia). As Executive Director of RBI, he was Member of several Committees reporting to the BCBS and also the Member, Executive Committee of the International Cooperative Credit Union Regulators’ Network. Mr Vishwanathan was part of several domestic organisations, notably, non-executive Member of the Board of Directors, Securities and Exchange Board of India (SEBI), Member, Bank Board Bureau (BBB), and Member, Governing Council, Institute for Development and Research in Banking Technology (IDRBT). He was also Member / Chairman of several working groups, committees constituted by Government of India and Reserve Bank of India.

Jorge Mogrovejo

Jorge Mogrovejo, FRM Deputy Superintendent of Banking and Microfinance (Peruvian Financial Authority, SBS). Economist and Lawyer from the Peruvian Catholic University, holds a Master Degree (MIA) in Economic Policy Management from Columbia University in New York. An official of the Peruvian Financial Authority for more than 20 years: Chief of a Banking Supervision Department, Chief of the Market Risk Department, Deputy Superintendent of Risks. Other positions: President of the Deposit Insurance Fund of Peru (2014-2016), Member of the Board of the Peruvian Securities Regulator (2010-2011). He worked for two years (2012-2013) in the Financial Stability Institute (FSI) in the Bank for International Settlements (BIS) in Basel, Switzerland.

Gabriel Davel

Gabriel is a Chartered Accountant and has degrees in Accounting, Economics and Econometrics, a Masters’ Degree in Development Finance from the Institute of Social Studies in The Hague and an Advanced Diploma in Banking from the University of Johannesburg. He started his career as part of the establishment team for the Small Enterprise Foundation, the leading MFI in South Africa. He moved on to become a partner at Deloitte & Touche and thereafter the CEO for both the Micro Finance Regulatory Council and for the National Credit Regulator in South Africa. He served on numerous committees and task teams for the South African government and central bank, covering topics such as competition in banking, SME finance and credit market regulation. Currently he does international consulting, working on financial regulation, credit information and credit market development, mostly in Asia and Africa with some involvement in the Caribbean and Asia Pacific regions. He has done extensive work on credit institutions, credit market development and on the factors impacting on the contribution of credit to economic development in Africa. He currently role is CEO of the Centre for Credit Market Development, based in Johannesburg and focusing on projects related to credit market development and innovation across Africa and Asia. He worked extensively on the monitoring of debt stress, policy responses to over-indebtedness and on mechanisms to combat debt stress (including debt counselling).

Anantha Nageswaran​

Anantha Nageswaran graduated with a Post-Graduate Diploma in Management (MBA) from the Indian Institute of Management, Ahmedabad in 1985. He obtained a doctoral degree in Finance from the University of Massachusetts in 1994 for his work on the empirical behaviour of exchange rates. He held several leadership roles in macro-economic and capital market research for several private wealth management institutions in Switzerland and in Singapore between 1994 and 2011. He was Dean, IFMR Graduate School of Business (Krea University) from October 2018 to December 2019. Anantha is a member of the Board of Directors of several companies in India, including TVS Supply Chain Solutions (P) Limited and TVS Sri Chakra Ltd. In Singapore, he is a co-founder and member of the Board of Directors of NPS International School. He also helped co-found the Takshashila Institution, an independent centre for research and education in public policy, and helped launch the first impact investment fund of the Aavishkaar Group in 2001. In October 2019, he was appointed as a part-time member to the Economic Advisory Council of the Prime Minister of India for a period of two years.

Harsh Vardhan​

Dr Harsh is a Senior Advisor with leading international management consulting firm Bain & Company. He is also an Executive-in Residence at the Center for Financial Studies (CFS) and an adjunct faculty at the SP Jain Institute of Management and Research. He has over 30 years of experience in the financial sector in India and globally where he has advised top management of companies in India, North America, Europe, South East Asia, Indo China, and Greater China, on issues of strategy, operations, organisation, risk management, etc. He has worked extensively on issues of corporate finance including mergers and acquisitions, alliance structuring and negotiations, valuations, review of major investment decisions for private equity and strategic investors, strategic due diligence, etc. Dr Harsh is actively involved in policy making related to financial sector in India. He Chaired the Committee on the Development of Securitisation for Housing Finance appointed by the RBI in 2019. Recently he was a member of the Cross Border Insolvency Rules of Regulations Committee (CBIRC) of the Ministry of Corporate Affairs. He was a member of the Banking Working Group of the Financial Services Legislative Reforms Commission (FSLRC) set up by the Government of India as well as the Dr P J Nayak Committee on Governance in Banking set up by the RBI. He has served on the CII National Committees for Private Equity, Regulatory Affairs and Commodity Markets. He regularly contributes articles and is a frequently invited speaker at conferences on Indian economy, banking and finance sector. He is an Independent Director on the board of Karur Vysya Bank and National Commodities Clearing Ltd and chairs the Risk Management Committees of the board for both. He is also a retained advisor to Ruane, Cuniff and Goldfarb a reputed New York based investment firm and to the Trust Group, India’s leading debt market focused investment bank. Harsh has a Bachelors degree in Mechanical Engg from VNIT Nagpur followed by an MBA in Finance and Banking from IIM Kolkata, and an MS in Quantitative Finance and PhD in Business Economics & Strategy from the Smith School of Business of the University of Maryland USA

Sankaran Naren​

S. Naren is widely recognized as India’s leading Mutual Fund and Capital Market Investment Guru. Having been associated with the ICICI Prudential AMC since October 2004, he oversees the entire investment function across the Mutual Fund and the International Advisory Business of the Company. Under his leadership, the AMC has been able to build strong processes in investments resulting in strong and sustainable performance across product categories. He currently manages some of flagship schemes of the ICICI Prudential Mutual Fund. Naren was also a member of the esteemed panel of invitees for the Honorable Prime Minister’s Pre Budget consultation meet for 2020. In recognition of his work, various leading investment authors have featured him through dedicated chapters in their investment books. He has a rich three decade experience in almost all spectrum of the financial services industry across investment banking, fund management, equity research, and stock broking operations. During his career, he has also worked with organizations such as Refco Sify Securities India Pvt. Ltd., HDFC Securities Ltd, and Yoha Securities in various capacities.

Ananth Narayan

Ananth Narayan is an Associate Professor, SPJIMR and Senior India Analyst, Observatory Group LLC. He is an Additional Director nominated by RBI on the Board of Yes Bank, and an Independent Director on the boards of SBI Capital Markets Ltd., Clearcorp Dealing Systems Ltd., CARE Ratings Ltd., Agappe Diagnostics Ltd., Southern Ridges Macro Fund and Southern Ridges Master Macro Fund. He is a member of SEBI’s Mutual Fund Advisory Committee, FICCI’s Capital markets Committee, NSE Clearing Ltd.’s Risk Management Committee, and Kerala Infrastructure Fund Management Ltd.’s Investment Committee. He has over 24 years of experience in banking and financial markets – with Standard Chartered Bank, Deutsche Bank and Citibank. Till December 2017, he was MD & Regional Head of Financial Markets, ASEAN & South Asia with Standard Chartered Bank. Previously, he was SCB’s Head of Financial Markets & Co-Head of Wholesale Banking for South Asia between 2012-15, and Regional Head of FX, Rates & Credit Trading South Asia, between 2009-12. Prior to Standard Chartered Bank he was with Citibank in Mumbai till 2005 (Director & Head of FICC Trading), and with Deutsche Bank in Mumbai (Managing Director & Head of Global Rates, South Asia – till August 2009). He served as the Chairman of the board of Standard Chartered Nepal Ltd. between 2016 – 2017. He was Vice Chairman on the board of Fixed Income Money Market and Dealers Association (FIMMDA) and Foreign Exchange Dealers Association of India (FEDAI), between 2012 and 2017. He was on the board of Central Depository Services Ltd. (CDSL) and Standard Chartered Securities India Ltd. (SCSI) between 2013 and 2017. He has been a part of various RBI committees (including the one that launched FX Options in India, Interest Rate Futures, Financial Stability, Financial Benchmarks etc). He has a B.Tech (Electrical) from IIT Bombay and a PGDM from IIM Lucknow.

Niranjan Chipalkatti​

Dr. Niranjan Chipalkatti is the Tinius Professor of Accounting at Seattle University. He is currently the Chair of the Department of Accounting at Seattle University and the Program Director of the Graduate Masters programs in Accounting. Dr. Chipalkatti earned his Ph.D for the University of Massachusetts, Amherst. He is a member of the Institute of Chartered Accountants of India. Earlier in his career, Dr. Chipalkatti worked at A.F. Fergusons and at Hindustan Unilever. For a brief time, he also ran a valuation consultancy business. Dr. Chipalkatti’s research focuses on the role of accounting information in reducing information asymmetry and building transparency in capital markets. He has also worked on issues related to ESG and capital flows to countries, carbon policy and pricing, and entrepreneurship and economic growth. His research has been published in the Journal of Accounting Research, Journal of Risk Finance, Journal of Applied Finance, Journal of International Accounting Research and the Journal of Developing Areas among others. He teaches financial accounting courses at various levels and also teaches a specialized class that deals with the fair valuation of intangible assets for financial reporting.