fifa perspectives jul 2016 · fifa perspectives jul 2016 wealth forum awards fifa perspectives...

The 7th edition of the Wealth Forum Advisor Awards were given away on July 1st, 2016 in Mumbai. These annual awards

recognize distribution excellence at a pan-industry level, across all distribution segments - IFAs, regional distributors and

national distributors.

Category Winner

Business Growth Champion – IFA North - Metros AM Wealth Managers, Delhi

Business Growth Champion - IFA East - Non Metros Pradeep Kumar Jain, Ranchi

Business Growth Champion - IFA West - Metros Sapient Wealth Advisors, Pune

Business Growth Champion – IFA West – Non Metros Think Financial Consultants, Nagpur

Business Growth Champion - IFA West - Mumbai Paresh Kariya, Mumbai

Business Growth Champion - IFA - All India Paresh Kariya, Mumbai

Retail Growth Champion - IFA North - Non Metros Ashish Modani, Jaipur

Retail Growth Champion - IFA East - Non Metros Pradeep Kumar Jain, Ranchi

Retail Growth Champion - IFA West - Metros Sapient Wealth Advisors, Pune

Retail Growth Champion – IFA West – Non Metros Think Financial Consultants, Nagpur

Retail Growth Champion - IFA West - Mumbai Krushna Finserv LLP, Navi Mumbai

Retail Growth Champion - IFA - All India Krushna Finserv LLP, Navi Mumbai

Distributor of the Year - IFA North - Non Metros Ashish Modani, Jaipur

Distributor of the Year - IFA East - Non Metros Pradeep Kumar Jain, Ranchi

Distributor of the Year – IFA West – Metros Sapient Wealth Advisors, Pune

Distributor of the Year - IFA West – Mumbai Krushna Finserv LLP, Navi Mumbai

Distributor of the Year - IFA West - Non Metros Think Financial Consultants, Nagpur

Distributor of the Year - IFA - All India Krushna Finserv LLP, Navi Mumbai

FIFA Perspectives Jul 2016

Wealth Forum Awards

FIFA Perspectives brought to you by Wealth Forum

Wealth Forum Awards


UTI MF, CNBC-TV18 announces the winners of Financial Advisor 2015-2016 which was held on 17th June 2016 at

Mumbai.

We are proud to inform that FIFA members received awards across various categories for IFAs.

FIFA would like to congratulate all the winners:

The link to the awards is below: https://www.youtube.com/watch?v=m5x9ouq2pcs

Category Winners

Best Performing Individual Financial Advisor - Cities(Tier

2)(North)

Ashish Modani

Best Performing Individual Financial Advisor - Cities(Tier 2)(East) Pallav Bagaria

Best Performing Individual Financial Advisor - Cities(Tier

2)(West)

Wealth Managers (India) Private Limited

Best Performing Individual Financial Advisor - Up Country (Tier

2) (East)

Lallit Tripathi

Best Performing Individual Financial Advisor - Up Country (Tier

2) (West)

Keynote Consultancy

Best Performing Individual Financial Advisor - Mega Cities (East) Anjali Investment & Consultants

Best Performing Individual Financial Advisor - Mega Cities

(West)

Brain Point Investment Centre Pvt LTD

Best Performing Individual Financial Advisor--Woman National Prescient Financial Solutions


FIFA Award Winners


https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0ahUKEwisovTG8J_OAhUKMo8KHRqQD6gQFggqMAI&url=http%3A%2F%2Fwww.business-standard.com%2Farticle%2Fpress-releases%2Futi-mf-cnbc-tv18-announce-the-winners-of-financial-advisor-awards-08-09-109092900122_1.html&usg=AFQjCNHknvdQaARp5vCnu0uWc5CY-pkf9Q&sig2=XK0BrX8PSQxwg3dMLIymPg&bvm=bv.128617741,d.c2I

https://www.youtube.com/watch?v=m5x9ouq2pcs

Recently, FIFA had organised an event called "Demystifying FATCA and FBAR requirements" in Bangalore on 18th July

2016.

Over 35 advisors raptly listened to Lalit Abichandani, CPA from the US with over 25 years' experience addressing them in

Bangalore on the topic "Demystifying FATCA and FBAR requirements". The format was in Q & A format and Lalit brought

his experience to bear in addressing common issues and questions that he has faced. Having got his early experience in

Indian income tax before moving to the US, he was able to relate to many matters affecting Indian taxes too.

Questions continued flowing even after his presentation with advisors keen to find a solution to their peculiar problem.

Some of the questions asked were: 1. Who are the people who have to file FBAR and what needs to be included? 2. If somebody worked in the US earlier on an H1B or L1 visa, and had a 401k account created then, do they need to file taxes in the US and FBAR too? 3. In case a US person is a joint account holder in India with his Indian resident parent, what is the reporting requirement? Any taxes due? 4. What are the implications of transferring funds to a US citizen by an Indian resident? Does it make a difference if the individuals are not related? 5. In case of rental income received in India under the Indian taxable limits, should that be reported/ taxed in the US returns? 6. If an NRI transfers property to a family member and the family member sells the property a day later, is there any tax impact on the transferor? The program was organised by FIFA in Bangalore under the aegis of The Financial Alphabet the financial literacy firm co-

founded by International Money Matters and Lovaii Navlakhi. In summarising, Lovaii recommended that we seek

professional help for complex issues as half knowledge would only result in more confusion for our client.


Events :

Bangalore


Events :

Bangalore


The Search for the Lost Dutchman’s Gold Mine – was held on 16th July 2016 exclusively for FIFA North East in support

with Reliance Mutual Fund

"Dutchman" is a fun team building simulation that focuses on themes of leadership, planning and communications. It is

THE world-class exercise on inter-team collaboration. It also links to issues of quality, leadership, systems,

communications and a variety of other organizational issues.

We all entered the room set with round tables, colourful packets of information, stakes of resource cards, cowboy hats,

colored bandannas, etc. and yes to the loud music which gave us all the energy and kept us excited throughout.

The exercise then started with dividing the entire crowd into smaller groups of 4-5 people and then asking them for a

team Name and Slogan. The Challenge in the game is to mine maximum Gold and to have fun. We were supposed to find

the lost mine of Jacob Waltz, the Dutchman, in the Superstition Mountains of Arizona. The way to that Gold mine had

bumpy roads, regular climate changes, snow; tyre punctures etc. which all were very exciting and interesting. The teams

gave it all and it was one of the most fun filled and learning events for everyone. At last the team named ‘Rhino Roadies’

were the winners who mined 6 Gold Coins and performed exceptionally well.

To conclude, Dutchman is a powerful and proven team building event that plays with organizations of all kinds. The

Feedback from sessions was extremely good due to the energy the play creates, a solid instructional design and its

outstanding debriefing qualities. Players left with tangible ideas for better communications, improved teamwork and

ideas for leadership.


Events : Guwahati


Events : Guwahati


Webinar on ‘Demystifying FATCA/ FBAR for US Persons’ was held in Mumbai on Wednesday, 20th July 2016. A number of our members have been facing challenges in handling NRI clients especially that resident in US. Keeping this

in mind FIFA had organised this Knowledge Sharing Session:

The ability to guide NRI clients complying with FATCA can give competitive edge to IFA’s. After the introduction of FATCA,

FBAR (Foreign Bank Account Report) which has been in existence for many years has gained attention. Essentially, every

US "person" (a US citizen, a green card holder, and a US earner) needs to submit a FBAR if they have assets outside the

US in excess of $10,000.

As you know, ignorance of law is no excuse. What advice do you give your clients if they have now realised that they have

been in default? How should you be better informed if your US client now wants to invest in India? We need to know

how to handle this practically and not just read out the law.

The doubts on the above subject were clarified by Mr. Lalit Abichandani, CPA based in New York since 1990, who runs

Abic CPA Advisors. You can read more about him on www.yourtaxadvisor.com.

Webinar has been uploaded on website. The link to the webinar is as below:

http://fifaindia.org/events/video gallary

Members will have to Log-In to view it.

We would like to thank Mr. Lovaii Navlakhi, Founder Member, FIFA for inviting Mr. Lalit Abhichandani to this webcast.


Events : Mumbai


http://www.yourtaxadvisor.com/

http://fifaindia.org/events/video%20gallary

Commission Disclosure

You are aware that a Joint representation prepared by FIFA on behalf of United Forum and FIAI for withdrawal of Commission Disclosure was submitted to AMFI on 12th May 2016.

Collating views from all our members as well as member associations of United Forum integrating into one view took more time than anticipated.

The representation submitted to SEBI is available on our website.

On 16th May 2016 we met Mr Rajendra, CEO AMFI and discussed Commission Disclosure issue. He had gone through our representation and most of the points have also been taken up by them with SEBI. He suggested that we could also make a representation to SEBI directly.

Before submitting SEBI, the United Forum and FIAI decided to use a professional external agency to assist in preparing a representation to SEBI.

Our submission to AMFI had to be completely redrafted for submission to SEBI and required in depths discussions for presenting a fair and rational case.

The process involved a number of meetings and consultations and a number of drafts prepared and reviewed before a 24 page representation was finalised.

On 28th June we sent a detailed representation on Commission Disclosure on behalf of United Forum and FIAI.

We have requested for an opportunity for a personal meeting with SEBI to give our feedback.

Over the last month we have also engaged in a series of meetings with the Ministry of Finance in this connection.

July 5, 2016 : Meeting with Mr. Jayant Sinha (United Forum representatives)

On commission disclosure, he said a meeting of IFAs was organised with SEBI and SEBI will engage in a consultative process.

He also suggested we should wait for some time for SEBI to revert.

He however highlighted the need for all distributors to be organised as one all India body with one or two officials interacting with government and regulator instead of various different representations form individuals / associations.

An Update on Recent Representations:


Jul 2016 FIFA Perspectives

He urged us to have one common body which can regularly interact with Govt and SEBI and individual members should not be then approaching Govt/SEBI.

He pointed out that as distributors are not organised, SEBI prefers to consult with AMFI on distribution related issues also.

He clearly pointed out for the need of an organised body like CII, would prefer a Sec 25 company with a secretariat, training and certification program for all members.

He wanted all IFAs to be members of one body and also indicated that we should take up the role of SRO to get credibility.

We need to deliberate his suggestions and plan our road ahead.

July 11, 2016 : Meeting with Shakti Kanta Das , Secretary Department of Economic Affairs.

Mr Shakti Kanta Das is also on the Board of SEBI as a government nominee.

On Commission Disclosure

We explained in details the issue of Commission Disclosure and made reference to the Issue of Service Tax.

He wanted to understand the reasons why disclosure should not be made and what were the specific alternative suggestions we had.

He wanted us to submit our detailed representation on Commission with suggestions which we did on the same day itself.

On service tax issue

He asked to submit a separate memorandum and to take up with the Revenue Secretary.

July 27, 2016 : Meeting with MOS - Finance Mr. Arjun Meghwal

Mr Arjun Meghwal is the new MOS – Finance

We explained the issue of Commission Disclosure and the importance of the role of Distributors.

The Minister himself acknowledged that Intermediation is a must for the Mutual Fund Industry and that distributors are needed to go to the investor’s house and explain why he should save money and should buy MFs to meet their goals like retirement, education and marriage.



He also asked whether we have an association and whether we have approached SEBI.

He said that he has understood the issue, taken our detailed representation and given assurance that he will do needful.

July 27, 2016 : Meeting with Mr. Hasmukh Adhiya,The Revenue Secretary

This meeting was specifically to discuss the Service Tax issue. His office had asked for our representation prior to the meeting.

As expected by us the Secretary was clear the issue was in SEBI domain and we should approach SEBI.

We highlighted the unfair treatment where service tax on AMC fees is allowed to be passed on to investor but not on distributor commission.

Also as a result an indirect tax is becoming a direct tax on distributors.

He acknowledged the anomaly.

He has instructed his department to write to SEBI and look into the matter .He also requested the Joint Secretary in charge of Mutual Funds to pursue the matter with SEBI

FIFA’s Study on Expense Ratios

You are aware that on 15th June FIFA released its Study on Expense Ratio of Mutual Funds and the same was circulated to all members and has also been uploaded on our website.

Initial work on the study commenced in August 2015 last year however due to the amount of work involved and limited resources it took a lot of time to complete the same.

Copies of the report were also circulated to AMFI; all MF CEO’s and head sales. The findings of the study that India had amongst the lowest expense globally country were carried in the media also.

July 21, 2016: Meeting with Mr. Anant Barua ED SEBI

FIFA was invited by SEBI ED, to discuss the study.

FIFA team which had prepared the report made 90 minute presentation to the ED and his team.

The presentation covered in detailed our objective, methodology and the detailed exercise carried out before reaching the conclusions.



FIFA team answered all the queries that ED had. We believe they were convinced of our findings.

From the feedback received by us from various sources the report was instrumental in SEBI dropping its move for the time being to cut TER.

I would like to take this opportunity to thank the FIFA team of Mr Lalit Gianchandani, Mr Yasir Varawala and Mr Mazhar Arif the authors of this report.

In conclusion we are hopeful that all our joint and united efforts will show results and translate into tremendous growth of the Industry.



CORPORATE DOSSIER

"Service Profit Chain" by Prof. Keegan


Snippets

We invite Members to solicit new Membership and invite viewers to register as Members. For details and

registration forms, please visit FIFA Website: www.fifaindia.org


http://www.fifaindia.org/

Jul-16

M Type Members

hip

Type Name of Organisation/ IFA Representative(s) NAME CITY

General O387 Indv Keynote Consultancy Rajesh Hasubha Dhruva Rajkot

General O388 Indv Shruti Investments Dhanesh Arjun Singh Advani Nashik

General O389 N.Ind

v

S&A Wealth Managers Aasit Shah Ahmedabad

Life L56 Indv Royal Investments Yogesh Chintaman Kulkarni Pune

General O390 Indv Vinayak Mahableshwar Kudtarkar Vinayak Mahableshwar Kudtarkar Vascodagam

a General O391 Indv Moni Kumar Sarmah Moni Kumar Sarmah Nagaon

General O392 Indv Santwana Nandi Santwana Nandi Nagaon

General O393 Indv Rajat Das Rajat Das Shillong

General O394 Indv Tridip Kumar Das Tridip Kumar Das Dhubri

General O395 Indv S K Financial Services Shyam Kumar Singh Dibrugarh

General O396 Indv Crassellus Kharkongor Crassellus Kharkongor Shillong

General O397 Indv Chandra Bhanu Jee Chandra Bhanu Jee Shillong

General O398 Indv Pankaj Das Pankaj Das Shillong

General O399 Indv Dinesh Powdel Dinesh Powdel Shillong

General O400 Indv Utpal Bujarbaruah Utpal Bujarbaruah Guwahati

General O401 Indv Shukla Dutta Shukla Dutta Guwahati

Founder F71 N.Ind

v

M/S Money Honey Financial

Services P L

Anupkumar Bhaiya Mumbai

Founder F72 N.Ind

v

Hexagon Capital Advisors P L Thumpudi Bhagavat Banglore

General O402 Indv Riddhi Siddhi Financial Services Samrendra Tibarewalla Kolkata

General O403 Indv Fairdeal Money Management Rajesh Gupta Jalandhar

General O404 Indv Sonal Rajesh Rawani Sonal Rajesh Rawani Mumbai

General O405 Indv Johar Motiwala Johar Motiwala Mumbai

General O406 Indv Anilkumar Wale Anilkumar Wale Sangli

General O407 Indv Arthprerana Health Plus Wealth

Solutions

Prasannaraj Pandyaji Sangli

General O408 Indv Amit Gune Amit Gune Karad

General O409 Indv S K Investments Swanand Kulkarni Miraj

Life L56 Indv Royal Investments Yogesh Chintaman Kulkarni Pune

Life L57 Indv Dhruv Rajesh Rawani Dhruv Rajesh Rawani Mumbai

General O410 Indv Optimist Investment Dhairav Janak Shroff Mumbai

General O411 Indv Probin Agarwalla Probin Agarwalla Siliguri

General O412 Indv Golden Square Serviced & Virtual

Office

Sharath ferdinand Mascarenhas Banglore

General O413 Indv Paras Bharat Momaya Paras Bharat Momaya Sangli

General O414 Indv Sanjay Madhav Naik Sanjay Madhav Naik Sangli

General O415 Indv Smart Money Solutions Ketan Shripad Nanivadekar Aurangabad

Life L58 Indv Investment Yojna Mrigendra Kumar Mishra Ranchi


FIFA Welcomes its New Members


Life L59 Indv Marwaha Bros Jugal K Marwaha Jalandhar

General O416 N.Indv Samruddhi Securities & Investment Aniruddha Ashok Jajoo Nashik

Vivekant Prakash Kolte Nashik

General O417 Indv Chhotanagpur Money Market Chandan Mitra Ranchi

General O418 Indv Marwaha Group Neetu Marwaha Jalandhar

General O419 Indv Kalra Investments Manish Kalra Jalandhar

General O420 Indv Marwaha Group Naresh Marwaha Jalandhar

General O421 Indv I-Invest Wealth Management Aavishkar Ranjan Shimla

General O422 Indv Anju Marwaha Anju Marwaha Jalandhar

General O423 Indv Wealthmate Ashwani Tiwari Jalandhar

General O424 Indv Radhika Marwaha Radhika Marwaha Jalandhar


FIFA Welcomes its New Members

fifa perspectives jul 2016 · fifa perspectives jul 2016 wealth forum awards fifa perspectives...

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