jun 2016 · an ifa in 2020 - contrast it with where you are today and you have a roadmap of exactly...

Foundation of Independent Financial Advisors (FIFA)

Editor's note

Speculation is high that SEBI will, in its Board meeting scheduled for June 17th, take some decisions on reducing expense ratios for mutual funds. SEBI Chairman has been quite vocal in recent times, about his opinion that expense ratios in India are too high - way higher than international averages - and therefore, there is a strong case to bring these down.

This perception has perhaps in part been fueled by a report last year by Morningstar, which compared mutual fund costs across 25 countries and concluded that India and Canada were among the costliest. FIFA has produced a very incisive analysis which rebuts some of the conclusions of this report, and which establishes that if you were to consider total cost

of ownership of mutual funds in various countries, India actually ranks among the cheapest and not the costliest in the world. The report correctly points out that you cannot compare unbundled costs with bundled costs and come to conclusions - its like saying we take direct plans from country A, compare them with regular plans of country B, and then conclude that B is more expensive than A.

SEBI unfortunately does not reveal the sources of information from where they form a view on various matters, including this view that Indian expense ratios are very high. In a recent RTI that an IFA had filed with SEBI on another matter, SEBI responded that it is not obliged under RTI to share reports, surveys or discussion papers on the basis of which it comes to conclusions, which then form the basis for regulations. So, we really don't know exactly how SEBI has concluded that Indian mutual fund expense ratios are very high. If they are being influenced by the Morningstar report, we would urge that FIFA's report be studied closely, and a well balanced view be taken only after this.

FIFA Perspectives Jun 2016

In response to Morningstar's report of 2015 which concluded that Indian mutual funds are among the most expensive in the world, FIFA has produced an incisive analysis that rebuts this conclusion and establishes that if you compare apples with apples, Indian mutual funds are actually among the cheapest in the world.

We reproduce the summary conclusions of the report prepared by FIFA as well as a downloadable link to the entire report, along with an editorial note below on the context of this report.

Indian TERs are in fact among the lowest

FIFA Perspectives brought to you by Wealth Forum

On a separate note, it is indeed a matter association is doing what is essentially AMFI's job. At our annual conference last year, the Canadian trade body's CEO spoke of how they (the AMFI equivalent of Canada) had produced an exhaustive report rebutting Morningstar's conclusions, and had ensured wide dissemination of this report among all stakeholders in the country, to ensure that decisions are taken on the basis of proper facts. It's a year since the Morningstar report has been issued, but we haven't seen any official report from AMFI setting the record straight, and no visible attempt at publicizing its own findings. And all this, when the regulator has been pretty vocal on an opinion that costs in India are too high.

FIFA has done a great job with this report. It has taken 3 of Mumbai's leading IFAs many days and hours of painstaking effort and research over more than a month to compile this report - time that they could well have devoted to their own businesses. A question that really needs to be answered is this: why didn't AMFI do this - and do this much earlier? Why have we allowed perceptions to build for so long, without challenging assumptions and rebutting conclusions - to a point where a decision is probably just round the corner, on the basis of a perception that may be quite removed from facts? Why is AMFI unable to appreciate that industry advocacy is its primary job?

Vijay Venkatram, Managing Director, Wealth Forum

FIFA Study of Expense Ratios for Mutual Funds

Executive Summary

There is a general perception of the industry that the TER (Total Expense Ratio) of Mutual Funds in India is extremely high. The 2015 edition of the Morning Star study "Global Fund Investor Experience Study June 2015" (hereinafter referred to as GFIE Report) covers fees and expenses for funds for 25 countries including India. This report was created to encourage a dialogue about global best practice for mutual funds from the perspective of fund shareholders. We have carried out a STUDY ON EXPENSE RATIOS FOR MUTUAL FUNDS. The objective of the study is to analyse the fees and expense ratios for the asset classes prevalent in India as compared to the global market for the domiciled funds. Conclusions that TER in India is indeed high are drawn going by the reports of research agencies such as Morning Star without giving due consideration to all ingredients of the cost of ownership to the investor. An in depth perusal of the Global Fund Investor Experience Study, the 2015 edition of Morning Star destroys the myth of India being one of the high T.E.R. countries.



Our study indicates:

i. According to the GFIE Report the Average Median Expense Ratio for money market funds in India is 0.18%. India is ranked as the 3rd least expensive country out of 25 countries reviewed in GFIE Report.

ii. According to the GFIE Report the Average Median Expense Ratio for Fixed Income funds in India is 0.53%. India is ranked as the 6th least expensive country out of 25 countries reviewed in GFIE Report.

iii. Money Market and Fixed Income Funds comprise of 9.14 trillion that is almost 2/3rd of the total assets managed by the Indian Mutual Fund Industry which is being managed at a weighted average cost of 0.40%.

iv. In the GFIE Report, the TER for Equity Funds is shown as 2.65% for India. However, we carried out an independent study which indicates TER for Equity Oriented Funds as 2.07% (1.81% before Service Tax).

v. In case of equity funds, if the total cost of ownership i.e. front load charges + annual expense + advisory fees + platform access charges + performance fees, is considered then India is ranked as the 5th least expensive country out of 25 countries reviewed in GFIE Report.

We have written to Morning Star about the discrepancy observed in expense ratio for Equity Funds in India. The response from Morning Star has not been received till the time of writing this report.

To read full report, Click Here



http://wealthforumezine.net/FIFAStudyofExpenseRatiosforMutualFunds150616.pdf

Gajendra Kothari, Etica Wealth, Mumbai

Imagine a scenario when you are attending the 11th annual Wealth Forum Platinum Circle Advisors Conference in July 2020. What will be the discussion points when you meet fellow advisors from all over the country? You will certainly not be discussing which software to use for doing online transactions, which is a good portfolio reporting software, how to do client relationship management (CRM), how to go about doing financial planning for our clients, how to calculate and track your brokerage, how to handle compliance etc. The financial advisory landscape is changing at a much rapid pace. The consumers are becoming far more demanding and that too at a fraction of a cost of what was charged to them earlier. Today we already have the emergence of robo-advisory in India wherein virtually everything can be done online right from making a financial plan, aligning and rebalancing asset-allocation to tracking the entire portfolio. However this is restricted to a very few set of players. There is still an army of approx 50,000 individual advisors who are doing the business in the brick and mortar model. Lets see presently how it works.

Where we are today Basically in our profession, there are 3 stages of a client relationship viz. prospective stage, execution of the plan / investments and finally after sales service. In my experience, an advisor spends 70% of his / her time in unproductive things in all the three areas viz. data gathering of the client information, collating all the existing financial documents of the client, filling up the Mutual Fund KYC form and individual AMC application forms, submitting the forms to each AMC / registrar, checking with AMCs on SOA's, data correction, data modification, processing of non- financial transactions etc. If I look at my own company, presently we are a 15 member team out of which only 3 are in full-fledged advisory role or relationship management (profit centre). Rest of the team is either back office operations or sales support (cost centre). Come 2020, all these 12 people can be either upgraded to or dispensed with and replaced by 12 relationship managers / financial advisors. Thanks to the technology almost all routine work can be automated. The whole office will become e-office with no papers floating around. Each Relationship Manager will have a set of 50-100 accounts to look after.

A day in an IFA's life in 2020

Technology is clearly the buzzword now, and there is a keen desire amongst many IFAs to find ways to leverage technology to transform their business. But just how do you go about doing this? One good way is to do some crystal ball gazing to see how a typical day in your life might be in 2020 - and then contrast it with where you are today. We turned to Gajendra Kothari, an avid tech buff and a leading Mumbai based advisor to do just this for us. Here's how Gajendra sees a typical day in the life of an IFA in 2020 - contrast it with where you are today and you have a roadmap of exactly what you need to do, to get future ready.



They will be responsible for all the affairs of their clients right from sourcing the client, closing a deal, managing back office chores and maintaining relationship. They will basically have one dashboard / software to look into. Lets give our dashboard a fancy name "Ms Moneypenny" (borrowed from the popular James Bond film series)

A typical day with Ms. Moneypenny

With Ms Moneypenny at the centre of our activity, our day in 2020 will look something like this.

When you wake up in the morning, Ms Moneypenny will alert you with the list of meetings that day, greetings (happy birthday / anniversary) to be sent to your clients, important reminders / events for that day. As the head of the company, you can see the meeting schedule of all your relationship managers, agenda of each meetings, minutes of tasks pending in the system etc. Different levels of admin control can be set based on user hierarchy.

If we are meeting a new prospective investor, based on few key details like email id / mobile no, She will give us the complete profile of the investor (fetching from various social media platforms). She can also tell us whether any of our existing clients are part of the prospects network. When we are meeting the investor first time, we can compile complete information in seconds thanks to ever evolving technology. Though the help of Digilocker (https://digilocker.gov.in), the client can share all his key documents like PAN Card, Aadhar Card, Passport, Driving Licence, details of educational qualifications, property documents, copy of will etc. As far as his existing investments are concerned, everything will be available in one consolidated demat format thanks to the initiative of NSDL and CDSL. We will be able to see list of all his fixed deposits (hopefully regulators will allow sharing of information to one common identity), life and general insurance policies, stocks, mutual funds, bonds, post office schemes, NPS, etc all on the same page. We don't have to spend any time in collating this information. The risk profiling can also be done instantly and so is the exercise of goal setting. Based on the information provided a detailed financial plan can be generated in no time. The client / advisor can tweak the numbers at the click of a button to suit their requirement.



Once the client agrees to go ahead with the plan, the RM can work on different mutual funds or any other investment product to be allocated for various goals. The software will have in-depth analysis of all the investment products and individual schemes. One can also set model portfolios depending on the client's risk profile. When the client is good to go ahead with the investments, the KYC can be done online thanks to Aadhar and the client will be able to open his account instantly on any online platforms for investments (NSE, BSE, MFUtility, I-Fast, FundsIndia - The list can be endless). Also thanks to technology like IMPS (Immediate Payment Service), funds can be transferred instantly to the designated funds account making the investment to happen real-time.

Post the processing of transactions, the portfolio details will be automatically fed into the software and then Ms Moneypenny starts tracking the goals for the client and give him / her timely updates on the goals. Also thanks to the software all future after sales service like change in bank account details, change of nominees, mobile no, email id etc be done almost instantly.

Not only this, the dashboard will also be able to keep track of all the conversations though email / messages / social media so that the trail can be established easily for compliance purposes. One can send relevant articles, newsletters to different segment of investors thanks to the wonderful CRM feature of the software.

What more, Ms Moneypenny will also have the capability to present amazing analytics using our data. This will include break-up of client by geographic locations, income profiles, professions, demographics, client longevity, revenue per client etc. This MIS can also be used to see which RM is working more efficient and hence rewarded suitably. The software will also be able to calculate and charge fees to the client automatically based on the scope of the work.

The dashboard can also be used as a great hub for team activity like sharing of important information or articles, communication between team members, delegation of tasks, sharing of calendars.

Finally, thanks to Ms Moneypenny each RM will be able to meet 4-5 investors / prospects per day. We don't need to be present physically with the client. Most of the meetings will be done over Skype, Google Hangout and the screen can be easily shared with the investor online. This will not only increase efficiency but saves huge time and cost. There is no alternative given the traffic condition in most cities in India.

The future belongs to platforms

To conclude, the future belongs to platforms (Ms Moneypenny being just one of them). We will have no choice but to leverage technology to make our clients as well as our lives easier. Advisors who will be able to embrace technology much ahead will not only see a sharp surge in terms of top-line but will also see a healthy bottom-line. And no wonder they will be quite ahead of the pack winning more and more prestigious WealthForum Advisor awards while the fence sitters applaud for them.



Recently, FIFA had organised an event called FIFA KONNECT at Hotel Lily ,Guwahati on 18th June 2016 . The main motto of KONNECT was networking and knowledge distributors, IFAs from all over the region like Shillong,Dimapur,Tinsukia and Dibrugarh were present in this event .It is noteworthy mentioning that participants travelled more than 12 hours to make it to the event. The event started by singing the national anthem and lightining the lamp. Mr Pallav Bagaria CEO Brand New Day welcomed the august gathering and explained the objective of the event along with do’s and dont’s during the meet. The speaker guest Mr. NavneetMunot , Chief Investment Officer from SBI Funds Management, expressed his view on the recent market condition & about global economy , Crude oil, Brexit news & Bank rate cuts. Mr Dhruv Mehta chairman FIFA spoke about the need of such a platform and the role FIFA has played in putting the voice of IFA before the concerned regulatory. Mr. Nilesh Shah , Managing director of Kotak Mahindra Asset Management Company Limited, with over 25 years of experience in capital markets and market related investments. FIFA’s third speaker was Mr PradiptaBarua ,EVP& Regional Head ,UTI he came up with the topic of Alignment of business and advisors to the new realities. Mr Surendra Kumar IGP(CID Branch) Assam police spoke on IFA from investors point of view. Mr AbhinavKhettry (Kolkata) , Mr AshisModani (Jaipur) & Mr Pravin Agarwal (Siliguri) talked about Building a brand , Retail Penetration & SIP a success mantra respectively. There was a panel discussion topic being “Building business in the new environment” the panelist for the same were- Roopavenkatkrishnan , Sec FIFA, Ashish Modani, Dhruv Mehta Chairman FIFA, AbhinavKhettry. The event by and large was appreciated by all the participants. Needless to say that event of this nature will help in accomplishing the objective of FIFA.


Events : Guwahati


Events : Guwahati


As a part of FIFA’s monthly Knowledge Sharing Event, FIFA with Reliance Nippon Life Asset Management Limited hosted a Market Outlook meet for all FIFA members at their global headquarters on the Thursday, 23rd June’16. The meeting was attended by over 50 FIFA members from Mumbai & Nashik. Mr. SundeepSikka, CEO ,Reliance Nippon Life Asset Management Limited welcomed the participants & spoke on the industry outlook. Mr. Sunil Singhania, CIO – Equity, Reliance Nippon Life Asset Management Limited spoke on the equity markets & the way forward, followed by Mr. Sailesh Raj Bhan Dy. CIO – Equity, Reliance Nippon Life Asset Management Limited talk on the equity funds & its current positioning, the rationale of the stocks in the portfolio. Mr. Prashant Pimple, Sr. Fund Manager – Fixed Income, Reliance Nippon Life Asset Management Limited, spoke on varied subjects like the interest rate movement, the accrual credit space & the overall fixed income markets. The event concluded with a thanking note.


Events : Mumbai


Events : Mumbai


A) RaghuramRajan says he won't serve second term as RBI Governor - Times Of India

NEW DELHI: RaghuramRajan has announced that he would not be serving a second term as the Governor of the Reserve Bank of India . The announcement comes on the back of intense speculation and criticism over the international banker. Rajan has written a letter to his staff at the central bank, saying he would return to his academic career when his term ends on September 4. "I am an academic and I have always made it clear that my ultimate home is in the realm of ideas. The approaching end of my three-year term, and of my leave at the University of Chicago, was therefore a good time to reflect on how much we had accomplished," read Rajan's letter to his RBI team . "... on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016. I will, of course, always be available to serve my country when needed," the letter added.

Rajan also listed out a number of achievements of the RBI during his tenure, such as putting in place an inflation-focused framework, 150-basis point cut in the interest rates, improving the balance sheets of banks through the Asset Quality Review, assisting the government with reform state-run bank management appointments and a restructuring of the RBI among others. Rajan thanked his team at the RBI. "I am confident my successor will take us to new heights with your help. I will still be working with you for the next couple of months, but let me thank all of you in the RBI family in advance for your dedicated work and unflinching support. It has been a fantastic journey together!" his letter read.


Happenings


http://timesofindia.indiatimes.com/topic/Raghuram-Rajan

http://timesofindia.indiatimes.com/10-achievements-Raghuram-Rajan-listed-in-his-letter-to-RBI-team/listshow/52811176.cms

B) Ack at the end Source, by ' Ian Brammer , Time Magazine India’s Success Is Built to Last

In the world of central bankers, RaghuramRajan is a rock star, and the abrupt announcement on June 18 that he will depart the Reserve Bank of India in September came as a shock for investors. Some experts suspect that the charismatic, outspoken former IMF chief economist was forced out for political reasons and consider his departure a disaster for his country’s economy. But there’s no need to raise alarms for India. Early reports suggest his successor will be a credible figure with a distinguished résumé, and all signs point to continued policy progress on India’s most pressing problems. To appreciate India’s positive outlook, compare the country with its emerging-market peers. In China, growth has slowed dramatically in recent years, the debts of local governments and Chinese companies have ballooned, and the central government is struggling to implement reform. In Russia, deep dependence on energy exports, endemic corruption, Western sanctions and the Kremlin’s determination to blame foreigners for all serious problems prevent the political and economic reforms that might finally make the country’s economy more dynamic. Brazil faces its deepest recession in decades, a widening political scandal, the Zika virus and an Olympic Games for which the country doesn’t seem prepared. India remains the emerging-market world’s most positive story, in large part because Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) lead the country’s strongest government in 30 years. Modi has lowered barriers to foreign investment across sectors as diverse as defense, railways and real estate. India became the world’s leading recipient of greenfield foreign investment in 2015. By streamlining regulation and cutting red tape, Modi’s government has made it easier to do business at both the national and the state level. Opposition parties still hold a majority in India’s upper house and have stalled legislation on sensitive subjects like labor and land reform. But a plan to dramatically simplify the tax system will probably pass this year, and Modi has accomplished more without Parliament. The BJP has also pushed state governments to adopt reforms of their own. These gains are likely to last, but two longer-term risks deserve particular attention. India faces serious water shortages, and its fragmented legal systems make it hard to coordinate water management. In addition, rapid economic growth isn’t yet generating enough jobs for the million people who enter India’s workforce each month. But Modi has set India on a promising path–and it will take more than a central-banking rock star leaving the stage to knock the country off course.

Source : Time Magazine July 4, 2016 : Mr. Ian Brammer

Happenings


CORPORATE DOSSIER

Good to Great “Good to Great”: With June NL, we bring for members excerpts from a classic by Jim CollinsPart:B GOOD-TO-GREAT PRINCIPLES 1. Level 5 Executive Leadership

Personal Humility

Professional Will, almost fanatical

Workmanlike diligence – more plow horse, than show horse

Ambitious for the company, not themselves 2. First Who, Then What

Getting the right people on the team comes before vision, strategy and tactics

Get the right people on the bus

Get the wrong people off the bus

Put your best people on your biggest opportunities, not the biggest Problems 3. Confront the Brutal Facts (But Never Lose Faith in the Potential for Greatness)

Impossible to make good decisions without an honest confrontation of the brutal facts

Create a culture wherein the truth can be heard

Lead with questions, engage in dialogue not coercion and conduct autopsies without blame

Charisma can be as much a liability as an asset because a strong personality often deters people from presenting the brutal facts

Don’t waste time trying to “motivate people”. The right people are self-motivated but can be de-motivated. 4. The Hedgehog Concept

Organizations should only do what they 1) can be great at, 2) can make money at and 3) have a passion for doing.

The Hedgehog Concept is not a vision or strategy, but an understanding.

Good-to-great companies set their goals and strategies based on understanding; others set their goals and strategies based on bravado.

Getting the Hedgehog Concept is an iterative process.

Hedgehog companies are simple creatures that know one big thing and stick to it. Other companies are more like foxes that know many things but lack consistency.

5. A Culture of Discipline

Sustained great results depend upon building a culture of disciplined people who take disciplined action within the three circles of the Hedgehog Concept.

A culture of discipline requires disciplined people who engage in disciplined thought and then take disciplined action.

The single most important form of discipline for sustained results is fanatical adherence to the Hedgehog Concept and the willingness to shun opportunities that fall outside the three circles.

The purpose of budgeting in a good-to-great company is not to decide how much each activity gets, but to decide which areas best fit within the Hedgehog Concept and should be fully funded and which should not be funded at all. “Stop doing” lists are more important than “to do” lists.


Snippets :


6. Technology Accelerators

Good-to-great organizations avoid technology fads but become pioneers in applying carefully selected technologies.

Good-to-great organizations use technology as an accelerator of momentum, not a creator of it.

The key technology question is does it fit directly your Hedgehog concept? If yes, then becoming a pioneer in the technology makes sense. If no, you can settle for parity or ignore it entirely.

7. The Flywheel and the Doom Loop

Good-to-great transformations look dramatic and revolutionary on the outside but actually are organic, cumulative processes on the inside. There is no single defining action, no grand program, no one lucky break or miracle moment.

Sustainable transformations follow a predictable pattern of build-up and breakthrough – like pushing on a giant, heavy flywheel.

Average organizations follow the “doom loop” pattern. They try to skip build up and jump immediately to breakthrough. Then, with disappointing results, they lurch back and forth, failing to maintain a consistent direction.


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

Snippets :

http://www.fifaindia.org/

June – 2016

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

Founder F69 V B Associates AjinkyaAbhyankar PUNE

Life L48 Deepak Deepak Ludhiana

Life L49 Rajesh Kaura Rajesh Kaura Ludhiana

Life L50 Dhanashree Investments Dhananjay Kale Pune

Life L51 Safe Assets KillolRingwala Ahmedabad

Life L51 Shalibhadra Master Investment Brokers LLP Siddharth Shah Ahmedabad

Life L54 Money Plant Consultancy Nidhi Parakh Pune

General O338 Rhea Nagpal Rhea Nagpal Ludhiana

General O339 Rajesh Malhotra Rajesh Malhotra Ludhiana

General O334 Anjana Shah Anjana Shah Mumbai

General O340 Hemant Powale Hemant Powale Thane

General O341 Saikat Sen Saikat Sen Ranchi

General O342 MehulKakka MehulKakka Mumbai

General O343 Biswajit Das Biswajit Das Guwahati

General O344 Akash Jain Akash Jain Guwahati

General O345 Padmavati Investment Amit Jain Guwahati

General O346 BiplabDhar BiplabDhar Guwahati

General O347 Invest Asia Sandeep Jain Guwahati

General O348 IntygrittyFinacial Solution Rahul Agarwal Guwahati

General O349 Bhanu Jain BhanuPratap Jain Tinsukia

General O350 RupakBhowal RupakBhowal Tinsukia

General O351 Prakash Kumar Jain Prakash Kumar Jain Tinsukia

General O352 Manoj Agarwala Manoj Agarwala Guwahati

General O353 SarangKhatuwala SarangKhatuwala Nagaon

General O354 Abhijit Das Abhijit Das Shillong

General O355 Pradeep Chotalia Pradeep Chotalia Vadodara

General O356 Swadeshi Amitkumar Mehta Jamnagar

General O357 Money Mantra Viral Vijay Bhatt Mumbai

General O358 Khandeshwar Investment Shekar Krishna raoKhandeshwar Nagpur

General O359 Investment Insights JeevanMahendraPendhari Nagpur

General O360 Balgovind Shah Balgovind Shah Dibrugarh

General O361 Royal Insurance&Investments Hemant Kumar Agarwalla Bokakhat

General O362 North East Financial Services Satya BikashBhuyan Guwahati

General O363 Bibhas Das Bibhas Das Guwahati

General O364 Anup Thirani Anup Thirani Gangtok

General O365 Tapash Kumar Gupta Tapash Kumar Gupta Shillong

General O367 Shankar Kumar Shankar Kumar Guwahati

General O368 Reena Agarwal ReenaAgarwala Guwahati

General O369 Mohit Consultancies Mohit Jain Guwahati


FIFA welcomes its new members


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

General O370 Paras Mal Jain Paras Mal Jain Guwahati

General O371 Virat Financial Services RohitashwaKumbhkar JAIPUR

General O372 Babita Singh Babita Singh Guwahati

General O373 MrigeshBaruah MrigeshBaruah Guwahati

General O374 NareshChoudhary NareshChoudhary Guwahati

General O375 M Sarma& Associates ManideepSarma Guwahati

General O376 Mini Deb Mini Deb Shillong

General O377 NirmalyaDasgupta NirmalyaDasgupta Shillong

General O378 HND Financial Planner IshaniSarma Guwahati

General O379 PinakiAcharyya PinakiAcharyya Shillong

General O380 RudraInsurance&Investment Ram Babu Sah Guwahati

General O381 Vinsan Consultants Pvt Ltd Vinita Kejriwal Kolkata

General O382 Krishna Manohar Pandhare Krishna Manohar Pandhare Pune

General O366 BhaskarBaruah BhaskarBaruah Guwahati

General O383 PSG Financial Prasad SharadchandraGadhe Nashik

General O384 Ajay HasmukhlalNarechania Ajay HasmukhlalNarechania Mumbai

General O385 LeelaramHemandasBalwani LeelaramHemandasBalwani Nagpur

General O386 Shree Jalaram Investments ChampaklalMaganlalMashru Kaiyan


FIFA welcomes its new members

jun 2016 · an ifa in 2020 - contrast it with where you are today and you have a roadmap of exactly...

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