National, 07 June: Mr. KK Maheshwari has assumed the role of the new president of the Association of National Exchanges Members of India (ANMI), India’s largest stock exchange member’s body, with a 5-pronged priority agenda for the next couple of months in view of the ‘New Normal’ for the industry forced upon by the Coronavirus pandemic. He takes over from the outgoing president Mr. Anup Khandelwal, who led ANMI with distinguishing excellence during a period marked by widespread disruptions, destructions of lives and livelihoods, and unparalleled challenges dealt by the pandemic.
Mr. Maheshwari will lead ANMI in 2021, a year that is both unique and challenging for the organisation. ANMI will enter the important milestone of 25 years of its establishment in August 2021. However, this special achievement comes at an unprecedented time for the stockbroking industry which is still acclimatising to the changes in the regulatory and policy framework and the ‘Neo Normal’ of functioning, which is a departure from physical and interpersonal networking to a completely digital mode of operations.
Speaking about his appointment, Mr. Maheshwari said: “I am greatly honoured to be bestowed with this responsibility and thank all members for reposing faith in me to lead this organisation in its Silver Jubilee year. As part of my immediate priorities, I would want to ensure the greater contribution of our industry towards capital market development, work towards ease of doing business and ensure more effective adherence to compliances for our members in view of the current changes and challenges.”
The 5 focus points for the year ahead will be:
- Rationalization of compliances: The focus will be to work with the relevant authorities to streamline and rationalize duplicate and redundant compliances in view of the increase in compliance burden on members during the past year.
- Mitigating the impact of Peak Margin. The phased implementation of Peak Margin norms, implemented by SEBI with effect from December 1st, 2020, has eroded the exchange volumes and has hit the small brokers the hardest, who even face the risk of becoming defunct. As per the schedule, the peak margin obligation of the client was 25% from December 1st, 2020, and 50% from March 1st, 2021. It is slated to increase further to 75% from June 1st, 2021, and 100% from September 1st, 2021. With further increases in peak margins, the markets are likely to witness a significant drop in volumes and participation. The focus will be to take up this issue with the relevant authorities on priority to mitigate the impact of this regulation.
- Making investor education a way of life: There will be a great many changes in the business methods and philosophy in the neo-normal of this industry. Educating the investor for seamless and smooth market participation will be the top priority for all members, who will need to assume greater responsibilities to facilitate investor participation.
- Establishing better connectivity with members – In this world of fast-moving information, connectivity between various stakeholders and members will be the key to successful operations. The priority will understand and resolve the problems and glitches faced by the members in their day-to-day operations.
- Working for the betterment of ANMI: Improving the workings of ANMI to ensure a better, stronger, and strong united organization will be the priority to tide over the current challenges and overcome the hurdles for the smooth functioning of the industry.
The ANMI president can be contacted directly by all its members on the aforesaid 5 areas of focus or for resolution of any other challenges or concerns faced by them during the year,
About ANMI:
Association of National Exchange Members of India (ANMI) is an association comprising around 900. Stock Brokers from across the country who are members of the National Stock Exchange of India Limited, The Bombay Stock Exchange, Multi Commodity Exchange, and other exchanges having a national presence. The basic objective of ANMI is to work for the growth of the capital markets thus contributing to the economic development of the country and the overall interest of investors and its members at large by becoming a medium between regulator, exchanges, and participants. ANMI is also a member of the International Council of Securities Association (ICSA).
