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The Future of India's Debt Market, 1998
Bombay, November 12 - 13, 1998
Inaugural Session
Theme Address
Mr. Gautam Bhardwaj
Managing Director
Invest India Economic Foundation
Luncheon Address
Legal Issues in the Debt Market
Mr. Cyril Shroff
Partner, Amarchand & Mangaldas & Suresh A. Shroff & Co.
Questions
TECHNICAL SESSION - I
Developing the Repo Market
In the past few years, repos have been successful in stimulating some growth in trading of debt securities in the secondary market. This session draws on some experience from abroad and examines how these can be adapted in the Indian scenario.
Moderator
Dr. Ajay Shah
Assistant Professor
Indira Gandhi Institute of Development Research
Panelists
Ms. Usha Thorat
Chief General Manager
Reserve Bank of India
Mr. Ravi Narain
Deputy Managing Director
National Stock Exchange of India
Mr. Arvind Sethi
Managing Director, Global Capital Market Group
Bank of America
Presentations
Repos: The UK Experience
Ms. Adriana Ennab
Director, Merrill Lynch, Japan
Panel Discussion
TECHNICAL SESSION - II
Developing the Long Term Market
Over the past 2-3 years, reforms in the market have enhanced activity in the gilt segment of the secondary market. This session examines how the gilt market can be further developed and what parallels can be drawn from this for the development of the non-gilt market.
Moderator
Ms. Kalpana Morporia
General Manager
The ICICI Limited
Panelists
Ms. Usha Thorat
Chief General Manager
Reserve Bank of India
Mr. Gopalakrishnan
Managing Director
SBI Gilts Limited
Mr. B.S. Shashidar
Director
Investsmart India Limited
Mr. Jon Bowen
Manager, Treasury
HSBC
Presentations
State of the Gilts Market: Future Agenda & the Need to Enhance Secondary Market Activity in the G-Sec Segment
Mr. K. Rajagopal
Deputy General Manager - (Money Markets & Investments)
State Bank of India
Development of the Long-term Bond Market for Corporates; to Enhance the Secondary Market and the Role of Market Makers
Mr. Dilip Madgavkar
Head, Fixed Income, Prudential ICICI AMC Limited
Panel Discussion
Summing up the day by the moderator
Special guest lecture
Creating active domestic bond market : their global growth, their benefits, and IFC's contribution
Mr. Hany Assaad
Manager (Capital Markets, South Asia), International Finance Corporation
DAY II
TECHNICAL SESSION - III
Debt Funds & Money Market Mutual Funds
Widening of the participation base is critical for the widening and deepening of the debt market. At the moment, the major participants in the market included banks and institutions. We need new players who will take different and contradictory views and change the market from being unidirectional.
Moderator
Mr. K. R. Bharat
Managing Director
Credit Suisse First Boston
Panelists
Mr. K. Kanagasabapathy
Advisor-in-charge
Monetary Policy Department
Reserve Bank of India
Dr. Basudeb Sen
Executive Director
Unit Trust of India
Mr. S. Naganath
Chief Investment Officer
DSP Asset Management Company
Presentations
Role of Debt Funds and MMMFs in the Development of the Secondary Market
Ms. Hina Shah
Chief Investment Officer & Senior Vice President, JM Capital Management Limited
Panel Discussion
Luncheon Address
Ingredients for a sound development in the debt market
Mr. S.S. Tarapore
Questions
TECHNICAL SESSION - IV
The Role of Debt in Infrastructure Financing
The role of the debt market in infrastructure financing is unquestionable. This session examines issues related to what needs to be done in the debt market to raise money for infrastructure financing.
Moderator
Mr. R. Ravimohan
Managing Director
The Credit Rating Information Services of India Limited
Panelists
Mr. A.R. Barwe
Managing Director
SBI Capital Markets Limited
Mr. V.P. Singh
Executive Director
Industrial Development Bank of India
Mr. V. K. Bansal
President
J.M. Investment & Financial Consultancy Services
Presentations
Infrastructure bonds
Mr. L. K. Narayan
Executive Vice President
Infrastructure Development Finance Company
Financial Structuring of Infrastructure Projects
Mr. Euan Macdonald
Chairman
Warburg Dillon Read
Panel Discussion
TECHNICAL SESSION - V
Future Direction for the Debt Market
This session prioritizes the issues that need to be addressed in the market. The role of a depository in equity market has been phenomenal and this has helped in increasing activity and reducing risks in the market. This now needs to be adapted in the debt market. The private placement market is still unregulated and is yet to be standardised. This session discusses these issues in greater detail.
Moderator
Mr. Gautam Bhardwaj
Managing Director
Invest India Economic Foundation
Panelists
Dr. R. H. Patil
Managing Director
National Stock Exchange of India
Ms. Lalita D. Gupte
Deputy Managing Director
The ICICI Limited
Ms. Georgina Baker
Senior Investment Officer
Capital Markets Division
South & South East Asia Department
International Finance Corporation
Mr. Anil Singhvi
Treasurer
Gujarat Ambuja Cements Limited
Mr. G. Shiva
Vice President & Head - Fixed Income & Money Markets
Citibank N.A.
Presentations
Role of the Depository in the Debt Market
Mr. T. Koshy
Vice President
National Securities Depository Limited
Deepening & Widening the Debt Market
Ms. Shanti Ekambaram
Senior Vice President
Kotak Mahindra Capital Company
Panel Discussion
Summing of the conference
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