This is a comprehensive program covering equity or stock markets,bond and money markets,and currency markets. It includes the key terms, trading strategies, risk management and detailed operations from trading to settlement in each of these financial markets
|Initial Public Offering - Issuance Process|
IPO Issuance Process: A detailed discussion on various topics on an IPO issuance. It includes - Role of registrar, SEBI guidelines for IPO eligibility, IPO grading, Draft Red Herring Prospectus (DRHP), Listing agreement, Pricing the issue, Book building process, Allotment.
|Drafting the Offer Document|
SEBI Guidelines - Key features & Contents of Offer Document:An understanding on the key features of the offer document, such as - 'Issue Details','Capital Structure','Project Details', etc.
|Marketing, Launch & Completion of Issuance|
Marketing the Issue: An understanding on various topics related to the marketing of the issue, such as - 'Pre-issue advertisement guidelines', 'Format of the issue advertisement', etc.Launch and Completion of Issue: A detailed discussion on various collaterals, and activities related to launch and completion of the issue, such as - 'Abridged Prospectus','IPO Announcements','Auction (French/ Dutch)','Book Building' etc.Post Issue Activities: An understanding of Investor grievances redressal, Post-issue Monitoring Report to SEBI.QIP Issue : SEBI guidelines for QIP issue.Rights Issues & Bonus Issues: SEBI guidelines.
|Depository Receipts (DRs)|
Types of DRs : American Depository Receipts (ADRs), Global Depository Receipts (GDRs), European Depository Receipts (EDRs), Indian Depository Receipts (IDRs).ADR Structure : Sponsored level 1 ADRs, Sponsored level 2 ADRs, Sponsored level 3 ADRs.Tax Treatment : Taxation on ADR investments.
|Issuance Process of Depository Receipts|
Participants involved in ADR/GDR Issuance: A discussion on roles of various participants in the ADR/ GDR issuance process, such as - 'The Issuing Corporation','Local Custodian Bank','Sponsor Bank', etc.ADR Norms in India : Norms for usage of Receipts, Norms for pricing of ADR.Fungibility & Reverse Fungibility: A step by step scenario based discussion on the concept of 'Fungibility' and 'Reverse Fungibility'.Issuance Process : A step wise illustration on the issuance process of 'Sponsored Level 1 ADRs'.Other Regulations : A discussion on regulations related to Issue expenses, Intimation to RBI, etc.Key Documentation : Form F-1, Form 20F, Form F-6.IDR and its Issuance Process.
Features of CP: An understanding on features of Commercial Paper, such as - Tenor, Issuance, Security, Coupon.Who can issue CPs?: Description on the eligibility criteria - 'Tangible Net Worth', 'Working Capital Limit' etc.Credit Rating Requirements: A discussion on the need of credit rating agency in CP issuance process, rules for credit rating agencies, minimum rating, rating duration, validity period, etc.Participants in CP Issuance Process : Issuer, Investor, Depository, IPA.Day Count Conventions: Understand the convention about interest rates, such as - 'Act/360', 'Act/365', '30/360', 'Act/Act'.CP Issuance Process : Steps involved in CP issuance process.CP Redemption Process : A discussion on the role of various participants, and the steps involved in the CP redemption process.Responsibilities of Merchant Banker - A brief coverage on the responsibilities of a merchant banker in the issuance of a CP, such as - 'Credit Rating', 'Document Verification', 'Adherence to RBI norms', etc.
Types of Bonds : A discussion on Plain vanilla, Callable, Puttable and Convertible bonds.Key Terms: Understanding of the key terms related to the bonds, such as - Face Value, Maturity, Coupon Rate, Yield etc.Bond Issuance Process: A step by step discussion on the issuance process of bonds, such as - Preparation & Approval Marketing & Pricing: A discussion covering the topics such as - 'Obtaining a Credit Rating','Agency Agreement','Filing of Draft','Pre-issue details','Abridged Info Memorandum', etc.Launch & Completion: An understanding of the activities related to launch and completion of the issuance process, such as - 'Book Building','Listing Approval', 'Listing at Designated Stock Exchanges', etc.Redemption of Debentures.Rollover of Debentures: Guidelines for rollover.Convertible Bonds.Foreign Currency Convertible Bonds (FCCBs): A discussion on characteristics, issue process, SEBI and RBI guidelines on FCCB Issues, FCCB - prepayment/buyback.
Jai joined ANZ Grindlays from campus, and moved on to Citibank, and then to Deutsche Bank, as head of Foreign Exchange & short term Derivatives trading for India.