Continuing the
rich tradition of guest lectures by eminent industry professionals; February 14th, 2014 marked one more of such memorable
occasions. SIMSREE students were
blessed with the presence of a well-known veteran in the field of consulting
industry: Mr. Ashvin Parekh. Mr. Parekh
is currently working as the Managing Partner - Ashvin Parekh Advisory
Services LLP and Sr. Expert - Advisor, Global Financial
Services - Ernst & Young Pvt. Ltd.
The distinctive
feature in Mr. Parekh’s illustrious career is that he has worked across all
four of the “Big Four” consulting
firms. He has been a Partner and National Leader at Ernst & Young.
He has been the Executive Director of Deloitte Touche Tohmatsu India from
July 2002 till June 2005. He also held senior positions in Arthur
Anderson, Price Waterhouse Coopers and KPMG. He is considered as an expert
in financial services industry, having worked on gamut of areas like business
strategies, corporate planning, institutional strengthening and business
transformation across industries including banking, insurance, pension and
capital markets. He has also been working closely with the government, having
been part of several committees set up by Ministry
of Finance, RBI, IRDA and SEBI.
Mr. Parekh made
it clear at the start of the session that rather than having a set format for
the lecture, he would welcome students asking him various questions and
pointing out the topics they would like him to talk about. Students responded
with plethora of questions, with topics ranging from financial inclusion, to
valuations in mergers and acquisitions.
Mr. Parekh
started with his take on the Indian economy, clearly pointing out the
differences between pre-2008 and post-2008 situations. He pointed out that
between 2003 and 2007, Indian economy grew at a rapid pace and foreign
investors were generally positive about India. Post 2008, however, this
enthusiasm has largely reduced and investors (FIIs and FDIs) are not very
convinced about India’s growth prospects. He cited signs of policy reversal as
one of the reasons, pointing out issues like spectrum allocation and
retrospective taxation.
He then talked
about his experience in the banking sector, having worked as a business adviser
with almost all large banks. In 1992, Mr. Parekh was closely involved with the
formation of four new private banks, which was a unique experiment at that
time. He opined that the experiment was largely a successful one, benefitting
customers with product innovation, technology and improved service. However, he
did not share the similar views regarding the new banking licenses about to be
issued by RBI. He questioned the need for the formation of new banks, and
stated that strengthening the present banking system instead was the need of
the hour. He also stated problems such as the stringent clauses affecting the
viability of the banking business, and the issue of corporate governance coming
into picture. Talking about regulation, he strongly advocated Urjit Patel committee report, and the
need for the monetary policy to be rule-based.
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