IMARTICUS FINANCIAL SERVICES Q2, 2016

EDITION - V Newsletter FINANCIAL SERVICES Q2, 2016

IN THIS ISSUE 02EDITORIAL 03The Opening Bell 04Nikhil Barshikar 07Managing Director, Imarticus Learning 09OPINION 10Compliance or Risk – Blurred Lines Between The Two 11Laxmikant GuptaHead - Risk Management, Product and Compliance, IDBI Mutual FundsTRENDINGImpact of Blockchain on The Financial Services IndustryHari SaravanabhavaSenior Director – Advanced Analytics and Data Sciences, CognizantWHAT’S BREWING?Upcoming EDP on Anti-Money LaunderingHighlights From Last MDPUNWINDImarticus Good Reads

EDITORIAL 03 THE OPENING BELL Nikhil Barshikar Managing Director – Imarticus LearningDear Reader, Hari Saravanabhavan, Director at Cognizant, highlight the impact of blockchain technology on the FinancialRisk and compliance–two very critical functions in the Services sector. Read more about it in this issue.Financial sector, and functions that continue todominate the headlines, many years after the Financial Financial institutions are making significant changes inCrisis. Is there really a distinction between risk response to regulatory action and increasingly far-management and compliance? For many years, to me, reaching global AML regulations; with numerous newand I'm sure for a lot of readers, risk management was regulations such as FATCA having an impact, and themore a strategic concern and compliance an operational Fourth European Money Laundering Directive (4MLD)one driven by regulatory oversight. Others might go in still to come. These initiatives have quickly changed thethe opposite direction and confuse a compliance AML scene from a standalone function underprogram with performing risk management. Compliance, to an increasingly multifaceted and overarching function cutting across legal, risk,Regulators’ (who have traditionally been regarded more operations and tax. AML/KYC should not and cannotfor Compliance checks) rising interest in risk remain the domain of senior risk managers. You are onlymanagement combined with a long trail of big fines for as strong as your weakest link: a changing and oftencompliance failures has many of us wondering whether ambiguous regulatory landscape, coupled with new orit is time for the two disciplines to come closer together, relatively inexperienced personnel doing theif not merge completely. In this Risk-focused edition, we groundwork. Training your executives on the nitty gritiesare pleased to have Laxmikant Gupta, Head - Risk of anti-money laundering is always a good bet.Management, Product and Compliance at IDBI MutualFunds, give his views on the blurring of lines between We are delighted to announce the launch of ourrisk and compliance, as it pertains to the asset Executive Development Programs, catering to yourmanagement industry in India. executives and managers. These 2-day workshops, like our Management Development Programs, will featureOf course, regulators also need to catch up with new prominent speakers who will impart their experiencestechnologies and stay one step ahead. Everyone is on topics of current interest. Our first Executivetalking about blockchain, the new technology that’s Development Program is, unsurprisingly, on Anti-moneyenergized the Financial Services industry globally. While Laundering. Please turn to Page 09 to find out more andKYC and AML processes are mandated by the globally we look forward to your whole-hearted participation.distributed financial system, institutions expend a lot oftime, money, and energy and yet achieve little in terms of We have also strengthened our Corporate Relationsaddressing this business function. Blockchain-fueled team to service your requirements better. We would likebusiness networks can address these issues by pooling to introduce you briefly to Mr. Apurva Sheth, who joinsresources and using shared ledger technology to Imarticus as Executive Director – Corporate Relations.provide not only likability in transactions, but also Apurva brings with him 16 years’ experience intraceability. To date, the reactions of regulators globally managing the training needs of Financial Services firms,to blockchain technology have been somewhat having previously worked as Managing Director at Silverfragmented, and are at quite a nascent stage. Banks may Brook and HOC.therefore continue for some time to face a lack ofcertainty and consistency in terms of the regulations As always, I look forward to hearing from you. Please dogoverning blockchain technology. get in touch with us for any requirements or suggestions to serve you better.Undeterred, many startups are building their businessesaround the blockchain technology. As the bitcoin Best Wishes Always,industry started to gain more attention from regulatoryagencies, alongside its increased consumer adoption Nikhiland investor interest, we are seeing financial complianceauthorities like Juan Llanos recruited to head blockchainanalytics firms like Coinalytics. We are delighted to have

OPINION 04COMPLIANCE OR RISK – BLURRED LINES BETWEEN THE TWOLaxmikant GuptaHead - Risk Management, Product and Compliance, IDBI Mutual FundsThe current regulatory environment has Insider Trading Regulation, KYC AML norms and in investment management firms struggling with a recent past even to cover the areas of CSR, Policy forgrowing number of requirements and expectations Prevention of Sexual Harassment at Work Place,both from regulators and investors. The Whistle Blowers etc. On the international platform, itconsequences of non-compliance with those has extended up to regulations such as FATCA, Doddrequirements and expectations are regularly making Frank Act, Volcker's Rule etc.the headlines and key stakeholders, such asinvestors, boards of directors, regulators and the THE GREAT FINANCIAL CRISIS: A GAME CHANGERpublic in general, are increasingly questioning theefficacy of existing compliance programs. The recent event relating to credit risk downgrades ofTHE PREVELANT VIEW ON COMPLIANCE issuers, delays in repayment by issuers and asset managers' portfolio quality deterioration hasRisk management and compliance are two areas of affected the existing compliance framework. Creditinvestment management that, in the past, were risk led to liquidity risk among asset managers (ofbarely tolerated nuisances. Managers were “forced” course, there were many learnings from the 2008-09to participate in processes they felt were both Crisis). Regulators had to step in to strengthen “Riskelementary and annoying. In general, compliance Management System” by making “Compliancewas understood as something to do with adherence Framework” take care of new risk mitigants.to regulations, and to a few internal policies and Regulatory norms relating to portfolio diversificationprocedures as a part of basic governance structure. among Indian mutual funds were amended.This was also understood as something to do with Regulatory limits per issuer, per sector, exposure toprocedural aspects like sending MIS to regulators, financial services or HFCs, per management groupcompliance certification, MCR / QCR, working out are now more stringent.certain procedures and drafting / filling up forms fornew fund offer or additional capital offering or may In addition, provisions relating to stress testing werebe routine forms and papers relating to secretarial introduced in 2015, where standardized stressmatters, ROC and procedures of the Companies Act. scenarios are provided which needs to be applied onThe main regulators for the asset management liquid portfolios on a monthly basis to monitor anybusiness are SEBI, RBI, PFRDA and IRDA (to some vulnerability in the portfolios. These standardizedextent). In addition, other aspects affecting stress scenarios are mainly relating to liquidity impactCompliance are Companies Act, FDA norms, FEMA during distress sale of portfolio, credit ratingetc. Hence, compliance was always understood to do downgrades and rise in interest rates.more with regulations which may extend partly to Regulators' rising interest in risk management combined with a long trail of big fines for compliance failures has some consultants and industry leaders wondering whether it is time to rethink on charters of compliance function and train compliance for risk management as well. Though compliance and risk management are still two different independent functions, there is a need of changed approach of compliance considering risk management aspects like concentration risks, liquidity risk, risks relating to derivatives, securitization etc. Risk management is now hardwired into more rules and regulations since the beginning of the Financial Crisis. Risk is increasingly being built into regulations at a much stronger level than it ever was. Continued...

OPINION 05THE INDIAN CONTEXT classes like private equity, real estate, infrastructureThe credit delays in 2015 compelled a mutual fund to funds, hedge funds etc. AIF regulation was adefer redemption from the scheme. Further, replacement of the Venture Capital Fund regulationdowngrades in a few other issuers affected scheme (VCF) as far as new fund launches are concerned.returns of a few other mutual funds. This led to Earlier, VCF regulation had lots of flexibilities insystemic risk of investors' confidence getting affected relation to fund management, valuation, riskin mutual funds. Hence, SEBI, to protect the investors' management, compliance procedures, content ofinterest, has recently tightened the redemption- offer document, extension of fund life etc. By andrelated flexibilities. As per new rules, all redemptions large, mutual fund regulation had been more strictrequests up to Rs.2 lacs per investor have to be and structured than VCF regulation due to systemicprocessed and cannot be stopped. This order reasons as mutual fund deals with large numberprevents AMCs from freely imposing limits on retail investors with small ticket size. AIF regulationredemptions in any of their schemes at any time, tried to bridge the gap to some extent. This resulted inmerely with a board or trustee approval. increased transparency, disclosures and higher level of governance structure within the venture capitalFurther, large value redemptions can be stopped only industry.upon systemic crisis in the economy, affecting thewhole industry and not upon individual fund-specific INSIDER TRADINGportfolio related reasons. SEBI wants to ensure that in The Companies Act 2013 and new Insider Tradingthe future, investors do not suffer during such a crisis regulation made private equity fund managers evenand are able to withdraw their investments, fully or more cautious. They are more concerned withpartially, when they want to. responsibilities and liabilities of their Nominee Directors in their portfolio companies as well asIn recent years, SEBI has stressed on increased applicability of norms relating to “Insiders” for themresponsibilities of Trustees, who should act to as well as for venture capital funds. For the first timesafeguard investors' interest. The Trustees are more ever, the duties of the directors have been codifiedaware of “Equitable Treatment” among investors than and a monetary punishment has been10-15 years ago. New Companies Act also fuelled recommended in case the directors act in violation ofdiscussion on Independence of Board, their prescribed duties. The new regulation widenedResponsibilities of Independent Directors, Nominee the definition of Insiders and Connected PersonsDirectors, Defenses with Independent Directors etc. which may create additional vulnerability in respect of being caught as an “Insider”. The primaryIf we go back a little further, between 2008 and2013, responsibility is vested on the company itself forthe most important transparency brought by SEBI setting up and effective functioning of internalwas Independence of Valuation of all securities with compliance framework for prevention andno flexibilities with fund managers in valuations. Pre- monitoring of insider trading, which may include2007, fund managers had lot of flexibility in relation to black list, voice recording, access control, Chinesevaluation of debt securities which are relatively less wall etc. This is in spite of the fact that burden of proofliquid. The flexibilities were provided by way of mark- to defend may lie on different persons as perup / down range. SEBI has appointed independent regulation depending upon each case.agencies to work out valuation of all the securities.Hence, for a single security with maturity above 2 TAXATIONmonths, valuation price at the day end across fund On the tax side, the change in capital gain treatmenthouses are the same. for debt funds completely changed the product portfolio and structure of mutual fund debt schemes.The 2008 crisis led to reworking on the structure of The increase in eligibility criteria of holding periodliquid funds and the mark-to-market component with from 1 year to 3 year to avail long term capital gainthe structure. This reduced the risks in liquid funds benefit, for debt schemes discouraged the fundsignificantly and led to more transparency in houses to sell short-medium term fixed incomeportfolios, in line with the spirit of the regulation. products. Income funds got added popularity than G- Sec funds even in the falling interest rate scenario asAIF G-Sec prices are more volatile and may tend to adjustSEBI Alternate Investment Fund Regulation (AIF) 2012was a new baby which dealt with alternate asset Continued...

OPINION 06bull and bear phases in 3 years. In venture funds, NON-COMPLIANCE IS A RISKthere were lots of uncertainties looming around passthrough treatment of tax collection and tax COMPLIANCE RISKassessment, which have been resolved now.AML / KYC Thus, we can see a shift of regulators from proceduralKnow your Customer (KYC) and Anti-money compliances to risk management compliances,Laundering have been getting the highest focus from providing framework for additional compliance pillarsregulators in recent times. None of the financial and reportings. Regulators have also evolved overservices industry can escape from stringent KYC time with domestic and international experiences andnorms. Heightened focus of the Government, RBI and widened its scope of regulatory compliance toSEBI are clear on this and hence, we do not foresee encompass risk management norms as well. Changesany major relaxation in respect of KYC norms. Of like Solvency II and Basel III also changed the approachcourse, SEBI's KRA regulation helped in centralization of regulators; the regulators are redefining all theseof investors' KYC status data for the SEBI registered things. So, risk has been built into the regulation at aintermediaries like stock brokers, venture capital, much stronger level than it ever was.PMS etc. Banks are always on the RBI's radar withstringent audit and inspection being carried out by Equally, non-compliance with the host of newthe regulators. regulations covering all aspects of financial services has become an imminent risk for firms. The price ofGOVERNANCE getting compliance wrong is getting ever more greaterOn the overall governance front, additional focus can as headline-grabbing penalties in both the Unitedbe seen in the areas relating to related party States and UK recently have demonstrated.transaction at arm's length, managing conflict ofinterest, whistle blowers' framework, entity level risk One way to manage that is to treat compliance issuesand control framework etc. as a risk category just like credit or market risk, for example. Chief risk officers need to understand the risk of non-compliance and assess their firms' performance in compliance as part of the bigger risk management picture. Organizations face a challenge to make sure that overlapping risk and compliance activities are well co-ordinate apart from ensuring independence of the two. Similarly, compliance professionals must understand risk appetite (the amount of risk the organization is willing to accept to meet its business goals) in order to make suitable decisions vis-a-vis the compliance function. The article contains the author's personal views and need not be the views of his employer/ex-employers. ABOUT THE AUTHOR: LAXMIKANT GUPTA Laxmikant Gupta is a CA, FRM and Cost Accountant, with nearly 2 decades' experience in Risk Management, Compliance and Governance. His experience varies across various facets of risk management like market and liquidity risk, credit and settlement risk, operational risk, compliance and governance risk. He has exposure across entities in financial services like Primary Dealer (I-Sec), Bank (ICICI Bank), Private Equity (ICICI Venture), Discount brokers (I-Sec and Tata TD Waterhouse), PMS, Mutual Funds and Insurance (Franklin Templeton, Birla Sun Life). He has experience of global best practices at Franklin Templeton, TD Bank, Sunlife, JP Morgan. Currently, he is Heading Risk Management, Product and Compliance at IDBI Mutual Funds. Prior to this, hewas Compliance Officer and Head - Operational & Governance Risk at ICICI Venture. His other areas of interest includeTeaching and Academics.

TRENDING 07IMPACT OF BLOCKCHAIN ON THE FINANCIAL SERVICES INDUSTRYHari SaravanabhavanSenior Director – Advanced Analytics and Data Sciences, CognizantBig Data, cloud, robotics—we have heard it all. But BB B one technology that promises to change the Bnext decade of business is blockchain technology, Bthe shared database technology that has gainednotoriety as the platform for the crypto currency, BBitcoin. BBanks are now racing to harness the power of theblockchain technology, in a belief that it could cut up BBto $20 billion off costs and transform the way theindustry functions. Banks, insurers and companies Current payment systems require ...but machine-to-machine payment usingranging from the top consulting organizations to third-party intermediaries that often the Bitcoin protocol could allow for directleading financial services firms are trying to work outhow they can adapt the technology that, in its charge high processing fees... payment between individuals,simplest form, allows consumers and suppliers to as well as support micropayments.connect directly and form online networks, removingthe need for middlemen. In the present system, a central ledger is likely to act as the custodian of that information. But on a blockchain, the information is transparently held in a shared database, without a single body acting as the middleman. Advocates argue that trust is increased among the parties, not by reputed intermediaries like governments or banks, but by the technology. HOW A BLOCKCHAIN WORKSFor the financial services sector, it offers the opportu- Let us illustrate how a blockchain works.nity to overhaul existing banking infrastructure,speed settlements and streamline stock exchanges, A wants to send The transaction isalthough regulators will want to be assured that this money to B represented onlinecan be done securely. as a ‘block’The developments potentially combine two of the Amost dynamic industries: the computing hub ofSilicon Valley and the money management of Wall Those in the network approve The block is broadcast toStreet and the City of London. Blockchains ensure the transaction is validtrust between unknown parties and the technology every party in the networkmakes it difficult to cheat. ??MASS COLLABORATION AND CLEVER CODEAt its core, a blockchain is a network of computers or The block then can be ??devices, open to anyone, all of which must approve a added to the chain whichtransaction has taken place before it is recorded, in a The money moves“chain” of computer code. provides an indelible & from A to B transparent record ofAs with bitcoin—the first application of the Btechnology, applied to mone—cryptography is used transactionsto keep transactions secure and costs are sharedamong those in the network. The details of thetransfer are recorded on a public ledger that anyoneon the network can see. Continued...

TRENDING 08The lack of a central authority is the very feature of Bitcoin’s open source blockchain, which is describedbitcoin that provoked anxiety among traditional as a “permission less” system, is decentralized andfinancial institutions, most of whom gave it a wide open to anyone. However, many in banking, wary ofberth. Yet, almost every major financial services losing their grip over operations or of upsettinginstitution has now overcome that initial suspicion. regulators, see the future in closed, or permissioned-And the technology is now being heralded as the first only, networks.native digital medium for value by dropping thetransaction costs and reducing the complexity of Almost two dozen of the world’s largest banks, havefinancial transactions. Imagine the impact in the thrown their weight behind R3 CEV, a start-updeveloping world with a huge unbanked population venture, to set up a private blockchain open only tothat seeks transparency, trust and ease of business. invited participants who between them maintain andWide scale adoption has begun seriously over the run the network. It forms part of an effort to build anpast year and the desire to succeed using this industry-wide platform to standardize use of thetechnology is huge. technology.BANKING ON THE FUTURE  While they understand its potential, many financial BLOCKCHAIN IS HERE TO STAY AND GOES BEYONDinstitutions are still trying to work out whether FINANCIAL SERVICESblockchain technology offers a cost-cutting Amid the fervour, there is a recognition that it will be aopportunity or represents a margin-eroding threat few years before real-world, practical applicationsthat could put them out of emerge. The technology will have to overcomebusiness. Banks are taking avariety of approaches in their serious hurdles to provesearch for answers. itself to be robust and secure and will need to win over regulatory concerns.Some have developed in-housemodels, such as Citigroup’s However, in the largercreation of Citicoin. Others have world, optimists arechosen to invest in a specialist: already betting on the useGoldman Sachs led a funding of blockchain technologyround for Circle Internet “Blockchain technology continues to to find its way into art,Financial, which aims to use redefine not only how the exchange music, IP and maybe evenbitcoin to handle consumer sector operates, but the global financial discoveries progressingpayments. A third route has economy as a whole.” on the distributed ledgerbeen to find a partner. concept and being openCommonwealth Bank of –  Bob Greifeld t o a n y o n e . I n o t h e rAustralia has teamed up with Chief Executive of NASDAQ words, sooner or lateropen source software provider there will be bigRipple to build a blockchain implications forsystem for payments between its subsidiaries. Some businesses and corporations in ensuring adoption tobanks are working with blockchain start-ups through this digital age technology.a technology incubator or accelerator program. ABOUT THE AUTHOR: HARI SARAVANABHAVAN Hari is a senior business leader with 20 + years of work experience and has spent the last 13 years in the field of business analytics both as a customer and a service provider. Hari leads the business function within Data Sciences at Cognizant under the Digital Works umbrella. Hari is passionate about topics on embedded analytics, digital analytics expansion and data science evangelization.

WHAT’S BREWING? 09NEW UPCOMING EXECUTIVE DEVELOPMENT PROGRAM ANTI-MONEY LAUNDERING: AN INDUSTRY PERSPECTIVE 28TH & 29TH JULY, 2016 BANGALOREOur 2-day workshop is designed to deliver an industry-focused, practical view of Anti-Money Laundering (AML)regulation and regulatory expectations from financial institutions. Through a mix of case studies and experience-sharingsessions, participants will gain a thorough understanding of the key drivers for a financial institution's AML controlframework as well as the challenges faced and best practices adopted by the industry.COVERAGE EXPERT PROFILEà Key AML Legislations in Principal Markets RATAN POSTWALLAà How AML fits in Financial Institutions Compliance “Universe”à Challenges Presented to Financial Institutions in Meeting Regulatory à 17 years of experience in training, consulting roles for major Indian Expectations financial institutionsà Risk-based Approach to Combating Money Launderingà Role of Technology as an Enabler in AML à Worked in Risk Management,à How the Shared Services Model Adopted by the BFSI Industry has Compliance and Assurance with KPMG and EXL Service in India, Helped in the Context of AML USA, UK and Europeà Case Studies in AML à Has an MBA from Indian School ofWHO SHOULD ATTEND? Business, HyderabadRelationship Bankers, Portfolio Managers, Corporate Treasurers, Hedge CO-FACILITATORFund Managers, Private Bankers, Market Risk Managers, Legal andCompliance Officers, Financial Consultants and Regulators SAYAK BHANJA Identify indicators of à 13 years of experience in money laundering risks Assurance and Risk AdvisoryIdentify methods in which shared LEARNING Determine the necessary à Experience at Price Waterhouseservices organisations can deliver OBJECTIVES action to be taken using Coopers and EXL Service managing a risk-based approach compliance projects in India, USA, value to financial institutions This workshop UK and APAC will enable Implement the control Identify KYC best practices needed to mitigate and CONTACT US: adopted by the industry participants to: manage the risk [email protected] Understand outsourcing as an Discuss challenges faced enabler in implementing an when combating money efficient AML program laundering risks Identify best practices adopted by the industry

WHAT’S BREWING? 10INSIGHTS OF PAST MANAGEMENT DEVELOPMENT PROGRAMStructured Finance & Financial EngineeringImarticus Learning held an exclusive Management Development Program on Structured Finance and FinancialEngineering in Mumbai on 28th and 29th April, 2016. The workshop was conducted by Rajat Bhatia, who has over 25+ yearsof global exposure in financial markets. In this highly interactive and hands-on workshop, participants learned about thedriving forces behind the development of structuring and financial innovations, structuring hybrid bonds, tax arbitrageusing credit derivatives, CDOs, loan securitization, along with market practices in valuation and regulatory treatment ofstructured products, using a blend of theoretical inputs, case studies and discussions. The workshop was attended by 16participants from Deutsche Bank. KEY AREAS COVERED Types of Successful Pricing Applications of Structured Practical Techniques Complex Structure Products Applications Deals The Fundamentals Complex Credit Securitization of Credit Derivatives and Collateralized and their Debt Obligations Derivatives Applications EXPERT PROFILE RAJAT BHATIA à 25+ years of experience in global financial markets à Founder and CEO at Neural Capital à Alumnus of Columbia University and IIM-A“ TESTIMONIALS FILLED A VACUUM IN PROFESSIONAL DEVELOPMENT UNDERSTAND INDUSTRY ISSUES AND CHALLENGES ENRICHED OUR LEARNING ENTHRALLED WITH INPUTS GREAT BACK HOME UTILITY UNDERSTAND CONCEPTS FOR GLOBAL ALIGNMENT FACULTY IS GOOD AND EXPERIENCED IMARTICUS HAS DONE A WONDERFUL JOB WONDERFUL EXPERIENCE ”VERY USEFUL AND VERY INSIGHTFUL IMMENSE KNOWLEDGE

UNWIND 11 GOOD READS MEET THE GREY RHINOS - Michele Wucker Why do leaders and decision makers fail to address obvious dangers before they spiral out of control? Drawing on her extensive background in policy formation and crisis management, as well as in-depth interviews with leaders from around the world, Michele Wucker shows in The Gray Rhino how to recognize and strategically counter looming high impact threats. Filled with persuasive anecdotes ranging from the Greek debt crisis to hurricane Katrina, The Gray Rhino is required reading for anyone who wants to understand how to profit and escaping from getting trampled.Good for the Money - Bob BenmoscheIn 2009, at the peak of the financial crisis, AIG was sinking fast. When Bob Benmosche climbedaboard as CEO, it was widely assumed that he would go down with his ship. In mere months, hepulled AIG from the brink of financial collapse and restored its profitability. Before three yearswere up, AIG had fully repaid its staggering debt to the U.S. government - with interest andrestored AIG's employee morale and good name. Good for the Money is an unyielding leader'smemoir of a career spent fixing companies through thoughtful, unconventional strategy. Get afront-row seat for Benmosche's heated battles with major players from Geithner, Obama andCuomo, and offers incomparable lessons in leadership. The Courage to Act - Ben Bernanke A fantastic and reasonably accessible introduction to the economic thought of a former Federal Reserve Chair, helming the organization during one of its most tenuous periods in recent history. The Courage to Act shows how the US government and financial institutions dealt with what has come to be known as the Great Recession. The book is written for the lay person and does not get into technicalities – which can be a good or a bad thing, depending on your perspective.Fault Lines - Raghuram RajanWritten in 2011 by the now outgoing RBI Governor, Raghuram Rajan offers his insights into howdire financial crises are not the result of bad choices by few individuals, but are a logical responseto the fault lines in the world economy. In this book, he chalks out a fixed course of action that theworld's economies, including India, must adopt, if they want to see things change for the better.Clearly India has benefited under his stewardship, and his successor, and the nation at large,would be wise to heed his advice Fragile by Design - Charles W. Calomiris, Stephen H. Haber Why are banking systems unstable in so many countries—but not in others? The United States has had 12 systemic banking crises since 1840, while Canada has had none. Analyzing the political and banking history of the Americas through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers and other interest groups form and endure. Fragile by Design is a enlightening exploration of the ways that politics inevitably meddles with bank regulation.

ABOUT IMARTICUS LEARNING 12Imarticus Learning is formed to bridge the gap between academia and the industry. The firm provides arange of Corporate Solutions designed to assist firms in meeting their skill set requirements.Headquartered in Mumbai, Imarticus has delivery capabilities across India with dedicated centres atMumbai, Bangalore, Chennai, Delhi and satellite centres at Pune and Jaipur. HIGHLIGHTS Training and content delivery Preferred sourcing and Range of customized delivery capability, across the areas of corporate training delivery methods such as instructor ledInvestment Banking, Finance & partner for leading Global training, e-learning, workshops Treasury, Capital Markets Banks, Consulting, KPO, and seminars for optimal Operations, Business Technology and Analytics training effectiveness. Analytics, Technology and firms. Consulting.CONTACT US CORPORATE TRAININGHEAD OFFICE 2-10 day programs targeted towards employee skill5th Floor, B-Wing, Kaledonia, developmentHDIL Building, Sahar Rd, Andheri (E),Mumbai - 400058 AGILE HIRINGTel: 022- 61419595 Ready Placements at No CostBANGALORE TEMPINGNo.143, B 1st Floor,60 feet road, 5th Block, 6-9 month resourceKoramangala Bangalore - 560 095 staffing in InvestmentTel: 080-45129914 / 45129924 Banking OperationsMob: +91-9008668548 / 8971729953 SOURCING TO PLACEMENTCHENNAI 2-3 month programs2nd floor, East West Centre, targeted towards onboarding128, Nelson Manickam Road,Chennai – 600 029 ONLINETel: 044-43558466 / 45642104 e-Learning solutions thatMob: +91-9789879741 are either self-paced or instructor-ledDELHIPlot No.10, Dakshin Marg,DLF Phase-II,Gurgaon - 122008Tel: 0124 4874030EMAIL US: [email protected] VISIT US: www.imarticus.org/corporate