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Networth Stock Broking
BSE: 511551|ISIN: INE903D01011|SECTOR: Finance - Investments
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Networth Stock Broking is not listed on NSE
Mar 01
Chairman's Speech (Networth Stock Broking) Year : Mar '09
I have joined the Board of Directors and have been elected as the
 Chairman in June 2009.1 look forward to serving the interests of all
 stakeholders with the support of the Board alongside guiding the
 management team to achieve the long-term business objectives of the
 company.
 
 We have had a very difficult 12 months (2008-09) period.  Much has been
 written and read about the breakdown in the U.S. banking system, a
 plunge in investor confidence, credit crisis in global markets and a
 severe slowdown of global economic growth.Your company being one of the
 participants in the financial system, more specifically on the capital
 markets side, has been adversely affected by the sharp decline in
 volumes in the Indian stock markets as well as the lack of demand for
 financial products. In addition, it had to face certain internal
 challenges on the proprietary trading operations, resultant losses and
 thereafter few changes in the management.All of those issues have been
 addressed
 
 A brief on the operations, the restructuring and on the goals for the
 future has been presented in the Management Discussion and Analysis.
 
 Indias savings rate of34% is main driver of growth. Only 6% of these
 savings get channelized into equities. With hardly 1.4 crore depository
 accounts yet, which may be nearly 1% of the countrys population,the
 headroom to make financial services available to the larger population
 in India is unparalleled in the globe. Market players like Networth
 play a very important role in expanding the reach of financial
 services, especially investment products. While aiming for the growth
 of capital markets and the overall financial markets, with which
 Networths growth is linked, I believe that some of the key issues
 require everyones attention:
 
 - The industry, comprising of so many intermediaries who are also
 distributors of financial products should share a common platform with
 the regulator in working towards
 
 preventing any kind of systemic failure in the markets, but at the same
 time the industry should engage the regulator to have a pragmatic
 approach towards the larger operational challenges faced by the
 intermediaries.
 
 - Creation of a large, trained and skilled human pool remains one of
 the biggest challenges for the industry. A surge in demand for
 financial products Lay still not mean sound and sustainable business
 for intermediaries in absence of a strong chain of advisors, catering
 to all classes of investors
 
 - Though an excellent regulatory mechanism exists for
 addressing/settling the grievances against registered intermediaries
 arising out of a normal financial transaction, on many occasions,
 investors have chosen alternate forums, including legal forums by
 filing criminal complaints etc. All this undermines the existing
 regulatory structure as the intermediaries remain exposed. This even
 discourages good Professionals from offering their valuable services to
 the not-so large organizations desirous of getting the best
 professional Board.
 
 Networth remains committed to providing need-based and value-driven
 service to its customers pan India and expects to grow its business
 with its customer-centric approach The current year and years hereafter
 should be promising for Networth.
 
 On behalf of the Board, I express my gratitude to all of you for your
 cooperation and continued support.
 
 Yours sincerely,
 
 R. Sankaran Chairman
 29th July, 2009
 
 
Source : Dion Global Solutions Limited
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