SEBI guidelines on merchant banking in India?

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OPERATION GUIDELINESS 1. Submission of offer document 2. Dispatch of issue material 3.Under writing 4.Compliance oligations a) association of resource personnel b) redressal of investors grievances c) submission of post issue monetary reports d) issue of no objection certificate d) registration of merchant bankers

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REGISTRATION OF MERCHANT BANKERS 3. Application for grant of certificate. 4. Application to conform to the requirements. 5. Furnishing of information, clarification and personal representation. 6. Consideration of application. 6A. Criteria for fit and proper person. 7. Capital adequacy requirement. 8. Procedure for registration. 9. Renewal of certificate. 9A. Conditions of registration. 9B. Period of validity of certificate. 10. Procedure where registration is not granted. 11. Effect of refusal to grant certificate. 12. Payment of fees and the consequences of failure to pay fee. CHAPTER III: GENERAL OBLIGATIONS AND RESPONSIBILITIES 13. Code of conduct. 13A. Merchant banker not to associate with any business other than that of the securities market. 14. Maintenance of books of account, records etc. 15. Submission of half-yearly results.

16. Maintenance of books of account, records and other documents. 17. Report on steps taken on auditors report. 18. Omitted by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. 19. Omitted by the SEBI (Merchant Banker) (Amendment) Regulations, 2006 20. Responsibilities of lead managers. 21. Lead merchant banker not to associate with a merchant banker without registration. 21A. Merchant Banker not to act as such for an associate. 22. Underwriting obligations. 23. Omitted by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. 24. Omitted by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. 24A. Omitted by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. 25. Omitted by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. 26. Acquisition of shares prohibited. 27. Information to the Board. 28. Disclosures to the Board. 28A. Appointment of compliance officer. STEPS OF ENHANCING THE CUSTOMER EXPERIENCE :-

1. Get employee buy-in According to expert Michael Lowenstein, employees are the key to optimizing the customer experience. First, organizations need to make sure they have hired loyal employees who are committed to the company and fully understand the company's mission. Employee loyalty and satisfaction play a big role in improving the customer experience -- an unhappy employee usually won't provide the type of customer experience the company is after. For organizations looking to get employee buy-in for their customer experience initiatives, expert Lior Arussy recommends building a business case that explains why the initiative is important, from a customer's point of view.

2. Run an open, transparent business Gartner suggests businesses be as open and transparent as possible in their dealings with customers and employees alike. Openness in business and transparency builds the trust of customers, and most experts agree that customer trust has a significant impact on the customer experience. The more open-minded, inclusive and transparent a company can be the better. 3. Deliver consistent customer experiences

Gartner also suggests making sure the customer experience is consistent across the entire organization. Every area of the company that the customer interacts with should have the same, updated customer information, so that the customer doesn't need to give their information to the company more than once. CRM software can help with this.

4. Train customer-facing employees According to Arussy, customer-facing employees should be given customer experience training from day one. This training differs from traditional call center training in that it tends to be more customized to reflect the company's brand, desired customer experience and relationships with customers. Some things to cover in training include: 1. The principles of customer experience 2. The concept of delivering memories and not just transactions 3. The basics of customer segmentations 5. Give customers a personalized experience Experts agree that personalization is the key to any good customer experience. According to expert Lior Arussy, the customer database is the backbone of a businesses' relationship with the customer, and the information stored inside should be shared with every member of the organization, that way regardless of who the customer calls, they receive a consistent, personalized customer experience. Since personalization can be complex and expensive, Gartner recommends companies evaluate personalization based not only on sales benefits but also on the long-term value of improving the customer experience.

6. Measure and analyze customer emotions Measuring customer emotion is a new, growing trend customer experience experts are noticing. Companies that have the tools in place to measure and understand the emotions of their customers are better able to meet their needs. Emotion detection software is popping up in call centers, but Arussy feels it is more reactive than proactive, and will be more useful when it can measure customer emotions in real time. For now, companies can start by building models of common buying personalities that reflect the emotional needs of their customers, and train call center agents to reference these when dealing with customers. 7. Act on customer feedback Everyone knows the importance of customer feedback, but not all companies actually act on the feedback and make the changes customers are looking for. Gartner feels this is something all organizations should be doing to increase their number of satisfied, loyal customers, and recommends communicating changes clearly and openly to all members of the organization.

Technologies like speech and text analytics, as well as customer surveys, are often used for gathering customer opinions. 8. Take the customer's point of view Gartner VP Ed Thompson recommends focusing on two or three processes customers care the most about, and designing them with the customer's point of view in mind. By taking the customer's point of view, companies stop focusing on the way the customer looks to them, and begin focusing on the way they looks to the customer. This can lead to more relevant, trustworthy and worthwhile business practices. 9. Create a well-balanced customer experience team According to Gartner, organizations with the best-run customer experience programs usually have a good mixture of people from all areas of the organization responsible for and reporting on the customer experience. Thompson recommends the customer experience team structure be made up of people who are focused on customer loyalty, customer satisfaction and process improvement. 10. Design the total customer experience Organizations shouldn't sit back and let the customer experience unfold as it will. Experts feel successful customer experiences need to be carefully designed and thoughtfully planned out to ensure that the right experience is delivered every time.

Law vs Ethics Ever since we were kids and became aware of our surroundings, our parents and elders have instilled in us a fundamental awareness of what is right and wrong. It is actually an inherent trait of all humans and grows from our desire to get along well with each other in order to live a harmonious life. To achieve this goal we understand that we must do to other people what we expect them to do to us in return. For this, we try very hard to do what we feel and see as the right things to do in certain situations. This is the foundation of ethics. They are rules of conduct that shows how our society expects us to behave and are the guiding principles behind the creation of laws. Based on societys ethics, laws are created and enforced by governments to mediate in our relationships with each other. Laws are made by governments in order to protect its citizens. The judiciary, legislature, and public officials are the three main bodies in a government that are assigned to the task of the creation of laws.

Laws have to be approved and written by these three branches of government before they are implemented and enforced by the police and the military, with the help of the legal system consisting of lawyers and other government servants. While laws carry with them a punishment for violations, ethics does not. In ethics everything depends on the persons conscience and self worth. Driving carefully and within the speed limit because you dont want to hurt someone is ethical, but if you drive slowly because you see a police car behind you, this suggests your fear of breaking the law and being punished for it. Ethics comes from within a persons moral sense and desire to preserve his self respect. It is not as strict as laws. Laws are codifications of certain ethical values meant to help regulate society, and punishments for breaking them can be harsh and sometimes even break ethical standards. Take the case of the death penalty. We all know that killing someone is wrong, yet the law punishes people who break the law with death. With this comes the argument about whether laws are necessary at all. But it is important to note that without laws people are aware of the chaos that might reign in society. Ethics and laws are therefore necessary to provide guidance and stability to people and society as a whole. Summary: 1. Ethics are rules of conduct. Laws are rules developed by governments in order to provide balance in society and protection to its citizens. 2. Ethics comes from peoples awareness of what is right and wrong. Laws are enforced by governments to its people. 3. Ethics are moral codes which every person must conform to. Laws are codifications of ethics meant to regulate society. 4. Ethics does not carry any punishment to anyone who violates it. The law will punish anyone who happens to violate it. 5. Ethics comes from within a persons moral values. Laws are made with ethics as a guiding principle.

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