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This year's Indian Region Local Members' Meeting was held in Delhi on 2 March 2008. 19 members attended from India, Pakistan, the UK and Singapore, including Chandan Associates and Balakrishna & Co, two new members from Bangalore who were welcomed to the meeting by Mr Anil Bhalla, the Indian Region's Area Representative.
The meeting comprised two presentations from James Mendelssohn from the MSI Secretariat in London, who provided both an update on MSI and a more detailed presentation about the impact of the recent regulatory changes and the change of name to MSI Global Alliance.
In addition to these presentations, members had the opportunity to update those present on recent developments within their firms, and various ideas for future cooperation.
Considerable thought was given to the possibility of MSI representatives from both the UK and India running a Road Show in 2009 focused on the capital raising opportunities that exist in the UK, particularly via AIM, for overseas businesses.
Furthermore, Vinod Surana talked about the ideas that his firm has for the development of an international arbitration service based in Southern India.
Finally, following a request from Chandan, it was agreed that MSI would explore ways of approaching the Institute of Chartered Accountants in India to see whether they would recognise MSI as a grouping that did not constitute a ‘network’ (under the ICAI definition) to allow the member firms to promote their membership of MSI without falling foul of the Institute rules.
Various action points were agreed. Akshay Bhalla agreed he would give further thought to the practical issues of running a Road Show looking at Capital Raising from the UK market in India, and James Mendelssohn would look at the concept from the MSI perspective and involving haysmacintyre as well as one of the UK law members and the relevant MSI members in India. Mitil Chokshi agreed to provide the name of an appropriate contact at the Indian Institute so that James Mendelssohn could write confirming that MSI is an association, thereby allowing those firms to refer to their membership of MSI without incurring any sanctions. It was also agreed that additional law firms should be sought in Calcutta, Mumbai, and Karachi, and that MSI's existing accounting members in these cities would provide contact names.
For more information
Please contact the MSI Secretariat in London
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