1 | P a g e

  

Foreign Exchange Dealers’ Association of India

   173, Maker Tower ‘F’, Cuffe Parade, Mumbai - 400 005.

Tel.: 2218 2549 / 2218 4432 Telefax : 2218 9946

E-mail : mail@fedai.org.in Website : www.fedai.org.in

   

Circular Letter No. 19/2015 30th June 2015 To All Member Banks Dear Sir, FEDAI Annual General Meeting – 25th July 2015 at 11.00 a.m. Annual Financial Report We request reference to our Circular Letter No.18/2015 dated 25th June 2015, containing notice for the Annual General Meeting to be held on 25th July 2015 at 11.00 a.m. in our office premises. We now attach herewith the soft copy of the following: 1. Managing Committee’s Report for the year ended March 2015. 2. Auditor’s Report 3. Balance Sheet and Income/Expenditure Account as at 31st March 2015. As decided since last three years, we have been sending the Annual Report only by email. In case any member bank requires a printout of the above Annual Report, please advise us. We will send the hard copy accordingly. Members are requested to attend the Annual General Meeting on 25th July 2015 at 11.00 a.m. and join us for lunch thereafter. Thanking you, Yours faithfully, Chief Executive

2 | P a g e

3 | P a g e

MANAGING COMMITTEE’S REPORT

FOR THE YEAR APRIL 2014 – MARCH 2015

To, The Members, We have pleasure in presenting the report for the year 2014-2015. In accordance with the provisions of The Companies Act, 2013, we furnish details of our Association in the prescribed format ‘MGT 9’. MGT 9 – attached 1. Membership Following four new members were admitted during the year: 1. NKGSB Co-operative Bank Limited (May 2014) 2. Doha Bank QSC (September 2014) 3. Royal Bank of Scotland plc (September 2014) 4. Korea Exchange Bank (February 2015) The membership of the Association, as on 31st March 2015 stood at106. 1. AB Bank Limited 2. Abhyudaya Co-operative Bank Limited 3. Abu Dhabi Commercial Bank Limited 4. Allahabad Bank 5. Andhra Bank 6. Antwerp Diamond Bank N V 7. AXIS Bank Limited 8. Australia and New Zealand Banking Group Limited (ANZ) 9. Bank International Indonesia 10. Bank of America NT & SA 11. Bank of Bahrain and Kuwait B.S.C. 12. Bank of Baroda 13. Bank of Ceylon 14. Bank of India 15. Bank of Maharashtra 16. Bank of Nova Scotia 17. The Bank of Tokyo-Mitsubishi UFJ Limited 18. Barclays Bank p.l.c. 19. The Bharat Co-operative Bank (Mumbai) Limited 20. The Bharatiya Mahila Bank Limited 21. BNP Paribas 22. Bombay Mercantile Co-op. Bank Limited 23. Canara Bank 24. The Catholic Syrian Bank Limited 25. Central Bank of India 26. Chinatrust Commercial Bank 27. Citibank N A 28. City Union Bank Limited 29. Commonwealth Bank of Australia

4 | P a g e

30. Corporation Bank 31. Credit Suisse AG 32. The Cosmos Co-operative Bank Limited 33. Credit Agricole Corporate and Investment Bank 34. DBS Bank Limited 35. Dena Bank 36. Deutsche Bank AG 37. Doha Bank QSC 38. Development Credit Bank Limited 39. The Dhanlaxmi Bank Limited 40. Export-Import Bank of India 41. The Federal Bank Limited 42. FirstRand Bank 43. HDFC Bank Limited 44. The Hongkong and Shanghai Banking Corporation Limited 45. ICICI Bank Limited 46. IDBI Bank Limited 47. IFCI Limited 48. Indian Bank 49. Indian Overseas Bank 50. IndusInd Bank Limited 51. Industrial and Commercial Bank of China Limited 52. ING Vysya Bank Limited 53. The Jammu & Kashmir Bank Limited 54. JPMorgan Chase Bank N.A. 55. JSC VTB Bank 56. Korea Exchange Bank 57. The Kalupur Commercial Co-operative Bank Limited 58. The Karnataka Bank Limited 59. The Karur Vysya Bank Limited 60. Kotak Mahindra Bank Limited 61. Krung Thai Bank Public Company Limited 62. The Lakshmi Vilas Bank Limited 63. The Maharashtra State Co-operative Bank Limited 64. MashreqBank p s c 65. Mizuho Corporate Bank Limited 66. National Australia Bank 67. NKGSB Co-operative Bank Limited 68. HSBC Bank Oman S.A.O.G. 69. Oriental Bank of Commerce 70. Punjab and Maharashtra Co-operative Bank Limited 71. Punjab National Bank 72. Punjab & Sind Bank 73. Rabobank International 74. The Ratnakar Bank Limited 75. The Royal Bank of Scotland N.V. 76. The Royal Bank of Scotland plc 77. The Saraswat Co-op Bank Limited 78. SBERBANK 79. The Shamrao Vithal Co-operative Bank Limited 80. Shinhan Bank 81. Small Industrial Development Bank of India 82. Societe Generale 83. Sonali Bank Limited

5 | P a g e

84. Sumitomo Mitsui Banking Corporation 85. The South Indian Bank Limited 86. Standard Chartered Bank 87. State Bank of Bikaner & Jaipur 88. State Bank of Hyderabad 89. State Bank of India 90. State Bank of Mauritius Limited 91. State Bank of Mysore 92. State Bank of Patiala 93. State Bank of Travancore 94. Syndicate Bank 95. Tamilnad Mercantile Bank Limited 96. TJSB Sahakari Bank Limited 97. Thomas Cook (I) Limited 98. UBS AG 99. UCO Bank 100. Union Bank of India 101. United Bank of India 102. United Overseas Bank Limited 103. Vijaya Bank 104. Westpac Banking Corporation 105. Woori Bank 106. YES Bank Limited 2. Meetings The Association has been holding Managing Committee and Technical Committee meetings periodically both on policy and operational matters. The number of meetings held during the year as under: No. of meetings held Annual General Meeting 1

Board Meetings 2

Managing Committee 8

Technical Committee – Trade & Remittances 3

Certification Course Committee set up by RBI 2

Annual Conference – Sub-Committee 8

Governing Body 3

Annual meeting for conducting Workshops 1 3. Information required to be furnished as per The Companies Act, 2013 a) Particulars of loans, guarantee, investments u/s 186 A/c. Mrs. Bharati Vedphatak, Manager Loan Amount of Rs.7,00,000/- Interest : 10% per annum Repayable : 13 years Purpose : Part finance for purchase of flat costing Rs.9,32,060/- b) State of Company Affairs u/s 188 (2) The member banks pay Rs.1,50,000/- each towards their contribution. The Members’ Funds increased from Rs.5.94 crores to Rs.7.51 crores during the year. Net income from training

6 | P a g e

activities increased from Rs.72 lakhs to Rs.88 lakhs. Expenditure had gone down from Rs.250 lakhs to Rs.186 lakhs. This was mainly due to the requirement of payment of Service Tax amounting to Rs.69 lakhs during the last year. The deposit levels have increased from Rs.545 lakhs to Rs.720 lakhs. The provisioning for Gratuity and Leave Encashment has been fully made. During the year the company received notice under section 142 (i) for scrutiny of return for the Assessment Year 2012-2013. There was a net demand of Rs.7.53 lakhs including interest. We have paid as per the demand and made an Appeal to the Commissioner of Income Tax (Appeals). c) Material changes (affecting financial position)

occurring between end of FY and date of Report Not Applicable. d) Conservation of energy, technology absorption From April 2014 onwards, we have implemented accounting package TALLY ERP9. We have installed energy efficient lamps, and also conserved energy by making optimum use of air conditioning. This helped us to reduce electricity charges upto 40%. e) Risk Management The company has adequate insurance cover for physical assets. All the staff are provided annual health check-up facilities. 4. Reserve Bank of India (RBI) RBI from time to time held consultations with FEDAI on various issues relating to forex market, trade related transactions and remittances. Brief details of some of the major issues discussed are given below: a) Review of the Annual Policy Statement for the year 2015-2016 Pre-Policy Consultation Meeting convened by RBI The Chairman participated, in the Pre-Policy Consultation Meetings convened by RBI in respect of Quarterly reviews. b) Report of the Committee on Financial Benchmark Mr G Mahalingam, Principal Chief General Manager, FMD, Reserve Bank of India had called a meeting of FIMMDA and FEDAI representatives to discuss the implementation of the Report on the above matter. It was suggested that a separate company be floated by FEDAI, FIMMDA, IBA etc. jointly and all the Benchmark rates should be handed over to the such new company. c) Meetings with Deputy Governor, RBI

i) The Deputy Governor, RBI called a meeting of the Exporters to discuss on Merchanting issue. The Chief Executive attended the meeting.

ii) The Deputy Governor, RBI, called a meeting on 28th April 2014 to discuss on Gold loan business. Our Deputy Chief Executive attended the meeting.

d) Meeting with Executive Director, RBI Mr G Padmanabhan, Executive Director, RBI called a meeting on 22nd September 2014 to discuss on charges, mark-up in forex rates and international credit cards issued by banks in India. Our Chief Executive and four member banks participated in the same. e) Seminar on CLS Banking The Reserve Bank of India held a seminar on CLS Banking on 16th June 2014. Our officers Mr.S V Mhaskar and Mrs Bharati Vedpathak attended the seminar.

7 | P a g e

f) “Forex for You” – Workshop at Bhopal on 28th October 2014 Reserve Bank of India conducted the above Workshop at Bhopal on 28th October 2014. Mr.P M Pethe, Officer on Special Duty (Training), FEDAI attended the workshop and addressed the participants. g) Standing Technical Committee of ACU Board Reserve Bank of India convened a meeting of few member banks on 11st March 2015, to obtain feedback on ACU related matters to enable them to discuss the issue during the ACU Board to be held in Iran in April 2015. The meeting was chaired by Mr P Vijaya Bhaskar, Executive Director, RBI. Chief Executive attended the meeting. h) Certification Course Committee set up by Reserve Bank of India At the Authorised Dealers’ Conference held at Pune, Reserve Bank of India announced formation of the above Committee to discuss on Certification Course for the employees of the Banks. In this connection, FEDAI convened two meetings of the above Committee. The General Managers of RBI, Ms Rajani Prasad and Ms K Sundari were present. The recommendations of the Committee were circulated to all the member banks, requesting for their suggestions / comments. Member banks responded favourably to the same. 5. Reserve Bank of India – Report of the Committee on Financial Benchmarks On the basis of the Report of the Committee on Financial Benchmarks, to comply with the requirements and to implement, FEDAI, as an Administrator of Benchmark Rates, has taken following initiatives:

i. A Governing Body was formed with following members: a. Chairman of FEDAI b. Vice Chairman of FEDAI c. Additional Vice Chairman of FEDAI d. Chief Executive of FEDAI e. Representative from IBA f. Representative from CCIL g. Representative from FIMMDA

ii. An Oversight Committee was formed with following members:

a. Representative of IBA b. Representative of CCIL c. Chief Executive of FIMMDA d. Chief Executive of FEDAI

iii. Code of Conduct for Submitters was approved.

iv. Whistle Blowing Policy was approved.

v. Appointed External Auditor – M/s. Borkar & Muzumdar for auditing Financial Benchmark

rates published by FEDAI. Monthly audit is being done. 6. Formation of Joint Venture Company between FIMMDA – FEDAI – IBA Formation of New Company ‘Financial Benchmarks India Private Limited’ We had series of meetings and discussions with Chairman and Chief Executive Officer of FIMMDA and representative from Indian Banks’ Association in the matter of formation of new company for the Benchmark rates. The Joint Venture agreement was finalised and signed on 17th October 2014. The Memorandum of Association and Articles of Association also finalised and have been filed with Registrar of Companies. The Registrar of Companies has approved the name of the new company as ‘Financial Benchmarks India Private Limited’. The Ministry of

8 | P a g e

Corporate Affairs has issued Certificate of Incorporation and allotted CIN No. U67190MH2014PTC260049 dated 9th December 2014. FEDAI holds 14% share in the new Company. A sum of Rs.14,00,000/- was paid towards our share. Mr D G Patwardhan, Chief Executive, FEDAI is our nominee Director on the board of the company. The company is scheduled to commence operations with announcement of MIBOR based on traded deals. 7. Reserve Bank of India – Authorised Dealers’ Conference at Pune Reserve Bank of India held their Authorised Dealer’s Conference at College of Agricultural Banking, Pune on Saturday the 10th January 2015. Mr H R Khan, Deputy Governor, delivered the inaugural address. Senior executives of Reserve Bank of India made presentations and replied to the queries raised by the bank’s representatives. Vote of thanks was presented by our Chairman. Our Chief Executive attended the conference. The action points from the conference have been dealt with. 8. Revised Guidelines for Revaluation of Foreign Exchange Positions and booking of profits/losses by AD Banks During the year under review, the process of revaluation was modified. In consultation with Reserve Bank of India, it was decided that revaluation would be done on the Present Value basis. A Circular was issued in February 2014 and the revised system was implemented in December 2014 to March 2015. 9. Orissa High Court judgement dated 24th December 2009 – SLP (CRL) 2305/2010 – FEDAI vs Pravanjan Patra & Others Before the Hon’ble Supreme Court of India During the year the above case was listed for hearing on 15th April 2014, 9th December 2014 and 6th April 2015. The case is likely to be listed on 14th July 2015. 10. Indian Banks’ Association (IBA) a) Monetary Policy Meetings The Chief Executive is a member of the Monetary Policy Group of Indian Banks’ Association (IBA). He attended the meetings of the Group held prior to Pre-Policy consultative meetings at RBI. b) Annual General Meeting of Indian Banks’ Association Indian Banks’ Association held their Annual General Meeting on 20th August 2014. The Deputy Chief Executive, FEDAI attended the meeting. c) Indian Banks’ Association Membership FEDAI became member of Indian Banks’ Association in May 2014. 11. Meeting of the Governing Body for Benchmark Rates The Governing Body formed by FEDAI met thrice. The Code of Conduct, Whistle Blowing Policy were approved. The external audit observations / reports were discussed. The members suggested various valuable suggestions. The approved Code of Conduct and Whistle Blowing Policy were sent to Reserve Bank of India. These documents were also sent to FIMMDA along with our member bank suggestions, for adoption by the newly formed company. 12. Institute for Development & Research in Banking Technology Mr Patrick Kishore, COO, IDRBT, Hyderabad called on us on May 26, 2014, seeking assistance in the formation of a Self Regulatory role for IDRBT for its members.

9 | P a g e

13. Forex Market Movement of Rupee against major currencies – April 2014 to March 2015

14. Meeting with ISDA Mr Keith Noyes, Regional Director, Asia Pacific, ISDA, Hong Kong and Mr Erryan Abdul Samad, Counsel, Asia, ISDA, Singapore called on us on June 9, 2014, to discuss issues related to Financial Benchmark rates. Our Deputy Chief Executive and Vice President met them. They discussed the progress in the Financial Benchmark work being assigned to a new company.

10 | P a g e

15. Global Financial Markets Association Mr. David Ngai, Managing Director, Asia Pacific, Global FX Division - Global Financial Markets Association (GFMA) called on us on June 10, 2014, and met the Chief Executive. GFMA, based in London, represents the FX interests of three Global Financial Markets Association (GFMA):

• AFME – Association for Financial Markets in Europe • SIFMA – Securities Industry & Financial Markets Association • ASIFMA – Asia Securities Industry & Financial Markets Association

GFMA currently has 22 members (global banks) and represents more than 90% of global FX market-share. Its focus areas of work are:

• Work with regulators to seek international convergence on FX regulation • Continue to build new FX relationships with regulators in key economies • Increase the involvement of ‘End Users’

16. Forex Association of India Forex Association of India organized their 25th Annual Forex Assembly during 4-6, October 2014 at Gurgaon. Mr K V Ramesh, Ex-Deputy Chief Executive, Mr S V Mhaskar, Vice President and Mrs. Bharati Vedpathak, Manager, FEDAI attended the Conference as delegate. 17. The Clearing Corporation of India Limited (CCIL) CCIL launched ‘Legal Entity Identifier’ services for India, on 18th November 2014. Shri.H.R.Khan, Deputy Governor, Reserve Bank of India inaugurated. Welcome address was delivered by Smt. Shyamala Gopinath, Chairperson, CCIL and closing remarks by Shri.R.Sridharan, Managing Director, CCIL. Chief Executive and Deputy Chief Executive attended the function. 18. Foreign Exchange Brokers’ Association of India (FEBAI) As in the past, FEDAI is in close co-ordination with FEBAI and has been discussing with their office bearers from time to time on forex market. The Principal office bearers of FEBAI called on us in January 2015 to discuss issues related to Net Worth and installation of Voice Recording. They had shown their concern about increasing the Net Worth to Rs.5 crores and Rs.10 crores for Proprietorship/Partnership and Limited companies respectively. They requested FEDAI to revisit this issue. 19. Indian Institute of Banking and Finance The Chief Executive attended the 87th Annual General Meeting of the Indian Institute of Banking and Finance held on 15th September 2014. 20. FEDAI Local Committee FEDAI Local Committees at Chennai, New Delhi are functioning. At our Annual General Meeting held on 19th July 2014, at the request of The Federal Bank Limited, the Kochi Local Committee was re-instated and is functioning. 21. International Chamber of Commerce (ICC) Paris Chief Executive attended the ICC Banking Commission meeting at Dubai on 29th and 30th April 2014 and at Istanbul on 5th and 6th November 2014. Revised draft of DOCDEX – Dispute resolution mechanism was approved and implemented from 1st May 2015. Draft opinions of Banking Commission were discussed.

11 | P a g e

22. Export Credit and Guarantee Corporation (ECGC) – Conference (a) The Chief Executive attended the Conference convened by ECGC on 26th September 2014 and addressed the participants on ‘Risk Mitigation Techniques for Trade Finance’. (b) On 6th December 2014 our Chief Executive addressed the Senior Management officials (DGMs and above) of ECGC at a meeting arranged by them at Edelweiss Learning Centre near Alibaug. 23. Federation of Indian Export Organisations (FIEO) (a) On 24th November 2014 FIEO invited our Chief Executive to be one of a 3-member Committee for selection of awardees for export promotion. (b) On 12th December 2014 FIEO convened a meeting ‘Meet Your Banker’ for Exporters. Our Chief Executive attended the meet along with some bank representatives. The issues related to third party payments, sanctions were mainly discussed. 24. India Regulation Summit India Regulation Summit was convened on 10th March 2015. Chief Executive participated in the Summit as a Panel Member. 25. Thomson Reuters – Round Table Conference Thomson Reuters had arranged a Round Table Conference on the issues related to Corporate Governance. Lord Mayor of London was present for the same. Our Chief Executive attended the Conference. 26. FEDAI ACTIVITIES (a) FEDAI Membership – Entrance Fee – Rule No.3 of “Rules and Regulations of FEDAI” The Rule No.3 with regard to Entrance Fee payable by the new entrants was amended as under. This was approved at the Managing Committee (12th June 2014) and at Annual General Meeting (19th July 2014):

Rule No.3 – Entrance Fee a. Authorised Dealer applying after 19th July 2014 for ordinary membership of

the Association shall pay an Entrance Fee of an amount equivalent to its Annual Subscription.

b. The admission fee shall on no account be refundable to the member. b) Polling of USD/INR Spot Rate at 11.30 a.m. With effect from 1st October 2014, FEDAI discontinued announcing of USD/INR Spot Fixing Rate. We place on record our sincere thanks to all the contributed member banks in the above polling process for the past eleven years. c) Polling of FC-INR Option Volatility Rates at closing time FEDAI will continue to announce the above polled rates until the newly formed company ‘FBIPL’ takes over. We request contributing member banks to co-operate in our polling exercise till such time.

12 | P a g e

d) USD-INR 10 Year Largest Annual Volatility As recommended by Reserve Bank of India, DBOD, FEDAI started publishing ‘Largest Annual Volatility’ figures on monthly basis on our website effective June 2014. e) 9th FEDAI Annual Conference – , April 2014 – Cape Town The 9th FEDAI Annual Conference was held between 12 and 15, April 2014 at The Taj Hotel, Cape Town, South Africa. 198 delegates attended the Conference, which consisted of representatives from our member banks, RBI, FAI, overseas member banks, Invitees and information service providers. The inaugural address was delivered by Mr H R Khan, Deputy Governor, Reserve Bank of India. f) Annual General Meeting FEDAI’s Annual General Meeting was held on 19th July 2014 in the office premises. The meeting was chaired by Mr P K Gupta, Deputy Managing Director, SBI, Chairman, FEDAI. 90 representatives attended the meeting. Election for members of the Managing Committee for the period 2014-17 took place. g) Notice received from Income Tax authorities for A.Y. 2012-2013 We received the notice from Income Tax Department under Section 142 (i) for the scrutiny of the return for the Assessment Year 2012-2013. We submitted the requisite documents, clarifications, through our Statutory Auditor M/s. Borkar & Muzumdar. We received the Assessment Order dated 27th March 2015 for the said year from the Income Tax Department. Demand of Rs.7,53,281/- was made on us vide the said order. We paid the said amount and filed our appeal with Commissioner of Income Tax (Appeals), Mumbai through M/s. Khimji Kunvarji & Co., Chartered Accountants. h) Summer Internship Mr Raushan Singh from Birla Institute of Management Technology, Greater Noida took up the project on “FDI / FII : A study on its impact on Exchange Rates”. Ms Suverna Jain from Prin. L N Welingkar Institute of Management Development & Research, Mumbai took the project on “Hedging in Foreign Exchange”. i) Notice from the Professional Tax office The Office of the Profession Tax (C-010), Mumbai served us notice for non-filing of Professional Tax returns from 1st April 2013 to 31st March 2014. Our Vice President, Mr S V Mhaskar, visited their office on 6th January 2015. The e-filing of the return has been done for the year 2013-14. 27. FEDAI Accounts During this financial year April 2014 – March 2015 we have been using the accounting package of TALLY ERP9. 28. Staff Matter (a) Appointment / Promotion / Retirement During the year, Mr Shrikrishna V Mhaskar, has joined us as Vice President in April 2014. We have appointed Ms Rakhee Rajasimha as Support Executive in June 2014. Mr R Ganeshan was promoted as Vice President and Mr Dinesh Patel was promoted as Officer effective July 2014.

Mr K V Ramesh, Deputy Chief Executive retired from FEDAI effective 31st December 2014. Due to the retirement of Mr Ramesh, Mr S V Mhaskar, who joined in April 2014 was re-designated as Vice President and Secretary.

(b) Annual Health Check-up for staff members of FEDAI During this year, annual health check-up for staff members of FEDAI was introduced. All the staff members thanked the Managing Committee for introducing the scheme.

13 | P a g e

29. FEDAI a) Members of the Managing Committee – 2014 – 2015

1. Allahabad Bank 2. Andhra Bank 3. AXIS Bank Limited 4. Bank of America N A 5. Bank of Baroda 6. Bank of India 7. BNP Paribas 8. Canara Bank 9. Central Bank of India 10. Corporation Bank 11. Citibank N A (Vice Chairman) 12. Deutsche Bank AG 13. HDFC Bank Limited 14. The Hongkong and Shanghai Banking Corporation Limited 15. ICICI Bank Limited 16. IDBI Bank Limited 17. IndusInd Bank Limited (Additional Vice Chairman) 18. Punjab National Bank 19. Societe Generale 20. State Bank of India (Chairman) 21. Standard Chartered Bank 22. Syndicate Bank 23. Union Bank of India 24. Vijaya Bank 25. YES Bank Limited 26. Bank of Maharashtra (Special Invitee) 27. The Saraswat Co-operative Bank Limited (Special Invitee)

b) Auditor for the year 2014-2015 M/s. Borkar & Muzumdar Chartered Accountants 21/168 Anand Nagar Om Co-operative Housing Society Nehru Road, Vakola Santacruz (East) MUMBAI – 400 055. 30. Internal Audit There is a system in place for monitoring quarterly expenditure and any major variances in the expenditure are duly reported. 31. FEDAI Workshops / Programmes / Training Activities a) Annual Trainers’ Meet – 26th November 2014 Annual Trainers’ Meet was held on 26th November 2014 at FEDAI office for reviewing the guidelines for conducting FEDAI One-week Orientation Workshops under the new series XXV from January 2015 to December 2015. All the members were enthusiastic and showed interest in the FEDAI Workshops. It was proposed to conduct 31 workshops by 18 nominated banks.

14 | P a g e

This year the participation fees was increased to Rs.15,000/- per person plus Service Tax. From this series the number of days has been increased from 5 days to 5 ½ days (i.e. Monday to Saturday). The duration of per session was increased from 60 minutes to 75 minutes and the honorarium was also increased from Rs.1,500/- to Rs.2,000/-. Some of the budgetary provisions are also increased keeping in view the rise in various material costs. b) Orientation Workshops on Foreign Exchange Business During the year 2014, 39 workshops were conducted by 20 nominated banks at 19 centres imparting training to 1146 bank officers. The nominated banks, as in the past, have conducted these programmes enthusiastically and with professional expertise. The list of banks who conducted FEDAI Workshops during the year is given below: c) Special Programmes conducted by FEDAI – During the January 2014 – December 2014

Subject Conducted For Number of Programmes

Number of Participants

3-Day Workshop on “Export Finance”

Member Banks by YES Bank Limited 1 45

2-Days Workshop on “Treasury Audit” for AD I Banks Member Banks 1 41

3-Days – Workshop on “Awareness of Foreign Trade and Foreign Exchange Business in India” for Branch Heads of B Category Branches

For officials of Syndicate Bank at Bangalore, Delhi and Mumbai 3 73

List of Nominated Banks who conducted FEDAI One-Week Orientation Workshops on FOREX during the period January 2014 – December 2014

Nos. NOMINATED BANKS CENTRES

1 Allahabad Bank Kolkata and Lucknow2 Andhra Bank Hyderabad 3 Bank of Baroda Mumbai, Ahmedabad 4 Bank of India Navi Mumbai, Goa, Chennai, Noida, Pune 5 Bank of Maharashtra Nagpur 6 Canara Bank Bangalore (2), Chennai, Gurgaon 7 Central Bank of India Mumbai 8 Dena Bank Mumbai 9 The Federal Bank Limited Kozhikode, Kerala

10 Indian Bank Mumbai, Thiruvananthapuram, Chennai 11 Indian Overseas Bank Madurai, Coimbatore 12 State Bank of Bikaner & Jaipur Jaipur 13 State Bank of Hyderabad Secunderabad 14 State Bank of India Indore (Madhya Pradesh), Guwahati 15 State Bank of Patiala Gurgaon 16 State Bank of Travancore Kerala 17 UCO Bank Kolkata 18 Union Bank of India Mumbai 19 United Bank of India Kolkata

15 | P a g e

16 | P a g e

MGT 9

EXTRACT OF ANNUAL RETURN - As on financial year ended on 31.03.2015 Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014. I. REGISTRATION & OTHER DETAILS: 1 CIN U67190MH1988NPL047993 2 Registration Date 07/07/1988 3 Name of the Company FOREIGN EXCHANGE DEALERS’ ASSOCIATION OF INDIA4 Category/Sub-category

of the Company Company limited by guarantee Company licensed under Section 25

5 Address of the Registered office & contact details

173, MAKER TOWER ‘F’, 17TH FLOOR, CUFFE PARADE MUMBAI – 400 005 Tel. : 022-22182583 / 22182549 / 22184432

6 Whether listed company

NO

7 Name, Address & contact details of the Registrar & Transfer Agent, if any.

N.A.

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Foreign Exchange Dealers’ Association of India (FEDAI) was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers - ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956. It's major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-à-vis public and liaison with RBI for reforms and development of forex market. Presently major functions are as follows:

• Guidelines and Rules for Forex Business. • Training of Bank Personnel in the areas of Foreign Exchange Business. • Accreditation of Forex Brokers • Advising/Assisting member banks in settling issues/matters in their dealings. • Represent member banks on Government/Reserve Bank of India/Other Bodies. • Announcement of daily and periodical rates to member banks.

III. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) Category-wise Share Holding

Not Applicable

IV. INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued

but not due for payment. NIL

V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

17 | P a g e

A. Remuneration to Managing Director, Whole-time Directors: N.A. B. Remuneration to other directors N.A

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL

 SN  Particulars of Remuneration Key Managerial Personnel      Chief Executive 

Officer (Rs.) Secretary (Rs.)  Total (Rs.) 

1  Gross salary    (a) Salary as per provisions contained in section 17(1) of the Income‐tax Act, 1961 

19,47,648‐ 13,84,892‐    33,32,540‐

(b) Value of perquisites u/s 17(2) Income‐tax Act, 1961 

2,76,650‐ 1,84,125‐    4,60,775‐

(c) Profits in lieu of salary under section 17(3) Income‐tax Act, 1961 

­­  ­­  ­­ 

2  Stock Option  ­­  ­­  ­­ 3  Sweat Equity  ­­  ­­  ­­ 4  Commission  ­­  ­­  ­­    ‐  as % of profit          others, specify…       5  Others, please specify  ­­  ­­  ­­    Total   22,24,298­  15,69,017­

   37,93,315­ 

  

18 | P a g e

19 | P a g e

20 | P a g e

21 | P a g e

22 | P a g e

23 | P a g e

24 | P a g e

25 | P a g e

26 | P a g e

27 | P a g e

28 | P a g e

29 | P a g e

30 | P a g e

31 | P a g e

32 | P a g e

33 | P a g e

34 | P a g e

35 | P a g e

36 | P a g e

37 | P a g e

38 | P a g e

39 | P a g e

40 | P a g e

41 | P a g e

42 | P a g e