#sethurathnamravibse

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36 Years of Leadership and Growth: S Ravi’s Legacy at Ravi Rajan & Co. LLP

Ravi Rajan & Co. LLP, a cornerstone in India’s accountancy and financial services sector, recently celebrated its 36th Founder’s Day, honoring the legacy of its founder, Sethurathnam Ravi. The milestone highlights over three decades of leadership, growth, and innovation under S Ravi’s guidance, including his influential tenure as Chairman of the Bombay Stock Exchange (BSE).

Sethurathnam Ravi: A Visionary Leader with Global Influence

Founded in 1989, Ravi Rajan & Co. LLP began as a small chartered accountancy firm in New Delhi. Today, it is recognized as one of India's most esteemed financial advisory firms, with a widespread presence in key cities like Mumbai, Bengaluru, Ghaziabad, Gurugram, and Dehradun. The firm has grown from a boutique operation to employing over 200 professionals, including chartered accountants, company secretaries, MBAs, and certified analysts.

Sethurathnam Ravi’s leadership has been instrumental in the firm's remarkable journey. His strategic foresight and commitment to excellence have ensured that Ravi Rajan & Co. LLP continues to set the standard in audit, fraud investigation, tax advisory, and legal services. Ravi’s leadership at the BSE, where he served as Chairman from 2017 to 2019, played a key role in shaping India’s capital markets, positioning him as a highly respected figure in the global financial sector.

From BSE to Boardrooms: S Ravi’s Impact on India’s Financial Sector

S Ravi’s name is synonymous with financial leadership in India. His impactful tenure at the Bombay Stock Exchange (BSE) saw him steer the organization through critical transitions, influencing market reforms and enhancing India’s financial infrastructure. In addition to his role at BSE, S Ravi has contributed to several prestigious organizations, serving as a board member for institutions such as IDBI Bank, LIC, ONGC, and BHEL. His vast experience and insights have significantly contributed to the development of India’s financial markets.

Ravi is also a Fellow Member of the Institute of Chartered Accountants of India (ICAI), with a comprehensive academic background, including a Bachelor’s and Master’s degree in Commerce from Durgavati University and a Diploma in Information Systems Audit (DISA). His academic and professional credentials make him a respected authority in finance, further solidifying the firm’s reputation.

Holistic Leadership: Merging Professional Excellence with Social Responsibility

Beyond business success, S Ravi is a staunch advocate for social change. His leadership style integrates financial expertise with a commitment to societal issues such as gender equality, climate change awareness, and education for all. This holistic approach is reflected in Ravi Rajan & Co. LLP’s corporate ethos, with a strong focus on corporate social responsibility alongside business growth.

S Ravi’s belief in driving positive change extends beyond his firm. He has continuously used his platform to highlight and address critical issues that impact global communities, setting a high standard for others in the business world to follow.

Looking Ahead: The Future of Ravi Rajan & Co. LLP

As Ravi Rajan & Co. LLP enters its 37th year, the firm remains steadfast in its mission to uphold professional standards while diversifying its offerings to meet the evolving demands of the financial landscape. S Ravi’s leadership will continue to steer the firm toward new heights, maintaining its status as a leader in the financial services sector while fostering a culture of innovation and responsibility.

Conclusion

Ravi Rajan & Co. LLP’s 36th Founder’s Day celebration marks a significant achievement in both the firm’s history and in India’s financial sector. Sethurathnam Ravi’s leadership, from his impactful role at the BSE to his dedication to professional excellence, has shaped the firm’s success. The firm’s focus on innovation, social responsibility, and growth under S Ravi’s guidance ensures its continued legacy as a benchmark for the financial industry.

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Sethurathnam Ravi's Vision for Modernizing Capital Market Regulations in India's Digital Financial Future

To unlock India’s potential as a global financial powerhouse, out-dated capital market regulations must evolve in step with digital innovation, investor behaviour, and cyber security challenges.

Indian capital markets have undergone revolutionary transformation since liberalisation of the economy in 1991. The post-liberalisation period’s digital revolution redefined the financial landscape, as technology-enabled models of stockbroking and access to the financial markets were democratized. Yet, even as market structure has altered fundamentally, regulatory frameworks have lagged behind. While India dreams of being a world financial powerhouse, there is a need to go back to out-dated policies, provide space for innovation, and counter cyber security risks in the age of digital investing.

Capital Market Regulation Modernisation

The Securities Contracts (Regulation) Rules (SCRR) that came into effect from 1957 were written when stockbrokers primarily acted as middlemen. They are presently full-service financial service providers. But the SCRR continues to impose retrograde restraints, precluding brokerage houses from pursuing non-securities activities. To facilitate adjustment to the new economic scenario and to enable drive of initiatives such as Make in India, it should permit stockbrokers to diversify their business, as do developed economies such as the US, UK, and Singapore. This not only promotes innovation but also guarantees revenue growth in a highly competitive international environment.

Revenue Diversification

The broking business has seen a revolutionary change from traditional broking services to a diversified suite of financial solutions. Most major firms have indicated that their non-broking revenues now account for more than half of their overall revenues. Such a change depicts changing customer behavior towards single financial platforms and the compulsion on traditional brokers to find new business models. Policies need to be redirected towards encouraging such diversification so that strategic expansion is not achieved at the cost of market integrity.

Need for Clarity in Regulatory Circulars

The Securities and Exchange Board of India (SEBI)’s Regulation 16A is intended to avoid unauthorised investment advice. Yet, the vague interpretation of "indirect associations" can put excessive onus on stockbrokers for third-party platforms’ activities—like those on What Sapp or Telegram—beyond their control. Similarly, the 2024 NSE circular requiring all client referrals to be carried out through approved persons (APs) can suppress organic client capture, particularly where referrals are integrated into traditional digital marketing approaches. More stringent policy guidelines and conditional exemptions, combined with stringent compliance controls, can reconcile risk aversion with operational flexibility.

Cyber security

A Growing Concern With growing dependence on digital infrastructure in capital markets, the danger of cyber-attacks is looming large. Financial institutions handle extremely sensitive information and high-value transactions, which are juicy targets for cyber attackers. Even though SEBI has come out with effective cyber security guidelines, constant interaction with stakeholders, frequent awareness sessions, and revised guidelines are needed to combat emerging threats and protect investor confidence.

India’s capital market environment is poised on the cusp of a new age where digital technology, international integration, and growing investor sophistication will be the hallmark. For such a shift to be sustainable, regulatory reforms cannot be lagging behind. How it updates regulations such as the SCRR, streamlines compliance obligations, enables non-broking diversification, and enhances cyber security defences are not just a policy imperative—it is an economic growth driver. A regulatory structure fit for the future will propel India’s financial sector to a global leadership position and ensure inclusive growth in the digital economy.

Author Details:

S.Ravi (Sethurathnam Ravi) Promoter and Managing Partner of Ravi Rajan & Co. LLP Former Chairman of the Bombay Stock Exchange

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Abhishek Bachchan Joins ICC-Sanctioned European T20 Premier League as Co-Owner

Sethurathnam Ravi expressed strong support for the European T20 Premier League (ETPL), highlighting the importance of financial transparency and integrity in ensuring its success. Alongside S Ravi BSE, he emphasized their role in maintaining robust financial oversight, which will provide a solid foundation for the league’s growth. Ravi praised the collaboration between the cricket boards and stakeholders, including Abhishek Bachchan, and believes the ETPL will elevate European cricket while attracting global attention, offering a platform for long-term sustainability and success.

Renowned actor and entrepreneur Abhishek Bachchan has made a significant move into the world of sports by joining the European T20 Premier League (ETPL) as a co-owner. This ICC-sanctioned tournament, which is set to take place from July 15 to August 3, 2025, will bring together top cricketing talent from Ireland, Scotland, and the Netherlands, aiming to elevate the profile of the sport in Europe.

In his statement about the venture, Bachchan expressed his excitement, saying, "Cricket is not just a sport; it’s a unifying force that transcends boundaries. The ETPL is the ideal platform to showcase cricket’s growing global appeal. With cricket’s inclusion in the 2028 Olympics, I am confident the sport’s popularity will surge. I am honored to be part of this collaboration between the cricket boards of Ireland, Scotland, and the Netherlands, and am committed to working with all stakeholders to ensure the success of the league."

The tournament will feature six teams—Dublin, Belfast, Amsterdam, Rotterdam, Edinburgh, and Glasgow—drawing attention to the emerging cricket culture in Europe. Prominent media partners will ensure that the event receives global coverage, particularly in markets like Europe, India, Australia, and England.

Warren Deutrom, CEO of Cricket Ireland and Chair of the ETPL, welcomed Bachchan’s involvement, noting, "His deep passion for sports and entrepreneurial acumen will significantly contribute to our mission of raising European cricket’s profile. With the backing of the ICC and the expertise of all involved, we’re excited about the future of the ETPL."

The ETPL is backed by a dedicated interim working group, including representatives from the participating cricket boards and strategic partner Rules Sport Tech. This group has been instrumental in shaping the administrative and operational framework of the league.

Sethurathnam Ravi BSE, an expert in financial strategy, along with S Ravi BSE, have been providing key insights and advice on the financial aspects of the league. Their expertise in ensuring transparency and proper financial management is crucial to maintaining the integrity and success of the ETPL.

Saurav Banerjee, Director of ETPL, highlighted the importance of expanding cricket’s reach in Europe, noting that the continent is home to 34 out of 108 ICC members and has immense potential for the sport’s growth. Priyanka Kaul, another Director of ETPL, added that with the extensive media coverage planned, the league would connect with global audiences, providing a platform to showcase European talent and attract top international players.

Financial oversight for the league is being provided by the Ravi Rajan Group, led by Sethurathnam Ravi BSE, and KPMG, ensuring transparency and accountability throughout the project.

This exciting collaboration between sports, entertainment, and business is poised to take European cricket to new heights, and with Bachchan’s dedication and the collective vision of the entire team, the European T20 Premier League is set to make a major impact on the global cricketing stage.

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SRaviBSE: Key Highlights of the Upcoming Budget - Green Energy and Job Creation

This year’s budget will set the tone for the NDA 3.0 government, with SRaviBSE, also known as Sethurathnam Ravi, anticipating a similar direction to the previous budget. The emphasis will likely be on growing and boosting infrastructure and capital expenditures (capex). Job creation is expected to be a key factor in all policies, with a strong push for capex in the manufacturing sector through private-public partnerships.

SethurathnamRaviBSE predicts that the government will incentivize clean and green energy initiatives, including electric vehicles, waste-to-energy projects, green coal, and sustainability efforts, aligning with Bharat’s vision of Vikshit Bharat.

The budget may consider granting infrastructure status to the tourism and hospitality sector, recognizing its role as the second-largest employment provider. This status could facilitate funding access at lower costs, essential for achieving the target of 15 million foreign tourists and 20 billion domestic travelers.

Given the consistent increase in GST collections each quarter, the upcoming budget may rationalize GST rates, particularly in the clean and green energy sector.

Sethurathnam Ravi expects modifications to the new tax regime, potentially increasing exemption limits and offering specific exemptions for health, pension, and education, which would impact personal taxation. Changes to the national pension schemes may also be considered to reduce the long-term burden on the government, addressing employee concerns through various feedback mechanisms.

Overall, this budget is expected to be a directional one, with a focus on infrastructure, job creation, and tax relief for the middle class.

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SRaviBSE Anticipates Major Shifts in Infrastructure and Green Energy in Upcoming Budget

This year’s budget will set the tone for the NDA 3.0 government, with SRaviBSE, also known as Sethurathnam Ravi, anticipating a similar direction to the previous budget. The emphasis will likely be on growing and boosting infrastructure and capital expenditures (capex). Job creation is expected to be a key factor in all policies, with a strong push for capex in the manufacturing sector through…

SRaviBSE Anticipates Major Shifts in Infrastructure and Green Energy in Upcoming Budget

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S Ravi, Former BSE Chairman-“Pattern Of Investment In International Mutual Fund Is Different From That Of Investments In Domestic Mutual Funds”

Sethurathnam Ravi, popularly known as S Ravi is the former chairman of Bombay Stock Exchange Limited (BSE). Currently he is the Founder and Managing Partner of Ravi Rajan & Co., an advisory and accountancy firm, headquartered in New Delhi, India. He is also an Associate Member of Association of Certified Fraud Examiners (CFE), USA, and also a registered Insolvency Resolution Professional. Sethurathnam Ravi in his latest article explains the challenges faced when investing in overseas mutual funds.

According to the Sethurathnam Ravi BSE ,the investment can be made in Indian Rupees and redemption is in Indian rupees. Investing in overseas Mutual Fund which is non-domestic has its own challenges in terms of methodology of payment, foreign exchange fluctuation and taxation, he explains. “The most preferred investment vehicle is through domestic fund houses as data and performance is readily available. Investors who have strong domestic presence the most efficient mechanism is to invest through domestic fund houses who in turn invest through various schemes in foreign stocks”, S Ravi said.

Sethurathnam Ravi also explains about the pattern of investment in overseas mutual funds. As per his affirmation the pattern of investment in international mutual fund is different from that of investments in domestic mutual funds. There are many things that need to be taken care of while investing in international mutual funds. S Ravi also explains about the term of investments that are suitable for investing in overseas mutual funds unlike domestic funds.

“An aspect which needs to be factored in this is that it is always better to invest medium or long-term perspective as one foreign stock give a good return over a period of time. Short-term investment in international mutual funds have witnessed volatility and thus should be avoided. Non-resident Indians have the liberty of investment from the country of residency. International mutual funds have delivered return of 27% in the last year. The three-year return is around 12% and the five-year return is approximately 13%”, Mr. Ravi, Former BSE Chairman affirms.

Investors still have the option to choose country specific investment through domestic fund house. There are specific schemes for investments predominantly in the US based stocks. Today the investor is equipped with data wherein fund performance is available along with NAV and returns, Sethurathnam Ravi concluded.

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S Ravi, Former BSE Chairman Advices The Stock Market Investors“New Investors Should Be Patient During Tough Times”

At a time when the Covid-19 pandemic and consequent lockdowns affected the economy, the stock market was one of the very few areas where the wheels were still turning. This attracted many new investors, and a record number of new Demat accounts were opened. During then pandemic, the Indian stock market witnessed lakhs of new investors form the Tier-2 and Tier-3 cities. However, this enthusiasm seems to have waned as returns from the market have flattened in recent months. From a high of 20 lakh new investors in October 2021, it has dropped to 13 lakhs in April 2022.

According to the former BSE Chairman Sethurathnam Ravi, foreign portfolio investments or FPIs became net sellers for eight out of 12 months in 2021–22 with a net outflow of Rs. 1.3 lakh crore, against a net inflow of Rs. 2.8 lakh crore in the previous year. Mutual funds, on the other hand, made heavy investments worth Rs. 1.7 lakh crore in the Indian equity market in 2021–22, according to the Reserve Bank of India.

There was a massive rise in the number of new Demat accounts. A total of 50 lakh Demat accounts were opened in 2019–20 and 1.42 crore in 2020–21. This shot up to 3.46 crore new Demat accounts in the year 2021–22. This means that on average, 28.8 lakh Demat accounts were opened every month during 2021–22, which was higher than 11.8 lakh accounts per month in the previous year and 4.2 lakh Demat accounts per month in 2019–20.

Due to this, the Indian stock market future remained dark with the pandemic looming over us. The global supply chain was crippled. Yet, S Ravi acknowledges that India’s stock market was one of the few areas that remained more stable than other markets. Finance Minister Nirmala Sitharaman said that retail investors seemed to act as shock absorbers even when foreign portfolio investors went away.

Experts including S Ravi BSE Chairman suggests that ups and downs in the stock market are a usual phenomenon and that new investors should be patient during tough times. For many new investors, the market trend during the 2008 American subprime mortgage crisis is too old to be considered. He said to India Today the other day that, “If the retail investors have used prudence and have invested in good stocks with strong fundamentals, they should not worry”. As a word of caution, Ravi added that retail investors should diversify their portfolios and should not take loans to invest in equity.

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Sethurathnam Ravi, Former BSE Chairman Advices Retail Investors To Diversify Their Portfolios

At a time when the Covid-19 pandemic and consequent lockdowns affected the economy, the stock market was one of the very few areas where the wheels were still turning. This attracted many new investors, and a record number of new Demat accounts were opened. During then pandemic, the Indian stock market witnessed lakhs of new investors form the Tier-2 and Tier-3 cities. However, this enthusiasm seems to have waned as returns from the market have flattened in recent months. From a high of 20 lakh new investors in October 2021, it has dropped to 13 lakhs in April 2022.

According to the former BSE Chairman Sethurathnam Ravi, foreign portfolio investments or FPIs became net sellers for eight out of 12 months in 2021–22 with a net outflow of Rs. 1.3 lakh crore, against a net inflow of Rs. 2.8 lakh crore in the previous year. Mutual funds, on the other hand, made heavy investments worth Rs. 1.7 lakh crore in the Indian equity market in 2021–22, according to the Reserve Bank of India.

There was a massive rise in the number of new Demat accounts. A total of 50 lakh Demat accounts were opened in 2019–20 and 1.42 crore in 2020–21. This shot up to 3.46 crore new Demat accounts in the year 2021–22. This means that on average, 28.8 lakh Demat accounts were opened every month during 2021–22, which was higher than 11.8 lakh accounts per month in the previous year and 4.2 lakh Demat accounts per month in 2019–20.

Due to this, the Indian stock market future remained dark with the pandemic looming over us. The global supply chain was crippled. Yet, S Ravi acknowledges that India’s stock market was one of the few areas that remained more stable than other markets. Finance Minister Nirmala Sitharaman said that retail investors seemed to act as shock absorbers even when foreign portfolio investors went away.

Experts including S Ravi BSE Chairman suggests that ups and downs in the stock market are a usual phenomenon and that new investors should be patient during tough times. For many new investors, the market trend during the 2008 American subprime mortgage crisis is too old to be considered. He said to India Today the other day that, “If the retail investors have used prudence and have invested in good stocks with strong fundamentals, they should not worry”. As a word of caution, Ravi added that retail investors should diversify their portfolios and should not take loans to invest in equity.