Financial markets are a part of the changing business paradigms, across the globe. In fact, the financial markets are the first to unleash the creativity and imagination and lead the revolution. Today, globalization of competencies, thinking and perspectives has been the part of Strategic Action Plan of all the major players in the financial markets, globally.
The cut throat competition across the market operators and the pressure to perform by the stakeholders has resulted in competition being fiercer than ever before. I think, both the business landscape and chemistry of the competition has changed significantly over the period of time. I would say Financial Markets are being redefined, reinvented and reconfigured on a persistent basis.
Today, Financial Markets are turbulent, globally. Traditional business models when businesses were clearly differentiated- Banks conducted banking, insurance companies offered risk covers and securities companies offered investment opportunities, have become the footnotes of the finance literature. Today, insurance companies are exploring values in the banking and investment products and vice versa. It is no more a bank competing with another bank and insurance company competing with another insurance company, but an insurance competing with bank and what not. Hence, to my mind, the most precious word today is the “convergence†of the opportunity zones in Financial Markets from concept to culmination.
In this era of fierce competition, it has become extremely imperative for all of us to weave clear out strategy to deal wit these changing dimensions of the business landscape in Financial Services. Therefore, I would feel we need to be competitive at all the levels individual, corporate, economy and regulatory. Competitiveness at the individual level- It may be apparent that nothing but the change is stable in the world. It offers both the opportunities and the challenges to the individuals. It is for the individuals to choose what do they look at. According to me, change is nothing but an exciting opportunity to reposition oneself. Understand that the driving force behind any repositioning is change. This repositioning may be because of the survival crisis created by the unanticipated change or the excitement offered by the change in terms of the unlimited opportunities not visible with the naked eyes.
Sachin Agrawal
(Source:Speech of Shri G.N.Bajpai former Chairman of SEBI)
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Hi Sachin
Welcome aboard.