Research

Research articles published by Hemindra Hazari.

EXECUTIVE SUMMARY. In a major scoop, ET Prime on June 9, 2021 revealed the contents of the Securities and Exchange Board of India (SEBI)’s ongoing investigation into Indusind Bank’s October 2017 US$ 40 mn loan to CG Middle East FZE (CG ME), a step down subsidiary of CG Power...
EXECUTIVE SUMMARY. Why is the capital market deliberately overlooking the serious concerns regarding corporate governance in the Kotak Mahindra group? Presumably because the bank has been rewarding shareholders over the years, as well as because of the stature of its founder-CEO, Uday Kotak. The latest issue emerging from the...
Private sector banks’ high and sharply rising attrition is in the spotlight, thanks to the mandatory disclosures in banks’ annual and business sustainability reports since FY2023. However, inter-bank comparison may not be an accurate indicator of the attrition in a particular bank, as some large banks use unlisted subsidiaries...
Ravi Narayanan, the 55-year old Group-Head in-charge of retail branches, retail liabilities and third party products abruptly resigned from Axis Bank on March 13, 2024 because he wished to pursue an “entrepreneurial journey”. He will be relieved on March 22, 2024, to conform to his wish for an early...
One might think that the ICICI Bank board, worried at the beating its image has taken in recent months, might try to restore public confidence by selecting an impeccable stand-in for its CEO-under-investigation. But, true to form, the board has selected a gentleman in whose tenure as CEO, ICICI...
EXECUTIVE SUMMARY. Senior executives are rushing for the exit door at Aditya Birla Finance Ltd. (ABFL), the non-bank finance company (NBFC) subsidiary of Aditya Birla Capital (ABC), the holding company for all the financial services business of the Aditya Birla group. Since May 2021, at least five senior officials...
EXECUTIVE SUMMARY. According to the grand theory of capitalism and the free market, competition anoints the customer as king. In the capital market, it is argued that increasing the number of players would improve price discovery, and greater scrutiny of managements’ conduct would discipline them. Thus the market would...
EXECUTIVE SUMMARY. HDFC Bank, India’s largest bank by market capitalisation appears to be the first off the block in demanding resignations from permanent staff at its non-bank finance company (NBFC) subsidiary, HDB Financial Services (HDB FS). While times are indeed difficult, stakeholders in the bank should note the manner...
EXECUTIVE SUMMARY. The Securities and Exchange Board of India (SEBI)’s order  penalising Kotak Mahindra Mutual Fund (Kotak MF), a subsidiary of Kotak Mahindra Bank (KMB) provides an in depth insight normally unavailable to the public on how imprudently investment decisions are taken by so called professionals in marquee firms...
EXECUTIVE SUMMARY. Even though Axis Bank reported an impressive growth in net profit, higher than that of its peers, the stock market penalised the bank, as the growth of its business, top line and profit before provisions was lower than that of its peers. The stock market traditionally favours...