Amit Mahesh Pujara: Implementing Strategic Pro-Ficiencies To Help Navigate His Firm National E-Reposito-Ry Through Highs & Lows
Amit Mahesh Pujara
Compliance Officer & CFO
Engaging in a distinctive interaction with CEO Insights,Amit Mahesh Pujara highlights the crucial milestones of his journey as a top notch compliance officer of the country.
Give us a brief detail about your professional background and how has it helped you in your journey so far?
I joined NCDEX in November 2006 as a Manager in a Regulatory Compliance Department after working for PwC for over eight years. The role here demanded a deep understanding of the commodity derivative market, interaction with the Regulators like erstwhile FMC, SEBI, setting up of Compliance culture within NCDEX. To refine my skills, I was selected to attend the first-ever Compliance Management Program organized by the Indian School of Business. During a decade old journey with NCDEX, I had the privilege to lead a team of Regulatory Compliance, Member Inspection and Membership Compliance. In 2015, I got an once in-a lifetime opportunity to spearhead a team to maintain `Thought Leadership' & reemphasize the creditability & reliability of NCDEX at the time of the merger of FMC with SEBI. Based on my experience in Regulatory Departments as well as a professional qualification, NCDEX thought it fit to give me one more golden opportunity to shoulder the responsibility of Chief Financial Officer and Compliance Officer of newly set up Repository platform called National E-Repository Limited in 2017.
As Compliance Officer of National E-Repository Limited what are the different roles that you have been
undertaking at the company?
I am associated with NERL since its inception, naturally, the first deliverable was to obtain a license from the Regulator(WDRA) to operate as an electronic Repository Platform. Being a part of the core team,I was responsible for formulating Bye Laws and Business Rules of NERL while ensuring adherence to regulatory compliances, for ensuring smooth setting up of India's first ever electronic Commodity Repository Platform like Depositories. Since the Repository of electronic Negotiable Warehouse Receipts (eNWR) was unique in India, it took a lot of effort in designing and implementing a regulatory framework for offering compliant repository services to commodity derivatives exchanges, CWC, Banks and Warehouse Service Providers.
Like in any startup structure where few do everything, I was working as a member of the core team deciding the product and pricing strategy for various business lines of the repository, developing and refining the Repository Business Plan based on the regulatory framework. Additionally, I am also designated as a CFO to manage Accounts & Finance functions efficiently. Acting as a Head of Risk Management, we have recently created a Risk Management Framework. As a KMP, I am also required to manage cordial stake holder's relationship with the Regulator, Board of Directors, Shareholders, Group Companies.
How does your vast experience help you to chalk out innovative business operations for the company?
Towards this common goal, I worked closely with all the market participants like clearing corporations of commodity derivatives exchanges, banks and financial institutions, warehouse service providers, eNAM, depositors/clients like traders, processors and farmers to create a thriving ecosystem for eNWR. With the objective that this versatile market instrument(eNWR) is meeting their respective expectation most efficiently and cost-effectively. I was instrumental in designing the right offering for the market, designing efficient processes and procedures.
Within just three years of operations, this institution has created a robust Repository platform by ensuring that eNWR is connected to all the three types of market i.e., primary market through eNAM, secondary market through eAuction platform of NCDEX e Markets Limited and tertiary market through NCDEX. Recently RBI has also notified eNWR as a preferred instrument to be used as collateral for pledge finance by Banks to comply with the PSL guidelines. Banks and Financial Institutions have shown trust in this instrument by giving loans over Rs. 1,000 crores by pledging eNWR since the inception of NERL. It is indeed my honor to act as acatalyst for business enablers within the regulatory framework.
I am associated with NERL since its inception, naturally, the first deliverable was to obtain a license from the Regulator(WDRA) to operate as an electronic Repository Platform. Being a part of the core team,I was responsible for formulating Bye Laws and Business Rules of NERL while ensuring adherence to regulatory compliances, for ensuring smooth setting up of India's first ever electronic Commodity Repository Platform like Depositories. Since the Repository of electronic Negotiable Warehouse Receipts (eNWR) was unique in India, it took a lot of effort in designing and implementing a regulatory framework for offering compliant repository services to commodity derivatives exchanges, CWC, Banks and Warehouse Service Providers.
It is indeed my honor to act as a catalyst for business enabler within the regulatory framework
Like in any startup structure where few do everything, I was working as a member of the core team deciding the product and pricing strategy for various business lines of the repository, developing and refining the Repository Business Plan based on the regulatory framework. Additionally, I am also designated as a CFO to manage Accounts & Finance functions efficiently. Acting as a Head of Risk Management, we have recently created a Risk Management Framework. As a KMP, I am also required to manage cordial stake holder's relationship with the Regulator, Board of Directors, Shareholders, Group Companies.
How does your vast experience help you to chalk out innovative business operations for the company?
Towards this common goal, I worked closely with all the market participants like clearing corporations of commodity derivatives exchanges, banks and financial institutions, warehouse service providers, eNAM, depositors/clients like traders, processors and farmers to create a thriving ecosystem for eNWR. With the objective that this versatile market instrument(eNWR) is meeting their respective expectation most efficiently and cost-effectively. I was instrumental in designing the right offering for the market, designing efficient processes and procedures.
Within just three years of operations, this institution has created a robust Repository platform by ensuring that eNWR is connected to all the three types of market i.e., primary market through eNAM, secondary market through eAuction platform of NCDEX e Markets Limited and tertiary market through NCDEX. Recently RBI has also notified eNWR as a preferred instrument to be used as collateral for pledge finance by Banks to comply with the PSL guidelines. Banks and Financial Institutions have shown trust in this instrument by giving loans over Rs. 1,000 crores by pledging eNWR since the inception of NERL. It is indeed my honor to act as acatalyst for business enablers within the regulatory framework.
Can you elaborate more on the successful compliance strategies that you have developed for National E-Repository Limited?
It is advantageous if the compliance team is involved right from inception of the organisation or right at the time a new project is being evaluated. The core of regulatory expectation can be easily build at initiation stage itself. I was fortune to get this advantage since our MD & CEO tried to involve Compliance Team at all critical discussion whether the same was pertaining to Software Development, IT Infrastructure, Pricing, Sales or Marketing Pitch or interaction with key cusomers. This ensured that the regulatory directives were implmented in letter and in spirit with mutual discussion.
To percolate the compliance philosophy, we try and hold periodic compliance SAMVAAD with the business team to discuss the recent regulatory updates.To significantly improve the monitoring and reporting of compliances, we have created a periodic report called a Regulatory Compliance Certificate where all the functional heads assess the regulatory directives documented in regulations, guidelines, notifications, circulars or letters, and confirms the status of compliances. This certificate works as a dashboard for efficient review and monitor of compliances at the entity level.
In your professional journey so far, which are the milestones that bestowed you with utmost satisfaction both as an individual and a Compliance Officer?
I feel really special to have got an opportunity to work with such great institutions. Talking about milestones, I would say my role in NCDEX for the project related to the merger of FMC with SEBI has given me a good understating of the regulatory regime and would always deserve a special mention. Another milestone would be to have associated with NERL right through its inception and obtained a permanent Certificate of Registration from the Regulator and related activities of setting up of a Repository platform like obtaining stakeholders approvals for Business Transfer Agreements for transfer of Business Undertakings to NERL.
Amit Mahesh Pujara, Compliance Officer & CFO, National E-Repository Limited
A Chartered Accountant by profession, Amit started his professional journey with PwC(Legal firm: Lovelock & Lewes), Mumbai in Assurance and Business Advisory Services in 1998, after his graduation in Commerce from Mumbai University. Initial stint with PwC has given him exposure to fast learning, value of hard work and commitment along with instilling key skills like respect for timelines, eye for details, and powerof knowledge. Proficient in developing and managing Regulatory Compliance Programme, Amit has liaison with regulators like erstwhile FMC, SEBI and WDRA. Working closely with MD &CEO, Board of Directors and Parent Company (NCDEX), he has a varied experience from a Statutory and Internal Audit Services in Big 4 to a SEBI regulated Market Infrastructure Institution i.e. Agri Commodity Derivatives Exchange to a WDRA regulated startup for offering Repository Services.
It is advantageous if the compliance team is involved right from inception of the organisation or right at the time a new project is being evaluated. The core of regulatory expectation can be easily build at initiation stage itself. I was fortune to get this advantage since our MD & CEO tried to involve Compliance Team at all critical discussion whether the same was pertaining to Software Development, IT Infrastructure, Pricing, Sales or Marketing Pitch or interaction with key cusomers. This ensured that the regulatory directives were implmented in letter and in spirit with mutual discussion.
To percolate the compliance philosophy, we try and hold periodic compliance SAMVAAD with the business team to discuss the recent regulatory updates.To significantly improve the monitoring and reporting of compliances, we have created a periodic report called a Regulatory Compliance Certificate where all the functional heads assess the regulatory directives documented in regulations, guidelines, notifications, circulars or letters, and confirms the status of compliances. This certificate works as a dashboard for efficient review and monitor of compliances at the entity level.
In your professional journey so far, which are the milestones that bestowed you with utmost satisfaction both as an individual and a Compliance Officer?
I feel really special to have got an opportunity to work with such great institutions. Talking about milestones, I would say my role in NCDEX for the project related to the merger of FMC with SEBI has given me a good understating of the regulatory regime and would always deserve a special mention. Another milestone would be to have associated with NERL right through its inception and obtained a permanent Certificate of Registration from the Regulator and related activities of setting up of a Repository platform like obtaining stakeholders approvals for Business Transfer Agreements for transfer of Business Undertakings to NERL.
Amit Mahesh Pujara, Compliance Officer & CFO, National E-Repository Limited
A Chartered Accountant by profession, Amit started his professional journey with PwC(Legal firm: Lovelock & Lewes), Mumbai in Assurance and Business Advisory Services in 1998, after his graduation in Commerce from Mumbai University. Initial stint with PwC has given him exposure to fast learning, value of hard work and commitment along with instilling key skills like respect for timelines, eye for details, and powerof knowledge. Proficient in developing and managing Regulatory Compliance Programme, Amit has liaison with regulators like erstwhile FMC, SEBI and WDRA. Working closely with MD &CEO, Board of Directors and Parent Company (NCDEX), he has a varied experience from a Statutory and Internal Audit Services in Big 4 to a SEBI regulated Market Infrastructure Institution i.e. Agri Commodity Derivatives Exchange to a WDRA regulated startup for offering Repository Services.