Mr. Brij Gopal Daga, aged 69 years, is a Master of Commerce and a qualified Corporate Secretary from the Corporation of Secretaries, London. He also holds a diploma of International Accountants from The Association of International Accountants, London. He has to his credit diplomas in Banking and also Co-operation of Indian Institute of Bankers and Government Commercial Diploma of the Government of Maharashtra.
Experience As an Executive at Reserve Bank of India (RBI) • Daga worked with RBI for over 25 years. During his tenure at RBI he was closely associated with the administration of Foreign Exchange Regulation Act. More particularly, his contribution is well recognized in the matter of what is popularly known as the famous exercise of “FERA dilution”.
As a Senior Executive at UTI• During Oct. 1987 Daga joined Unit Trust of India (UTI), the country's largest mutual fund, as Deputy General Manager and retired as Executive Director in Oct. 2001. • At UTI, he held key positions almost in all important areas & gained experience and expertise in mutual fund structuring, administration, operations, investor servicing to fund management for both domestic and offshore assets. • Daga was on the boards of practically all the companies promoted by UTI in the different areas of capital market. Amongst others, he was on the boards of Unit Trust of India Investment Advisory Services Ltd., an advisory company registered with the Securities Exchange Commission of U.S.A., UTI Guernsey Ltd, Guernsey, an offshore fund marketing and fund administration company, Unit Trust Management Ltd, Sri Lanka, a joint venture asset management company in Colombo, Cairo Funds Management, Cairo, a joint venture asset management company in Egypt, Columbus India Fund, Mauritius, an offshore Fund. and UTI Securities Ltd., a stock broking company.
As Managing Director of CDSL• After his retirement from UTI on 31st Oct. 2001, Daga worked as Managing Director of Central Depository Services (India) Ltd (CDSL) from 1st Nov. 2001 to 13thJune 2003. New initiatives taken by him in the areas of technological up-gradation, introduction of new features, simplification of operating procedures etc contributed immensely to the successful turnaround of the company. He had to leave that position due to some vindictive allegation by UTI. He contested it in the High Court of Bombay, where he was given a clean chit.
As a member of SEBI Committees• Daga served as member of various committees constituted by SEBI, from time to time. Besides the Expert Committee on Mutual Funds (popularly known as NAV Committee) set up in 1994 to look into the accounting standards and policies of mutual funds, norms and methods of computation of NAV, repurchase and reissue prices of units and management fees, Daga was member of SEBI Committees on Derivatives, Negotiated Deals, Secondary Markets and Dematerialization. SEBI had appointed him as public representative on the Calcutta Stock Exchange.
Notable assignments and achievements Equity Stocks related• During the year 1988, Daga was instrumental in setting up the first New York listed India fund viz. India Growth Fund Inc. He managed the said Fund during 1992 to 1995 with the corpus of over US$ 50 million. • During the year 1993-95 Daga was instrumental in setting up Asset Management joint ventures of UTI in Sri Lanka and Egypt. He was Director of both the said AMCs during the period 1993 to 1995. • He led the exercise of open ending India Fund, a Guernsey registerd fund being the first ever overseas fund permitted to invest in India. He was in-charge of the fund during the period 1993 to 1995 and was responsible for the investment of funds in Indian equities. The Fund had the corpus of around US$ 1 billion at its peak. The open ended structure was chhanlised through Maurititus using the Indo Maurititus Treaty for the first time for this purpose. • During the year 1993, 1994 and 1995 Daga as chief investment strategist bought equities of the Public sector undertakings in open bidding process before listing of those companies on stock exchanges. The UTI reaped huge gains from the said investment since then. • During the year 1995 to 1998, Daga was in charge of the equity investment of domestic funds of UTI with portfolio size of around INR 30000 crores. On an average he earned 25% plus returns on annualized basis during his tenure. • Daga was a director of Association of Mutual Funds in India. • He was member of the Index Committee of NSE. • Daga was the first Director of the Investment Advisory Company registered with SEC in USA rendering the advisory services to India Growth Fund. • He was a member of the project team which prepared the blue print of the then UTI Bank, the first private sector bank established in nineties.
Other important assignments • He was instrumental in setting up at UTI the Department of International Finance with the objective of negotiating, structuring, marketing and managing offshore funds in India. • Daga represented UTI as its nominee director on the boards of several well-known companies. The list includes IL&FS, Stockholding Corporation, NSDL, ITC, L&T, Punjab Tractors, LIC Housing Finance, SBI Home Finance, Canfina Home Nicholas Piramal Ltd. ( now Piramal Enterprises), and ITC Bhadrachalam Ltd., Hyderabad, among others. • Daga was a member of the consultant team appointed by ADB in 1988 to study the Indonesian Capital Markets. • He had been a visiting faculty at Bankers’ Training College and UTI Institute of Capital Markets at Mumbai.
Special Skill set
• Over the years, Daga acquired considerable expertise and experience in almost all aspects of the capital market (both primary and secondary) and of the securities industry as a whole. • The experience of Daga extends to areas like valuation of business/equity, asset management, fund structuring and fund administration, both in India and overseas, broking, investment advisory services, custodian and depository management etc. • Vast knowledge of listed corporations on Indian stock exchanges with historical track record of the corporates and their management.
Current Position • Currently, Daga acts as an Advisor on capital market issues and is on the Boards of Wall Street Finance Ltd., KLG Capital Services Ltd. and Spicebull Investment Ltd, New Delhi, all listed entities, as an independent director and also heads Audit Committees 0f two of them. Last year, he joined Motilal Oswal Trustee Co. Ltd. • He is director of Mumbai Vaish Seva Sansthan and Vishwakarma Kaushal Kendra, both Sec 25 companies and a trustee of a private trust.
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