17th January 2003
Sahara India Financial Corporation Ltd., the residuary non-banking company, on understanding the changing trends of the financial markets and growing importance of risk management decided to streamline their investment operations. Their Board decided to go in for a comprehensive treasury and risk management solution for their investment department. Price Waterhouse Coopers (PWC) was retained to study their requirements and recommend a solution. After evaluating a host of treasury solutions they finally chose iDEAL, the integrated treasury solution from Credence Analytics, Mumbai.
RNBCs have to invest as per the RBI Guidelines. Sahara India has an investment portfolio of around Rs. 4,000 crores. Sahara being an RNBC requires to invest 10% in SLR, 10% in FDs, 60% in bonds and MFs and 20% being discretionary in equity, ICD, etc.
According to Sahara India Financial Corporation the key evaluation criteria was that the solution should be a robust well-established solution with comprehensive analytics, trading, settlement and accounting support. The solution would help Sahara in their transformation into an active investment department with sound risk management practices.
According to Mr. Amit Datta, PWC, ''We were looking for a comprehensive risk management solution for the automation of the treasury operations of Sahara India. We conducted a detailed study of Saharaâs requirements and then evaluated various solutions being offered. After a thorough analysis we felt that Credence iDEAL (ver3.0), a unified treasury management solution, with strong analytical and risk management functionalities and comprehensive MIS and regulatory reports, would best aid Sahara India in standardising its investment processes in line with the best market practices.
Credence Analytics (www.credenceanalytics.com) is a leading investment technology solutions provider with a host of treasury, risk management and real-time financial communications and work-flow solutions. Credence Analytics has achieved market leadership position with its treasury and risk management products installed in over 25 financial organisations including banks, primary dealers, insurance companies, mutual funds, financial institutions, etc. The company has recently launched the world's first Instant-Messaging based real-time work flow management Solution, Credence Mercury, and a wireless client servicing application, SMS-Butler.