Announcements

Announcements



Recently, I had a chance to attend North Zone final of CFA Institute’s Research Challenge in India (“IRC”) organized by Delhi chapter of CFA Society India (Indian Association of Investment Professionals- IAIP). This is the third time of i was attending this annual event. I noticed that that all the teams did not do well and repeated the same mistakes. Same issues we saw in the teams in the past years too. Amit Khurana, CFA – Director Dolat Capital and Board Member at India CFA Society, who was a judge at the event also made a similar point. He noted that the feedback provided by the judges does not seem to percolate down.

I feel it will be beneficial to create a list of ideal guidelines so that future participants can better prepare for the challenge.

This list is based on observations made by judges, my own experience watching this challenge for last 3 years as well as points that came from interaction with others during the challenge. Note that while I tried to include as many point as possible, this is certainly not an exhaustive list and additions are welcome:

Presentation of Analysis

  • Focus on teaser part: You only have 10 minutes to make your case. Imagine that you are making this presentation to a client who is in this business for a very long time. They would not be interested in general data points, they would want you to be very specific (crisp and to the point) about your recommendation and how you arrived at.
  • Keep it to business: Focus on product, business model, ecosystem of the company, competition, how the company will generate revenues and profits in the future etc. Financial analysis is also important but if you don’t understand the business then it will have no relevance. According to a judge, 70-80% of the emphasis must be on the business and 20-30% about numbers.
  • Don’t focus too much on calculation: You don’t have to tell formulas during your presentation like how you calculated beta, judges know all these calculations and they may not be interested (if they are, you will be quizzed on these during Q&A and you will have enough time to answer).
  • Don’t base your analysis on management’s view: Remember you are doing an independent analysis and you should not take management’s view at face value.
  • No jargons: With use of jargons you might sound fancy but this may also take concentration off the more important part of the analysis. Use simple terminologies.
  • Keep focus on the fundamental analysis: There are many methods of analysis and valuation. You don’t have to include all of them in your analysis, remain focused on widely used methods (mostly fundamental and relative analysis). Don’t mix and match different investment analysis methods (technical, fundamental, Monte Carlo etc.).
  • Assumptions used: Make sure you understand why or why not certain assumption were made e.g. why did you choose a certain long-term growth number OR what underlying index did you select to calculate beta?
  • Sync between talk and slide: Make sure what you are talking and the slide that is being shown is in sync. One mismatch is enough to throw off the judges’ concentration.
  • Don’t Hurry: Don’t discuss analysis in fast forward mode even if you are in the last one minute of your presentation. You will race through to meet the time but the judges won’t be able to understand.
  • Your recommendation doesn’t matter: As per my experience, there is no right answer in the mind of the judges about the final recommendation (buy, sell or hold). They are more interested about the process and analysis which was followed to come up with the recommendation.
  • Buy or Sell price range: Generally, buy or sell call is not given if the target price is +/- 10% of current price. Unless, there is a bigger swing, investor may not want to disturb is his/her portfolio.

 

Data Management

  • Don’t keep too much data: During the course of your analysis, you might have collected many data points to support your analysis. There is no need to include all the data in your main presentation. However, add appendices for additional data points which you considered in your analysis - you never know when you might need any set of data.
  • Create an index: Create an index table at the beginning of the presentation and use hyperlinks to flip through pages so that it is easier to get to data when requested by judges. Remember, this is very crucial, I have seen good teams losing confidence as they scramble to find data.
  • Responsibility of index management: Give responsibility of managing the index table to one or two persons (two to cover the case of one person not being able to attend the event due to any last minute emergency) who know in and out of what data can be found at which place. This person should be given the responsibility of flipping through slides to produce data within seconds when asked by the judges.
  • Data on fingertips: You are expected to be intimately aware of certain data points and have them at your fingertips. When judges ask what was the dividend payout ratio or revenue growth in the last 5 years, “let me check” is not an acceptable response.

 

Q&A

  • Listen to understand, not to answer: Listen to questions asked by the judges with utmost patience; don’t jump to answer them before they finish. If you understand what is being asked, answering shall not be a big problem.
  • No Contradictions: Don’t give contradicting statements e.g. if you are saying that markets are currently overvalued yet your analysis give 60% weight to the market approach.
  • Take time out to discuss: During Q&A, if you are not very sure of the answer, then request a minute from the judges and discuss among team members before answering.

 

 

Formatting

  • Keep numbers in USD: It will be very useful when you go at Asia Pacific final and Global final.
  • Incorrect numbers are unacceptable: Your presentation should be proof read to make sure that analysis flows through well, numbers used are correct and there are no spelling mistakes.
  • Consistent Formatting: Formatting of presentation and data used must be consistent throughout. It should not happen that you are creating two sensitivity tables: one for DCF and one for market approach and you show numbers in million in one table and in actual in other table.

Others

  • Team Work: Though certain team members may be given exclusive responsibility of certain part of the presentation, each and every member of the team shall well versed with the analysis. Remember this presentation is the result of team work and that should reflect when you present.
  • Body Language: Your body language shows your confidence and gives good impression.
  • Voice Modulation: Voice modulation may change the way judges hear you. Know when to raise the pitch, when to pause etc. to communicate your analysis in effective manner.

Rehearse Presentation and Q&A: Rehearse presentation a couple of times with all team members. Just run it through like you would want to run on the day of presentation, note down areas where chances of improvement or if you were unable to explain. Similarly for the Q&A session, compile a list of possible questions and then see if you are able to answer those questions. Seek help from classmates or faculty to provide feedback and ask them to be as ruthless as they could be while asking questions or suggesting any improvements.

 

 

 



CFA Society India (Indian association of Investment Professionals) has announced XLRI School of Business and Human Resources, Jamshedpur and Indian Institute of Management, Ranchi as winners of the Zone 2 (East) of its CFA Institute Research Challenge in India zonal finals.

The six teams competing for the Zone 2 challenge were Indian Institute of Management, Ranchi, Indian Institute of Management, Raipur, Indian Institute of Management, Indore, Indian Institute of Management, Shillong, VGSoM IIT Kharagpur, and XLRI School of Business and Human Resources, Jamshedpur

The teams pitched their equity research on Page Industries Limited.to a panel of senior industry practitioners in a brieftime-bound presentation followed by a rapid-fire round of grilling questions. Visibly impressed by these young future investment industry professionals were Mr. Anirban Dutta, Director & Head of research, Age Securities, Mr. Ajay Jaiswal, President – Strategies & Head -Research at Stewart & Mackertich, Mr. Rajesh Agarwal, Head of Research - Aum Capital



CFA Society India (IAIP) is pleased to announce that National Final of CFA Institute Research Challenge in India would be happening on Saturday, 4th February 2017. 

The Eight teams (winner of zonal rounds) will make a presentation to a distinguished panel of judges. The students would be required to make their investment case in 10 minutes to be followed with Q&A by panel of judges for another 10 minutes.

Zone

Subject

Company

Zonal Winners

Zone 1 (North)

Havells

IIFT Delhi and FMS Delhi

Zone 2 (East)

Page Industries

 

XLRI and IIM Ranchi

 

Zone 3 (South)

 

Thyrocare

 

IIM Bangalore and ISB Hyderabad,

Zone 4 (West)

PVR

JBIMS and NMIMS Mumbai

Top three teams of India Finals will advance to compete in the Asia Pacific Regional Investment Research Challenge hosted by CFA Institute in March 2017. The AP Challenge will consist of one winner from each Member Society of the Asia Pacific Region (typically about 16-18 countries) and  three  winners  from  India.  The  competition  will  culminate  with  the  Global  final  of  the  11th Annual CFA Institute Research Challenge 2016-17, to be held in April 2016.  The Global Challenge consists of the winners of the regional finals held in Asia-Pacific, Europe and North America.

 

Event Details:

Venue : Bloomberg office, Mumbai (View on Google Map),16F, Tower 2B, One Indiabulls centre, Lower Parel, Mumbai

Time: Registration Starts at 12 pm follwed by Lunch and ends with High Tea at around 6 pm

 

 

 



CFA Society India (Indian association of Investment Professionals)has announced Indian Institute of Management, Bangalore and Indian School of Business, Hyderabad as winners of the Zone 3 (South) of its CFA Institute Research Challenge in India zonal finals.

The six teams competing for the Zone 3 challenge were Indian Institute of Management, Bangalore,Institute for Financial Management and Research, Indian School of Business Hyderabad, Bharathidasan Institute of Management, Loyola College, and Indian Institute of Management, Tiruchirappalli.

The teams pitched their equity research on Thyrocare Technologies Limited, a chain of diagnostic and preventive care laboratories offering preventive and health wellness tests, to a panel of senior industry practitioners in a brieftime-bound presentation followed by a rapid-fire round of grilling questions. Visibly impressed by these young future investment industry professionals were Janakiraman Rengaraju, CFA, Vice President – Portfolio Management – Equities, Franklin Templeton India AMC Ltd., Chetan Shah, CFA, Senior Portfolio Manager, Invesco Asset Management (India) Private Limited, and Satish Ramanathan, CFA, an independent investment advisor and director at Tattva Capital.



CFA Society India (Indian association of Investment Professionals) has announced Indian Institute of Foreign Trade and Faculty of Management Studies as winners of the Zone 1 (North) of its CFA Institute Research Challenge in India zonal finals.

The six teams competing for the Zone 1challenge were Indian Institute of Management,Rohtak, Birla Institute of Management Technology, Indian Institute of Foreign Trade, Faculty of Management Studies, Management Development Institute, and Indian Management Institute.

The teams pitched their equity research on Havells India Ltd., one of the largest electrical equipment companies in India,to a panel of senior industry practitioners in a brieftime-bound presentation followed by a rapid-fire round of grilling questions. Visibly impressed by these young future investment industry professionals were Anurag Jain, CFA, CIO, Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd., Amit Khurana, CFA, Head of Research and Equities- Dolat Capital, and Gaurav Kapur, CFA, VP, Public and Social Policies Management / YES INSTITUTE at Yes bank.



CFA Society India (IAIP) has announced Narsee Monjee Institute of Management Studies and Jamnalal Bajaj Institute of Management Studies as winners of the Zone 4 (West) of its CFA Institute Research Challenge in India zonal finals.

The six teams competing for the Zone 4 challenge were Jamnalal Bajaj Institute of Management Studies, NarseeMonjee Institute of Management Studies, National Institute of Industrial Engineering, Shailesh J. Mehta School of Management IIT Bombay, S.P. Jain Institute of Management and Research, and Symbiosis Institute of Business Management, Pune.

The teams pitched their equity research on PVR Limited, a publicly traded company, to a panel of senior industry practitioners in a brieftime-bound presentation followed by a rapid-fire round of grilling questions. Visibly impressed by these young future investment industry professionals were Harsha Upadhyaya, CFA, Chief Investment Officer – Equity and Senior Executive Vice President at Kotak Mahindra AMC, Jayesh Shroff, Ex- Fund Manager – SBIMF and Naveen Sharma, CFA, Independent Management Consultant.

 

 



  • Indian Institute of Management, Bangalore
  • Institute for Financial Management and Research
  • Indian School of Business, Hyderabad
  • Bharathidasan Institute of Management, Tiruchirappalli
  • Loyola Institute of Business Administration
  • Indian Institute of Management, Tiruchirappalli

PPT Submission deadline and zonal final date will be announced shortly.



  • Indian Institute of Management, Rohtak
  • Indian Institute of Foreign Trade, New Delhi
  • BIRLA INSTITUTE OF MANAGEMENT TECHNOLOGY
  • Faculty of Management Studies, Delhi
  • Management Development Institute, Gurgaon
  • International Management Institute, New Delhi

PPT Submission deadline and zonal final date will be announced shortly.



Zone Company

Deadline for

PPT

Submission

Zonal Final (Final Date) Venue

Zone 4

(West)

PVR 28 Nov, 6pm

17 Dec 2016

3:30 pm

Bloomberg office,Mumbai, 16F, Tower 2B, One Indiabulls centre, Lower Parel, Mumbai

Zone 3

(South)

Thyrocare 21 Dec, 6 pm

7 Jan 2017

9:30 am

GRT Grand Hotel, Emeraldo Hall in Main Building, 120, Sir Thyagaraya Road, T-Nagar, Chennai 17

Zone 1

(North)

Havells 21 Dec, 6 pm

8 Jan 2017

10:30 am

Lemon Tree Premiere, Delhi Airport, Asset No #6, Aero city Hospitality District, New Delhi - 110 037

Zone 2

(East)

Page Industries 21 Dec, 6 pm

21 Jan 2017

10:30 am

The Conclave, 216, Acharya Jagadish Chandra Bose Rd, Gokhel Road, Elgin, Kolkata, West Bengal 700017

 



All teams are advised to carry their own laptops and soft copy of presentation in a portable device. This step will act as a backup to the existing IT

systems at the venue and is purely to hedge ourselves against issues like

  • Non-standard presentation software
  • Different versions of Microsoft office and Powerpoint
  • Difficulty in accessing Add ins for Animations on slides or
  • Any other technical issues like editing etc.

Note: Please name your Presentation with Team Code only. Your laptop/pen drive should have PPT named with TEAM CODE only. In any case your college name (don’t even mention team members names) should not reflect, otherwise your team will be disqualified immediately.

college name (don’t even mention team members names) should not reflect, otherwise your team will be disqualified immediately.

We cannot assure you if the venue would have facility/flexibility to upload a newer version of presentation or edit the existing one. For all practical

purposes, we will only consider the presentation submitted by you on or before the above deadline as a qualifying entry.

The hard copy of the presentation submitted by you would be used by Judges to refer to slides, make notes, ask questions, etc.

For questions, email team@iaipirc.org

Official Rules

2.7 Presentations

Each team may make a presentation of their findings to a panel of judges.

a. Teams may utilize their industry mentor and/or faculty adviser as a resource for guidance, direction, suggestions, and feedback but may not enlist

the help of any other professionals in preparing content or evaluating the presentation, including conducting practice presentations in front of one

or more professionals (e.g., mock judging panels). Teams may utilize presentation coaches or other public-speaking resources as long as those

resources do not contribute to the content of the presentation.

b. The students may not hand the judges any printed materials before or after the presentations, but the local host can print out the presentation

slides for each team and distribute to the judges before the event.

c. Teams may not use props in their presentation.10

d. Only team members may participate in the presentation.

e. The presentation is limited to 10 minutes; however, an additional 10 minutes will be provided to answer questions posed by the judges. Only

judges are permitted to pose questions to a team during the Q&A portion of a presentation.

f. Each presentation will be timed and the timekeeper will provide a one-minute warning and an announcement when time has expired. When the

timekeeper announces that time has expired, teams must immediately conclude the presentation.

g. Presentations will be judged according to Appendix E, “Presentation Scoring Sheet.”

**A prop is defined as an object used by students to enhance or illustrate an aspect of the team presentation.



  • Vinod Gupta School of Management, IIT Kharagpur
  • Indian Institute of Management Ranchi
  • Indian Institute of management Raipur
  • XLRI School of Business and Human Resources, Jamshedpur
  • Indian Institute of Management Indore
  • Indian Institute of Management, Shillong

PPT Submission deadline and zonal final date will be announced shortly.



  • S.P. Jain Institute of Management & Research
  • Shailesh J Mehta School of Management, IIT Bombay
  • National Institute of Industrial Engineering (NITIE)
  • Jamnalal Bajaj Institute of Management Studies
  • Narsee Monjee Institute of Management Studies, Mumbai
  • Symbiosis Institute of Business Management, Pune

PPT Submission deadline and zonal final date will be announced shortly.



We have allocated and communicated Code Names to each team. Please contact us if you haven't received your Code name. Please make sure that the final written report should have Team code provided by us. You should not mention your college or any pseudo name in report or for further rounds of the competition. Source for Charts and tables prepared by the team should be referred as student research. Any team found to be in violation of the this would be disqualified.

Teams need to submit written report in word and pdf format and naming convention for such files would be : zone - subject co.- college.

For questions, email team@iaipirc.org



Written Report submission deadlines are as follows:

Zone Subject Company Con Call Date Report Submission Deadline
1 Havells 3rd Oct, 3:30 pm 9th Nov, 5:30 PM
2 Page Industries 27th Sep 2016 3rd Nov, 5:30 PM
3 Thyrocare 30th Sep, 2:30 pm 6th Nov, 5:30 PM
4 PVR 12th Sep 2016 19th Oct, 5:30 PM


Students are requested to join the conference by dialing in at

.

India (Toll-free) Access : 1800-209-7129

Participant Access code : 511106

On dialing the above number the participants would be connected to the conference operator who would greet and capture their details (viz. Team Leader name and their college name) and place them in the conference room in a listen only mode. Connected Participants will be on hold with music until the actual call starts.

As soon as the host/s is ready, their lines would be transferred in the main conference room. The operator would then welcome all the participants and handover the call to the host after a brief introduction of the host/s.

Once the host is through with his presentation/brief and wants to invite questions from the participants, the actual Q&A would start wherein the participants are instructed to press *1 to ask a question.

The participants lined up to ask questions would be un-muted one by one, introduced and allowed to ask questions. After all the questions are answered, the call once again would be handed over to the host for the concluding remarks.

Please note that due to limited number of ports, all team members should dial in as a single group from one location to the conference call and Team leader should ask the question. Attendance is MUST for every team. We will record the conference and should be able to provide the audio recording later.

For questions, email team@iaipirc.org



Students are requested to join the conference by dialing in at

India (Toll-free) Access : 1800-209-7129

Participant Access code : 511106

On dialing the above number the participants would be connected to the conference operator who would greet and capture their details (viz. Team Leader name and their college name) and place them in the conference room in a listen only mode. Connected Participants will be on hold with music until the actual call starts.

As soon as the host/s is ready, their lines would be transferred in the main conference room. The operator would then welcome all the participants and handover the call to the host after a brief introduction of the host/s.

Once the host is through with his presentation/brief and wants to invite questions from the participants, the actual Q&A would start wherein the participants are instructed to press *1 to ask a question.

The participants lined up to ask questions would be un-muted one by one, introduced and allowed to ask questions. After all the questions are answered, the call once again would be handed over to the host for the concluding remarks.

Please note that due to limited number of ports, all team members should dial in as a single group from one location to the conference call and Team leader should ask the question. Attendance is MUST for every team. We will record the conference and should be able to provide the audio recording later.

For questions, email team@iaipirc.org



Zone 1 – Havells India Limited

Ticker: 517354 (BSE), HAVELLS (NSE)

Sector - Other Elect.Equip./ Prod.

Website - http://www.havells.com/content/havells/en.html


Profile: Havells India Limited is the country’s leading Fast Moving Electrical Goods (FMEG) manufacturer, producing a wide range of world class industrial and consumer electrical products. The Company works in step with the Make in India initiative and has an extensive production and distribution network across India and the world. Havells manufacturers 90% all its products in house. The Company has an extremely strong global presence across 50 countries with manufacturing units in China, Europe, Africa and Latin America apart from 7 manufacturing locations in India. Our domestic manufacturing plants are located in Dehli NCR, Alwar, Baddi, Faridabad, Haridwar, Neemrana and Sahibabad.

The Company also has a chain of exclusive brand showrooms called Havells Galaxy that caters to both industrial and consumer products. We are also the first FMEG Company every to offer 24X7 customer service that allows every product owner to avail of services in their own language. Our customer service team works with 9 different languages and caters to customers in over 400 districts.

Students are requested to start their own readings/secondary research on the company. We will announce the Con Call date shortly. Please email us at team@iaipirc.org for any questions. To check your college zone, please click here


Official Rules – 2016-17


2.4 Research


Only team members may conduct research on the subject company for the purposes of the CFA Institute Research Challenge. Teams may use only publicly available information in conducting their research.

a. Teams may utilize their industry mentor and/or faculty adviser as resources but may not enlist the help of any other professionals in conducting research specific to the subject company.

b. The written reports and presentations should be prepared from the perspective of an independent research analyst.

c. Teams can read existing research on the subject company but all analysis should be their own; they may not copy analysis (i.e., plagiarize) from another source into their written reports or presentations.7 Sourced information should be properly cited using a generally accepted citation system.


2.5 Interaction with Subject Company


Teams may not have contact with subject company corporate executives for the purposes of the CFA Institute Research Challenge other than during the informational session (described in the following text) and the one permitted follow-up communication.

a. The subject company may provide teams with an informational session. The informational session may include a question and answer (Q&A) session during which time teams may pose questions to the subject company and the subject company may respond.

b. Teams may send one follow-up email to the subject company. When contacting the subject company, each team must confine their contact to those corporate officers who normally interact with investors, such as investor relations officers, CEOs, or chief financial officers.

c. Teams may not contact subject company corporate executives for the purposes of the CFA Institute Research Challenge other than the informational session, the Q&A session, and the one permitted follow-up communication.

d. Teams are permitted to interact with the company as a member of the general public (e.g., teams may dine in a restaurant that is a subject company or take a tour of the subject company if it is publicly available).

e. Teams may contact the subject company’s customers, competitors, former employees, and suppliers in conducting research, including surveys; however, each team member must identify him/herself as a student and disclose his/her participation in the CFA Institute Research Challenge.

f. Prior to contacting the subject company, its customers, competitors, former employees, or suppliers, the team must submit its questions to the faculty adviser or industry mentor. The faculty adviser or industry mentor must participate in each communication but only for the purpose of ensuring that no material nonpublic information is discussed. Faculty advisers and industry mentors are not permitted to ask any questions or provide any opinions on the subject company. The time spent by the faculty adviser or industry mentor while monitoring this kind of communication will not count toward the maximum number of hours allotted for faculty adviser or industry mentor involvement.



Zone 3 – Thyrocare Technologies Limited

Ticker: 539871 (BSE), THYROCARE (NSE)

Sector - Healthcare Services.

Website - https://www.thyrocare.com/index.html


Profile: Thyrocare is India's first fully automated diagnostic laboratory with a focus on providing quality at affordable costs to laboratories and hospitals in India and other countries. It is having a strong presence in more than 2000 cities / towns in India and internationally.

Thyrocare operates with a Centralized Processing Laboratory (CPL) in Mumbai - India for esoteric tests; and Regional Processing Laboratory in major metro cities of India and other parts of Asia. We have focus on strong technologies, strong brands and strong systems that enable all laboratories to give their clients the best of science and technology at an affordable cost.

With a belief that 'Quality' is the heart of any intelligent management, Thyrocare became one of the first Indian diagnostic laboratories to obtain internationally renowned quality accreditations like ISO 9001-2000 rating as early as 2001, which is now escalated to ISO 9001:2008; NABL (National Accreditation Board for Testing and Calibration Laboratories) in 2005 and CAP (College of American Pathologists) certification in 2007.

Students are requested to start their own readings/secondary research on the company. We will announce the Con Call date shortly. Please email us at team@iaipirc.org for any questions. To check your college zone, please click here


Official Rules – 2016-17


2.4 Research


Only team members may conduct research on the subject company for the purposes of the CFA Institute Research Challenge. Teams may use only publicly available information in conducting their research.

a. Teams may utilize their industry mentor and/or faculty adviser as resources but may not enlist the help of any other professionals in conducting research specific to the subject company.

b. The written reports and presentations should be prepared from the perspective of an independent research analyst.

c. Teams can read existing research on the subject company but all analysis should be their own; they may not copy analysis (i.e., plagiarize) from another source into their written reports or presentations.7 Sourced information should be properly cited using a generally accepted citation system.


2.5 Interaction with Subject Company


Teams may not have contact with subject company corporate executives for the purposes of the CFA Institute Research Challenge other than during the informational session (described in the following text) and the one permitted follow-up communication.

a. The subject company may provide teams with an informational session. The informational session may include a question and answer (Q&A) session during which time teams may pose questions to the subject company and the subject company may respond.

b. Teams may send one follow-up email to the subject company. When contacting the subject company, each team must confine their contact to those corporate officers who normally interact with investors, such as investor relations officers, CEOs, or chief financial officers.

c. Teams may not contact subject company corporate executives for the purposes of the CFA Institute Research Challenge other than the informational session, the Q&A session, and the one permitted follow-up communication.

d. Teams are permitted to interact with the company as a member of the general public (e.g., teams may dine in a restaurant that is a subject company or take a tour of the subject company if it is publicly available).

e. Teams may contact the subject company’s customers, competitors, former employees, and suppliers in conducting research, including surveys; however, each team member must identify him/herself as a student and disclose his/her participation in the CFA Institute Research Challenge.

f. Prior to contacting the subject company, its customers, competitors, former employees, or suppliers, the team must submit its questions to the faculty adviser or industry mentor. The faculty adviser or industry mentor must participate in each communication but only for the purpose of ensuring that no material nonpublic information is discussed. Faculty advisers and industry mentors are not permitted to ask any questions or provide any opinions on the subject company. The time spent by the faculty adviser or industry mentor while monitoring this kind of communication will not count toward the maximum number of hours allotted for faculty adviser or industry mentor involvement.



Students are requested to join the conference by dialing in at

.

India (Toll-free) Access : 1800-209-7129

Participant Access code : 511106

On dialing the above number the participants would be connected to the conference operator who would greet and capture their details (viz. Team Leader name and their college name) and place them in the conference room in a listen only mode. Connected Participants will be on hold with music until the actual call starts.

As soon as the host/s is ready, their lines would be transferred in the main conference room. The operator would then welcome all the participants and handover the call to the host after a brief introduction of the host/s.

Once the host is through with his presentation/brief and wants to invite questions from the participants, the actual Q&A would start wherein the participants are instructed to press *1 to ask a question.

The participants lined up to ask questions would be un-muted one by one, introduced and allowed to ask questions. After all the questions are answered, the call once again would be handed over to the host for the concluding remarks.

Please note that due to limited number of ports, all team members should dial in as a single group from one location to the conference call and Team leader should ask the question. Attendance is MUST for every team. We will record the conference and should be able to provide the audio recording later.

For questions, email team@iaipirc.org



Zone 2: Page Industries Limited

Ticker: 532827 (BSE), PAGEIND (NSE)

Sector: Other Apparels & Accessories.

Website - http://www.jockeyindia.com/page/page-industries-ltd


Profile: Page Industries Limited located in Bangalore, India is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the JOCKEY® brand in India, Sri Lanka, Bangladesh, Nepal and the UAE. Page Industries is also the exclusive licensee of Speedo International Ltd. for the manufacture, marketing and distribution of the Speedo brand in India.

The Company was set up in 1994 with the key objective of bringing the world renowned brand "JOCKEY®" to India. Its promoters are the Genomal family, who have been associated with JOCKEY International Inc. for 50 years as their sole licensee in the Philippines. Page Industries became a public company in March 2007 and is quoted in the Bombay Stock Exchange and the National Stock Exchange of India.

Students are requested to start their own readings/secondary research on the company. We will announce the Con Call date shortly. Please email us at team@iaipirc.org for any questions. To check your college zone, please click here


Official Rules – 2016-17


2.4 Research


Only team members may conduct research on the subject company for the purposes of the CFA Institute Research Challenge. Teams may use only publicly available information in conducting their research.

a. Teams may utilize their industry mentor and/or faculty adviser as resources but may not enlist the help of any other professionals in conducting research specific to the subject company.

b. The written reports and presentations should be prepared from the perspective of an independent research analyst.

c. Teams can read existing research on the subject company but all analysis should be their own; they may not copy analysis (i.e., plagiarize) from another source into their written reports or presentations.7 Sourced information should be properly cited using a generally accepted citation system.


2.5 Interaction with Subject Company


Teams may not have contact with subject company corporate executives for the purposes of the CFA Institute Research Challenge other than during the informational session (described in the following text) and the one permitted follow-up communication.

a. The subject company may provide teams with an informational session. The informational session may include a question and answer (Q&A) session during which time teams may pose questions to the subject company and the subject company may respond.

b. Teams may send one follow-up email to the subject company. When contacting the subject company, each team must confine their contact to those corporate officers who normally interact with investors, such as investor relations officers, CEOs, or chief financial officers.

c. Teams may not contact subject company corporate executives for the purposes of the CFA Institute Research Challenge other than the informational session, the Q&A session, and the one permitted follow-up communication.

d. Teams are permitted to interact with the company as a member of the general public (e.g., teams may dine in a restaurant that is a subject company or take a tour of the subject company if it is publicly available).

e. Teams may contact the subject company’s customers, competitors, former employees, and suppliers in conducting research, including surveys; however, each team member must identify him/herself as a student and disclose his/her participation in the CFA Institute Research Challenge.

f. Prior to contacting the subject company, its customers, competitors, former employees, or suppliers, the team must submit its questions to the faculty adviser or industry mentor. The faculty adviser or industry mentor must participate in each communication but only for the purpose of ensuring that no material nonpublic information is discussed. Faculty advisers and industry mentors are not permitted to ask any questions or provide any opinions on the subject company. The time spent by the faculty adviser or industry mentor while monitoring this kind of communication will not count toward the maximum number of hours allotted for faculty adviser or industry mentor involvement.



Students are requested to join the conference by dialing in at

.

India (Toll-free) Access : 1800-209-7129

Conference Access Code ( Passcode) --- *0 ( star followed by Zero) ( Only for toll free and local access numbers)

On dialing the above number the participants would be connected to the conference operator who would greet and capture their details (viz. Team Leader name and their college name) and place them in the conference room in a listen only mode. Connected Participants will be on hold with music until the actual call starts.

As soon as the host/s is ready, their lines would be transferred in the main conference room. The operator would then welcome all the participants and handover the call to the host after a brief introduction of the host/s.

Once the host is through with his presentation/brief and wants to invite questions from the participants, the actual Q&A would start wherein the participants are instructed to press *1 to ask a question.

The participants lined up to ask questions would be un-muted one by one, introduced and allowed to ask questions. After all the questions are answered, the call once again would be handed over to the host for the concluding remarks.

Please note that due to limited number of ports, all team members should dial in as a single group from one location to the conference call and Team leader should ask the question. Attendance is MUST for every team. We will record the conference and should be able to provide the audio recording later.

For questions, email team@iaipirc.org



Students are requested to start their own readings/secondary research on the company. We will announce the Con Call details shortly. For any questions please email us at team@iaipirc.org Please check your college zone at please click here



Zone 2: Page Industries Limited

Ticker: 532689 (BSE), PVR (NSE)

Sector: Entertainment / Multi Media.

Website - http://www.pvrcinemas.com/aboutus


Profile: PVR is the largest and the most premium film entertainment company in India. It is listed as India's Most Trusted Company in the Brand Trust Report consecutively since the past three years in the Category of Entertainment and Display.

Since its inception in 1997, the brand has redefined the way people watch movies in India. Serving 70 million patrons at PAN India level, the company acquired Cinemax in 2012 and has recently entered into definitive agreements to acquire DT Cinemas. Currently, PVR operates a circuit of 552 screens across 120 locations in 47 cities.

PVR Ltd, the integrated 'film and retail brand' has PVR Cinemas as its major subsidiary and PVR Leisure and PVR Pictures, the other subsidiaries. PVR Leisure focuses on rolling out F&B and retail entertainment concepts. It's one of a kind venture, 'PVR BluO' is the largest bowling chain in India comprising of 135 cosmic bowling lanes which spreads across 6 centers. PVR Leisure's first casual dining concept 'Mistral' is another venture that offers patrons a high quality food indulgence experience. Adding to the portfolio, PVR Pictures has been a prolific distributor of non-studio/ independent international films in India for many years. It is the Leading independent distribution company in India which has got a pan-India distribution network.

Students are requested to start their own readings/secondary research on the company. We will announce the Con Call date shortly. Please email us at team@iaipirc.org for any questions. To check your college zone, please click here


Official Rules – 2016-17


2.4 Research


Only team members may conduct research on the subject company for the purposes of the CFA Institute Research Challenge. Teams may use only publicly available information in conducting their research.

a. Teams may utilize their industry mentor and/or faculty adviser as resources but may not enlist the help of any other professionals in conducting research specific to the subject company.

b. The written reports and presentations should be prepared from the perspective of an independent research analyst.

c. Teams can read existing research on the subject company but all analysis should be their own; they may not copy analysis (i.e., plagiarize) from another source into their written reports or presentations.7 Sourced information should be properly cited using a generally accepted citation system.


2.5 Interaction with Subject Company


Teams may not have contact with subject company corporate executives for the purposes of the CFA Institute Research Challenge other than during the informational session (described in the following text) and the one permitted follow-up communication.

a. The subject company may provide teams with an informational session. The informational session may include a question and answer (Q&A) session during which time teams may pose questions to the subject company and the subject company may respond.

b. Teams may send one follow-up email to the subject company. When contacting the subject company, each team must confine their contact to those corporate officers who normally interact with investors, such as investor relations officers, CEOs, or chief financial officers.

c. Teams may not contact subject company corporate executives for the purposes of the CFA Institute Research Challenge other than the informational session, the Q&A session, and the one permitted follow-up communication.

d. Teams are permitted to interact with the company as a member of the general public (e.g., teams may dine in a restaurant that is a subject company or take a tour of the subject company if it is publicly available).

e. Teams may contact the subject company’s customers, competitors, former employees, and suppliers in conducting research, including surveys; however, each team member must identify him/herself as a student and disclose his/her participation in the CFA Institute Research Challenge.

f. Prior to contacting the subject company, its customers, competitors, former employees, or suppliers, the team must submit its questions to the faculty adviser or industry mentor. The faculty adviser or industry mentor must participate in each communication but only for the purpose of ensuring that no material nonpublic information is discussed. Faculty advisers and industry mentors are not permitted to ask any questions or provide any opinions on the subject company. The time spent by the faculty adviser or industry mentor while monitoring this kind of communication will not count toward the maximum number of hours allotted for faculty adviser or industry mentor involvement.



Please note following deadlines:

  1. Students are advised to subscribe to Email Subscription (MUST), Twitter, Facebook and Linkedin to avoid any communication delay. We will post info on the announcements page for any deadlines, further steps/info. MUST – Deadline immediate
  2. Students are advised to complete the Ethics Training latest by August 18, 2016. Students would need to create a username to register/complete the training (CFA Candidates should use their login credentials). In case you are facing issues with generating the completion report, please send us the screen shot of the last page/confirmation page/answer sheet. MUST – 18th August 2016

Note: We will send out a link on August 22, 2016 to register directly with CFA Institute (Please note that this registration is different from registration with IAIP i.e. student details form). The link would be sent to those who have completed the Ethics Training. Same login credentials will be used to complete this registration which was created during ethics training.

Confirmation Report: All Students are required to fill in the confirmation report (Individually) on completion of each activity i.e. separate entry for RSS Feed Subscription, Completion of Ethics training, Registration with CFA Institute.

For questions, email team@iaipirc.org



We request all team members to adhere to the following guidelines while communicating with us to enable us to answer your queries effectively and quickly.

  • Email Subject line: Use Email subject line as: Zone Name - College Name: Query Subject. Know your Zone participating team.
  • Mobile no: Always mention mobile no for the team leader and an alternate number of any team member in the email
  • CC Email to Team: Please keep all team members (primary as well as secondary email address) , Faculty advisor in CC in every email chain to avoid communication gaps and to keep transparency.
  • Domain Issues: We have observed emails delivery failure from lot of college domains due to server issue, mail storage issues and other technical matters. Request all of you to use your personal email-ids in case you are aware of such domain issues and keep checking the website for updated announcements.

Additionally:

  • We request you to please add team@iaipirc.org and researchchallenge@cfainstitute.org to your safe sender list BEFORE you register on our website. ( You may miss timely communication If you won’t do)
  • Please keep a check to your spam/junk email folders
  • We request you to please read through the emails thoroughly once you get them – *we often overlook the instructions listed in the emails.

Email subscription: All students are requested to subscribe to the following email announcement list with their college as well as personal email-id in order to avoid delays in receiving information (Except urgent matters every information will be shared via announcements hence subscription to below is MUST):

https://iaipchallenge.wordpress.com/(​Right bottom​ corner ​with +Follow sign)

We do not email each team individually and we do not take any responsibility for missed deadlines.

For questions, email team@iaipirc.org



Welcome to the official discussion and information dissemination online Site (http://www.iaipirc.org/) for the CFA Institute Research Challenge in India 2016-17, please subscribe to the feed for regular updates (Mandatory).

RSS Feed 
All students are requested to subscribe to the following email announcement list with their college as well as personal email-id in order to avoid delays in receiving information (Except urgent matters every information will be shared via announcements hence subscription to below is MUST):

https://iaipchallenge.wordpress.com/ (​Right bottom​ corner ​with +Follow sign)

Twitter 
http://twitter.com/iaipchallenge

Facebook 
http://www.facebook.com/iaipirc

For questions, email team@iaipirc.org