All Posts by Himanshu Sheth

|In: Finance|Last Updated: | 0 Comments

A Demat Account allows you to keep share certificates and other securities that you own in an electronic format. If you want to invest in the stock market, a Demat Account or Dematerialisation Account is a primary requirement that you must fulfill.

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A Demat account is where all your stocks are held and the process of opening the account includes signing a couple of agreement papers that include a ‘specific’ Power of Attorney [PoA] to the broker. In this article, we will discuss 4 things that you should consider doing before opening a Demat Account.

1. Choose the right type of Broker – To be able to buy and sell shares, you need to choose a broker or a brokerage firm, through whom you will be carrying out transactions. A brokerage firm can be of two types, discount broker or a full-service broker. A discount broker lets you trade in stocks, futures, and options.

Whereas, a full-service broker gives you the option to invest in personal finance products like mutual funds and Initial Public Offerings (IPOs) in addition to the services mentioned above.

2. Review the Charges on the Account – The decision of selecting a broker while opening a Demat Account is usually influenced by the fees that are charged by the brokerage firm. You should be careful about the one-time and recurring charges while opening a brokerage account.

Also, look for the charges that are charged on trading/investing in different segments. It is advised to select the broker who charges a flat fee on all types of transactions.

3. Nomination – In case of your demise, all the investments you own are transferred to a nominee that you choose at the time of opening the account. You need to give a thorough thought while choosing a nominee as this will set the finances of your family. The person you nominate ought to know about it to carry forward your investments and meet the objectives.

4. Online access and support – Another factor that you should look into before opening a Demat account is the trading software. You should confirm whether the software is user friendly or not, as unnecessarily complicated software can make trading difficult for you.

Choose a simple software and user interface to make investing easy. Also, despite the advancement in technology, things can go awry while trading. In such cases, you need efficient tech support. Check the broker and the back-end support before you make a decision.

These are the things that you need to consider before opening a Demat account. And now that you know these things, it is time to move on to the next question. And that is, how to open Demat account?

Opening a Demat account is very simple. You just need to follow a few easy steps to open an account.

Step 1 – Do thorough research and select the place you want to open a Demat Account with once that is done choose the Depository Participant to open a Demat account.

Step 2 – Fill the form and submit it on time along with all the necessary papers and a photograph. You will also require your PAN Card to complete the process.

Step 3 – A document with the rules and regulations, the terms of the agreement, and the charges that you will have to pay will be given to you. Go through the details properly.

Step 4 – A personal validation is an important part of the process. A associate of the Depository Participant’s staff will get in touch with you to verify the details you mentioned while filling form.

Step 5 – Once the authentication is complete and the application is processed, you will be provided with a Demat Account number and a client ID. With the help of the account number and ID provided to you, you can access your Demat account online anytime and anywhere.

Opening a Demat Account is one of the best decisions you could make as it will allow you to trade in the equity market and fetch high returns. Services to open a Demat account are commonly available at most brokerages and monetary institutions. Do proper research before making your choice.

|In: Finance|Last Updated: | 0 Comments

Savings accounts are a common type of offering provided by banks. They allow you to deposit your saving funds while you reap an interest rate on your money. The concept of a savings account is simple, but what is a ‘dormant’ savings account?

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Well, an account that has not been operated for a period of 15 years and more is categorized as a dormant savings account. Despite attempts on part of the bank to contact the account owner, there may be no avail.

When does the account become dormant?

The account becomes dormant when there is absolutely no activity. This includes absence of any withdrawals, deposits or any kind of transaction. The bank may send out statements or communications to the holder, if they continue to be returned without reply, the bank assumes that holder is unavailable. The bank tries different means of communication such as mail or phone before the account is declared dormant.

Time period before the account becomes dormant

Typically, an account is classified as dormant when it has not been in operation for anywhere from 3 to 15 years. The period of time is decided upon by the savings account provider or bank. When the bank account has not seen any transaction for an extended period, the bank tries to contact the account owner. If there is no response from the account holder for up to 4 months, the bank may reach an assumption.

When opening a savings bank account, you must inquire with your bank of the cut-off period. In the case that you savings account becomes a dormant, it can still be operated when you contact the bank again.

However, there are a few things that you must follow:

Reclaiming a hold on the account

If your account becomes dormant, you can conveniently get in touch with the bank and start operations again. However, you will be asked to provide essential details before the account can be accessed. The details that must be provided include the name of the account holder, the account number, the account balance and any old bank statements if available.

Essentially, you must try and provide as much available information about your savings account. This makes it easier for the banking officials to source your information and track your account. Therefore, being able to give you quicker access to your funds and account.

|In: e-commerce|Last Updated: | 0 Comments

As a business manager, constantly striving to drive the highest sales on your product or service can be overwhelming. Fortunately, there are numerous resources available and they can make your journey less straining.

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Here are some tools that are fundamental for every successful seller:

Seller dashboard – You should have a very easy-to navigate seller dashboard. It is a tool that offers you a full-view of your current sales and performance. This makes it very easy to navigate through the ratings and track the change in status from time to time. Thus, you must work on getting an effective seller dashboard as a requisite seller tool.

Accounting platforms – Retail bookkeeping maybe one of the major aspects to factor in when making sales. It is commonly regarded to be an obstacle, especially once the sales start doubling. It is important to invest in the right accounting software that lets you conveniently pull data and process the same with ease. There are several cloud-based as well as device-based software available and they allow you to compile relevant data, include taxes and integrate all your sales data seamlessly.

Money-transactional accounts – Sales are all about managing high amounts of finances. You must be well-equipped with the right kind of account tools to make daily transactions convenient. For this purpose, you must open a current account that will be used solely for your business sales. Current accounts are offered by leading financial banks and can be opened online or through the physical bank branch.

Sales reports – Sales reporting aids in tracking the growth of your business and the progress it is making. It lets you have a break-view of the fees incurred through the business sales and performance of different listing. This information is imperative in driving a plan to garner higher sales and help build a more successful strategy.

Market research tool – As a seller, it is pivotal for you to understand the behavior of the market that you are part of. It is a challenge to understand the best way to sell, right way to set the prices, the audience to target and much. The way to navigate through this challenge is understanding the market well. A market research tool can make a big difference in the way you place your seller strategies. It essentially helps stay on the front of market competition.

|In: IBMCallForCode|Last Updated: | 0 Comments

Everything in life was going as per the plan until the Covid-19 pandemic created havoc all over the world. Covid-19 [or Novel Coronavirus] is causing a significant impact on individual lives, businesses, as well as the economy.

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Social distancing and remote working will be the new normal and it is going to stay with us in the post-Covid-19 world as well. Major pharmaceutical companies are partnering with government agencies for vaccine development which is the need of the hour to stop the spread of the pandemic.

Till the time vaccine is not available, efforts should be put to mitigate the impact of a global pandemic like Covid-19. Across the world, the pandemic has put immense pressure on the public healthcare systems. It also serves as a wake-up call that the impact caused by us on the environment is not just about carbon emissions [Source].

The Covid-19 pandemic has disrupted healthcare, education, and economic systems and the only way to fight back this menace is via technology.

Through Call for Code 2020, IBM invites developers, data scientists, and problem solvers from across the globe to build solutions that can help seize and reduce the impact of the Covid-19 pandemic. Along with #Covid19, the second track of Call for Code 2020 is building technology solutions for reversing [or halting] the impact caused by climate change.

Introduction to #CallForCode

Call for Code is a global campaign started by David Clark Cause in the year 2018. Since then, IBM has been the founding partner of Call for Code. As outlined above, the multi-year global initiative is a call to developers, data scientists, and change-makers to drive positive changes across the globe by amalgamating their skills with the power of latest technologies.

The Carbon footprint has reduced considerably as people are staying indoors to control the spread of the pandemic. Once the lockdown is over, carbon emissions will again increase causing an impact on climate change. In a nutshell, #Covid19 & Climate Change are two pressing issues that need immediate attention. Call for Code 2020 could be the ideal platform for developers & problem solvers to create impactful & lasting solutions.

Why #CallForCode?

The harsh reality is that we are living in unprecedented times and it does not matter whether you are staying in India, USA, Japan, or any other country in the world. The #Covid19 pandemic has brought our lives to a screeching halt and open-source technology can help in combating the impact of the pandemic.

All the industries are doing their bit to fight the pandemic but the impact can be multiplied if passionate people who are sitting on the fence get together to create a change. Call for Code has always been about creating a positive impact by using technological tools to solve the world’s biggest challenges. Since its inception, Call for Code has been about using technology for the betterment of society.

Call for Code 2020 provides a platform to the developers and technology enthusiasts to turn their passion into purpose and reverse the impact of climate change, along with reducing the impact of #Covid19.

Developers – Be the change you want to see

The positive effect of the Covid-19 pandemic is that nature got its time to recover and revive. The pandemic has brought the entire world together, including technology companies that are collaboratively working to fight Covid-19. Technology has become even more relevant in sectors such as education, retail, community cooperation, etc. and it is time to use the goodness of technology to fight against Covid-19 and climate change.

Call for Code is a program that is considered the largest tech-for-good-challenge of its kind. Open-source solutions built as a part of #CallforCode 2020 will have an immediate, as well as, lasting impact as the entire world is battling through the crisis of #Covid19 [in the short & medium term] and climate change [in the long-term].

Development Tracks for #CallforCode 2020

Mother earth is rejuvenating itself with humans staying indoors due to Coronavirus. This has made many of us realize that nature is an integral part of our lives and each one of us has to take incremental steps to combat climate change. Why climate change? It has the potential to impact every industry, human, and every living organism on the planet.

The global population is expected to reach 9.8 billion by 2050, which could further exert immense pressure on the earth’s resources. By 2100, global temperatures would further increase by 3~5 degrees  [Source].

Technology is the only tool that can reverse these trends and #CallforCode is the platform that aids in driving change. The two development tracks [or sub-categories] under Call for Code 2020 are more relevant than ever before:

Developers and change-makers across the globe can come forward and solve problems related to the problems that require immediate attention. IBM provides all necessary resources, tool kits, and products through which one can solve problems related to the tracks.

Starter kits provide quick-start guides that aid in understanding the scope of the problem and build applications in a matter of minutes. The starter kit related to Covid-19 is available here. You can also have a look at the overall resources around the IBM response to #Covid19 here. Starter kits, technical resources, and reference materials related to Climate change are available here.

How to participate in #CallforCode 2020

With Call for Code 2020, you can use your skills for the betterment of society. To participate in Call for Code 2020, perform the following steps:

  1. Accept the Challenge – Create your IBM Id & join the challenge by clicking on https://cloud.ibm.com/registration.
  2. Build with open-technology – Learn how you can make the most of resources like code patterns, expert videos, and tutorials to build your idea.
  3. Find your squad – Check whether you need support from the community, be it finding teammates, meeting experts, asking questions, or just sharing ideas.
  4. Submit your idea – Briefly how the idea was built. Submit the same with the participation agreement and stand a chance to win $200,00.

The final submissions deadline is July 31st, with the announcement of Global Challenge winners in October. Developers have the chance to be awarded $200,000, Open source support from the Linux foundation, meetings with mentors and investors, and seeing their solution get deployed through Code and Response to further exemplify using tech for good.

For more information, click on https://developer.ibm.com/callforcode/

|In: Finance|Last Updated: | 0 Comments

The Coronavirus pandemic has shut down the world. This pandemic was first reported in Wuhan, China on New Year’s Eve of 2020. As a precautionary measure, the government of several countries have implemented lockdown. The Indian government also implemented lockdown on its people from 25th March 2020 to 14th April 2020, which was further extended to 3rd May 2020, due to the increase in the cases of the infected patients.

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In all the bad news that is circulating across the nation, a notification issued by the Ministry of Finance on 15th April 2020, might work as a ray of light in the time of darkness. The notification brings the good news for the policyholders whose health or car insurance cover renewal dates fall between 25th March 2020, and 3rd May 2020. The notification stated that the renewal of car insurance and health insurance has been further extended till 15th May 2020 due to the countrywide lockdown.

Ministry Of Finance On Third Party Motor Insurance Policy

On 15th April 2020, a notification was issued by the Ministry of Finance that says, policyholders whose motor vehicle third party insurance policy’s renewal date falls during the period of lockdown [i.e. between 25th March and 3rd May 2020], and who are not able to make payment of their renewal premium due to lockdown, are allowed to make payment for renewal of their policies to their insurers on or before the 15th May 2020.

This will ensure the continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal so that any valid claim prompted during the grace period can be paid.

One should know that this extension to renew car insurance is only for the customers with third party policy. So, it is not applicable to the comprehensive car insurance policy and is only restricted to third party policies. The policyholder of a comprehensive two-wheeler or car insurance should renew on the due date to ensure nothing hinders their coverage.

You should know that earlier 21st April 2020, was the last date of renewal of motor insurance and health insurance, but due to the extension in the lockdown period, the ministry decided to extend it to 15th May 2020. So, keep yourself updated with the Ministry of Finance, as this renewal date might further get extended, depending on the situation in the country. Give below is the importance of this extension on policyholders.

Importance Of The Extension

Normally, third-party motor insurance lapses if it is not renewed on the renewal date, and the vehicle owner might become liable to pay penalty and third-party damage compensation under the Motor Vehicles Act from his/her own pocket.

If policyholders can’t pay on time, it might lead to a higher premium, loss of No-Claim Bonus [NCB], and will also need an inspection of the vehicle. This extension of renewal date will help enormously in these hard times as policyholders can pay renewal premium on or before 15th May 2020.

|In: Technology|Last Updated: | 0 Comments

To say that COVID-19 has taken the world by storm would be a massive understatement. As of 04th May, more than 3.5 million people have been infected by the Coronavirus globally, and more than 2 lakh have succumbed to it. India too is at a very critical stage of this pandemic. We have now over 40,000 cases, but the number is climbing rapidly and a severe lockdown and rapid testing is the only way to stem the tide.

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As the country now finds itself in the midst of long term lockdown, there is going to be a massive ripple effect on the entire economy. And agriculture, the backbone of the Indian [even global] economy would be impacted. Even though the situation is fairly volatile and continues to shift from day-to-day, there are some calculated predictions we can make about how the virus will impact the agriculture sector.

Immediate and Short term Impact

First things first – the lockdown coincides with the harvesting season for Rabi crops across several states. To fix supply chain disruption in the agri-sector, State governments like Madhya Pradesh and Rajasthan have issued directives allowing farmers to go into the fields as long as they maintain social distancing guidelines. Harvesting of wheat begins earlier in Gujarat, Madhya Pradesh and Rajasthan — starting in the latter half of March. In Punjab, Haryana and Bihar, harvesting already began in April.

For other crops like chana (chickpea) and mustard, harvesting has already started in Rajasthan and Andhra Pradesh. There could be a potential upside to this as well. This season has seen a bumper production of wheat, and experts were expecting mandi prices to fall below the Minimum Support Price (MSP). However, with the lockdown, the government has decided to provide 5 kg of free rice or wheat, which should keep prices at a reasonable level.

To function effectively in the new normal, it is important to ensure smooth transportation of rabi crops amidst this lockdown. There have been supply chain disruptions when it comes to perishables like fruits and vegetables with the announcement of the lockdown, but that should hopefully resolve itself in a few days.

Medium and Long term Impact

This will depend entirely on how the COVID-19 situation pans out in India. In the best-case scenario, if we’re able to stem the tide and flatten the Covid-19 curve within time, we could escape the worst of this pandemic.

China has already gone through a massive crippling of the economy. Although the virus has been controlled with stringent measures, it will be a while before normality is restored. The United States has also been hit massively by the virus, and they are taking all the necessary measures to contain the spread. As of mid April 2020, the number of Corona cases in the USA is now the largest in the world. Many economies in the EU – including Spain, Italy, France, and the UK – have been severely hit as well.

This means that assuming India is able to escape the worst of the virus, we could see a significant rise in agri-exports next year, as domestic production in many of these countries will be hit. This would include items like cotton, jute, tobacco, soybean, fruits, maize, etc.

At the same time, as many industries and businesses are forced to slow down their daily operations and take a breath. We are seeing a lot of thinking going into innovation, and futuristic solutions. If this spills over to the agriculture sector, we should be seeing a long-term shift towards AgTech.

Agribusinesses are moving towards flexible and remote working scenarios as they identify newer ways to connect all the stakeholders in the agri-value chain digitally and to ensure an efficient supply of product from farm to consumers. This could increase the adoption of advanced technologies such as precision agriculture, robotics, AI-led credit and insurance underwriting, and supply chain improvements.

The Bottom Line

COVID-19 continues to be a rapidly evolving situation. New developments are coming in every single day as the world struggles to adapt quickly. Given that agriculture is still the backbone of the Indian economy, hopefully the fallout for India isn’t too severe.

|In: Funding|Last Updated: | 0 Comments

RoomSoom, a co-living and student housing company has raised funding from Mumbai Angels Network. RoomSoom was founded in 2016, headquartered in Noida by Nitin Agrawal and Garima Agrawal.

RoomSoom believes that it’s not into the business of providing houses to those who need it, but into providing living experiences to those who will be delighted by it. Its dynamic growth lies in its ability to quickly identify the needs of a young and demanding population and provide quick solutions that they never thought existed.

Nitin Agrawal, Co-Founder of RoomSoom, said

MA not only helped us raise funds seamlessly but also connected us to its vast network of Investors across cities in India. With these funds, we plan to tap every market, reach every individual, and identify every need. So that we can provide them with a solution they will not find anywhere else.

Anshuman Ranjan, MA Investor shares his thoughts on RoomSoom

From an investor’s perspective RoomSoom had the right ingredients; a scalable and profitable business model, experienced and innovative management, and a resilient business that can recover quickly from the pandemic impact.

About Mumbai Angels Network

Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. The network is today 450+ members strong, across 9 chapters [Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune, Jaipur and Chennai]. It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.

|In: Funding|Last Updated: | 0 Comments

NewsBytes [run by Elysium Labs Private Limited], an AI-driven digital media company, has successfully closed the first tranche of its Series A round, led by North Base Media, a global venture capital firm specialized in media.The company will deploy the fresh funds in augmenting its technology.

Founded by Romesh Khaddar, Shikha Chaudhry, and Sumedh Chaudhry, NewsBytes received its early funding by Mumbai Angels Network in 2017 & 18.

Sumedh Chaudhry, Co-Founder, NewsBytes, said

With this capital, we are better positioned to expand our fast-growing audience and develop new technologies that will allow us to serve new clients.the participation by NBM, which has extensive media and media-tech experience globally, together with new investor JITO Angels and the company’s existing investor, Powerhouse Ventures, gives NewsBytes stability at a crucial time.

NewsBytes has developed India’s first and the only AI-driven content engine, YANTRA, which can write factual stories without any human intervention. Notably, the engine has multilingual capabilities and can tackle a wide array of categories from consumer technology to financial markets.

NewsBytes is licensing its engine to other companies looking to automate their content creation process. The company has already on-boarded several clients including overseas media companies.