Introduction

QUESTION (00-01) --

Briefly describe Devenir Capital (DC).

RESPONSE (00-01) --

          Describing itself as a "Bespoke Investment Boutique built on Trust", and operationally headquartered in Dubai, UAE (and Regulated in Mauritius), Devenir Capital (DC) ( www.devenircapital.com ) is a boutique Investment Bank ( https://www.investopedia.com/terms/i/investmentbank.asp ).

          Devenir was formally founded in 2016 by a group of experienced Investment Banking and Securities professionals from Barclays, Lloyds, UBS, ADIB and other blue-chip heritage institutions.

          Devenir is focused on acting as an EAM (External Asset Manager, triangulating with multiple Custodian banks / institutions in Europe, etc.), multiple Trading Platforms, Bespoke Wealth Management Solutions.

          Devenir has multiple Group Entities operating across (and/or Regulated in) multiple countries / financial jurisdictions (including Mauritius -- https://www.fscmauritius.org/en ) ; and Booking Centers in London, Frankfurt, Vienna, Paris, BVI, Cayman Is., Dubai, Singapore, Hong Kong, ...

          Some of the focus of Devenir is trading in stable and secure USD- and EUR- denominated financial products such as Structured Notes ( https://www.investopedia.com/terms/s/structurednote.asp ) with Financial Derivatives ( https://www.investopedia.com/terms/d/derivative.asp ), generally issued by major international financial institutions like Barclays Bank, Citibank, BNP Paribas Banque Nacionale d'Paris, Societe Generale, Bank of Tokyo, Credit Suisse, etc., and sometimes associated Lombard Loans ( https://www.largemortgageloans.com/loans/lombard-lending/ ) from select Custodian Banks, generally in European Jurisdictions where lending rates are very low and privacy concerns held very high.

          Devenir also facilitates in international real estate or other investments, e.g., when international investors seek to acquire Art, Gold and other Precious Metals and Commodities, Currencies, Yachts, Plantations / Vineyards / Chateaus / Schlosses / Luxury Villas, other Luxury Properties, land, farms / ranches, hotels, homes or apartments and/or other real estate in destinations like London, Paris, Rome, Tuscany, the French/Italian/Spanish Rivieras, Switzerland, Austria, Portugal, Dubai, the USA, the Caribbean, the Meditteranean, the Aegean and much, much more.

          But note that DC also has products especially to meet the needs of the Indian / South Asian Upper Middle Class, including risk-mitigated products where the capital amount is secured (of course, for smaller investment amounts, the returns are also lower; the larger the investment, and the longer the lock-in period, the greater the reward expected).

          The executive International Wealth Managers & Advisors on Devenir's staff routinely provide customized offerings, tailored to suit the bespoke requirements of individual HNIs anywhere in the world.
For more details, see also the RESPONSE to QUESTION (08-01) below.

Intended Audience

QUESTION (01-00) --

Who is the intended audience for this document?

RESPONSE (01-00) --

          Indian Retail Wealth Management Professionals (RWMPs) / RWMP Organizations and High NetWorth Investors (HNIs) / HNI Organizations -- who are interested in investing outside India.

          [ ... And thereafter, HNIs & RWMPs in Russia / Kazakhstan / other post-Soviet Bloc, South Africa / other Africa, Brazil / Venezuela / Peru / other Latin America, Pakistan / Afghanistan / Iran / other Asia ... other countries with a concentration of HNIs intersecting with corrupt / inept / unstable governance / economy & conditions favoring outbound flight of capital ... ]

QUESTION (01-01) --

What is the target profile of an HNI wishing to register with us?

RESPONSE (01-01) --

          For each individual HNI, DC's MINIMUM target ticket size is USD 10,000 (?) per transaction, or USD 75,000 per year (or the prevailing maximum amount allowed per individual under the current law of the land at any given point).

QUESTION (01-02) --

What is the target profile of an RWMP (Retail Wealth Management Professional) wishing to register with us?

RESPONSE (01-02) --

          Practicing and/or Experienced RWMPs who deal in HNIs and preferably Super-/Ultra- HNIs. Existing HNI / Super HNI Client Base is best. (Ideal RWMPs for DC would be persons successful at the firms like the ones mentioned in the RESPONSE to 'QUESTION (02-01)' below, or similar.)
Accredited official 'qualifications' are desirable but not mandatory.

          We are always looking for RWMPs with -- Existing HNI / Super HNI Client Base, good salesmanship (high-class, polite, sympathetic / compassionate, trustworthy, confident, NEVER loud or forceful or overly talkative, NEVER UNTRUTHFUL or Deceptive), market knowledge, product knowledge, ability to quickly learn, understand and explain complicated information in simple, jargon-free and convincing terms, concise and succinct articulation, high motivation, VERY high rejection-tolerance, patient, attentive, quitely intelligent, keen observation, sharp hearing, sophisticated & poised countenance, pleasing appearance, grooming & personality, punctual / prompt / on-time, perfect telephone / Zoom calling / conferencing & response etiquette, good family background (preferably from finance &/ business families), ...

          DC's MINIMUM target transaction ticket size per transaction is USD 10,000 (?) per transaction, or USD 100,000 per individual investor per year (or the prevailing maximum amount allowed, at any given point, under the current law of the land, if any).

India: Investment Market

QUESTION (02-01) --

Name some of the major PLAYERS in the retail financial securities and investments space in India.

Discuss the typical nominal rates of RETURN on common domestic financial investments in the national (in-country) market in recent times.

RESPONSE (02-01) --

-- PLAYERS:

          The most significant (retail) Securities Trading-related players in India include

A)   Indian banking sector-affiliated --

1. ICICI Securities -- https://www.icicisecurities.com/
2. HDFC Securities -- https://www.hdfcsec.com/
3. Kotak Securities -- https://www.kotaksecurities.com/
4. Axis Securities -- https://simplehai.axisdirect.in/
5. Indusind Securities -- https://www.indusind.com/
6. SBICap Securities -- https://www.sbismart.com/ ...
   

and

B)   Non-bank-driven

1. IIFL Securities (India InfoLine, originally an NBFC) -- https://www.indiainfoline.com/
   
2. Avendus (60-70% owned by KKR of the USA) -- https://www.avendus.com/india
   
3. Religare -- http://ex.religareonline.com/
   
4. Sharekhan (by BNP) -- https://www.sharekhan.com/
   
5. Anand Rathi -- https://www.rathi.com/
   
6. Motilal Oswal -- https://www.motilaloswal.com/
   
7. IndiaBulls -- https://trade.indiabulls.com/
   
8. Kampani Group-JM Financial -- https://www.jmfinancialservices.in/
   
9. Angel Broking -- https://www.angelbroking.com/
   
10. Zerodha -- https://zerodha.com/
    
11. Geojit -- https://www.geojit.com/ ...
    ____

-- RETURNS:

          To set the backdrop on the fixed-income side of things -- as of 2021-07-21-Thu, staff from various Indian banks were pushing INR Fixed Deposits with an interest coupon of an appalling 4.9% (with no adjustments for inflation)!

          In the equity market, 17-18% is a typical expectation based on Secular growth in the long-terms indices.

          However, excess liquidity has been driving up stock prices in recent times. And the higher stock prices mean that further price gains will be harder to expect in the future. In fact, when the liquidity situation normalizes, there is likely to be a correction in the prices of many overpriced stocks.
The current pandemic-depressed situation has pushed net economic demand down overall. As such -- if the pandemic were to end definitively (instead of the current sputtering, repetitive ebb-and-flow that we see now) -- a post-pandemic demand surge is expected in the whole Indian economy, which is likely to benefit also from the ripple effects of the expected multi-trillion dollar infrastructure spending in the US in the near future.

QUESTION (02-02) --

Discuss the current state of Financial Derivatives Trading in the domestic / national market.

RESPONSE (02-02) --

          To set the backdrop -- Rupee Volume of ongoing Derivatives Trading on the National Stock Exchange outpaces trading in Equities -- 9:1 !!!!

          In fact, as of 2020, India's NSE (National Stock Exchange) is the world's largest Derivatives Exchange, by number of trades.

          However, Derivatives tend to be viewed as more risky by many Indian Investors, and there is a perception that "derivative products being traded tend to be less liquid beyond a month" (according to a person who has spent most of a long career in the Indian Stockmarkets, headed investment desks at a couple of major institutional investment houses in India, and has been associated with Lazard Brothers, Unit Trust of India, Business India and Reliance Capital).

QUESTION (02-03) --

Discuss the typical nominal rates of return on common domestic Financial Derivative instruments traded in the domestic / national market in recent times, say, on the National Stock Exchange (NSE).

RESPONSE (02-03) --

          According to a top Indian (BSE / NSE) Derivatives Trader -- who is consulted and contracted by India's top securities brokerage firms & funds -- he was able to earn his Derivatives Investor clients (run-of-network) about 26%-28% annualized, creating strategies and trading daily, only in INR-denominated Derivatives.

          He pointed out that in India today, all Derivatives trading is on Margin, and exclusively on INR-denominated / Indian stocks / bonds / securities. Index options are popular, but allowed (by the Indian authorities & prevailing law) only on underlying Indian securities indices, NOT on S&P or Dow Jones or Dax50 or FTSE or Nikkei or any other international underlying index products.

          It should be noted these are (ironically) considered riskier and more speculative investments. And these returns, while apparently relatively high, are still subject to the

• Margin-related costs,
• high inflation regimen in India, and
• the constant slide of the INR vs. the USD, etc.
  ... all of which, taken into account, would imply a much lower real return!
  

          According to the many highly experienced experts consulted, there are many (Derivatives-friendly) Indian HNIs / Ultra HNIs who are potentially interested / curious about investing in the international trading space. But most Indian investors do not know how to go about it, or do not have easy and comfortable access to the resources that can help them get started (or sustain) investing internationally.

          This obviously implies that there is a market of Indian HNI / UHNI investors for DC to target and serve, from Dubai or some other global financial center, within easy and relatively inexpensive access to major Indian cities.

India: Inflation Factor

QUESTION (03-01) --

Discuss the Inflation Rate in the country in recent times, based on Consumer Price Index (CPI), Retail Food Price Index, Producer Price Index (PPI), etc.

RESPONSE (03-01) --

          The real inflation rate in India is high, although higher in years when the GDP growth is higher, and lower when the economy tanks, but generally many times higher than in the 1st World countries (N. America, W. Europe, Aus-NZ, Japan, Israel, ...). And the Pandemic period actually produced some deflationary pressures in some industrial sectors, although food and consumer goods prices still soared, in part because of logistical failures and widespread hoarding, as well as stoppage in the flow of cheap Chinese goods into Indian ports (partially because of intermittent war & general IN-CN relationship dysfunction).

          According to inflation.eu ( https://www.inflation.eu/en/inflation-rates/india/historic-inflation/cpi-inflation-india.aspx ), CPI Inflation in India in 2019 was 9.63%.

          But for most Indians, who have to buy food and most everyday commodities regularly, the real rate of inflation seems a lot higher. The possible implication being -- that the authorities manipulate / misreport the inflation numbers considerably, and it is also possible that the economists and statisticians simply use a methodology to arrive at these numbers that colors the reality.

          For more on India's Food Inflation rate --
https://www.zef.de/fileadmin/webfiles/downloads/projects/volatility/downloads/Chap_15
_Gulati_Saini_Diagnosis_and_Remedies__1_.pdf

          In the near future, it is anticipated that the (largely unjustified) rampant rise in the cost of transportation fuel & petroleum products in India will drive inflation even higher.

INR vs. USD: Xchg Loss

QUESTION (04-01) --

In the context of investing in Securities and Investment Products denominated in INR (Indian Rupees), discuss the Depreciation in the value of the Indian Rupee vis-a-vis the US Dollar over the last 30 years.

RESPONSE (04-01) --

          As of August 2021, USD 1 <> about INR 74.90, up from INR 68 and change towards the end of 2020.

          To see the historic trend, look at https://en.wikipedia.org/wiki/Exchange_rate_history_of_the_Indian_rupee . You can draw your own conclusions.

          Generally speaking, the INR loses a significant portion of its value against the USD (and most widely-traded hard currencies) every year.

Product

QUESTION (05-01) --

Detail what specific typical entry-level products (USD 10,000 to USD 20,000) and services Devenir offers to Indian investors.

RESPONSE (05-01) --

          A couple of options are available, at these very low levels of investments, accessible from DC's Trading Platform DC-ITA --

• Sign-up &/ Login from https://www.investors-trust.com/
• 'Capital Guaranted' S&P 500 (with 7-year lock-in)
  
• 'Capital Guaranted' MSCI (with 7-year lock-in)
  
• https://www.investors-trust.com/products/product-family/fixed-income/
  

          We emphasize that ITA is an open-ended, long-term platform, and an entry-level option only, intended to get starting HNIs familiar, comfortable and acclimated to investing internationally. The rewards increase greatly with investments of larger size, and tenure, and, say, on DC-IBKR, or DC-EAM.

QUESTION (05-02) --

Discuss some products and services Devenir offers to Indian investors who can invest, with Devenir, between USD 75,000 and USD 250,000 per individual per year, or more, and of course correspondingly more in the case of families ('family offices') with several members investing together.

In the case of Structured products that DC offers, with what as the 'Underlying'? Are these equity index-based structures only, or also debt structures with a fixed coupon? Or are there any other types of offerings as well? Could DC offer hybrid structures including non-'Financial Security' products, such as Real Estate, Gold or Crypto-Currencies?

What are the fees -- is it an annual subscription, and further product-wise fees?

Request for examples of investments that have been done already, along with track record of these investments.

RESPONSE (05-02) --

          DC's Trading Platforms -- IBKR, EAM, Estate Planning, Trading Desk, etc. applicable / available products.

• DC-IBKR -- Sign-up &/ from https://www.devenircapital.com/index.php
  
• DC-EAM -- https://www.devenircapital.com/assest-management.php
  
• Bespoke offerings
  
• etc.

          The Underlying can be any of many different possibilities. They can include equity index-based structures, and/or also debt structures with a fixed coupon. They can also include non-'Financial Security' products, such as Real Estate, Gold, Commodities or Crypto-Currencies -- as long as the Underlying is widely traded, and a "A-minus or higher-rated" stable and reputable Issuer (International Bank or similar institution) 'Securitizes' and 'Issues' any Derivative product(s) on said Underlying.

          The fees depend on the specific product, asset class, trading platform, etc.

          When a serious investor commits to investing with Devenir, we would be happy to share specific real-life examples of recent trading statements of active clients' accounts, demonstrating actual performance history and returns we are successfully obtaining.

          However, because of our contractual commitment to client privacy and industry best practices, we will not disclose client names or any personal data that can lead to any of our clients being identified.

QUESTION (05-03) --

Discuss currently prevailing typical returns expectations for Devenir-managed Client Investment Portfolios at different investment levels.

RESPONSE (05-03) --

          This can vary widely from case to case.

          For an entry-level trading platform like ITA, the returns are generally less attractive, but stable.
For the trading platform we recommend, IBKR -- which entails a higher corpus to be deployed by the investor -- the returns are generally higher.

          Devenir's Asset Management and Bespoke products -- support much higher returns expectations.

QUESTION (05-04) --

Can an Indian Investor or group of Indian Investors participate in a structured product by Devenir that is being substantially underwritten / subscribed / invested in -- by one or more other investors who are not Indian, i.e., who or which are the tax-residents of a tax jurisdiction other than India (in other words -- NOT subject to Indian law)?

RESPONSE (05-04) --

          The short answer is Yes. But it can be complicated, and consequently more expensive. When the use-case justifies this, it can be explored.

          Note that this can generally be done only in cases where the corpus being invested specifically thereto is sufficiently large so as to be able to justify the additional cost of doing this.
One potential hurdle is that the trading platform (on which the Indian Investor is onboarded) may not allow the Indian Investor to trade in the Structured Note asset-class, e.g., IBKR (Imteractive Broker). However, there are other platforms that do allow it, e.g., SwissQuote.

          We might recommend that the Indian Investor consider creating an Offshore Holding Company in Dubai, or other suitable country (which Devenir will create and maintain seamlessly for the client), say, called "OffshoreHoldCo".

          If bespoke, or otherwise not already traded on a given trading platform, the desired Structured Note investment opportunity being targeted -- can be folded into another joint-stock entity, say, called "StructuredNoteCo" (like a Unit Trust or Fund, which Devenir can open and manage).

          Then the desired investment can be made through OffshoreHoldCo -- either directly into the Structured Note product (if it is traded already on a given trading platform); OR into shares of StructuredNoteCo -- after the Indian Investor has funded his investment into shares of OffshoreHoldCo.
In this case, OffshoreHoldCo would just become a stakeholder in StructuredNoteCo, making the entire transaction smooth and easy, with all legal protections and compliance on all sides, governed by prevailing law of the applicable jurisdiction(s).

          Of course, Devenir will take care of every aspect of all this for the client.

QUESTION (05-05) --

Does DC serve the vertical market of Shariah-compliant Financial Products for Moslem HNI investors?

RESPONSE (05-05) --

          DC can provide a range of Shariah-compliant Investment Products for Moslem HNIs, including products centred on Saudi Arabia, the holy ground of Islam, or developmental funding in traditionally Moslem countries.

          It should be noted that "Islamic Banking" cannot be legally implemented within the territory of the Republic of India, as India's banking regulations do not permit it.

          Religious Moslems, who want to observe canonical conformity to the 'Shariah' in their financial or investment practices, are invited to inquire about our Shariah-compliant financial products, generally centred on the Arabian peninsula.

QUESTION (05-06) --

Does DC serve the vertical market of Financial Products conforming to Christian Ethics / Biblically-sound business principles for HNI investors / organizations who/which identify as being Christian?

RESPONSE (05-06) --

          Yes. DC can craft Investment Products that satisfy the concerns or passions of this segment of Investors.

          Other than pre-existing products (e.g., MSCI USA Catholic Values Index) -- already being traded on the international market and available through one or more of our Trading Platforms -- that meet the needs of this Investor segment, DC can create bespoke model portfolios, and other investment options that might be very attractive.

          In particular, DC can serve products tailored for Christian Pastors / Missionaries / Churches / Charitable Trusts and Pension Funds of Christian Clergy, etc.

QUESTION (05-07) --

Does DC serve the vertical market of investors passionate about "Ethical Investing"?

RESPONSE (05-07) --

          Yes. DC can serve Investment Products that satisfy the concerns or passions of this segment of Investors.

          There is already an entire class of Financial Products centered on companies where management / operational business decisions are made based on non-traditional criteria, such as Environment / Climate Change, Sustainable Energy & Construction, Organic Plastics-alternatives, Clean Water, Recycling and Recyclables, Plant-based or Lab-originated Tissue-sourced Meat-Analogs, Cruelty-free / non-Animal-based Foods/Products, Vertical Aquaponics Urban Farming ( https://youtu.be/HNzro_wQcCI ), Hunger- & Poverty-eradication / Social Upliftment-oriented goods & services, etc.

          Enterprises truthfully engaging in these sectors, and abstaining from activities that violate these principles -- are identified, suitably certified and regularly audited, and grouped together to be treated as an investment asset category.

          In many cases, such investment products are already being traded on the international market and available through one or more of our Trading Platforms.

          Other than pre-existing products, DC can create bespoke model portfolios, or craft other bespoke investment opportunities that might be very attractive and suit specific concerned investors.

QUESTION (05-08) --

Does DC serve the vertical market of investors passionate about "Sustainable Energy" or "Climate Change Containment" Investing"?

RESPONSE (05-08) --

          Yes. DC can serve Investment Products that satisfy the concerns or passions of this segment of Investors.

          The products cover enterprises related to

• EVs (Electric Vehicles) -- Passenger & Cargo, 2-/3-/4-/more-wheeler, all driven by electricity, generally from Batteries,
• Aviation and marine transportation propelled by non-fossil/fissile sources,
• Batteries (for EVs, Utility-scale & Building-scale Power Storage, and other),
• Battery Recycling, Lithium Recycling and Lithium Recovery (from seawater & non-mining sources),
  
• Mechanical & other non-Electro-Chemical Power Storage Solutions,
• EV Charging Stations,
• Solar PV Power -- Utility-scale, Rooftop & Solar Surfaces (e.g., Solar Windows, Solar Walls, etc.),
• Solar Thermal Power,
• Onshore & Offshore Wind Power -- Utility-scale & Consumer-scale (small VAWTs, Bladeless, Resonant & Vortex Wind Turbines, etc.),
• Geo-Thermal for building heating/cooling and electricity generation,
  
• Wave Energy,
  
• Tidal Energy,
  
• Ocean Current Energy,
  
• Mini- & Micro-Hydel,
  
• Sustainable Biomass Energy,
  
• Waste Heat Recovery,
  
• Passive House Construction,
  
• Hemp for Biomass & Construction,
  
• Plant- & Algae-based Carbon Capture,
  
• Artificial Photosynthesis Panels,
  
• Direct Air Carbon Capture,

and more ...

Process Issues

QUESTION (06-01) --

What is the exact current law that allows Indians to invest their Indian funds outside India?

RESPONSE (06-01) --

          Currently, this is governed by the "Liberalised Remittance Scheme" (LRS) of the RBI (Reserve Bank of India).

          But please also consult with your Chartered Accountant or Tax Lawyer to get the latest applicable detailed information relevant and specifically applicable to you.

QUESTION (06-02) --

How much, per Indian taxpayer (income tax filing entity), per year (income tax Assessment Year)?

RESPONSE (06-02) --

          Currently, USD 250,000 per Indian Individual Assessee per Assessment Year.
Review the following:

• https://www.business-standard.com/article/pti-stories/indians-can-invest-up-to-usd-2-50-000-annually-overseas-115020300302_1.html 

• https://m.rbi.org.in/scripts/FAQView.aspx?Id=115#Q1
  

          Please also consult wth your Chartered Accountant or Tax Lawyer to get the latest applicable detailed information relevant to you.

QUESTION (06-03) --

What limits and qualifications or restrictions, if any, apply?

RESPONSE (06-03) --

          Refer to prevailing RBI, FEMA, MinFin, SEBI, and similar sources, and consult with a Chartered Accountant experienced in this area.

QUESTION (06-04) --

As a practical matter, what is the typical mechanism by which the money -- to fund an international investment account -- can be remitted from a bank account in India?

RESPONSE (06-04) --

          Typically, the Investor will need to fill out an International Outward Remittance Form at his bank in India and instruct the manager at that remitting bank branch to debit his Indian bank account to send the credit to the designated International Investment Account in the destination country.

          Nowadays, from major Indian cities to Dubai, London or other major financial centers in the world, the money enters the receiving account in the destination foreign country within 2-3 full working days, using SWIFT / IBAN.

QUESTION (06-05) --

Do these investments have to be declared to the Indian govt?

What is the tax treatment (by the Indian Tax Authorities) of the income from Foreign Investments by an Indian citizen and tax-resident -- when one wants to remit back the funds to India, or even otherwise?

RESPONSE (06-05) --

          Prevailing Indian law imposes certain reporting burdens on Resident Indian citizens (not NRIs) to report their foreign investments to the Indian authorities. Consult with a Chartered Accountant who practices in this area.

          Unrealized Capital Gains carry no tax liability.

          Capital Gains Realized on sale of an asset MAY attract taxation in the jurisdiction in which the asset resides (assuming the existence of an applicable Double-Taxation Avoidance Treaty). If that jurisdiction is tax-free -- as Dubai currently is -- then no tax liability may accrue.

          The (Revenue) Gain/Profit Realized should be declared as income by the Indian Income Tax Assessee, and will be subject to Indian Income Tax -- at the applicable prevailing tax rate -- as part of that Assessee's total taxable income slab.

          In the event that the investment is routed through an offshore holding company, then the dividend amount paid out to the Indian Principal(s) of the offshore holding company will be subject to Indian Income Tax.

          For more, review

• https://youtu.be/5eMyjhcwl8c -- Taxation of Foreign Income in India
• https://youtu.be/_uUhBsLwzEc -- How are foreign shares (and RSUs) taxed in India?
  

          Refer to prevailing RBI, FEMA, MinFin, SEBI, and similar sources, and prevailing Banking Best Practices, and also consult with a Chartered Accountant experienced in this area.

QUESTION (06-06) --

Can the Principal amount from an earlier period, and the Profits thereupon -- be rolled over, and added on (for deployment in international investment accounts) to the amounts being remitted abroad from India in the current year?

RESPONSE (06-06) --

          Yes.

          Refer to prevailing RBI, FEMA, MinFin, SEBI, and similar sources, and prevailing Banking Best Practices, and also consult with a Chartered Accountant experienced in this area.

QUESTION (06-07) --

What about liquidity? In the event the Investor needs liquidity in his home country suddenly, how quickly can the investor cash out and get his money back?

RESPONSE (06-07) --

          Generally, trading positions can be liquidated immediately if the markets are open. (This is, of course, for cases where there is no applicable time-lock or prior unbreakable tenure commitment -- which sometimes applies to some products on the DC-ITA Trading Platform.)

          Once liquidated, the funds will credit to the Investor's trading account the same day.

          Thereupon, the onward transmission of the funds from the Investor's trading account balance -- depends on the Custodian Bank(s) involved and the Investor's receiving bank in India.

QUESTION (06-08) --

In the above scenario, how long will it take, as a practical matter and in the normal course, to get the HNI's money from his international investment vehicle, back to his home country bank account?

RESPONSE (06-08) --

          Talk to Indian &/ UAE Bankers who deal with this routinely.

QUESTION (06-09) --

Give a step-by-step description of the process, including all statutory filing and reporting obligations.

RESPONSE (06-09) --

          Talk to Chartered Accountants whose practices deal with this routinely.

QUESTION (06-10) --

Does Devenir provide the necessary personalized legal and secretarial support through one or more thoroughly qualified and experienced Law Firm(s) or Chartered Accountancy office(s) in India?

RESPONSE (06-10) --

          Different resources exist in different cities in India and abroad. These can be discussed when the HNI is ready to onboard with DC.

          We recommend that each party consult with competent CAs / other tax advisers that they know or find through their own research, that they trust and feel confident using.

Competitive Landscape

QUESTION (07-01) --

Why Devenir? Why not an HNI registering himself on any suitable international online platform, and doing it for himself?

RESPONSE (07-01) --

          To its RWMPs and HNI clients, Devenir Capital provides not only access to the infrastructure and mechanics of trading in the International Securities Trading marketplaces across many asset classes, but also Devenir's product- and asset class-related expertise, research resources and advisory services.

          While experienced expert investors and traders can onboard to Devenir's trading platforms to do their own trading, others -- indeed, all Devenir clients -- can and should take advantage of Devenir's Advisory Services, functional and operational expertise, and trouble-shooting.

          As and when the business case so justfies, Devenir can also collaborate and aid clients to get into bespoke new products and asset classes.

          These are features that clients cannot access on their own, and from very few, or none, of the other Investment Banks that they can easily access.

QUESTION (07-02) --

Do/es any other international company/ies offer the same or similar services to Devenir?

RESPONSE (07-02) --

          At least one other international company (that we can think of), Philips Capital, operates in the same general arena as Devenir, with regard to investors from India.

          Although, respectfully, we assert that Devenir offers much better and more personalized service, lower fees, and access to more products and asset classes. And of course, Devenir keeps the investments / funds, which are USD- or other hard currency-denominated, custodially external to India, thereby insulating said assets from Indian inflationary and currency-devaluationary considerations to which all Indian entities / assets needs must be subject.

          There are also a handful of Indian Wealth / Securities firms who offer their Indian clients the possibility to invest in foreign equities, etc. through some special Mutual Funds, etc. But these are INR-denominated and India-domiciled assets, and therefore still subject to the inflationary, currency-devaluationary and economic/otherwise unstable ecosystem considerations to which all Indian entities / assets needs must be subject.

QUESTION (07-03) --

Why is Devenir the better option for an Indian investor?

RESPONSE (07-03) --

          Vis-a-vis Philips Capital, Devenir offers more products, such as Asset Management, Structured Notes (spanning both single and multiple asset classes) and other bespoke products, that Philips Capital does not offer.

          Further, for products like IBKR, Devenir charges lower fees than Philips Capital.

          Vis-a-vis other Indian Wealth/Securities firms who offer their Indian clients foreign-focused but INR-denominated and India-domiciled assets, please bear in mind that these are still subject to the inflationary, currency-devaluationary and economic/otherwise unstable ecosystem considerations to which all Indian entities / assets needs must be subject. By contrast, Devenir's products are hard currency-denominated, custodially external to India, thereby insulating said assets from India-centric issues (India's inflationary, currency-devaluationary and economic/otherwise unstable ecosystem).

QUESTION (07-04) --

Some Indian players, like ICICI Securities, also offer a similar Trading Platform, e.g., IBKR (Interactive Broker). What is the advantage, to any Indian investor, of onboarding to Devenir's Trading Platform(s) -- IBKR (Interactive Broker) or other(s)?

RESPONSE (07-04) --

ICICI-IBKR vs. Devenir Capital-IBKR

• 7 countries vs. 24 countries
• 2 or 3 currencies vs. 21 currencies
• Very few asset classes vs. many / all asset classes
• Cash account only ... vs. Possibility of Leverage account (using a Dubai HoldCo with UAE transaction banking account, seamlessly arranged by DC)
  

          In addition, DC offers multiple Trading Platforms, each of which has its own set of advantages. Indian HNIs can onboard to any and all of these platforms with Devenir.

Devenir: Places, Structure

QUESTION (08-01) --

What is Devenit Capital?

Provide details of Devenir and its founders / owners / management and regulators.

Where are the main Devenir offices? What is/are the structure(s) of Devenir Capital?

How much is Devenir's 'Funds Under Management' currently?

RESPONSE (08-01) --

          See the RESPONSE to QUESTION (00-01) above.

DIRECTORS / MANAGEMENT:

          Devenir spans multiple entities across multiple countries and regulatory jurisdictions (including unregulated entities). Obviously, each of these entities are required to have their own directors and governance structures.

          The founders / owners / directors of the primary regulated parent company are the following.

• Anup Jacob Jose (Dubai) -- Managing Partner, ex-Barclays, specializes in Asset Management, Trading Platforms, etc.
• Wim Roosens (Netherlands), ex-UBS, specializes in (the sales side of) institutional distribution & product relationships.
• Andy Gibson (London UK), ex-Lloyds, specializes in (the products side) of institutional distribution & product relationships.

MAURITIUS:

          3 Investment Council members, Anti-Money Laundering Regulatory Officer, Assistant AMLRO, Compliance Officer, External & Internal Auditors, Accounts Team, etc.

          Devenir Capital Ltd is Regulated by the Mauritius Financial Services Commission (https://www.fscmauritius.org/en), Legal Entity Identifier #: 549300V2NM7SDPNQ6Q85 (https://www.leinumber.com/leicert/?lei=549300V2NM7SDPNQ6Q85).

DUBAI:

          “Devenir Cap Financial Instruments Quotation Services” (https://www.dnb.com/business-directory/company-profiles.devenir_cap_financial_instruments_quotation_services
.ec488f934feccb7f13b0b54d8f233d3c.html), a Dubai Mainland Company, is a Representative Office (for the Mauritius parent company) in Dubai, professionally licensed to provide product pricing and booking from Dubai (even if the execution happens anywhere else in the world).

          Dubai houses the Sales and other areas (of the Wealth vertical of Devenir) headed by Anup Jacob Jose and his Emirates team.

          Affiliated company Safra Capital (https://www.jsafrasarasin.com/internet/com/com_country_uae) in Dubai, regulated in DIFC since 2012, a sister company of the J.SafraSarasin (Swiss) Banking Group (https://www.jsafrasarasin.com/internet/com/com_index).

PARIS, FRANCE:

          Negotiations ongoing with Aydo France, regulated in Paris, France. Upon completion will allow Devenir 'Passporting' transactions across the EU.

FUNDS UNDER MANAGEMENT:

          Funds Under Management by Devenir is currently around USD 150M, growing all the time.

QUESTION (08-02) --

In the event that SPVs (Special Purpose Investment Vehicle Holding Companies) have to be formed for any Investors, where do/es the investment vehicle/s get formed (in which country/ies)?

RESPONSE (08-02) --

          DC's operational headquarters, Dubai, UAE -- with its advantageous tax / legal situation and proximity / ease of access to Indians -- is the default for DC clients. We have all the necessary resources in place to do this inexpensively and seamlessly to suit the needs of our clients, and also to operate and maintain the vehicles according to the ongoing needs of our clients.

          But for those clients who seek to incorporate in other jurisdictions, we also provide the same services, seamlessly for the clients, in a host of other suitable jurisdictions across the world, including most tax-friendly / otherwise sought-after countries.

          (In fact, we offer this kind of services -- offshore Incorporation, Trust formation, entity Advisory, entity Operation and Maintenance, etc. -- as a standalone Devenir business unit and cost center as well.)

Next Steps: HNIs & RWMPs

QUESTION (09-01) --

What are the next steps, in exact detail and specific sequence, for an Indian HNI, or a 'Family Office' or Group -- wishing to onboard with DC?

RESPONSE (09-01) --

          Typically, at first, one or more telephone and/or face-to-face interview(s) is/are conducted, with a Devenir RWMP.

          Next, a telephone/Zoom interview may be conducted with DC’s International Business Director, and also perhaps with a Chartered Accountant (if the Indian UHNI needs it or feels more comfortable with it).

          Next is conducted an online video-conference with the client and A. Jacob Jose / others of the Devenir Wealth corporate team.

          Thereafter, to formally onboard with DC, an Indian client needs to provide the following (or copies thereof, as applicable) --

• Resumé or CV -- This can be supplemented or substituted with a statement describing the investment goals or profile of the party.
            In addition to the conventional content, please include recent photo (of the party), WhatsApp #, Linkedin Profile, Facebook Profile, Twitter Profile, Instagram Profile, other Social Media profiles / footprint.
            This helps DC understand the party's psychographic profile, and how best to guide them on their investment journey with DC.
  
• National ID -- Aadhar Card
  
• Address Proof -- recent Utility Bill, or Voter Id Card
  
• Tax Id -- PAN Card
  
• Bank Details -- Bank Statement (mentioning candidate's name & Indian address), ideally from the bank account that the party will use for their relationship with DC
  
• PIO / OCI Card (if any -- applies only to non-Indian citizens)
  

... after which an Agreement would be created by Devenir and sent to the client, to be signed by both parties. This will be kept on file with Devenir.

          Next, the client has to register on DC-IBKR, DC-ITA or the other DC- trading platforms. He will be guided through this process by the DC Dubai / Mauritius team.

          Along the way, there will be a few Zoom calls with the Dubai team, where Devenir's products (for Indian HNIs) will be discussed at length, to make sure that the client is comfortable and adequately knowledgeable about the Devenir products he is going to be engaging with.

          Sessions may also be conducted to familiarize with Devenir's Research resources.

          We could also schedule some online classes and training as well, if that were required.

          At that point, the client will be expected to be ready to fund his account and start trading.

          If and when the client funds his investment accounts with DC to the tune of USD 100K or more, he will be eligible to be flown to Dubai, and put up at a hotel selected by DC, at DC's expense, for a 2-3-day trip to see DC's Dubai operations first-hand.

QUESTION (09-02) --

What are the next steps, in exact detail and specific sequence, for an Indian RWMP, or a Wealth Management Firm -- wishing to onboard with DC?

RESPONSE (09-02) --

          Initially, one or more telephone interview(s) is/are conducted, with DC’s International Business Director.

          Next is conducted an online video-conference with the candidate and A. Jacob Jose / others of the Devenir team.

          Thereafter, to formally onboard with DC, an Indian RWMP needs to provide the following (or copies thereof, as applicable) --

• Resumé or CV -- In addition to the conventional content, please include
  
  • recent photo,
    
  • WhatsApp #,
    
  • Linkedin Profile,
    
  • Facebook Profile,
    
  • Twitter Profile,
    
  • Instagram Profile,
    
  • other Social Media profiles / footprint.
• National ID Proof -- Aadhar Card, Indian Passport
  
• Address Proof -- recent Utility Bill, or Voter Id Card
  
• Tax Id -- PAN Card
  
• Bank Details -- Bank Statement (mentioning candidate's name & Indian address), ideally from the bank account that the party will use for their relationship with DC
  
• Non-Indian Passport, plus PIO / OCI Card (if any) -- this applies only to non-Indian citizens)
  

... after which an Agreement would be created by Devenir and sent to the candidate, to be signed by both parties. This will be kept on file with Devenir.

          The RWMP will instruct DC on how the earnings of the RWMP from DC are to be disposed.

          Next, the RWMP has to onboard on DC-IBKR, DC-ITA and the other DC- trading platforms. He will be guided through this process by the DC Dubai / Mauritius team.

          Along the way, there will be a few Zoom calls with the Dubai team, where Devenir's products (for Indian HNIs) will be discussed at length, to make sure that the RWMP is comfortable and fully knowledgeable about the Devenir products he is going to present to his Indian UHNI clients.

          Sessions may also be conducted to familiarize with Devenir's Research resources.

          Some online classes and training could also be scheduled as well, if that were required.

          At that point, the RWMP would be ready to start signing up clients to the DC trading platforms, etc., and start earning commissions when the clients fund their accounts and start trading.

          If and when the total funded balance on the investment accounts (with DC) of all client(s) of the RWMP -- equals or exceeds USD 1M, then that RWMP will be eligible to be flown to Dubai, and put up at a hotel selected by DC, at DC's expense, for a 2-3-day trip to see DC's Dubai operations first-hand.

International Business Director

QUESTION (10-01) --

Who is the Overseer for this Outreach?

RESPONSE (10-01) --

          Gairik Banerjee (MBA, Comm., Econ. & Law degrees) ...

• Gairik.com/3/work/
• Facebook.com/gairik1
• Linkedin.com/in/gairik
  

… is an American, with some Indian roots, who has been domiciled (and has operated) in various countries across Europe (including Western Europe, the Mediterranean, CEE and the post-Soviet Bloc), the Americas (including Latin America), MENA and beyond.

          Following a fulfilling multi-national career as a top executive / corporate advisor / industrialist / investor, he advises Devenir, Dubai, on various areas of International Business Development spanning different parts of the world, and counsels DC in its goal of building out its transnational network in various markets away from Dubai and Mauritius.

Conclusion

          Interested SERIOUS Indian HNIs & RWMPs, who are ready to start -- REGISTER ONLINE by clicking over to

          The DC Dubai Team hopes to see your registration data on our system soon, and thereafter, connect with you, and if you want/need -- meet with you, by appointment, at our offices in Dubai, or online over Google Meet / Zoom / Microsoft Teams, etc., as our relationship develops.

          HNIs whose international investment accounts with DC are already funded with USD 100K or more, and RWMPs whose clients' international investment accounts with DC, in year-to-date total, are already funded with USD 1M or more -- can be flown to Dubai at DC's expense (air travel + hotel in Dubai close to the DC offices).

          Best of luck on your journey to financial security, stability and prosperity, whether you join us, or choose a different path.