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Kotak Mahindra
Bank Orbis Financial
Corporation Ltd
Kotak Mahindra has long been a top performer in the agent
bank survey (measuring the perception of international clients)
and has been a commendable provider of services to domestic
institutional clients. This year’s results represent a blip on that
record, with declines in service category scores of between 0.38
points for Special Operational Requirements and a more con-
cerning 1.19 points for Fund and Unit Accounting and Valuation.
Client comments are balanced between praise and criticism.
On the plus side, one asset manager points to “exceptional cus-
tomer service and turnaround times.” Another praises the “abil-
ity to escalate specific problems and find solutions.” By contrast,
says, one manager, “Bank statements can be drastically improved
for look and feel and provide precise account/transaction data”,
while trained and knowledgeable personnel outside Mumbai
“who can meet clients and pick up the right documents,” are
lacking. Another respondent suggests that, “A robust, online
fund accounting system would ensure that we would be able to
give them our fund accounting requirements to handle as well.” This year, Orbis exceeded the market average in one category,
Value Delivered. At a question level, the provider’s best result is
for commitment to the custody and securities servicing business
(6.17), followed by 6.13 for creditworthiness of the institution,
suggesting that Orbis’ reputation amongst local buy-side institu-
tions is solid. Its weakest scores for individual questions are for
accuracy of valuations and accounting for non-domestic securi-
ties (5.19) and for accuracy of alternative investment valuations
(5.31). None of these results suggest any cause for concern, since
clients are broadly happy with the service they receive.
Reputation, client servicing. stability of the team, technology.
cost and value delivered are all cited as examples of the former
by one respondent, who, however, points to the need for invest-
ment in “ more technology and sending regular updates on fund
administration.”
Since the 2017 survey, Orbis has registered as a Professional
Clearing Member for equity derivatives on the BSE. It has also
facilitated online access for clients to check margin availability
and open positions. New reports have also been introduced to
support clients in their reporting to their own end clients.
Category Kotak
Mahindra India
average Difference Category Orbis
Financial India
average Difference
Relationship management and client service 5.63 6.19 -0.56 Relationship management and client service 5.98 6.19 -0.21
Cost and value delivered 5.33 6.00 -0.67 Cost and value delivered 6.08 6.00 0.08
Settlement and cash management 5.50 6.13 -0.63 Settlement and cash management 5.87 6.13 -0.26
Asset servicing 5.65 6.16 -0.51 Asset servicing 5.69 6.16 -0.47
Special operational requirements 5.19 6.14 -0.95 Special operational requirements 5.68 6.14 -0.46
Operational reporting 5.31 6.02 -0.71 Operational reporting 5.40 6.02 -0.62
Technology 5.23 5.96 -0.73 Technology 5.48 5.96 -0.48
Fund and unit accounting and valuation (if used) 5.12 6.07 -0.95 Fund and unit accounting and valuation (if used) 5.30 6.07 -0.77
Trustee and administration services (if used) 4.87 6.01 -1.14 Trustee and administration services (if used) 5.66 6.01 -0.35
Reputation and asset safety 5.96 6.33 -0.37 Reputation and asset safety 6.15 6.33 -0.18
Overall weighted averages 5.48 6.12 -0.64 Overall weighted averages 5.82 6.12 -0.30
Top 5 question scores Score Top 5 question scores Score
Creditworthiness of institution 6.08 Commitment to the custody and securities servicing business 6.17
Commitment to the custody and securities servicing business 5.88 Creditworthiness of institution 6.13
5.72 Competitiveness of fees charged 6.08
5.68 Value received relative to fees paid 6.08
5.60 Quality of personnel 6.00
Quality of personnel
Effectiveness in dealing with corporate actions