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SPARK OF THE CORPORATE

An Indian billionaire businessman Nirmal Jain is the founder and chairman of India Infoline Group, which works as a financial conglomerate. One of the most successful stories in the recent two decades is that of Nirmal Jain’s feat in establishing and developing one of the largest financial conglomerates in India. There are many claimants with respect to revolution of Indian online retain broking, but except for Nirmal Jain, none can take the credit of it.

The leadership of Nirmal Jain has transformed what it has started as a boutique research firm into an emerging multi-product financial conglomerate covering a wide range of aspects from broking to insurance to private equity, without missing the main track of equity research. He feels that spending on capital rather than on revenue expenditure creates the capacity for sustaining the long-term growth.

Early Career ...

The career of Nirmal Jain started as a commodities trader with Hindustan Unilever in 1989. It was in 1995, that he founded India Infoline Group (IIFL Group), as an equity research company. Later he developed his business by providing other diversified services. The online trading website of IIFL Group was started in 2000. Later the business expanded into providing some of the financial services such as Mutual funds, insurance services, equity services and other financial services. In the words of Nirmal Jain, presently IIFL Group also has the plans for spinning out of the capital-markets business.

Growth ...

The Group has forayed into some of the other services such as life insurance, mutual funds, Wealth management business, consumer finance business while retaining the focus area on the main stream. In March 2018, the value of IIFL has almost doubled when compared to that of the previous year. The net worth of Nirmal Jain as of March 2018 is around 1 billion US dollars. The profits for the year 2018 have almost increased by 32 percent, which are mainly fueled by the increased growth of wealth management unit.

The visionary direction of Nirmal Jain has resulted in IIFL having a market capitalization of about 21,000 crore rupees which is being supported by some of the global investors such as Fairfax Group, General Atlantic and CDC Group of UK government. Today, under the leadership of Nirmal Jain, IIFL Group provides employment opportunities to about 13000 people with offices established from Switzerland to Mauritius. IIFL has completely eclipsed Kotak Wealth Management.

Leadership success ...

By developing one of the largest financial service provider groups in India, within a short span, Nirmal Jain is credited as a first generation entrepreneur. Under his leadership, Nirmal Jain could successfully diversify the business model by starting several other streams while focusing on the main domain of financial services.

Under the leadership of Nirmal Jain, the consumer base of IIFL has increased to around four million consumers wide spread across 8 different countries. It is almost 1,100 branches covering all the small towns catering to remote and rural locations as well. The assets managed by the wealth management business are around 133,000 crores and the cluster of clients includes around 10,000 wealthiest families. When we look into the Institutional Equities of IIFL, they are catered to around 400 global funds.

Nirmal Jain has hit the jackpot and became a billionaire by serving the new rich in the major economies which follow a trend of fast growth. The wealth management unit developed by Nirmal Jain has helped him in making him a billionaire. The secrets behind his success are the demographics of the country and the regulatory system of the country that enabled many of the milennials to invest their savings into financial systems, withdrawing the biggest bills from circulation from the country which helped in putting a cap on the liquid cash and thus enable to boost the financial savings.

Personality behind the billionaire...

By being simple, informal and modest, Nirmal Jain belies a billionaire in him. When talking about his enterprise, his simplicity and humility have no illusions. His boundless energy, self-motivation accompanied by his strong academics and some of his inborn traits like honesty and hard work, enabled Nirmal in developing the largest financial conglomerate right from the scratch.

Apart from his values, his superior intellect made him succeed in his education. The financially inclined Nirmal Jain considers that, for having a successful career, academic brilliance should not be considered as the be all and end all. Academic success definitely helps but that does not have a direct correlation for having a successful career. Its only after completion of academics, one reaches the school of life, where hard knocks teaches and helps in having a successful career.

Nirmal Jain opines that one should always expect the opportunity and journey to be wild, gut-wrenching ride, which will last for decades. One who travel all these turn out to be the winners, who never quit and are endlessly flexible. According to Nirmal Jain, a business can grow faster only when it can maintain a transparent structure of the company by concentrating on upholding of the highest governance standards.

Challenges...

Even in tough times, and even at the situations where the tide lifts all the boats, when many of the financial brokers defaulted on payments to the clients, Nirmal Jain worked hard and made IIFL Group to stand strong. This gained the confidence of many of the investors. The kind of investor response was unexpected and was an unbelievable steroid.

His Success mantras...

Behind the building of a colossal business group from the scratch within a span of about two decades, there is no doubt in wondering about his success mantras.

• One more success mantra is contributed to 3 Hs, Hard work, Honest and Humility.

• Willingness to even the lowest jobs enables to reach the heights of success.

• One of the most valuable resources is integrity. Even a small business when run with integrity turns out to be a great business in comparison to a large business run without integrity.

Future strategic vision...

Nirmal Jain has transformed the company and led the company to graduate from a brokerage company into a variety of big businesses. The future strategic vision of Nirmal Jain is to look out for much bigger opportunities which are considered as a combined impact of the GDP and growth acceleration. Nirmal Jain looks into the aspects of increasing opportunities for his company, once the digital technology gain momentum. Nirmal Jain opines that when the core business possess a great potential, the requirement for looking out for diversification options does not arise. The fortune of Nirmal Jain is basically derived from his 23 percent stake in IIFL Group.

Under the leadership of Nirmal Jain, the new business taken up by IIFL Group is entering into a new venture of Asset Reconstruction Company, for which Nirmal Jain is awaiting for the license approval from RBI.

Personal life...

Nirmal Jain has been graduated his bachelor’s degree in Commerce (B.Com) from Narsee Monjee College of Commerce and Economics. He has done his postgraduate diploma in management (PGDM) from Indian Institute of Management, Ahmedabad. He is also a certified chartered accountant from ICAI. Nirmal Jain is married to Madhu and they both have three children.

His Philanthropic side...

Even in the midst of all his success, glory and honor, Nirmal Jain has started a charitable trust, called as IIFL Foundation. By this foundation, Nirmal contributes to the society in the fields of education and healthcare. Nirmal Jain has also taken up a project for setting up of the schools in about 1000 villages in the next ten years in order to ensure literacy of Rajasthan girls.

Two cents for future entrepreneurs...

To be successful, one should be always flexible and should be attentive towards the trends in the market, which can easily create or destroy the relevance.
Always be willing to quick changes in the course, in order to capture and adopt all the new opportunities from the latest ever-changing trends.
Hard work, integrity, flexibility and the ability of grasping new opportunities should be the weapons for an entrepreneur.

Awards and accolades...

Jain has received the ‘CA Entrepreneur Leader Award’ in the category of Financial Services for the year 2018.
IIFL has appeared in the Forbes ‘India’s Super 50 Companies’.
IIFL was felicitated as ‘India’s Greatest CSR Brand’ by Asia One Magazine.
PRIME Database has ranked IIFL as Number 1 investment Banker in Equity Issuances for the year 2018.
Euro Money Private Banking and Wealth Management Survey have awarded IIFL as the ‘Best Private Banking Services Overall’ for the year 2017.
Brand Trust Report India Study has certified IIFL as the ‘India’s Most Trusted Financial Brand’.
World Quality Congress & Awards has recognized IIFL as ‘Best Customer Centric Company – Financial Sector’ for the year 2017.
NSE Market has awarded IIFL as the ‘Best IPO Bidding Member – Retail’.

Hope readers caught up the spark...

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