Even the world of finance remains dominated by men, and the bias looks more pronounced when it comes to India. But Koel Ghosh, Head of South Asia, S&P Dow Jones Indices, is hopeful. What India needs, she says, are women in leadership roles.
“In the corporate and financial world in India, we see an increasing number of women assume senior decision-making roles at companies and institutions, paving the way for future female leaders,” she told ETMarkets.com.
In India, she said, there are female leaders such as Finance Minister Nirmala Sitharaman, Salesforce Chairperson and CEO Arundhati Bhattacharya (former chairperson of SBI, the country’s largest lender by assets), and Crisil MD and CEO Ashu Suyash, but the aspiration is to have more female representation.
“A lot of work needs to be done around hiring, training, mentoring and retaining talent beginning at the very early stages of women’s careers to prepare them for future leadership roles,” Ghosh said.
“The success of these highly respected leaders shows us the rich possibilities for women in financial services, government and other institutions,” said Ghosh, herself a chartered accountant by profession, who leads the regional commercial efforts at S&P DJI, and actively educates and advocates passive investing.
Globally, there is increasing research quantifying the benefits of advancing women’s participation in the work force in the overall economy, she said.
Optimistic about the rise in female workforce participation, diversity, equity and inclusion in India, Ghosh said: “We still have a long way to go in India, but we are definitely seeing a positive change… and we are catching up globally.”
Speaking from her experience from the many roles she has had within the financial services sector, Ghosh feels one’s willingness to explore and engage in different aspects of the business can help gain a holistic working experience, which can then result in additional opportunities.
Ghosh started her career in the mutual fund industry in 2002 after receiving a CA degree. “It was my first job and it involved sales, marketing and public relations responsibilities. Back then, the Indian investment markets were nascent and mutual funds were only beginning to get introduced as an investment option. The challenge was to create awareness on the benefits of this type of investing in a market that was familiar only with standard banking products,” she recalls.
Describing that stage of her career as ‘an exciting time’, Ghosh said it helped her learn how to build and grow a business and establish credibility across institutional and retail investor audiences. “Moving from the mutual fund industry, I embarked on a career focused on marketing financial, trading and analytical data via platforms. My involvement with the mutual fund industry continued to grow, as I was able to facilitate the industry with data and I was becoming aware of the importance of financial information and its benefit to the markets.” she said.
Ghosh joined S&P Dow Jones Indices in 2009. Prior to that, she had contributed to India’s asset management industry through her marketing and sales roles at IL&FS Mutual Fund and UTI Asset Management Company. At Thomson Reuters, she extended her business development skills in the financial data industry.
“For more than a decade, I have seen the global markets grow with India following the course,” said Ghosh, who recognises the progress in the participation of women leaders in the BFSI industry, but feels that there is more to be done as India tries to catch up with other countries on this front.
In general, companies and organisations benefit from “a diversity of backgrounds, perspectives and viewpoints. As a leader, I am committed to fostering a diverse and inclusive work environment where everyone is able to share their ideas and insights in a respectful way,” Ghosh said.
She was recognised as one of the top 100 women in finance in the country in 2019 by the Association of International Wealth Management of India, a Mumbai-based not-for-profit organisation.
A blessing in disguise?
The coronavirus pandemic has not only shaken up the global economy, but also triggered dramatic twists and turns in the financial markets. Ghosh said Covid-19 has highlighted the importance of global diversification in Indian markets.
“The pandemic was something no one expected and what it has demonstrated has surprised all,” said Ghosh. One would have expected the pandemic to have subdued markets but here we are in March 2021 with the index having crossed the 50,000 level, she further said.
The US market has also demonstrated a similar trend, with the S&P500 index showing a 29 per cent one-year return, and so has China, with S&P China 500 and S&P TOPIX 150 each logging a one-year return of over 30 per cent. Other markets like Korea and South Africa with above-average performance were demonstrative of potential diversification in global markets, Ghosh said.
In March 2020, the S&P BSE Sensex was thrown back to levels last seen nearly four years ago when India announced one of the strictest lockdown restrictions in the world to curb Covid-19 infections.
The current market environment offers investors options such as index-based investing solutions and strategies that would provide them access to markets with diversification, low concentration and at a lower cost, Ghosh said.
