Business Function
Group Technology and Operations (T&O) enables and empowers the bank with an efficient, nimble and resilient infrastructure through a strategic focus on productivity, quality & control, technology, people capability and innovation. In Group T&O, we manage the majority of the Bank's operational processes and inspire to delight our business partners through our multiple banking delivery channels.
Job Purpose
- This job typically involves overseeing and managing custody operations function
- This role ensures the safe and efficient management of clients assets, including securities, cash, and other financial instruments, while maintaining regulatory compliance and operational excellence
Key Accountabilities
Key Accountabilities include:
- Leadership and Strategy: Leading the custody operations team and aligning the department's goals with the overall business strategy
- Operational Efficiency: Ensuring seamless custody services by managing trade settlement, safekeeping of assets, corporate actions, reconciliation, and reporting
- Risk Management: Mitigating operational risks and ensuring regulatory and legal compliance in all custody operations
- Client Satisfaction: Ensuring a high level of service quality, addressing client issues, and maintaining strong relationships with stakeholders
- Technology and Innovation: Driving process improvements, adopting new technologies to enhance efficiency, and ensuring scalability for future growth. This role is essential for safeguarding clients assets and ensuring that custody services are delivered with precision, reliability, and in compliance with all legal and regulatory requirements
Core Competencies
Core Competencies To Consider
- Technical Expertise in Custody and Settlements:
- Strong understanding of custody services, asset servicing, and securities settlement processes
- Knowledge of global market practices, clearing, and settlement systems, and familiarity with SWIFT messaging
- Regulatory and Compliance Knowledge:
- In-depth knowledge of regulatory requirements governing custody operations, such as AML, FATCA, and other local and international regulations
- Ability to manage compliance risks and ensure operational adherence to legal frameworks
- Risk Management and Control:
- Strong risk identification, mitigation, and control processes
- Ability to manage operational risks, ensuring that all transactions and operations are error-free and within regulatory boundaries
- Operational Efficiency and Process Improvement:
- Experience in optimizing operational processes, managing volumes, and ensuring efficient workflow to minimize errors and increase productivity
- Familiarity with automation tools and technologies for improving custody operations
- Client Relationship Management:
- Ability to provide high-quality client service, handle client inquiries, and resolve issues promptly
- Strong communication skills to interact effectively with clients, custodians, regulators, and internal teams
- Leadership and Team Management:
- Strong leadership skills to manage and motivate teams within a high-pressure environment
- Capability to drive performance, manage resources, and cultivate a collaborative working culture
- Attention to Detail and Analytical Thinking:
- Keen attention to detail, particularly in handling large volumes of transactions and sensitive client information
- Strong analytical skills for managing data, reconciling complex issues, and identifying areas for improvement
- Adaptability and Change Management:
- Ability to adapt to evolving market and regulatory environments
- Skilled in driving change initiatives, including digital transformation and process innovation
Technical Competencies
Key Technical Competencies To Consider
- Knowledge of Indian Custody and Depository Systems:
- Familiarity with NSDL (National Securities Depository Limited) and CDSL (Central Depository Services Limited): Deep understanding of the operations of these depositories and their role in the safekeeping of securities
- Trade Settlement Processes: Knowledge of the settlement cycles (T+0, T+1) and processes for both domestic and international securities in India
- Regulatory Compliance in India:
- SEBI (Securities and Exchange Board of India) Guidelines: Understanding SEBI regulations governing custodians, particularly SEBI Custodian Regulations, including roles and responsibilities of custodians in India
- RBI (Reserve Bank of India) Regulations: Familiarity with regulations around foreign exchange and capital flows, particularly if dealing with foreign institutional investors (FII) or foreign portfolio investors (FPI)
- Clearing and Settlement Systems:
- CCIL (Clearing Corporation of India Limited): Understanding the clearing and settlement processes handled by CCIL, particularly in government securities and currency markets
- Corporate Actions Processing:
- Handling Corporate Actions: Expertise in managing corporate actions such as dividends, stock splits, rights issues, mergers, and takeovers, including both voluntary and mandatory corporate actions
- Reconciliation of Corporate Actions: Ability to reconcile positions and payouts accurately for clients
- Trade Processing and Reconciliation:
- SWIFT Messaging (MT54x, MT56x): Proficiency in using SWIFT messages for securities settlement and reconciliation
- Foreign Exchange Operations:
- Currency Settlement Procedures: Experience handling FX transactions related to cross-border settlements, including knowledge of hedging practices for currency risks
- Regulatory Framework for FX Transactions: Understanding of RBI's regulatory framework for FX management in custody operations
- Risk Management and Audit Requirements:
- Operational Risk Management: Understanding of risk frameworks applicable to custody operations, including internal controls, and mitigation of operational errors
- Regulatory Reporting: Experience in preparing and submitting regulatory reports as per SEBI, RBI, and other local authorities
- Technology and Automation:
- Custody Platforms: Hands-on experience with custody platforms and software such as TCS BaNCS, Finacle
- Knowledge of Global Custody Practices:
- Global Custody vs. Local Custody: Understanding the distinctions between global custody and local custody and how Indian custodians coordinate with global custodians to handle international client accounts
- These technical competencies are essential for ensuring smooth custody operations while maintaining compliance with Indian regulatory standards and safeguarding clients assets
Apply Now
We offer a competitive salary and benefits package and the professional advantages of a dynamic environment that supports your development and recognises your achievements
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Primary Location
India-Maharashtra-Mumbai
Job
Others
Schedule
Regular
Job Type
Full-time
Job Posting
Oct 9, 2024, 12:21:02 AM
