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Institute Of Chartered Accountants Of India, Indraprastha Marg, New Delhi
November, 14th 2019
       ICAI Bhawan, Indraprastha Marg, New Delhi ­ 110 002




                REQUEST FOR PROPOSAL (RFP)


                              FOR


APPOINTMENT OF PORTFOLIO AND INVESTMENT ADVISOR FOR THE
 INVESTMENT OF SURPLUS FUNDS OF INSTITUTE OF CHARTERED
               ACCOUNTANTS OF INDIA (ICAI)




   Issued on: 7th November 2019



   Last Date of Submission of Proposal: 29th November 2019




                               1
          ICAI Bhawan, Indraprastha Marg, New Delhi ­ 110 002


                           TABLE OF CONTENTS

SECTION      Particulars                                        Page
  NO.                                                            No

     I       TENDER NOTICE                                       3-5

    II       INTRODUCTION                                        6-7

    III      ELIGIBILITY CRITERIA                                8

   IV        SCOPE OF THE WORK/ /DUTIES &                       9-10
             RESPONSIBILITIES OF PORTFOLIO AND
             INVESTMENT ADVISOR
    V        INSTRUCTIONS TO APPLICANTS                         11-13

   VI        GENERAL CONDITIONS OF THE CONTRACT                 14-17



   VII       BID EVALUATION PROCESS                             18-19


Annexure-A   COVERING LETTER                                     20

Annexure-B TECHNICAL BID                                        21-24

Annexure-C FINANCIAL BID                                         25




                                    2
                                              SECTION I

------------------------------------------------------------------------------------------------------------
                                  TENDER NOTICE (WEBSITE)
-----------------------------------------------------------------------------------------------------------


ICAI invites proposals from reputed and well experienced Portfolio and
Investment Advisors meeting the eligibility criteria for appointment of Portfolio
and Investment Advisor for the investment of its surplus funds. The last date of
receipt of duly filled in proposal is 29th November 2019. For detailed
information, the interested applicant may refer to ICAI website www.icai.org.


      PLEASE SUBMIT ALL DOCUMENTS IN DUPLICATE / XEROX COPIES


 1.    Name of Assignment              Appointment of Portfolio and Investment Advisor
                                       for the investment of surplus funds of ICAI


 2.    Scope of Work/Duties Please refer Section IV.
       & Responsibilities of
       Portfolio and
       Investment Advisor
 3.    Cost of RFP           Rs. 1000/- plus GST @ 18% (SAC -9985)
       Document and
       Application
       processing Fee (Non-
       Refundable)
 4.    Earnest Money          Rs.100,000/- (Rs. One Lakh Only, interest free,
       Deposit (EMD)          refundable)
                                        In the form of Demand Draft in favour of "Secretary,
                                        The Institute of Chartered Accountants of India"
                                        Payable at Delhi

 5.    Availability of RFP             At ICAI's Website
       Document




                                                     3
6.     Last date, time and     29th November, 2019, up to 5 p.m. addressed to
       address          for
       submission        of    The Joint Secretary, Accounts
       proposals
                               The Institute of Chartered Accountants of India,

                               `ICAI Bhawan', 5th Floor, Research Block

                               A -29, Sector 62, NOIDA,

                               U.P. PIN 201309

7.     Date of opening the The Date shall be communicated through the
       Technical Bid (Cover- website www.icai.org under the link of this tender
       1)                    and the bids would be opened even if applicants
                             are not present.

8.     Date of opening of     After evaluating the technical bids on ICAI's
       Financial bid (Cover ­ Parameters, the Financial bids of successful
       2)                     applicants shall be opened on same or any other
                              date as per discretion of the ICAI as
                              notified/informed even if applicants are not
                              present. The Date shall be communicated through
                              the website www.icai.org
9.     Validity of offer      90 days from last date of submission of bids

10. Submission of bids         Technical and Financial bids should be kept in
                               separate sealed envelopes super scribing
                               `Technical Bid', `Financial Bid' and the two bids
                               be placed again in a single envelope super scribing
                               `Bid for appointment of Portfolio and
                               Investment Advisor for the investment of ICAI
                               surplus funds'.


Note:

     1. The applicant, who has downloaded the RFP documents from ICAI
        website, shall not modify it. In case the same is found to be modified in
        any manner, such bid shall be rejected summarily.

     2. An applicant shall not be allowed to submit more than one Bid. Please note
        that not more than one bid shall be submitted by one applicant having
        business relationship. Under no circumstances, the applicants who have
        business relationship with others shall be allowed to bid as separate


                                         4
   competitors. Any violation of this condition will render the rejection of such
   bids.

3. The prospective applicants are advised to visit ICAI website www.icai.org
   regularly for any corrigendum/ addendum/ amendment.

4. The applicants are requested to carefully study the RFP documents. The
   RFP document has been prepared with due care, however, in case there
   appears to be any discrepancy/ ambiguity, the prospective applicants are
   advised to seek clarification by mailing their queries to ICAI at
   budget@icai.in prior to the deadline for receiving the duly filled in bids.

5. The Bid shall be deemed to have been submitted after careful study and
   examination of this RFP document. The Bid should be precise, complete
   and in the prescribed format as per the requirement of this RFP document.
   Failure to furnish any information or submission of a bid not responsive
   to this RFP will be at the applicants' risk and may result in rejection of
   the bid.

6. Applicant should have valid GST registration number, if applicable, and
   meet all legal requirements.

7. The applicant shall NOT sub-let the work or its coordination to any other
   party/sister-concern without prior written consent from ICAI.

8. ICAI may, for any reason whether at its own initiative or in response to
   the clarification requested by the prospective applicant, issue amendment
   in the form of addendum during the Bidding period and subsequent to
   receiving the bids. Any addendum thus issued shall become part of RFP
   document and applicant shall submit `original' addendum duly signed and
   stamped in token of his acceptance.

   For addendum issued during the Bidding period, applicant shall consider
   the impact in his Bid. For addendum issued subsequent to receiving the
   Bids, applicant shall follow the instructions issued along with addendum
   with regard to submission of impact on quoted price/revised price, if any.

   Any amendment/corrigendum to the RFP document shall be posted on
   the ICAI's Website www.icai.org.

9. The ICAI reserves the right to call for any other details or information from
   any of the applicants.

10.       ICAI reserves all rights to reject any bid at any time, at any stage,
   fully or partly for whole process and/or for particular bidder and also
   reserves all rights at any time to add, alter, modify, change, edit & delete

                                      5
  any condition at any stage and/or vary all or any of these terms and
  conditions or replace fully or partly for whole process and/or for particular
  bidder or vary all or any of these terms and conditions or modify without
  assigning any reasons whatsoever. In this regard, the decision of ICAI
  shall be final and binding on all the participants.

11.     The ICAI shall not be liable for non-receipt of any proposal.

                                 ****************




                                    6
                                   SECTION II


Introduction

The Institute of Chartered Accountants of India (ICAI) is a statutory body
established under the Chartered Accountants Act, 1949 for regulating the
profession of Chartered Accountancy in India. During its over seven decades of
existence, ICAI has achieved recognition as a premier accounting body not only
in the country but also globally, for its contribution in the fields of education,
professional development, maintenance of high accounting, auditing and ethical
standards. ICAI now is the second largest accounting body in the world.


ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai,
Chennai, Kanpur, Kolkata, New Delhi, 18 Decentralised Offices and 163
branches spread all over the country.
In accordance with the provisions of Section 18(2) of the Chartered Accountants
Act, 1949 as amended from time to time, ICAI makes investments of its surplus
funds in any Government security or in any other security approved by the
Central Government.


As per the Investment Policy of the ICAI, the objective, while investing of its
surplus funds, is to ensure (i) safety of funds (ii) assured returns and (iii) funds
are not parked in risky areas and to ensure compliance with the relevant
provisions of the Chartered Accountants Act, 1949 and Guidelines issued by the
Central Government from time to time.


Government Securities are securities issued by Central Government or State
Governments as defined in Section 2 (b) of the Securities Contracts (Regulation)
Act, 1956 without any limit.


Any other security approved by the Central Government with an overall limit of
Rs. 100 Crores are as under:


                                         7
·     Public Sector/Public Financial Institution's Securities (without perpetual
      and non-conversion in equity/debenture clause)
·     Central and State Government Guaranteed Securities
·     Fixed Deposits in Nationalized Banks above 1 year


ICAI is allowed to make investment in Fixed deposits up to a period of one year
with the nationalized banks without any limit.


Accordingly, proposals are invited for the appointment of the Portfolio and
Investment Advisor for investment of funds of ICAI as per the aforesaid
investment policy.


Investment of ICAI PF Trust Fund will be governed in terms of Rule 67 of the
Income Tax Act, 1961.




                        _______________________




                                        8
                                    SECTION III

                              ELIGIBILITY CRITERIA

   The eligibility criteria for selection of Portfolio and Investment Advisor is
   as follows:


1. The applicant should be a body corporate/registered firm and should have
   necessary infrastructure like adequate office space, equipment and the
   manpower to effectively discharge the activities of a Portfolio and Investment
   Advisor.

2. The applicant should be registered with the Securities and Exchange Board of
   India (SEBI).


3. The Chief Executive Officer of the applicant should have professional
   qualifications in finance, law, accountancy or business management from an
   institution recognised by the Government.






4. The applicant should have in its employment a minimum of five persons who
   have at least five years experience as Portfolio and Investment Advisors, stock
   brokers, investment managers, or in areas related to fund management.


5. The applicant should be in existence and rendering services as Portfolio and
   Investment Advisor for a minimum of 10 (Ten) years period. (Supporting
   document be enclosed).

6. The applicant should have minimum average annual total turnover of at least
Rs. 50 Crores (Fifty Crores only), from the portfolio management services only,
during last three financial years. Copies of the P&L Account and Balance Sheet
duly certified by Chartered Accountant must be enclosed with the tender.
7. Portfolio and Investment Advisor should have its head office/ branch office in
   Delhi/NCR.




                                      9
                                   SECTION -IV


SCOPE OF WORK AND DUTIES & RESPONSIBILITIES OF PORTFOLIO AND
                    INVESTMENT ADVISOR


  The Portfolio and Investment Advisor shall advise ICAI in respect of
  Investment of surplus Funds as detailed below:
        General Fund, Earmarked funds or other funds as per the audited
        accounts as on 31.03.2019;
        Chartered Accountants Benevolent Fund,
        Chartered Accountants Students Benevolent Fund,
        S. Vaidyanath Aiyar Memorial Fund,
        PF Trust Fund
  The Duties and Responsibilities of Portfolio and Investment Advisor shall be
  as under:

  1. To advise ICAI on matters relating to investing in, purchasing, selling or
     otherwise dealing in securities or investment products as per the
     provisions of the Section 18(2) of the Chartered Accountants Act, 1949 and
     investment Policy of the ICAI. The role of Portfolio and Investment Advisor
     will be as non-discretionary portfolio and Investment advisor and as such is
     limited to providing advisory services in the best interest of the ICAI,
     however, the ultimate decision to invest in particular securities will be with
     the ICAI.

  2. To ensure that the dedicated Fund manager(s) appointed to manage the
     ICAI Fund having an experience of at least ten (10) years in managing debt
     portfolio for large organisations of repute.

  3. To ensure, to the best possible extent, the Fund Manager(s) appointed to
     manage the ICAI Fund should continue in their role till the completion of
     the assignment. For any reason, if there is a proposed change in the Fund
     Manager(s) appointed to manage the ICAI Fund, the same should have
     approval from ICAI. The new Fund Manager(s) to be appointed to manage
     the ICAI Fund should have relevant experience as stipulated at Clause 2
     above.

  4. ICAI is moving towards digitisation of all areas, the fund manager has to
     get the web-based portal developed and maintained to capture investment
     quotes, make comparative analysis and risk assessment of investments at
     periodical intervals.

                                       10
5. To invest the Fund in accordance with the pattern of investment as
   prescribed by the Ministry of Finance, the guideline issued by the ICAI
   from time to time and the Agreement between the Portfolio and Investment
   Advisor and the ICAI.

6. To take all reasonable steps and exercise due diligence to ensure that the
   investment of the fund is not contrary to the provisions of the specified
   investment pattern laid down by the Ministry of Finance, guidelines issued
   by the ICAI and the Agreement between the Portfolio and Investment
   Advisor and the ICAI.

7. To exercise due diligence and care in all its decisions on investment
   management and operations which is in the best interest of the ICAI.

8. Be responsible for the acts of commissions or omissions by its employees
   or the persons whose services have been procured by the Portfolio and
   Investment Advisor.

9. To provide services on an arm's length basis between their Advisory
   activity and other activities.

10. To give compliance certificate to ICAI for compiling to the Investment
    Policy/Government Guidelines/Income tax Rules/Trust Guidelines on
    quarterly basis for all above funds.

11. To provide their recommendation along with their reasoning and work in
   the best interest of ICAI.




                                   11
                                 SECTION V

                     INSTRUCTIONS TO APPLICANTS

1.    Every page of the RFP document shall be signed by the applicant or by a
      person duly authorized by the applicant.

2.    Prospective applicants, desirous of participating in tender process, may
      submit their queries through email to the Joint Secretary, Accounts
      Section, ICAI Bhawan, Sector 62, Noida, at least 7 days prior to the last
      date of submission of duly filled in Bids at budget@icai.in.

3.    All the terms and conditions for appointment of Portfolio and Investment
      Advisor for the investment of ICAI surplus funds will be those mentioned
      in the RFP document and no change/alterations in the terms and
      conditions by the applicant will be acceptable.

4.    Upon verification, evaluation / assessment, if any information furnished
      by the applicant is found to be false/incorrect, their bid shall be
      summarily rejected and no correspondence on the same shall be
      entertained.

5.    No deviation from terms and conditions will be accepted. Any violation
      thereof will lead to the rejection of the bid.

6.    Applicant shall submit letter of authorisation, authorising the person
      signing the RFP document on behalf of the applicant.

7.    ICAI will not be responsible for any misinterpretation or wrong
      assumption by the applicant, while responding to the tender.

8.    Applicant should take into account the corrigendum published on the
      tender document before submitting the bid.

9.    The applicants should go through the RFP document carefully to
      understand the documents required to be submitted as part of the bid.
      Please note the number of covers in which bid documents have to be
      submitted, number of documents ­ including the name and content of
      each of the document that need to be submitted. Any deviation from
      these may lead to rejection of the bid.

10.   The person signing the Bid document shall sign all changes, alterations,
      corrections in the Bid document in full. No eraser and/or over writing
      without authentications is/are permissible.

11.   The complete bid document along with the documentary evidence should
      be numbered and cross-referenced/linked with RFP Clause Number.

                                     12
12.   The applicant shall submit its Bid in two (2) parts, namely; Part-I will
      have Technical Bid (as enclosed at Annexure-B) and Part-II will have
      Financial Bid (as enclosed at Annexure-C) in separate envelopes.
      Technical Bid and Financial Bid shall be submitted on the Bidder's letter
      head.

13.   Bid submitted shall be in the prescribed format as given in Annexures
      and shall also have the relevant documents including documentary
      evidences.

14.   Applicant must submit the original `Technical' and `Financial Bid' in
      separate sealed envelopes and put again in a sealed envelope,
      superscribed "Bid for appointment of Portfolio and Investment
      Advisor for the investment of surplus funds of ICAI".

15.   The Bids completed in all respects as specified in this RFP shall be
      sent/submitted by Hand/Post/Courier to : ­

           The Joint Secretary, Accounts
           The Institute of Chartered Accountants of India,
           `ICAI Bhawan', 5th Floor, Research Block
           A -29, Sector 62, NOIDA,
           U.P. PIN 201309

16.   The Bids shall be valid for a period of 90 days from the last date of
      submission of the Bid.

17.   Last Date &Time of submission of Bid: 29th November, 2019 up to 5 p.m.

18.   The complete bid document should be submitted before due date and
      time as given at Clause 17 above. Bid received after the stated time and
      date would not be considered and is liable for rejection.


19.   The ICAI reserves the right to accept or reject any/all the bid(s) including
      the lowest bid without assigning any reason and no correspondence in
      this regard shall be entertained. The ICAI takes no responsibility for
      delay, loss, or non-receipt of response to this RFP.

20.   The applicant shall carefully examine and understand the
      requirements/conditions of RFP and seek written clarifications, if
      required,   to   ensure     that they  have    understood      all
      requirements/conditions of RFP.




                                       13
21.     The applicant should have capability/infrastructure to provide the
        services as described in the RFP document. The applicant shall authorize
        a representative for interacting with the ICAI during evaluation of the Bid.

22.     The successful applicant shall be required to enter into an agreement
        with the ICAI, within fifteen (15) days of the issue of Letter of Intent or
        within such extended period, as may be specified by the ICAI in this
        regard.

23.     Submission of illegible documents shall lead to disqualification of the
        bidder.


24.     Date & Time of opening of Technical Bid and Financial Bid shall be
        communicated through website www.icai.org

25.     The bid must be accompanied with Cost of RFP Document (Non-
        refundable) and EMD (refundable) for the amount indicated in the Notice
        Inviting Tender in the form of Demand Draft drawn on any
        Nationalized/Scheduled Bank in favour of "The Secretary, The Institute of
        Chartered Accountants of India", payable at Delhi. Tenders not
        accompanied with said fee and EMD shall be summarily rejected. EMD
        of the successful bidder shall be converted into Security Deposit and will
        be kept for entire period of the contract. EMD/Security Deposit is liable
        to be forfeited in case:
      a) The bidder withdraws its/his offer during the period of tender validity
          (The offer shall be valid for a period of 90 days from the last date of
          submission of Bid).
      b) The successful bidder refuses/fails to execute the Agreement.
       c) The successful bidder fails to honour the contract or refuses to comply
       with any or all terms and conditions of the tender.
       d) The EMD of unsuccessful bidder shall be returned only after finalization
       of the tender process. No interest shall be paid on the amount of Earnest
       Money /Security Deposit.


26.     No enquiry shall be made by the applicant (s) during the course of
        evaluation of the tender, after opening of bid, till final decision is
        conveyed to the successful applicant (s). However ICAI can make any
        enquiry / seek clarification from the applicant (s), which the applicant
        must furnish within the stipulated time else bid of such defaulting
        applicant will be rejected.




                                         14
                                   SECTION ­VI
                         General Conditions of the Contract

1. Application
These general conditions shall apply to the extent that provisions in other parts
of the RFP do not supersede them. For interpretation of any clause in the RFP
or Contract, the interpretation/clarification of the ICAI shall be final and
binding on the Bidder.

2. RFP Clarifications
During technical evaluation of the bids, ICAI may, at its sole discretion, ask
Bidders for clarifications on their bids. Any word used in singular shall have
the connotation of plural as well.

3. Amendments in RFP
At any time prior to deadline for submission of bid, ICAI may for any reason,
modify the RFP. The Bidders having received the RFP shall be notified of the
amendments by posting the same at ICAI's Website www.icai.org and such
amendments shall be binding on them.

4. Partnership /Company

If the Bidder is a Partnership Firm/Company/LLP, the full details of the
composition of the organization in detail should be submitted along with copy
of the Articles of Association /MOA/Partnership Deed/Power of Attorney/any
other relevant document as the Case may be.

5.   Disqualifications

The ICAI may at its sole discretion and at any time during the evaluation of
Bid, disqualify any bidder, if the bidder has Submitted the Bid documents after
the response deadline; Made misleading or false representations in the forms,
statements and attachments submitted in proof of the eligibility requirements;
Exhibited a record of poor performance such as abandoning works, not
properly completing the contractual obligations, inordinately delaying
completion or financial failures, etc. in any project in the preceding three years;
submitted bid that is not accompanied by required documentation or is non-
responsive; Failed to provide clarifications related thereto, when sought;
Submitted more than one Bid; Declared ineligible by the Government of India
or any other body for corrupt and fraudulent practices or blacklisted; or
modified the terms and conditions of RFP.




                                       15
6. Preparation of Bid
    The Bidder shall comply with the following related information during
preparation of the Bid:

     The Bid and all associated correspondence shall be written in English and
shall conform to prescribed formats.

     Any interlineations, erasures or over writings shall be valid only if they
are initialled by the authorized person signing the Bid.

     The Bid shall be typed or written in indelible ink and shall be signed by
the Bidder or duly authorized person(s) to bind the Bidder to the contract. The
letter of authorization shall accompany the Bid.

   Bidders are not permitted to modify, substitute, or withdraw bids after its
submission.

7. Submission, Receipts and Opening of Bids

Technical and financial bids must be submitted in sealed envelopes. Bids from
Bidders, complete in all respects must be received by the ICAI at the address
and by the date specified in the RFP. The bids shall be opened on the specified
date & time at the designated venue.

8.    Award of Work

Acceptance of tender shall be intimated to the successful tenderer through a
Letter of intent (LOI) duly signed by the authorized signatory of the ICAI. The
successful tenderer is required to execute the agreement on a non-judicial
stamp paper within the time specified in the LOI.

9. Professional Fee for providing Advisory services

In consideration of the services provided herein by the Portfolio and Investment
Advisor to ICAI, ICAI will not pay any fee to the Portfolio and Investment
Advisor. However, the Portfolio and Investment Advisor needs to share
percentage of Brokerage/Incentive as may be received by Portfolio and
Investment Advisor on advisory services with the ICAI.

10.   Term of Engagement

The term of engagement of Portfolio and Investment Advisor will be for a period
of one year and extendable/ renewable for another one year subject to
satisfactory performance in handling scope of work given herein.

                                     16
11.   Termination

Either party may terminate the contract in whole or in part by giving thirty (30)
days prior notice in writing to the other party without assigning any reason.

Notwithstanding anything contained herein above, ICAI may terminate the
Contract forthwith in the event of unsatisfactory services by the Portfolio and
Investment Advisor.

Upon termination/ non-renewal, as the case may be, the Portfolio and
Investment Advisor shall return the brief(s) allocated to it to ICAI along-with all
documents/ records connected thereto with no objection certificate.

12. Right to Accept Bid


With regard to the RFP, the ICAI has the following rights:
a)  Accept or reject any of the proposals, without assigning any reasons
thereof.
b) Ask for re-submission.
c)  Request clarification from bidders.
d) to accept any Bid in whole or in part

13. Conflict of Interest

ICAI requires that Portfolio and Investment Advisor should provide
professional, objective, and impartial advice and at all times hold the ICAI's
interests paramount, strictly avoid conflicts with other assignments/jobs or
their own corporate interests.

14. Confidentiality
14.1 Confidential Information means any information or data, in any form or
storage medium whatsoever, of any nature in relation to ICAI that may be
provided by ICAI to the Portfolio and Investment Advisor on confidential basis
in terms of the Contract.

14.2 The Portfolio and Investment Advisor shall, at all times, during the
continuance of this contract or otherwise (i) keep all Confidential Information
confidential and accordingly shall not disclose any such Confidential
Information to any third party under any circumstances; (ii) not use or cause
the use of any Confidential Information for any purpose whatsoever other than
that contemplated under this contract; (iii) take all care to ensure that all
persons including the officials as well as employee(s) of the Portfolio and
Investment Advisor who handle the Confidential Information keep(s) the same
                                       17
confidential and not use the same except for the purposes for which it is meant
for.

14.3 The obligations of the Portfolio and Investment Advisor under this clause
shall survive the termination of the Contract.

15. Standards of Performance
The selected Portfolio and Investment Advisor shall perform and carry out their
obligations under the Contract with due diligence and efficiently. The Portfolio
and Investment Advisor shall always act in respect of any matter relating to
this contract as faithful advisor to the ICAI. The Portfolio and Investment
Advisor shall always support and safeguard the legitimate interests of the ICAI
in any dealings with the third party. The Portfolio and Investment Advisor shall
conform to the standards laid down in RFP in totality.

 16.       Intellectual Property Rights

All rights, title and interest of ICAI in and to the trade names, trademark,
service marks, logos, products, copy rights and other intellectual property
rights shall remain the exclusive property of ICAI and Portfolio and Investment
Advisor shall not be entitled to use the same without the express prior written
consent of ICAI. Notwithstanding, anything contained in Contract, this clause
shall survive indefinitely, even after termination of this Contract.

17. Indemnity

The selected Portfolio and Investment Advisor shall indemnify and keep
indemnified, save harmless and defend ICAI from and against any loss,
damage, claim, action, proceedings, costs, charges and expenses that may be
suffered or incurred by ICAI on account of any breach or violation of any
applicable law, statute, rule, regulation, directive or guidelines and for
infringement of any trademark or copyright of any person by the Portfolio and
Investment Advisor or any of its Directors/Associates/employees or agents in
relation to this contract and attributable to the Portfolio and Investment
Advisor.

18. Assignments

The Portfolio and Investment Advisor shall not assign the work to any other
Agency/individual, in whole or in part, to perform its obligation under the
Contract, without the ICAI's prior written consent.

19. Resolution of Disputes
In case of any dispute or difference arising out of or in connection with any of
the terms and conditions of RFP Document or meaning or interpretation of the

                                      18
 contract arising thereunder, in the first instance, the parties shall try to resolve
 the dispute amicably, failing which the dispute shall be referred to the sole
 arbitrator to be appointed mutually by the parties. The Arbitration and
 Conciliation Act, 1996 and any statutory modification or re-enactment thereof,
 shall apply to these arbitration proceedings. Arbitration proceedings shall be
 held at Delhi and the language of the arbitration proceeding and that of all
 documents and communications between the parties shall be in English. The
 decision of the arbitrator shall be final and binding upon both the parties. All
 arbitral awards shall be in writing and shall state the reasons therefor. The
 expenses of the arbitration as determined by the arbitrator shall be shared
 equally by the parties.

20.    Jurisdiction
 Subject to the arbitration clause herein contained, all disputes between the
 parties pertaining to this contract shall be subject to the jurisdiction of the
 competent Courts at Delhi only.

21.    Taxes and Duties

The Bidder(s) shall fully familiarize themselves about the applicable taxes such
as GST, on amount payable by ICAI under the contract. The Portfolio and
Investment Advisor shall pay such tax, duties, fees and other impositions
(wherever applicable) levied under the applicable law.

22.   Service of Notices

All notices and other communications required or permitted to be given under
Contract shall be in writing and shall be delivered or sent by personal delivery,
electronic mail, facsimile transmission or registered or certified mail (return
receipt requested) postage prepaid to the relevant Party addressed as herein
below or as may from time to time be notified in writing by such Party to the
other no less than 15 days' in advance. The notices and communications sent
in such manner shall, unless the contrary is proven, be deemed to have been
duly received on the date of personal delivery, two business days following
delivery upon confirmation of transmission by the sender's facsimile machine
or electronic mail device or ten business days following mailing by registered
or certified mail (return receipt requested postage prepaid).

23. Penalty

The Portfolio and Investment Advisor will adhere to the timelines specified herein
with satisfactory completion of the assignment failing which the Portfolio and
Investment Advisor will be liable to pay to ICAI a penalty which shall not exceed
the total remuneration paid/to be paid to the Portfolio and Investment Advisor.

                                        19
                                     SECTION ­VII

                         BID EVALUATION PROCESS
Evaluation Process

Response to this RFP would be evaluated in two phases. Initially technical bids
will be opened and evaluated. Those bidders who satisfy the technical
requirements of the work, as per the requirements/specifications and the terms
and conditions of this RFP, shall be short-listed. Financial bids shall be opened
only for the short-listed bidders who have qualified in the technical bid.

Technical Evaluation
The bids will be technically evaluated on various components. Each response to
the RFP from each bidder will be judged on its own merit. Evaluation of Technical
proposal would be on the following technical parameters carrying total 100
marks and each technical parameter has been assigned maximum score as given
in the table below:

     S.No. Parameter       Supporting                  Max   Criteria
                           Documents                   Marks
     1.     Experience     Copy         of       the   20     Years     Marks
            of Portfolio   Registration Certificate           5-6       4
            and            (the      first     such           >6-8      8
            Investment     certificate as well as             >8-10     12
            Advisor   in   the      most      recent          >10-12    16
            providing      renewal certificate) of            >12       20
            Advisory       the     Portfolio    and
            services (in   Investment        Advisor
            years)         with RBI or SEBI, and
                           with SEBI to carry
                           portfolio management
                           service (PMS) activity.
     2.     Assets         Certificate         20 by          Amount    Marks
            Under          Practicing      Chartered          1000      5
            Management     Accountant of Total                >1000-    10
            (Rs crore)     Assets             under           2000
            (Average       Management.                        >2000-    15
            AUM in the                                        3000
            last    three                                     >3000     20
            financial
            years)
     3.     Net worth of Certificate        by 15             Amount Marks
            the           Practicing Chartered                50     3
                          Accountant  of   Net

                                       20
           organization   worth     along   with          >50-      6
           (Rs crore)     financial statement of          100
                          last three years.               >100-     9
                                                          200
                                                          >200-     12
                                                          500
                                                          >500      15







     4.   No. of trust Copy of mandate letters 20       For each such
          of    Central from different trust            trust 2 marks will
          PSU/Autono                                    be provided.
          mous
          Bodies/Stat
          e PSU for
          which
          investment
          advisory
          services are
          provided
     5.   Assets        Certificate by Practicing 20    (Rs crore)
          under         Chartered Accountant of          <250      4
          investment    assets under management          >250-     8
          Advisory      of retirement benefit trust      500
          services                                       >500-     12
          from                                           1000
          PSU/Autono                                     >1000 16
          mous                                           -1500
          Bodies/                                        >1500 20
          State PSU as
          mentioned
          in point 4
     6.   Head office/ Address of the Office        5   Office in Delhi/
          Branch                                        NCR Head Office-
          Office     in                                 5 marks Branch
          Delhi      or                                 office-3 marks
          NCR
Bidders scoring more than or equal to 70% will qualify for Financial Bid
opening.
Evaluation of Financial Bids

     a) Financial bids of only the Bidders who have cleared the technical
        evaluation benchmark will be opened and evaluated.
     b) Arithmetic errors in the Bids submitted shall be treated as follows:
        Where there is a discrepancy between the amounts in figures and in
        words, the amount in words shall govern.
                                    21
                                                      Annexure-A
           COVERING LETTER (ON THE BIDDER'S LETTER HEAD)
                                                      Date:
 To,
The _______________
 _______________

Dear Madam/Sir,
   SUB: BID FOR APPOINTMENT OF PORTFOLIO AND INVESTMENT
ADVISOR FOR THE INVESTMENT OF SURPLUS FUNDS OF INSTITUTE OF
            CHARTERED ACCOUNTANTS OF INDIA (ICAI)

Having examined the RFP document, I/we, M/s___________, offer our proposals
for the subject works and are in full conformity with the said RFP. I declare that
all the provisions of this RPF are acceptable to my organisation. I further certify
that I am an authorized signatory of my organisation and am, therefore,
competent to make this declaration. I/We further declare that additional
conditions, variations, deviations, if any, found in our bid, shall not be given
effect to.
I/We agree to abide by the terms and conditions of this Bid, including this letter,
the Technical and Financial Bid, the duly notarized written power of attorney,
and all attachments and it shall remain binding upon me/us and may be
accepted by you at any time before the expiry of the validity period.

I/We confirm having enclosed the following demand draft: -

 (i) Cost of RFP Document of Rs. ____________/-(Rupees_________ only) by
Demand Draft Number ............dated............drawn on...........................
Bank.................Branch.

(ii) Earnest Money Deposit of Rs. _______/- (Rupees ______________ only) by
Demand Draft no ............ dated ............ drawn on ........................... Bank
..........................Branch attached hereto.

I/We hereby declare that all the information and statements made in this bid
are true and any misleading/false information contained in it may lead to our
disqualification.
We understand that you reserve the right to accept or reject any bid.
Dated this [date / month / year]
Authorized Signatory (in full and initials):
Name and title of signatory:
Duly authorized to sign this Bid for and on behalf of [Name of Bidder]
                                          22
Name of    Bidder:
Address:

 Note: This will be enclosed in original along with both Technical & Financial
 Bid.




                                     23
     Annexure- B




24
TECHNICAL BID (On the Letterhead of the Bidder)Details of the
Bidder
  1    Name of the Company/Firm:


 2      Address of the company (Please Enclose
        Proof):


 3      Contact details (Telephone/email/Fax):


 4      Date      of   incorporation/registration
        (Please. Enclose Proof, if applicable):


 5      Date of commencement of business
        (Please Enclose Proof, if applicable):


 6
        Net worth of the company ((Please
        Enclose Proof, If applicable):


 7      Name(s) of the directors/partners:


 8      Names of the major Clients:


 9      Details of similar assignments handled
        in the past (Please Enclose Proof):


 10     Current related assignments on hand
        (Please. Enclose Proof):


 11     Details of turnover for the past 3 years
        (Please. Enclose Proof):




                                   25
  12       Attach    copies    of   audited     annual
           accounts for the past 3 years


  13       No. of persons in employment who have at
           least five years experience as Portfolio and
           Investment Advisors, stock brokers,
           investment advisors, or in areas related to
           fund management
  16       Persons authorized by the company to
           execute documents on its behalf, with
           ICAI


  17       PAN (PleaseEnclose Proof):


  18       GSTN, if applicable (Please Enclose
           Proof, if Applicable):


  19    Whether having necessary infrastructure like
        adequate office space, equipment and the
        manpower to effectively discharge the activities
        of a Portfolio and Investment Advisor.
  20    No. of years of experience as Portfolio and
        Investment Advisor

The Bidder shall, inter alia, enclose the following supporting documents.

 S.No. Criteria                           Supporting Documents
  1.   The       Portfolio      and       Copy of the relevant        Registration
       Investment Advisor must be         Certificate
       incorporated as a Company
       or Financial Institution
  2.   The       Portfolio      and       Copy of the Registration Certificate (the
       Investment Advisor must            first such certificate as well as the most
       have at least Ten (10) years       recent renewal certificate) of the
       of experience in fixed             Portfolio and Investment Advisor with
       income fund management             RBI or SEBI, and with SEBI to carry
       as on the last of submission       portfolio management service (PMS)
       of Bid; and Assets under           activity.
       management (AUM) under
       debt funds as on 31 March,

                                     26
     2019, must not be less than
     Rs. 1000 Crore.
3.   The       Portfolio      and     An affidavit by the Chief Executive
     Investment        Advisor/its    Officer or Managing Director or
     subsidiaries/its      holding    equivalent of the Portfolio and
     company/its         associate    Investment Advisor and duly notarized
     companies should not have        by a public notary, confirming that the
     been barred or suspended         Portfolio and Investment Advisor/its
     by    any     regulator    or    subsidiaries/its holding company/its
     government authority or          associate companies have not been
     court of law in India from       barred or suspended by any regulator
     carrying out capital market      or government authority or court of law
     related activities.              in India from carrying out capital
                                      market related activities.
4.   The       Portfolio       and    An affidavit by the Chief Executive
     Investment        Advisor/its    Officer or Managing Director or
     subsidiaries/its      holding    equivalent of the Portfolio and
     company/its         associate    Investment Advisor and duly notarized
     companies are not in             by a public notary, confirming that the
     violation of any applicable      Portfolio and Investment Advisor/its
     law or judgment by any           subsidiaries/its holding company/its
     court of law or government       associate companies are not in
     authority in India which         violation of any applicable law or
     violations, individually or in   judgment by any court of law or
     the aggregate, would affect      government authority in India which
     their performance of any         violations, individually or in the
     obligations     under     this   aggregate,      would      affect    their
     assignment.                      performance of any obligations under
                                      this assignment.
5.   There are no legal or            An affidavit by the Chief Executive
     arbitration proceedings or       Officer or Managing Director or
     any proceedings by or            equivalent of the Portfolio and
     before any government or         Investment Advisor and duly notarized
     regulatory authority or          by a public notary, confirming that
     agency, now pending or (to       there are no legal or arbitration
     the best knowledge of the        proceedings or any proceedings by or
     Portfolio and Investment         before any government or regulatory
     Advisor) threatened against      authority or agency, now pending or (to
     the       Portfolio      and     the best knowledge of the Portfolio and
     Investment        Advisor/its    Investment Advisor) threatened against
     subsidiaries/its      holding    the     Portfolio     and      Investment
     company/its         associate    Advisor/its subsidiaries/its holding
     companies       which,      if   company/its       associate     companies
     adversely        determined,     which, if adversely determined, could
     could     reasonably       be    reasonably be expected to have a
     expected to have a material      material adverse effect on its ability to

                                 27
      adverse effect on the          perform the obligations under this
      Portfolio and Investment       assignment.
      Advisor's ability to perform
      the obligations under this
      assignment.
6.   The Directors and key           An undertaking from the Chief
     personnel of the Portfolio      executive Officer or Managing Director
     and Investment Advisor          or equivalent official of the Portfolio and
     shall be persons with           Investment Advisor certifying that the
     adequate         professional   Directors and key personnel of the
     experience in the financial     Portfolio and Investment Advisor are
     services industry and not       persons with adequate professional
     found guilty of moral           experience in the financial services
     turpitude or convicted of       industry and not found guilty of moral
     any economic offence or         turpitude or convicted of any economic
     violation or any financial      offence or violation of any financial
     sector laws.                    sector laws.
7.   The       Portfolio      and    An Undertaking from the Chief
     Investment Advisor shall        Executive Officer or Managing Director
     forthwith inform the ICAI of    or equivalent official of the Portfolio and
     any material change in the      Investment Advisor certifying that the
     information or particulars      Portfolio and Investment Advisor shall
     previously furnished, which     forthwith inform the ICAI of any
     have a bearing on the           material change in the information or
     appointment, if granted.        particulars previously furnished, which
                                     have a bearing on the appointment, if
                                     granted.
8.   The       Portfolio     and     An Undertaking from the Chief
     Investment Advisor shall        Executive Officer or Managing Director
     undertake to comply with all    or equivalent official of the Portfolio and
     the extant ICAI guidelines/     Investment Advisor certifying that the
     directions.                     Portfolio and Investment Advisor shall
                                     comply with all the extant ICAI
                                     guidelines/ directions.
 Declaration
 We hereby declare that the above information furnished is true to the
 best of our knowledge and information and if it is discovered at a later
 date that any or all of the above information is incorrect, we shall be
 disqualified and that if the assignment is already awarded, ICAI shall be
 within its rights to cancel the contract forthwith without assigning any
 reasons whatsoever.
 Yours faithfully,




                                28
(Signature of the Bidder)
Name


Designation
Seal
Date:
Firm Address:




                            29
                                                                   Annexure-C
                               FINANCIAL BID
                          (On the Letterhead of the Bidder)

The Bidder is required to submit its bid in the following format. The
remuneration fee shall be quoted in percentage.

Fee quoted by Bidder: ­

 Sr.     Description of Work                          %      of    share    of
 No.                                                  Brokerage/Incentive as
                                                      may be received by
                                                      Portfolio and Investment
                                                      Advisor on advisory
                                                      services that will be
                                                      shared with ICAI
 1.      To advise ICAI for investment of its funds
         as per its investment policy




Name:
Date:
Sign:
Address with Phone No and E Mail ID:
Stamp:




                                     30

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