ICAI Bhawan, Indraprastha Marg, New Delhi 110 002
ADDENDUM TO
REQUEST FOR PROPOSAL (RFP)
FOR
APPOINTMENT OF PORTFOLIO ADVISOR FOR THE INVESTMENT OF
SURPLUS FUNDS OF INSTITUTE OF CHARTERED ACCOUNTANTS OF
INDIA (ICAI)
1. The last date of submission of the applications have been extended to
June 10, 2018.
2. The last date of submission of the Pre-bid queries has been extended to
May 31, 2018.
3. Page no. 8, Section III (Eligibility Criteria), Point no. 7, "duly certified by
Chartered Accountant must be enclosed with the tender" shall be
considered in continuation to criteria mentioned in point no. 6.
4. Page no. 8, Section III (Eligibility Criteria), Point no. 6, the Turnover be
considered as total Turnover of the company from all services.
1
ICAI Bhawan, Indraprastha Marg, New Delhi 110 002
REQUEST FOR PROPOSAL (RFP)
FOR
APPOINTMENT OF PORTFOLIO ADVISOR FOR THE INVESTMENT OF
SURPLUS FUNDS OF INSTITUTE OF CHARTERED ACCOUNTANTS OF
INDIA (ICAI)
Issued on: May 3, 2018
Last Date of Submission of Proposal: May 23, 2018
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 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 Managers
meeting the eligibility criteria for appointment of Portfolio Advisor for the
investment of its surplus funds. The last date of receipt of duly filled in
proposal is May 23, 2018. 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 Advisor for the
investment of surplus funds of ICAI
2. Scope of Work/Duties Please refer Section IV.
& Responsibilities of
Portfolio Advisor
3. Cost of RFP Document Rs. 1000/- plus GST @ 18% (SAC -9985)
and Application
processing Fee (Non-
Refundable)
4. Availability of RFP At ICAI's Website
Document
5. Last date, time and May 23, 2018, 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
3
6. 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.
7. 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
8. Validity of offer 120 days from last date of submission of bids
9. 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 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 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.
4
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
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.
****************
5
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 six 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:
6
· 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 Advisor
for investment of funds of ICAI as per the aforesaid investment policy.
_______________________
7
SECTION III
ELIGIBILITY CRITERIA
The eligibility criteria for selection of Portfolio Advisor is as follows:
1. The applicant should be a body corporate and should have necessary
infrastructure like adequate office space, equipment and the manpower to
effectively discharge the activities of a portfolio manager.
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 managers, stock brokers,
investment managers, or in areas related to fund management.
5. The applicant should be in existence and rendering services as Portfolio
Manager for a minimum of 10 (Ten) years period. (Supporting document be
enclosed).
6. The applicant should have minimum average annual 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
7. duly certified by Chartered Accountant must be enclosed with the tender.
Preference will be given to Portfolio Advisor headquartered in
Delhi/NCR.
8
SECTION -IV
SCOPE OF WORK AND DUTIES & RESPONSIBILITIES OF PORTFOLIO
ADVISOR
The Portfolio Advisor shall advise ICAI in respect of Investment of the ICAI
Fund which includes General Fund and Earmarked funds, Chartered
Accountants Benevolent Fund, Chartered Accountants Students Benevolent
Fund, S. Vaidyanath Aiyer Memorial Fund, PF Trust Fund. The total corpus
of the ICAI is around Rs. 1000 Crores in a year. Investment of ICAI PF Trust
Fund will be governed in terms of Rule 67 of the Income Tax Act, 1961.
The Duties and Responsibilities of Portfolio Manager 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 Advisor will be as
non-discretionary portfolio manager 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 five (5) years in managing
debt portfolio.
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
be intimated to the ICAI immediately. The new Fund Manager(s) to be
appointed to manage the ICAI Fund should have relevant experience as
stipulated at Clause 2 above.
4. 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 Advisor and
the ICAI.
5. 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
9
investment pattern laid down by the Ministry of Finance, guidelines
issued by the ICAI and the Agreement between the portfolio Advisor and
the ICAI.
6. To exercise due diligence and care in all its decisions on investment
management and operations which is in the best interest of the ICAI.
7. Be responsible for the acts of commissions or omissions by its employees
or the persons whose services have been procured by the Portfolio
Advisor.
8. To provide services on an arm's length basis between their Advisory
activity and other activities.
9. To provide their recommendation along with their reasoning and work in
the best interest of ICAI.
10
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 10 days prior to the
last date of submission of duly filled in Bids at budget@icai.in or at
accounts@icai.in.
3. All the terms and conditions for appointment of Portfolio 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
11. The complete bid document along with the documentary evidence
should be numbered and cross-referenced/linked with RFP Clause
Number.
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 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 120 days from the closing date for
submission of the Bid.
17. Last Date &Time of submission of Bid: May 23, 2018 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
12
required, to ensure that they have understood all
requirements/conditions of RFP.
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 and
processing Fee (Non-refundable) for the amount indicated in the Notice
Inviting Tender in the form of a 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 shall be summarily rejected.
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.
13
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. 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.
5. 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.
14
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.
6. Submission
Technical & Financial bids must be submitted in separate sealed envelopes.
7. Deadline for submission of Bids
Bids from Bidders, complete in all respects must be received by the ICAI at
the address and by the date specified in the RFP.
8. Professional Fee for providing Advisory services
In consideration of the services provided herein by the Portfolio Advisor to
ICAI, ICAI will not pay any fee to the Portfolio Advisor. However, the Portfolio
Advisor needs to share percentage of Brokerage/Incentive as may be received
by Portfolio Advisor on advisory services with the ICAI.
9. Term of Engagement
The term of engagement of Portfolio 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 and with Management
approval of ICAI.
10. 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
Advisor.
Upon termination/ non-renewal, as the case may be, the Portfolio Advisor
shall return the brief(s) allocated to it to ICAI along-with all documents/
records connected thereto with no objection certificate.
15
11. 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
12. Conflict of Interest
ICAI requires that Portfolio 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.
13. Confidentiality
13.1 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 Advisor on confidential basis in terms of the
Contract.
13.2 The Portfolio 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 Advisor who
handle the Confidential Information keep(s) the same confidential and not use
the same except for the purposes for which it is meant for.
13.3 The obligations of the Portfolio Advisor under this clause shall survive
the termination of the Contract.
14. Standards of Performance
The selected Portfolio Advisor shall perform and carry out their obligations
under the Contract with due diligence and efficiently. The Portfolio Advisor
shall always act in respect of any matter relating to this contract as faithful
advisor to the ICAI. The Portfolio Advisor shall always support and safeguard
the legitimate interests of the ICAI in any dealings with the third party. The
Portfolio Advisor shall conform to the standards laid down in RFP in totality.
16
15. 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 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.
16. Indemnity
The selected Portfolio 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 Advisor or any of its
Directors/Associates/employees or agents in relation to this contract and
attributable to the Portfolio Advisor.
17. Assignments
The Portfolio 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.
18. 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 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.
19. 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.
17
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 Documents Max Criteria
Marks
1. Experience Copy of the Registration 20 Years Marks
of Portfolio Certificate (the first such 5-6 4
Advisor in certificate as well as the 6-8 8
providing most recent renewal 8-10 12
Advisory certificate) of the 10-12 16
services (in Portfolio Advisor with >12 20
years) RBI or SEBI, and with
SEBI to carry portfolio
management service
(PMS) activity.
2. Assets Certificate by Practicing 20 Amount Marks
Under Chartered Accountant of 1000 5
Management Total Assets under 1000- 10
(Rs crore) Management. 2000
2000- 15
3000
>3000 20
3. Net worth of Certificate by Practicing 15 Amount Marks
the Chartered Accountant of 50 3
organization Net worth along with 50-100 6
(Rs crore) financial statement of 100- 9
last three years. 200
200- 12
500
>500 15
18
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 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 80% 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.
19
Annexure-A
COVERING LETTER (ON THE BIDDER'S LETTER HEAD)
Date:
To,
The _______________
_______________
Dear Madam/Sir,
SUB: BID FOR APPOINTMENT OF PORTFOLIO 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: -
Cost of RFP Document and Application processing Fee of Rs. ____________/-
(Rupees only) by Demand Draft Number ............dated............drawn
on........................... Bank.................Branch.
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]
Name of Bidder:
Address:
Note: This will be enclosed in original along with both Technical & Financial
Bid.
20
Annexure- B
TECHNICAL BID (On the Letterhead of the Bidder)
Details of the Bidder
1 Name of the Company:
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:
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):
12 Attach copies of audited annual
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accounts for the past 3 years
13 No. of persons in employment who have at
least five years experience as portfolio
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 Number (PleaseEnclose Proof):
18 GST Number, 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 advisor.
20 No. of years experience as Portfolio Advisor
The Bidder shall, inter alia, enclose the following supporting
documents.
S.No. Criteria Supporting Documents
1. The Portfolio Advisor must Copy of the relevant Registration
be incorporated as a Certificate
Company or Financial
Institution
2. The Portfolio Advisormust Copy of the Registration Certificate
have at least Ten(10) years (the first such certificate as well as the
of experience in fixed most recent renewal certificate) of the
income fund management Portfolio Advisor with RBI or SEBI,
as on the last of and with SEBI to carry portfolio
submission of Bid; and management service (PMS) activity.
Assets under management
(AUM) under debt funds as
on 31 March, 2018, must
not be less than Rs. 1000
Crore.
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3. The Portfolio Advisor/its An affidavit by the Chief Executive
subsidiaries/its holding Officer or Managing Director or
company/its associate equivalent of the Portfolio Advisor and
companies should not have duly notarized by a public notary,
been barred or suspended confirming that the Portfolio
by any regulator or Advisor/its subsidiaries/its holding
government authority or company/its associate companies
court of law in India from have not been barred or suspended by
carrying out capital market any regulator or government authority
related activities. or court of law in India from carrying
out capital market related activities.
4. The portfolio Advisor/its An affidavit by the Chief Executive
subsidiaries/its holding Officer or Managing Director or
company/its associate equivalent of the Portfolio Advisor and
companies are not in duly notarized by a public notary,
violation of any applicable confirming that the Portfolio
law or judgment by any Advisor/its subsidiaries/its holding
court of law or government company/its associate companies are
authority in India which not in violation of any applicable law
violations, individually or or judgment by any court of law or
in the aggregate, would government authority in India which
affect their performance of violations, individually or in the
any 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 Advisor and
before any government or duly notarized by a public notary,
regulatory authority or confirming that there are no legal or
agency, now pending or (to arbitration proceedings or any
the best knowledge of the proceedings by or before any
Portfolio Advisor) government or regulatory authority or
threatened against the agency, now pending or (to the best
Portfolio Advisor/its knowledge of the Portfolio Manager)
subsidiaries/its holding threatened against the Portfolio
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
adverse effect on the perform the obligations under this
Portfolio Advisor's ability to assignment.
perform the obligations
under this assignment.
6. The Directors and key An undertaking from the Chief
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personnel of the Portfolio executive Officer or Managing Director
Advisor shall be persons or equivalent official of the Portfolio
with adequate professional Advisor certifying that the Directors
experience in the financial and key personnel of the Portfolio
services industry and not Advisor are persons with adequate
found guilty of moral professional experience in the financial
turpitude or convicted of services industry and not found guilty
any economic offence or of moral turpitude or convicted of any
violation or any financial economic offence or violation of any
sector laws. financial sector laws.
7. The Portfolio Advisor shall An Undertaking from the Chief
forthwith inform the ICAI of Executive Officer or Managing Director
any material change in the or equivalent official of the Portfolio
information or particulars Advisor certifying that the Portfolio
previously furnished, which Advisor shall forthwith inform the ICAI
have a bearing on the of any material change in the
appointment, if granted. information or particulars previously
furnished, which have a bearing on the
appointment, if granted.
8. The Portfolio Advisor shall An Undertaking from the Chief
undertake to comply with Executive Officer or Managing Director
all the extant ICAI or equivalent official of the Portfolio
guidelines/ directions. Advisor certifying that the Portfolio
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,
(Signature of the Bidder)
Name
Designation
Seal
Date:
Firm Address:
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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 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:
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