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
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SECTION I
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TENDER NOTICE (WEBSITE)
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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
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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.
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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:
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· 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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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]
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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):
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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:
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