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Institute Of Chartered Accountants Of India, New Delhi
June, 08th 2018
          ICAI Bhawan, Indraprastha Marg, New Delhi ­ 110 002

                              ADDENDUM TO

                    REQUEST FOR PROPOSAL (RFP)


                       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.

       ICAI Bhawan, Indraprastha Marg, New Delhi ­ 110 002

                REQUEST FOR PROPOSAL (RFP)


                       INDIA (ICAI)

   Issued on: May 3, 2018

   Last Date of Submission of Proposal: May 23, 2018

          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
    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

                                              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


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-
4.    Availability of RFP   At ICAI's Website

5.    Last date, time and              May 23, 2018, up to 5 p.m. addressed to :
      address          for
      submission        of             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

6.    Date of opening the The Date shall be communicated through the
      Technical Bid (Cover- website 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
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'.


     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
        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 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 amendment/corrigendum to the RFP document shall be posted on
   the ICAI's Website

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.


                                   SECTION II


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:

·     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.


                                     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

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
7. duly certified by Chartered Accountant must be enclosed with the tender.

   Preference will be given to Portfolio Advisor headquartered in

                                SECTION -IV


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

   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

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.

                                 SECTION V


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 or at

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

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

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

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

      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

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

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

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.

                                   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 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.

    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

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

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.

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
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

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

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.

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.

                                     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
    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     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      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.
         e PSU for
         services are
    5.   Assets        Certificate by Practicing 20       (Rs crore)
         under         Chartered Accountant of             1500 20
         State    PSU
         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
Bidders scoring more than or equal to 80% will qualify    for Financial Bid
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.

The _______________

 Dear Madam/Sir,
                   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
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:

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

                                                        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

 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):

        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

         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
 16      Persons authorized by the company to
         execute documents on its behalf, with

 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

S.No. Criteria                             Supporting Documents
 1.   The Portfolio Advisor must           Copy of the relevant        Registration
      be incorporated as a                 Certificate
      Company      or   Financial
 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

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

    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.
  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)

  Firm Address:

                               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

Address with Phone No and E Mail ID:

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