Chairman’s Desk

Dr. Ashok Ajmera

Dr. Ashok Ajmera, FCA aged 63, a well known Chartered Accountant(1977) and a capital market expert. He has garnered a rare expertise in the entire gamut of financial services, gained from a wealth of experience of over 35 years
Mr. Ajmera is the Chairman & Managing Director of Ajcon Global Services Ltd., the Company listed on BSE and is engaged in the services of Stock, Commodity and Currency Broking, Investment Banking and Corporate Advisory services with major emphasis on migrating the SME’s to the Mid Corporate and finally to large Corporate by lending  and also the Corporate Advisory Services with the major emphasis on migrating the SME’s to the Mid Corporate and finally to large Corporate by rendering the timely Merchant Banking services and complete range of Corporate and Financial Services. The Equity Broking division has a large Institutional clientele.
Over the years Ajcon Global under the able guidance of Mr.Ajmera has served more than 100 Corporate Clients and about 400 SSI and SME clients.
Mr. Ajmera graduated in Commerce with a rank in 1973, from Indore. He moved on to Mumbai in 1973, to pursue a career in Accountancy and qualified as a Chartered Accountant (C.A.) in 1977. He was trained under Nanubhai & Co. Chartered Accountants, Mumbai, during his 3-year tenure of articleship, where his undying quest to learn and excel, gave him a wide exposure in audit and taxation. He was given an opportunity to act in a senior role, lead audit teams and independently finalise audits of over 50 companies, engaged in varied business -Manufacturing, Insurance, Banking and Investment.
After qualifying as a CA, he joined as a partner in Mittal & Associates, Chartered Accountants and started project consultancy work. In 1981, he started his own firm of Chartered Accountants in the name and style of M/s. Ajmera & Associates, Chartered Accountants at Mumbai and was conferred Fellowship by the Institute of Chartered Accountants of India in 1983. He undertook several audits, tax planning and computation assignments for businesses, appeared several times before assessment and appellate authorities in connection with tax assessments of companies, took up various assignments including valuation of corporates, financial assets, net worth etc.
The firm conducted several inspections, special audits and investigations on behalf of Insurance Companies, Official Liquidator, UTI & other Institutions. M/s. Ajmera & Associates also acquired its name in the field of project financing during this time. With the acquired name, knowledge and insight into the corporate world, Mr. Ajmera corporatised project consultancy by setting up Ajmera Financial and Project Consultants Pvt. Ltd in the year 1986. The Company was focused on consulting entrepreneurs and established companies in new projects and financial resources.
The team undertook challenging assignments and executed projects from scratch; initiating the plan and preparing detailed project reports till final disbursement of term loan and working capital facilities. Efficiently monitored day-to-day MIS of projects and proactively resolved hurdles at root level. Identifying right location sites for a number of projects and critically evaluating project feasibility and profitability, added a silver lining to the Company’s creditability.
Work done by the Company was comprehensive in nature and included handling all excise and customs matters, directly dealing with FERA, RBI, all types of Banks, Financial and Investment Institutions, Insurance Companies, Venture Capital Funds, Central and State Departments., Semi Govt Departments for and on behalf of clients ranging from Small Scale Industries to large Corporates.
The Company efficiently executed more than 300 assignments of Project Financing and Loan Syndication under his stewardship. Mr. Ajmera gained recognition as a leading project consultant, possessing strong implementation skills to transform corporate vision and strategy into profitable reality.
Making an entry in Mumbai’s social arena,  in the year 1984, Mr. Ajmera joined the Indian Junior Chamber (Jaycees) and was elected as the Zone President in 1991. He was winner of several awards & recognition including “Samaj Shri”, “Management Man of the Year”, “Outstanding Zone President”, “Outstanding President” at Indian Junior Chamber in India and abroad.
Mr. Ajmera pursued his hobby of training people through out his career. He was certified as an International trainer by JCI, USA as an EXCEL graduate and has to his credit over 300 training programmes. Most programmes were focused on personality development, stress management, time management and extended forward to professional development of a person. He was sent as a delegate to the JCI international conferences in Thailand and Japan and was honored by “Outstanding participation awards” at these conferences.
He also presented a well-researched paper on the ‘Indian economy’, with a foreword by the eminent tax expert and Supreme Court Advocate, Mr. Y.P Trivedi in Japan before 14,000 delegates in the year 1992, just after the second budget of Dr. Manmohan Singh as Finance Minister.
In 1994, Mr. Ajmera’s acute vision and entreprenuership, led the Company to further expand into capital markets. Ajmera Financials and Project Consultants Pvt. Ltd was rechristened as Ajcon Capital Markets Ltd.(“Ajcon”) in 1994 to reflect the entire scope of services.
The Company, with Mr. Ashok Ajmera as the Chairman & Managing Director, went public in 1995. The public issue was oversubscribed by over 25 times demonstrating the faith and confidence the investment community reposed in Mr. Ajmera. Simultaneously, Mr. Ajmera, Certified as a Stock Dealer under NCFM (NSE), India securing 92.5% marks.
Ajcon acted as a Category I Merchant Banker for advising and executing public issues, mergers and acquisitions, joint ventures, divestment proposals and private placement of equity. Designed capital structures for companies, drafted prospectus and related transaction documents, filed applications, finalised agencies and intermediaries, co-ordinated with SEBI, Exchanges, other regulatory bodies, registrars, underwriters, advertisers, trustees etc. Widely marketed several public issues through intensive road shows across the country and Dubai and also undertook underwriting of public issues.
Mr. Ajmera, with his proven ability as a trainer, played a crucial role in training & developing promoters to face public & media during launch of their public issues.
In addition to project consultancy and merchant banking, the Company offers broking & corporate advisory services to several financial institutions, banks and corporates. The team provides non-discretionary investment advisory services on equity, derivatives, IPOs to HNIs and institutional clients backed by intensive in-house research. The Company has entered into a tie – up with Bank of India for online broking services for Bank’s clients through Ajcon’s online trading platform
The scope of corporate services includes advising on formation of all types of Companies (have formed above 200 companies), capital structuring, setting up of Corporate Offices, drawing up administrative and financial manuals, laying corporate strategy etc. Under guidance of Mr. Ajmera, challenging assignments on restructuring and rehabilitation of sick units, filing of BIFR cases have been undertaken. The Company has a proven history of turning around businesses in difficulty by advising on strategic and financial restructuring.
Also, advising on fund based activities such as bill discounting, ECB financing, securitisation, hire purchase, lease financing, factoring etc. forms a part of the advisory services offered by the Company. The Company’s name has been changed in 2003 to Ajcon Global Services Limited, when it signed a M.O.U. for a tie-up with a U.S. based Indian Chartered Accountancy firm for providing consultancy services. Presently the Company represents some large international private equity funds & shares its equity research report with more than 5000 fund managers & investment strategists all over the world.
During the initial years of NSE, Mr. Ajmera has significantly contributed to streamline operations and systems at NSE and has represented broker community. He has worked closely with NSE for replacing the then prevailing badla system by introducing Automated Lending and Borrowing Mechanism (ALBM). He chaired the NSE committees for resolving disputes of members. He addressed and resolved a large number of disputes over a 3-year term as the member of Dispute Resolution Committee (DRC). He was also a Committee Member of COSI (A hi – power committee of National Stock Exchange of India (NSE)) for over 3 years and Chairman of various Sub -Committees formed by NSE from time to time. Was elected as the Director of Association of NSE Members (ANMI) for 2 years and was designated as the Chairman of various Committees of ANMI viz. Insurance Committee, Public Relations Committee, Co-ordination Committee, Legal and Member grievance Committee etc. He then went on to become Vice-Chairman of ANMI-WIRC.
He has contributed several Articles and interviews in leading Newspapers & magazines. Leading media channels, namely, Doordarshan, B.B.C, Star, Zee, CNBC, NDTV, Sahara, Reuters, Awaaz, Aaj Tak, Headlines Today, Bloomberg UTV etc. and All India Radio interview him on a regular basis as a Capital Market Expert/ Stock Analyst. He has had more than 2500 appearances on these channels.
Mr. Ajmera has also presented well researched papers in Universities, Management Institutes, National & International Seminars on subjects related to Indian Economy, Capital Markets, Projects & Finance. He authored a book on financial planning, published by the CPE Board of Institute of Chartered Accountants of India.
On the social front, Mr. Ajmera was an active Jaycee and went on to become its Zonal president, District chairman of Lions Club International, President of Lions Club of South Bombay, Chairman of “Clean Bombay Green Bombay”, Managing Committee Member of Nana Chudasama’s “I Love Mumbai” & F.T. Khorakiwala’s Citizen Council for Better Tomorrow (CCBT). Most importantly, he was appointed by Government of Maharashtra as a Special Executive Magistrate for over 6 years. Presently Mr. Ajmera is an active Rotarian as a member of the 2nd oldest Rotary Club of Mumbai i.e Rotary Club of Bombay North.
Considering his qualification, vast experience and expertise in securities market, he was appointed as an independent director on the board of Gilt Securities Trading Corporation (subsidiary of Canara Bank) in 2004 now known as Canara Bank Securities Ltd.
Mr. Ashok Ajmera is the son of well known philanthropist of Indore Shri. Manik Chandji Ajmera and belong to a large family of seven brothers.  Married to Pragati, daughter of late Seth Shri Shankarlalji Kasliwal. Mr. Ajmera is blessed with two sons Ankit & Anuj. Ankit is a M.B.A. from U.K. and is married to Pallavi, a Chartered Accountant, is blessed with 2 daughter’s Baby Aanchal & Baby Naveya. Anuj, an IT professional is married to Shikha an MBA and is blessed with a 2 Son Baba Annsh & Baba Avyan. His wife Pragati is also a very social minded lady who runs and manages as its Founder and President of “Parichay Mahila Sang”, a 250 strong lady members club in suburbs of Mumbai with the object of women empowerment and social work.
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