Our Correspondent
K.V. Shamsudheen, Founder Director of Barjeel Geojit Financial Services, LLC, recently organised a webinar to express his gratitude on the occasion of his golden jubilee celebration in the United Arab Emirates as a visionary, financial pundit and investment guru, in the presence of Sheikh Sultan Bin Sooud Al Qassemi, Member of Sharjah’s ruling family, C.J, George, Managing Director Geojit Financial Services Ltd & Director of Barjeel Geojit Financial Services LLC, and Dr. Azad Moopan, Fellow Chairman and Chief Executive Officer, Aster DM Healthcare, and many other dignitaries.
A native of Chavakkad in Thrissur District, currently residing in Kozhikode, Mr. Shamsudheen reached Dubai on July 21, 1970 and later moved to Sharjah. Mr. Shamsudheen, from the very beginning, inculcated his friends, peers and countrymen the culture of usage of banking services instead of adopting illegal means for transferring money to India. He became the first foreign agent of Unit Trust of India in international arena. From 1976 to 2000 he played vital role in the UAE as mentor, financial adviser and an inspiration to those who want to become a businessman.
In 2001, the financial pundit along with Sheikh Sultan Bin Sooud Al Qassemi formed Barjeel Geojit Financial Services (LLC) in the UAE. Barjeel Geojit Financial Services (LLC) was set up as a joint venture with Geojit Financial Services Limited of India, which today is the largest retail brokerage house in India.
Barjeel Geojit has four offices in UAE: Dubai, Sharjah, Abu Dhabi and Al Ain and it is serving 200,000 clients. Mr. Shamsudheen was singly responsible for Non-Resident Indians getting permission to participate in India IPOs.
In the 1980s, while the international interest rate was 24 per cent, in India it was 8 per cent. When the then Prime Minister Indira Gandhi visited UAE, Mr. Shamsudheen made a representation to increase the interest rate to be on a par with international rate. As a result, the interest rate was increased to 13% for NRE account.
India had a more than 50-year-old baggage rule for NRIs. When that rule was introduced in 1967, the gold price for one gram was Rs.10.25. Then, men were allowed to carry to India Rs10,000 worth of jewellery and women passengers Rs.20,000 worth of jewellery duty free. All other items that were allowed to be carried by the passengers were mentioned in quantity such as 200 cigarettes and two litre liquor.
Even when the price of gold increased, the permitted quantity continued to remain the same with the consequence that a man could not take to India even a gold ring and a woman a “mangaly sutra”.
With Shamsudheen relentlessly appealing to the Government of India to increase the amount to Rs.1 lakh worth of gold jewellery for men and Rs.2 lakh worth for women, the government relented and increased it to Rs.50,000 worth of jewellery and Rs.100,000 worth of jewellery for men and women respectively. Still he has been demanding to increase the duty free allowance of gold to 50 grams for men and 100 grams for women.
As India was implementing Aadhaar, NRIs were not eligible for it but government departments were still demanding it. As a result of Mr. Shamsudheen’s relentless efforts, the Government of India agreed to give Aadhaar to NRIs as well. The timely intervention by Mr. Shamsudheen resulted in the withdrawal of many proposals introduced by the Government of India that were against the interests of Non-Resident Indians.
Barjeel Geojit also serves as a Broker/Clearing Member of the Dubai Gold and Commodity Exchange. Continuous self-improvement has led Barjeel Geojit through the path of success throughout the years since its inception. The company always strives to define its goal, what’s next and to achieve its own standard bar.
Barjeel Geojit relentlessly pursues continuous improvement and excellence in processes and services and defines successes as getting the right things done well. The firm considers its people and reputation as its greatest asset. It has been proactive in adapting to changes that suits its clients in commensurate with prevailing market conditions.
CNBC-TV 18 conferred the ‘Financial Education and Inclusion Award’ to Mr. Shamsudheen in recognition of his contribution for inculcating financial discipline, thrift, financial planning, savings and investment habit among Indian expatriate community in Gulf Cooperation Council nations and in India for their family members. Mr. Shamsudheen has been selected by Arabian Business magazine as one among the 100 Influential Indians in the GCC for three consecutive years since 2011.
Mr. Shamsudheen’s financial education programmes have been proven effective for the low- and middle-income category workers. The need and importance of savings and investments are imparted to the expatriates for a safe, secure and comfortable life through programmes on several radio channels and TV shows. The financial pundit has published a book on Savings and Investment in 2018.
The financial guru has completed 50 golden years as a visionary, financial pundit and investment guru. His continuous contribution in the relevant field will immensely benefit both the UAE and India. As a result of decade long financial educational campaign, Mr. Shamsudheen has the satisfaction that hundreds of thousands Gulf returnees are happily living in all over Kerala and India.
