Bollywood unhappy with Nihalani’s ‘moral policing’



Some of the biggest guns in the Indian film industry gathered this week to voice their dismay at the way the Central Board of Film Certification was being run under its new chairman, Pahlaj Nihalani, and what they call his “moral policing”.

Since Nihalani took over in January, many filmmakers have had films subjected to arbitrary cuts. He also issued a widely condemned ban on the use of 28 expletives in films. It was reversed after protests from ­actors and filmmakers.

The meeting, which was held in Mumbai on Monday, was attended by Aamir Khan, Anurag Kashyap, Shabana Azmi, Kiran Rao, Vidya Balan, Deepika Padukone, Siddharth Roy Kapur, Vishal Bhardwaj and Mukesh Bhatt. They met ­Rajyavardhan Singh Rathore, a junior minister in the ­Information & Broadcasting Ministry, which governs the censor board.

"I have told them that I have listened to their concerns and will take action," Rathore told The National after the meeting. "It's best not to blame any individuals, but to focus on making sure the board functions as a certifying body, not as a censoring body."

The next day, Rathore met four members of the board, but not Nihalani, to discuss the controversy. He said he had decided to conduct a nationwide survey to assess audience opinion on ­nudity, violence and swearing.

In an interview with Bollywood Hungama, Nihalani said he was doing nothing wrong.

“All I can tell you is that I’ve been working within the ministry’s and board’s guidelines,” he said. “Some people don’t like the fact that I’ve restored discipline and transparency in the workings of the board.”

Board member Vani Tripathi said: “The issue is about the need for regular interaction with the film industry so such problems don’t arise.”

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

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“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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