Page 21 - Banking Finance January 2022

PRESS RELEASE

Globalise raises seed round from Whiteboard Capital, Credit Saison,

and others

Globalise, India’s first platform for guided global investing, has raised a seed round led by Whiteboard Capital and Credit
Saison. Angel investors including Himanshu Kohli, Rohit Jain, Rishi Khanna, and Arjun Lamba also participated in the round.
With this fundraise, Globalise plans to continue scaling, develop and enhance its product offerings and hire more talent.
Viraj Nanda, Co-Founder, and CEO of Globalise said, “Globalise connects clients in India with global resources that help
them become financially successful. Our services are designed to ensure that Indian investors get the opportunity to
invest in the world’s most innovative companies and buy into emerging global themes while lowering their overall portfolio
risk and hedging against the rupee depreciation.”
Globalise enables customers to access international financial markets and gives investors a choice of 5,500+ stocks and
exchange-traded funds (ETFs). Customers also can invest in 'Globes,' the platform's curated portfolios constructed with
a variety of themes and financial goals in mind. Globalise also offers financial advisors, wealth managers, and brokers a
dedicated platform that helps them manage their clients’ international investments digitally. With this, investors can
collaborate with their existing advisors using a cloud-based, integrated digital ecosystem. Globalise has partnered with
over 70 wealth managers, financial advisors, and brokers in India to facilitate Indian investors to directly invest in the US
markets.
Speaking about the funding, Globalise Chairman Vikas Nanda said, “People of all ages are warming up to the idea of
personal finance, wealth management, and financial freedom. They are looking for trusted products and services that
will help them achieve their financial goals. Globalise plans to use the investment for advancing our current product
portfolio and offering more innovative products that allow Indian investors to enjoy the benefits of borderless finance
and for our partners to provide their clients with the most seamless international investing journey.
Anshu Prashar, General Partner at Whiteboard Capital, said “There is a lot of momentum as Indian investors are increasingly
looking to diversify their investments globally. The Globalise team is innovating to make this as seamless as possible for
customers and financial advisors, and we are excited to be a part of this journey and partner with them on their vision
to help Indians achieve financial success with access to the best-in-class global products.”

No recovery of tax until speaking order is passed, rules Punjab &

Haryana HC

The Punjab and Haryana High Court has held that there must not be any recovery of disputed GST unless a speaking
order is passed by the officer concerned. Law experts say that this will help the petitioner and all other such peti-
tioners who are being subject to investigation and are forced to pay up at the initial stage.
A division bench of Judges Ajay Tewari and Pankaj Jain was hearing a petition filed by Subway Systems relating to
multiple summons by tax authorities without providing adequate time, and even as an advance ruling petition was
pending before the appropriate authority. The Court said, "This petition is disposed of with a direction that in case
the petitioner appears before the officer concerned on November 29, he may file a reply and make submissions both
on law and merits and the officer concerned would decide the same by passing a speaking order, in accordance with
law." .

It was argued that in response to the first summon served, the petitioner had submitted that it would require two
weeks to appear with all the material but further summons was being issued without any breathing time.
According to legal experts, the recent trend is that numerous summons are issued to top management and they are
forced to pay a substantial amount even before issuance of any showcause notice or an order. In this case, the
controversy is with respect to the taxability of intellectual property rights at the rate of either 12 per cent or 18 per
cent for which the advance ruling application is already pending before the appropriate authority.

BANKING FINANCE | JANUARY | 2022 | 21