S. HARNATH, B.Com, M.Com, MBA, CAIIB is Merchant Banking and Securities Specialist. Mr. Harnath has over 16 years of banking, merchant banking and investment banking experience in India and Australia. In Australia, he developed and implemented a successful new trade finance product. In India, he was Manager of Merchant Banking Division at Vysya Bank, the largest and top private sector bank in India, an affiliate of Bank Brussels Lambert, Belgium. He positioned the bank as a leading merchant banker in India, by lead managing and advising over 50 initial public offers worth over NZ$ 500 million, underwriting over 200 initial public offers and acting as banker to over 300 initial public offers. He developed guidelines and systems for all merchant banking business in the bank. At Lakshmi Vilas Bank, another large private sector bank, he worked as a Branch manager (best manager award for consistent performance of exceeding the deposit, credit and profit targets by over 100% for three successive years). While at the bank he had developed and managed a clearinghouse arrangement for inter-broker settlement and established a system for payment and settlement for Nagpur Sharebrokers Association, Nagpur, India. With Admiralty, he has provided advice to the New Zealand government on capital markets and privatization activities, and on the Crown’s first initial public offering. Mr. Harnath holds a Bachelor of Commerce degree (B.Com) with specialization in Advanced Accounting and Auditing, a Master of Commerce (M.Com) with specialization in Cost Accounts from Osmania University, Hyderabad, India, a Master of Business Administration (MBA) with specialization in Finance from Nagpur University, Nagpur, India. He is also a Certificated Associate of Indian Institute of Bankers, Bombay, India and a Senior Associate of Australasian Institute of Banking and Finance, Melbourne, Australia. He has served on the faculty of the Vysya Bank Staff Training College, in Hyderabad, India.