BSE Supports Lord Loomba's Crusade for Socio-Economic Empowerment of Poor Widows

The Loomba Foundation, a UN accredited global NGO working for the cause of poor widows and their children, and BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), Asia’s first and India’s fastest Stock Exchange with response time of 200 microseconds, today hosted a conference entitled ‘Corporate Social Responsibility: Empowering Poor Widows in India’. The event encouraged corporate India to channelize their mandatory 2% Corporate Social Responsibility provision in the new Companies Act for the benefit of impoverished widows.

In his message, Sh. Devendra Fadnavis, the honourable Chief Minister of Maharashtra, who has earlier also served as Nagpur’s youngest municipal corporator and India’s second-youngest mayor, and has been the recipient of the Best Commonwealth Parliamentarian Award, said, “My government is committed to improve socio-economic status of those who are downtrodden and poor. Especially we are planning to roll out development initiatives for empowering destitute, widows, and single women by setting up support centers. I am touched by the work The Loomba Foundation has been doing in empowering poor widows and their children. I am sure, with the help social organizations and institutions we will take up this challenge of building social infrastructure. My best wishes to your social endeavor.”

The Chief Guest from UK, Rt. Hon. Dr. Vince Cable MP, Secretary of State for Business, Innovation and Skills and President of the Board of Trade, UK, said, “Besides Mrs. Veena Loomba, who needs no introduction, others such as educationist Asha Khemka, entrepreneur Priya Lakhani, Ranjana Bell of Northumbria Police and artistic director Bisakha Sarker are just few women of Indian-origin who are very well regarded in the UK for their immense contributions. Women in India are breaking the glass ceiling across banking, petroleum, technology, pharmaceuticals, healthcare, FMCG, and other industries which is amazing. India’s new Company Law will further help restore this balance in gender diversity by mandating appointment of a woman director. Why then, in a world of meritocracy, should a woman be bereaved of the wonderful opportunities of growth merely because she lost a husband? I am encouraged to see so many corporate leaders here today – I hope you will come forward to join hands with The Loomba Foundation in their crusade to provide equal opportunities and basic human rights to widows and their children. I also wish luck to Chris Parsons for his walk marathons in India early January to raise funds for the cause of widows.”

Welcoming the guests, Mr. S. Ramadorai, Chairman, BSE Ltd., said, “India has one of the oldest traditions of Corporate Social Responsibility (CSR) where doing charity, or ‘daan’, is an integral part of our culture and way of life. Similarly, CSR at BSE is also aligned with its tradition of creating wealth in the community. In the last 140 years, BSE has helped India create a market capitalization of over $1.5 trillion and this year the S&P BSE Sensex has emerged as the world champion in performance among the world’s top ten stock markets. I am sure that as stakeholders of BSE, our contributions can make a significant impact on the lives of widows and children, giving them an opportunity to secure a better future.” During the International Widows Day gala at the House of Lords in London on June 23, Mr. Ashishkumar Chauhan, MD & CEO, BSE Ltd., and a patron of The Loomba Foundation, had announced that BSE will host this joint conference in Mumbai to help create awareness for the cause of widows.

Lord Raj Loomba CBE, Founder and Chairman Trustee of The Loomba Foundation, who was recently conferred the Lifetime Achievement Award by the United Nations Association of New York, said, “Our Foundation has held several events to create global awareness on the plight and unmet needs of the widows, but this is perhaps the biggest contingent of business leaders I have ever seen at a single place to show solidarity for the cause. I am deeply indebted to the BSE for making this possible. In January, The Loomba Foundation’s goodwill ambassador, and internationally renowned corporate finance lawyer, Chris Parsons, will be back in Mumbai to walk 30 marathons in 30 days covering a distance of 1260km from The Gateway of India to Bangalore via Goa, Mangalore and Mysore. He has already raised over 10% of his targeted $1million funds for empowering poor widows in India through this walk. I request each one of you to spare a few hours to join and encourage Chris in at least one of his 30 marathons.” The event honored donors, supporters and organizations that have already pledged their support to Chris Parsons’ Walk For Widows including Tata Consultancy Services, Apollo Hospitals’ Billion Hearts Beating and PepsiCo’s Gatorade.

A highlight of the conference was the launch of a project of 500 sewing machines in Mumbai jointly by The Loomba Foundation’s trustee Mrs. Shamin Lalji, and patron Padamshri Sh. Vikramjit Singh Sahni, to help widows become self-sufficient by giving them a means of earning income. Members of Parliament from the Indian and British governments including Rt. Hon. Lord Dholakia PC OBE DL, Trustee of the Loomba Foundation and Liberal Democrats Deputy Leader, House of Lords, and benefactors and dignitaries from both countries were also present at the event, alongside Mr. Pankaj Modi from Gandhinagar, and Mr. Jaykumar Parekh, member of the Advisory Council of The Loomba Foundation. Senior representatives of hundreds of BSE-listed companies, mutual funds, brokers, investment bankers, insurance companies, analysts, underwriters, and regulators were also invited for the event. Harjiv Singh, trustee of The Loomba Foundation, and Co-Founder & Co-CEO of Gutenberg Communications, delivered the vote of thanks.

ABOUT THE LOOMBA FOUNDATION:

The Loomba Foundation was established by Raj Loomba CBE and his wife Veena in the UK in 1997. It promotes fundamental freedoms and human rights of widows and their children around the world, raising awareness of the gross injustices widows face and seeking to remove stigmas associated with widowhood.

The Loomba Foundation declared 23rd June as International Widows Day at the House of Lords in May, 2005. The Foundation also published a comprehensive Research Study on widows worldwide and the first edition of was presented to the UN Secretary General, HE Ban Ki Moon on 22nd June, 2010 followed by presentations to the President of India and the US Secretary of State. The Foundation collaborates with UN bodies, other NGOs, government officials, human rights advocates and prominent leaders to fight for the over 245 million widows worldwide who suffer prejudice and discrimination.

The Loomba Foundation seeks to bring about gender sensitive reform of national laws and policies, eradicating anti-widow superstitions, traditions, and social practices. It fosters gender equality and women’s empowerment by implementing poverty-reduction strategies and educational opportunities for widow’s and their children.

You can donate online in eight different currencies to support Chris Parsons’ Walk For Widows: https://www.justgiving.com/Chris-Parsons30/

ABOUT BSE Ltd:

Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asia’s first Stock Exchange and one of India’s leading exchange groups and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Bourse and Singapore Exchange as strategic partners. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing. BSE also has a dedicated platform for trading in equities of small-and-medium enterprises (SME). BSE Group provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. Indian Clearing Corporation Limited, the wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on BSE platform and provides full innovation guaranteeing the settlement of all bonafide trades executed on the BSE Platform. Central Depository Services Ltd. (CDSL), a BSE subsidiary of is one of the two central depository services in India. BSE Institute Ltd, a fully owned subsidiary of BSE, runs one of the most respected capital market educational institutes in the country.

For more details, please contact:

Puneet Khunger

+91.9810191409

puneet@gutenbergpr.com