Sumeet Ahuja, Consultant, TCS Financial Solutions

It will not be exaggeration to say that, “The number of corporate actions in a country is an indicator of the maturity of capital markets in that country”. As capital markets of a country evolve, the number and type of corporate actions increase manifold. For mature markets, corporate events are increasingly frequent and complex. Corporate actions processing has traditionally been highly manual and volume sensitive, with resourcing requirements greatly impacted by seasonal peaks and troughs. Manual processing is expensive and introduces the risk of misinterpreting the announcement. These factors pressurize the financial institution to attempt automation of corporate actions processing. Several product vendors have entered this space, helping improve the overall automation framework.

The value chain of Asset Servicing has multiple parts with few prone to high degree of automation. There are specific areas around taxation, which are important and not heavily automated. This article attempts to take a look at the challenges institutions face with withholding the tax reclaim process, and its current and future state.

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