PERSPECTIVE 
The nineties start off with a global opening of hitherto closed economies. The key phrase suddenly becomes market orientation and emphasis begins to shift from government controls to market forces.

INDIA 1992
Subsidies become synonymous with inefficiencies; free market pricing is introduced; competition is further encouraged; the rupee is nudged towards convertibility and foreign investments become an important source. Geographically, the power moves from politics in Delhi to economics in Bombay. 

A team of professionals with over a decade of experience in the industry and merchant banking perceive the opportunity these changes offer. They are quite aware that investment banking in India will hence forth need a new breed of professionals who understand the changes and have the flexibility to move with the changing times. The driving force behind the team is specialisation and total commitment to the assignments mandated. The team gets together under the banner of Eastern Soffina which gets incorporated in to a company in 1992 with the name Eastern Soffina Services Ltd. The main promoter, Kishore Nair, holds a Masters' Degree in Commerce and is an Associate member of the Institute of Cost and Works Accountants of India. He was also the longest serving director on the Board of Directors of the Association of Merchant Bankers of India.

As the name suggests, SOFFINA stands for soft financing; soft in terms of cash flows and timing of the same, the costs involved, and, of course, their sources. And no experimenting. Certainly not at the client's cost. Since much of the action would take place in the eastern parts of the world, we opted for the prefix EASTERN. 

OUR APPROACH
Pre 1999
We have believed that all financial requirements of a corporate body can be structured on a long-term basis. Any short-term arrangement is more or less akin to bridging of long term funding. We, therefore, specialise in long term financial structuring and also assist in achieving it. 

Since 1992, the market has seen us focusing on advising on long term funding only and looking at a maximum of 3 assignments a year. 

Post 1999
In 1999; the Board of Directors of Eastern Soffina Services Ltd. decided that the company would not renew its investment banking registration (valid till the 15th of July 2000) with the Securities and Exchange Board of India (SEBI). This is due to the unnecessary Rs. 500 lacs net worth requirement. 

Investment Banking is basically good communication skills and in depth knowledge of the capital markets along with a gut feel for the same. Funding requirement comes in when there is a devolvement under an underwriting arrangement and there are capital adequacy ratios, which can take care of the same. There was no rationale for the new networth norm but this regulation created a huge unorganized market of small investment bankers.

However, we will be continuing our role in investment banking in arranging funds for long-term requirements. We believe that to be a good Investment Banker, net worth requirement is not necessary. What is required is REACH - Reach in terms of capability, networking and commitment. 

On 1st January 2000, Eastern Soffina Services Ltd. launched it's website www.soffina.com and was mailing seven different content newsletters by email to opt in subscribers. This made it the largest ezine family in India. Plans were underway to make the Soffina Ezine Family largest in the world. But due to the dot com crash and the fall in the ad revenue, the Board of Directors took the decision of selling 5 of the 7 ezines to a strategic investor. The company made a modest profit on this sale.

The two ezines retained are on the IPO market and on raising finance. The subscriber base will make it possible to have a retail reach for the company to carry out financial intermediation. Another objective would be impart information and create a healthy forum for expressing views about the deficiencies in the capital markets in India.