The Management Accountant - April 2024

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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory Body under an Act of Parliament)

Enlisted in UGC-CARE REFERENCE LIST OF QUALITY JOURNALS

Journal of

its

Journey so far!!!

2 The Management Accountant - April 2024

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Printed and Published by

CMA Kaushik Banerjee on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S. New Market, Dist:

Kolkata, West Bengal - 700 016 and printed at – Spenta Multimedia Pvt. Ltd., Plot 15, 16 & 21/1 Village – Chikhloli,

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India, 12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal - 700 016.

Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S.

New Market, Dist: Kolkata, West Bengal - 700 016.

Te Bombay Gymkhana Magazine

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421505 and published at – The Institute of Cost Accountants of India,

12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal - 700 016.

Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost

Accountants of India, 12, Sudder Street, P. S. New Market, Dist: Kolkata,

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April 2024 - The Management Accountant

APRIL 2024

INSIDE

JUNE VOL 56 NO.06 `100

APRIL VOL 59 NO.04 `100

COVER STORY

SCOPE FOR MEDIATION IN

INDIAN INSOLVENCY -

A CLOSE LOOK ---- 20

THE MEDIATION ACT, 2023 AND

ITS IMPACT ON INDIA'S DISPUTE

RESOLUTION LANDSCAPE:

SHIFTING PARADIGMS ---- 25

PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS

(WHY SLOW PROGRESS?) ---- 32

EXAMINING THE EFFICACY OF THE INSOLVENCY

AND BANKRUPTCY CODE: A PERFORMANCE ANALYSIS ---- 37

PERSONAL GUARANTORS TO CORPORATE DEBTOR ---- 41

CoC DHARMA

(Role of Committee of Creditors - IBC, 2016) ---- 45

IFSC AND IFSCA .......... 48

SUSTAINABILITY LEAF

DIGITAL TRANSFORMATION OF SYNCHRONOUS AND

ASYNCHRONOUS KNOWLEDGE TRANSFER AND

LEARNING WITH EdTech .......... 52

DIGITAL TRANSFORMATION

4 The Management Accountant - April 2024

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From the Editor’s Desk

President's Communique

ICMAI-CMA Snapshots

Digital Object Identifier (DOI) -

August - 2023

Down the Memory Lane

News from the Institute

Statutory Updates

Guidelines for Members under

Continuous Professional Education

(CPE) 2024

Advisory for Renewal of

Certificate of Practice for 2024-25

110

114

120

..............................................................................................................................................................................................................................................................................

PRESIDENT

CMA Ashwin G. Dalwadi

president@icmai.in

VICE PRESIDENT

CMA Bibhuti Bhushan Nayak

vicepresident@icmai.in

COUNCIL MEMBERS

CMA (Dr.) Ashish Prakash Thatte, CMA Avijit Goswami, CMA Chittaranjan Chattopadhyay,

CMA Harshad Shamkant Deshpande, CMA (Dr.) K Ch A V S N Murthy, CMA Manoj

Kumar Anand, CMA Navneet Kumar Jain, CMA Neeraj Dhananjay Joshi, CMA Rajendra

Singh Bhati, CMA Suresh Rachappa Gunjalli, CMA T C A Srinivasa Prasad, CMA (Dr.) V.

Murali, CMA Vinayaranjan P, Ms. Anita Shah Akella, Shri Jyoti Prakash Gadia, Shri Inder

Deep Singh Dhariwal, CS (Dr.) Shyam Agarwal, Shri Sushil Kumar, IAS (Retired)

Secretary

CMA Kaushik Banerjee

secy@icmai.in

Senior Director (Studies, HR & Admin Kolkata)

CMA (Dr.) Debaprosanna Nandy

studies.director@icmai.in

Senior Director (Membership)

CMA Arup Sankar Bagchi

membership.director@icmai.in

Director (Examination)

Dr. Sushil Kumar Pareek

exam.director@icmai.in

Director (Finance)

CMA Arnab Chakraborty

ﬁnance.director@icmai.in

Additional Director (PR Corporate, Public Relation & Admin-Delhi)

Dr. Giri Ketharaj

admin.hod@icmai.in, pr.hod@icmai.in

Additional Director (Tax Research)

CMA Rajat Kumar Basu

trd.hod@icmai.in

Additional Director (Career Counselling and Placement)

CMA (Dr.) Sumita Chakraborty

career-counselling@icmai.in

Additional Director (PD & CPD)

CMA Nisha Dewan

pd.hod@icmai.in

Additional Director (Technical)

CMA Tarun Kumar

technical.addldir1@icmai.in

Additional Director (Infrastructure)

CMA Kushal Sengupta

Infrastructure.hod@icmai.in

Director (Discipline) & Additional Director

CMA Rajendra Bose

discipline.director@icmai.in

Additional Director (Journal & Publications and Board of Advanced Studies &

Research)

CMA Sucharita Chakraborty

journal.hod@icmai.in

Additional Director (BFSI)

CMA Dibbendu Roy

bfsi.hod@icmai.in

Additional Director (Information Technology)

Mr. Ashish Tewari

it.hod@icmai.in

Joint Director (Internal Control)

CMA Indu Sharma

intcontrol.hod@icmai.in

Joint Director (Legal)

Ms Vibhu Agarwal

legal.hod@icmai.in

Joint Director (CAT)

CMA R. K. Jain

cat.hod@icmai.in

Joint Director (International Affairs)

CMA Yogender Pal Singh

intlaffairs.hod@icmai.in

...................................................................................................

..............................................................................

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= The Institute of Cost Accountants of India does not take responsibility for returning unsolicited

publication material. Unsolicited articles and transparencies are sent in at the owner’s risk and the

publisher accepts no liability for loss or damage.

= The views expressed by the authors are personal and do not necessarily represent the views of the

Institute and therefore should not be attributed to it.

= The Institute of Cost Accountants of India is not in any way responsible for the result of any action

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TAX STRUCTURE OF INDIA AND BANGLADESH:

A COMPARATIVE STUDY

FEARLESS INVESTING

TAXATION

⑦⓪

UNRAVELLING THE CHALLENGES OF DOUBLE

MATERIALITY IN ESG REPORTING AND THE

ROLE OF PROFESSIONAL ACCOUNTANTS

ESG REPORTING

⑥⑤

A STUDY ON IMPACT OF

GOODS & SERVICES TAX IN INDIA

GST

⑦⑤

⑦⑨

A REVIEW OF UNION BUDGET WITH

EMPHASIS ON THE INDUSTRIAL SECTOR

BUDGET

⑧②

INDIVIDUAL WEALTH MANAGEMENT

BEYOND TRADITIONAL COST REPORTING

THE BUSINESS STRATEGY CONNECT

METAMORPHOSIS OF COST REPORTING

⑥⓪

CMA PROFESSION IN INDIA -

A PERSPECTIVE

COST AND MANAGEMENT ACCOUNTING PROFESSION

⑧⑦

Cover image source:

https://web.toppersnotes.com/current-aﬀairs/blog/what-is-the-insolvency-and-bankruptcy-code-SFHi

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April 2024 - The Management Accountant

6 The Management Accountant - April 2024

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Insolvency and Bankruptcy Code - its Journey so far!!!

he Insolvency and

Bankruptcy Code,

2016 (IBC) stands as

a crucial landmark in

the Indian financial landscape,

revolutionizing the resolution

framework for insolvent entities.

The IBC came into

effect in 2016 to achieve

s e v e r a l

o b j e c t i v e s ,

including maximizing the value

of debtor’s assets, promoting

entrepreneurship, ensuring

timely resolution of cases and

balancing the interests of the

stakeholders. The IBC provides

for a comprehensive legal

framework to address financial

distress and promote timely

resolution of stressed assets. It

emphasizes a creditor-driven

insolvency resolution process,

facilitating a transparent and

time-bound mechanism for

distressed businesses. Over

the years, the IBC has earned

its place as one of the most

significant pieces of legislation

in recent times. As the IBC

continues to evolve, it becomes

imperative to delve deeper

into its intricacies, exploring

novel perspectives and insights

through rigorous research.

IBC has thus been a

transformative tool in

resolving stressed assets and

improving the credit culture in

India.

The

Insolvency

and

Bankruptcy Board of India

(IBBI) was established under

the Insolvency and Bankruptcy

Code, 2016. It is a statutory

body, responsible for making

and implementing rules and

regulations for insolvency

and bankruptcy resolution of

corporate persons, partnership

firms, and individuals in India.

The IBBI has been making

constant amendments to the

IBBI Regulations for striking

a balance between the ground

realities of the corporate

insolvency resolution process

and the mandate of IBC.

Overall, the amendments reflect

an ongoing effort to refine

and improve the insolvency

resolution process to achieve

its objectives of transparency,

maximization of value and fair

treatment of stakeholders.

This issue of the Management

Accountant carries six articles

on Insolvency and Bankruptcy

Code - its Journey so far!!!

Mediation, in simple terms,

is a process by which a neutral

third party facilitates a dialogue

between disputing parties in the

right environment to come to a

mutually agreeable ground for

settling the dispute, thereby

maintaining cordial relationships

through co-operation. Scope for

Mediation in Indian Insolvency

- A Close look explores the

practicality of mediation

practices under the IBC regime.

This Article concludes that when

modern avenues of dispute

resolution mechanism move

from litigation to non-adversarial

practices like mediation, CMAs

can excel in this field.

The Mediation Act, 2023 and

Its Impact on India’s Dispute

Resolution Landscape: Shifting

Paradigms confirms that the

Mediation Act of 2023 is a step

in India’s conflict resolution

efforts, in reducing the time and

costs related to insolvency and

bankruptcy cases. It highlights

how the Act improves the system,

making justice more accessible

and boosting productivity.

Pre-Packaged Insolvency

Resolution Process (Why Slow

Progress?) acknowledges PPIRP,

a relatively recent addition to

the Insolvency and Bankruptcy

Code of 2016, that allows for the

resolution of MSMEs’ disputes

through a mutually agreed

base resolution plan between

the debtor and the creditor. In

contrast, the CIRP is a well-

established procedure involving

the appointment of insolvency

professional to oversee the

debtor’s operations and devise

a resolution plan endorsed by the creditors.

The factors contributing to the lower success

rate of PPIRP vis-à-vis CIRP are somewhat

apparent, yet efforts are underway to address

them by the Regulator.

Examining The Efficacy of The Insolvency

and Bankruptcy Code: A Performance

Analysis discusses about the persistence

of significant concerns regarding delays in

proceedings, absence of clear regulations

for cross-border insolvency and shortage of

tribunals.

Personal Guarantors to Corporate Debtor

concludes parallel conduct of the insolvency

process for corporate debtor and the personal

guarantors of the corporate debtor are

consistent with the statutory purpose of the

Insolvency and Bankruptcy Code, 2016. This

approach not only facilitates a more holistic

resolution strategy but also corresponds with

the Code’s objectives of prompt resolutions

and maximizing the value of the corporate

debtor.

The Committee of Creditors (CoC) has

been authorized under the IBC, similar to

the Board of Directors, to make decisions

concerning the corporate debtor, throughout

the Corporate Insolvency Resolution Process

(CIRP). CoC DHARMA (Role of Committee of

Creditors-IBC, 2016) concludes that it plays

a crucial role in determining the future of the

company and its stakeholders. It serves as

the guardian of public trust throughout the

resolution process.

Apart from these thematic articles, this

issue contains articles on various other

contemporary matters. We look forward

to constructive feedback from our readers

Please send your emails to editor@icmai.in.

We thank all the authors who contributed

to this issue. It is hoped that Members and

other readers would find the contents to be of

practical utility and enjoy the articles.

From the Editor’s Desk

www.icmai.in

April 2024 - The Management Accountant

PAPERS INVITED

Cover Stories on the topics given below are invited for ‘The Management Accountant’

for the four forthcoming months

The above subtopics are only suggestive and hence the articles may not be limited to them only.

Articles on the above topics are invited from readers and authors along with scanned copies of their recent passport size photograph

and scanned copy of declaration stating that the articles are their own original and have not been considered for anywhere else.

Please send your articles by e-mail to editor@icmai.in latest by the 1st week of the previous month.

DIRECTORATE OF JOURNAL & PUBLICATIONS

CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700025, India

Board: +91 33 2454 0086 / 87 / 0184 Tel-Fax: +91 33 2454 0063

www.icmai.in

Theme

Subtopics

Management

Accounting Practices

– Holistic Integrated

Thinking

Navigate Management Accounting Principles to Model Environmental, Social and

Governance Ecosystems

Management Accounting and Business Model – an Intertwined Relationship

Management Accountants – An approach to diversity – Transform ‘information’ through

‘insight’ to ‘influence’

Management Accounting Tools – an imperative to promote Organizational Vision and

Strategy

Automation and AI adoption – Catalyst to compliment / profess Management Accounting

Principles

CMA’s – a crusader to partner Global Business Leader in Growth Trajectory

Cyber security – a threat subsumed opportunity to CMA’s, - Effectuate Strategic Planning

and Risk Assessment

Global Disruptions and Management Accounting Principles – a pathway and

environmental driver

August 2024

Theme

Subtopics

Goods and Service

Tax - A Gateway to

rationalise indirect tax

ecosystem

GST on Digital Services

GST exemption on RERA - its impact on real estate

Retro effect of GST as proposed in Finance Bill 2023

ITC restriction on CSR spend - A potential challenge to business

Inverted Duty Structure and refund of ITC

Impact of new GST regime

Formation of GST Appellate Tribunal - the need of the hour

GST Valuation: understanding role and provisions

July 2024

Theme

Subtopics

Role of Insurance to strengthen healthcare ecosystem

Government initiative for policy support (PMFBY, AB PMJAY)

Digital Transformation and Artificial Intelligence in Insurance Sector

IPO journey of LIC of India

Diversification of insurance business to include multiple sectors

Insuretech, Regtech, a new paradigm of Insurance Sector

“Bancasurance” - its acceptability & future in India market

Insurance Underwriting the new way of Insurance World

Insurance for all

by 2047

June 2024

Theme

Subtopics

Social Impact

assessment: An

empowering approach

towards achieving

India’s Social Welfare

Objectives

Reimagining Social Impact assessment to promote Social welfare, Transparency and

Accountability

Social Impact assessment: An approach towards betterment of rural development

programs across Nation

Relevance and Benefits of Social Impact assessment in CSR context

Social Impact assessment: Ensuring greenpath for Sustainable and Inclusive Growth

Social Impact Funds and Social Impact assessment

Social Impact assessment: An effective tool for Corporate Governance

Assessing success of Social Impact assessment concerning MGNREGA and PM

POSHAN schemes

Social Impact assessment: Innovative Practices and Way Forward

Leveraging Social Impact assessment for improving outcomes of Social Projects

Logic Model - A framework for Social Impact assessment

Social Stock Exchange : A game changer for inclusive growth

May 2024

8 The Management Accountant - April 2024

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“Be persistent and resilient in the face of challenges,

for they are the building blocks of success.”

-- Ratan Tata

My Dear Professional Colleague,

Wishing you a Happy and Prosperous FY 2024-25.

s we step into a new financial year, I extend

my warmest greetings and encourage each

of you to approach this new financial year

with a renewed sense of commitment

and dedication. Let us continue to uphold the highest

standards of professionalism and integrity in our

practices. Let us strive for innovation and continuous

improvement in our respective field, adapting to the

evolving landscape of business, finance, and cost and

management accountancy.

Visit of Secretary, MCA at CMA Bhawan, New

Delhi

I am glad to inform you that Dr. Manoj Govil, IAS,

Secretary, Ministry of Corporate Affairs, Government of

India visited CMA Bhawan, New Delhi on 28th March

2024 and addressed the Council of the Institute. Shri

Inder Deep Singh Dhariwal, Joint Secretary, MCA

and Government Nominee, ICMAI and Shri Jyoti

Prakash Gadia, Government Nominee, ICMAI also

joined the meeting and graced the occasion. During the

meeting, the Secretary, MCA released the 2nd Enlarged

Revised Edition of “Aide Memoire on Infrastructure

Financing” published by BFSIB of ICMAI.

61st National Cost Convention (NCC) 2024

I am thrilled to announce the eagerly anticipated 61st

CMA Ashwin G. Dalwadi

President

The Institute of Cost Accountants of India

National Cost Convention (NCC) 2024 of ICMAI,

scheduled to take place on 28th & 29th June, 2024, at

the Statue of Unity – SOU, Kevadia, Gujarat. The

theme of this year’s convention is “Viksit Bharat 2047:

Synergizing Catalysts for Sankalp to Siddhi.” You

are warmly invited to participate in this prestigious

event, where CMA professionals, students, and industry

stakeholders will converge to shape ICMAI’s vision

towards a developed India by 2047.

The primary objective of this convention is to foster

dialogue, exchange ideas, and chart a course towards our

collective vision. We aim to discuss emerging trends,

challenges, and opportunities across various sectors

relevant to the government, corporate entities, and trade

and industry.

I urge you to save the dates and join us for a rewarding

and insightful experience at the 61st NCC 2024. Stay

tuned for further updates on the Institute’s website.

National Seminar on Management Accounting

You are aware that 6th May marks the celebration

of International Management Accounting Day, a

significant occasion globally. ICMAI, as a prominent

authority in Cost & Management Accounting,

commemorates this day by organizing a National

Seminar on Management Accounting.

I am delighted to share that the Management

Accounting Committee (MAC) of ICMAI will host a

full-day seminar on the theme “Navigating the New

Frontier: Management Accounting in the era of real-

time Insights, Sustainable Growth, and Cybersecurity”

on 6th May, 2024, at the Yashvantrao Chavan Centre in

Mumbai.

This event presents an exceptional opportunity to

delve into the latest advancements in Management

Accounting, explore real-time insights, sustainable

growth practices, and cybersecurity measures. Moreover,

it offers a platform to connect, learn, and network with

fellow CMAs. Your active participation will contribute

to making this seminar a resounding success.

Manthan on Viksit Bharat 2047 - Sankalp To Siddhi

As Council Members of the Institute, we stand firm

in our belief of “Sab ka Saath, Sab ka Vikas” (Together

with all, Development for all). In line with this ethos,

I wholeheartedly urge all Chapters and Regions to

organize at least one Manthan program on “Viksit

Bharat 2047 - Sankalp To Siddhi”. This initiative aims to

facilitate the exchange of innovative and disruptive ideas

PRESIDENT’S COMMUNIQUÉ

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April 2024 - The Management Accountant

PRESIDENT’S COMMUNIQUÉ

evolving landscape of the profession, collaborative

ventures with industry bodies, and the significance of

total cost management.

The summit comprised a series of engaging keynote

sessions and interactive discussions, delving into a

diverse range of topics such as financial risk management

and the transformative impact of emerging technologies

on the future of finance. Renowned experts and industry

veterans spearheaded these sessions, offering invaluable

perspectives and actionable insights to all participants.

The event garnered significant interest, drawing esteemed

CFOs from leading corporates alongside distinguished

finance professionals.

Regional Cost Convention 2024 of WIRC-ICMAI

I am happy to inform you that the Western India

Regional Council (WIRC) of ICMAI conducted

Regional Cost Convention 2024 (RCC) on the theme

“CMAs Boosting Efficiency, Control and Sustainability

through Technology and Social Equilibrium” on 15th

& 16th March 2024 at Indore, Madhya Pradesh.

The Convention was inaugurated by Shri Shankar

Lalwani - Member of Parliament Indore. Function was

led by CMA (Dr.) Dhananjay V Joshi - Former President

ICMAI along with ICMAI, CMA Chaitanya Mohrir -

Chairman ICMAI-WIRC, CMA Rahul Jain, Chairman

- ICMAI Indore-Dewas Chapter & Co-Convener of

RCC along with central Council and WIRC members.

The event had five technical sessions and around 250

Professionals from the Industry as well as the Practicing

CMAs attended the Convention. I congratulate WIRC

of ICMAI on the successful conduct of the Convention.

On the sideline of this RCC, a National Chapters’

Meet was held. The meet provided an opportunity to

discuss various issues of Chapters and members with

the representatives.

I wish prosperity and happiness to members, students

and their families on the occasion of Vaisakhi, Ram

Navami, Mahavir Jayanti & Id-ul-Fitr, and pray for

success in all of their endeavours.

With warm regards,

CMA Ashwin G. Dalwadi

April 04, 2024

of members that can align our profession of Management

Accountancy with the vision of a developed India.

I encourage you to actively participate in these

programs, share your insights, and contribute to

shaping our collective vision. Your valuable inputs

will be instrumental in crafting our vision document for

the future. Let us come together to pave the way for a

prosperous and inclusive India.

Renewal of Membership and Certificate of Practice

(CoP)

Esteemed members are kindly aware that membership

fees for the year 2024-25 have fallen due from 1st April

2024 and also as mentioned in my earlier communique

as in the case of practicing members, their Certificate of

Practice (CoP) for 2023-24 was valid up to 31st March

2024 and for renewal of such CoP, members in practice

needs to pay CoP renewal fees in addition to the annual

membership fee. I call upon all members to avail the

Institute’s online facilities for such renewal and all

such payment of fees from the comfort of their place

of convenience.

Revision in CPE requirements for the Members

in Practice & Industry

Keeping in view the continuous improvement and

adapting to the changing circumstances, I am pleased

to announce the revised CPE requirements for the

members in practice & industry. For details refer to

the CPE Guidelines 2024 applicable w.e.f. 1st April 2024

available at: https://icmai.in/upload/Institute/Updates/

CPE_March_24_Rev.pdf

CFO Leadership Summit

The Members in Industry Committee of the Institute,

in collaboration with the Bengaluru Chapter, successfully

organized the inaugural CFO Leadership Summit in

Bengaluru on 23rd March, 2024.

I had the privilege of attending the summit through

VC alongside CMA TCA Srinivasa Prasad, Chairman of

the MII Committee, CMA MK Anand, Council Member,

CMA Suresh R Gunjali, Council Member and CMA

Harshad Shamkant Deshpande, Council Member and

CMA (Dr.) DP Nandy, Secretary of the MII Committee

and Senior Director of the Institute.

Notable speakers, including CMA GN Venkataraman,

Former President, CMA M Gopalakrishnan, Former

President, and CMA P Thiruvengadam, Mentor &

Assessor, CII-TCM, shared profound insights on the

10 The Management Accountant - April 2024

www.icmai.in

Institute in close liaison with the key functional bodies and

personalities in the Cooperative Sector of the State and is

hopeful that CMAs shall get due recognition in the field

of audit and other financial and accounting services in the

Cooperative sector of the State.

BANKING, FINANCIAL SERVICES AND

INSURANCE BOARD

The Banking, Financial Services & Insurance Board of

the Institute and the BFSI department continued its various

activities and initiatives in March 2024, a synopsis of which

is presented herein under -

A. Representation letters for inclusion of CMAs

The BFSIB continues its efforts for further development

of the profession in the BFSI sector with representations

to authorities and employers for inclusion of CMAs in the

sector. CMAs are now eligible to apply for various posts

in Indian Bank.

B. Certificate Courses on Banking

The admission for the 10th batch of the Certificate Course

on Concurrent Audit of Banks, 8th Batch of the Certificate

Course on Treasury and International Banking and 10th

Batch of the Certificate Course on Credit Management of

Banks has started and we request the members to enroll

for the courses for professional development and capacity

building.

The link for admission is stated as follows:

https://eicmai.in/OCMAC/BFSI/

DelegatesApplicationForm-BFSI.aspx

C. Certificate Courses on Investment Management

in collaboration with NSE Academy

The BFSI Board in association with the NSE Academy

for the Certificate Course on Investment Management for

the Level-2 titled Mutual Funds and Market Analysis with

Fundamentals will commence from 6th April, 2024 and the

admission for the Financial Derivatives & it’s application

(Level-3) is presently going on. The admission window is

stated as follows:

https://eicmai.in/OCMAC/BFSI/

DelegatesApplicationForm-BFSI.aspx

D. Investment Month

The BFSI Board, ICMAI in collaboration with the Indian

Chambers of Commerce observed the Investment Month by

organizing the 15th ICC MUTUAL FUND Summit 2024 at

The Lalit Great Eastern, Kolkata on 9th March, 2024. The

doyens of the Mutual Fund Industry graced the occasion and

the thought provoking discussion with threadbare analysis

was done in various technical sessions. The members of the

Institute joined in large numbers.

E. Release of the 16th issue of the BFSI Chronicle

The BFSI in its 14th Board Meeting released the 16th issue

BRIEF SUMMARY OF THE ACTIVITIES OF VARIOUS

DEPARTMENTS/ COMMITTEES/ BOARDS OF THE INSTITUTE

DURING THE MONTH OF MARCH 2024

COOPERATIVE DEVELOPMENT BOARD

The Cooperative Development Board of the Institute

organized One Day “Uttarakhand Cooperative Conclave”

on the theme “Sahakar se Samriddhi: Empowering

Cooperatives for Sustainable Growth” on 2nd March

2024 at the Auditorium of the Uttarakhand Cooperative

Federation, Dehradun.

Dr. Dhan Singh Rawat, Hon’ble Minister of

Co-operative and Higher Education, Uttarakhand was the

Chief Guest for the Conclave. Other key dignitaries present

during the event included Shri Alok Kumar Pandey, IAS,

Registrar, Cooperative Societies Uttarakhand; Shri Anand

A. D. Shukla and Smt. Ira Upreti, Additional Registrar(s),

Cooperative Societies, Uttarakhand; Joint Registrars of the

Cooperative Societies of the State- Shri Neeraj Belwal and

Shri Mangla Prasad Tripathi; Shri Umesh Tripathi, Director,

IFFCO; Sushri Ramindri Mundrawal, Managing Director,

Uttarakhand Cooperative Federation; Shri Sumer Chand,

DGM, NABARD and many more.

There was a representation from the senior management

of leading credit and non-credit cooperative societies and

federations of the State, academicians and researchers in

the field of cooperative movement and varied stakeholders

in the sector.

During the three technical sessions at the event, there

were focused deliberations on the pertinent role of CMAs

in the field of audit and cost and management accountancy

practices in the Cooperative sector. The Registrar,

Cooperative Societies mentioned that they believe that cost

accountants shall play a pivotal role in making the activities

of cooperative societies sustainable and resourceful.

The Chairman, CDB handed over the Representation for

inclusion of Cost Accountants for Conduct of Audit and

Certifications of various documents in The Uttarakhand

Co-Operative Societies Act, 2003 to the Minister and assured

him of absolute zestful and value-added support from CMA

professionals.

The Minister, the Registrar and their team assured the

Institute of thoughtful evaluation of the representation.

Dr. R. Gopalasamy, Director (Finance), NCCT affirmed

the significance of the role of Cost Accountants in the

management of cooperative sector and strongly supported

for deeper penetration of CMAs in the cooperative movement

of the country for its optimal growth.

As stakeholders from different realms of the Cooperative

sector were present during the event, there was an

environment of enthusiastic learning during the entire event.

A Knowledge Pack complied by the CDB containing

research articles from renowned authors and practitioners

was also released by the Minister during the event and the

same was also appreciated by all key dignitaries.

The CDB is glad that this initiative could bring the

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