The Management Accountant - May 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
May 2024 VOL 59 NO. 05 Pages - 124 100
Social
Impact
Assessment:
An empowering approach towards achieving
India’s Social Welfare Objectives
2 The Management Accountant - May 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,
Morivali, MIDC, Ambernath (West), Dist: Thane – 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, West Bengal - 700 016.
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Cost Accountants of India, established in 1944 (founder member of
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Village – Chikhloli, Morivali, MIDC, Ambernath (West), Dist: Thane –
421505 and published at – The Institute of Cost Accountants of India,
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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.
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May 2024 - The Management Accountant
3
MAY 2024
INSIDE
JUNE VOL 56 NO.06 `100
MAY VOL 59 NO.05 `100
COVER STORY
SOCIAL IMPACT ASSESSMENT:
WOMEN’S COLLECTIVES IN
URBAN WOMEN’S ECONOMIC
CAPACITATION ---- 18
SOCIAL AUDIT: A KEY ENABLER FOR ENHANCING OUTCOMES OF
SOCIAL PROJECTS ---- 20
A COMPREHENSIVE ANALYSIS OF THE BEHAVIOURAL FACTORS
INFLUENCING STOCK MARKET INVESTING ---- 24
IMPACT ASSESSMENT OF COMMUNITY OUTREACH PROGRAMS
RUN BY HIGHER EDUCATION INSTITUTIONS:
STUDENTS’ PERCEPTION ---- 28
STRENGTHENING SOCIAL AUDITS IN INDIA:
A BIBLIOMETRIC PERSPECTIVE ---- 34
MSP AND COST OF CULTIVATION OF CROPS IN
RELATION TO MECHANISATION OF
CULTIVATION OF CROPS ---- 39
SOCIAL IMPACT ASSESSMENT
THROUGH VALUATION OF SOCIAL
WEALTH CREATED BY CSR
EXPENDITURES IN INDIA ---- 43
UNVEILING THE HIDDEN
DRIVERS OF INVESTMENT
CHOICES ---- 48
RELEVANCE AND BENEFITS OF
SOCIAL IMPACT ASSESSMENT
IN CSR CONTEXT ---- 55
IMPACT ASSESSMENT OF CSR
IN INDIA - A STUDY ON BSE
SENSEX COMPANIES ---- 59
4 The Management Accountant - May 2024
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From the Editor’s Desk
President's Communique
ICMAI-CMA Snapshots
Digital Object Identifier (DOI) -
September - 2023
Down the Memory Lane
News from the Institute
Statutory Updates
Advisory for Renewal of
Certificate of Practice for 2024-25
06
08
14
102
104
106
118
121
..............................................................................................................................................................................................................................................................................
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, placement.hod@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
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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
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= The Institute of Cost Accountants of India is not in any way responsible for the result of any action
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DERIVING VALUE PROPOSITIONS IN COSTING IN
HIGHER EDUCATION INSTITUTIONS
STRATEGIC BUSINESS TURNAROUND:
ROLE PLAY OF THE CFO
NEP
⑧④
DECODING CREDITWORTHINESS: LEVERAGING BIG
DATA ANALYTICS FOR RISK ASSESSMENT IN
CREDIT APPRAISALS
CREDIT APPRAISALS
⑦⑨
FACTORS INFLUENCING PRICING MULTIPLES:
EVIDENCE FROM INDIA
VALUATION
⑨③
⑨⑦
HR
DIGITAL TRANSFORMATION WITH OPEN
SOURCE SOFTWARE -
A KALEIDOSCOPIC LANDSCAPE
DIGITAL TRANSFORMATION
⑦①
FUND MANAGEMENT IN GIFT IFSC
SUSTAINABILITY LEAF
⑥⑧
⑥④
Cover image source:
https://adpconsultant.com/service/social-impact-assessment-sia-and-archaeology-impact-assessment-aia/
CMA Jose V J
Director (Finance)
Cochin Shipyard Ltd.
Cochin
INTERVIEW
www.icmai.in
May 2024 - The Management Accountant
5
6 The Management Accountant - May 2024
www.icmai.in
Social Impact assessment: An empowering approach towards achieving India’s Social Welfare Objectives
A
social
impact
assessment is a
process of research,
p l a n n i n g
a n d
management of social change
or consequences (positive and
negative, intended and unintended)
arising from policies, plans,
developments and projects (UNEP,
2007).
Social impact assessment
(SIA) focuses on the well-being
of communities, including factors
like education, healthcare and
poverty alleviation. It is a tool
for doing development better.
Impact assessment methodologies
have now emerged which can
predict negative project impacts,
enabling the planners to put in
place the plans to mitigate their
adverse social consequences
taking into consideration the fact
that displacement affect different
groups differently, with poorer
groups bearing the most. Impacts
also differ from one project type
to another. SIA aims to strike
a balance between economic
development goals and the
preservation of social well-being.
It seeks to achieve sustainable
development that benefits both
the project’s proponents and the
affected communities.
SIA also encompasses
empowerment of local people;
enhancement of the position
of women, minority groups
and other disadvantaged or
marginalized members of the
society; development of capacity
building; alleviation of all forms
of dependency; increase in
equity; and a focus on poverty
reduction. However, awareness
of the differential distribution of
impacts among different groups
in society, particularly the impact
burden experienced by vulnerable
groups in the community should
always be of prime concern.
This issue of Management
Accountant is focusing on
Social Impact Assessment: An
empowering approach towards
achieving India’s social welfare
objectives. Various authors have
contributed thought provoking
articles based on the theme of this
issue.
Women’s Collective (WC) is a
formal gathering of women who
come together in different types of
groups to offer each other support
and address barriers together.
Social Impact Assessment:
Women’s Collectives in Urban
Women’s Economic Capacitation
brings out the different problems of
the women and the role of women’s
collectives.
Social audit measures
comprehends, reports, and
eventually improves a business’s
social and ethical performance.
Social Audit: A Key Enabler for
Enhancing Outcomes of Social
Projects explains how social
audits assist businesses in striking
a balance between social duty and
profits.
A Comprehensive Analysis of the
Behavioural Factors Influencing
Stock Market Investing examines
eleven prominent behavioural
factors, ranging from cognitive
dissonance to endowment bias,
to clarify how they emerge in
investment choices and the
resulting impact on stock market
performance.
Developing institutional
mechanisms for community
engagement as part of the
curriculum is crucial for
achieving socio-economic goals.
Despite the available literature,
comprehensive surveys on HEIs’
outreach programs in Haryana’s
State Universities are lacking.
Impact Assessment of Community
Outreach Programs Run by
Higher Education Institutions:
Students’ Perception seeks to fill
this gap by assessing students’
perceptions, satisfaction levels
and institutional avenues for
community engagement programs.
Strengthening Social Audits in
India: A Bibliometric Perspective
is focused on the deep analysis of
the research done in the field of
social audit in India. It analyses
39 papers written since 1992 in
the field of social audit in India.
The objective of the article MSP
and Cost of Cultivation of Crops in Relation
to Mechanisation of Cultivation of Crops is to
bring out the impact of mechanisation on cost
of cultivation of crops in Telangana State and to
examine the minimum support price (MSP) in
relation with mechanisation cost of cultivation
crops in Telangana State.
Social Impact Assessment through Valuation
of Social Wealth Created by CSR Expenditures
in India tries to measure and quantify. the social
impact of CSR initiatives through social wealth
creation by all Indian companies.
Behavioural biases subtly but significantly
influence investment decisions. Unveiling the
Hidden Drivers of Investment Choices explores
the multifaceted impact of such behavioural
biases on investment choices, uncovering the
underlying drivers and implications for the
modern investment landscape.
Relevance and Benefits of Social Impact
Assessment in CSR Context attempts to showcase
the relevance, scope and the benefits of an impact
assessment in the context of corporate social
responsibility.
Impact Assessment of CSR In India - A Study
on BSE Sensex Companies is an attempt to
investigate the recent trends in impact assessment
of CSR projects undertaken by companies in the
backdrop of the amendment of the Companies
(CSR Policy) Rules, 2014 which mandate
companies, satisfying certain eligibility criteria,
to initiate impact assessment by independent
external agencies.
Apart from these, this issue contains articles
on various other contemporary topics also.
We are privileged to publish an interview
with CMA Jose V J, Director (Finance), Cochin
Shipyard Ltd.
Our thanks to all who have sent articles for
this issue.
Please share your thoughts with us at editor@
icmai.in
Enjoy Reading!
From the Editor’s Desk
www.icmai.in
May 2024 - The Management Accountant
7
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
Accelerating India's
Transport & Logistic
Sector - A Corridor to
evolution
Transformation of transportation and logistic industry --a decade journey
Impact of Logistics Cost in Pricing of goods
Connectivity development- for securing country's defence mechanism
Flagship Highway Project-- "Bharatmala" the journey so far
Green Logistic Technology, Smart cities, logistics parks -- new generation
innovation
Transportation landscape in India
GST impact on logistic industry
Satellite based toll collection: a smart way of revenue generation
September 2024
8 The Management Accountant - May 2024
www.icmai.in
“Little pools of water tend to become stagnant and
useless, but if they are joined together to form a big
lake the atmosphere is cooled and there is universal
benefit.”
-- Sardar Patel
My Dear Professional Colleague,
Manthan on Viksit Bharat 2047
I am happy to note that the Regional Councils
and Chapters of the Institute have started organizing
Manthan program on “Viksit Bharat 2047” to churn out
the new ideas and provide inputs for ensuing National
Management Accountants’ Convention (NMAC)
of the Institute with the theme “Viksit Bharat 2047:
Synergizing Catalysts for Sankalp to Siddhi” during
27th to 29th June, 2024. This initiative is to facilitate the
exchange of innovative and disruptive but constructive
ideas of members that can align our profession of Cost
and Management Accountancy with the vision of a
developed India.
The venue chosen is Tent City – II at Statue of Unity
– Gujarat. This Statue of Unity is a patriotic symbol of
the legacy of a man who spent his life in the struggle for
freedom. As a mark of respect, the statue is located at
his birthplace in Gujarat. The statue stands 182 metres
high, making it the World’s Tallest Statue in the world.
I am sure that the venue will provide us with an
opportunity to think big, guidance to strategizing our
future activities towards making our Institute the world’s
most sought after and prestigious Institute.
I look forward to receiving your valuable input which
will be instrumental in crafting our vision document
for the future and meet you in person at NMAC. Let
CMA Ashwin G. Dalwadi
President
The Institute of Cost Accountants of India
us come together to pave the way for a prosperous and
inclusive India.
Advisory to Members to report UOM as mentioned
against CTA Codes
This is a gentle reminder to all Practicing Cost
Accountants to strictly refer and report UOM as
mentioned against CTA Codes only, as advised in my
earlier communique in the month of October, 2023.
The notification issued in 2018 in this regard prescribed
that the Unit of Measurement (UOM) for each Customs
Tariff Act Heading, wherever applicable, shall be the
same as provided for in the Customs Tariff Act, 1975
(51 of 1975) corresponding to that particular Customs
Tariff Act Heading.
Meetings with Dignitaries
I along with CMA Manoj Kumar Anand, Council
Member, ICMAI and CMA Amal Kumar Das, Former
President, ICMAI had a meeting with Shri P M Prasad,
CMD of Coal India Limited and CMA Mukesh Agrawal,
Director (Finance) of Coal India Limited on 25th April,
2024 at Kolkata.
CMA Manoj Kumar Anand, Council Member, ICMAI
met with CMA Jaikumar Srinivasan, Director (Finance),
NTPC Ltd on 23rd April, 2024 at New Delhi. During this
interactive meeting, CMA Anand apprised him about the
recent and upcoming activities of the Institute.
Interaction Programme with Hon’ble Union
Minister of Finance & Corporate Affairs
An Interaction Programme with Smt. Nirmala
Sitharaman, Hon’ble Union Minister of Finance &
Corporate Affairs, was jointly organised by Bengaluru
Chapter of ICMAI and ICSI on 22nd April, 2024 at
Bengaluru. I had the pleasure of addressing the members
in presence of Hon’ble FM and CAM. The program
was attended by CS B. Narasimhan, President, ICSI
and representatives of Bengaluru Chapter of ICMAI
and ICSI.
Hon’ble FM & CAM while addressing members
of ICMAI & ICSI appreciated the role of both the
professionals in nation building. Hon’ble Smt.
Sitharaman ji specifically highlighted the importance
and key role of Management Accounting. She mentioned
that CMAs will have to play a much bigger and critical
role in achieving optimum utilization of scarce budgetary
resources by implementing techniques of Management
Accounting like Cost Benefit Analysis, etc.
CMA Faculty Lounge
The Directorate of Studies under the aegis of Training
PRESIDENT’S COMMUNIQUÉ
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May 2024 - The Management Accountant
9
PRESIDENT’S COMMUNIQUÉ
Hema Yadav, Director VAMNICOM; CMA Suresh
Gunjalli, Council Member and Dr. Gopalsamy, Director
(Finance), NCCT.
MoU with Indian Institute of Management,
Ahmedabad (IIMA)
I am happy to inform you that the Institute has signed a
MoU with Institute of Management, Ahmedabad (IIMA)
on 1st May, 2024. The MoU signing ceremony was
attended by me, CMA Kaushik Banerjee, Secretary,
ICMAI, Prof. Bharat Bhasker-Director, Prof. Amit
Karna, Professor-Strategy and Prof. Viswanath Pingali,
Associate Professor-Economics and Strategy, and other
representatives of ICMAI and IIMA at Ahmedabad.
The purpose of this MoU is to formally document and
provide guidance to ICMAI for strategizing ICMAI’s
future trajectory.
Following are the objectives of this MOU:
Facilitate the development of a unified vision2047
for ICMAI, endorsed by all internal and external
stakeholders of ICMAI.
Conduct a comprehensive analysis of global and
Indian trends impacting ICMAI’s future standing.
Propose structural adjustments to ICMAI’s
organization to enhance its adaptability and
implementation of strategic initiatives.
Advise on a portfolio of activities and pathways
aligned with ICMAI’s long-term vision for
sustained excellence over the next 25 years.
Recommend capacity building opportunities
and strategic approaches to enhance ICMAI’s
capabilities as a world-class institution.
I wish prosperity and happiness to members, students
and their families on the occasion of Buddha Purnima
and Guru Rabindranath Jayanti, and pray for the success
in all of their endeavours.
Wish you all a Happy 65th Foundation Day of the
Institute in advance.
With warm regards,
CMA Ashwin G. Dalwadi
May 04, 2024
& Educational Facilities Committee of the Institute
introduced ‘CMA Faculty Lounge’ on 26th April 2024.
The CMA Faculty Lounge aims to create a vibrant and
dynamic space where faculty members, educators and
industry experts can come together to share insights,
best practices and resources related to the field of
management accounting and allied areas while delivering
CMA Courses at different levels. This initiative seeks to
foster a culture of continuous learning and innovation
empowering our faculty members to stay abreast of
the latest trends, developments and advancements in
professional education.
Key objectives of CMA Faculty Lounge:
Knowledge Sharing
Professional Development
Networking Opportunities
Resource Repository
Pedagogical Support
Uniformity in delivering Lecture Sessions
Information and Experience Sharing
I encourage all faculty members involved in the
CMA ecosystem to participate in and benefit from this
commendable initiative of the Directorate of Studies,
being organized on last Friday of the month for the
advancement of both the student community and the
profession at large. All faculty members will receive
online invitations well in advance to join this event. I
also congratulate CMA Vinayaranjan P., Chairman of
Training & Educational Facilities Committee and the
entire team to undertake such a noble initiative.
MoU with the National Council for Cooperative
Training (NCCT)
The Institute signed a MoU with the National Council
for Cooperative Training (NCCT) at Bengaluru on 17th
April 2024 in the august presence of Dr. Ashish Kumar
Bhutani, Secretary, Ministry of Cooperation and Shri
Pankaj Kumar Bansal, Additional Secretary, Ministry
of Cooperation, Government of India.
The MoU was signed during the 51st Directors’
Conference of the various Regional Institutes and
other bodies of the NCCT held on 17- 18 April, 2024
at Regional Institute of Cooperative Management,
Bengaluru.
The MoU was signed by me and Shri Mohan Kumar
Mishra, Secretary, NCCT. Other key dignitaries present
during the event included Shri Manjunatha Prasad N,
Additional Chief Secretary, Cooperatives, Government
of Karnataka; Capt. Dr. K Rajendra, IAS, Registrar of
Co-operative Societies in Karnataka, Bangalore; Smt.
10 The Management Accountant - May 2024
www.icmai.in
Responsible Financing was hosted on 19th April,
2024. CMA (Dr.) P Siva Rama Prasad, Former
AGM, State Bank of India was the Speaker.
Basel III & IV: Norms for Resilience of Banking
Sector was hosted on 26th April, 2024. Shri Govind
Gurnani, Former AGM, RBI was the Speaker.
E. Meeting with dignitaries
CMA Chittaranjan Chattopadhyay, Chairman,
BFSIB and Council Member, ICMAI along with
CMA T C A Srinivasa Prasad, Council Member
along with CMA Praveen Kumar, Regional
Council Member, SIRC, ICMAI met Shri
Venkatraman Venkateswaran, Group President
& Chief Financial Officer, The Federal Bank Ltd.
on 15th April, 2024 at Cochin.
CMA Chittaranjan Chattopadhyay, Chairman,
BFSIB and Council Member, ICMAI along
with CMA T C A Srinivasa Prasad, Council
Member along with CMA Praveen Kumar,
Regional Council Member, SIRC, ICMAI had a
meeting with Shri V.P.Nandkumar, MD & CEO,
Manappuram Finance Ltd. on 16th April, 2024
at Thrissur.
CMA Chittaranjan Chattopadhyay, Chairman,
BFSIB and Council Member, ICMAI along with
CMA T C A Srinivasa Prasad, Council Member
had a meeting with Ms.Kavitha Raveendran, CFO
of Dhanalaxmi Bank along with CMA Abhilash
R., Chief Risk Officer, Dhanalaxmi Bank on 17th
April, 2024 at Thrissur.
CAT DIRECTORATE
The e-learning classes for Part II of the CAT Course
have commenced for students who successfully cleared
CAT Course Part I of the examination.
All eligible students are requested to grab this
opportunity, attend the classes regularly and complete
this course to match their capabilities with the demands
of the market for a promising career as entry level
Accountants.
MEMBERSHIP DEPARTMENT
During the month of April 2024, 292 new members
were enrolled as Associate members and 88 Associate
BRIEF SUMMARY OF THE ACTIVITIES OF VARIOUS
DEPARTMENTS/ COMMITTEES/ BOARDS OF THE INSTITUTE
DURING THE MONTH OF APRIL 2024
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 April 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 for conducting
concurrent audit/revenue audit of Dakshin Bihar Gramin
Bank and for conducting Stock Audit of UCO Bank,
Concurrent Audit of IIFCL and for recruitment of Officer
Grade-A (Assistant Manager) of IFSCA.
B. Certificate Courses on Banking
The 10th batch of the Certificate Course on Concurrent
Audit of Banks started from 20th April, 2024. Shri Y.
Sathyanarayana Prasad, Former General Manager,
Management Audit, State Bank of India and Chief Credit
Manager & Business Head (Advances), Coastal Bank
was the Chief Guest.
The admission for the 11th 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. Members
are requested to enroll for the courses for professional
development and capacity building.
Link for admission: https://eicmai.in/OCMAC/BFSI/
DelegatesApplicationForm-BFSI.aspx
C. Certificate Courses on Investment Management
in collaboration with NSE Academy
The admission for the Financial Derivatives & it’s
application (Level-3) is presently going on. Link
for admission: https://eicmai.in/OCMAC/BFSI/
DelegatesApplicationForm-BFSI.aspx
D. Webinars
The BFSI Board hosted the following webinars for
knowledge enhancement of the members and students:
Analysis of Monetary Policy Statement 2024-
25 was hosted on 12th April, 2024. Shri Govind
Gurnani, Former AGM, RBI was the Speaker.
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