The Management Accountant December 2024
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December 2024 - The Management Accountant
1
December 2024 Vol. 59 No. 12 Pages - 124 100
Viksit Bharat 2 7
04
N A
TRANSFORM D
I I
TO DEVELOPED
NATION
www.icmai.in
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(Statutory Body under an Act of Parliament)
Journal of
D i I a
i t l n i
g a d
2 The Management Accountant - December 2024
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Publisher – Sucharita Chakraborty – The Institute of Cost Accountants of India, 12, Sudder Street, P. S. New Market, Kolkata,
West Bengal – 700016.
Place of Publication – The Institute of Cost Accountants of India, 12, Sudder Street, P. S. New Market, Kolkata, West Bengal – 700016.
Printer – Maneck Eruch Davar, 10th Floor, Sun Paradise Business Plaza, Opp. Kamala Mills, Senapati Bapat Marg, Lower Parel.,
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Editor – Sucharita Chakraborty – 12, Sudder Street, P. S. New Market, Kolkata, West Bengal – 700016.
Owner – The Institute of Cost Accountants of India, 12, Sudder Street, Kolkata, West Bengal – 700016.
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December 2024 - The Management Accountant
3
ICMAI
The Institute of Cost Accountants of India
(Statutory body under an Act of Parliament)
www.icmai.in
The Management Accountant, official organ of
The Institute of Cost Accountants of India, established in
1944 (founder member of IFAC, SAFA and CAPA)
Publisher – Sucharita Chakraborty – The Institute of Cost
Accountants of India, 12, Sudder Street, P. S. New Market,
Kolkata, West Bengal – 700016.
Place of Publication – The Institute of Cost Accountants of
India, 12, Sudder Street, P. S. New Market, Kolkata,
West Bengal – 700016.
Printer – Maneck Eruch Davar, 10th Floor, Sun Paradise
Business Plaza, Opp. Kamala Mills, Senapati Bapat Marg,
Lower Parel., Mumbai, Maharashtra – 400013.
Printing Press – Spenta Multimedia Private Limited,
Plot No. 15, 16 & 21/1, Morivali MIDC, Village Chikhloli,
Ambernath West, Thane, Maharashtra – 421505.
Editor – Sucharita Chakraborty – 12, Sudder Street,
P. S. New Market, Kolkata, West Bengal – 700016.
Owner – The Institute of Cost Accountants of India,
12, Sudder Street, Kolkata, West Bengal – 700016.
Chairman, Journal & Publications Committee
CMA Harshad Shamkant Deshpande
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~
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(erstwhile The Institute of Cost and Works Accountants of
India) was established in 1944 as a registered company
under the Companies Act with the objects of promoting,
regulating and developing the profession of Cost
Accountancy.
~
On 28 May 1959, the Institute was established by a
special Act of Parliament, namely, the Cost and Works
Accountants Act 1959 as a statutory professional body for
the regulation of the profession of Cost & Management
Accountancy.
~
It has since been continously contributing to the growth
of the industrial and economic climate of the country.
~
The Institute of Cost Accountants of India is the only
recognized statutory professional organisation and
licensing body in India specialising exclusively in Cost &
Management Accountancy.
VISION STATEMENT
“The Institute of Cost Accountants of India would be the
preferred source of resources and professionals for the
financial leadership of enterprises globally.”
MISSION STATEMENT
“The CMA Professionals would ethically drive enterprises
globally by creating value to stakeholders in the socio-
economic context through competencies drawn
from the integration of strategy, management and
accounting.”
IDEALS THE INSTITUTE STANDS FOR
~
to develop the Cost and Management Accountancy
Profession
~
to develop the body of members and properly equip
them for functions
~
to ensure sound professional ethics
~
to keep abreast of new developments
Headquarters:
CMA Bhawan, 12 Sudder Street, Kolkata - 700016
Delhi Office:
CMA Bhawan, 3, Institutional Area, Lodhi Road
New Delhi - 110003
Behind every successful business decision,
there is always a CMA
4 The Management Accountant - December 2024
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VIKSIT BHARAT - ENSURING
FARMER WELFARE ....... 17
TRANSFORMING INDIA INTO A
DEVELOPED NATION:
ENHANCING ENVIRONMENTAL SUSTAINABILITY FOR A VIKSIT BHARAT ....... 25
UNIQUE OPPORTUNITIES FOR
ACCOUNTANTS EN ROUTE THE JOURNEY TOWARDS VIKSIT BHARAT ....... 30
THE GREEN ARMY LABOUR BANK FOR ACHIEVING VIKSIT BHARAT 2047 BY
EMPOWERING WOMEN AND REVIVAL OF PADDY CULTIVATION IN KERALA:
A CASE STUDY ....... 34
VIKSIT BHARAT 2047:
HOW CMAs CAN LEAD INDIA’S TRANSFORMATION INTO A
DEVELOPED NATION ....... 40
THE ECONOMIC RIPPLE EFFECT OF NUCLEAR POWER:
VIKSIT BHARAT’S INDUSTRIAL RENAISSANCE THROUGH
ATOMIC ENERGY ....... 42
NUCLEAR ENERGY FOR INDIA’S SUSTAINABLE GROWTH:
CHALLENGES AND OPPORTUNITIES ....... 47
EVALUATING MSME -
SPECIFIC BUSINESS SUSTAINABILITY INDICATORS ....... 52
BRIDGING THE GAP TO A VIKSIT BHARAT 2047:
ADVANCING VOCATIONAL EDUCATION, SKILL DEVELOPMENT, AND DIGITAL
LITERACY ....... 58
Contents
Inside
December 2024
DECEMBER VOL 59 NO.12 `100
Cover Story
Interview
CMA Sarvjit Singh Dogra
Director (Finance)
Tripura State Electricity Corporation Limited
(TSECL)
....... 66
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December 2024 - The Management Accountant
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Cover images source: https://viksitbharatsankalp.gov.in/
Other images in this issue are sourced from google
PRESIDENT
CMA Bibhuti Bhushan Nayak
president@icmai.in
VICE PRESIDENT
CMA T C A Srinivasa Prasad
vicepresident@icmai.in
COUNCIL MEMBERS
CMA (Dr.) Ashish Prakash Thatte, CMA Ashwin G. Dalwadi, 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 (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 (Officiating)
CMA (Dr.) Debaprosanna Nandy
secy@icmai.in
Director (Examination)
Dr. Sushil Kumar Pareek
exam.director@icmai.in
Director (Infrastructure)
CMA Rajat Kumar Basu
Infrastructure.director@icmai.in
Director (PD & CPD)
CMA Nisha Dewan
pd.hod@icmai.in
Director (Technical)
CMA Tarun Kumar
technical.director@icmai.in
Director (Tax Research)
CMA Kushal Sengupta
trd.director@icmai.in
Director (Membership)
CMA Arunava Ganguly
membership.director@icmai.in
Director (Admin-Delhi)
CMA Simarjeet Chadha
admin.director@icmai.in
Additional Director (Journal & Publications)
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
Additional Director (Career Counselling and Placement)
Dr. Pradipta Ganguly
placement.hod@icmai.in
Additional Director (Internal Control)
CMA Indu Sharma
intcontrol.hod@icmai.in
Additional Director (Finance)
CMA Soma Banerjee
finance.hod@icmai.in
Additional Director (Public Relations)
CMA T R Abrol
pr.hod@icmai.in
Joint Director (Legal)
Ms Vibhu Agarwal
legal.hod@icmai.in
Director (Discipline)
CMA R. K. Jain
discipline.director@icmai.in
Joint Director (CAT)
CMA Pardeep Kumar Khaneja
cat.hod@icmai.in
Joint Director (International Affairs)
Dr. Kimi Thareja
intlaffairs.hod@icmai.in
Joint Director (Board of Advanced Studies & Research)
CMA Tinku Ghosh Das
advstudies.hod@icmai.in
DISCLAIMER -
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 taken on the basis of the articles and/or advertisements
published in the Journal. The material in this publication may not be reproduced,
whether in part or in whole, without the consent of Editor, The Institute of Cost
Accountants of India. All disputes are subject to the exclusive jurisdiction of
competent courts and forums in Kolkata only.
From the Editor’s Desk
President’s Communiqué
ICMAI-CMA Snapshots
Book Review
Member’s Corner
Down the Memory Lane
News from the Institute
Statutory Updates
Article / Author Index 2024
(Vol. 59 Nos. I - XII)
06
07
14
64
73
90
92
108
111
Valuation Corner
Pain Point Valuation Method ....... 70
Business Cases
Verticalisation and Cost Management ....... 72
Risk Management
Organisational Resilience Metrics in
Perspective ....... 74
Marketing Strategy
A Deep Dive into the Intersectional Landscape
of AI and Ambush Marketing ....... 79
Performance Evaluation of Select ESG Mutual
Fund Schemes in India ....... 83
ESG Investment
6 The Management Accountant - December 2024
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EDITOR’S DESK
From the
Viksit Bharat 2047: Transform India to Developed Nation
iksit Bharat 2047
envisions India as
a fully developed
nation by its
centenary of independence. This
ambitious goal aims to transform
India’s economy, infrastructure,
governance, and social systems,
ensuring prosperity, inclusivity,
and sustainability. Key areas
of focus include advancing
education, healthcare, innovation,
and technology, while addressing
challenges like poverty, inequality,
and environmental sustainability.
By fostering economic
growth, skill development, and
empowering citizens, Viksit
Bharat 2047 seeks to elevate India
to a global leader, ensuring a high
quality of life for all and a strong
presence on the world stage.
In the vision of Viksit Bharat
2047, four key target groups play
a pivotal role in achieving the
transformation of India into a
developed nation: 'Garib' (Poor),
'Mahilayen' (Women), 'Yuva'
(Youth) and 'Annadata' (Farmer).
By focusing on these target
groups, Viksit Bharat 2047 aims to
create a prosperous, inclusive, and
sustainable future for all citizens.
This issue presents articles on
the cover story Viksit Bharat 2047:
Transform India into developed
Nation.
Here’s a glimpse of the articles
featured in this issue:
Viksit Bharat - Ensuring Farmer
Welfare focuses on tackling the
key challenges in agriculture
while unlocking its immense
potential. The initiative aims
to prioritize cost reduction and
income enhancement for farmers.
By implementing strategies that
reduce costs and boost income, the
vision of a “Viksit Bharat@2047”
can be achieved, ensuring
sustainable agricultural growth
and better livelihoods for farmers.
Transforming India into a
Developed Nation: Enhancing
Environmental Sustainability
for a Viksit Bharat explores the
environmental sustainability
practices of 120 companies
across various sectors, assessing
their initiatives in emissions
reduction, resource management,
energy efÏciency, waste reduction,
and biodiversity conservation.
Through a thorough evaluation
of these companies’ sustainability
efforts, the paper offers actionable
recommendations for embedding
sustainability at the heart of India’s
development vision.
Unique Opportunities for
Accountants En Route the Journey
towards Viksit Bharat - The advent
of cloud accounting software has
enabled accounting professionals
to manage bookkeeping remotely
for small and medium businesses
in the U.S. and Canada. This
remote service model presents a
valuable opportunity for foreign
exchange earnings, making a
significant contribution to the
realization of the Viksit Bharat
vision.
The Green Army Labour Bank
for Achieving Viksit Bharat 2047
by Empowering Women and
Revival of Paddy Cultivation in
Kerala: A Case Study - The Green
Army Labour Bank is an initiative
by the Wadakkanchery block
panchayat in Thrissur District,
Kerala, aimed at reviving paddy
cultivation in the region. This
article highlights the importance
of the Green Army as a crucial
institution in achieving India’s
ambitious goal of becoming a
developed nation by 2047.
Viksit Bharat 2047: How CMAs
can Lead India’s Transformation
into a Developed Nation - This
article summarizes key budgetary
commitments and highlights
the crucial role of Cost and
Management Accountants
(CMAs) in India’s transformative journey.
By leveraging their expertise, India Inc. can
effectively contribute to building a prosperous
and inclusive future, paving the way for a
developed nation by 2047.
The Economic Ripple Effect of Nuclear
Power: Viksit Bharat’s Industrial Renaissance
through Atomic Energy highlights how nuclear
power is transforming India’s industrial sector
and enhancing its global competitiveness, laying
the foundation for a Viksit Bharat by 2047.
Nuclear Energy for India’s Sustainable
Growth: Challenges and Opportunities
examines the current state of energy production,
consumption, and sustainability in India,
focusing on nuclear power as a potential
solution to meet the country’s increasing energy
demands amidst climate change and geopolitical
challenges.
Evaluating MSME-Specific Business
Sustainability Indicators reveals that
environmental and operational efficiency
metrics lead to substantial cost savings, while
governance and supply chain indicators improve
compliance and foster greater stakeholder trust.
The study also highlights the importance of
external professionals, whose involvement
boosts the adoption of sustainability practices
and ensures better alignment with regulatory
standards.
Bridging the Gap to a Viksit Bharat 2047:
Advancing Vocational Education, Skill
Development, and Digital Literacy explores
the role of vocational commerce education in
contributing to the vision of Viksit Bharat 2047,
focusing on workforce preparedness, inclusion,
and driving economic growth.
This issue also covers a variety of other
contemporary topics, including a book review.
We introduce a new column, Member's Corner.
Your stories and insights are invaluable, and we
encourage you to share them in this space to
inspire and connect with fellow members. We
are privileged to feature an exclusive interview
with CMA Sarvjit Singh Dogra, Director
(Finance) at TSECL.
We would like to express our heartfelt
gratitude to all those who contributed articles
for this edition. We welcome your feedback at
editor@icmai.in.
Happy reading!
www.icmai.in
December 2024 - The Management Accountant
7
“Take risks in your life, If you win, you can lead!
If you lose, you can guide!”
- Swami Vivekananda
My Dear Professional Colleague,
s we embrace the final month of 2024,
it is an opportune time to reflect on
our collective achievements and chart
our path forward. December brings
with it a sense of closure and anticipation, offering
a unique blend of retrospection and optimism. I take
immense pride in the strides our Institute has made
in promoting excellence in cost and management
accounting, enhancing professional standards, and
fostering innovation across diverse sectors. Let
us continue to work together with unwavering
commitment as we prepare to embrace new
opportunities and challenges in the year ahead.
CAASB organised a series of online interactions
on draft Cost Audit Report formats
As you are aware the Committee constituted by
the Ministry of Corporate Affairs ‘to review the
existing framework of Cost Accounting Records
& Cost Audit and to improve the usefulness of
the Cost Audit Reports’ published its report. It
is understood that the Government is expected
to initiate the process of revising the current and
proposed formats of the Cost Audit Report.
To proactively prepare recommendations from
the Institute in this regard, the Cost Auditing and
Assurance Standards Board (CAASB) of the
Institute led by CMA Ashwin G Dalwadi, Immediate
Past President and Council Member of the Institute,
organised the first series of online interactions
CMA Bibhuti Bhusan Nayak
President
The Institute of Cost Accountants of India
from 21st November 2024 to 2nd December 2024,
wherein the formats for Construction, Education,
Healthcare, Hospitality, IT Services, Telecom and
Electricity sectors were placed and discussed. I
am pleased to inform you that the series was well
attended by the members and a lot of constructive
suggestions were received by the Board.
I sincerely appreciate the endeavour of the
CAASB led by CMA Ashwin G Dalwadi. I take
this opportunity to thank all the members who
constructively contributed to this important activity
of the Institute. The way forward is to suitably
revise the formats in light of the discussions held.
Meeting with Dignitaries
CMA Ashwin G. Dalwadi, Immediate Past
President, ICMAI, CMA Manoj Kumar Anand,
Council Member, ICMAI and CMA Hrishikesh
Kumar, ED (Finance), NBCC (India) Ltd. felicitated
CMA Anjeev Kumar Jain on assuming the charge
of Director (Finance) of NBCC (India) Ltd.
CMA TCA Srinivasa Prasad, Vice President,
ICMAI had meeting with Shri KK Ajith Kumar,
MD & CEO of Dhanlaxmi Bank, Thrissur and
CMA R Abhilash, Chief Risk OfÏcer of the Bank
along with CMA Praveen Kumar, Secretary, SIRC
of ICMAI.
CMA TCA Srinivasa Prasad, Vice President,
ICMAI and CMA Praveen Kumar, Secretary, SIRC
of ICMAI had a meeting with Shri VP Nandakumar,
MD&CEO of Manappuram Finance Limited on 16th
November, 2024 at his ofÏce in Thrissur, Kerala.
CMA Manoj Kumar Anand, Council Member,
ICMAI, CMA Bijay Kumar Banerjee, DGM
President’s
Communiqué
8 The Management Accountant - December 2024
www.icmai.in
skills and knowledge to excel in the recruitment
process.
CMA National Youth Commerce Olympiad
(NYCO) 2024
I am happy to inform you that the Directorate of
Studies, in association with the Career Counselling
& Placement Committee and CAT Directorate of
ICMAI, successfully conducted the CMA National
Youth Commerce Olympiad (NYCO) 2024 on 17th
November 2024. I sincerely appreciate the active
participation of all students, colleges, and institutes
across the country, as well as the dedication of
the organizing team, which made this event a
resounding success.
IFAC Council meeting and events
International Federation of Accountants (IFAC)
organized its 2024 Ordinary Meeting of the Council
on 6th November, 2024 and Thought Leadership
Seminar on 6th &7th November, 2024 in Paris,
France. CMA TCA Srinivasa Prasad, Vice
President, ICMAI, CMA Rajendra Singh Bhati,
Council Member, ICMAI and CMA Dr. Ashish P.
Thatte, Chairman, International Affairs Committee,
ICMAI & Member of IFAC PAIB Advisory Group
(2025-27) represented the Institute in the IFAC
Council Meeting and IFAC Thought Leadership
Seminar. They also had meeting with Mr. Ronnie
Patton, President, ACCA-UK, Ms. Helen Brand
OBE, Chief Executive, ACCA-UK and Mr. Stephen
Shields, Director - Partnerships and Recognition,
ACCA-UK on the sidelines of IFAC events on 7th
November, 2024.
IOD London Convention 2024
The Institute of Directors (IOD) organised its
‘London Global Convention 2024 during 13 - 16
November, 2024 in London, UK. The Institute was
the ofÏcial ‘Associate Partner’ of this Convention.
My Council Colleagues, CMA Neeraj D. Joshi and
CMA Vinayranjan P. represented the Institute in
the Convention. CMA Neeraj D. Joshi addressed
the participants during one of the Plenary Session
on the topic “Board Leadership and Strategy” held
on 14th November, 2024.
(Finance), Oil India Ltd. and CMA Pramod
Chauhan felicitated CMA Abhijit Majumder on
assuming the charge of Director (Finance) of Oil
India Ltd.
CMA (Dr.) D.P. Nandy, Secretary (OfÏciating),
ICMAI and CMA Pramod Chauhan had a meeting
for the furtherance of professional education among
the school students with Dr. Joseph Emmanuel,
Chief Executive & Secretary, CISCE and Shri Arijit
Basu, Deputy Secretary (Finance), CISCE on 22nd
November 2024 at New Delhi.
CMA TCA Srinivasa Prasad, Vice President,
ICMAI met CMA Anil Jerath, Director (Finance),
BEML at his ofÏce along with Former President
CMA GN Venkataraman and Council Member
CMA Suresh R. Gunjalli on 27th November, 2024.
CMA Manoj Kumar Anand, Council Member,
ICMAI along with CMA Saurabh Raghav met
and felicitated Shri Vipul Goel, Hon’ble Cabinet
Minister, Govt. of Haryana. The discussions were
held for allotment of Institutional land for the
Chapters of the Institute located in Haryana.
CMA Campus Placement Programme
I am delighted to announce that the Institute has
successfully conducted the first phase of the CMA
Campus Placement Programme for the June 2024
batch across 11 locations: Delhi, Kolkata, Chennai,
Mumbai, Bhubaneswar, Vijayawada, Pune,
Bangalore, Jaipur, Hyderabad, and Ahmedabad.
In this phase, approximately 300 candidates have
been successfully placed. I would like to extend
my heartfelt congratulations to all the selected
candidates. I also express my sincere gratitude to
the participating organizations for their continued
support in providing opportunities for CMAs, and to
the Placement team for their dedication and efforts
in making this initiative a success.
The Institute also organized a 12-day Orientation
Program (PPOP) for the qualified CMAs of the June
2024 term prior to the CMA Campus Placement
Programme at 12 locations: Delhi, Kolkata,
Chennai, Mumbai, Bhubaneswar, Vijayawada,
Pune, Bangalore, Jaipur, Hyderabad, Ahmedabad,
and Surat-South Gujarat to train and prepare the
recently qualified CMAs for the upcoming campus
placement interviews, equipping them with essential
PRESIDENT’S COMMUNIQUÉ
www.icmai.in
December 2024 - The Management Accountant
9
success in the years to come.
Eastern Region Chapters’ Meet
I am pleased to share that the Eastern Region
Chapters meet was organised by the Regional
Council & Chapters Coordination Committee
jointly with the Eastern India Regional Council at
ICMAI, Bhubaneswar Chapter on 17th November
2024 with the help of Bhubaneswar Chapter of
the Institute.
The meet at Bhubaneswar Chapter of ICMAI
was Chaired by me and convened by CMA (Dr.) K
Ch A V S N Murthy, Chairman, Regional Council
& Chapters Coordination Committee which was
also attended by my Council Colleagues who are
members of the Committee, EIRC OfÏce Bearers,
Chapter representatives of Eastern Region, Institute
and Bhubaneswar Chapter ofÏcials. During the
meet, representatives of the Chapters under EIRC
shared their suggestions, views and issues and
deliberated on all relevant matters which need
the attention and perusal of the Committee, RC
and Headquarters with a view to streamline and
improve upon the functioning of the Chapters and
the Institute. Newsletter of ICMAI, Bhubaneswar
Chapter: Volume-17, October 2024 was also
released during the meet.
As the year draws to a close, the festive spirit of
December fills the air with joy, gratitude, and hope.
It is a time to celebrate the season of giving, cherish
moments with loved ones, and look forward to the
promise of a new year. On behalf of the Institute,
I extend my warmest wishes to each one of you
for a joyous Christmas and a prosperous New Year
in advance.
With warm regards,
CMA Bibhuti Bhusan Nayak
December 4, 2024
CAPA and AFA Meetings
I am pleased to inform that CMA (Dr.) Ashish P.
Thatte, Chairman, International Affairs Committee,
ICMAI and Member of Member Development
Committee (MDC) of Confederation of Asian
and Pacific Accountants (CAPA) and Main
Representative of ICMAI in ASEAN Federation
of Accountants (AFA) attended the CAPA Members
Meeting & EGM on 21st November, 2024, and
AFA 139th Council Meeting and AFA – PICPA
Conference on 22nd & 23rd November 2024 at Davao
City, Philippines.
SAFA meetings and events
South Asian Federation of Accountants (SAFA)
held its 85th Board Meeting and various Committee
meetings on 11th November, 2024 in Colombo,
Sri Lanka. I along with my Council Colleagues
CMA (Dr.) Ashish P. Thatte, CMA Rajendra Singh
Bhati and CMA Harshad S Deshpande attended the
SAFA meetings and SAFA BPA Awards Ceremony
hosted by the Institute of Chartered Accountants of
Sri Lanka (CA Sri Lanka) in Colombo, Sri Lanka.
Diamond Jubilee Celebration of the Bengaluru
Chapter
I am happy to inform that the Bengaluru Chapter
of the Institute celebrated its Diamond Jubilee
on 27th November, 2024. CMA TCA Srinivasa
Prasad, Vice President, ICMAI, CMA Ashwin G.
Dalwadi, Immediate Past President, ICMAI, CMA
GN Venkataraman, Former President, ICMAI and
my Council Colleagues CMA (Dr.) K Ch A V S N
Murthy, CMA Neeraj D. Joshi and CMA Suresh R
Gunjalli attended the celebrations along with the
Regional Council Members of SIRC of ICMAI.
The journey of Bengaluru Chapter commenced in
the year 1964 with a group of dedicated members.
In the span of sixty years, the chapter has made
remarkable contributions in supporting students,
empowering CMA professionals and strengthening
the core values of our Institute. The Diamond Jubilee
celebration is a testament to the collective efforts
of all past and present ofÏce bearers, members,
and students who have dedicated themselves to
the Chapter’s growth and success. I extend my best
wishes to the Bengaluru Chapter for its continued
PRESIDENT’S COMMUNIQUÉ
10 The Management Accountant - December 2024
www.icmai.in
B. BFSI Insight Summit organized by the
Business Standard
BFSI Insight Summit was organized by the
Business Standard. The BFSI Board, ICMAI
participated in the BFSI Insight Summit organized
by the Business Standard from 6th to 8th November,
2024 where stalwarts and captains of BFSI sector
participated for the event. The Institute had an
exclusive stall for the event and had an excellent
opportunity in networking and valuable interaction
with the visitors of the stall about the effort of value
creation by ICMAI.
C. Inclusion of CMAs/CMA Firms in various
opportunities
CMAs firms are included for empanelment of
Concurrent Audit/Revenue Audit of Dakshin Bihar
Gramin Bank.
CAT DIRECTORATE
~ CAT Course in partnership with
Directorate General Resettlement (DGR),
Ministry of Defence, Government of India
The CAT Directorate has successfully continued
the Institute’s collaboration with the Directorate
General Resettlement (DGR), Ministry of Defence,
Government of India. As part of this ongoing
partnership, the ninth batch of the CAT Course
(2024-25) for retiring and retired JCOs/OR and
their equivalents commenced on 11th November
2024 at the Indore-Dewas Chapter.
Additionally, the inaugural ceremonies for
the eighth and ninth batches were held on 12th
November 2024 at the SIRC, Chennai, and the
Indore-Dewas Chapter, respectively.
Indore Inaugural Ceremony: Lt Col Priyank
Srivastava, Joint Director (DRZ Central), DGR,
Department of Ex-Servicemen Welfare (Ministry of
Defence), addressed the candidates. He motivated
them to study diligently and reassured them that
they have been placed in one of the finest Institutes.
BRIEF SUMMARY OF THE ACTIVITIES OF VARIOUS
DEPARTMENTS/ COMMITTEES/ BOARDS OF THE INSTITUTE
DURING THE MONTH OF NOVEMBER 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
November 2024, a synopsis of which is presented
herein under:
A. Certificate Courses of BFSI
i) Advance Certificate Course on Fintech
The classes for the 1st batch of Advance Certificate
Course on Fintech started from 15th November,
2024. Shri NDSV Nageswara Rao, General
Manager (IT), State Bank of India was the Chief
Guest for the inaugural session.
ii) Certificate Course on Concurrent Audit of
Banks
The classes for the 11th batch of the Certificate
Course on Concurrent Audit of Banks started from
17th November, 2024. Shri Y. Sathyanarayana
Prasad, Former General Manager, Management
Audit, State Bank of India and presently Chief
Credit Manager & Business Head (Advances)
Coastal Bank was the Chief Guest for the inaugural
session.
iii) Certificate Courses on other courses on
Banking
The admission for the 11th batch of Credit
Management of Banks and 9th batch of the Treasury
and International Banking are currently going on.
iv) Investment Management in collaboration with
NSE Academy
The admission for the Level-3 Batch No. 1
(Financial Derivatives & it’s application) is
presently going on and the Department organized
an awareness programme for the course on 21st
November, 2024. The speaker was Shri Sanat
Bharadwaj, NSE Trainer.
The admission window for the courses is stated
as follows:
h t t p s : / / e i c m a i . i n / O C M A C / B F S I /
DelegatesApplicationForm-BFSI.aspx
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