The Management Accountant - February 2024
The pioneering Journal of the Institute, “The Management Accountant” has been published since January 1966. It is being published regularly keeping in mind the needs of the Cost and Management Accountants (CMA) and provides wide knowledge on the recent developments and changes in the global, national, financial and economic scenario. The rich contents in the Journal keep informed the readers of sound professional ethics and keep them abreast of new developments.
February 2024 VOL 59 NO. 02 Pages - 124 100
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(Statutory Body under an Act of Parliament)
Journal of
Enlisted in UGC-CARE REFERENCE LIST OF QUALITY JOURNALS
Valuation
Ecosystem
IN INDIA
CHANGING LANDSCAPE
OF
2 The Management Accountant - February 2024
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Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S.
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February 2024 - The Management Accountant
3
FEBRUARY 2024
INSIDE
JUNE VOL 56 NO.06 `100
FEBRUARY VOL 59 NO.02 `100
INTERVIEW
COVER STORY
VALUING PRE-REVENUE STARTUPS:
METHODS USED GLOBALLY ---- 19
VALUING START UPs -
A BRAIN TEASER ---- 23
UNVEILING VALUATION DYNAMICS:
A COMPARATIVE PERSPECTIVE ON INDIA AND
THE GLOBAL ARENA ---- 26
UNDERSTANDING FINANCIAL REALITIES:
UNMASKING THE IMPORTANCE OF FORENSIC AUDIT IN
VALUATION ---- 33
NAVIGATING THE NEW FRONTIER:
VALUING DIGITAL ASSETS IN A DYNAMIC ERA ---- 37
TESTING THE ACCURACY OF RELATIVE VALUATION METHOD:
AN EMPIRICAL STUDY BASED ON SELECT COMPANIES IN
INDIAN CEMENT INDUSTRY ---- 41
CMA Rakesh Kumar Jain
Director (Finance), GAIL ................. 44
DIGITAL TRANSFORMATION OF MSMEs AND B2B
SaaS BAZAR FOR SUSTAINABLE PROSPERITY ................. 53
DIGITAL TRANSFORMATION
SOCIAL STOCK EXCHANGE –
RAISING PRIVATE CAPITAL FOR SOCIAL WELFARE .......... 48
SUSTAINABILITY LEAF
4 The Management Accountant - February 2024
www.icmai.in
From the Editor’s Desk
President's Communique
ICMAI-CMA Snapshots
Down the Memory Lane
News from the Institute
Statutory Updates
Advisory for Renewal of
Certificate of Practice for 2024-25
06
08
14
94
96
116
120
..............................................................................................................................................................................................................................................................................
GOA PANCHAYATS: REVENUE REALITIES
PROSPECTIVE APPLICATION OF ARTIFICIAL
INTELLIGENCE IN HIGHER EDUCATION AND
ITS POTENTIAL BENEFITS
PANCHAYAT ACCOUNTING
⑦⑧
FORENSIC AUDITING FOR FRAUD
INVESTIGATION AND PREVENTION -
A CRITICAL REVIEW
FORENSIC AUDIT
⑦③
DOES ACQUISITION OF UBER EATS’ INDIA
OPERATIONS BY ZOMATO LEAD TO FINANCIAL
SYNERGY? AN INTROSPECTION
MERGER AND ACQUISITION
⑧②
⑧⑥
INFLUENCE OF SOLVENCY AND LIQUIDITY ON
THE FINANCIAL PERFORMANCE OF SELECT
PHARMACEUTICAL COMPANIES IN INDIA
PHARMACEUTICAL INDUSTRY
⑨⓪
ARTIFICIAL INTELLIGENCE
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)
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
Joint Director (Information Technology)
Mr. Ashish Tewari
it.hod@icmai.in
Joint Director (Admin-Kolkata & Human Resource)
Ms Jayati Sinha
admin.hod.Kolkata@icmai.in, hr.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
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= 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.
CREDIT ENVIRONMENT
IS ARTIFICIAL INTELLIGENCE (AI) IN
BANKING A BOOM OR A PASSING FAD?
BANKING
⑥⑥
⑦⓪
⑥①
INTERIM BUDGET:
A CONTINUITY OF POLICY DECISION BY
THE GOVERNMENT
BUDGET 2024
STRATEGIC BUDGETARY MOMENTUM:
THEN AND NOW
⑥②
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February 2024 - The Management Accountant
5
6 The Management Accountant - February 2024
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Changing Landscape of Valuation Ecosystem in India
aluation is
an essential
pre-requisite
in choosing
investments for a portfolio, in
deciding on the appropriate
price to pay or receive in
a takeover and in making
investment, financing and
dividend choices while
running a business. Valuation
is required throughout the
life cycle of a business
entity. From the time a
company is incorporated
with infusion of funds to
the stage of its liquidation,
valuation is a critical
process at various stages
of running of the company.
Over the years, valuation
has witnessed momentous
changes and developments
and it continues to evolve.
Technology has played a
key role in changing the way
businesses and investors
approach valuation nowadays.
Advanced technologies like
machine learning, artificial
intelligence and data analytics
are increasingly being used
to analyse data and identify
trends that can impact the
valuation of businesses and
assets.
Moreover, with the
emergence and increased
adoption of digital assets
nowadays, we are entering a
new era of technology. Digital
assets are anything that can
be stored electronically and
typically that have value
such as currency, property
titles, securities, and patents.
Considering the unique
properties of digital assets
and the quickly evolving state
of technology, it is important
to value digital assets in
a standardized way. The
valuation of digital assets is
often done through the use of
financial models, estimations,
statistical analysis and other
metrics. Although valuation
of digital assets differs based
on the type of asset and
use, there are few common
methods used to determine
the value of a digital asset.
Environmental, Social and
Governance (ESG) factors
are becoming increasingly
important in valuation. In
India, ESG factors are gaining
acceptance and companies are
beginning to recognize their
importance.
This issue on the theme
Changing Landscape of
Valuation Ecosystem in India
carries a set of articles on
cover story.
Here’s a glimpse of the
articles featured in this issue:
Valuing Pre-Revenue
Startups: Methods Used
Globally seeks to analyze
several valuation methods
used globally in order to arrive
at the stand-alone value of a
pre-revenue startup.
Valuing Start Ups - A Brain
Teaser discusses several
methods to ascertain the future
earnings and profitability of
the startups.
Unveiling Valuation
Dynamics: A Comparative
Perspective on India and
the Global Arena presents a
comprehensive comparative
analysis of valuation practices
across India, USA, UK,
Germany, Brazil, South
Africa, and Australia.
Understanding Financial Realities:
Unmasking the Importance of Forensic
Audit in Valuation aims to provide a
deeper understanding of the ways in which
forensic audit functions as a powerful tool
for revealing the true financial worth of
companies.
Navigating the New Frontier: Valuing
Digital Assets in a Dynamic Era probes
the complexities of digital asset valuation,
contrasting it with traditional methods and
addressing challenges like volatility and
regulatory uncertainty.
Testing the Accuracy of Relative
Valuation Method: An Empirical Study
Based on Select Companies in Indian
Cement Industry examines empirically
the accuracy of relative valuation model
for Indian cement industry.
We are privileged to feature the
interview with CMA Rakesh Kumar Jain,
Director (Finance), GAIL (India) Limited.
Apart from these, this issue contains
articles on various other contemporary
topics including Budget 2024.
We are confident that the articles
featured in this issue will enrich you to a
great extent. We thank all the contributors
for making substantial value addition to
this issue.
Please share your thoughts with us at:
editor@icmai.in
Wish you a very happy reading!
From the Editor’s Desk
www.icmai.in
February 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
Insolvency and
Bankruptcy Code - its
Journey so far!!!
Global trends in Insolvency and Bankruptcy landscape
Blockades and Success stories of IBC since its inception
The Mediation Act, 2023: A great leap forward in Indian Dispute Resolution
mechanism
Crucial insights into Corporate Insolvency Resolution Process (CIRP)
Stressed Asset Investment
Pre-packaged Resolution Framework for MSMEs
Cross Border Insolvency
Important Case Laws/ Successful Resolutions under IBC
April 2024
Theme
Subtopics
Empowerment of
Women: Shaping
future of India
Bridging the Gaps to Accelerate Investment Climate for Women Entrepreneurs
Embrace Change, Empower Women
Women Empowerment - the key to achieve Socio-Economic growth of India
Role of Women as Social Entrepreneurs
Gender Equity in Education and Workplaces
Government Policies and Enactments to achieve Women Empowerment
DigitALL: To overcome the Digital Gender Divide
Women-led MSMEs: Promoting Robust and Sustainable Growth
Expanding Access to Finance through Fintech and Innovations
Women Torchbearers as Founders and Investors in the Indian Startups space
March 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 - February 2024
www.icmai.in
“To succeed in your mission, you must have single-
minded devotion to your goal.”
-- Dr. A. P. J. Abdul Kalam
My Dear Professional Colleague,
harat celebrated the momentous occasion its 75th
Republic Day on 26th January 2024, marking a
significant milestone in its democratic history.
The Institute participated in the 75th Republic
Day celebrations with great enthusiasm and patriotic fervor
with the support of its Regional Councils and Chapters
across the country.
The Republic Day celebration organized at the HQ,
Kolkata was attended by CMA Bibhuti Bhusan Nayak,
Vice President, CMA Chittaranjan Chattopadhyay, Council
Member, CMA Avijit Goswami, Council Member and
Former Presidents CMA Biswarup Basu, CMA Harijiban
Banerjee & CMA Mahesh Shah, and CMA Kaushik
Banerjee, Secretary along with other officials of the Institute.
Referendum on Shifting Headquarters of ICMAI
from Kolkata to Delhi
As you are aware the Institute was in process of
conducting a Referendum for deciding the place of Head
Office of the Institute. Now, I am pleased to announce
that the referendum is scheduled for 12th February 2024,
and will conclude on 14th February, 2024. All members
whose names are on the Membership Register as of 31st
January 2024, are eligible to participate. The referendum
will be conducted through e-voting, facilitated by M/s
Central Depository Services (India) Limited (CDSL), on
the platform www.evotingindia.com. You will soon receive
a User ID and Password from CDSL via email and SMS
on your registered mobile number from CDSL.
Meeting with Hon’ble Union Minister of Defence
I along with CMA Manoj Kumar Anand, Council
CMA Ashwin G. Dalwadi
President
The Institute of Cost Accountants of India
Member, ICMAI and CMA Vinayaranjan P., Council
Member, ICMAI, CMA K Panduranga Rao, Vice Chairman,
SIRC, ICMAI had an opportunity to meet Shri Rajnath
Singh, Hon’ble Union Minister of Defence on 27.01.2024
and discussed the matters related to the Institute and CMA
profession.
MoU with JIS University
On the 24th of January 2024, a Memorandum of
Understanding was formally executed between the Institute
and JIS University at the 47th International Kolkata Book
Fair auditorium. This collaborative MoU aims to foster
joint initiatives in the realms of education, research and
professional development. The signing ceremony, attended
by distinguished representatives from both entities. CMA
Bibhuti Bhusan Nayak, Vice President, CMA Neeraj Joshi,
Council Member, CMA Chittaranjan Chattopadhyay,
Council Member, CMA Avijit Goswami, Council Member,
CMA Vinayaranjan P., Council Member, CMA (Dr.)
Kaushik Banerjee, Secretary and other officials of the
Institute. On the JIS University side, notable participants
included Sardar Simarpreet Singh, Director, JIS Group,
Prof. (Dr.) Bhavesh Bhattacharya, Vice Chancellor, JIS
University, among others. The event drew an audience of
over 500 students, members and guests, underscoring the
significance of this collaborative endeavor.
Peer Review Board
I am pleased to inform you that the Peer Review Board
in its 12th meeting held on 29th January 2024 has decided
to finalize the List of Reviewers considering the requests
for empanelment received by the Board from the practicing
members in response to its earlier communication. The
PRB Secretariat has sent another communication in this
regard to those members. I urge the members to respond
to the communication within the given timeline so that the
list of the Reviewers can be finalized by the Board. The
Board is gearing up to initiate the Peer Review process in
the Institute w.e.f. 1st April 2024 and the members shall be
informed accordingly by the Board. Please do respond to
the communications from the Board. I hereby wish the Peer
Review Board all the success in its endeavors.
Release of Guidance Notes
I am pleased to inform you that the Institute has released
the following three Guidance Notes:
Guidance Note on Techniques of Artificial
Intelligence (AI) and the Role of Cost and
Management Accountants: In an era marked
by profound technological advancements, it is
imperative for Management Accountants to remain
at the forefront of innovation. Artificial Intelligence
(AI), with its far-reaching influence across sectors
and societal management, presents both a promising
opportunity and a formidable challenge that demands
our attention.
Guidance Note on Role of Cost Accountants in
PRESIDENT’S COMMUNIQUÉ
www.icmai.in
February 2024 - The Management Accountant
9
PRESIDENT’S COMMUNIQUÉ
(SAFA) for the year 2024.
My Council Colleagues CMA Rajendra Singh Bhati, CMA
(Dr.) Ashish P. Thatte and CMA Neeraj Joshi represented
the Institute in the SAFA meetings and other events on 18th
& 19th January, 2024. They also participated in the Joint
International Cost Conference organized by CMA Sri Lanka
and ICMAI on “Cost & Effect on Industry and Services to
Drive Business Performance” and a Meeting with the Cost
and Management Accounting Standards Board of CMA
Sri Lanka on 20th January, 2024 at Colombo, Sri Lanka.
43rd Regional Cost Conference-2024 of EIRC of
ICMAI
I am pleased to inform that the Eastern India Regional
Council (EIRC) in association with Bhubaneswar Chapter
have successfully conducted the 3-Day 43rd Regional Cost
Conference-2024 on the theme “
: New Bharat – A
Paradigm Shift – Challenges & Opportunities” at Puri,
Odisha from 12th January, 2024 to 14th January, 2024.
CMA Pradip Kumar Das, Chairman & Managing Director,
IREDA inaugurated & graced the day-1 of RCC-2024 as
the “Chief Guest” in the presence of Guests of Honour Shri
Pankaj Lochan Mohanty, Chairman & Managing Director,
MGM Mineral Limited and CMA Gagan Bihari Swain,
Director (Finance & Corporate Affairs), GRIDCO Limited.
Smt. Ahuti Swain, Director (Personnel), Eastern Coalfield
Limited was the Chief Guest for Day 2 of the event and
CMA Ramesh Chandra Joshi, Director (Finance), NALCO
Limited graced and addressed the valedictory session as
Chief Guest.
The 43rd Regional Cost Conference-2024 was a resounding
success, fostering discussions on the paradigm shift in New
Bharat and providing a platform for knowledge exchange and
networking. Around 600 participants including Corporate
Delegates, Practicing Cost Accountants, Academicians,
Bankers, CMA members and Students actively participated
from across the nation and culminated with a grand success.
CMA Bibhuti Bhusan Nayak, Vice President, ICMAI
along with other members of the Council of the Institute
participated in the event. I congratulate CMA Uttam Kumar
Nayak, Chairman and other RCMs of EIRC of ICMAI and
Managing Committee members of Bhubaneswar Chapter
for the successful conduct of the event.
I wish prosperity and happiness to members, students and
their families on the occasion of Basant Panchami, Shivaji
Jayanti & Guru Ravi Das Jayanti and pray for their success
in all of their endeavours.
With warm regards,
CMA Ashwin G. Dalwadi
February 02, 2024
Corporate Social Responsibility (CSR) Practices,
Audits and Report Verifiers: This document
underscores our steadfast commitment to advancing
responsible business practices and upholding the
highest ethical standards within the realm of CSR.
Guidance Note on Carbon Credit Mechanism,
Greenhouse Gas Accounting, ESG Reporting with
different Sustainability Standards (including the
current IFRS S1 and S2 Standard), and the Role
of Cost Accountants: This document will provide
Cost Accountants with the essential information
and tools to effectively traverse the intricate aspects
of carbon credit mechanisms, greenhouse gas
accounting, and ESG reporting.
I hope that both these publications will be extremely
useful to our members and other stakeholders for an effective
understanding of contemporary AI methodologies, enhance
their contributions to the CSR domain and sustainable
development.
Career Counselling Month
I congratulate CAT Directorate for celebrating the month
of January 2024 as CAT Career Counselling month of CAT
Course, with a focus to Reach the Unreached sections of
the country. The restart of career counselling activities
will certainly give an impetus to the popularity of the CAT
course. I urge the Regional Councils and Chapters to give
wholehearted support to popularize the CAT Course of the
Institute through their established good offices. A special
acknowledgement goes to CMA Rajendra Singh Bhati,
Council Member & the young and dynamic Chairman of
the Committee for Accounting Technicians, for his great
initiative in spearheading this valuable endeavour. His
leadership and commitment have undoubtedly contributed
to the success of the Career Counselling month, and I
commend his efforts in promoting the CAT Course.
I hope that the initiatives of the CAT Directorate will
inspire and guide the youth towards fulfilling and successful
careers in accounting through the CAT course.
CAT Course for retiring/retired Defence Personnel
I had informed you in one of my past communiqués
about the inaugural of CAT course batches for retiring/
retired JCOs/OR & their equivalent in association with
Directorate General of Resettlement (DGR), Ministry of
Defence, Government of India in different locations. One
more batch commenced on 23rd January, 2024 at CMA
Bhawan, Noida.
SAFA Events in Sri Lanka
The Institute of Chartered Accountants of Sri Lanka
hosted the SAFA meetings on 18th & 19th January, 2024
in the premises of CA Sri Lanka, Colombo, Sri Lanka. I
congratulate Mr. Heshana Kuruppu on his appointment
as the President and Mr. Ashfaq Yousuf Tola as the Vice-
President of the South Asian Federation of Accountants
10 The Management Accountant - February 2024
www.icmai.in
Shri Sudhakar Kulkarni, Certified Financial Planner
was the Chief Guest and Speaker.
2.
Webinar on “Retirement: An eventual Reality
“organized on 16th January, 2024 in association
with PFRDA. Dr.Deepak Mohanty, Chairperson,
PFRDA was the Special Guest of Honour and Shri
Pankaj Mathpal, CEO, Optima Money Managers
was the Guest of Honour and key note speaker.
CMA Soumit Das, Chief Mentor - Financial Goal
Achievers (a Personal Finance Advisory Firm) was
the other speaker for the event. Shri Sumit Kumar,
CGM, PFRDA was the other speaker from PFRDA.
3.
Webinar on “Retirement and Personal Cash Flow
Management” organized on 31st January, 2024.
CMA Jaimin Sheth, Certified Financial Planner
was the Speaker.
b) Other Webinar
Webinar on “Deciphering the impact of the three new laws
on BFSI Industry” organized on 25th January, 2024. CMA
Guruprasad G., Consultant was the Speaker
CAREER COUNSELLING AND PLACEMENT
COMMITTEE
The Career Counselling and Placement Committee
participated in a Career Conclave organized by Lions Calcutta
Greater Vidya Mandir on 19th January, 2024 at their premises
in Kolkata. By joining at this conclave, the Institute got the
opportunity to network with potential students and highlighted
the opportunities available by joining our course. There was
good number of footfall in the event.
COOPERATIVE DEVELOPMENT BOARD
The Cooperative Development Board of the Institute, being
the Knowledge Partner have participated in the Summit on
Cooperatives: Building the Foundation of Viksit Bharat,
organised by the PHD Chamber of Commerce and Industry
on 24th January, 2024 at PHD House, New Delhi.
The summit was inaugurated by esteemed dignitaries
including Mr. Vineet Nahata, Chairman, Taskforce on
Cooperatives (PHDCCI); Mr. R.P. Singh, Co-Chairman,
Taskforce on Cooperatives (PHDCCI) and Director (HR
& Legal), IFFCO; Mr. Vinay Chauhan, Chairman, National
Federation of Labour Cooperatives Ltd, Smt. Savitri Dingh,
Dy CEO (NCUI) and CMA Navneet Jain, Chairman (CDB),
ICMAI. The Knowledge Pack prepared jointly by the ICMAI
and the PHDCCI for the Summit was released during the
inaugural session and was highly appreciated.
The event was attended by members and cooperative
delegates in good numbers who got the opportunity to gather
requisite knowledge on ‘The Role of Cooperatives in Viksit
Bharat’ from the Summit deliberations. CMA Navneet Kumar
Jain, Chairman of the Cooperative Development Board was
the speaker in the summit on behalf of the Institute.
BRIEF SUMMARY OF THE ACTIVITIES OF VARIOUS
DEPARTMENTS/ COMMITTEES/ BOARDS OF THE INSTITUTE
DURING THE MONTH OF JANUARY 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 January 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 the following post:
Chairman and Managing Director in SIDBI.
Managing Director in National Housing Bank.
General Manager in Bassein Catholic Co-operative
Bank Ltd.
Administrative Officers in National Insurance Co. Ltd.
B. Certificate Courses on Banking
The admission for the 10th batch of the Certificate Course
on Concurrent Audit of Banks and 8th Batch of the Certificate
Course on Treasury and International Banking has started.
Interested members are requested 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
Link to submit the Expression of Interest for the admission in
the 10th batch of the Certificate Course on Credit Management
of Banks is as follows:
https://docs.google.com/forms/d/e/1FAIpQLSdx18Bm
27SjBv83hUDP64j3jLmDuSIeVmGn2l2K3Epdg9P3Bw/
viewform?vc=0&c=0&w=1&flr=0
C. Certificate Courses on Investment Management in
collaboration with NSE Academy
The BFSI Board in association with the NSE Academy will
commence the Certificate Courses on Investment Management
from 3rd February, 2024 for Fundamental Analysis and
Valuation (Level-I). The admission window for the other two
levels comprising of the, Mutual Funds and Market Analysis
with Fundamentals (Level-II) and Financial Derivatives &
it’s application (Level-III) respectively are presently going
on. The admission window is stated as follows:
https://eicmai.in/OCMAC/BFSI/
DelegatesApplicationForm-BFSI.aspx
D. Webinars
The BFSIB organized the pension month successfully the
following webinars:
a) Retirement Solutions Month
1.
Webinar on “Retire with Confidence” organized on
12th January, 2024.
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