ICAI is the 2nd largest professional body of Cost Management Accountants in the World: Sanjay Gupta, National President of ICAI
Hyderabad, February 24, 2018…… Valuation professionals and Insolvency professionals are said to be in high demand. More and more CAs, Cost Management Accountants and Company Secretaries rushing to get qualified.
In the recent banking fraud, PNB case, when authorities go for the liquidation of the properties mortgaged with them, they wouldn’t be able to realize not more than 20 per cent of the loan amount. That is because of the loopholes in the system. The project appraisal was not proper. There is a problem in the valuation of the properties mortgaged.
CMA professional with their Involvement in cost audit can give early warnings of such scams, said, Sanjay Gupta, the youngest National President of The Institute of Cost Accountants of India while addressing a press conference here in the city on the sidelines of Prathibhotsav, a State Level Convention organized by them for the students.
“There are three insolvency professional agencies promoted by three statutory regulators of professions. They include ICAI, ICSI (Institute of Company Secretaries of India) and ICWAI (Institute of Cost Accountants of India) Sanjay informed and added that they would build the capacity and also regulate insolvency professionals. They will work on the frontline for the conduct of these professionals, he added.
As Government put up the ecosystem in place in terms setting up Insolvency and Bankruptcy Code that stipulates the needs of insolvency professionals, he added.
Sanjay Gupta addressed a press conference along with his colleagues Chandra Sekhar Rajanala, Chairman of Hyderabad Chapter; Dr. PVS Jagan Mohan Rao VP of SAFA, a forum of professional accountancy bodies which is an apex body of SAARC Nations and others.
Valuation professionals and Insolvency professionals role is more now as banks are trying to resolve or recover bad loans that have long been burdened with, insolvency professionals stand to get a big career boost, Sanjay Gupta informed.
Our Insitute has already set up Insolvency Professional Agency. The Insolvency Professional Agency of Institute of Cost Accountants of India (IPA ICAI), a section 8 company incorporated under the Companies Act 2013, Sanjay stated.
This is being done, Sanjay Gupta said to enroll and regulate Insolvency Professionals (IPs) as its members in accordance with provisions of the Insolvency and Bankruptcy Code 2016, Rules, Regulations and Guidelines issued thereunder. The functions Insolvency Professional Agency would be as per the provisions of Section 204 of the Code.
IPA ICAI will grant membership to persons who fulfill all requirements set out in its bylaws on payment of membership fee; lay down standards of professional conduct for its members; monitor the performance of its members; and safeguard the rights, privileges, and interests of insolvency professionals who are its member informed Sanjay Gupta.
The Insolvency and Bankruptcy Board of India (IBBI) is already in place. It is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India. It has statutory powers through the Insolvency and Bankruptcy Code, which was passed in Lok Sabha. It attempts to simplify the process of insolvency and bankruptcy proceedings.It handles the cases using two tribunals like NCLT(National company law tribunal) and Debt recovery tribunal, Sanjay Gupta informed.
Speaking about some new initiatives taken up by the ICAI, he said, they started Forensic Arbitration Course. They have also started a course for Engineers on the basics of Cost Management Accounting for them.
Speaking further he added that the 58th National Cost Convention 2018 would be held at Delhi on March 16 and 17. The two-day meet will be inaugurated by the Vice President of India. 2000 delegates and professionals from across the world are expected to take part the biggest ever CMA professionals meet
During the meet, we would be signing a MoU with National Skill Development Authority to train two lakh people across India in GST in next one year.
ICAI is the second largest CMA Professional body in the world. We are spread over in 12 overseas destinations. We have 80,000 members in our roles across 97 chapters in India. Nearly five lakh students are pursuing CMA education in India, Sanjay Gupta informed.