Strategic Cost Management in Health Care Sector
Date: June 9, 2016
Venue: EIRC Auditorium, Kolkata

The Directorate of Research and Journal of the Institute organized a Discussion Meet on ‘Strategic Cost Management in Health Care Sector’ at EIRC Auditorium on June 9, 2016. The pricing mechanism of services and procedures in the health care sector were broadly discussed in the meet. CMA Manas Kumar Thakur, vice president of the Institute stressed on the significance of the health care in the life of the common man and opined that proper pricing of health care services and procedures is essential for a welfare state. CMA S.P. Padhi, chairman, EIRC of the Institute eloquently shared his experience of an internal auditor in a private hospital at Bhubaneswar. Due to paucity of time he could not substantiate his argument that there are innumerable areas in the health care sector, especially, private hospitals where cost reduction measures can be effectively used which would have a positive impact on the pricing of services and procedures. Dr. Taposh Bhattacharya, Additional Regional Director, Ministry of Health and Family Welfare, Government of India was the key note speaker in the Meet. In his speech, he comprehensively discussed various facets of ‘health’ and ‘health care’. The best part of his lecture was the way he concluded. He pointed that prevention of the disease is the best way to reduce cost of health care and therefore the ultimate strategic cost management in health care sector is ‘prevention’ of disease and safeguarding one’s health. The deliberations of Dr A Selvam, Professor & Principal, Sri Ramachandra College of Management, Sri Ramachandra University, Chennai was the quintessence of the seminar. He argued that the pricing mechanism in the health care sector in India is ineffective as many of the avoidable costs remains unregulated resulting in disproportionate pricing in health care sector. He resolutely pointed that health care sector is a social sector, especially in a country like India where huge population lives below poverty line. He highlighted on improper pricing of health care services and provided illustrations from his personal experiences how health care services are priced differently in villages and in towns. Further he noted that the Indian rural population which accounted a staggering seventy per cent of the total population has no or limited access to hospitals and clinics, therefore relied heavily on alternative medicine and government programmes in rural health clinics. He was definitive about the issue that privately managed hospitals should initiate strategic cost management to reduce cost of services and procedures such that the benefit of lower prices can be passed on to the consumers. Dr. A. Gandhi, Director-MBA Dept, and Head of Training, Placement & Corporate Relations of Saveetha Engineering College provided some thought provoking statistics to argue that the Indian health care sector is in dismal state. He noted that in India a mere 4.2 per cent of gross domestic product is spent towards healthcare sector compared to 18 per cent in United States. He furthered his argument by stating that the out of pocket expense in Indian health care sector (due to low penetration of medical insurance) was much higher (67 per cent) than international standard (44 per cent). He opined that exorbitant fee structure in medical studies in conjecture with reasons previously put forward resulted in dismal pricing structure in Indian health care sector. Several argumentative observations were put forward by the participants. Most participants inquired regarding the disproportionate pricing of health care services and procedures in the state of West Bengal. Dr. Taposh Bhattacharya made an interesting observation in answering a question regarding the role of the state government in regulating prices in health care service. He pointed that though ‘Health’ is a state issue; the private hospitals are free to price the health care services and procedures without the interference of the state government. In response to the questions raised by the participants regarding differences in pricing of health care services and procedure in the state of West Bengal and some other states in the southern part of India, Dr A Selvam and Dr. A. Gandhi recommended the participants to take up research projects on price discrepancy in health care services across various states in India, under the tutelage of the Institute.

In conclusion it may be stated that the discussion meet made some interesting observation. The following four issues were very specifically highlighted in the discussion meet.

1. There is widespread discrepancy as regards to pricing of health care services and procedures amongst various states in India. The Institute can play a crucial role in unifying the pricing mechanism practiced in the health care sector. On the above lines the house strongly argues that the role of the Cost Accountant is crucial in health care sector, especially private hospitals.

2. The house is consensus on the issue that health care is a social issue and the pricing mechanism cannot be solely dependent on demand. Rather cost driven pricing mechanism is more appropriate to ensure fair and equitable prices in health care sector.

3. Insufficiency of medical insurance is reiterated by all the speakers in the seminar and is pointed to be one major reason for high cost of health care service. In this regard, Dr Selvam put forward an unpretentious but effective solution as he suggests that medical insurance premium needs to be tagged with mobile recharge expense. Thus when a consumer recharges his mobile, a portion of the amount will be contributed to his medical insurance.

4. The seminar made several observations which tantamount to an appeal to set up an apex level dedicated regulatory authority to monitor health care sector in India. The Institute is to act as an integral part of the system to ensure strategic cost management in the arena of health care sector which will reduce cost burden and have a positive impact on the price of health care services and procedure in India.

CMA Avijit Goswami, Council Member and Chairman Research, Journal & IT Committee of the Institute delivered the formal vote of thanks. He specifically acknowledged the participants for their active presence. He also expressed his heart felt gratitude towards the honoured speakers for their cordiality.

Awareness Programme on Live and Let Live
Date: January 2, 2015.
Venue: EIRC Auditorium

An Awareness Programme on ‘Live & Let Live’ had been organized by the Directorate of Research and Journal at EIRC Auditorium of the Institute on January 2, 2015. Eminent dignitaries from various communities were present in the dais and shared their valuable speeches and made the seminar auspicious. Dr. Ajanta Paul, Principal, Women’s Christian College described the word ‘violence’ and said that violence comes from the syllables ‘vio’ and ‘lence’. ‘Vio’ comes from the word ‘violin’ which is used to create some of the most beautiful notes and also a symphony of sounds and the term ‘Lens’ is a piece of glass that affords us a vision. Combining these two must create an optimistic and positive outlook and the word ‘Violence’ becomes symbolic of music. But she griefed the fact that unfortunately the word is playing a brutal role in the context of humanity. There are lack of engagements and initiatives on our part. She opined the need to enter beyond the self into a broad paradigm and larger cosmos so that we can negotiate the differences and could reach the radiance of rationality. Shri Jaynarayan Sen, Social Activist believes in the principles of Srimad Bhagavad Gita and asserted that the whole creation in this Universe is eternal and divine, it is not material. He has strong faith in ‘Karmafal’ and according to his belief a person who commits any crime would get it reverted back. Gnani Sukhwinder Singh, Head Priest, Gurudwara Sant Kutiya asserted that ‘Parmatma’ is present in every individuals and we all are part of it. He regretted that the common persons have separated society by religions. Guru Granth Sahib, the central religious text of Sikhism is open irrespective of any religions. He said God would not forgive those who commits brutality and unity, love and compassionate are the three features that needs to be present in every individuals. Ven. H. Dhammaratana Thero, Bhikkhu Incharge, Maha Bodhi Society, Dharmarajika Chaitya Vihar said that there is a requirement to become a good human being and also there is a need of proper care and upbringing which would resist a person to do any brutal act or violence. Rev. Sukrit Roy, Christ Mission Ashram asserted that we have no authority to almighty God if we don’t believe in God and the common people do have no power to take the lives of the innocents and the persons who commits brutality, murder has no place in heaven. He requested everybody that we must live peacefully and let others live. He described the meaning of Jesus that originated from “Yesu” meaning saviour and said Lord Jesus came to establish peace in earth. Swami Tadbodhananda, Ramakrishna Math & Mission, Belgharia believes on the dictum of Sri Ramakrishna Paramhansa, “Joto Mot toto Poth’’. He believes that a person must trust himself and should change his animal instincts to reduce this brutality. There is wide acceptance of all religions in Ramakrishna Mission. Syed Nurus Salam, Secretary, West Bengal Board of Madrasah Education said that Islam means peace and the person who commits such crimes are not proper human beings. There must be cooperation and coordination in every persons. CMA Manas Kumar Thakur, Central Council Member also shared that if a person respects his parents, family, society and themselves, only then he would also receive the same. If a person is still alive in the minds of many even after his death, then and then only he can be termed as a proper individual. The programme ended by lighting candles after paying homage to those souls who lost their lives in the savagery with the prayer to rest them in peace.

Emerging Trends in Management Accounting
Date: January 16, 2015 Venue: EIRC Auditorium

Another round table discussion on ‘Emerging Trends in Management Accounting’ had been held on January 16, 2015 at EIRC Auditorium. Prof. Pradyut (P.K) Sen, Associate Dean & Professor, University of Washington, Bothell, U.S.A, CMA Dr. Bhabatosh Banerjee, Editor, Indian Accounting Review, President, IAA Research Foundation Guest Faculty, IIM Calcutta, Former Professor of Commerce & Dean of Commerce and Management, University of Calcutta and Former Director of Research, ICAI, CMA Harijiban Banerjee, Former President, ICAI, CMA Amal Kumar Das, Former President, ICAI were among the eminent dignitaries present and shared their valuable views on the concerned theme. CMA Manas Kumar Thakur, Council Member, ICAI and CMA Dr. Debaprosanna Nandy, Director, Research and Journal, ICAI also chaired an important session in the seminar.

Be and Make
Date: January 28, 2015.
Venue: EIRC Auditorium

The Directorate of Research & Journal of the Institute organized a seminar on the theme ‘Be and Make’, famous quote by Swami Vivekananda celebrating the Golden Jubilee Year of the ‘Management Accountant’ Journal of the Institute on January 28, 2015. The programme started with Saraswati Vandana and National Anthem. Swami Purnatmananda, Secretary, Swami Vivekananda’s Ancestral House & Cultural Centre, Ramakrishna Mission, Shri Sanjib Chattopadhyay, renowned author, Shri Jayanta Kushari, Social Activist were among the eminent dignitaries in the dais. Shri Kushari said that the educated young generation should come together and must be organized. Great things can be done by great sacrifices only and there should be no selfishness. Young men full of the spirit of renunciation are needed. The future lies in the youths of strong moral character, intelligence, renouncing all for the service of others, and can sacrifice their lives, be obedient and thereby do good to themselves and the country at large. Swami Purnatmananda being the keynote speaker said that education is an assimilation, not mere an informationHe briefly described the story of eminent actor and also ‘Father of Bengali Theatre’, Shri Girish Chandra Ghosh, a bohemian devotee of Sri Ramakrishna whose life was transformed following the principles of Ramakrishna Paramhansa. Shri Sanjib Chattopadhyay believes the dictum of the Scottish Philosopher Thomas Carlyle “Make yourself an honest man, and then you may be sure there is one less rascal in the world”. He also believes in the theory “What is lotted cannot be blotted”. He asserted that the knowledge and culture of individuals must be imbibed in his way of life. Dr. Dibyangshu Kundu, Recipient of the Rashtrapati Award was the Moderator of the entire session. The discussion enlightened everyone present over there leaving behind the message “Arise awake and stop not till the goal is reached”.

The Role of Human Resource in the Make in India Initiative
Date: February 7, 2015
Venue: Floatel, Kolkata

A discussion on “The Role of Human Resource in the Make in India Initiative” had been organized by the Directorate of Research and Journal of the Institute on February 7, 2015 at Floatel, Kolkata to commemorate the Golden Jubilee Celebration of ‘The Management Accountant’ Journal of the Institute. Shri Barun Das, Head, Trade Mark Consultant, D.P Ahuja & Co., Prof. (Dr.) Suman Mukherjee, Economist, Shri Kalyan Kar, Co-Founder & Managing Director, Inthink Knowledge Ventures, Shri Gautam Banerjee, Chief, Corporate Communication, Tata Hitachi Construction Machinery Co., Ms. Subalakshmi Samanta, Entrepreneur were among the eminent dignitaries present in the discussion. Shri Kalyan Kar, asserted that India would require 500 million skilled employees by 2020-22. He said that a strong Indian economy  which is vying to be an economic superpower by the year 2020 means a robust industrial growth, sound infrastructure, better standard of living, increased per capita income,  better employment opportunity for all, mature financial markets, better amenities and hygiene facilities. It is the HR eco-system that will make the wheels of industry in turn. Without it, start-ups can’t get started and established companies can’t weather the tough times or make the investments needed to gear up for the boom times. There is a need to redefine the existing education system in India. Shri Kar welcomed the “Make in India” strategy, conceptualized by the Prime Minister of India, Shri Narendra Modi to fulfill the purpose of job creation, boosting the national economy, converting India to a self-reliant country and to give the Indian economy global recognition. Shri Barun Das, referring India’s economic condition as ‘The Caged Tiger’ said that the Indian policies needs to be promulgated and follow up action also to be carried upon immediately. Potentiality is there but there are lack of initiatives. He also stressed that the change needs to get started from the grass root level only. Ms. Subalakshmi Samanta very much appreciated Shri Modi’s speech to change the “ABCD” culture of Government, “Avoid, Bypass, Confuse, Delay;” and change it to the “ROAD” to success, “Responsibility, Ownership, Accountability, Discipline.” Prof. (Dr.) Suman Mukherjee said though the concept of ‘Make in India’ is highly appreciable yet there is a huge requirement for skill development in India which is far lagging behind. Global ancillarisation of Small and Medium Enterprises, developing skills among the employees should become part of the assembly line since Globalisation can help to reconcile the basic and constitutional aspects of both the developed and the underdeveloped countries. Also there must be avenues and opportunities for vocational training in order to get the students and youths of the remote areas and also the people below the poverty line to get prepared for the job market and make them financially independent and technically skilled. Also the people must be made aware of the ‘Digital Divide’ and should be technology friendly to achieve success. There must be a level playing field between the public and private sectors and accountability must be present in every organization. Shri Gautam Banerjee being the moderator moderated the session very effectively. There was also an interaction session beautifully resolved by the dignitaries in the dais. CMA Dr. Debaprosanna Nandy, Director, Research and Journal, concluded the seminar with a vote of thanks.

Environmental Peace for Sustainable Development
Date: August 12, 2015
Venue: EIRC Auditorium, Kolkata

The Directorate of Research & Journal of the Institute arranged a Round Table Discussion on ‘Environmental Peace for Sustainable Development’ on August 12, 2015 at EIRC Auditorium of the Institute. Professor Biswajit Ganguly, Steering Committee Member, ECOSOC-United Nations, Director and Editor, International Innovation Projects, Journal of Environmental Peace, University of Toronto, Canada and Chancellor, Noble International University, USA and  Professor Roger I.C. Hansell, President, Noble International University, USA and Emeritus Professor, Department of Ecology and Evolutionary Biology, University of Toronto being the key note speakers of the session discussed on Environmental peace for sustainable development. They briefed on Environmental Engineering, the integration of science and engineering principles concerned with protecting people from adverse environmental effects, such as pollution, as well as improving environmental quality and assists in the development of sustainability. Prof. Ganguly detailed the technologies for air purification, illustrated the EMIKAT Exhaust purifier diagrams for pollution control devices, Vertical Gardens, the Ganguly Living Filter Room Air Purifier etc. Both the professors coordinate environmental research and applied natural technologies for the benefit of humanity, with particular emphasis on reducing poverty and focus on enhancing the understanding of the processes of peace. They opined the fact that all sorts of new technologies are prevailing but there is a necessity to implement them in proper approach. Technology should be used for the people and must be implemented to protect the environment in the right manner. Swami Atmalokananda, Advaita Ashrama, Kolkata, the Chief Guest discussed some shlokas in relation to world peace. He stated there are two ideas that govern the psyche of whole world towards two different paths. One is the ‘The World for me’ and another is ‘I am for the World’. The first one leads to vice and the second to virtue. From time immemorial the history of the world has been witnessing the advent of peace messengers at the interval of every five hundred years under certain circumstances when virtue subsides and vice prevails. He stated that any growth to be sustainable must be based on sacrifice of the leaders and not on greed and personal ambition. Growth must be inclusive and good for all. Swamiji concluded his appealing version with the inspirational speech of Dr. APJ Abdul Kalam in the European Parliament Strasbourg where he addressed ‘Where there is righteousness in the heart, There is beauty in the character. When there is beauty in the character, There is harmony in the home. When there is harmony in the home, There is an order in the nation. When there is order in the nation, There is peace in the world.’ CMA Manas Kumar Thakur, Vice President of the Institute also shared his brief ideas on the concerned theme and CMA Biswarup Basu, Central Council Member of the Institute concluded the programme with the vote of thanks.

Financial Inclusion
Date: September 28, 2015
Venue: EIRC Auditorium, Kolkata

A Round Table Discussion on “Financial Inclusion: are we still far ahead!” had been organized by the Directorate of Research and Journal of the Institute on September 28, 2015 at EIRC Auditorium of the Institute. Shri B. Madhav Reddy, President, Calcutta Stock Exchange being the chief guest deliberated on the topic in details. He stressed on the importance of payment banks which necessarily would play the role as a big game changer as far as Indian habits and the Indian economy are concerned. He expressed his satisfaction on the reduction in the percentage of NPAs in Microfinance Institutions. Shri Sukamal Basu, Ex CMD, Bank of Maharashtra said that India being a paradoxical country, there exists a huge difference between the rich and the poor. He firmly believes the need of financial literacy to the poor sections of the society to reach the downtrodden. He also stressed on the attitude change of the banks which have become mainly profit motive. He regretted the fact that the banks have forgotten the jargon to serve the poor. He narrated the famous quote of Swami Vivekananda “ If the poor boy cannot come to education, education must go to him” and said that financial literacy must prevail in each and every section of the society to make financial inclusion effective. Dr. Tanupa Chakraborty, Assistant Professor, Department of Commerce, University of Calcutta said although RBI is spearheading in the right direction and certain initiatives have been undertaken like Business Correspondence Model to boost financial inclusion in India yet these are not sufficient enough. The supply side is abundant but there is a scarcity in the demand aspect that needs to be taken care of and to make the people aware in this aspect she thinks that political contribution could play a big role. CMA Arup Shankar Bagchi, Director (Membership) of the Institute also shared in brief his ideas on the concerned theme. Prof. Dhruba Ranjan Dandapat, Department of commerce, Calcutta University being the moderator of the session highlighted his ideas on the discussion. At the end there was a questionnaire session beautifully resolved by the eminent dignitaries on the dais. Dr. Ashis Kr. Sana, Associate Professor, Calcutta University concluded the programme with the vote of thanks.

Strategic Cost Management in Transport and logistics
Date: February 27, 2014
Venue: EIRC Auditorium

The Directorate of Research, Innovation and Journal of the Institute organized a Round Table Discussion on “Strategic Cost Management in Transport and logistics” at the EIRC Auditorium on February 27, 2014. CMA Debtosh Dey, Director, Ripley and Co. ltd, CMA B.N Chatterjee, General Manager, Marine Container Services Pvt. ltd, Shri Subrata Saha, Senior Assistant Financial Advisor, Eastern Railways were keynote speakers in the discussion. CMA Manas Kumar Thakur, Chairman, Research, Innovation and Journal Committee, CMA Chitra Agarwal, Chairperson, EIRC, CMA Dr. Debaprosanna Nandy, Director, Research and Journal, CMA Dr. Sumita Chakraborty, Joint Director, Research, were among the members present who expressed and shared their views on the matter. CMA Debtosh Dey, speaking on the topic covered main features of Information Technology & Quality Tools in managing logistics. He highlighted the Indian scenario of infrastructure for logistics, importance of logistics in an enterprise etc. In his brief speech on the topic “Supply Chain Management” he pointed out that there is a supply network surrounding an enterprise starting from the source to its destination and hereby the word strategy arrives; both Inbound and outbound logistics are significant for an organization. Again low containerization is a major hurdle for transport sector and he insisted on the role of all the departments for its betterment, though he expressed his satisfaction that in the current scenario there had been an improvement in the containerization. Shri Subrata Saha, shared his thoughts on the improvement of the Eastern Railway, the organization to which he belongs, specifically on the earnings aspect. He resented the fact that in India there is no separate railway tracks for passenger and goods train which must be taken care of. He briefed a speech on the merits and demerits of the Ijjat Monthly Payment System and said initiatives like certain discounts and promotional schemes had been taken to improve and attract the traffic. He also said coordination between different Ministries is going on and effective steps are being already undertaken to implement the same. CMA B.N Chatterjee, gave a brief analysis of the ports in India and showed his slight dissatisfaction that there is no proper costing methodology applied in the port sector, though it is the cheapest form of transportation. According to him though fuel is the major cost but it is not the sole parameter to fix the freight charges. Certain other parameters like size of the market, time factor, willingness to pay, increase in competition etc.increase the fuel price but not the freight charges. He mentioned that inspite of increase in the cost, there is a hope for controlling it in this sector and also application of a proper cost management system in the near future. other eminent dignitaries from Kolkata Port Trust, Indian Railways were also present in the programme. There was a questionnaire session with the audience that had been beautifully resolved by the eminent dignitaries in the dais. The event was very much interactive and everybody present over there welcomed the concept with the hope of arranging various programmes in other sectors of the economy in future.

Strategic Cost Management in Education Sector
Date: March 14, 2014
Venue: EIRC Auditorium

A Round Table Discussion on Strategic Cost Management in Education Sector had been organized by the Directorate of Research, Innovation and Journal of the Institute at the EIRC Auditorium on March 14, 2014. Dr. Shraddha Verma, Lecturer in Accounting and Finance, The York Management School, University of York, UK, Dr. Ashoke Ranjan Thakur, Vice Chancellor, Techno India University, CMA Dr. Bhabotosh Banerjee, Former Professor of Commerce and Dean of Commerce and Management, Calcutta University, Prof. R.C Bhattacharya, Vice Chairman, Globsyn Business School, CMA Dr.Swagata Sen, Dean & PG Faculty for Commerce, Calcutta University were among the dignitaries who shared their views and made the event an enlightened one. CMA Manas Kumar Thakur, Chair man, Research, Innovation and Journal Committee, CMADr. Debaprosanna Nandy, Director, Research and Journal, were among the members present who also deliberated a brief speech on the concerned topic. Dr. Shraddha Verma spoke on the importance of Cost and Management Accountants in India and abroad. She insisted the Institute to focus on the growth and development of the profession as well as to highlight on the challenges the CMAs are facing in the current global aspect. She said that they play an im portant role in strategic management of the company be it public/private, in strategic decision making, performance measurement in management, and also see the efficiency, effectiveness and contributions to the economy as a whole. She felt the need of training to be an integral part for the Cost and Management Accountants and also considered the CMAs to remain at the heart of the operating decision of any organization. She opined that a joint collaboration with the Research Directorate of the Institute with her university had been proposed which would enhance the scope and prospects of the Institute globally. Dr. Ashoke Ranjan Thakur, gave a brief discussion on the Education Sector in India and expressed his dissatisfaction that in the current global aspect, India’s universities do not stand in the top 200 in Education which is a shame for all of us. He said that the Right to Education Act should be properly implemented and must be made effective so that every children in India including the disabled could avail the benefit of the same. According to him, handing out a mere degree does not mean they can deliver in a proper perspective. He believes in creativity, innovativeness, segmental education, breaking up the barriers and feels the necessity of opening up the space and a liberal outlook of every Indians for betterment of education of India. CMA Dr. Bhabotosh Banerjee discussed in brief the key features of Cost Management, its opportunities and challenges, advanced Cost Management tools viz. Activity Based Costing, Life Cycle Costing, Target Costing, Quality Cost Management, roles of Pubilc and Private Education in our Indian economy, its pros and cons etc. He insisted on building up of a proper education system and change in the mindset for upgradation of its education. Prof. R.C Bhattacharya also shared his views and said that there is a requirement for CMAs in every concern. But he reiterated the fact that there is a genuine need for identity and to excel by benchmarking, physical environment, quality of curriculum, quality of faculty, research outputs of the faculties, communication, participation of the management fellows and business fellows, etc. CMA Dr. Swagata Sen, discontented that of the total PPP model in India, education consists of only 2.2% which must be a big concern and he asserted the fact that our education system is very much dependent on Government Funding as compared to other nations. He believes in the dictum ‘Failure is not fatal, failure to change is fatal’. A small presentation had been given by the Research Directorate of the Institute acknowledged by esteemed dignitaries present in the seminar. Many eminent dignitaries from different universities and colleges joined the programme, resolved their queries and made the event a delightful one. The Seminar ended with a proposed vote of thanks by CMA Dr. Sumita Chakraborty, Joint Director, Research.

Government Accounting and Role of CMAs
Date: June 16, 2014 Venue: EIRC Auditorium

The Directorate of Research, Innovation and Journal of the Institute had organized a Round Table Discussion on “Government Accounting and Role of CMAs” on June 16, 2014. Shri Arabinda Das, Principal Director, Regional Training Institute, Indian Audit and Accounts Department, Shri Amit Sarkar, Joint Director of Treasury and Accounts, West Bengal, Shri Sukamal Adhikary, Senior Officer, Office of PAG, Shri Arup Kumar Maity, Municipal Accounts and Financial Expert, DLB were among the dignitaries who attended the seminar and shared their valuable opinions on the concerned theme. On August 16, 2014 a Round Table Discussion was held on “Forensic Accounting & Auditing”. Dignitaries Shri Sukamal Basu, Former CMD & Chief Vigilance Officer, Bank of Maharashtra, Shri Partha Mukherjee, Addl SP, CBI, Anti Corruption Branch, Kolkata, Prof. Sanjay Banerji, Professor of Finance & Head of the Group, Nottingham University, U.K, CMA Mrityunjay Acharjee, Associate Vice President, Balmer Lawrie & Co. Ltd, Shri Debashish Sarkar, General Manager & Chief Vigilance Officer, Allahabad Bank, Janwab Khalid Aziz Anwar, Sr. Joint Commissioner, Commercial Taxes of Govt of West Bengal were among the dignitaries present in the said seminar. Another discussion on the theme “Education in India, Today & Tomorrow”, celebrating the birthday of the revered academician, philosopher and scholar Dr. Sarvapalli Radhakrishnan had been organized by the Directorate of Research, Innovation & Journal of the Institute on September 5, 2014. Shri S.K Chakraborty, Mentor Emeritus, Rabindranath Tagore Centre for Human Values, Dr. Ashoke Ranjan Thakur, Vice Chancellor, Techno India University, Shri Jaynarayan Sen, Retd. Civil Engineer, Educationist and Social Activist discussed on the topic and enlightened everyone present over there. The venue of the seminar was at EIRC Auditorium of the Institute of Cost Accountants of India. At the end of each discussion, there was an interactive questionnaire session beautifully resolved by the eminent dignitaries on the dais.

Forensic Accounting & Auditing
Date: August 16, 2014,
Venue: EIRC Auditorium

A Round Table Discussion on “Forensic Accounting & Auditing” was held on August 16, 2014 at EIRC Auditorium of the Institute of Cost Accountants of India organized by the Directorate of Research & Journal of the Institute. Shri Sukamal Basu, Former CMD & Chief Vigilance Officer, Bank of Maharashtra, Shri Partha Mukherjee, Addl SP, CBI, Anti Corruption Branch, Kolkata, Prof. Sanjay Banerji, Professor of Finance & Head of the Group, Nottingham University, U.K, CMA Mrityunjay Acharjee, Associate Vice President, Balmer Lawrie & Co. Ltd, Shri Debashish Sarkar, General Manager & Chief Vigilance Officer, Allahabad Bank, Janwab Khalid Aziz Anwar, Sr. Joint Commissioner, Commercial Taxes of Govt of West Bengal were among the dignitaries who were present on the dais and shared their valuable opinions and views on the theme concerned. Shri Basu asserted the fact about the immense importance of the Forensic Accounting and Auditing in every fraud detection specially in the Corporate sectors where it becomes extremely difficult for the CBI officer to determine each and every loopholes of the same. He briefly discussed on the various Acts viz. Foreign Corrupt Practices Act, U.K Bribery Act, Lokpal Bill, Companies Act, 2013 for detection and control of crime. He accentuated on the relevance of electronically stored information since datas stored are heterogeneous in nature. Shri Partha Mukherjee said that the Forensic Accounting is much different than the Conventional Accounting. According to him the Forensic Accountants are the Bloodhounds where as the Conventional Accountants are the Watchdogs. They deeply prevail into each and every transactions of an organization and also play the role of an investigator. The Forensic Accountants too analyze the data with logical reason. He detailed on certain case laws like Satyam, various Chit Fund Companies etc and explained the necessity of the Cost And Management Accountants in this perspective. Shri Banerji believes the dictum of the famous economist Gary Becker that harsher the punishment, lesser the chances of crime. CMA Mrityunjay Acharjee stated the fact that the mindset of the fraudster is much more faster and smoother than any ordinary gentleman and Forensic Accounting and Auditing is extremely important to protect the future losses and to keep forward the checks and balances. He emphasized on the importance of Whistle Blower and according to him it is one of the most prominent tool in detecting frauds of an organization. Shri Debashish Sarkar said that the Forensic Accounting and Auditing requires to be concretized to a large extent and the Laws and Constitution of our country needs to be much more stringent. According to Shri Khalid the VAT Frauds needs to be determined and the Cost and Management Accountants play a huge role in determining the fraud. He said that VAT dealers must be investigated and properly audited. All the dignitaries agreed that there is a need for proper data mining and there must be a proper combination of data resources of different agencies. Also mandatory requirement of proper guidelines of Forensic Accounting must be complied with. CMA Manas Kumar Thakur, Chairman, Research, Innovation and Journal Committee, and CCM, and CMA (Dr.) Debaprosanna Nandy, Director, Research and Journal, ICAI also shared their valuable views on the said topic. At the end there was a questionnaire session beautifully resolved by the eminent personalities on the dais. Shri Pradipta Ganguly, Deputy Director, Journal, ICAI ended the programme with a vote of thanks.

Education in India, Today & Tomorrow
Date: September 5, 2014
Venue: EIRC Auditorium

A Round Table Discussion was held on September 5, 2014 on the theme “Education in India, Today & Tomorrow”, celebrating the birthday of the revered academician, philosopher and scholar Dr. Sarvapalli Radhakrishnan at EIRC Auditorium of the Institute of Cost Accountants of India, organized by the Directorate of Research & Journal of the Institute. Shri S.K Chakraborty, Mentor Emeritus, Rabindranath Tagore Centre for Human Values, Dr. Ashoke Ranjan Thakur, Vice Chancellor, Techno India University, Shri Jaynarayan Sen, Retd. Civil Engineer, Educationist and Social Activist, were among the dignitaries present in the dais and shared their valuable opinions on the concerned theme. Professor Chakraborty believes on the Sanskrit hymn “acharya devo bhava" and he said that Indian tradition equates the teacher to God. There is no denying the fact that the role of a teacher is very crucial for the students to develop their character, personality and the individual self. He distressed the fact that in the past, people’s desire and expectation were less and today it is just the reverse. He asserted that in other countries like China, Japan etc used to stick to their national genius, unlike India. They improve in every spheres by following the dictum, Duties Unite, Rights Divide. Past is the Yardstick of the Present. At present there are many intellectuals without intelligence and there is a vast need of opening up the thought building process within every individual of the society. According to him, every human being must stress on Human values and Ethics. Dr. Thakur explained the relevance of the present education scenario and also insisted on its limitations. He griefed that there is an inconsistency between demand and supply in the current economy and there is a need to understand the equity and right in education. Shri Jaynarayan Sen believed on the six vices of a human being and its rectification and has great faith on spirituality. He also uttered some Slokas and Stotras in Sanskrit with meaning and said that one should restore the foundation of the sacred culture in the past. Teaching is indeed a job of great responsibility and our culture and tradition always extol the virtues of a learned guru. A building is as strong or weak as its foundation and the onus of laying this foundation and shaping the future citizens lies in the hands of the teachers. The mindset or the mentality of the whole society depends largely on the kind of educators it has. There was an interactive questionnaire session beautifully resolved by the eminent dignitaries on the dais. CMA Manas Kumar Thakur, Chairman, Research, Innovation and Journal Committee, and CMA (Dr.) Debaprosanna Nandy, Director, Research and Journal, ICAI also shared their valuable views on the said topic. Shri Pradipta Ganguly, Deputy Director (Journal), ICAI concluded the programme with a vote of thanks.

Relevance of Micro Finance in India
Date: December 18, 2014
Venue: EIRC Auditorium

A Round Table Discussion was held on December 18, 2014 on the theme ‘Relevance of Micro Finance in India’ at EIRC Auditorium organized by the Directorate of Research & Journal of the Institute. Shri Chandra Sekhar Ghosh, Chairman & Managing Director, Bandhan Financial Services Pvt. Ltd being the Chief Guest discussed in brief about ‘Bandhan’ and said that ‘Bandhan’ is basically engaged in the delivery of microfinance services to the unprivileged section. The main thrust of ‘Bandhan’ is to work with the people who are socially disadvantaged and economically exploited and Shri Ghosh feels that women are the best protector of money. Aspiring to holistic development of the poor, ‘Bandhan’ offers development activities in crucial fields of education, health, unemployment, livelihood and the like through its not-for profit entity. According to Shri Ghosh if we could be able to cut the Cost of Fund, the interest rate will get reduced; thus reducing the burden of the poor sections of the society. The aim of ‘Bandhan’ is to give low income people an opportunity to become self-sufficient by providing a means of saving money and to make them free from the moneylenders. Its commitment towards triple bottom-line values is strongly asserted by its intervention in development activities. The Reserve Bank of India granted "in-principle" approval for banking licence to Bandhan and Bandhan Financial Services, the first microfinance institution in the country to win a bank licence, is also one of the youngest entities to be allowed to enter the banking space. Shri Kuldip Maity, MD & CEO, Village Financial Services Pvt. Ltd asserted that Microfinance is not just about giving micro credit to the poor rather it is an economic development tool whose objective is to assist poor to work their way out of poverty. He said that Micro Finance program have grown & touched the lives of thousands of poor families by providing them credit for income generating activities. It is also helping them to become economically self sufficient, sensitizing women about empowerment issues and bringing about a qualitative change in them and their families related to standard of living & their own status in the society. He said though MFIs cannot replace the banking sector yet, are acting a vital role as friend, philosopher and guide to the unprivileged sections of the society especially the women. Shri Suparna Pathak, Business Editor, ABP Ltd. discussed on the KIOSK Technology, abysmal facts of India, relevance of Micro Finance Companies to provide the fund etc. Professor Samar Kumar Datta, Entrepreneurship Development Institute of India, Gujarat discussed thoroughly on Micro Credit, pre and post contractual problems, sharp contrast on SHGs and JLGs, typologies of Micro Credit Institutions etc. He also narrated certain illustrations of Warana, Annapurna Pariwar etc who are working efficiently assisting the poor to work their way out of poverty. Prof. CMA Sudipti Banerjea, Calcutta University, the Moderator of the discussion session highlighted on the relevant points viz. Cost Structure of Micro Finance Institutes, Performance Evaluation, Calculation of Transaction Cost, Risk Management in MFIs etc. CMA Manas Kumar Thakur, Chairman, Research, Innovation and Journal Committee, also shared his views on the concerned theme. There was an interactive questionnaire session beautifully resolved by the eminent dignitaries on the dais. CMA (Dr.) Debaprosanna Nandy, Director, Research and Journal, ICAI concluded the programme with a vote of thanks.

Cost & Management Research on Educational Sector
Date: September 15, 2012
Venue: EIRC Auditorium

A round table discussion meeting on “Cost & Management Research on Educational Sector” was held on the 15th of September, 2012 at Research Directorate, CMA Bhawan, 4th Floor, 84, Harish Mukherjee Road Kolkata. 8 Academicians from different Universities and Colleges were present at the meeting. The main point of discussion was how the Cost & Management Accounting Research can help the Education Sector and how the Institute can come up with a unique Research Bulletin that will be comparable to leading Research Bulletin of the different leading organizations. It was also suggested that Research Division of the Institute may collaborate with the reputed Universities & act as a Nodal Centre for students opting/pursuing PhD. It was proposed that the Research Division of the Institute can offer projects for short durations of 3 months, for members, practitioners & academicians. Various collaborative proposals also came up from the representatives of different institutes during the discussion e.g. joint programme on risk management, workshop on MSME, workshop on Research methodology etc.

National Skill & Entrepreneurship Development Programme at College & University Level
Date: June 13, 2015
Venue: EIRC Auditorium

The Institute in association with National Skill Development Agency (NSDA) organized a workshop on ‘National Skill & Entrepreneurship Development Programme at College & University Level’ on June 13, 2015 at EIRC Auditorium, Kolkata with the determination of skill development and to promote entrepreneurship for creating self-employment through enterprise creation pan India basis. There were two sessions held in the workshop and in the first session Prof. Malayendu Saha, Vice Chairman of West Bengal State Council of Higher education, Prof. D.R. Dandapath, Dept. of Commerce, Calcutta University, CMA Mrityunjay Acharya, Associate VP, Corporate Taxation & Internal Audit, Balmer Lawrie highlighted the need of skill & entrepreneurship development. Also the Directorate of Research & Journal of the Institute detailed a presentation on ‘NSEDP’, its necessity from different aspects, support to be provided by the Institute, its programme structure and evaluation process etc. In the second session, Shri Gautam Banerjee, General Manager, Corporate Communication, TATA Hitachi, CMA Mrityunjay Acharya, Associate VP, Balmer Lawrie, CMA Chittaranjan Chatterjee, Former Chairman, EIRC of ICAI, CMA Dr. Debaprosanna Nandy, Director, Research & Journal of the Institute beautifully resolved the queries raised by the audience. Principals and senior faculty members of colleges & universities, Chambers of Commerce and Industrial representatives actively participated in the questionnaire session and shared their notion and views about the concerned programme.

Introducing Community Audit for SHGs
Date: July 4, 2015
Venue: EIRC Auditorium

A Workshop on ‘Introducing Community Audit for SHGs’ had been conducted on July 4, 2015 by the Directorate of Research and Journal of the Institute on where IAS Smt. C.D. Lama, Director & CEO, West Bengal State Rural Livelihoods Mission being the Honourable Chief Guest deliberated on the role played by her concern for the improvement of SHGs. Smt. Nilanjana Dasgupta, Additional CEO, West Bengal State Rural Livelihoods Mission, Shri Abani Bhusan Duari, Consultant, WBSRLM, Dr. Ashis Kr. Sana, Associate Professor, C.U. were among the other dignitaries present in the workshop. Smt. Dasgupta highly acclaimed the Manual of SHGs and expressed her hope that this manual would help to build up concrete audit system and ensure transparency in the SHGs.

Values & Ethics for Professional & Leadership Excellence
Date: November 28, 2014 till November 30, 2014
Venue: EIRC Auditorium

The Directorate of Research and Journal of the Institute in collaboration with The Rabindranath Tagore Centre for Human Values, Kolkata conducted a 3-days workshop workshop on ‘Values & Ethics for Professional & Leadership Excellence’ from November 28, 2014 till November 30, 2014 at EIRC Auditorium of the Institute. Professor (Dr.) S.K Chakraborty, Mentor Emeritus, Rabindranath Tagore Centre for Human Values, Prof. B.K Sarkar, Vice Principal, Prof. (Mrs.) Anupurba Banerjee, Assistant Tagore Fellow were among the eminent dignitaries who took the session and shared their views on the concerned theme. The objective of conducting the workshop was to provide value based knowledge on "Rajarshi Parampara" or "Model of Leadership", its fundamentals and how it affects in Leadership styles in modern day’s management. On the very first day, the discussion topic was "Holistic Performance Effectiveness - Human Values & Ethics", where holistic effectiveness - its essential components, triple psychological forces - "sattwa", "rajo" and "tamo" guna, the "lower" and "higher" self and the moral law of "cause" and "effect" were covered vividly. On the second day, the "Art & Science of work" and "Work and its Secret" were discussed in depth with real life case studies. It was explained that let us perfect the means; the end will take care of itself. Third day started with the teaching of "Rajarshi Model" in action, the importance of the discipline of leader and utility of cohesive teamwork. "Rajarshi model of Leadership" (‘Raja + ‘Rishi’) was discussed in a splendid manner for inculcating the concept amongst the next generation of Leaders. There were discussions mainly based on the examples from “The Foundation of Indian Culture” by Shri Aurobindo and “The Complete Works of Swami Vivekananda”. Examples like "simply the possession of power would not be the knowledge", 'seeing’ must precede ‘doing’ in every sphere of life etc. were illustrated in a befitting approach. CMA Bibekananda Mukhopadhyay, Secretary, EIRC was the Chief Guest in the opening session. The workshop has been able to transmit a positive thought wave amongst the delegates that "with the means all right, the end must come". This three days workshop was ended with the maiden valedictory speech of CMA Manas Kumar Thakur, Chairman, Research, Innovation & Journal Committee of the Institute. The workshop was attended by people from different strata of society viz. United Bank of India, UCO Bank, Garden Rich Shipbuilders & Engineers, Coal India, Professors from different colleges. Delegates who attended the workshop may afterwards can do the self SWOT analysis of "Why", "When" and "Where" lies the defect in the characteristics of an individual and if tried sincerely, one can easily exceed those defects with the help of the noble ideas and thoughts imparted by the expert faculties engaged in the workshop.

Orientation Program on Project Cost Management in Agricultural Research Projects
Date: July 2012.
Venue: Uttar Banga Krishi Viswavidyalaya

The Research Directorate had organized a Joint workshop in collaboration with Uttar Banga Krishi Viswavidyalaya on the theme “Orientation Program on Project Cost Management in Agricultural Research Projects” at Uttar Banga Krishi Viswavidyalaya, Coochbehar, West Bengal, in the month of July 2012.

Project Cost management in Agricultural Research Projects
Date: September 10, 2012
Venue:

A joint workshop with the Institute & Central Agricultural University, Imphal, Manipur on “Project Cost management in Agricultural Research Projects” was held on 10th September 2012. The workshop was inaugurated by Dr. S.N.Puri, the honorable Vice Chancellor of the Central Agricultural University who, in his speech, highlighted the importance of cost management techniques for an efficient and successful Agricultural Research Project. Eminent personalities of different institutes also graced the occasion and thanked our Institute for the initiative taken to organize such a workshop for their researchers.

Financial Inclusion-Challenges and Prospects
Date: 12-13 September 2015
Venue: Malda College, Malda

The Institute in collaboration with Malda College, Malda organized a 2-day national seminar on 12-13 September, 2015 on ‘Financial Inclusion-Challenges and Prospects’ at its premises. Prof Anil Bhuimali, Vice Chancellor, Raiganj University inaugurated the seminar in the presence of Krishnendu Narayan Choudury, Minister of State, Govt of West Bengal & President of Governing Body, Malda College & Vice President of the Institute, CMA Manas Kumar Thakur. Other dignitaries who graced the dais are Dr Abul Kalam Mohammad Anwaruzzaman, Principal, Malda College, Prof Swagata Sen, Pro-Vice Chancellor, Academic, Calcutta University, Prof Samar K. Datta, Visiting Professor, National Institute of Bank Management, Pune & Former Professor, Indian Institute of Management, Ahmedabad, Prof Dhruba Ranjan Dandapat, Department of Commerce, University of Calcutta, Prof Debabrata Mitra, Department of Commerce, University of North Bengal and CMA (Dr) Debaprosanna Nandy, Director, Research & Journal of the Institute

Development and the Role of Local Self Government: Indian Perspective
Date: 11-12 September 2015
Venue: Nabadwip, West Bengal

Seminar held on ‘Development and the Role of Local Self Government: Indian Perspective’ organized by Nabadwip Vidyasagar College, West Bengal in collaboration with the Institute, Serampore Chapter on September 11-12, 2015.

National Seminar on ‘Ethics of Accountants –a reality check
Date: February 11 & 12, 2014
Venue: Abanindra Sabhagriha, Kolkata Information Centre

The Institute participated in a UGC sponsored two day National Seminar on “Ethics of Accountants –a reality check” on February 11 & 12, 2014 at Abanindra Sabhagriha, Kolkata Information Centre as a collaborating partner with Department of Commerce, Ramsaday College, Howrah. Dr. Dhrubajyoti Chattopadhyay, Pro Vice Chancellor, Calcutta University, Shri Praloy Talapatra, Teacher-in-Charge of the college and CMA Manas Kumar Thakur, Chairman, Research, Innovation & Journal Committee, ICAI were present on the dais for the inaugural session. CMA Chiranjib Das, Joint Director (Academics, Tax Research & Studies) was one of the resource persons in the seminar and CMA Dr. Debaprosanna Nandy, Director (Research and Journal) chaired an important session of the seminar.

National Level Seminar on ‘Cost Competitiveness in Micro, Small and Medium Enterprises in India
Date: December 19, 2014
Venue: K.K. Das College, Department of Commerce, Kolkata

On 19th December 2014, K.K. Das College, Department of Commerce in collaboration with our Institute organized a UGC Sponsored National Level Seminar on ‘Cost Competitiveness in Micro, Small and Medium Enterprises in India’. CMA Manas Kumar Thakur, Chairman, Research, Innovation & Journal Committee, Prof. Ajitava Raychaudhuri, Professor, Dept. of Economics, Jadavpur University, Professor Samar Kumar Datta, Entrepreneurship Development Institute of India, Gujarat, CMA (Dr.) Debaprosanna Nandy, Director, Research & Journal, Prof. Soma Mukherjee, Teacher in Charge, K.K. Das College, Professor Rinku Saha, Dept. of Commerce, K K Das College were among the dignitaries. The seminar was highly successful and the eminent dignitaries present over there shared their valuable opinions about the Cost Competitiveness of MSME sector and the governmental initiatives, their effectiveness as well as the challenges.

State Level Seminar titled ‘Impact of Globalization on Micro, Small and Medium Enterprises’ (MSMEs) in India
Date: December 6, 2012
Venue: Derozio Memorial College, Rajarhat, Kolkata

The ICAI had taken the opportunity to hold a joint UGC Sponsored State Level Seminar titled “Impact of Globalization on Micro, Small and Medium Enterprises” (MSMEs) in India on 6 December, 2012 as the sole collaborating authority with Derozio Memorial College, Rajarhat, Kolkata. The Seminar was inaugurated by Dr. Kaushik Gupta, Vice Chancellor, West Bengal State University. CMA Manas Kumar Thakur, Chairman, Research & Publications Committee, ICAI was the Chief Guest of the Seminar. Dr. D.P. Nandy, Director (Research), ICAI and Dr. Sumita Chakraborty, Joint Director (Research), ICAI presented papers on the theme topic. Other eminent speakers from the Universities and Colleges also grace the seminar.

FDP for Professionals and Academicians on Business and Financial Market Analysis
Date: February 22-28, 2016
Venue: EIRC Auditorium, Kolkata

One-Week Faculty Development Programme (FDP) for Professionals and Academicians on “Business and Financial Market Analysis” held during 22nd – 28th, February 2016 at EIRC Auditorium, Kolkata, Jointly organised by Directorate of Research & Journal, ICAI and University of Calcutta-Calcutta Stock Exchange- Centre for Excellence in Financial Markets (CUCSE-CEFM). Business analysis is a research discipline of identifying business needs and determining solutions to business problems. Financial Market Analysis deals with the performance of particular financial markets. Business research has become a systematic enquiry with relevant data and information to solve managerial and organizational problems. Hence the need for research methodology training for students, faculty, managers and professionals has become a necessity in business and organization research that requires scientific approach to decision making. The major focus of the FDP is on upgrading the teaching, training, and research skills- especially those who have not had an opportunity to acquaint themselves with recent developments in research methods. We were privileged to have more than thirty eminent delegates from different Universities & Colleges of West Bengal and resource persons from Industries and Academics. Mr. B Madhav Reddy, President, CSE Ltd being the Chief Guest of the Inaugural session, shared his thoughts on the topic and discussed in details about the outcomes of the and utility of the FDP programme. The inaugural session was chaired by Prof. Rajib Dasgupta, Head, Department of Commerce, University of Calcutta, he highlighted the need FDP programme and discussed in detail about the gap of research on value addition. CMA Avijit Goswami, Chairman,Research, Journal & IT Committee, ICAI, also shared his opinions on ICAI’ role in research and developments in India. CMA S.P.Padhi, Chairman, EIRC of ICAI also highlighted the role & responsibilities of the researcher for economic developments and poverty reduction. They have shared their wisdom on dais in the Inaugural session. The welcome address was given by CMA Dr. Debaprosanna Nandy, Director Research & Journal of the Institute. The topics of discussion in various research areas and methods were - Application of Quantitative Analysis for Business and Financial Data, Business Research Issues, practical training on Capitaline Software, Equity Analysis & Valuation Techniques , Rank analysis, Scatter plot analysis, Convergence-Divergence analysis, Cluster analysis with reference to performance of major manufacturing industry groups in India, Multivariate Analysis with real examples , Time Series Data Analysis tools and techniques along with practical training with EViews Software , different research areas on SMEs and its impacts, technical analysts prepare his strategy by applying different tools and methods, i.e. chart, graph etc., Fundamental Analysis and Sector Analysis ,Factor Analysis by using SPSS, Thomas Piketty and Capital in the 21st Century. Finally the valedictory session has taken by another legend dignitary CMA Prof.Bhabatosh Banerjee. The Valedictory Session was chaired by CMA Manas Kumar Thakur, Vice-President, ICAI and shares his philosophy on this regards. CMA Pranab Kumar Chakraborty was present as guest of honour. CMA Dr. D.P Nandy, Director, (Research & Journal), ICAI were also present in the valedictory session. 30 participants from different colleges, universities and professionals participated in the programme. We are happy for having positive responses from the participants. The FDP ended with the summing up and vote of thanks by Prof. Ashish Kumar Sana, Director, CUCSE-CEFM.

National Seminar on ‘Securities Markets in India: Unleashing Startups Potential’
Date: May 14, 2016
Venue: ICAI Auditorium, Kolkata

India is now the third largest country after the United States and the United Kingdom in terms of entrepreneurial activities in the world. There are about 4300 start ups in the technology space alone in India. According to the World Startup Genome Project 2015, Bengaluru is the fifth best city in the world to start up. The second National Seminar on “Securities Markets in India : Unleashing Startups Potential” jointly organized by the Institute and National Institute of Securities Markets at ICAI Auditorium of the Institute at Kolkata on May 14, 2016 had been an initiative handholding the current generation and encourage them to boost startup businesses which is totally a different practice whatsoever.

Inaugural Session & Release of Research Bulletin: Dr Sandip Ghose, Director, National Institute of Securities Markets said Startups have always been there, may be in a limited form. The Prophets , Lord Budhha, Jesus Christ, Mohammad were the first big start Ups and the first change agents of our society. The technology startups initiated with the invention of steam engine. In the history of civilization there are very few countries blessed with demography and technology at the same time and India is one of those to be praised with. Despite its challenges, this is one of the potential we are having which can define what future has to be. Start ups never follow best practices. They have to follow a different practice. Money is only a byproduct for a start up. It can never be a consideration for the start up. Shri Ambarish Dasgupta, President, The Bengal Chamber of Commerce and Industry (BCCI) introduced about relevant sections of West Bengal Start Up Policy 2016, termed ‘Shilpa Korun Bangla Gorun’ that had been commenced since January 1, 2016 and will continue till December 31, 2021 with the vision to encourage younger generation and also in line to boost up start up policies. He shared certain promises made by the policy which includes time bound decision on statutory compliances, seamless access to various incentives etc. He explained the position of West Bengal in relation to Startup procedure, how to benchmark it with the rest of the states in India, the social acceptance of the start ups, the problems it may face, Nasscom initiatives etc. CMA A Sunil Kumar, Regional Director, Eastern Regional Office, SEBI stressed there is a stern need to promote entrepreneurship, to promote innovation by creating an ecosystem to promote the growth and development of the startups so that India becomes a nation of job creators instead of job seekers. He discussed about the role of SEBI which has been guiding the securities market, how the start ups can benefit from SEBI’s liberalization of norms. Shri Prashant Saran, Whole Time Director, SEBI the Chief Guest provided a theoretical framework of startup and gave a brief outline on the distinguishment of the financing of startups from other sources of financing and also the exit procedures, explained the evolution of startup policies , the positive externalities, the negative externalities. Quarterly publication of ICAI Research Bulletin, Volume 42, No 1 got released during the session. CMA Manas Kumar Thakur, Vice President of the Institute rendered his special address and CMA Avijit Goswami, Chairman, Research, Journal and IT Committee of the Institute delivered his welcome speech in the national seminar. CMA A.S Bagchi, Director (Membership) of the Institute nicely anchored the whole inaugural session. CMA Kaushik Banerjee, Secretary of the Institute ended the inaugural session with the vote of thanks.

Special Session : In the special session, CMA Dr. Paritosh C. Basu, Senior Professor, NMIMS University School of Business Management, Mumbai elaborated on the Research Paper ‘Offer For Sale-An Alternative Mechanism for Price Discovery of Equity Share-An Empirical Study in Indian Context’ to provide a sound knowledge on the entry and exit from Capital Market. Dr Ashish Kumar Sana, Professor, Department of Commerce, University of Calcutta was the moderator of the session. The First technical session on ‘Indian Economy & Start Up Potential’ and Prof Suman Mukerjee, the moderator of the session highlighted on a very sensitive theme whether startups are for those who are savvy with the IT, computers, which knows the policies, the ways, the guidelines for their businesses to grow up. He shared his perspectives on our rural economy which is not taken care of properly and said, if these major issues are taken care of, start ups would have taken place on its own. CMA Kalyan Kar, Co-Founder & Managing Director at Inthink Knowledge Ventures believed that until and unless technology touches the life of a common man and really percolates of every nook and corner of the country, it has no meaning. He highly praised the start up geneure since they are performing commendable performance in India. He said the power of technology is now reaching the common people and rural Indian is getting smarter. Dr Subhrangshu Sanyal, CEO-IIM Kolkata, Innovation Park opined that to begin with a start up a lot of things could be done individually, even with meagre amount of work force, rather than having huge expectations from the government. So creation of entrepreneurial mindset is required. CMA Sudip Datta, Chief Operating Officer , IIDC Limited (Formerly IL&FS Infrastructure Development Corp Ltd) distressed on the financing of the startups which is really a major concern although the startups are really doing pretty good businesses in urban as well as in rural areas. CMA (Dr) Sunder Ram Korivi, Dean, NISM said that the word ‘Start Up’ has become the accepted lexican of business and detailed his thorough knowledge on it. In the second technical session, on ‘Market Reforms for Startup & SMEs’ , Shri Tamal Bandopadhyay, Consulting Editor, MINT, the moderator of the session talked about the ‘Missing Middle’ of the SMEs and regretted that 57.7 million SMEs operating in India are ‘Missing Middle’ and out of them 92.77 % have no source of financing. 5.18% have access to institutional financing and 2.05% have access to non institutional financing . Shri Ravi Ranjan, Head, Nasscom 10000 startups, Kolkata narrated, there is still huge requirement of banks , venture capitalist and alternative platforms to come forward and support start ups. CMA Supratim Mitra, AVP, NSDL said the startup is not a new concept. Every company has been a startup someday and sometime. Shri Bijay Murmuria, Director, Sumedha Fiscal Services said that the SMEs and the startups in India always face a challenge on the costly, complex and lengthy compliance norms. CMA Tojo Banerjee, Head, NSE-East insisted if there is a proactive approach of looking start ups, there will be companies coming forward for encouraging the same. The seminar was a huge success and the highly enriched deliberations at the seminar on the concerned theme certainly raised awareness and responsiveness and paved new thoughts among the members.

Risk Management in BFSI
Date: October 1, 2015
Venue: ICAI Auditorium, Kolkata

The Directorate of Research and Journal of the Institute organized a seminar on October 1, 2015 at ICAI Auditorium, Kolkata where a thorough evaluation had been initiated on the issue of “Risk Management in BFSI”. Shri Sukamal Chandra Basu, Former CMD, Bank of Maharashtra, being the chief guest in his inaugural address deliberated that the risk elements in banking is enormous. Here the Institute could become the pioneer by settling up the discrepancies like mismatch of assets and liabilities and could advice the bankers accordingly. According to him Banking is not only a financial intermediary but also a developmental agency. Risk management is an acute failure if its dynamics is not being understood. He regretted bankers are so busy with accounts that there is hardly any time for research. He thinks banks must be involved in dynamism and constant perseverance is required besides maintaining their counters. The welcome address was extended by CMA Avijit Goswami, Chairman, Research, Journal & IT Committee of the Institute. With great reference to risk management he believes that there is an immense day to day opportunity for Risk management. He was supported with same zeal by CMA Amit Anand Apte, Chairman, Banking & Insurance Committee of the Institute who stated that this management will undoubtedly increase Corporate Governance. Also he stated that RBI feels CMAs are competent enough to cover from stock audit to internal audit. In fact, he believes it will be important for both internal and external risks as well as forming help based committees for RBI. Shri Mithun Dasgupta , Financial Express, Editorial Desk delivered a special address to this programme saying that coverage of risk management is as important as coverage of round tables, power, or energy sections. Now, adding some light to the former speaker, CMA Manas Kumar Thakur, Vice President of the Institute asserted that CMAs are passionate about proper evaluation, judging, scrutinizing cost elements, mapping costs , assuming costs and analysis of costs. Hence to him , cost of risk is very crucial. Dr. Debaprosanna Nandy, Director, Research and Journal of the Institute presented the vote of thanks to the members stressing a good amount of gratitude to Financial Express. The programme got kicked off in a swift manner after the panel discussion session telescoped with a great beginning with Prof Suman Mukherjea, Renowned Economist & Dean, Bharatya Vidya Bhavan, Institute of Management Sciences who took over as moderator and at the same time recognises the fact that a large part of our economy is not in our control . He also added that there has been a drastic decline in trade share and noted escalation of environmental risk . In the Panel Discussion session, Dr. J.D Sharma, Director, Indian Overseas Bank detailed on the risk management procedures to be adopted by banks. Risk Management is a measure that is used for identifying, analyzing and then responding to a particular risk. Banks must identify its risk, monitor and regulate it. He too laid emphasis on the Basel Norms, the set of reform measures designed to improve the regulation, supervision and risk management within the banking sector. He also stated that the CMAs have a huge role to play by assisting the banking industry by analyzing and doing research on break even points and risk elements. Shri AK Verma, GM, Canara Bank, Kolkata Circle asserted that a separate risk management wing has been set up by their bank with the objective of mitigating the risk. He expressed his deep concern on the excessive accountability which is to be taken care of. He said bankers are to be given confidence and regulators are there for their utmost support . Shri S.K Sharma, DGM, UCO Bank, Kolkata Ho, asserted that a robust structure of risk management is required in every banks. Shri Sharma thinks that Banking is business of risk. There has to be a constructive management. Shri K.B Vijay Srinivas, GM, National Insurance Company Ltd, discussed on the precautionary measures that are taken by his concern and said that risks are getting codified and risk management mechanism is getting improved. Certain areas like Regulatory risk, Cyber risk, Data security risk, Long term liabilities risk should be addressed with great attitude. Shri Biplab Chakraborty , Retd GM, RBI, Kolkata said Endogenous Risk is important. Greatest outcome is depending upon economic growth in financial sectors and he opined that there is no clear mention of risk appetite statement which needs to be noticed. This statement becomes advantageous for all stakeholders to understand and directly linked to the financial institution’s strategy. He claimed that measurement of risk is very important. Only with a few number of models, risk management cannot be done . Effective cost management is very important and for that CMAs will definitely play a huge role. Shri Sujoy Dutta Choudhury, D.G.M, Financial Express ended up the session delivering few words on the subject. The session was summed up by the moderator and attracted a networking of discussions.

National Seminar on ‘Fostering Sustainability through Skill & Entrepreneurship Development’
Date: October 10, 2015
Venue: ICAI Auditorium, Kolkata

The Directorate of Research and Journal of the Institute in association with NSDA, Commerce Alumni Association of Calcutta University and EDI Gujarat organized a National Seminar on ‘Fostering Sustainability through Skill & Entrepreneurship Development’ at ICAI Auditorium, Kolkata on October 10, 2015. The seminar endeavours to create a platform among the participants to acquire knowledge base on the concerned theme and motivates to become an agent to this nation building project of skill and entrepreneurship development undertaken by the Institute. Padmabhushan Shri S. Ramadorai, Chairman, NSDA & NSDC being the chief guest emphasized on skill development in India and asserted that it will be possible if we could accommodate the young bird and boost them up to become entrepreneurs. There are unprecedented opportunities in India which needs to be cultivated and the government is proactive enough to make considerable youths in India well trained to achieve its mission and make India the biggest human capital force by 2020. He anxiously narrated that India lags far behind in imparting skill training as compared to other countries and there is a great need of financial literacy across the country. He also said that in India the industries are not yet aligned to the skilled workforce. He contented that the MoU signed by the Institute with NSDA & EDI would enable offering various collaborative activities to promote and encourage skill and entrepreneurship in India. Prof Rajib Dasgupta, Head, Department of Commerce, University of Calcutta, asserted that increasing number of graduates from IITs and IIMs are opting out of placements and setting up venture capital enterprises, which could show the way into the future. CMA Kaushik Banerjee, Secretary (Acting) of the Institute delivered his welcome speech and Prof Swagata Sen, Pro Vice Chancellor, Academic Affairs, University of Calcutta, CMA Biswarup Basu, Council Member of the Institute, CMA Avijit Goswami, Council Member & Chairman, Research, Journal & IT Committee of the Institute, CMA Manas Kumar Thakur, Vice President of the Institute, Prof. Dhruba Ranjan Dandapat, General Secretary, Commerce Alumni Association, University of Calcutta were among other eminent dignitaries who also gave their valuable views and shared in brief in the inaugural session. CMA Dr. Debaprosanna Nandy, Director, Research and Journal of the Institute was the presenter of the entire sessions. Research Bulletin, Vol 41, No. III got released during the seminar. In the technical session, Shri Kalyan Kar, Co-Founder & Managing Director, Inthink Knowledge Ventures, stressed on the urgency in the change in mindset and said that the blue collar worker needs to be respected in order to make India one of the skillfully developed nation. Dr. Saibal Kar, Associate Professor of Economics, Centre for Studies in Social Sciences, Calcutta opined that large proportion of youths in India are not involved in skill formation. He asserted that in India there is a huge requirement of on the job and off the job training. Shri Suvaraj Bhattacharya, an young entrepreneur, stressed on the bureaucratic hassles and political interferences that the small scale manufacturers are facing and said that there is a huge contribution of policy makers and politicians in this aspect. Prof Ashok Banerjee, President-elect, Calcutta Management Association beautifully narrated the quotes of Swami Vivekananda and said that we all should have a focus and a vision to achieve the mission. He firmly believes that the villages are the basis for Indian growth and each and every entrepreneurs has to be innovative, has to involve the customers and should go for inclusive growth to attain skill development. Shri Suparna Pathak, Business Editor , Anandabazar Patrika was the moderator of the technical session and at the end there was a questionnaire session very well resolved by the dignitaries present in the dais.

National Summit on ‘Exploring the Roadmaps to corporate profitability across Economy’
Date: October 28, 2015
Venue: New Delhi

ASSOCHAM and the Institute jointly organized the National Summit on ‘Exploring the Roadmaps to corporate profitability across Economy’ on 28 October 2015 at New Delhi. Knowledge Study Report on ‘Profit Reengineering: Roadmaps to Corporate Profitability Across Economy’ prepared by the Directorate got released during the summit.

Emerging Trends in Corporate Governance and Business Ethics
Date: February 6, 2015
Venue: Park Hotel, Kolkata

The Institute in association with Confederation of Indian Industry (CII), Eastern Region organized a seminar on ‘Emerging Trends in Corporate Governance and Business Ethics’ on February 6, 2015 at the Park Hotel, Kolkata. Shri Amardeep Singh Bhatia, IAS, Joint Secretary, Ministry of Corporate Affairs, Government of India, Shri Manoj Kumar, IAS, Chief Vigilance Officer, Coal India, Ms. Cristina Albertin, Country Head, UNODC, Shri Krishnava Dutt, Managing Partner, Udwadia Udeshi & Argus Partners, Shri Darshan Patel, Partner, PWC Forensic Services, Shri RamaniIyer, Forbes Marshall Ltd, Swami Mahamedhananda, Joint Controller of Examinations, Ramakrishna Mission Vidyamandir were among the eminent dignitaries present in the dais. The objective of the seminar was to facilitate exchange of thoughts between the business leaders to better understand the challenges in corporate governance and business ethics.

National Seminar on ‘Capital Markets in India: Governance & Reforms
Date: April 28, 2015
Venue: Rotary Sadan, Kolkata

The Institute of Cost Accountants of India, a statutory body under an Act of Parliament and the National Institute of Securities Market (NISM), an educational initiative of SEBI jointly organized a National Seminar on "Capital Markets in India: Governance & Reforms” on April 28, 2015 at Rotary Sadan, Kolkata with the determination to put a solemn thought over governance and reforms development of the capital markets in India. The event was Co-sponsored and participated by CSE, SIDBI, CRISIL, ICRA, CISI and eminent professors and researchers of this field. We were privileged to have some eminent delegates across the globe. The keynote was delivered by Shri Sandip Ghose, Director, NISM who did not possess a second thought in mentioning the legendary character Yudhishtir for the essence of administration pulling an implicit ethical standard that had defined his rigidity. Moreover he reminded us that ‘zero’ though invented by us was re- distributed by others in Europe, which he thinks would not have happened, had we used it for technology instead of general science application. Distinguished personality Shri S. Raman, Whole Time Member of SEBI being the Chief Guest of the inaugural session in his address declared the issues of Non-Compliance and Corporate Governance. In the conclusion he reminded that for a long term gain, good business comes from good behaviour. CMA N. K. Bhola, RD, Eastern Region, MCA, rendered the special address. The same was deliberated by Shri S. Ramakrishnan, Regional Head, Kolkata, SIDBI who strictly advised the investors not to depend solely upon institutional findings. He also said SEBI is providing a platform for the SMEs and suggested the SME units to tap funds from the capital market. CMA Dr. Asish K. Bhattacharya, Advisor, ICAI-CMA & Professor, IICA in his inaugural address firmly stated that Corporate Governance creates the space for transparency in the Capital Market and this is the reason why the Institute should collaborate with NISM for a dual attachment process on Securities Market. The eminent dignitaries feel that one needs to have a specialized knowledge on Corporate Governance and there is no denying that Truth and Integrity will always remain untouched irrespective with the passage of time. The welcome address was given by CMA Dr. Debaprosanna Nandy, Director, Research & Journal of the Institute. Further, quarterly publication of ICAI Research Bulletin, Vol.41, No. I, April, 2015 issue got released during the inaugural session of the event. In the panel discussion-I– Governance & Growth, Shri N.Hariharan, CGM, SEBI, emphasised over the genuine importance of the views raised by CMA Dr. Bhattacharya and stated the few amendments made in Companies Act 2013. Shri B.B. Chatterjee, Executive VP, ITC Ltd made a serious note that the government has to be an enabler and good governance could provide the desired result in the desired approach. Though the panel discussions proved to be worthy, a relevant judgement was given by Shri P.K Choudhury, former Chairman, ICRA on the demerits of corporate governance and fetches the dark sides of this system that would mount the hill tops without the stones. To encircle the whole seminar with the duplex communication, Kevin Moore, Global Business Development Director, CISI, UK held a decision making session on “Integrity at Work” based on simple principles like Honesty, Openness, Transparency and Fairness for a good amount of time that too with a serious voting ballot. In the second panel discussion, on market reforms, Shri R.N Kar, Regional Director, RBI, Kolkata, Shri B. Madhav Reddy, MD & CEO, CSE, CMA Dr. Sunder Ram Korivi, Dean, NISM, Shri Tamal Bandopadhyay, Consulting Editor, MINT discussed on various market reforms, debt and capital market and created an impact all over the ones who carry good ear and aspires to give knockout punch to the capital market. The seminar ended with the summing up and valedictory address by CMA Dr. Latha Chari, Professor, NISM and vote of thanks by CMA Dr. Sumita Chakraborty, Jt. Director, Research of the Institute.

Financial Market Conclave
Date: 27 June, 2015
Venue: Taj Bengal, Kolkata

CII Eastern Region organized a Seminar on “Financial Market Conclave” on Saturday, 27 June, 2015 at Taj Bengal, Kolkata in association with the Institute as the Institutional Partner. The conference scanned the macroeconomic scenario and recent policy changes and how they can impact the financial sector, which all corporate leaders and retail investors closely follow. The inaugural session was based on a discussion revolving around the Indian financial markets in the changing regulatory landscape, followed by two technical sessions on development of alternate investment structure and debate on “Acche Din” for financial market. Shri Ashish Chauhan, MD & CEO, BSE Limited, Shri S V Murali Dhar Rao, Executive Director, Securities and Exchange Board of India (SEBI), Shri D. Ravishankar, Founder Director, Brickwork Ratings India Pvt. Ltd. were among the dignitaries present on the dais.

Felicitation of Hon’ble Minister Shri Hansraj Gangaram Ahir, Minister of State (C & F)
Date: July 6, 2015
Venue: EIRC Auditorium

The Institute organized a felicitation programme to felicitate Hon’ble minister Shri Hansraj Gangaram Ahir, Minister of State (C & F), Government of India on Monday, July 6, 2015, at the EIRC Auditorium. Shri Hansraj Gangaram Ahir, Minister of State (C & F), Government of India was felicitated by CMA Manas Kumar Thakur, Central Council Member & Chairman, Research, Innovation & Journal Committee. Shri Hansraj Gangaram Ahir deliberated that the Ministry is ready to work jointly for in-depth research studies in association with the Institute to make the industry cost competitive and to control cost in order to regulate chemical and fertilizer price. He also said deep knowledge and expertise of the Cost Accountants need to be utilized in this perspective. He invited the members of the Institute to be a part of the various nation building movements. Shri E.A. Subramanian, Managing Director, Bengal Chemicals & Pharmaceuticals Ltd also shared in brief his thoughts and Knowledge Study on “An Overview of Chemical & Fertilizer Industry in India” by Directorate of Research & Journal of the Institute of Cost Accountants of India got released.

National seminar on ‘E-Banking and Financial Inclusion: Trends, Challenges and Policies
Date: July 19, 2014
Venue: Rabin Mukherjee College, Kolkata

Department of Commerce of Rabin Mukherjee College organized a national seminar on ‘E-Banking and Financial Inclusion: Trends, Challenges and Policies’, in association with the Institute on July 19, 2014. Followed by inaugural session, there were three technical sessions in total. Prof. Swagata Sen, Professor & Dean Faculty of Commerce & Management, Calcutta University, Prof. Amal Kumar Ray, Teacher-in Charge, Rabin Mukherjee College, Shri S.K.Basu, Former CMD, Bank of Maharashtra, the invited speaker, Dr. Nirmalendu Nath, Principal, Management & Science Institute of Durgapur, CMA Manas Kumar Thakur, Chairman, Research and Journal, ICAI were among the eminent dignitaries attending the sessions. During the seminar the learned speakers and paper presenters, professors, teachers and scholars tried to critically evaluate the various issues relating to E-Banking and Financial Inclusion and deliberated that Financial inclusion should be aimed at inclusive growth. Dr. Debasish Chakroborty, Associate Professor, Deptt. of Commerce, Rabin Mukherjee College presented the vote of thanks and the seminar ended with the distribution of certificates to the participants.

Cost Effectiveness through Cost Audit
Date: November 18, 2014
Venue: Haldia, West Bengal

The Confederation of Indian Industry (CII) organised a seminar entitled “Cost Effectiveness through Cost Audit” on November 18, 2014 at Haldia, West Bengal. Shri A K Dey, Chairman, CII Haldia Zonal Council & Vice President and Location Head, Electro Steel Casting Ltd, Haldia, CMA Dr. Debtosh Dey, Director, Ripley & Company Ltd were the key resource persons in the seminar. CMA Manas Kumar Thakur, Council Member, ICAI, CMA Bibekananda Mukhopadhyay, Regional Council Member, ICAI, CMA Himadri Roy, Consulting Associate, SVG & Associates also chaired important sessions in the seminar. The Directorate of Research and Journal of the Institute also released a Knowledge Study on the theme which was highly appreciated.