Western India Regional Council of
The Institute of Chartered Accountants Of India

WIRC Study Group Meeting

Friday, 5 April 2013 at ICAI Bhavan, J. R. Lodha Auditorium at 5.30 pm
(Inaugural Meeting and Special Function)
Welcome Address : Chairman : CA. Mangesh Kinare and Co-ordinator(RCM) CA. Shruti Shah
Special Keynote Address ; Vision and Foundation of BFSICM Study Group : CA. Manoj Alimchandani
Inauguration Session
PANEL DISCUSSION on Main Theme :
BFSI & Capital Markets - Emerging Trends & Critical Issues
CA. Manoj Alimchandani (Presentation on BFSI- Emerging Trends and Critical Issues and Moderator of Panel Discussion)
 
Panel Speakers :
CA Sandeep Nayak,ED & CEO Centrum Broking,
CA P Sitaram CFO,IDBI Bank,
CA Bharat Sampat CFO, DCB
CA Manoj Alimchandani ( Moderator)
Special Presentations before Panel Discussion
CA Kajal Gandhi, ICICI Securities -Group Leader presentation on BFSI - Research Perspectives)
CA Nipun Mehta, (Group leader presentation on Current Investment Scenario and Impact of Global Markets)
A 1 st BFSI & Capital Markets Study Group Core Committee meeting in Conference room at 4.30 pm addressed by Chairman
CA Mangesh Kinare with Core group members present)
WHERE : In region served by WIRC - to start initially with ICAI Bhavan,Colaba and ICAI Towers,BKC and jointly later at other locations.
HOW : (4 R's of BFSICM Main Objectives)
RESEARCH - Promote Research on topics of contemporary interest and relevance to the profession.
RESOURCES - To create knowledge bank of experts on various topics and also to enlarge the existing database of limited faculties.
REPRESENT - To provide suggestions and representations to WIRC on related matters.
REACHOUT - To connect with members in Industry and to enable networking and connect with issues in various forums,internet groups, web portals,discussion forums,skype,conferencing, etc.Use latest technological aids.
AND
To discuss and deliberate on current issues in the subjects and to gain expert knowledge in the respective subjects over a period which will help the members of the Group in their service or own practice.
Chairman's Communication in March 2013 WIRC Newsletter announced formation of Study Group for building up Core Competencies of the members.

Friday, 3 rd May, 2013
PANEL DISCUSSION
Monetary Policy 2013-14 -Impact on Industry & Investments
Panel Speakers/Group leaders
CA Manoj Alimchandani (Presentation on Monetary Policy 2013-14 and impact on Industry and Investments and Moderator)
CA Revathi Kasture-CGM and Head -Industry Research -CARE Ratings
CA Ajay Parmar -Head,Investment Banking and Former Head,Research- Emkay Global
Special Presentation
CA Jitendra Gupta - Vice President, JM Financial (Group leader presentation on Fund Raising Options & Evaluations under current environment)

Friday, 21 st June 2013 at ICAI Bhavan, J. R. Lodha Auditorium (3 CPE Hours)
PANEL DISCUSSION Role of CA as Investment Advisor – Challenges and Opportunities
Panel Speakers /Group Leaders:
CA. Manoj Alimchandani (Presentation on Research Advisor, Wealth Manager or Investment Advisor - Current Trends and Critical Issues and Moderator of Panel Discussion)
CA Manoj Alimchandani (Presentation on Monetary Policy 2013-14 and impact on Industry and Investments and Moderator)
CA. Abhishek Mistry (Group leader presentation on QFI and Foreign Portfolio Investors)
CA Kinner Mehta
CA Mehul Dholaria
Detailed discussion in light of on New Investment Advisor Regulations

Friday, 25 th July 2013 at ICAI Bhavan, J. R. Lodha Auditorium at 5.30 pm
(3 CPE hours)
PANEL DISCUSSION
Private Banks Licenses - Changing Paradigms and Critical Issues
Panel Speakers /Group leader :
CA. Amit Jain (Group leader presentation) - Private Banks - Group Research Study
CA Gagan Kothari
CA Abhishek Mistry
CA Kinner Mehta
CA Mehul Dholaria
CA Toufiq Lakhani
CA Manoj Alimchandani - Moderator

Friday, 27th September 2013 at ICAI Bhavan, J. R. Lodha Auditorium (3 CPE hours) ROUNDTABLE DISCUSSION: Commodity Markets & Exchanges and NSEL Case Study
Panel Speakers /Group Leaders :
CA Abhishek Mistry (Group Leader presentation – Exchange Set-up, Settlements, Audit, Logistics, Governance Issues Etc)
CA Vidur Mehta (Group Leader on Case Study - NSEL with his Research Team Members)
CA Nitin Gandhi
CA Ajay Parmar
CA Amit Jain
CA Manoj Alimchandani - Moderator

Friday, 25th October 2013 at ICAI Bhavan, at Conference Room, 2nd Floor at 6 pm
(3 CPE hours)
ROUNDTABLE DISCUSSION :
Mergers & Acquisition – Changing Landscape and Critical Issues with Case Studies
Panel Speakers/Group leaders :
CA. Amrish Shah (Group Leader Presentation – M & A - Regulatory Aspects)
CA. Narendra Rohira (Group Leader Presentation – M & A - Tax Aspects)
CA Sujal Shah
CA Jitendra Gupta
CA Manoj Alimchandani - Moderator

Friday, 29th November, 2013 at ICAI Bhavan, J. R. Lodha Auditorium at 5.30 pm
(3 CPE hours)
PANEL DISCUSSION Mergers & Acquisitions – Valuations and Critical Issues with Case Studies
Panel Speakers
CA. Sujal Shah (Group Leader Presentation on Valuations and Financial Due Diligence).
CA. Bharat Sampat – Critical Issues in M & A in Banking Sector.
CA Manoj Alimchandani - Moderator
CA Amit Jain
CA Manoj Alimchandani - Moderator

ROUNDTABLE DISCUSSION (Friday, 20 December 2013 at ICAI Towers, BKC -
3 CPE hours)
Corporate Governance – Emerging Trends and Critical Issues (2 hours 15m)
1 Role expectation from Independent Directors, Best Practices in India and abroad, Safeguarding Interest of Minority Investors and other stakeholders, Proxy and Institutional Investors, Pitfalls to avoid in listed companies etc - Compliance Issues, Importance of Clause 49 and other important issues etc with relevant Case Studies.
Panel Speakers :
CA Nitin Gandhi (2 case studies)
CA Bharat Sampat
CA. Manoj Alimchandani -Moderator
2 New SEBI Regulatory Norm for Research Firms and Analysts (30 m-45 m minutes discussion for suggestions invited by Sebi by 21 December 2013)
Changing Landscape, Challenges and Opportunities with Case Studies.

Saturday, 18th January 2014 ICAI Tower, BKC 9.30 am to 1:30 pm 4 CPE Hours
Panel of Judges
CA Nipun Mehta
CA Bharat Sampat
CA Manoj Alimchandani,Moderator
Teams with Group Leaders
TEAM PLATINIUM
CA Nitin Gandhi (Group Leader)
CA Namrata Shah
CA Vikas Kabra
TEAM TITAN
CA Gagan Choudhary (Group Leader)
CA Abhishek Mistry
CA Gagan Kothari
CA Rima Shah
TEAM TOPAZ CA Anand Desai (Group Leader)
CA Vidur Mehta
CA Mehul Dholaria
Teams with Group Leaders
TEAM DYNAMOS
CA Kinner Mehta (Group Leader)
CA Laxmikant Gupta.
CA Resham Wadhwa
CA Rachana Kothari Doshi
Each team gave presentation for 25 minutes followed by few queries by Panel of Judges to check parameters
Interactive Session - Panel Of Judges - Evaluation And Results. Final Evaluation Scrutineers CA. Vijay Mullaji / CA. Mukesh Dalal - coordinators (Use of score sheets with appropriate weightages to various Parameters)
Presentation Highlights
1. Teams studied Financial Sector Regulations of various regulators in India, i.e. RBI, SEBI, IRDA, PFRDA, FMC, etc. as well as compare them with regulations by global regulators viz SEC, Regulatory Authorities in UK, Singapore
2. Presentations included learning from global scams & financial crises and highlighted the need for Investor Awareness and Research and Empowerment of Investors.

Friday, 28th February, 2014 ICAI Tower, BKC 5.30 pm onwards - 3 CPE Hours
Presentation & Group Study
1. Investor Awareness with Sustainability through Research and Empowerment by CA. Kinner Mehta (Resource Paper contributions by CA Piyush Thakkar,COO -Quantum MF)
2. Presentation on Equity in Insurance Sector - Markets, Investments and Products for Investor Awareness by Mr. Deven Sangoi, Head – Equities , Birla Sunlife Insurance
3. Overview of Financial Markets - Asset Allocation, Financial Planning and Investment Strategies (with Case Studies) by CA. Manoj Alimchandani
Roundtable Discussion / Panelists
1. CA. Pramod Agarwal, Financial Controller HDFC Ergo Insurance
2. Mr. Deven Sangoi, Head – Equities, Birla Sunlife Insurance
3. CA. Manish Chokshi
4. CA. Manoj Alimchandani (Moderator)
Discussion Highlights
1. Importance of financial planning & setting of financial goals
2. Planning for regular savings for future financial needs Eg Retirement , marriage, child education, etc
3. Regular savings from early age & proper allocation depending on age & risk profile & investment in various asset class – equity, debt, mutual funds, real estate
4. Equity investment by Insurance Funds
5. Discussion on long term market movement of Market and sector indices, Nifty, Dow, FTSE, Nikkei ,Gold etc
6. Investment strategy in General and Life Insurance companies, investment of premium collected by general insurance in long term savings, financial control, risk management
7. Current market scenario & investment outlook for short term & long term investment in equities in broad markets & importance of sectoral allocations
8. Importance of corporate governance in companies, where long term investment is done
9. Need for investor awareness of risk in equities & debt instruments
10. Poor financial planning & awareness of different products, mis-selling of products by mutual funds & banks based on incentives & commission given to distributors

Friday, 28th March, 2014 ICAI Tower, BKC 5.30 pm onwards - 3 CPE Hours
Presentation & Group Study
1. Market Survey 20-20 short presentation by CA. Namrata Shah. (Survey was designed by group members CA Jitendra Gupta / CA Abhishek Mistry/ CA Kinner Mehta / CA Amit Jain/ CA Namrata Shah)
2. Mentorship Programmes-for Employers, Mentors & Mentees - with Case Studies by CA Sunishi Gabhawala
3. Current Trends in Capital Markets (includes Charts on Global Markets, Indices and select sectors with Insights on Technical Analysis) by CA Manish Chokshi
Roundtable Discussion / Panelists
1. CA. Sunishi Gabhawala
2. CA Manish Chokshi
3. CA. Manoj Alimchandani (Moderator)
Discussion Highlights
1. Market Survey – quiz related to stocks, sectors and other movement in Indian and International Capital Market
2. Mentoring & Planning for Growth - mentoring related guidance with examples for mentoring at different levels in various types of organisations with Case Studies .
3. Technical Analysis - capital market outlook and likely trends in near future

Friday, 25th Apr, 2014 ICAI Tower, BKC 5.30 pm onwards - 3 CPE Hours
Presentation & Group Study
1. Fund Raising for SME’s and Mid-Corporates – Critical Issues for CA’s in Project and Working Capital Finance for SME and Mid-Corporates – Group Study :
CA. Nikhil Sahajwani,
CA. Prakash Bhatia ,
CA. Resham Wadhwa
CA. Manoj Alimchandani (Moderator)
2. Monetary Policy – Impact on Industry & Investments – Eminent Panel Presented by CA. Namrata Shah (Moderator: CA Bharat Sampat)
Discussion Highlights
1. Fund Raising - Importance of SME & Mid corporates
2. RBI Classification and some key figures
3. SME & Mid corporate Financing – Borrowers perspective: Examples of computation of commercial operation date & Working Capital Loan
4. SME & Mid corporate Financing – CA’s perspective: Role of financial advisor, TEV Study
5. SME & Mid corporate Financing – Bankers perspective: Challenges faced by banks while lending & Financial and non-financial parameters considered by bank
6. Monetary Policy - Impact of monetary policy on industry & investment
7. Private banks – New Licences

Friday, 30th May, 2014 ICAI Tower, BKC 5.30 pm onwards - 3 CPE Hours
Presentation & Group Study
1. Capital Market Scenario - Post Elections by CA. Nipun Mehta
2. Technical Analysis - An Overview - Part 1. by CA. Manish Chokshi (CA. Manoj Alimchandani - Moderator)
Discussion Highlights
1. Capital Market Scenario - Election mandate gave clear mandate for stable govt which is focussing on development agenda and industry issues
2. Policy reforms expected over next few years to revive growth from 4.5% to step up to 7 %+
3. Capital markets going up and discount growth for FY 16 and FY 17.
4. Policy paralysis to end -infra power projects, fuel supply, clearance issues- market hoping them to be sorted out to revive investment cycles.
5. Development models of Gujarat, Bihar and growth agenda of other states.eg ceramic industry in Gujarat.
6. Technical Analysis - Basic Principles of Technical Analysis, Basic definitions / terminology , Impact of Macro factors on stock prices, Introduction to Line Chart, Bar Chart, & introduction to Daily, weekly, monthly or yearly chart.

Saturday, 28th June, 2014 ICAI Tower, BKC 5.30 pm onwards - 3 CPE Hours
Presentation & Group Study
1. Credit Rating - Methodology & Case Studies: CA Smita Rajpurkar Khot
2. Capital Markets-Technical Analysis - Current Trends in India and Global Markets presentation by. Mr Nooresh Merani - CEO Analyse India and Head - Technical Analysis - AMSEC).
Panelists
1. CA Smita Rajpurkar Khot, AGM - Care Ratings
2. CA M Ramesh- Associate Director - Financial Sector Ratings
3. Mr Nooresh Merani - CEO Analyse India
4. CA Manoj Alimchandani (Moderator)
Discussion Highlights
1. Credit Rating –Methodology - Process of analysis and reviews by Group Head ,Ratings Head and Internal and External Ratings Committee were discussed.
2. Factors and appraisal process of ratings in several key sectors particularly Infrastructure were analysed
3. Downgrades and upgrades and key Event affecting major downgrades and information available to Ratings agencies from internal and external sources.
4. Case Study on Construction company was distributed to 16 participants, they were guided to assign rating & highlight Strengths & Weaknesses.
5. Participants individually completed the Case Study sheets provided and briefly shared the Ratings given and crucial factors considered in assigning.
6. The Panel discussed the relevant issues and the Case Study information and the Environment currently in India in Infrastructure Sector-Road and conditions in various states.
7. Capital Markets -Technical Analysis - Price Movements based on data and theory of data analysis.
8. Ancient theory of Dow -principles and investment patters based on Dow.
9. Charts showing long term data of over 20 years and price movements in indices in US, UK, Germany, China and Japan and analysis of patterns.
10. India - Sensex, Nifty -long term data and breakout observed since May 2014 in Indices as well as S&P 500 and specifics case studies on selected stocks in BFSICM.
11. Technical Analysis - software and data available in free websites.
12. Use of technical analysis as a Risk Management Tool and also combining with Fundamental Analysis and huge data in Annual Accounts and expertise of CA's in fundamentals and changes thereon affecting price movements and Investment Behaviour.

Saturday, 19th July, 2014 ICAI Tower, BKC 9.30 pm onwards - 4 CPE Hours
Presentation & Group Study
1. Union Budget - Finance Bill 2014 - Analysis of Proposals from Capital Markets - Institutional and Retail Investors Perspective by CA. Nipun Mehta
2. Topic : Sectoral Analysis on 4 Sectors - Oil & Gas, Infra, Textiles Banking by CA. Sagar Kapadia.
3. Case Studies - Analysis of 5 stocks by CA Nitin Gandhi.
4. Sectoral Analysis / Tax Proposals Quiz by CA Namrata Shah
5. Direct Tax Proposals -Detailed Analysis by CA AnishThakkar - Partner E & Y India.
6. Indirect Tax -Detailed Analysis by CA Smita Bhandari.
Roundtable / Panel Discussion
1. CA. Jayesh Gandhi - Partner S R Batliboi & Co LLP
2. CA. Anish Thakkar – Partner, E & Y India
3. CA. Smita Bhandari.Asst Director - E&Y India
4. CA. Manoj Alimchandani ( Moderator)
Discussion Highlights
1. Impact of Budget Proposals on Growth in GDP and attracting FDI /FII Inflows thru reforms and fiscal consolidation.
2. Liberation of FDI in Insurance &Defence Sectors
3. Sectoral Analysis - Detailed impact on specific sectors
4. Boost to Infra -Real Estate and Investments in REITs
5. Savings boost by hike in exemptions and limits for savings and interest on housing loans
6. Mutual Funds - arbitrage issues and impact of changes in Capital Gains period and impact on Debt Funds /FMPs
7. Boost to GDP by outlining roadmap for GST implementation
8. Impact of changes in Dividend Distribution Tax.
9. Changes in FII taxation and residence of Fund Manager.
10. Impact on sectors and need for consolidation and reforms to kickstart investment cycle.

Saturday, 23rd Aug, 2014 ICAI Tower, BKC 9.30 pm onwards - 4 CPE Hours
Presentation & Group Study
1. Hedge Funds – Structure, Operations, Regulatory issues, and Opportunities by CA. Hemant Hirani and CA Gaurav Shah
2. Startups & Entrepreneurship – Angel Funds and Crowd funding Opportunities by CA. Vidur Mehta and CA Hemant Hirani
Roundtable Discussion
1. CA. Hemant Hirani
2. CA. Gaurav Shah
3. CA. Vidur Mehta
4. CA. Manoj Alimchandani (Moderator)
Discussion Highlights
1. Discussion on various successful structures in US which included growth of Hedge Fund market, size of hedge fund market in US
2. Recent development in Indian markets and need for Regulations
3. Comparison of Mutual Funds in India and Hedge Funds - possibilities and conditions for leverage, flexibility in alternative investment strategies and fee structures.
4. Churning of portfolios in Mutual Funds and Hedge Funds.
5. Employment opportunities for CA's with Hedge Funds in various capacities - as CA firm, CA Individual, or full time employee with fund
6. 2 Case Studies on Long/ Short Funds and Merger /Arbitrage Funds were discussed in detail.
7. AIF Regulations (including limits for Angel Funds ) and Crowd funding Regulations - mobilisation of funds, restrictions and compliance issues.
8. Case Studies for Angel Funding for Startups, screening, valuation issues, various rounds of funding.
9. Recent innovations in fund raising through internet for Startups and Crowd funding mechanism and opportunities and regulatory issues in Global Markets -US and India

Saturday, 27th Sep, 2014 ICAI Tower, BKC 9.30 pm onwards - 4 CPE Hours
Roundtable Discussion
(MODERATOR – CA. MANOJ ALIMCHANDANI)
Presentation & Group Study
1. Economy, Growth & Capital Markets - Investor Perspective by CA Narendra Mehta.
2. Insider Trading with Recent Case Studies (Global Markets & India ) - A Group Study -CA Vijay Mullaji

Date & Time: 1 November 2014 – 9.30am to 1.30pm
Venue: ICAI WIRC Building, BKC, 6th Floor, Room 4
Topic: Doing business in India under the theme of “MAKE IN INDIA ”
Snapshot of presentations made and round table discussions held
Attendees: 18 (including CA Shruti Shah (Secretary, WIRC) and CA Priti Savla (RCM) representing the ICAI-WIRC-RCM)
Presentations by : CA Mukesh Dalal, CA Namrata Shah, CA Nitin Gandhi
Panelist : CA Nipun Mehta -Expert’s perspective
Moderator: CA Manoj Alimchandani
Snapshot:
In alignment with the PM Narendra Modi’s mantra of "Make in India "(MII), the study group organized a discussion group on the topic of Doing Business in India. CA Manoj Alimchandani set the tone by emphasing the importance of topic of " Ease of Doing Business " from a global perspective and the position of India and need and urgency for change for India to regain its place in the comity of Nations in view of the recent World Bank report and the Govt's campaign for " Make in India' which members were requested to study and come prepared for a Roundtable Discussion and contribute actively There were three presentations made by well-researched Chartered Accountants intercepted by expert views provided by CA Nipun Mehta..At the outset CA Mukesh Dalal provided a platform by providing a well rounded view on how doing in business has been made tough due to plethora of laws, regulations, bureaucracy, form-filling procedural dilemma along with examples of real life world and some useful quotes. CA Namrata Shah followed by providing a youthful view by critically analysing 6 of the 24 sectors identified by the central government. CA Nitin Gandhi took the baton forward by highlighting how JVs and Collaborations can play a key role and how one should go about it, including how CAs can play a role in the process. Finally CA Nipun Mehta provided his views on certain growth sectors and highlighting how ongoing reforms coupled with focused execution of MII theme could propel economic growth for India. He cautioned that the impact would be seen over a medium to long-term horizon. CA Manoj Alimchandani shared insights on the innovative theme and industry participation and expectations by Corporate Sector and Entrepreneurs on Doing Business in India and on the World Bank regular reports on Ease of Doing Business in India and the transparent Methodology and Research process at World Bank .CA Manoj Alimchandani proactively encouraged all participants to share their ideas and perspective on the MII ( MAKE IN INDIA ) theme and also requested the participants to provide their expected time frame by when India’s current ranking of ‘ease of doing business” from the bottom quartile at 142nd will reach upto the PM’s aspirational 50th rank. There was a mix of optimism with some flavor of pessimism (old taste dies hard!), but the trajectory followed a positive path, especially with the fact that India’s rank is #1 on the global consumer index and in the 5 months of the new government led by PM Narendra Modi, positive reforms have been kicked off. The meeting ended with CA Manoj reiterating that MII ( MAKE IN INDIA ) is not just a political agenda but it is an article of faith.
Other important aspects:
The BFSICM study group’s tab on the WIRC web page was launched. Check out the link on: https://www.wirc-icai.org/study-group-meeting.aspx

A request was put across by ICAI WIRC to compile a 30-page booklet on “Doing business in India”. It was decided for CA Mukesh Dalal to lead this initiative and include some ready to use checklists.
Useful web site: http://www.doingbusiness.org/

5 – 6 December – ICAI WIRC annual meet at Hotel Lalit – members are requested to attend in large numbers

Participant’s views on " MAKE IN INDIA ":

1. Communication, especially to the grassroot level, will play a critical role, including necessary training/educating
2. Connect agri economy with industrial economy say by backward integration
3. Train the MSMEs who can strongly contribute to the Indian economy
4. Groom the latent talent
5. Attitude of people will matter as mindset of people needs to change (e.g. garbage cleaning)
6. Bureaucracy will need to be shown the door
7. Ease of doing business should not merely focus on how to start doing, but also ease of doing it sustainably, including exit (say similar to bankruptcy rules of the USA)
8. Speed of execution will matter to most
9. Rather than decentralized, integrate each State, and leverage each others strengths
10. Small scale focus required also
11. Create competitiveness to enhance quality
12. Leverage success stories such that they can be replicated and also enhances public confidence and thus make them buy products, which are made in India. It all starts from within; the Indian population should buy local products thereby increasing the market penetration.
13. All to contribute in identify redundancies and highlight to the decision makers (e.g. which rules, regulations, laws should be amended or discarded – be precise while sharing)

Some more details based on the presentations and group discussions:
CA. Mukesh Dalal’s presentation:

Indians are business minded and will surely do well in a positive environment
• Currently only 4% of the population files tax return indicating that data is incomplete, certain forms of income (e.g. agri) are not getting captured, thereby discounting the GDP growth
• Multiple regulatory framework (generic and sectoral) – need for consolidation and simplification, else they are road blocks to growth environment
• It has been proven that good economics follows good governance; effective governance is the need of the day
• Too many laws, but delayed justice
• Style of leadership also matters, and India has got a positive leader now, thereby opening doors of significant progress
• Though reforms have been initiated, certain aspects such as the judicial system, the licensing norms need accelerated reforms and a fast track window
• Trust everyone, thereby restrict flight of knowledge/people
• Big market does not equalize to big purchasing power
• Focus on waste to wealth – reduce environment hazards, improve health
• No defect and no side effects.
• Focus on effectiveness of tourism marketing as it is highest of the growth potential, by providing good infrastructure
• Focus on port led development, considering that the country is covered with ocean on 3 sides
• Harness skills and use it for nation-wide growth; enhance archaic labour laws
• Manage inflation effectively – currently higher compared to other global economies
• Create good infrastructure for food storage thereby enabling Farm to Table. Currently 34% of food is wasted due to lack of cold storage.
• Power infrastructure needs to get enhanced, as it is relatively poor currently. India is ranked low (9mnkw per 100) as compared to other large Asian economies (Japan 165, Hong Kong 154, Korea 62 and Thailand 22).
• Real estate bubble is about to hit China (with $2Tn blocked in infrastructure)

CA. Namrata Shah’s presentation

• The Central Government has identified 24 core sectors to focus for MiI campaign. Of these the presenter focused on 6 core ones – automobiles, electronic systems, food processing, textile/garments, tourism & hospitality and construction.
• One of the rationale for this focused approach is that India has a great youth population (48% of the population is under 24 years of age), they love gadgets, disposable income has increased especially with double income families, there is a desire to better the quality of life (holidays, mobiles, cars, bikes, etc.) – so each of the industry identified is surely going to be impacted by how the youth of India behaves going forward. If the products made in India are of superior quality as compared to international quality, they will surely buy Indian products, else they prefer imported goods (e.g. mobiles, bikes etc.).
• The presenter analysed each sector via its growth drivers, key statistics, financial incentive (including tax) and reasons to invest. This perspective helped the participants to appreciate why, if focused upon, these sectors will surely bring India into a galloping stage thereby creating success stories of MiI.
• India has the second largest manufacturing capacity in textiles. Cotton, Jute, and Silk are originated in India for most of the global trade in the textiles sector. It should capitalize on this to ensure the journey involved from Farm to Fashion is taken care of.
• India is the 3rd largest FX earner.
• India is 16th most visited geography – it should enhance its tourism policies, related infrastructure, make the overall experience of delight rather than pain. It should make it more structured, organized such that tourists go through a pleasant experience. Create smart cities such that inter-connectivity is appropriately dealt with.
• India should leverage on the largest pool of technicians and scientists
• Eight core areas of reforms were highlighted, especially where India is currently ranking low. If taken care, India can march towards a better ranking on “ease of doing business in India”. These are:

1. Starting business (179th rank)
2. Dealing with construction permits (182)
3. Getting electricity (111)
4. Registering property (92)
5. Paying taxes (155)
6. Enforcing contract (186)
7. Trading across borders (132)
8. Resolving insolvency (121)

• The basic aim should be to reduce the time taken to resolve matters, related efforts; the monies involved and overall make it less complicated.

CA. Nitin Gandhi’s presentation

• Complementary strength plays a key role as it helps to rise higher
• JVs (perpetual, time / task bound) and/or any form of collaboration can help in achieving this goal
• Aim should be that neither of the entity should lose their identity
• The rationale for JVs could be – cost reduction, capture new geographies, leverage on technology strengths of JV partner, gain economies of scale, aim for overall growth due to combined size
• Structure of the JV is important – incorporated, unincorporated – and documenting the same in the agreement is critical – drafting is key, complete clarity on clauses, clearly spell out the rights & duties
• A CA can play an important role in forming an agreement
• Some of the important clauses (though not restricted to only these) are: place of execution, shareholding pattern, nature of share, dividend policy, non compete clauses, related party transactions, board composition, quorum for meetings, casting votes, confidentiality clauses, funding, applicable laws, force majeure, termination, AGM/EGM/Board meeting provisions, change of control, exit option
• The presenter shared 4 live case studies (involving broking houses) where JVs (between an Indian firm and an international firm) were formed and eventually terminated. He gave varied examples of where the Indian partner got impacted / gained, emphasizing on how agreement structuring could have changed the scenario.
CA. Nipun Mehta – an experts round up
• Economic growth is a natural derivative of reforms coupled with MiI campaign
• Services, Agri and Manufacturing – all verticals are employment creators – especially for the tremendous youth population India has – a critical resource which other countries do not have as compared to India
• Consolidate development of rural leg and industrial leg such that no isolated growth happens
• Go for broad banding across the nation and thereby create a super connectivity across the country
• Optimise smart phone usage (beyond inclusive banking) for ecommerce
• Jan Dhan is a great initiative not only for banking, but for insurance too. Higher the deposits with banks, especially rural banks, higher the probability of they lending too – else local post offices do not lend for business and local lenders charge heavy interest.
Empowerment and decentralisation are the goal of the new government
• Look at the overall picture – over a 3 to 5 years horizon; as the reforms will need time to get stabilized and translated into action to experience the impact on the Indian economy.
• Some of the industrial sectors (including sub sectors) which are due to benefit in a growth phase include – steel, cement, paints, tiles, sanitary-ware, water tanks, solar panels, warehousing, logistics, housing, automobiles – the power of plenty (huge population of India, and most is of the youth) needs to be capitalized for the broader benefit – India growth story.
Next meeting: 29th November 2014
Topics: (1) Case studies on forensic investigation, fraud and accounting by CA Ajay Dave (2) REITS new regulations, valuation studies and markets by CA Gaurav Shah & (3) Real estate and property market – society redevelopment issues, documentation, finance and opportunities by CA. Ramesh Sahajwani

Members are welcome to share reference material, resource papers etc on the relevant subjects.

Note: The views presented by the speakers are their own and do not represent the views of the ICAI

This snapshot has been prepared for the larger benefit of those members who attended (as a memory jogger of what was discussed) and for those members who could not attend (to know what all got discussed that they missed)

Snapshot prepared by: CA Jatin Lodaya, 3 November 2014
Snapshot reviewed by: CA Manoj Alimchandani

Saturday, 20th December - CPE 4 Hours
Venue: The Institute of Chartered Accountants of India, ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051
Time 09.30 a.m. to 01.30 p.m.
Guest Member fees : Rs 400 for this session ( not payable by Annual Members)
Chief Co-ordinator CA. Shruti Shah - 9892407988
(Secretary-WIRC)
Topics and Speakers
Roundtable Discussion

Moderator – CA. Manoj Alimchandani
CFO's Perspective -Insurance Cos-Reforms,Regulations,Investment and other Committees,Risk Management,Financial Control, Current Trends and Critical Issues - CA Samir Shah
Credit Ratings - Financial Sector Ratings - CA. M Ramesh
Note - BFSI & Capital Markets ( BFSICM) Study Group Meeting scheduled for 31 January 2015 ,Saturday 9.30 am to 1.30 pm .Roundtable Discussions on
1 Mergers & Acquisitions and
2 Private Equity

21st Study Group Meeting on BFSI & Capital Market
CPE 04 Hrs
Day & Date; Saturday, 31st January, 2015.
Venue: The Institute of Chartered Accountants of India, ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time 09.30 a.m. to 01.30 p.m.
Fees Rs. 1,000/- per annum
Guest Member fees : Rs 400 for this session (not payable by Annual Members)
Chief Co-ordinator CA. Shruti Shah - 9892407988
(Secretary-WIRC)
Topics and Speakers
Roundtable Discussion

Moderator – CA. Manoj Alimchandani
1. M&A and Valuations- Critical Issues and Current Trends - CA Sujal Shah.
2. Risk Management and Compliance Issues in Venture Funds,Private Equity and MFs -CA Laxmikant Gupta

BFSICM Study Group Meeting - 1. Algorithmic Trading and 2. Union Budget 2015-Analysis of Impact of Budget Proposals
CPE: 03 Hrs
Day & Date; Saturday, 28th February, 2015.
Venue: The Institute of Chartered Accountants of India, ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time 4.00 pm to 07.00 p.m. (Registration at 3.30 pm )
Fees Rs. 1,000/- per annum
Guest Member fees : Rs 100 for this session (Registration at 3.30 pm)
Chief Co-ordinator CA. Shruti Shah - 9892407988
(Secretary-WIRC)
Topics and Speakers
Roundtable Discussion

Moderator – CA. Manoj Alimchandani
1 Capital Markets-Latest developments on algorithmic and electronic trading and Risk Management-Global and Indian perspectives. - CA Hardik Dhruva
2 Open House - On Union Budget 2015 - Financial Markets,Economy, Direct and Indirect Taxes - Latest developments on fiscal policy, economic survey and growth, fundamental and technical analysis, development of various market segments and financial instruments, doing business in India and empowerment of Investors.
-CA Ajay Parmar, CA Manish Chokshi and other eminent panelists.

BFSICM ( BFSI & Capital Markets ) Roundtable Discussion - Study Group Meeting in December 2015.
Topic : Roundtable Discussion on Mergers & Acquisitions - Regulatory and Tax Perspectives
CPE: 04 Hrs
Day & Date; Saturday , 19 Dec 2015.
Time: 9.30 am to 1.30 am
Panel of Speakers :

CA Nilesh Vichare
CA Manoj Alimchandani - Moderator
( The Panelists and participants were requested in advance to contribute to the study from perspectives of various different stakeholders, Director on the Board of a Company ,Director of Professional Firm in M&A , Corporate ,regulatory ,client and investors )
Discussion Highlights :
1. Regulatory Framework includes Companies Act ,Sebi and Stock Exchanges listing requirements ,Competition Act,Takeover Code,Stamp Duty ,FDI ,Exchange Control and Taxation Laws.
2. Benefits of M & A includes Commercial Consideration,pooling Resources ,Synergies ,Cost reductions,Market leadership,tax savings and strategic considerations.
3. Structuring of Mergers / Demerger transactions and various options to be considered including cross border mergers.
4. Domestic Demergers taking place for strategic considerations eg Adani Group , Marico Kaya ,Regulatory requirements eg IDFC
5. Key provisions of Companies Act 2013 relating to M&A and their impact on transactions.
6. Various types of complex transactions eg Issue of Composite Consideration,Goodwill on Demerger ,Foreign Entities,Carry forward of tax losses ,demerger and demerger of investments.
5. Due Diligence in various sectors eg Construction, Roads , Manufacturing ,Power etc and their specific features.
6. Planned to do BUDGET ANALYSIS - ROUNDTABLE post budget - Interactive session with Impact on all Stakeholders.
7. Different options for buyback ,through open offers,court schemes , wholly owned subsidiaries etc.
8. Sale of business including slump sale and impact.
9. Case Studies on Buybacks ,Buyouts on Demergers,Demerger and Slump Sale
10. Case Study on Demerger for Banking and NBFC ( IDFC - 2 listed entities now ). Comparison with valuations with other Infra finance cos,Pvt banks for Idfc bank and various business segments for Nbfc based on limited information available on listing dates of each listed entity with investors.
11. Case Study on Recent announcement of mega Global Merger between Pfizer - Allergan.
12. Participation of Mutual Funds / Institutional Investors in Voting Process, changes due to E- Voting etc
13. Difficulties faced by Investors and Research / Broking House on valuations and recommendations on prices of demerger cos and newly listed entities on listing day due to lack of availability of adequate information.
14. Need for representation to regulatory authorities for mandatory information to be provided with latest audited Annual Reports and latest quarterly results of new entities / demerged entities before the listing date.
15. Planed to have a Roundtable Discussion on Due Diligence

BFSI & Capital Markets ( BFSICM ) Study Group Meeting on 30 January 2016
CPE: 04 Hrs
Day & Date; Saturday , 29 January , 2016.
Time: 9.30 am to 1.30 am
ROUNDTABLE DISCUSSION ON

1 Innovations in Financial Markets – Group Study
2 Due Diligence – Approaches and Trends
PANEL OF SPEAKERS

1 CA Kuldeep Tikkha – Partner , Ernst & Young LLP
2 CA Prashant Ved – Vice President , Ernst & Young LLP
3 CA Pramod Agrawal - Group Study
4 CA Manoj Alimchandani – Moderator
Discussion Highlights
1. It was decided to launch a Series on Innovation in Financial Markets .The session launching the series started with a Group study with meeting 2 months ago where a few innovation ideas were shared . taken it forward with a proper group study today and further sharing by Think Tank Members ( over 10 topics ) for special sessions ahead on Innovations in Financial Markets.
2. Various uses of technology used in Industry and their innovative applications were discussed. Also various innovative products by companies and financial institutions.
3. Key focus areas of Due Diligence , Quality of Earnings,Quality of Net Assets, Quality of Cash Flows , What , Why and Types of Due Diligence , comparison with Audit and its focus.
4. Due Diligence as a part of Transaction lifecycle and professional opportunity for CAs in this critical area.
5. Due Diligence in various sectors eg Construction, Roads , Manufacturing ,Power etc and their specific features.
6. Planned to do BUDGET ANALYSIS - ROUNDTABLE post budget - Interactive session with Impact on all Stakeholders.

BUDGET ANALYSIS AT ICAI TOWERS 29 FEB 2016 - Study Group Meeting on BFSI & Capital Market
CPE: 02 Hrs
Day & Date; Saturday, 29th February, 2016.
Venue: ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time: 05.45 p.m. to 08.00 p.m.
Fees Rs. 100/- for other members
(Free for BFSI Study Group Members)
Co-ordinator CA. Pramod Kumar Agarwal - 9930266050
(Secretary-WIRC)
Topics and Speakers
Moderator – CA. Manoj Alimchandani
Budget Analysis - Interactive Session On Impact Of Union Budget 2016 & Finance Bill On All Stakeholders. Panelists
CA Vijay Mullaji
CA Manish Chokshi
CA. Ajay Parmar and others

#UNION BUDGET 2016 MEETING FOR CA's by BFSI & Capital Market ( BFSICM ) at ICAI Towers , BKC
Topic : SPECIAL BUDGET ANALYSIS - Interactive Session on Impact of Union Budget Analysis and Finance Bill on all stakeholders .
CPE: 02 Hrs
Day & Date : Monday, 29 th Feb 2016
Time: 5.45 pm to 8 pm
ROUND TABLE DISCUSSION : PANELISTS

CA Manoj Alimchandani - Moderator,
CA Vijay Mullaji - Common man perspective
CA Manish Chokshi - Technical Analysis & Market Trends
CA Ajay Parmar- Capital Market Perspective
Other Panelist (Study Group Members)
CA Jitendra Jotsinghani (Taxation and Markets)
CA Nitin Gandhi (Stock ideas and markets incl F & O )
CA Mukesh Dalal (Taxation)
CA Rajesh Manjrekar (International)
Further Inputs were also contributed by: CA Manali Chheda (Corporate) CA Anadi Bhase (Charts and patterns) , CA Dushyant Shah ( markets)
Presentation by BFSICM Study Group Team .
The meeting commenced with rating being given by all on the Budget Rating Profile (Quick reaction on scale of 1-10 by those sharing rationale -before fine print and government clarifications coming today)
20% Rated below 5
67% Rated between 5-7.
13 % Rated above 7
DISCUSSION HIGHLIGHTS
1. The meeting then commenced with CA. Vijay Mullaji explaining the impact of the budget on the common persons highlighting the additional benefits under the budget. He explained the various provisions and their pros and cons. He discussed about bank re capitalization also. He discussed various changes including deduction u/s 87A which will be benefitting more than a crore of tax payers. He explained the budget as a whole in a broader perspective.
2. CA. Jitendra Jotsinghani then spoke about the intricacies of taxation in the corporate sector. The fading out of deductions, Reduction of accelerated depreciation and the reduction of the 1% tax on select companies. He then explained changes in 44AD and 44ADA taxation of EPF to be brought to the power of NPS., Double taxation in DDT and increase in DDT, scheme of undisclosed income and various key changes
3. Then CA. Rajesh Manjrekar gave an outlook with regards to international taxpayers view point regarding the need to have a 5 year taxation policy instead of changes being made from year to year.
4. CA. Mukesh Dalal also gave his view point with regards to a long term policy which will help business houses to plan their businesses accordingly. He also spoke about bank capitalization and its inadequacies.
5. CA. Ajay Parmar, who is also the head of investment banking, shared his view point as regards to capital market perspective the effect of increase in STT in option trading, targets of disinvestment to be done by the governments and its previous record and gave a view on the budget where allocation is more towards the rural farmers which can uptake the economy. He spoke of long term investment and the benefits which will come to the investors considering the breakdown of markets. He spoke of freedom for gas exploration and solar power generation which is a game changer.
6. CA. Manish Chokshi spoke of technical analysis and market trend and explaining the intraday movements in market on the budget day. He explained trend analysis and different methods of technical analysis for the next week. There were interactions between groups with regards to the topic of Fundamentals V/S. Technical analysis also.
7. CA. Nitin Gandhi spoke about stock markets including F&O. He explained the impact of government policies on STT options etc .
The floor was then opened for Questions and Answers which was addressed by the panel.
Detailed presentation by Group Study Team with slides along with data points too is shared being separately
The moderator CA. Manoj Alimchandani also updated that BFSICM study group has been recognized as the best study group by the WIRC making it a hat trick since 2013.
He also thanked WIRC, ICAI, the new team of W.I.R.C. and the cooperation extended by CA. Shruti Shah, the Chairperson of WIRC. He also acknowledged the support of the previous WIRC team.
With optimism on the India Growth Story, the meeting concluded with appreciation to the panelists
Summary prepared by Jitendra Jotsinghani
01st March 2016

Date: 23/04/2016
Time: 09.30 am. to 01.30 pm
CPE: 04 hrs
Venue: Conference Room, ICAI Tower, BKC
Fees: Rs. 1,000/- per annum
Speaker : CA. Prakash Bhatia
CA. Alekh Gandhi
CA. Pramod Agarwal
CA. Manoj Alimchandani
Topic: Corporate Finance - SME Funding, Startups and Innovation in Financial Markets Series Co-ordinator: CA. Pramod Agarwal

Date: 28/05/2016
Time: 09.30 am. to 01.30 pm
CPE: 04 hrs
Venue: Conference Room, 6th Floor, ICAI Tower, BKC, Mumbai
Fees: Rs. 1,000/- per annum
Speaker : CA. S. Padmanabhan
CA. Vivek Mehta
CA. Pramod Agarwal
CA. Nipun Mehta
CA. Manoj Alimchandani
Topic: • Roundtable Discussion on
• Structured Finance - Group Study
• Due Diligence in M&A Transactions
• Insurance - Innovations
• Eminent Mentors Panel

Convenor: CA. Pramod Agarwal

Topics Speakers
36th Roundtable Discussion with Mentoring / Finance and Industry Focus - Innovations CA. Dushyant Shah
CA. Rounak Maheshwari
CA. Anupam Petkar
In Balanced Scorecard and Analysis of Important Sectors with Case Studies  
Mentors Panel CA. Nipun Mehta, CA. Manoj Alimchandani

BFSI & Capital Market ( BFSICM ) Study Group Meeting
CPE: 04 Hrs
Day & Date; Saturday, 23rd July, 2016.
Venue: ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time: 9.30 am to 1.30 pm
Fees: 1,000/- per annum
Co-ordinator CA. Pramod Kumar Agarwal - 9930266050
Topics Speakers
37th Roundtable Discussion with Finance, Corporate and Industry Focus - Research Perspectives with latest developments in Insurance Industry & Group Research Study on Impact of latest Financial Reporting Requirements ( including Ind-As ) on important sectors in Industry, Manufacturing & Services. CA Het Choksey, CA Peshwan Anklesharia, CA Jugal Joshi and others
Mentors Panel : CA Manoj Alimchandani & CA Nipun Mehta

BFSI & Capital Market ( BFSICM ) Study Group Meeting
CPE: 04 Hrs
Day & Date; Saturday, 27th August, 2016.
Venue: ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time: 9.30 am to 1.30 pm
Fees: 1,000/- per annum
Co-ordinator CA. Pramod Kumar Agarwal - 9930266050
Topics Speakers
38th Roundtable Discussion with Finance, Corporate and Industry focus - Introduction to Derivatives, Risk Management, Rogue traders - Global perspectives & Group Research Study on Impact of latest Financial Reporting Requirements on important sectors in Industry, Manufacturing & Services. CA. Hardik Dhruva , CA. Manali Chheda & others
Mentors Panel : CA Manoj Alimchandani & CA Nipun Mehta

BFSI & Capital Market ( BFSICM ) Study Group Meeting
CPE: 04 Hrs
Day & Date; Saturday, 22nd October, 2016.
Venue: ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time: 9.30 am to 1.30 pm
Fees: 1,000/- per annum
Co-ordinator CA. Pramod Kumar Agarwal - 9930266050
Topics Speakers
39th Roundtable Discussion with Research & Industry focus - Young members encouraged to be Panelists along with CFOs/ CXOs/ CEOs and Eminent Personalities
1. Research Study on Capital Adequacy in Banks
2. Simulation of Trading in Financial Instruments - Innovation Series
3. Impact of latest Financial Reporting Requirements on important sectors in BFSI & Corporates
4. Book Reviews
Mentors:
CA Manoj Alimchandani
CA Nipun Mehta

Panelists:
CA Yogesh Satpule
CA Mihir Shirgaunkar
CA Rajesh Manjrekar
CA Peshwan Anklesharia

BFSI & Capital Market ( BFSICM ) Study Group Meeting
CPE: 04 Hrs
Day & Date; Saturday, 26th November, 2016.
Venue: ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time: 9.30 am to 1.30 pm
Fees: 1,000/- per annum
Co-ordinator CA. Pramod Kumar Agarwal - 9930266050
Topics Speakers
40th Roundtable Discussion

1. Book Review : Banking and Finance - A Bank for the Buck
2. Banking & Finance : Research Study on Stressed Assets - Recognition, Restructuring to Resolution : Accounting, Banking, Capital Markets and Credit Ratings Perspective
3. Research Paper on Robotics, ATM Reengineering, Debit Cards, Credit Cards, BPO, Call Centres, Frauds etc
4. Demonetisation - Practical issues and impact on various stakeholders, common man and Economy.
Mentors:
CA Manoj Alimchandani
CA Nipun Mehta

Panelists:
CA Rounak Maheshwari
CA Archana Moghe
CA M Ramesh
Panelists with Rich Experience in Banking, Finance, Capital Markets and Credit Rating.

BFSI & Capital Market ( BFSICM ) Study Group Meeting
CPE: 04 Hrs
Day & Date; Saturday, 24th December, 2016.
Venue: ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time: 9.30 am to 1.30 pm
Fees: 1,000/- per annum
Co-ordinator CA. Pramod Kumar Agarwal - 9930266050
Topics Speakers
41st Roundtable Discussion

1. Group Research Studies on
Corporate Finance - Project Finance, Project Reports, Appraisal, Ratings, Sanction, Disbursement, Practical issues for MSMEs with Case Studies and Models in Excel

2. Corporate Governance -Best Practices,
Boardroom Practices, Independence of Independent Directors, Role of Institutions, Proxy Advisors, Minority and Small Investors, Risk and Requirements, Rights and Duties of Directors etc
Mentors:
CA. Manoj Alimchandani
CA. Nipun Mehta

Panel:
CA. Manish Kumar Badola
CA. M Ramesh
CA. Sapna Malya
CA. Peshwan Anklesaria

BFSI & Capital Market ( BFSICM ) Study Group Meeting
CPE: 03 Hrs
Day & Date: Wednesday, 1st February, 2017.
Venue: Conference Room, ICAI Towers, BKC
Time: 05.00 pm to 08.00 pm
Fees: 1,000/- per annum
Co-ordinator: CA Pramod Agarwal - 9930266050
Topics Speakers
42nd Roundtable Discussion

1.BUDGET ANALYSIS - Impact of Union Budget and Finance Bills on All Stakeholders ( Industry, Professionals and Common Man) with Industry and Sectoral Analysis, Key Taxation & Fiscal Issues , Technical Trends with Different Perspectives
Mentors:
CA Manoj Alimchandani
CA Nipun Mehta

Panel:
CA Jitendra Jotsinghani
CA Ajay Parmar
CA Manish Chokshi and others

BFSI & Capital Market ( BFSICM ) Study Group Meeting
CPE: 04 Hrs
Day & Date: Wednesday, 25th February, 2017.
Venue: ICAI Tower, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Time: 09.30 a.m. to 01.30 p.m.
Fees: 1,000/- per annum
Co-ordinator: CA Pramod Agarwal - 9930266050
Topics Speakers
43rd Roundtable Discussion

1. Development of World Class Talent amongst CA's and Recognition of Professional Achievements in Industry
2. Mergers & Acquisitions - Process, Valuations, Deal Making, Cross Border transactions, Boutiques Investment Banks, M&A with complexities large and listed companies, Regulatory & Tax issues, Fund Raising for Large Corporates, Mid Corporates in all sectors including Technology and E-Commerce etc
3. Latest Developments in Financial Sector etc
Mentor, CA. Manoj Alimchandani
CA. Nipun Mehta
Panelists CA. Hardik Dhruva
CA. Apurva Shah
CA. Archana Moghe
CA. Vivek Mehta
CA. Yogesh Satpute
CA. Manali Chheda
CA. Pramod Agarwal

 

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