Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Standard Chartered Accelerates India's GCC Growth with its Global Banking Expertise and 25 Years of GCC Experience
    IFSCA Grants Nexent Capital GIFT City Investment Banking License
    India's exports rise 19.63 pc to USD 44.24 bn in Jul; trade deficit widens to $31.98 bn
    Vizhinjam port to commence EXIM operations from Aug 18: Kerala CM Satheesan
    Ratul Puri: Beyond Low-Cost Power to Clean Energy Reliability
    PMS Bazaar Collaborates with NSDL Database Management Limited (NDML Accreditation Agency) to Expand Access to SEBI Accredited Investor Certification
    Compounded annual growth rate of Manufacturing GVA at constant prices (2022-23 base) as per revised series during 2022-23 to 2025-26 is 10.88%
    National Company Law Tribunal (NCLT) Launches e-Inspection and e-Certified Copy Services
    The Government of India to launch the Central Bank Digital Currency (CBDC)-based Direct Benefit Transfer (DBT) in the Union Territories of Chandigarh ...
    India and the Southern African Customs Union (SACU) sign Terms of Reference (ToR) for negotiations towards a Preferential Trade Agreement
    Airtel ends all prepaid mobile plans offering 1.5 GB data per day with unlimited calls
    ED arrests IBC resolution professional
    Mumbai cops bust fake documents racket; four arrested
    After nine years at helm, N Chandra to exit Tata Sons amid expansion, governance standoff
    RBI invites comments on the Draft “Reserve Bank of India (Interest Rates on Loans and Advances) Directions, 2026”
    Sensex falls 188 pts amid elevated crude oil prices; Tata Group stocks decline after N Chandra's exit
    SJM urges govt to stand firm against US tariff pressure, calls for boycott of American products
    Union Minister of Commerce and Industry Shri Piyush Goyal Calls for Fair Trading Practices and Taking ‘Make in India’ from Local to Global
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman delivers keynote address at Seminar on “Role of the New Development Bank in M...
    Delhi HC halts processing of IT-returns of Supreme Court, high court judges
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 13, 2026
Show AI Summary
Global Capability Centre banking support connects offshore and onshore operations to simplify financial management and enable cross-border expansion.
Global Capability Centre banking support is positioned around connected offshore and onshore banking, international network access, digital banking platforms, and expertise in treasury centres, cross-border corporates, and evolving GCC operating models. The approach seeks to simplify financial operations and support GCC expansion across global markets. India's GCC ecosystem is characterised as a leading global capability hub, with capability centres evolving into strategic enterprise hubs requiring support for operational and financial complexities across markets.
August 13, 2026
Show AI Summary
Investment banking registration enables regulated cross-border offerings, listings, debt transactions and capital-market advisory through GIFT City.
IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.
August 13, 2026
Show AI Summary
Merchandise export growth was driven by petroleum, electronics, engineering and marine goods, while rising imports widened the trade deficit.
India's merchandise exports increased in July, while imports also rose and widened the trade deficit. Export growth was attributed to higher overseas shipments of petroleum products, electronics, engineering goods and marine goods. Exports and imports both recorded growth during the April-July fiscal period, and exports to West Asian countries increased in July.
August 13, 2026
Show AI Summary
EXIM operations at international seaport to commence after customs clearance, bonded-area establishment, and temporary highway connectivity.
Vizhinjam International Seaport is scheduled to commence EXIM operations after Customs clearance, issuance of Customs notifications, establishment of a Customs-bonded area, and temporary connectivity to NH-66. The port had previously handled transshipment operations. A proposed transfer of a stake in the port concessionaire to a foreign shipping company remains under committee examination and requires Central Government consideration of strategic and security aspects.
August 13, 2026
Show AI Summary
Renewable energy reliability requires storage, grid readiness and ancillary service markets alongside competitive clean-power procurement.
Renewable energy procurement is shifting beyond lowest tariffs towards dependable, dispatchable and affordable clean power, assessed through capacity value, balancing capability and system economics. Storage-backed renewable and hybrid projects can improve renewable utilisation, reduce variability and curtailment, and support peak demand. Higher renewable penetration also requires supportive storage policies, timely approvals, aligned intrastate transmission planning, stronger distribution infrastructure, and market mechanisms for ramping reserves, frequency response and fast-response balancing services.
August 13, 2026
Show AI Summary
Accredited Investor certification facilitates eligible investors' access to alternative investment products, lower thresholds and applicable regulatory flexibilities.
SEBI's Accredited Investor framework enables eligible investors and entities to obtain certification that may allow lower minimum investment thresholds for Portfolio Management Services, Alternative Investment Funds and other alternative investment products, along with applicable regulatory flexibilities. PMS Bazaar and NSDL Database Management Limited's Accreditation Agency facilitate end-to-end applications, subject to required documentation and prescribed payment. Assistance is available to individual investors and eligible clients of investment providers without additional platform, service or processing charges, while prescribed certification fees remain payable.
August 13, 2026
Show AI Summary
Manufacturing GVA growth under the revised national accounts series highlights stable sectoral contribution and resilience-focused industrial measures.
Manufacturing performance is assessed under the revised National Accounts Statistics series using 2022-23 as the base year. Manufacturing's share of total Gross Value Added at current prices remained broadly stable through 2025-26, and Manufacturing GVA at constant prices achieved a compounded annual growth rate of 10.88% from 2022-23 to 2025-26. Production Linked Incentive schemes, logistics and industrial-corridor measures, semiconductor initiatives, and MSME support seek to strengthen domestic manufacturing, diversify supply chains, reduce import dependence, and improve resilience.
August 13, 2026
Show AI Summary
Electronic inspection and certified copies expand digital access to judicial records while supporting efficient case management and reduced delays.
NCLT has launched e-Inspection and e-Certified Copy Services for faster and more convenient access to judicial records and certified copies by advocates, litigants and other stakeholders. The services support a technology-enabled Registry framework and transparent, efficient justice delivery. Pendency monitoring, workload redistribution, Special Benches, maximisation of court time, and registration and listing guidelines are intended to improve case management, optimise limited judicial resources and reduce avoidable delays.
August 13, 2026
Show AI Summary
CBDC-based food subsidy transfers enable eligible beneficiaries to use Digital Rupee wallet credits for traceable foodgrain purchases.
CBDC-based Direct Benefit Transfer under the Pradhan Mantri Garib Kalyan Anna Yojana will credit eligible beneficiaries' food subsidies as programmable Digital Rupee tokens directly into CBDC wallets. Beneficiaries may use these credits to purchase foodgrains from empanelled merchants through secure, real-time and traceable payments, replacing conventional bank-account transfers. The model is intended to improve traceability, reduce leakages and cash handling, enable real-time monitoring of subsidy use, and provide a scalable framework for CBDC integration with welfare schemes.
August 13, 2026
Show AI Summary
Preferential trade agreement negotiations begin under agreed terms covering market access, origin rules, trade remedies and dispute settlement.
India and the Southern African Customs Union have signed Terms of Reference to commence negotiations for a Preferential Trade Agreement. Negotiations are envisaged on trade in goods and market access, rules of origin, customs procedures and trade facilitation, trade remedies including bilateral safeguards, sanitary and phytosanitary measures, technical barriers to trade, dispute settlement, and legal and horizontal provisions. The Terms of Reference establish the negotiating framework only; preferential tariff treatment and other operative commitments depend on conclusion of a final agreement.
August 12, 2026
Show AI Summary
Prepaid plan restructuring eliminates mid-tier daily-data options and channels subscribers toward higher-priced plans with expanded data access.
Bharti Airtel has discontinued prepaid plans combining 1.5 GB daily data allowances with unlimited calling, directing subscribers towards higher-priced plans with expanded data access, including unlimited 5G data. The restructuring reduces low-priced unlimited-data offerings and changes the pricing architecture for customers using discontinued mid-tier plans. Management links tariff repair to differentiated mobile-plan categories and sustained average revenue per user growth.
August 12, 2026
Show AI Summary
Insolvency professional conduct faces money-laundering allegations over re-admitted claims, creditor committee changes, and a connected resolution applicant.
Enforcement action under the Prevention of Money Laundering Act concerns allegations that an insolvency professional re-admitted claims earlier rejected as spurious and fraudulent during the Corporate Insolvency Resolution Process. The alleged re-admission altered the Committee of Creditors' composition and facilitated consideration of a resolution plan allegedly submitted for, and funded through an entity controlled by, a company promoter under investigation for diversion of bank-loan funds. Adverse findings reportedly included acting beyond authority by relying on fabricated and improperly submitted material.
August 12, 2026
Show AI Summary
Identity document forgery allegations prompt investigation into fraudulent Aadhaar updates and falsified government and educational certificates.
Alleged forgery and misuse of identity-related records are under investigation following operations at Aadhaar centres. Seized materials reportedly include forged birth, educational, residence, caste and citizenship certificates, records bearing forged signatures and seals, and equipment used for Aadhaar updates. Four persons were arrested in two operations for allegedly preparing forged records and using them to update Aadhaar cards. Cases have been registered under relevant provisions of the Bharatiya Nyay Sanhita, with investigation continuing into the extent of the alleged network.
August 12, 2026
Show AI Summary
Holding-company governance succession follows leadership departure, requiring transition planning amid unresolved strategy, capital allocation, board representation and listing questions.
Tata Sons' leadership succession and governance framework have become central following the chairman's decision not to seek reappointment when his term ends in February 2027. The board has been asked to decide on a successor promptly. Unresolved matters include the strategic roadmap, losses and capital requirements in newer businesses, board representation, capital allocation, an exit route for the Shapoorji Pallonji Group, and the possible listing of Tata Sons. Future leadership must manage these issues while improving returns from investment-intensive businesses and maintaining established operations.
August 12, 2026
Show AI Summary
Interest-rate regulation for loans and advances proposes harmonised fixed and floating loan-pricing principles across regulated entities.
Interest-rate regulation for loans and advances is proposed to be harmonised across all regulated entities through a principles-based framework for fixed-rate and floating-rate loans. The framework would be calibrated to each entity's nature, complexity and scale, while supporting monetary policy transmission, credit-risk-based pricing, and fair, non-discriminatory borrower treatment. It addresses divergent commercial-bank practices in determining the marginal cost of funds-based lending rate and its components, alongside limited regulatory coverage of fixed-rate loans. Separate final directions are intended for each category of regulated entity after consideration of feedback.
August 12, 2026
Show AI Summary
Elevated crude oil prices and Tata leadership transition drove broad equity market selling amid inflation concerns.
Indian equity markets declined amid elevated crude oil prices, inflation concerns and broad risk-off selling. Tata Group shares, particularly TCS, came under pressure after N. Chandrasekaran announced that he would not seek reappointment as Tata Sons Chairman when his current term ends. Crude oil prices approaching the USD 90-per-barrel level affected investor confidence because of potential inflationary effects, while uncertainty over United States-Iran negotiations and Strait of Hormuz shipping disruptions added to global energy market concerns.
August 12, 2026
Show AI Summary
Trade sovereignty and energy security underpin calls to resist tariff pressure and protect sensitive sectors in bilateral negotiations.
Trade sovereignty and energy security are advanced as grounds for resisting tariff pressure linked to Indian purchases of Russian crude. Bilateral trade negotiations should proceed through equality, reciprocity and mutual respect without compromising agriculture, dairy, energy security or strategic autonomy. Concerns are also raised over removal of e-commerce inventory restrictions for foreign direct investment and over proposed Merchant Discount Rate charges on UPI transactions. Withdrawal of the inventory measure and opposition to payment-provider charges are urged, alongside possible restrictions on United States technology and social-media companies and consumer boycotts of American goods and services.
August 12, 2026
Show AI Summary
Fair trading practices and circular production are promoted to strengthen Make in India and expand global market participation.
Trade and industrial policy messaging encourages businesses to digitise operations, adopt good manufacturing practices, follow fair trading practices, and promote recycling, reuse and a circular economy. Nine free trade agreements are identified as creating preferential market-access opportunities for Indian industry and businesses. MSMEs, entrepreneurs, farmers, fishermen, workers and the services sector are encouraged to expand Indian products and services globally, improve competitiveness through scale, and strengthen the quality, design and brand value associated with Make in India.
August 12, 2026
Show AI Summary
Private capital mobilisation requires credible long-term frameworks, risk-sharing mechanisms, and multilateral partnerships to strengthen infrastructure investment.
Private capital mobilisation in infrastructure and development finance depends on credible long-term frameworks, investor confidence, project bankability, and balanced risk allocation. Public capital is intended to catalyse rather than replace private investment. Key financing mechanisms include Viability Gap Funding, the Hybrid Annuity Model, credit enhancement, and Infrastructure Investment Trusts. Long-term investment visibility and coordinated connectivity are supported through the National Infrastructure Pipeline and PM Gati Shakti framework, alongside investment measures for freight, rail, waterways, and coastal cargo.
August 12, 2026
Show AI Summary
Judicial allowance exemptions under the new tax regime remain disputed, with return processing and resulting demands kept in abeyance.
Tax treatment of specified judicial allowances under the new income-tax regime is disputed. Statutory service-condition provisions are asserted to exclude allowances, including official residence, conveyance, sumptuary allowance and leave travel concession, from income computation and to override the Income-tax Act. Pending consideration, affected judges may show these amounts as receipts not in the nature of income, and their returns are not to be processed further. Any resulting demand remains in abeyance, while refundable amounts are withheld subject to the pending proceedings.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters
News and Press Release

Achieving Professional Excellence (Address given by Shri P. Vijaya Bhaskar, Executive Director, Reserve Bank of India at the Silver Jubilee Function of Institute of Chartered Secretaries of India (ICSI) at Mumbai on June 15, 2013)

June 19, 2013

Contents
Summary
Note

Note

-

Bookmark

Print

Print

I. Introduction

At the outset, I thank the organisers of the Silver Jubilee Function of Institute of Chartered Secretaries of India (ICSI) for giving me an opportunity to share my thoughts on the very topical subject of “Achieving Professional Excellence”. A Silver Jubilee has a special significance in the life of any institution as it signifies a coming of age and maturity. It's also a time to look back and thank every person who has contributed.

II. 'Profession' and 'Excellence'

(a) Profession

Post the industrial revolution, there has been a knowledge explosion which led to an exponential increase in the number of professions. In fact, we are living in exponential times. The world’s knowledge is increasing at exponential rates, as is our technology. In the history of mankind, it is widely acknowledged that the explosion of knowledge in the last 200 years is unprecedented. A profession, as we are all well aware, is an occupation especially one that involves knowledge and training in a branch of advanced learning like your profession – secretarial practice.

(b) Excellence

It is a truism that “Excellence is a journey not a destination”. Pursuit of professional excellence, as such, is a life long continuous journey. Such professional excellence is essentially a subset of Human Excellence.

Bhagavad Gita talks about “Yogah Karmasu Kaushalam” – Yoga is excellence at work. This verse advises us to perform our allocated duty in an excellent manner. Kaushalam signifies doing work with devotion and without attachment. Such detached attitude enhances its values and improves the concentration and skill of the individual concerned.

Swamy Vivekananda's golden words on Excellence, whose 150th birth anniversary we are celebrating this year, are not only worth committing to memory by all of us but are worthy of emulation, if we are serious enough, about achieving 'Excellence' in our lives and profession. He says - "In the little things that you do, un-observed by anybody else, if you are excellent, then you are truly excellent. When people are watching and praising you and you do well that is not the true test of excellence. Nobody is watching you, what you do in the most private aspect of your life, there if you are excellent, you will be excellent everywhere."

Swamy Vivekananda has also talked about the essential ingredients for achieving Human Excellence. He particularly emphasises on Atma Shraddha – Self confidence i.e. having faith in oneself – which brings out the best out of us and a sense of honour and self-respect. If we work with such self-confidence, we put our heart and soul in whatever tasks we undertake. It’s only soulful work which becomes excellent. Wherever there is no sense of honour, personal worth and dignity, one’s work becomes sloppy and slipshod. Professionals need to especially remember this all through. Following Atma Shraddha, the other ingredients for achieving Human Excellence are knowledge,responsibility, love and concern for others, as expounded by Swamy Vivekananda.

III. Other Essentials of Human Excellence

At a technical level, human excellence is achieved when there is a harmonious blend of Intelligence, Emotional and Spiritual Quotients (IQ, EQ and SQ respectively).

IQ represents material capital reflected in rational intelligence and concerned about “What I think”?

EQ represents social capital reflected in emotional intelligence and concerned about “What I feel”? The level of EQ determines how one handles relationships. In a profession, EQ is most important because it’s all about handling relationships with one’s clients, peers, professional associations, regulators and the society around.

SQ represents spiritual capital reflected in spiritual intelligence and concerned about “What I am”?

Physiologically, left brain is used for IQ (thinking - serial processing) while right brain is used for EQ (feeling - parallel processing). Given its expansive and all encompassing nature, the whole brain is pressed into service for SQ (about “being” - synchronous processing).

The above can also be grouped as hard and soft skills. As a general rule, hard skills are relatively easy to acquire; while soft skills are hard to come by.

In other words, Human Excellence calls for qualities of both the head and the heart.

IV. Essentials of Professional Excellence

Knowledge, skills and management of conflicts of interest are the three most essential ingredients of Professional Excellence. Professional Excellence predominantly calls for both personal competence (How we manage ourselves!) and social competence (How we manage relationships!).

(a) Knowledge – On the knowledge front, adequate care is being

taken, particularly by professional bodies such as yours. A set of standard syllabii, periodically revised to take care of the new developoments, minimum criteria for acquiring the professional degree and the ongoing Continuous Education Programme to avoid practicing professionals from becoming stale, as also compulsions of competition from other allied professions ensure that knowledge levels are reasonably taken care of, on a continuous basis.

(b) Skills – Both hard and soft skills have an overwhelming bearing

on Professional Excellence. Ensuring Knowledge levels is the easier part. Acquiring skills is the more difficult part of the equation. Among skills, soft skills are of great significance because, as I said earlier, as a general rule, relatively speaking, soft skills are hard to come by; while hard skills are easy to acquire.

(c) Conflicts of Interest Management

What is conflict of interest (COI)? In the Code of Ethics of your Institute, A “Conflict of Interest” has been defined as a situation wherein the interests/benefits of one person or entity conflict with the interests/benefits of the institute.

They are situations in which an interest interferes, or has the potential to interfere, with a person, organization or institution's ability to act in accordance with the interest of another party, assuming that the person, organization or institution has a (legal, conventional or fiduciary) obligation to do so. The interests which lead to conflicts may be pecuniary or non-pecuniary, personal / social / other competing professional interests or human emotions of greed / kinship or friendship / anger / hatred. Such conflicts may be actual or potential.

Conflict of interest, thus, fundamentally represents - a 'Dharma Sankat' - an ethical dilemma. Such conflicts are a part and parcel of one's existence, but the conflicts of interest in the financial world have a special and particular lure because of huge financial benefits involved in exploitation thereof.

All professionals - doctors, lawyers, engineers etc., including finance professionals, generally, play a dual role i.e., that of being the principal and an agent to their customers, in the discharge of their functions. Consequently, finance professionals jointly act as an agent of the customer when they provide the diagnosis to their finance related problems and consider the best remedial action therefor, besides acting as a principal in executing with the customer the prescribed action. Mutatis mutandis, the same holds good for almost all professional services. This inherent dual capacity, common to most professional services, naturally gives rise to conflicts of interest in cases where the professional acting as an agent, prescribes actions which he knows are to his own benefit as principal, rather than to the customers. There is nothing special about financial services in this respect. Agency theory (principal-agent relationship) offers a valuable lens for assessing, inter alia, conflicts of interests.

Financial services come jointly under the category of ‘experience goods’ and ‘credence goods;’ wherein, information is obtained by the consumers only during / after the services have been purchased or, perhaps, may not be able to obtain the same even after purchasing. In other words, the consumers will find it that much more difficult in obtaining information about the quality of services offered by the finance professionals, due to the inherent nature of financial services.

In such circumstances, exploitation of conflicts of interest by finance professionals due to the classic `principal-agent' conflict, away from the glare of the public could lead to loss of trust in the profession. As Walter Bagehot put it so elegantly, “One terra incognita seen to be faulty; every other terra incognita will be suspected.” The inevitable credibility contagion catches on. All professionals, especially in the finance world should be very wary and watchful to prevent such an eventuality. Otherwise, disastrous consequences would follow, which would be difficult to tackle.

It is a matter of fact, which has repeatedly come to the fore that conflicts of interest cannot be legislated / regulated away, despite having the best prescribed standards. Management of conflict of interest calls for adherence to ethics and values. In fact, a value-oriened individual is the cornerstone in the entire process of mitigation of interests. As famously said, "the greatest conflicts are not between two people / institutions / nations, but between one person and himself." Hence, ethical conduct should be developed, sustained and fostered in the professional atmosphere through enabling legal, regulatory and institutional environment.

Management of conflicts of interest calls for a high degree of maturity and a sense of balance and proportion. The reason is that conflicts of interest situations predominantly carry shades of grey rather than being black and white.

Hence, above all, a sense of values and ethics is the very foundation to manage conflicts of interest – “Dharma Sankat”. Professionals with high knowledge and skills, but without values and ethics, more often than not, could end up as disasters.

In other words, the framework for mitigating conflicting interests should be constructed inside-out, from the core point of an individual's value-oriented personality to an outer layer of enabling environment, through all possible means available to your profession. The conflict mitigation process, at its absolute broadest, should strike a reasonable balance that helps guard against present and future problems of conflicts of interest while preserving those traits of your profession which are the source of its creative and competive genius.

Sometimes, due to certain professional / personal problems or set-backs, one may not be able to focus fully on one’s profession. That is quite understandable, but the touchstone is as to whether, over one’s entire career, one has been able to constantly deliver to the highest standards of professional excellence which is achieved through high levels of knowledge and skills coupled with an unshakable sense of values and ethics. Another important aspect is that the top professionals in high positions should be very measured in their talk and behaviour, because they are looked upon as role models for the profession in particular and the society in general.

(d) Conflicts of Interest and Finance Professionals – An Uneasy Relationship

In contemporary times, especially since the onset of the present ongoing crisis in 2008, among the professions - finance related professionals have been in the limelight due to all the wrong reasons. In the period immediately prior to 2008, the continuous saga of financial scandals involving high profile companies like Enron, Worldcom, Arthur Andersen, Tyco in USA; Ahold, Parmalat in Europe, Citi bank's activities in Europe and Japan, BNP Paribas are still fresh in one's memory. More recently, those involving J P Morgan, Standard Chartered, HSBC in the international arena serve as examples. The recent episodes of proven transgressions by some of our banks also raise concerns and highlight the critical role of ethics in business. In all these cases, expert observers have concluded that the role of the finance professionals and, more importantly, their exploitation of conflicts of interests as being at or near the centre of such scandal-driven financial storms.

Conflicts of interest, of late, have reappeared in our public discourse. It is alleged that, we in India, are not appreciative enough of the world of Conflicts of Interests. It is also argued that we do not appreciate the separation of roles and responsibilities of our private and public lives; and that we freely mix both together for our gains. It is further said that for us, there is no conflicts of interests and it is only maximisation or juggling of interests, etc.

In such a milieu, there is an onerous responsibility on professional bodies like yours. You need to adequately demonstrate that you are not only aware of such situations but are doing everything at your command to ensure that your members are indeed “Walking the talk !”

ICSI’s Code of Conduct

A look at the Institute's code of conduct available on the website reveals that the two most important principles of professional excellence viz., management of conflicts of interest and adherence to ethics & values have been alluded to, but perhaps need to be elaborated, against the backdrop of the above. Further, adequate training in this regard to all the members is an imperative. This is the paramount need of the hour for all professional bodies, especially the ones related to the financial world.

Summing up

Let me conclude by recapitulating what I have tried to put forth in front of you. I started off by briefly defining and describing the two important words of profession and excellence. Thereafter, I highlighted the generic principles of human excellence and derived the principles of professional excellence therefrom. As stated, hard skills are relatively easy while soft skills, by and large, are hard to develop. To effectively play the dual role of both the principal and agent of one’s customers, while all along maintaining a sense of ethics and values is a feat which is akin to walking on a razor’s edge. I am sure, your Institute will resolve in the Silver Jubilee year to throw light on a path which would enable all the professionals of your Institute to walk the razor’s edge continuously and consistently without any slip up.

I wish ICSI Good Luck and God’s Grace in its race for celebrating the oncoming Golden Jubilee.

Thank You.

Topics

Acts Income Tax