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December 2025

From The President

By CA Zubin F. Billimoria, President
Reading Time 4 mins

My Dear BCAS Family,

Even as we experience prolonged unseasonal rains brought on by shifting climate patterns, one “season” that has remained unchanged over the last four to five years is the IPO season! The steady stream of IPOs— from start-ups to established companies—continues unabated. These issuances are driven by regulatory requirements, business expansion, debt reduction and the need to provide exits to early investors, PE and VC funds. Public data indicates that companies raised an annual average of about ₹1 lakh crore between 2021 and 2024, peaking at ₹1.60 lakh crore in 2024 and dipping to ₹50,000 crore in 2023. In the first nine months of 2025 alone, nearly ₹1.21 lakh crore has been mobilised, with another ₹40–50 thousand crore expected in the next quarter (Source: Prime Database). Amidst this buoyancy, one principle stands above all—professionals and institutions must uphold transparency and meaningful disclosure.

Transparency is not merely about putting data into the public domain; it is about conveying information in a way that enables informed decision-making. In current times of rapid econ

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