1. 77th Founding Day Conclave:
– Lecture Meeting by Shri Tuhin Kanta Pandey, Chairperson SEBI on “Corporate Governance, in letter and spirit – role and responsibilities of professionals” and
– Fireside chat with Shri Nithin Kamath, Founder & CEO at Zerodha on “Navigating Tomorrow: How CAs can lead Financial Innovation and Sustainability” held on 5th July, 2025 at Garware Club, Churchgate.
The 77th Founding Day of the Society was marked by a significant, one of its kind conclave, featuring a talk by, SEBI Chairperson – Shri Tuhin Kanta Pandey, and a Fireside chat with Shri Nithin Kamath.
Lecture Meeting
This session featured a lecture by Shri. Tuhin Kanta Pandey, Chairperson of SEBI, on the critical role of corporate governance and the responsibilities of professionals, particularly Chartered Accountants.
Key takeaways:
1. SEBI’s Mandate and CA’s Dual Role: SEBI has a dual responsibility of developing and regulating the securities market. Chartered Accountants also play a dual role, acting as both business enablers (CFOs, Consultants) and a “first line of defense” (Auditors, Independent Directors).
2. Uncompromising Ethics and Values: He stressed that ethics and a strong value system are of uncompromising importance for CAs’, regardless of their specific role. He reinforced Azim Premji’s saying: “for a professional, grey is black,” meaning that ambiguous situations should be treated with the same clarity as wrong actions to ensure strong corporate governance.
3. Corporate Governance as an Imperative: Corporate governance is not optional but an “imperative” that builds trust with stakeholders and ensures investor confidence, board independence, and effective oversight.
4. Chartered Accountants as Financial Custodians: Chartered Accountants are deemed “financial custodians of corporate India” and “stewards of trust”. Their role extends beyond financial reporting to ensuring accuracy, integrity, robust internal controls, transparency in related party transactions, and ethical conduct. They serve as a bridge between management, auditors, and regulators, upholding fairness and accountability. A crucial point he made is that CAs must ensure corporate governance is “not reduced to a checklist”.
5. Evolution of Governance Framework: India’s corporate governance framework has continuously evolved, with significant milestones including Clause 49 (2000), the Company’s Act 2013, and SEBI LODR Regulations 2015. SEBI adopts a hybrid approach, combining rule-based and principle-based elements, to encourage going beyond mere compliance and embracing the spirit of good governance.
6. Transparency and Information Symmetry: SEBI mandates a robust disclosure framework, including periodic financial and governance reports and event-based disclosures, to ensure timely and reliable information for all stakeholders and prevent information asymmetry.
7. Enforcement and Regulatory Reforms: SEBI undertakes stringent enforcement actions against misconduct, including debarring entities, imposing penalties, and directing the return of siphoned funds. Recent reforms include quantitative thresholds for materiality of events and mandating shareholder approval every five years for special rights or director continuation, aiming to enhance transparency and accountability.
8. Ease of Doing Business Initiatives: SEBI has introduced measures such as a single filing system, simplified RPT standards, flexibility in Business Responsibility and Sustainability Reporting (BRSR), extended disclosure windows for board meeting outcomes, and the option to not publish detailed financial results in newspapers. These measures aim to simplify compliance, enhance transparency, and encourage technology adoption, while also being mindful of the burden of excessive compliance.
9. Collaborative Ecosystem: The strength of capital markets lies in “partnership and shared purpose” among all participants. Teamwork, technology, transparency, professional ethics, trust, and a shared vision are key pillars for progress.
10. Investor Service and Digitisation: Indian capital markets are considered among the most advanced globally, with a significant increase in unique investors (from under 50 million in 2019 to 130 million, targeting 400 million). He praised tech startups like Zerodha for their role in reaching investors across the country.
11. Investor Protection Initiatives: SEBI is working on initiatives like “@VALID” (a UPI subsystem for authorised bank accounts) and a SEBI Check app to prevent fraud. They also plan massive campaigns on cyber fraud and responsible investing, and advocate for differentiated regulation based on investor risk appetite.
12. BRSR Reporting Assurance: He emphasised the need for trustworthy standards and credible third-party assessments as the reporting moves from self-certification.
13. Debt Capital Markets: While equity markets have developed significantly, he noted the substantial growth in the corporate bond market. He highlighted the unique EBP platform for electronic bidding in corporate bonds and initiatives to improve retail access through online bond platforms and brokers. Challenges remain in secondary market liquidity and investor understanding of bonds as “yield to maturity” products. Investor awareness initiatives, such as NISM webinars, are underway.
14. Final Message: Corporate governance should be implemented “not only in letter but also in spirit” to achieve its true objective and purpose.
Fireside Chat
The Fireside Chat featured Shri Nithin Kamath, Founder & CEO at Zerodha interviewed by CA Vaibhav Manek. The discussion focused on Zerodha’s journey, financial innovation, and investor trends, with insights into how Chartered Accountants (CAs) can lead in these areas.
Key takeaways from Shri Nithin Kamath:
1. Zerodha’s Inception and Growth: Nithin Kamath started trading in the late 1990s, experienced significant losses in 2001, worked in a call centre, and later became a sub-broker and Reliance Money franchisee before starting Zerodha in 2009. He highlighted that the genesis of Zerodha was transparency, which allowed customers to know all upfront charges, a previously unheard-of practice.
2. Unforeseen Scale and Organic Growth: Kamath never envisioned Zerodha reaching its current scale of 17 million customers, with his initial best-case scenario being 100,000 customers. He emphasised that Zerodha achieved this scale without spending on advertising, proving that building a good product with the customer at its centre naturally attracts users.
3. Emphasis on Market Cycles and Grounding: He attributes much of Zerodha’s success to being in the “right place, right time” during India’s growth period, highlighting the importance of the market cycle over just business skills for an entrepreneur. He also noted that wealth has not materially changed his lifestyle, helping him stay grounded.
4. Future Opportunities in Broking: Kamath believes it would be difficult to build another Zerodha today due to the unique timing of its growth (e.g., online onboarding coinciding with events like COVID-19). He sees the main opportunity in India as building an advisory-first broker, as many new investors lack guidance on what to do.
5. Transformational Shift in Investor Trends: He predicts that India, being a generation behind the US, will see investors mature over time. With the rise of AI tools like Chat GPT, he foresees a major transformational shift where brokers might become mere “pipes” to exchanges, and customers will build custom apps for trading.
6. Role of Chartered Accountants: Kamath greatly values the role of CAs, citing Zerodha’s CAs (Bharat and Om) as instrumental in building the business without “legacy debt” by ensuring transparency and ethical operations. He believes CAs can nudge business owners towards holistic decisions, especially regarding sustainability and ESG, beyond just “checkbox” compliance.
7. Investment Perspective: He sees accounting firms as “investable” due to their steady and sustainable revenue and high customer retention. When evaluating investment opportunities, he primarily looks for founders with core competency and experience in the industry, rather than just an idea. He also prioritises investing in contrarian market cycles like health and climate.
8. Leadership and Growth Philosophy: Kamath defines his leadership by prioritising the long-term over the short-term, such as analysing business numbers over a three-year moving average rather than quarterly. He believes this gives Zerodha an advantage over competitors forced to focus on short-term results.
9. Mistakes for Start-up Founders: He advises founders to avoid overselling to investors, as it creates false expectations for the team. He advocates for effective team building by treating employees as more than just “resources,” implementing policies like no work chats after 6 pm and encouraging hobby projects. He stresses that people motivated solely by money tend to leave for money. He also criticises the “excessive consumerism” of constant growth targets, suggesting that true happiness comes from chasing metrics beyond mere revenue.
BCAS Lecture Meetings are high-quality professional development sessions which are open-to-all to attend and participate. Missed the Lecture Meeting, but still interested in viewing the entire meeting video?
Visit the below link or scan the QR Code with your phone scanner app:
YouTube Link:
https://www.youtube.com/watch?v=AIK12-f19nw&t
https://www.youtube.com/watch?v=ff5-CAnK4TM
2. One Day Seminar on “Ind AS 117 – Insurance Contracts – A Curtain Raiser” held on Friday, 4th July 2025 @IMC.
The landscape of insurance accounting is undergoing a paradigm shift in India with the introduction of Ind AS 117 – Insurance Contracts, aligning more closely with the international standard IFRS 17.
As India moves toward adopting this landmark standard, it is essential for all professionals in the insurance sector, auditors of insurance companies, actuaries and all those associated with the insurance industry, to gain a solid understanding of its principles, implementation issues, and practical implications.
In this direction (to act as curtain raiser), Accounting & Auditing Committee of BCAS organised one day seminar on the said topic in hybrid mode (physical as well as online) at Babubhai Chinai Hall, 2nd Floor, IMC Building, Churchgate, Mumbai.
This seminar was designed to introduce and equip professionals with a basic understanding of Ind AS 117 and help them navigate its complexities with confidence.
The Seminar was inaugurated with the opening remarks from the Vice-President of BCAS, CA Zubin Billimoria, followed by the Chairman of the Accounting and Auditing Committee –CA. Abhay Mehta, both of them underlining the importance of knowledge sharing and role of the BCAS in conducting such programs for the benefit of members and the profession at large.
The seminar commenced with an Inaugural Address by CA. M P Vijay Kumar setting the tone for the following sessions, narrating the journey and emphasizing the importance of readiness and adaptation to the new standard.
This was followed by an insightful session on “Introduction to Ind AS 117 and Transitional Issues“, which provided a foundational overview along with transition challenges, strategies and practical insights by CA Ashutosh Pednekar.
Thereafter, specialised sessions on the “Accounting Impact on Life Insurance Sector” and “General Insurance Sector” were taken by Mr. Dinesh Pant and CA Samir Shah, respectively, offering deep technical perspectives on how Ind AS 117 reshapes financial reporting in these domains.
The session on the “Impact of Ind AS 117 on Other Ind AS Standards”, by Mr. Jitendra Jain, highlighted convergence and divergence areas, especially with Ind AS 109 and Ind AS 115.
The Seminar concluded with a critical session by Mr. Rajesh Dalmia on the “Interplay of Actuarial Aspects vis-à-vis Ind AS 117“, focusing on the alignment between actuarial valuations and accounting treatment, bringing together finance and actuarial domains.
The seminar proved to be a highly informative platform for professionals navigating the implementation challenges of Ind AS 117.
The Seminar provided an excellent opportunity to gain valuable knowledge and practical insights on the topics covered. The Seminar attended by 45 participants (including 36 virtual participants) was well received, and the overall feedback from the participants was very encouraging.
3. Finance Corporate & Allied Law Study Circle – Overview of Due diligence with focus on Financial due diligence held on Monday, 23rd June 2025 @ Virtual
- The session focused on the structure, scope, and strategic importance of due diligence in modern transactions, particularly financial due diligence (FDD). 55 participants attended the session.
- CA Sahil Parikh outlined the phases of a typical DD assignment, from planning to reporting and finalisation.
Key distinctions between audit and due diligence were discussed, with real-life case examples highlighting revenue overstatement, related party risks, and valuation adjustments. - The speaker shared insights from engagements involving private equity, IPOs, and distressed assets, demonstrating how DD findings impact deal structure and pricing.
- Buyer vs Seller perspectives were explained, along with red flag negotiation strategies.
- The session covered FDD checklists, normalisation of EBITDA, tax and legal DD overlaps, and the role of secretarial compliance.
- Emerging trends such as AI-based review tools, digital data rooms were also touched upon.
- The talk concluded with a strong emphasis on ethical rigour, independence, and value creation through diligent and balanced reporting.
- The session was well received and drew appreciation for its practical orientation and structured delivery.
4. Redevelopment 360: From Concept to Completion held on Saturday, 21st June 2025 @ Hybrid
This event was organized by the Finance, Corporate, and Allied Laws Committee on Saturday, 21st June, 2025, at BCAS Hall. Initially planned as an in-person attendance event, the seminar was converted into a hybrid format in response to the overwhelming interest and demand, allowing participants to attend virtually as well.
The details of the Seminar are as follows:
| Topic | Session Summary | Faculty |
| Keynote Address on The Rise and Need of Redevelopment |
Shri Romell delivered an insightful keynote address, emphasizing the urgent necessity of redevelopment in a land-constrained city like Mumbai. He articulated the advantages of cluster redevelopment over other models and positioning redevelopment as both a civic necessity and a social responsibility. His address set a compelling tone for the sessions that followed. |
Shri Domnic Romell
President, Maharashtra
|
| Session 1:
Understanding Redevelopment Process and Regulatory Framework
|
This session provided a comprehensive overview of the redevelopment landscape—covering various types of redevelopments, notable DCPR schemes, and their comparative analysis. Mr. Nayan Dedhia also touched on self-redevelopment initiatives. |
Mr. Nayan Dedhia
Director, Toughcons Nirman Pvt. Ltd
|
| Session 2: Role and Importance of PMC in Redevelopment |
CA Aditya Bansal outlined the critical role of Project Management Consultants in ensuring smooth execution at every stage of a redevelopment project. He illustrated how PMC involvement mitigates risks and enhances project efficiency. |
CA Aditya Bansal,
Associate Director, |
| Session 3: The Redevelopment Checklist |
Dr. Harshul Savla emphasized the importance of having a well-structured redevelopment checklist. He stated that the checklist should, inter alia, comprise the key points of a plot, the due diligence checklist, significant points of redevelopment, buffet of FSIs, importance of ‘Know your Developer’, and certain RERA compliances of a redevelopment project. |
Dr. Adv. Harshul Savla
Managing Partner, Suvidha Lifespaces
|
| Session 4: GST Implications in Redevelopment |
CA Raj Khona dealt with GST implications with respect to developer-led redevelopment as well as self-redevelopment of societies. In case of developer-led redevelopment, GST on rehab flats, resale by landowners before OC, various payments to the society and its members, additional area purchased along with liability to pay GST were considered. He also dealt with the GST implications in respect of self-redevelopment funded by the members’ contribution. He presented the possible divergent views. |
CA Raj Khona
Founder, Aarkay Advisors
|
| Session 5: Income Tax and Stamp Duty Implications in Redevelopment |
The fireside chat dealt with the income tax implications on various aspects of redevelopment of cooperative societies, including TDS on and from AY 2024-25, such as development rights, availing permanent alternative accommodation with or without additional area, garage, Jodi flats, temporary alternative accommodation compensation, hardship compensation, sinking fund, in in-kind benefits. Stamp duty implications and the potential role of seeking Advance Rulings were also discussed. |
CA Pradip Kapasi in fireside chat with CA Jhankhana Thakkar: |
| Session 6: Legal Drafting in Redevelopment Projects |
Adv. Sajit Suvarna and Adv. Mitali Naik dealt with drafting essentials in Development Agreement, Power of Attorney, Intimation of Disapproval. They emphasized careful and diligent drafting of critical clauses relating to granting of development rights, displacement allowance, security, building enough safeguards to have a balanced document. |
Adv. Sajit Suvarna
Senior Partner, DSK Legal Adv. Mitali Naik, Partner, DSK Legal
|
| Panel Discussion on Redevelopment Realities – Successes, Pitfalls & Lessons Learned |
This engaging panel brought together perspectives from both society representatives and developers. Panelists shared success stories and critical lessons from their redevelopment journeys. They discussed key factors contributing to success, such as selection of developer, structuring the deal, challenges during execution phase, and surprise – pleasant or otherwise – experienced during the possession of the new residential premises. Each panelist shared their Success Mantras – The Do’s, Don’ts, and Ratnas. |
Panelists:
• (Society Office Bearer)
• Mr. Ayaz Kazi (Society Office Bearer)
• CA Anish Shah Director, Amal Group (Developer) Moderator: CA Chetan Shah Past President – BCAS |
The Seminar was appreciated for its concept to completion. Each session offered in-depth insights, with experts sharing valuable experiences. The seminar concluded with participants gaining an overall (360º) understanding of Redevelopment of societies, especially in Mumbai. The Chairman of BCAS – FCAL committee suggested that Monograph/s may be published on the questions raised during the seminar. Out of the total 194 participants, 126 were BCAS members, and the remaining 68 were non-members. Further, 44 participants attended from 21 cities outside the Mumbai Metropolitan Region.
II. OTHER EVENTS AND NEWS
1. BCAS Office Bearers, Chairpersons, Co-Chairpersons & Convenors Meeting held on Saturday, 12th July 2025@ BCAS Hall.
A meeting of the Office Bearers, Chairpersons, Co-Chairpersons, and Convenors of the various BCAS Committees for the year 2025–26 was held on 12th July 2025 at the BCAS Hall.
President CA Zubin Billimoria welcomed all members and shared the vision for the year ahead, aligning the initiatives with the BCAS Five-Year Plan. He presented ten key strategic projects that the Office Bearers have outlined for the year.
Convenors of the respective committees also shared their proposed annual plans and activity schedules for 2025–26. The updated Standard Operating Procedures (SOPs) were discussed, emphasising the roles and responsibilities of Chairpersons and Convenors. Discussions also focused on best practices for event planning, communication, and outreach.
The BCAS Office Manager and Department Heads were introduced to the members, along with an overview of their functions. An open townhall session saw active participation and meaningful suggestions from members, which were duly noted for implementation.
2. Meeting of Newly Inducted Core Group Members (2023–24 to 2025–26) held on Saturday, 12th July 2025 @ BCAS Hall.
The second half of the day saw a dedicated session for newly inducted Core Group members during the last years from 2023–24 to 2025–26. The meeting provided an opportunity for the new members to introduce themselves and engage with the Office Bearers and fellow Core Group members.
President CA Zubin Billimoria elaborated on the key strategic initiatives under the BCAS Five-Year Plan and reiterated the importance of collaborative leadership. The structural framework of BCAS departments was presented, and the Heads of Departments were formally introduced.
The roles, expectations, and responsibilities of Core Group members were discussed in context of the updated SOPs. The interactive townhall that followed allowed members to offer suggestions and share insights, which were warmly received and noted for action by the leadership team.
3. BCAS Academy: A New Era of Digital Learning and Networking @ Mumbai.
Bombay Chartered Accountants’ Society proudly unveiled the BCAS Academy portal, at the 76th Annual General Meeting of the society held on 5th July 2025 at Garware Club House, Mumbai. The BCAS Academy is a robust digital learning and networking hub designed to empower members through knowledge, collaboration, and innovation.
Key Features:
i. Groups – Members can now connect through dedicated groups based on areas of interest or professional focus, enabling peer learning and closer networking within the community.
ii. Forums – The platform hosts interactive forums where users can post queries, share insights, and engage in meaningful discussions on emerging topics and technical issues.
iii. Self-paced e-Learning with BCAS Certificate – A growing library of structured online courses allows members to learn at their own pace and earn BCAS-certified credentials upon completion.
iv. Custom ChatGPT – An AI-powered assistant tailored for the CA profession provides instant guidance, answers, and learning support, enhancing the user’s experience and understanding.
v. BCAS Journal Flip Book Version – Members can now access the Bombay Chartered Accountants Journal in a convenient, interactive flip book format, enhancing readability and portability.
vi. Recorded Videos – Access to a rich repository of recordings from past webinars, lectures, and conferences ensures that knowledge is never missed and always within reach.
vii. Event Registration – The portal offers seamless registration for upcoming BCAS events, making it easier for members to stay updated and involved.
viii. Order Publication Online – Users can conveniently browse and order BCAS publications through the portal, with a streamlined interface for selection and checkout.
The BCAS Academy marks a significant leap forward in the Society’s digital journey, aligning with its mission to foster continuous learning and professional excellence among Chartered Accountants.
The BCAS Academy is now accessible to all members of the Bombay Chartered Accountants’ Society. Access the BCAS Academy: https://academy.bcasonline.org/
4. White Paper: Enhancing the Alternative Investment Fund (AIF) Ecosystem in India@ Mumbai
A White Paper prepared by Bombay Chartered Accountants’ Society (BCAS) jointly with National Institute of Securities Markets (NISM) on “Enhancing the Alternative Investment Fund (AIF) Ecosystem in India” was presented to Shri Tuhin Kanta Pandey, Chairperson, Securities & Exchange Board of India (SEBI) at the 77th Founding Day Conclave held on 5th July 2025 at Garware Club House, Mumbai.
Previously, on the sidelines of the Alternative Investment Fund (AIF) Conclave 2025, which was held on 17th and 18th January, 2025, at Hotel Ginger Mumbai Airport, a Closed-Door Roundtable Discussion was held on the Challenges and Gaps in the AIF Ecosystem.
The discussion was attended by Shri Rajesh Gujjar, Chief General Manager at SEBI, officials from BCAS and NISM, top leadership from 15 AIFs, and legal experts. The session was moderated by Adv. Siddharth Shah. The insights and suggestions provided by the panelists were documented in the form of a White Paper.
The white paper serves as a foundation for policy advocacy and industry transformation, capturing the key recommendations and insights from the discussion held during the roundtable discussion. The recommendations outlined in the paper serve as a strategic roadmap for improving governance, expanding investor access and streamlining compliance in the AIF sector.
The White Paper is now accessible to all BCAS members and is expected to serve as a valuable resource for professionals engaged in investment advisory, fund structuring, tax planning, and regulatory compliance.
Access the White Paper here:
https://bcasonline.org/wp-content/uploads/2025/07/White-Paper-on-Alternative-Investment-Fund.pdf
5. BCAS Foundation Receives Yoga Sangam Patra from the Ministry of Ayush
We are delighted to share that the BCAS Foundation has been awarded the prestigious Yoga Sangam Patra by the Ministry of Ayush, Government of India, in recognition of our active participation in celebrating International Yoga Day on 21.06.2025.
The Yoga Sangam event organized by BCAS Foundation was held at Prestige Hotel, Andheri, in alignment with the national celebrations led by the Hon’ble Prime Minister Shri Narendra Modi from Visakhapatnam. The event brought together members and well-wishers in a shared commitment to promote health, wellness, and inner harmony through the timeless practice of yoga.
We extend our heartfelt thanks to all the enthusiastic participants who contributed to making this initiative a meaningful and memorable one.
This recognition is a proud moment for the BCAS community and a reflection of our ongoing efforts to promote holistic well-being alongside professional excellence.
6. 15,000 & Growing!
The Bombay Chartered Accountants’ Society (BCAS) is proud to share a significant digital milestone — our LinkedIn community has crossed 15,000 followers!
We extend our heartfelt thanks to each member of our growing network for your support, engagement, and trust. Your continued participation strengthens our mission to share credible, relevant, and insightful knowledge with the professional community.
If you haven’t joined us yet, we invite you to become part of an active network of finance professionals, Chartered Accountants, and thought leaders who look to BCAS for:
- Expert sessions and event updates
- Thought leadership in taxation, audit, technology, and policy
- Key regulatory insights and member-driven initiatives
- Let’s continue to learn, lead, and grow — together.
Follow us on LinkedIn for more meaningful content and updates.
Link: https://www.linkedin.com/company/bombay-chartered-accountants-society/?viewAsMember=true
III. BCAS IN NEWS & MEDIA
BCAS was quoted in 48 news and media platforms during July 2025. This coverage reflects our thought leadership and commitment to the profession. For details
Link: https://bcasonline.org/bcas-in-news/
AI Won’t Replace You… But the CA Who Uses It Better Might
The future of finance is here — and those who adapt will lead.
In a thought-provoking episode of the popular podcast Paisa Vaisa, BCAS President Anand Bathiya joins host Anupam Gupta to discuss the transformative role of Artificial Intelligence (AI) in the finance and accounting profession.
From automation and analytics to ethics and upskilling, the discussion sheds light on how AI is reshaping the Chartered Accountant’s role — and why adopting these technologies is no longer optional.
Whether you’re a Chartered Accountant, a finance student, or simply curious about the intersection of money and machines, this episode offers timely insights on how to stay relevant, resilient, and future ready.
Watch the full episode here: https://www.youtube.com/watch?v=l6TbBDLbv1g
The workshop held at the Palladium Hotel, Mumbai on August 7th and 8th,
The Keynote Address at the Conference was given by Shri Sunandan
1. OVERSEAS FUNDS – TA X AND REGULATORY ASPECTS by Shri Bhavin Shah. He dealt with issues relating to taxation of overseas funds and structures for inbound investment by such funds. He also highlighted issues in respect of capital gains on indirect transfers, treaty residence, GAAR, etc. He also provided insights into normal structures of overseas funds. 
2. STRUCTURING OF EPC CONTRACTS – TA X & OTHER ISSUES by Shri H. Padamchand Khincha. He highlighted and exhaustively analysed the controversies and issues relating to taxation of various types of EPC contracts, including splitting up of such contracts, treatment of joint ventures, accrual and classification of income from such contracts. 
3. EXPATRIATE S – TAX AND REGULATORY ASPECTS by Shri Nikhil Bhatia. He analysed the various issues relating to taxation of expatriates, including determination of residential status, deductibility of social security contributions, and treatment of tax equalisation, and also discussed other provisions affecting expatriates, such as provident fund contribution, etc. This was supplemented by various Case Studies involving issues such as transfers, tax efficient method for such transfers, Indian Exchange Control Regulations, Tax Credits, etc. 
4. PLACE OF EFFECTIVE MANAGEMENT (POEM) by Shri Pinakin Desai, who analysed the meaning of the newly introduced term in the Indian context. He discussed the international perspective and earlier case laws on control and management, and the various factual aspects which would assist in determination of the POEM. 
BASE EROSION AND PROFIT SHIFTING (BEPS) – RECENT DEVELOPMENTS by Shri T. P. Ostwal, who covered issues relating to recent developments internationally, and at the OECD. He explained the progress on each of the 15 action points under the BEPS initiative, and the expected timelines within which further actions were to be taken. 
The speaker on the subject, Mr. Monish Chatrath gave the audience an overview of the latest developments under Companies Act, which place an onerous responsibility on the auditor. Emphasising their importance, he stressed upon the need to make IFC a powerful and practical tool, in the hands of all the stakeholders – the organisation, the consultant and the auditor. 
The speaker Mr. R. Ravichandran, Director of Income Tax (Intelligence & Criminal Investigation) explained in detail, the legal framework, procedures and issues involved in the use of Digital Evidence obtained by the Income Tax Department during various stages of assessments, search and seizures.
One day Seminar on BEPS in Action was organised by the International Taxation Committee on 7th November, 2015 at Palladium Hotel in Mumbai. 
The Seminar started with CA. Vishal Gada giving an overview of the final deliverables of the OECD on the 15 Action Plans on their Base Erosion and Profit Shifting (BEPS) Project. He gave a detailed summary of the Action Plans. Thereafter, he dealt with the Action Plan on addressing tax challenges in Digital Economy. He informed the audience about the various options that the OECD has suggested to deal with the lack of permanent establishment threshold and indirect taxes issues arising out of e-commerce transactions for source countries. He also summarised some global developments like unilateral actions by countries relating to BEPS during his talk. 
In the subsequent session, action plans relating to substance issues arising in the transfer pricing field were taken up by CA. Sanjay Tolia. He dealt with value creation in case of intangibles, as regards risks and capital and high risk transactions. He also explained the new documentation requirement for country-by-country reporting with master file and country files. 
Mr. S.P. Singh, IRS, dealt with the action plans dealing with the issues of transparency and certainty. These action plans related to establishing methodologies to collect and analyse data on BEPS, requiring taxpayers to disclose their aggressive tax planning arrangements, making Dispute Resolution mechanism more effective and developing a Multilateral Instrument to effectively implement the action plans. 
In the final session, CA T. P. Ostwal updated the participants about the current developments like the ‘Google tax’ and reporting on aggressive planning techniques by taxpayers and other related developments in India and globally. 
The speaker, CA. Rohan Phatarphekar shared with the audience, his views on the recent development and controversies in Transfer Pricing. He gave a brief overview on the application and interpretation of these recent developments. He emphasised on the issues involved and the approach of the revenue for these controversies and discussed the same in details. 
A full day seminar on “Charitable Trusts” was organised jointly with The Chamber of Tax Consultants. The objective of the seminar was to enlighten the participants with the entire aspects and procedures for formation, running rules, regulations, investments and taxation of Charitable Trusts with special emphasis on the updated laws and CSR provisions. 
The faculty answered the various queries raised by the members which reflected how deeply the audience got interested on the subject. More than 200 members present gained immensely from the expert deliberation from the faculties. The video of the lecture is available at www.bcasonline.org & www.bcasonline.tv, respectively, for the benefit of all. 
The Indirect Tax Committee of the Society conducted a workshop on 12th September 2015 on “How to assess the impact of proposed GST law” on two major business sectors. Mr. Divyesh Lapsiwala dealt with possible impact on pharmaceutical sector. He explained in a very lucid manner and citing various examples as to how the new concepts in GST are likely to impact business processes and distribution models of pharma companies. Parind Mehta demonstrated before members the likely impact of GST on construction sector by discussing a case study. Participants also discussed various legal issues which may crop up while solving the case study. 
Mr. Yogesh Thar addressed the august gathering on “ICDS: Overview and Challenges in Application”. The highlights of his talk are summarised below:
Lecture Meeting on Important Income-tax Decisions of 2014 on 29th January 2015
Programme on Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) on 7th February 2015
The Human Resources Committee of BCAS organised a workshop (spread over four Saturdays), under the auspices of Amita Memorial Trust, where the Trainer, Mr. Shyam Lata dealt with various aspects of enhancing public speaking, communication and interpersonal skills. These four sessions helped the participants overcome limiting inhibitions. He guided them to develop a compelling desire, not only to express one’s ideas but to do so with conviction and assertion. 27 participants attended the workshop. They immensely benefited from the training.
ESI, Bonus & Gratuity Act, Shop and Establishment Act:-
A
The
Every year, the most awaited event is the budget. What the Finance Minister unfolded on 29th February 2016 with respect to the direct tax provisions was covered in the Public Lecture Meeting held on 4th March 2016 by Senior Advocate Mr. S. E. Dastur. This was the 51st Budget Lecture Meeting of the Society and 28th year of address by Mr. S. E. Dastur. This year the Society has captured pre budget expectations and post budget inteviews from the stalwarts and the youth. Just before the lecture began, a series of views of various people on the budget were taken by Mr. Ameet Patel. All these videos are available on our website as well as Youtube channel and also on social media.
President Raman Jokhakar welcomed the speaker, Senior Advocate Mr. Vikram Nankani, an eminent speaker on the subject to throw light on the amendments of the changes by the Finance bill 2016.The lecture meeting commenced with the launch of the new publication of the Society “Partnership Firms – Registration Procedure and Frequently Faced Issues with Registrar of Firms” by Mr. Uday Sathaye, Past President of the Society. The book was launched by the speaker Mr. Nankani. 
Professionals like CA’s, Advocates, Businessmen are finding it difficult to Register Partnership Firms with Registrar of Firms in Maharashtra due to various issues. This process of registration involves submission of documents and the careful adherence to a procedure which has been laid down. 
His address was followed by the interactive session wherein the panel of RBI officers provided views on the written queries provided to them in advance. The queries covered all important areas of FEMA including those dealing with ODI, FDI, LRS, ECB and Trade transactions. The Officers answered the queries and also dealt with several questions from the audience.
The post lunch technical sessions was on “Trade Transactions” by Mr. Shabbir Motorwala who succinctly covered the vast subject in the time available with him. The last session was on “ECBs” wherein Mr. Kumar Saurabh Singh covered the recent amendments in the ECB policy and also dealt with the other financing routes available to borrowers. Both the speakers answered queries from the audience and covered the subjects in significant detail. The Conference was received well by all present. 
It was once again a proud moment for BCAS and BCAS Foundation to organise a music concert “Udat Abeel Gulal”, together with a few other organisations at Bharatiya Vidya Bhavan on 19th March, 2016 in aid of Dilasa Sanstha, an NGO engaged in relief work for drought affected farmers of Maharashtra. Attended by a large audience, it started with jugalbandi of Santoor and Saraswati Veena by Shri Snehal Muzoomdar, Maithili Muzoomdar on Santoor and Shri Narayan Mani on Saraswati Veena respectively, accompanied by a team of virtuoso musicians and interspersed with Vedic chants by Ved Pandit Dr. Narasimha Ghanpatigal. Explaining the theme “Bairagi se Basant”, Compere Mihir Sheth vividly created background atmosphere for celebration of spring with quotes from Kalidasa and Rig-Veda. Narrating the ethos of the theme and quoting medieval poet Maagh, he said when season of Basant arrives, its enchanting beauty feels us with a sense of bliss, Abeel and Gulal colour our lives, the fire of Holi protects our lives, give us the prosperity and hence, we all invoke Firegod Agni as narrated in Agnisooktam in Rig-Veda whose hymns are often chanted in raga Bairagi. 
The Jugalbandi started with raga Bairagi rendered on Santoor and Saraswati Veena interspersed with chanting of Vedic hymns and then deftly moved on to raga Basant and Kafi, which are the popular ragas of the Basant season, accompanied by vocalists Shraddha Shridharni in Hindustani style and Nupur Joshi in Carnatic style. Both the vocalists recreated magic with their rendition of poet Nanhalal’s poems so ably composed by Snehal Muzoomdar. Fine balance of melodious music with perfect percussion and dramatic entry of vocalists on the stage left the audience completely mesmerised when it reached the crescendo in the end. 
The Human Development & Technology Initiative Committee continued with the annual CSR activity of supporting Eye Camp for the tribals and the needy people from the rural area surrounding Vansda, Dist. Navsari. 
The Committee had set a target of one Eye Camp with a Budget of Rs.51,000/- for cataract surgery of 51 patients. However, with divine grace and kind support of all donor friends, it was able to collect Rs.2,17,200, which can take care of 217 patients i.e. little over four Eye Camps. 
In the first session CA. Mayur Nayak effectively explained, many important points aptly punctuated with humour. He explained the importance of clarity of goal, attitude to win, discipline, consistency, effective time management and how to overcome distractions. He guided them to have Balanced food, effective study and relaxation. He emphasised that harmony of physical, emotional, intellectual and spiritual alignment would help them to face any challenges in life including that of exams. 
In the second session CA. Shrinivas Joshi focused on CA exams. He explained at length as to how to prepare with qualitative studies for exams including use of appropriate reference materials. He shared the information that excellent study materials and faculties are available freely to clarify and guide on a variety of subjects covered in the syllabus. He explained at length as to what the examiner expects from the students and also cleared their doubts on misinformation and wrong impressions in the minds of the students about the ICAI exams and its results. He shared the important tips as to how to write the papers and manage time of three hours in exams. He answered all questions raised by the students. 
The Seminar on Media and Entertainment Industry was conducted by the International Taxation Committee of the BCAS on 12 February 2016 at St. Regis Hotel (Palladium Hotel). This seminar was organized jointly with Accounting & Auditing Committee and Indirect Taxation Committee. The speakers at the seminar and the topics covered were as under: 
Mr. Jehil Thakkar on Know the industry – current issues – Business models, cash flows, vehicle for investments, etc. (Industry overview and typical situations)
Mr. Utkarsh Sanghvi on Indirect tax issues in media and entertainment industry, including: Service tax, VAT and customs. 
The seminar was attended by more than 50 participants. The seminar became very informative and provided an overview of industry as a whole and detailed technical analysis on taxation, accounting and auditing aspects. The Seminar provided an insight into the industry and focused on the issues faced in the industry and the current trends in respect of the Media and Entertainment industry. The sessions at this seminar were all interactive and generated good amount of debate among the participants and the presenter. 
Lecture Meeting on Important Case Laws of 2015 on Indirect Taxes held on Wednesday, 17th February 2016 at IMC Hall Churchgate Shri. K. Vaitheeswaran dealt with various important case laws of 2015 on Indirect Taxes. He discussed and deliberated upon case laws in the field of Central Excise, Customs, Service Tax and Sales tax. He dealt with intricacies of the cases with an impact analysis. 
Lecture Meeting on Important Income Tax Decisions of 2015 was held on Wednesday, 24th February 2016 at the Jaihind College Auditorium. 
The RSC started in the afternoon with group discussion on the paper titled “Case Studies on Taxation of Services” written by CA A. R. Krishnan. The group leaders were CA Ankit Joshi, CA Anil Kumar Beewada, CA Mandar Telang, CA Manindar Kakarla and CA Nilesh Suchak. Case Studies on taxability of different services and various “live” situations faced by tax advisers on daily basis were articulated. Valuation, Exemption, Point of Taxation and Place of Provision of Service were debated with active participation of all the delegates. 
The morning started with the group discussion on the paper “Case Studies on CENVAT Credit” written by CA S. S. Gupta. The group leaders were CA Ganesh Prabhu Balakumar, CA Keval Shah, CA Shreyas Sangoi, CA Shruti Kakaria and CA Vaibhav Jajoo. The issues were debated since most of the issues had a variety of angles involved and had day-today relevance. 
The second technical session was a presentation paper by CA Divyesh Lapsiwala on “Indirect Tax Benefits in Foreign Trade Policy”. In his inimitable style, he briefly explained the five most common schemes of the Government’s Foreign Trade Policy which can benefit the exporters i.e. (a) Export Promotion Capital Goods Scheme (b) Services Exports from India Scheme (c) Status Holders (d) Software Technology Park Scheme and (e) Special Economic Zone Scheme. This session was chaired by CA Hasmukh Kamdar. 
The last paper for Group Discussion was written by by CA Parind Mehta on “Case Studies on Sale v/s Service – Composite Transactions (Taxability under VAT and Service Tax)”. The Group Leaders were CA Chirag Mehta, CA Samir Kapadia, CA Sanjay Dhariwal, CA Vikram Mehta and CA Yash Dhadda. The case studies highlighted certain very relevant issues which a transaction could have and were probably not even envisaged by many participants. 
During the fourth technical session, CA Sagar Shah presented a paper on “Role of CAs in GST – Realignment Requirements”. A very crisp and brief analysis of how as a professional we need to gear up for the challenges as well as opportunities this new law will generate for Chartered Accountants. This session was chaired by CA Sunil Gabhawalla. 
BCAS organised a lecture meeting on 29-6-2016 on the Model GST Law at IMC. At a juncture when the fate of the 122nd Constitutional Amendment Bill is yet to be known and everyone is waiting for its passage in this monsoon session of the Parliament, on 14-06-02016, the Model GST Law was placed in the public domain by the government after the nod of the Empowered Committee. Shri Shailesh Sheth gave wonderful insights on the model law. The views of the speaker on the Model GST Law were commendable and a guiding force for all. The speaker in a nutshell described to the members present the various provisions of the model law and how the model law has been drafted as a mixture of the existing indirect tax laws like State Level VAT , Central Excise and Service tax. The meeting received an overwhelming response with the venue packed with around 250 audience. 
Mr. Yogesh Thar explained the important features of The Direct Tax Dispute Resolution Scheme, 2016 and Equalisation Levy. . He further discussed the provisions related to special rate of tax for certain companies under Section 115BA and Section 115 BBDA dealing with additional 10% tax on dividends in the hands of recipient. He also brought out various issues arising out of the above amendments and answered the queries of the participants.
Mr. Rajesh Kadakia started his talk by highlighting the amendments relating to charitable institutions. He explained the intention and rationale behind the said changes and highlighted the effects of the same for the existing charitable institutions and their activities. He gave an insight into the provisions relating to Immovable Properties (Sec. 50C), Capital Gains related provisions and deduction of profits from housing projects of affordable residential units – Sec. 80IBA etc. 
Mr. Praful Poladia started with case studies highlighting the amendments to Presumptive Taxation for persons engaged in business and profession and related provisions i.e. tax audit and maintenance of books of account. He also gave detailed examples in relation to amendments to buyback of shares and how it affects business structuring. He explained to the participants the new Income Declaration Scheme, 2016 and took them through three sets of clarifications issued by CBDT on the Scheme. 
Ms. Sonalee Godbole gave a detailed presentation on amendments in relation to penalties (with special reference to sec. 270A), Chapter VI-A deductions, provisions relating to Income from Business & Profession (other than Presumptive Taxation), Income from Salary, Income from House Property and TDS provisions. The speaker touched upon a wide number of judgments during the course of her talk. She also answered all the questions raised by the participants. 
There was also a session on Income Declaration Scheme, 2016 where the Principal CCIT Mr D. S. Saksena along with Pr. CIT – 1 Mr. D.C. Patwari addressed the participants about the features and procedural aspects of the said Scheme. They also answered the queries raised by the participants and were receptive to the clarifications sought by them. They told that the issues where clarifications are necessary would be forwarded to the CBDT for further clarification. They also asked the participants to make their clients aware of the scheme and assured that the details provided by assesse under the scheme would be kept confidential. Mr Patwari also briefly spoke about the Dispute Resolution Scheme, 2016. 
The sessions in the Seminar were very interactive and the speakers answered a lot of queries that were received from the participants. The participants benefited immensely with the interactive sessions and detailed discussions with the speakers and Income Tax Department Officials. The event saw attendance by over 100 participants. 
He explained that the growth both in business and profession has to result in profits for associates, shareholders and stakeholders. He gave examples as to how he faced the key challenges in achieving and sustaining growth in his company which filters from top to bottom. 
Further, the speaker took through the journey of Marico which was a family run business and how it was modelled to bring about value principles and policies to bring expansion and growth. He talked about his journey of culture building in the organization through involvement of its people and seeking commitment from them. He also emphasized the need of quarter to quarter performance to measure topline and bottomline growth. 
Lecture Meeting on Tax Issues in Business Re-organisation- LLP / Companies by Shri Pinakin Desai was held at IMC. President Chetan Shah gave the opening remarks. 
The Indirect Taxation Committee (IDTC) of BCAS organized a Workshop on Maharashtra VAT and CST, wherein two important subjects were discussed i.e. (1) “Preparation and filing of returns under the new automation process” and (2) “Maharashtra Settlement of Arrears in Dispute Scheme, 2016”. It was held on Saturday 16 July 2016, at the Conference Hall of BCAS. 
CA. Chetan Shah (President, BCAS) welcomed the participants and highlighted the relevance of the topic in view of the proposed ‘automation process’ and expected implementation of the GST in April 2017. CA. Govind Goyal (Chairman IDTC) briefly introduced the speakers and topics allocated to each speaker for discussion. Thereafter, the speakers were felicitated by the CA. Deepak Shah, (Co- Chairman IDTC). 
The second session was led by Mr. A S Gorde. He gave a comprehensive presentation on the nitty-gritties of Maharashtra Settlement of Arrears Scheme and key aspects of process related to settlement and related issues. In the ensuing interaction, the speakers gladly addressed the queries raised by the participants. CA Kiran Garkar and CA Samir Kapadia were the moderators. 
In his closing remarks, CA. Govind Goyal appreciated the efforts made by the tax team and acknowledged their willingness and address all the queries raised on the floor. The workshop was attended by more than 110 participants. 
The speaker CA. Khushroo B. Panthaky shared his knowledge and practical experience. Various regulatory issue, intricacies of reporting requirements and expectations from auditors and preparers of financial statements were well covered and explained to the attendees by way of practical examples, well designed to understand the complexities of the regulatory issues in a simplest way. He talked on various aspects of audit and how it has moved from a sampling certification to a risk based confirmation. He highlighted the significance of thorough checks, Study of client business end to end, what precautions an auditor needs to take up right from accepting the audit assignment till the final signing of the report. 
Students Committee performing the flash mob
It was also discussed how we can prioritize the different aspects of our life like Financial, Professional, Social, Personal, Physical, Spiritual and bring harmony and purpose in our life, while we grow as well as be happy all the time. The presenter taught how to overcome distractions in the way of accomplishments and retain the mindset to focus. 
This meeting was conceived by the Corporate and Allied Laws Committee of BCAS and was jointly organized with the BSE. Mr. Neeraj Kulshrestha (Chief of Business Operations – BSE) was the Guest of Honour, Mr. Ajay Thakur (Head – BSE SME) was the keynote speaker and Mr. Mahavir Lunawat, (Founder – Pantomath Group) was the speaker for the day. Mr. Kanu Chokshi (Chairman, Corporate & Allied Laws Committee) chaired the meeting. Mr. Raman Jokhakar (President, BCAS) welcomed the participants and highlighted the relevance of the topic in view of the proposed ‘Startup India’ and ‘Standup India’ initiatives, launched by the Government of India. Mr. Kanu Chokshi briefly introduced the speakers and the topic.
Moving to the product zone, the team saw samples of each product processed out of the refinery, namely Propylene, Naptha, Gassoline, Jet/Aviation Turbine Fuel, Sulphur, Petcock etc. Participants were fortunate to visit control room. The entire refinery is controlled from this area. The control room has earmarked the area for each unit – Fluid catalytic cracking unit (FCCU), clean fuel plant (CFP), Hydrogen manufacturing unit (HMU), Reliance tank farm (RTF ) and so on. 
