CA. Ranjeet Kumar Agarwal, President-ICAI sharing recent Developments relating to Profession

Summary

The video highlights the rapid growth of India's capital market, with retail investor participation surging and technological advancements like the T+0 settlement cycle. Key initiatives by the Institute of Chartered Accountants of India (ICI) include expanding global outreach with new chapters in the US and Switzerland, hosting training programs, and fostering collaborations with international bodies. The script also covers the ICI's educational initiatives and the growing role of India in global economic growth, with a focus on FDI and investment opportunities. The video concludes with a call to engage in upcoming global forums and wishes for a prosperous New Year.

Takeaways

• 😀 India’s capital market is now the fourth-largest globally, with a significant rise in retail investor participation, reaching over 9.2 crore retail investors.
• 😀 Technological advancements and improved financial literacy have greatly contributed to the growth of India's capital market.
• 😀 India has introduced a revolutionary T+0 settlement cycle for 25 stocks, and plans to expand this to the top 500 companies by market capitalization.
• 😀 ICAI inaugurated its 51st overseas chapter in Florida, USA, and 52nd in Zurich, Switzerland, strengthening its global presence.
• 😀 The ICAI event in Luxembourg focused on tax optimization opportunities between Luxembourg and India, as well as opportunities for Indian expatriates.
• 😀 At the ICAI Council meeting in Paris, leadership changes were made with the election of new president and deputy president of IFAC, Jean Bockett and Tarn Ron.
• 😀 ICAI continues its domestic expansion with new branches in Udaipur and Ratlam, showcasing its commitment to broadening its reach within India.
• 😀 The Indian Institute of Insolvency Professionals of India (IIIPI) celebrated its eighth foundation day, focusing on improving stakeholder engagement under the Insolvency and Bankruptcy Code (IBC).
• 😀 ICAI signed an MoU with CBSE to develop skill-based courses in banking, financial services, and insurance to enhance youth employability.
• 😀 India has become one of the fastest-growing economies, with Singapore emerging as the largest source of FDI, contributing 50% of inflows between July and September of 2023.

Q & A

What has been the growth trend in the Indian capital market?

The Indian capital market has become the fourth largest globally, with a significant surge in retail investor participation. Currently, over 9.2 crore investors own nearly 10% of the market, investing in approximately 2,500 listed entities.

How has technology contributed to the growth of the Indian capital market?

Technological advancements, along with improved financial literacy, have been pivotal in the growth of the Indian capital market. Notably, the Indian capital market has implemented a T+0 settlement cycle for 25 scripts, which is a revolutionary step compared to the global standard of T+1.

What is the significance of India adopting a T+0 settlement cycle?

India's adoption of the T+0 settlement cycle is groundbreaking, making it the second country, after China, to implement such a short settlement cycle. This move aims to enhance market efficiency and liquidity by enabling quicker settlements.

How has the Indian Institute of Chartered Accountants (ICI) expanded its global presence?

The ICI has expanded its global footprint by inaugurating new chapters, including the 51st chapter in Florida, USA, and the 52nd in Zurich, Switzerland. These international chapters strengthen the ICI’s network and enhance global collaboration.

What were the key discussions during ICI’s visit to Luxembourg and Paris?

During the ICI’s visit to Luxembourg and Paris, discussions focused on strengthening relations with global accounting bodies, including opportunities in India and tax optimization. Additionally, a collaboration with CA Ireland was discussed to advance knowledge-sharing initiatives.

What role does ICI play in the development of the accounting profession in India?

ICI plays a pivotal role in the development of the Indian accounting profession through various educational programs, such as professional training workshops, and fostering global cooperation. It has also introduced initiatives to enhance the engagement of stakeholders in the insolvency and accounting sectors.

What new educational initiative has ICI launched in collaboration with CBSE?

ICI has signed an MOU with the Central Board of Secondary Education (CBSE) to develop skill courses, study materials, and training programs for students, with a focus on the banking, financial services, and insurance sectors. This initiative aims to enhance commerce-oriented skills.

How has India performed in terms of Foreign Direct Investment (FDI)?

India has seen significant growth in FDI, with Singapore being the largest source of FDI in India for the July-September 2023 quarter, contributing 50% of the total inflows. This reflects India’s growing economic stature on the global stage.

What is the focus of the upcoming December 2024 edition of the Chartered Accountant Journal?

The December 2024 edition of the Chartered Accountant Journal will focus on how capital markets are evolving to support sustainability, innovation, and the role of artificial intelligence (AI). It will also feature insights into AI tools like CA GPT models for real-time query handling and learning optimization.

What is the purpose of the World Forum of Accountants (WOFA) scheduled for January 2024?

The World Forum of Accountants (WOFA), scheduled for January 31 to February 2, 2024, in New Delhi, aims to foster collaboration between governments, businesses, and academia. Its primary focus will be accelerating the development and adoption of AI solutions that contribute to a sustainable future.