The International Federation of Accountants (IFAC), the global organization for the accountancy profession, is seeking nominations for members of its boards and committees for 2008. IFAC member bodies, members of the Forum of Firms and, in some instances, members of the public may nominate candidates by April 15, 2007. All members of IFAC boards and committees are expected to act in the public interest and must sign a declaration committing to act with integrity and in the public interest in their role within IFAC...For more information on the role and activities of each of IFAC's boards and committees, visit its website at http://www.ifac.org

The Reserve Bank of India, the country's central Bank, is facilitating the launch of a new "Centre for advanced Financial Learning". This centre will be based in Mumbai and will be an autonomous policy- oriented institute that would promote the study and dissemination of knowledge on the entire range of issues relating to banking and finance. It would also conduct high end research and executive education.

The IT Training company NIIT is planning to start insurance training courses. Currently the company is talking to various insurance companies for formulating the course structure. NIIT had earlier partnered with ICICI bank and started a course in banking.

The Committee on Insurance & Pension of the Institute of Chartered Accountants of India is developing a guild of highly intellectual & talented pool of people engaging in the field of Insurance & Risk Management. The primary objective of setting up such a guild is to develop a platform where highly intellectual & talented pool of people from various organizations as well as professionals related to Insurance and Risk Management can discuss various issues concerning the profession in general and issues related to Insurance, Pension, Risk Management, etc. They can plan, formulate and strategize policies for improving the image of the Chartered Accountants in the eyes of the Industry. Insurance Industry specific seminars/ Conferences/ Round Table meetings can also be organized to discuss the matters pertaining to the insurance industry. The eligibility criteria for becoming members of the guild is as follows: The members of the Institute of Chartered Accountants of India. Officials at the level of GM and above of companies carrying on the business of life and general insurance. Consultants of Insurance & Risk Management. IRDA registered Surveyors and Loss Assessors Retired officers at the level of GM and above of the organizations engaged in life and general insurance. For Application Form please visit hyperlink http://www.insuranceicai.org/guildAppForm.aspx 

Bharti Enterprises, promoter of India’s leading private telecom brand, having interest in retail (through a recent landmark deal with Wal-Mart) and agri-business, teams up with AXA, a name trusted by over 50 million customer over 50 countries having expertise in insurance and wealth management to provide life insurance services in India

Reliance Retail could enter the micro- credit space. Reliance Retail may seek permission from the RBI to set up an NBFC that may operate as a Micro-Finance Institution. For Reliance Retail this could be win-win scenario for selling its mass consumption goods into the rural markets

An ordinance giving exclusive right to Chartered Accountants and Lawyers to appear in a tax tribunal on behalf of clients was approved. Previously one one could have appeared in a tax tribunal. The ordinance will be replaced by a bill in the coming budget session of the Parliament

Indian Professional working abroad are eagerly examining all possibilities to return to India - as leading consultants in India receive  a record number of enquiries, this holiday season. Surging salaries , lower cost of living  in India coupled with emotional issues has  been the deciding factor for may to relocate back to India. At the same time  there is growing trend  among global companies  to pick up the best Indian talent for international assignments.

NYSE and other FIIs have acquired a 20% stake in NSE (National Stock Exchange). As per the FDI guidelines in stock exchange, foreign investment is capped at 49% .The foreign investors would not get any board seats in NSE as of now

SOX or Sarbanes-Oxley Act, is forcing corporates in US to shell out $ 2.88 billion per annum to meet stringent SOX norms. Many public companies are thinking to go private to escape SOX. There has already been some amendments that will reduce the  trouble and cost of compliance for smaller companies

Bharti Enterprises, promoter of India’s leading private telecom brand, having interest in retail (through a recent landmark deal with Wal-Mart) and agri-business, teams up with AXA, a name trusted by over 50 million customer over 50 countries having expertise in insurance and wealth management to provide life insurance services in India.

London School of Economics LSE, is setting up a research centre in India, operational from 2007.The research will based on issues related to India.LSE already has a significant proportion of Indian students. The Indian centre will help Indian scholars to to go to LSE for research.

There have been reports of international exchanges showing interest in acquiring stake in the Bombay Stock Exchange. If this merger takes place , 2006 will be seen as a year of consolidation for trading exchanges across the world starting with Nasdaq acquiring 15% stake in London Stock Exchange. Recently Deutche Boerse said it is abandoning its takeover bid for rival European exchange Euronext. Euronext operates stock exchanges in Paris, Amsterdam, Brussels and Lisbon and is on merger with New York Stock Exchange.

The Shriram Group in a joint venture with Sanlam Limited, South Africa has formed Shriram Life Insurance Company Limited (Launched in January 2006).In its first nine months of operations, Shriram life has has acquired more than 70,000 customers and a premium of 95 crores a unmatched performance for a start up like insurance company

ICWA is planning to restructure its course so that higher secondary passed students who completes the first part the new six months foundations course  would be certified as business accountants. The institute is planning to implement this from next year, once it gets the clearance from the company affairs ministry. The government is also debating the regulatory relevance of cost auditing and cost record keeping

Basel-II implementation in Indian banks have been delayed by a maximum of two years till 2009.The RBI has decided to postpone the deadline for implementing the stringent norms on capital standards set by the  Bank for International Settlements (BIS) 

US based investment  banking firm Goldman Sachs may invest up-to one billion dollars in India for expanding its operations here in sectors such as real estate and infrastructure and its is also planning to expand its operations here in investment banking and asset management 

The proposed MRA-(Mutual Recognition Agreement) between the CA -accounting regulator here and the counterpart in USA, Singapore and Australia has led to a growing international attention on how liberal Indian practice norms are. As a result,  the cap on the number of tax audits a CA can handle here may soon be doubled to 60.

ICAI, which is in advanced level of talks with Singapore so that Indian chartered accountants can work there, has also started talks with Australia and soon with USA, so that CAs can now tap the global market.

ICWA will start teaching auditing, taxation and finance to broaden the profession of cost accountants and to place them at par with chartered  accountants. The Institute also plans to introduce post graduation courses on insurance, system audit etc.

Chartered Accountants can provide management consultancy services as a corporate entity from now onwards-ICAI also revealed, that CA's fee structure will be revised. A dress code for practicing CAs (only for  CAs working in individual or partnership capacity) may be effected by ICAI- a recommendatory proposal to give a corporate look and a new brand identity to CA's.