Dear Professional Colleagues,

This will be my penultimate communique from the desk of Chairperson and due to code of conduct in ICAI Elections I have to deny the pleasure of writing from my desk but however the communication otherwise has been shared through the Regional Council Writes. I am happy to be back to my desk to record the Chairperson's Communique with the commencement of the New Year.

SIRC congratulates the newly-elected Central Council Members of ICAI and Regional Council Members of SIRC:

I join with all the members of the Southern Region to congratulate the members elected to the 26th Council and the 25th Southern India Regional Council for a term of 4 years (2025-2029). SIRC wishes the newly- elected members a glorious tenure of office. The names of the successful candidates are published elsewhere in this newsletter.

SIRC thanks the members for their support in the smooth conduct of elections across the Southern Region. SIRC also records its appreciation to the officials and staff of SIRC for their admirable support in the conduct of the elections across the region. SIRC also records the support of the officials and staff of ICAI and the Regions for smooth conduct of the elections across the country.

Quadrennial elections to the Managing Committees of Branches of Regional Councils for the term 2025-2029:

The Quadrennial elections to the Managing Committees of Branches of SIRC for the term 2025-2029 is being held by 25th January 2025 and the Branches will be holding the special general meeting accordingly. The Branch will issue the notice for the Special General Meeting as per the directions of the Central Council. SIRC requests members to participate in the elections at their respective branches and exercise their franchise.

Proposed Programmes at SIRC - Chennai:

Let us begin the New Year - 2025 with participation in a flurry of programmes which SIRC has planned and published in the Forthcoming Programmes of SIRC elsewhere in this issue. SIRC also requests members across the Region to participate in the programmes being organized by their respective branches.

Republic Day Celebrations:

SIRC, continuing with the tradition of unfurling the National Flag, will be celebrating the Republic Day with gay and gaiety. I will have the honour of unfurling the National Flag which I will cherish forever. My colleagues and I invite the members and the students to participate in the Republic Day Celebrations on 26th January 2025 at 8.30 a.m. at the lawns of ICAI Bhawan, Chennai. The Branches of SIRC are also celebrating the occasion in a befitting manner and members and students of respective branches may please participate and celebrate the occasion.

SIRC requests members participation of this historic occasion in the annals of our beloved country. Let us on the occasion take pledge to dedicate ourselves to uphold the sanity of our Constitution

A rear-view of programmes of December 2024:

V. Sankar Aiyar Memorial Lecture

The 17 th V. Sankar Aiyar Memorial Lecture was delivered by Shri D. Subba Rao, Former Governor of Reserve Bank of India. In his address on the subject of “Is India's fiscal federalism loaded against the States? he opined that the terms of fiscal federalism is not loaded against States. He mentioned in his address that the States initially could get share of only income tax and excise duty, but in 2000 many other taxes, such as customs duty, were added to the divisible pool.

The family members of CA. V. Sankar Aiyar, other eminent personalities from different walks of life and large members of our professional fraternity attended the memorial lecture. SIRC expresses its sincere thanks to the Chief Guest Shri D. Subba Rao, Former Governor of RBI, Shri Mani Shankar Aiyar, Former Union Minister and other dignitaries present on the occasion.

Sub-Regional Conference - 6 Hours CPE Credit

On 21st December 2024 SIRC held the 5th Sub-Regional Conference for the year 2024-2025 at Thiruvananthapuram. The Conference hosted by Thiruvananthapuram Branch of SIRC was well attended and the deliberations were as ever before of high order. Positive feedback received from the members encourages us to better our performance in the months ahead.

Residential Refresher Course exclusively for Women Members: 12 Hours CPE Credit:

First to be held exclusively for the women members was the Residential Refresher Course on 27th and 28th December at Blue Bay Beach Resort, ECR, Mammalapuram. The response was phenomenal and women members across the Southern Region participated and made the event more interesting, informative and intuitive. The RRC being residential in nature gave ample opportunity for closer interaction between the resource persons and the participants. The success of this unique event has instilled in us the confidence to make it as an annual feature and SIRC would be much delighted to consider such an idea in the years ahead

Other CPE Programmes:

During last month SIRC organized CPE programmes with a total of 56 hours of CPE Credit with three full day programmes on 11th , 12th and 14th , eight three hours programme on 2nd , 3rd , 9th , 10th , 16th , 26th , 30th and 31st December 2024 and a two hour programme on 12 th December 2024. Each of the programme held in SIRC at Chennai were well attended and appreciated. Members at the branches also attended the CPE programmes organized by the respective branches. SIRC is confident that all the members would have complied with the CPE requirements set by ICAI by 31st December 2024.

SIRC records its grateful thanks to the resource persons of the programmes of SIRC for sparing their valuable time and sharing their expert knowledge amongst the elite audience of Chartered Accountants.

Daily and Week Work Life Balance Programme:

The programmes initiated by the Professional Skills Enrichment Committee of ICAI have been widely acclaimed by the members who are keen to participate on a regular basis. SIRC exhorts members to join in large numbers and this programme is organized online and at the comfort zone of the members. It also conducts daily and weekly yoga programme to keep us fit and the participation of members and their families shows the exceptional support of the initiative of the Committee. We have published the details and timings in this issue for the members to participate in these wellness events.

World Forum of Accountants (WOFA) - 2025 - January 31 to February 2, 2025, New Delhi:

ot is a momentous occasion for us to be part of the World Forum of Accountants organized by ICAI between 31st January 2025 and 2 nd February 2025 at New Delhi. It is also an occasion to showcase our presence from Southern Region in large numbers. I therefore exhort you to register for WOFA if not already sent the registration. The details of the programme are published elsewhere in ICAI Journal, ICAI Website and in this newsletter. For further details and updates members may visit ICAI Website.

Virtual Certificate Course on Skills Enrichment (1st Batch): 30 Hours CPE Credit:

ICAI, under the auspices of the Professional Skills Enrichment Committee is conducting for the members of ICAI a Certificate Course on Skills Enrichment via virtual mode between 4th January 2025 and 2 nd February 2025. The course is conducted with the objective of equipping the Chartered Accountants to enrich their professional skill and competence thereby enhancing their portfolio.

The Course is held on Saturdays and Sundays keeping in mind the professional commitments of our members and held between 11.00 a.m. and 02.00 p.m. on Saturdays and Sundays for ten days consisting of ten modules. SIRC requests members to join in large numbers and be benefitted. Complete details of the modules and other information are published elsewhere in this newsletter.

Congratulations:

SIRC congratulates Shri Heramb Maheswari of Hyderabad (Roll No. 639751) and Shri R. Rishab Ostwal of Tirupati (Roll No. 692795) who shared the honours of First Rank (508 marks - 84.67%) at the All India Level in the CA Final Examination held in November 2024. SIRC welcomes them to its professional fraternity and wish them the best in their career

SIRC congratulates Ms. Tanya Gupta of Chennai (459 marks - 76.50%) for securing the All India Second Rank inthe Intermediate Examination held in September 2024 and wish her the very best in her Final Examination.

SIRC congratulates CA. Muni Subramanyam Jonnalagadda of Tirupathi for securing Second Rank in the Insurance & Risk Management Examination held in November 2024

Students Related Events:

CA. P. P. GURURAJA UPADHYAYA MEMORIAL LECTURE:

SIRC is holding an event under the auspices of the CA. P. P. Gururaja Upadhyaya Memorial Lecture on 12th January 2025 (earlier scheduled on 29th December 2024) at ICAI Bhawan, Chennai in memory and honour of CA. P. P. Gururaja Upadhyaya, Former Central Council Member of ICAI. The event is exclusively for the CA Students.

The inspiring and enriching one-day conference had the theme ANDHADHI will feature paper presentations by students on select topics on Income Tax followed by a special address by the Chairman of Sessions to be chaired by eminent professionals. These technical sessions will be followed by a session on Opportunities for CAs in World Bank and a motivation session.

On the occasion SIRC will be felicitating students in the merit list from the Southern Region under various awards and prizes instituted by distinguished members of our professional fraternity. The list of such awards is featured elsewhere in the newsletter. We have also published an announcement inviting from the students applications for grant of scholarships under merit- cum-means category.

ICAI Commerce Olympiad - 2024:

The Committee on Career Counselling of ICAI is organizing the ICAI Commerce Olympiad on 19th January 2025 (Sunday). There has been encouraging response to the Olympiad from students. The event offers an opportunity for the students studying from 8th Standard upto graduation to explore and excel their competence level, skills and recognize to improvise their talents. The details were published in the last issue and in the current issue of the Newsletter. We solicit the support of members to take forward the information amongst their known schools, colleges and the students as well

SIRC solicits the support for Chartered Accountants Benevolent Fund (CABF):

As members are aware the corpus of the CABF is used to support the family members of the deceased members of ICAI and to assist the members who need support for meeting their medical expenses. SIRC therefore appeals and solicits the contribution to the Fund. The contribution by every member of the profession will augment the financial resources to extend the quantum of assistance and expanding the number of beneficiaries through the CABF. The appeal of ICAI in this respect is published elsewhere in this Newsletter.

Best Wishes to Students appearing for Intermediate Examination:

SIRC wishes all the students appearing for the ensuing Intermediate and Foundation Examinations to be held in January 2025 the very best in their performance.

Extension of last date for complying with the CPE hours requirements for the Calendar year 2024:

As you are already aware that Statement on Continuing Professional Education, 2023 (available at link https://www.icai.org/post/issuance-of-cpe-statement-2023) has been made effective from Calendar year 2024 onwards, which introduced consequential provisions for non-compliance with CPE hours requirements applicable to various categories of members on yearly basis. These consequential provisions are applicable w.e.f. 1st January, 2025 for non-compliance arising from the Calendar Year 2024 with regard to CPE hours requirements.

As consequential provisions arising due to non-compliance with CPE requirements are coming into effect for the first time from Calendar year 2024, it has been decided to extend the last date for complying with the CPE hours requirements for the Calendar year 2024 from 31st December, 2024 to 28th February 2025, for the benefit of Members at large and to avoid any hardship due to non-compliance. On similar grounds, the last date of compliance and filing Unstructured Learning Activities (ULA) is also extended till 28th February, 2025, for the Calendar year 2024.

Further, it may please be noted that the duration of consequential provisions at Level I (from January 1st to June 30th) would be changed to March 1st to June 30th for Calendar year 2024 and the subsequent levels (II, III and IV) under the consequential provisions for non-compliance with CPE hours will remain unchanged.

For ready reference, consequential provisions for non-compliance with CPE hours requirement on yearly basis from calendar year 2024 onwards are available at https://resource.cdn.icai.org/79152cpe63323.pdf

Greetings:

SIRC greets all the members and students of ICAI a very happy New Year - 2025. Let the New Year bring to us happiness, bountiful prosperity and good health. SIRC also greets all a very Happy Pongal (Maharasankarathi).

With warm regards

CA. GEETHA A B

Chairperson, SIRC of ICAI