Alternative Proposal

Draft Outline for Alternative to Indian Institute of Corporate Affairs, etc. *(Sitaram Agarwal, B. Com., LL.B., LL.M. (England), FICWA, FCS.) I, Fellow Member (FCS 955) of ICSI and Fellow Member (M 3865) of ICWAI do not endorse views of the Presidents of ICSI stated in Chartered Secretary Journal, April 2007 issue for setting up of Indian Institute of Corporate Affairs by Ministry of Company Affairs, Government of India, NewDelhi. There are already three Chartered Institutes viz., ICSI, ICAI and ICWAI besides IIMs and Universities, Lawyers, etc. ICAI, ICSI and ICWAI and IIMs are four pillars for providing multidisciplinary nature of knowledge and skills for effective management of companies embracing such diverse areas as corporate laws, income tax laws, competition and regulation issues, corporate governance, economics, etc. meeting diversified and emerging needs of Corporate Sector keeping pace with development in India and around the World relating to Corporate Affairs, despite the fact these institutions are not autonomous but controlled by the Government of India. There is no need of additional institutes like Indian Institute of Corporate Affairs or Indian Institute of Corporate Valuers, etc. in competition with existing institutions or for other objective relating to corporate affairs. The need is to think out of box with vision what would be best for India in overall interest without damaging the existence of deep rooted and well established ICAI, ICSI, ICWAI, etc, and their members. For accelerated professional development to meet the domestic demand under globalization and foray in international field of Indian professionals these institutions need level playing field at par with the developed countries and not more institutes like Indian Institute of Corporate Affairs to compete with existing chartered institutes. In the era of globalization the primary need is decontrol by Government and autonomy of the existing higher educational institutions on the principle of liberalization and privatization. Another need of quality higher education beyond senior secondary school at colleges and Universities level is broad basing of subjects taught at these institutions. The students should have freedom to choose subjects out of several options to make combination of required number of subjects for graduation and post graduation connecting with the profession in which is interested such as CA, CS, ICWA, Banking, Insurance, Marketing, Public Finance, Capital Market, Arbitrations, Sales, International Law, International Trade, Economics, Evidence, Civil laws,

Criminal laws, etc. The students would choose subjects with the preference of profession they would have interest. The each of the subjects would cover the prescribed syllabus of respective professional institutions, if any. The students would have intensive knowledge of each subject, which will be imparted by high standard teachers (PhD) on project basis evalued simultaneously. A student would require to attend six semesters for graduation and ten semesters for post graduation continuously or with permissible break. Each semester would be of six months. After graduation a student would become eligible for practical training to be organized by respective institutions. Let many Universities and colleges open doors for imparting education on the above basis, which will fulfill the need of professionals in terms of quantity and quality both. The professional body would facilitate for practical training for the pass out students at national and possibly on international level by mutual exchange arrangements. The professional bodies will grant membership and regulate members’ professional conduct. Professional bodies would also enter into reciprocal arrangement for recognition of membership for practice or statutory requirement of employment. The professional bodies would be responsible and accountable for the professional development, keeping pace with changes taking place domestically and internationally in general and particularly of their members and conduct of their members and maintaining coordination with other professional bodies, Government, Trade & Industry and Corporate Sector An independent body formed by the representatives from Professional Bodies, corporate sector, Apex Academic Body, will accredit the academic institutions imparting professional education. The fundamental requirement of accredited higher education institution should be: (a) Library support of international standard (b) Teaching Faculty of high standard (c) supporting equipments (d) conducive atmosphere and congenial environment for studies and (e) residential semi-furnished accommodation providing electronic communication (including free extension of broadband), etc. University providing Phil. and PhD would be rated better. Apart from regular courses, Universities shall hold certificate courses on semester basis or for shorter period depending on the subject, e.g., Corporate Valuers, etc. Any interested person may attend such course, but admission may provide minimum qualification. Universities and Higher Education Institution should also provide facility for training and orientation courses for employees of Government, Industry & Trade and statutory bodies relating to Corporate Sector. For attending

any regular or short course age is not the factor. Even at the age of 56 years of age I joined University of Bristol, England for LL. M. It is expected that Governments and Corporate Sector will provide research and survey work to accredited institutions and not to private foreign or indigenous firms. The governing bodies of ICAI, ICSI, ICWAI, Insurance, Banking, etc. may be made broad based comprising members for corporate sector, foreign professional institutions (on reciprocal basis) elected representative from members institutions and Government of India. I earnestly believe that knowledge is power. I do not believe that only civil servants, elected legislatures are sole repository of knowledge and they are the only well wishers of general public. Government should issue white paper for any change affecting to public of a profession and invited observations, comments and suggestions for transparent working. I do believe that quality of professional services cannot be improved by setting up new institutes but this require input of vision, knowledge, and money, materials and monitoring. The investment in well-established and deep-rooted institution will give faster and better required results without being detrimental to the interest of existing members. In the era of globalization the needs are: (a) to promote education and not to prevent education and (b) relax education for all and not to reserve education for certain class of people. In globalization of economy capital and human resources, main factor of production, are mobile. Both will flight to destinations where they have better environment and better reward. India needs brain and capital both for accelerated development. ________________________________________________________________________________________________ *Indian senior Citizen of 72+years of age, have experience and exposure while working in Rajasthan Government (1954 – 1958) thereafter in private sector of international repute in West Bengal, Delhi, Maharashtra, Rajasthan (19591987) and England (United Kingdom, Zambia (Africa) (1988 –2001) and traveling on business and holidays all over India and several countries of Europe, Africa, North America, South America (all countries) and Middle East and dealing with public servants and inter acting with the people of respective places.)