ICAI promoting Start-up Ecosystem, Connecting Startup Community

The Institute of Chartered Accountants of India (ICAI) in association with StartUp India and Digital India is organising a two-day StartUP Sphere event on 27th June 2023 (Tuesday) and 28th June 2023 (Wednesday) at Jio World Convention Centre, Mumbai. The objective is to create awareness, help nurture ideas, enable capacity building and provide assistance for developing Startup ecosystem in India.

Shri Uday Samant, Hon’ble Minister for Industries, Government of Maharashtra was the Chief Guest at the inauguration of ICAI StartUp Sphere 2023 program. On this occasion, he lauded ICAI initiatives to support and strengthen the capacity-building measures for the enhancement of the portfolio of MSMEs & Start-ups. He said, “It is a good opportunity for the Startups to come together on one platform and share their ideas. I am elated that it is happening in Mumbai and provided the state a chance to explore this area.”

The event witnessed panel discussions and thought-provoking sessions on various topics such as Governmental Eco System for Startups, New Avenues in Start Ups, Art and Science of Startup Valuation, and more. The event also encompassed a vibrant startup exhibition area featuring cutting-edge technologies, products, and services from various industries. The StartUP Sphere also had a startup ramp, a program on Maharashtra industrial policies, startup pitching program, investors meet, and many more.

On this occasion CA. Aniket Sunil Talati, President, ICAI said “ICAI has been actively involved in promoting and supporting startups, recognizing their importance in driving innovation, economic growth and job creation. ICAI Startup Sphere event aims to support and foster the growth of startups, thereby contributing to the development of a vibrant entrepreneurial ecosystem in the country.”

This year ICAI will be celebrating the 75th year of foundation of the institute and as a true partner in nation building ICAI had taken various measures to nurture and empower budding entrepreneurship, MSMEs and Startups in the country.  ICAI was inducted into the India Book of Records for its initiatives MSME SETU and MSME Yatra which promoted Competitiveness and Capacity building of MSMEs. MoUs were signed to build an enabling ecosystem promoting entrepreneurship, Startups and MSMEs with the Government of Tamil Nadu, IIM Lucknow Enterprise Incubation Centre and Gujarat Student Startup & Innovation Hub (i-Hub). MoUs were also signed for capacity building with NIRD & Panchayati Raj, SCOPE, and Commissioner of Treasuries and Accounts, Government of Tamil Nadu.  ICAI also had earlier launched various initiatives like Startup Manthan, ICAI Startup Samvad, startup portal (https://startup.icai.org/), startup incubation centres, certificate course on Startup, masterclass on startup etc.

During the inaugural session today, CA. Ranjeet Kumar Agarwal, Vice-President, ICAI said, “Start-ups are centres of novel innovations, they generate jobs, which implies more career opportunities; more employment leads to a stronger economy, and a healthier economy has a direct bearing on the growth of cities where startups locate. StartUp Sphere program provides a unique opportunity for startups to connect with peers, industry experts and investors, and to gain insights into the latest trends and innovations in the startup ecosystem.”

Further CA. Dhiraj Khandelwal, Chairman, Committee on MSME & Start-up added “I invite all the aspiring entrepreneurs, investors, and innovators to StartUp Sphere. Engage in thought-provoking panel discussions led by industry experts and immerse yourself in interactive workshops. Chartered Accountants are leading the accounting, auditing and taxation roles, witness a significant shift in their role and now making their mark in the dynamic world of start-ups. Be part of this exclusive celebration of talent, passion, and ground-breaking ideas under one roof.”

This StartUP Sphere aims to bring together the startup community, partners, unicorns, influencers, founders, investors, leaders, and entrepreneurs under one roof and that provide a unique opportunity for startups to connect with peers, industry experts, and investors, and to gain insights into the latest trends and innovations in the startup ecosystem.

Speaking on Unique Document Identification Number (UDIN) CA. Aniket Sunil Talati said that the Governing Board of National Board of Accountants and Auditors (NBAA), Tanzania has approved the introduction of UDIN system in Tanzania. A request has been received from NBAA to share the step-by-step process for implementing the UDIN, as also to share ICAI’s experience and support for implementing UDIN in Tanzania.

UDIN Statistics: As on 13th June 2023, around 5.06 Cr UDINs have been generated and over 1.39 lakh Members have registered themselves on UDIN Portal. So far UDINs Generated 5,06,96,644 and Members Registered 1,39,750.

President ICAI also told that ICAI is in the process of coming out with a Guidance Note on Forensic Accounting and Investigation Standards. The Guidance Note will provide a comprehensive understanding of the Forensic Accounting and Investigation Standards issued by ICAI. It will also provide guidance on the interpretation and application of the Standards, as well as practical insights into the principles and methodologies involved in forensic accounting and investigation.

1. Aniket Sunil Talati, President ICAI talked about the Campus Placement Programme which is held twice a year and provides a platform to both the Newly Qualified Chartered Accountants (NQCAs) and the organizations looking to hire the best available talent to fulfil their Human Resource requirement. He said “This programme, being a one stop solution, offers a unique opportunity for employers to interact with the NQCAs, peruse the particulars of a huge pool of promising professionals and recruit the suitable one(s) who is found to be better than the best.”

He added “The 56th edition of Campus placement Programme covered the candidates who had passed final examination held in May, 2022 examinations and candidates who passed final examination at the immediate previous examination, but did not register for the then-campus programme, were allowed to register. The interviews were successfully completed at 27 centres (9 major and 18 smaller) and 6 new smaller centres were added (Bhopal, Lucknow, Patna, Raipur, Ranchi & Vadodara). At all 9 bigger centres premier day slot were given, instead of the earlier practice of 5 bigger centres i.e. Delhi, Mumbai, Bengaluru, Chennai & Kolkata. Minimum CTC threshold was increased from Rs.6 LPA to Rs. 9 LPA at all existing 21 centres.  For 6 new centres, minimum CTC was kept at Rs.7.2 LPA.”