BCAS President CA Zubin Billimoria’s Message for the Month of December 2025

Even as we experience prolonged unseasonal rains brought on by shifting climate patterns, one “season” that has remained unchanged over the last four to five years is the IPO season! The steady stream of IPOs—from start-ups to established companies—continues unabated. These issuances are driven by regulatory requirements, business expansion, debt reduction and the need to provide exits to early investors, PE and VC funds. Public data indicates that companies raised an annual average of about ₹1 lakh crore between 2021 and 2024, peaking at ₹1.60 lakh crore in 2024 and dipping to ₹50,000 crore in 2023. In the first nine months of 2025 alone, nearly ₹1.21 lakh crore has been mobilised, with another ₹40–50 thousand crore expected in the next quarter (Source: Prime Database). Amidst this buoyancy, one principle stands above all—professionals and institutions must uphold transparency and meaningful disclosure.

Transparency is not merely about putting data into the public domain; it is about conveying information in a way that enables informed decision-making. In current times of rapid economic expansion, transparency becomes both a regulatory necessity and a professional duty. At the heart of transparency lies disclosure which refers to complete, fair, and comprehensible communication, which will prove to be a competitive differentiator and the bedrock of trust.

Transparency and Disclosure_- Evolving Role of Professionals:

Chartered Accountants and finance professionals operate at a junction where compliance, financial reporting and public trust converge. Whether acting as auditors, advisors, CFOs, tax experts or independent directors, we serve as custodians of transparency. Our responsibility extends beyond verifying numbers to evaluating substance over form, identifying risks, and strengthening governance. We must foster a culture where openness replaces opacity. The changing landscape can be analysed as under:

Expanding Disclosure Environment:

Traditionally, disclosures were limited to financial statements and the Directors’ Report. Over the last decade, IFRS-aligned Ind AS standards have brought in greater detail, comparability and transparency. Investors today expect insights on business models, environmental impact, governance structures, social responsibility, sustainability, diversity and risk management. Regulators—MCA, SEBI, RBI and others—have consistently realigned disclosure norms to provide relevant and reliable information to protect stakeholders.

This expansion mirrors global trends such as Integrated Reporting, ESG frameworks, climate-related disclosures, cybersecurity and governance risk assessments. Transparency continuously evolves with market maturity and stakeholder expectations, demanding higher professional rigour, multidisciplinary awareness and ethical judgement.

Technology as an Enabler:

Digitisation, data analytics and AI have made information more accessible, timely and verifiable. Regulators now use technology-driven surveillance, and stakeholders expect near-real-time updates. While this increases the responsibility for data accuracy and internal controls, technology also enhances our ability to improve disclosure quality.

Stakeholder Activism and Public Scrutiny:

Shareholders, lenders, customers, employees, rating agencies and proxy advisors are now active evaluators of corporate behaviour. Social media amplifies even minor lapses—whether in related-party transactions, ESG metrics or financial reporting. Transparency has shifted from being reactive to being a proactive strategy essential to reputation and credibility.

Guardians of Market Integrity:

In this environment, the role of professionals becomes critical. Every figure in an offer document and every certification by an auditor or valuer carries an implicit assurance of reliability. Stakeholders place trust in these statements, forming the foundation of market stability. Professionals therefore act as both gatekeepers and facilitators—ensuring disclosures are not only compliant but meaningful. Upholding standards of auditing, assurance, valuation and reporting is central to sustaining transparency. The bottom line is that professionals must look beyond the letter of the law and uphold truth, clarity, and completeness.

Ethical Foundation of Disclosure:

Transparency is equally a moral responsibility coupled with regulatory responsibility. Integrity is demonstrated not only by what is required to be disclosed but also by what one chooses to reveal. Selective reporting, jargon-filled disclosures or hiding key information in fine print erodes trust. Financial statements are narratives of accountability and the “tone at the top” significantly influences disclosure quality. Professionals advising management,   boards and investors in their capacity as independent directors and advisors play a vital role in fostering ethical disclosure practices.

BCAS’s Role:

BCAS continues to strengthen the profession’s commitment to transparency through capacity-building programmes, publications and seminars. Its thought leadership helps members anticipate evolving disclosure trends. By mentoring younger professionals and engaging with regulators, BCAS promotes balanced, practical and ethically grounded disclosure norms.

Transparency, Integrity and Long Term Trust:

To conclude, in the long run, stakeholders and markets reward not just value, prosperity and growth but also integrity. This resonates with the long-term journey of the legendary investor Warren Buffet whose quote, as under, is one of the most powerful lines connecting transparency, integrity, and long-term trust.

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

A big thank you to one and all!