Society News for the month of November 2025
Details:
1. FEMA Study Circle – Draft Borrowing and Lending Regulations Issued by RBI held on 17th October, 2025@ Virtual
The FEMA Study Circle organized a meeting on 17th October 2025 to deliberate on the Draft Borrowing and Lending Regulations issued by the RBI. The session was chaired by CA Natwar Thakrar and led by CA Smeet Naren Madlani.
The discussion covered several key aspects:
- Clarification on Eligibility Nexus
- Scope of the Term ‘Eligible Borrower’
- Use of ECB Proceeds for Acquisitions
- Ambiguity in Regulation 3A(f)(iii)
- Lenders from FATF/IOSCO Non-Compliant Jurisdictions
- Borrowing Limit – Period of Maintenance
- Currency of Borrowing
- Arm’s Length Pricing of Borrowings
- Credit of ECB Proceeds to FCY Accounts
- Applicability of Revised Parameters to Existing ECBs
- Reporting Requirements under Form ECB-2.
The session provided valuable insights into the evolving FEMA framework and its implications for cross-border borrowing and lending transactions.
2. India IPO Conclave held on Thursday, 9th October 2025 @ Ginger by Taj, Mumbai Airport
The India IPO Conclave 2025, organised by the Finance, Corporate & Allied Laws Committee of the Bombay Chartered Accountants’ Society (BCAS), was held on 9th October 2025 at Ginger by Taj, Mumbai Airport, in collaboration with NISM, with the Bombay Industries Association (BIA) as the Industry Partner. The theme of the Conclave was “Readiness, Challenges & Opportunities.” The event was spearheaded by Co-Chairman CA Anand Bathiya and led by Convenor CA Rimple Dedhia, supported by CA Sahil Parikh and CA Simran Vishwakarma, under the able stewardship of Chairman CA Naushad Panjwani.
The Conclave witnessed participation from around 150 professionals, with 30% of attendees joining from cities beyond Mumbai and nearly half being non-members, reflecting a diverse and pan-India engagement.
The event commenced with an inaugural session, followed by an address from Mr Jeevan Sonaparote, Executive Director, SEBI, who highlighted the critical role of auditors as gatekeepers in the capital-market ecosystem and SEBI’s reliance on them as first-level regulators. Mr Rajeev Thakkar, Chief Investment Officer, PPFAS, delivered the keynote address on the “Current State of Indian Primary Capital Markets.”
Throughout the day, sessions delved into various facets of India’s IPO landscape, including legal and regulatory preparedness, promoter mindset, investor expectations, and the roles of auditors and merchant bankers in the listing process. Esteemed speakers and moderators included Adv. Janak Bathiya, Adv. Yash Ashar, CA Bhavik Shah, Dr Rachana Baid, Dr Jinesh Panchali, and CA Sahil Parikh, while panellists Mr Arvind Agrawal, Mr Jigar Shah, Dr Lalit Kanodia, Mr Deven Choksey, Mr Nimish Shah, Mr Umesh Agarwal, Mr. Pinak Bhattacharyya, Mr V. Prashant Rao, and Mr Vivek Vaishnav shared their valuable insights and perspectives.
Key takeaways included actionable insights on IPO readiness and compliance, encompassing legal, audit, and regulatory perspectives, as well as real-world lessons from promoters, investors, and industry leaders on successful listing strategies, market timing, and investor expectations.
The Conclave successfully provided a comprehensive platform for knowledge-sharing, discussion, and networking.
BCAS Academy link: https://academy.bcasonline.org/courses/india-ipo-conclave-2025/
3. Daughters’ Rights in Succession Laws held on Thursday, 25th September 2025 @ BCAS (Hybrid)
On International Daughters’ Day, the Finance Corporate and Allied Laws Committee of BCAS organized a special session on “Daughters’ Rights in Succession Laws”, led by renowned family law expert Adv. Mrunalini Deshmukh. The session aimed to raise awareness about the legal rights of daughters in inheritance and succession, a topic of growing relevance in India’s evolving socio-legal landscape.
Adv. Deshmukh covered key legal provisions, landmark Supreme Court rulings, and the impact of the Hindu Succession (Amendment) Act, 2005, highlighting the equal rights of daughters in ancestral property. The talk also touched on practical challenges and societal attitudes that often hinder the implementation of these rights.
The hybrid event drew strong engagement from both in-person and virtual attendees from across the country, making it a truly inclusive and enlightening experience.
BCAS Academy link: https://academy.bcasonline.org/courses/daughters-rights-in-succession-laws/
4. ITF Study Circle Meeting on “Future of MLI Post Mumbai Tribunal Ruling in Sky High” held on 23rd September, 2025@ Virtual.
The International Tax and Finance Study Circle organized a meeting on 23 September 2025 to discuss the future of the Multilateral Instrument post the Mumbai Tribunal’s ruling in the case of Sky High.
Chairman of the session – CA Ganesh Rajagopalan
Group Leaders CA Abhitan Mehta and CA Nemin Shah
- The session opened with remarks from the chairman on his initial views of the Mumbai Tribunal ruling.
- Post that, the group leaders began with a quick look at the basic concepts of BEPS and MLI and various steps taken by the Government.
- Next, the group leaders discussed the facts of the case, the contentions of the taxpayers and the tax authorities and the ruling by the Mumbai Tribunal.
- Then the group leaders discussed the nuances and implications of the ruling. The chairman of the session also added key points at critical points in the discussion. The chairman opened the floor for discussion on the key implications of the ruling.
- Many participants shared their views on a number of implications of the ruling, and divergent views were expressed on a lot of issues. The discussion was lively and enriching for the participants. The session was attended by a number of senior members, and the participants benefited from their expert views on the ruling.
The session closed with concluding remarks by the chairman.
5. Direct Tax Laws Study Circle Meeting on “Applicability of Valuation Provisions under Income Tax Act” held on 18th September2025@ Virtual.
Speaker: Mr. Raghav Bajaj
The speaker began by emphasizing the critical role of valuation in ensuring fair taxation and its relevance across advisory, restructuring, and litigation contexts. He then examined key valuation provisions of the Act, illustrating them with practical examples and interpretative insights.
The following major areas were discussed during the session:
1. Section 9(1)(i): Indirect transfer provisions and their valuation implications in cross-border transactions.
2. Section 17(2)(vi): Determination of perquisite value in the case of ESOPs, including nuances in valuation methodology. 3. Section 28(via): Tax treatment on conversion of inventory into capital assets and its valuation considerations.
4. Sections 9B and 45(4): Capital gains taxation arising on dissolution or reconstitution of firms and valuation of distributed assets.
5. Section 50B: Valuation in slump sale transactions and computation of capital gains in scenarios involving negative net worth.
6. Sections 50C and 50CA: Valuation disputes in the transfer of immovable property and unquoted shares vis-à-vis stamp duty and fair market values.
7. Section 56(2)(x): Determination of fair market value for receipt of property and shares, particularly in related-party or group transactions.
8. Sections with no explicit FMV mechanism: Practical issues in adopting alternative valuation methodologies and dealing with the absence of prescribed rules.
Overall, the discussion offered valuable insights into the interplay between valuation and taxation, equipping participants with practical knowledge to navigate evolving tax and regulatory landscapes effectively.
6. One-Day Seminar on NBFCs – Challenges, Opportunities and the Road Ahead held on Friday, 12th September 2025 @ Babubhai Chinai Hall IMC.
To dive deep into governance, RBI compliance, digital disruptions, fintech innovations and sustainable financing, the BCAS organized a full-day seminar on NBFCs.
The NBFC Seminar has become a regular feature on the BCAS calendar, providing members with an important platform to stay abreast of evolving trends in the financial services sector. With Ind AS stabilising in the industry, economic growth gaining momentum, technological disruptions reshaping business models, and RBI guidelines constantly evolving, this year’s seminar proved to be both a refresher on established principles and a window into emerging opportunities.
The seminar opened with remarks from CA. Zubin Billimoria, President of BCAS, and CA. Abhay Mehta, Chairman of the Accounting and Auditing Committee. Both highlighted the significance of knowledge-sharing and the society’s role in equipping members for the future of the profession.
The technical sessions covered a wide spectrum of contemporary issues and were delivered by an eminent panel of speakers:
NBFC Universe & RBI Compliance – CA. Bhavesh Vora offered an insightful overview of the role of NBFCs in India’s growth trajectory, touching on regulatory developments and key market undercurrents. He highlighted how NBFCs complement the banking system and bridge the last-mile credit gap in the economy.
From Legacy to Digital: FinTech Disruptions – CA. Keshav Loyalka explained how AI and technology are reshaping the credit landscape, enabling new business models and driving economic expansion. He emphasised how fintech players are transforming customer experience and risk assessment frameworks.
Sustainable Financing by NBFCs – Ms Namita Vikas presented thought-provoking insights on the emerging field of climate finance, illustrating its transformative impact with practical examples, including initiatives supporting salt farmers in Gujarat. She stressed that sustainability is not just a social responsibility but also a strategic business imperative.
Auditing Digital Lenders & FinTech NBFCs – CA. Murtuza Vajihi addressed the challenges faced by auditors in a rapidly digitising environment, emphasising the need to be well-versed both technically and technologically. He pointed out that audit approaches must evolve to deal with data-driven business models and high transaction volumes.
Enterprise Risk Management in Fintech & LSPs – Dr Gautam Sanyal introduced important concepts such as risk culture, risk appetite, control frameworks, and risk-based governance, enriching his session with real-life case studies. He underlined that proactive risk management is central to building resilience and investor confidence.
Ind AS vs. Ind Guess? Decoding ECL, Fair Value & Audit Judgment – CA. Manan Lakhani shared practical insights into the complexities of Ind AS, with a special focus on Expected Credit Loss, fair value assessments, and the role of professional judgment in audits. He also explained common pitfalls observed in practice and how auditors can exercise balanced judgment.
BCAS Academy link: https://academy.bcasonline.org/courses/seminar-on-nbfcs-challenges-opportunities-and-the-road-ahead/
7. FEMA Study Circle meeting on “Residence of Individuals under FEMA – Issues and implications out of recent SAFEMA Tribunal decision” held on 4th September 2025@, Virtual.
The FEMA Study Circle held a meeting on the recent SAFEMA Tribunal decision pronounced in the case of Pradeep Mishra vs. Special Director, ED, which dealt with the interpretation of the definition of “person resident in India” as defined under Section 2(v) of FEMA.
The session was chaired by Chairman, CA Rashmin Sanghvi and led by group leader, CA Bhavya Gandhi.
The chairman provided a deep insight into the history and background of the definition provided under Section 2(v) of FEMA, the two possible interpretations that can be made and their associated complexities.
The group leader explained the significance of determining the residential status under FEMA while dealing with foreign exchange transactions and assessing FEMA implications thereon. Practical examples were discussed to demonstrate the challenges associated with adopting a literal interpretation of the definition instead of a purposive interpretation. Light was also thrown on different RBI Regulations/Master Directions or Government press releases, which indicate how the residency definition should be interpreted.
Elaborate discussions were held on the implications of the interpretation adopted by the SAFEMA Tribunal in pronouncing the decision. The group members also participated by asking queries, giving their views and experiences on the matter.
The meeting was concluded by summarising what are the best practices while dealing with controversial provisions of FEMA.
II. REPRESENTATIONS
The Bombay Chartered Accountants’ Society (BCAS) has made two important representations to the GST authorities during the period under review, highlighting practical difficulties faced by professionals and taxpayers.
1. Representation for Extension of Due Date for Filing GSTR-3B for September 2025
On 8th October 2025, BCAS has requested an extension of the statutory due date for furnishing Form GSTR-3B and discharging tax liability for the month/quarter ending September 2025. The request was made considering that the original due date coincides with a weekend and major festival days across several regions, which could lead to operational and logistical constraints for taxpayers and professionals. The Society has urged the authorities to grant a reasonable extension to ensure smooth compliance and avoid hardship.
2. Representation for Dedicated Login and Dashboard Facility for Authorised Representatives on the GSTAT e-Filing Portal
On 29th September 2025, BCAS has requested the introduction of a dedicated login and dashboard facility for Authorised Representatives (ARs) on the GSTAT e-Filing Portal. Currently, the portal allows access primarily to appellants and respondents, creating challenges for ARs who manage multiple cases. A separate login for ARs would facilitate efficient case tracking, hearing management, and document access. The Society has emphasized that such functionality, similar to that available in other judicial forums like the ITAT and NCLT, would enhance overall efficiency and ensure better compliance management.
Through these initiatives, BCAS continues to promote a more efficient, practical, and taxpayer-friendly GST administration.
Readers can read the full representation by scanning the QR code or visiting our website www.bcasonline.org
III. BCAS IN NEWS & MEDIA
BCAS has been featured in several news and media platforms, showing our active involvement, professional contributions, and commitment to the field. This reflects the growing recognition of BCAS in the public and professional space.
Link: https://bcasonline.org/bcas-in-news/
