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List of scams --1..Jeep scandal case (1948)2.The Mundhra Scandal(1957)3.Harshad Mehta scam(1990-92)4.Ketan Parekh scam(1990-2001)5.Telgi stamp paper scam(2000-2006)6.Satyam scam (2009)7. 2G Spectrum scam(2007-09)8.Coalgate scam(2005-09)9.Rajat Gupta insider trading scam(2008-13)10.Saradha Group financial scandal(2013)details-1.Jeep scandal case (1948)The jeep scandal in 1948 was first major corruption case in independent India. V.K. Krishna Menon, the then Indian high commissioner to Britain, ignored protocols and signed a Rs 80 lakh contract for the purchase of 4603 army jeeps with a foreign firm.Only 155 jeeps came .The government hushed up the matter despite adverse comments by the enquiry committee.2.The Mundhra Scandal(1957)Haridas Mundhra was a Calcutta-based industrialist and stock speculator who was found guilty and imprisoned in the first ever big financial scandal of free India in 1957. The Mundhra scandal also exposed the growing rifts between the then Prime Minister Jawaharlal Nehru and his son-in-law Feroze Gandhi, and also led to the resignation of India's then finance minister T. T. Krishnamachari. Haridas Mundhra scandal is the biggest example - that the branches of corruption grows thicker if their roots are not destroyed at very beginning.In 1957, Mundhra with his nefarious intentions got the government-owned Life Insurance Corporation (LIC) to invest Rs. 1.24 crores (about USD 3.2 million at the time) in the shares of six troubled companies belonging to none other than Mundhra: Richardson Cruddas, Jessops & Company, Smith Stanistreet, Osler Lamps, Agnelo Brothers andBritish India Corporation. The investment was done under governmental pressure and it also bypassed the LIC’s investment committee, which was informed of this decision only after the deal had gone through. In the series of events of the first scam of India, LIC suffered loss to most of the money.During Investigations, the Justice M.C. Chagla (a one-man committee for Commission of Enquiry) determined that the then Finance Secretary of India, Haribhai M. Patel, along with two Life Insurance Corporation of India officials, L S Vaidyanathan, may have colluded on the payment, and should be investigated. Subsequent inquiry committee headed by Retired Justice Vivian Bose cleared the names of two civil servants but passed strictures against finance minister for “lying”. The Finance Minister T. T. Krishnamachari, in his testimony tried to distance himself from the LIC's decision, implying that it may have been taken by the Finance Secretary, but Justice Chagla held that the Minister is constitutionally responsible for the action taken by his secretary and he disown his actions. Eventually, Krishanamachari had to resign. The Nehru government suffered considerable loss of prestige with the exposure of this incident.Haridas Mundhra was arrested from his luxury suite at the Claridge’s Hotel in Delhi, and sent to prison.It turned out that Mundhra’s manipulations were not restricted to LIC. The income tax department had curiously withdrawn certain notices pending against him having entered into “some understanding” about the payment of arrears.In recent times, Mundhra is often noted as the forerunner of other financial scamsters of modern India, including Harshad Mehta and Abdul Karim Telgi, who also operated with considerable political connivance.3.Harshad Mehta scam(1990-92)The 1992 scam- The banks at that time were not allowed to invest in the equity markets. Harshad Mehta had very cleverly squeezed some capital out of the banking system. Another instrument used in a big way was the bank receipt (BR). In a ready forward deal, securities were not moved back and forth in actuality. Instead, the borrower, i.e. the seller of securities, gave the buyer of the securities a BR.A BR confirms the sale of securities. It acts as a receipt for the money received by the selling bank. Hence the name - bank receipt. It promises to deliver the securities to the buyer. It also states that in the mean time, the seller holds the securities in trust of the buyer.Having figured this out, Metha needed banks, which could issue fake BRs, or BRs not backed by any government securities. Two small and little known banks - the Bank of Karad (BOK) and the Metorpolitan Co-operative Bank (MCB) - came in handy for this purpose.Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, obviously assuming that they were lending against government securities when this was not really the case. He took the price of ACC from 200 to 9000.Thats an increase of 4400%.The market went up like crazy and the bulls were on a mad run. Since he had to book profits in the end, the day he sold was the day when the market crashed. The same day Vijaya Bank chairman committed suicide by jumping from the top of the banks’ office.Outbreak of 1992 security scamOn 23 April 1992, journalist Sucheta Dalal exposed Mehta's illegal methods in a column in The Times of India. Mehta was dipping illegally into the banking system to finance his buying.4.Ketan Parekh scam(1990-2001)Ketan Parekh is a former stock broker from Mumbai, India, who was convicted in 2008, for involvement in the Indian stock market manipulation scam in late 1999-2001. Currently he has been debarred from trading in the Indian stock exchanges till 2017. He was trainee of Harshad Mehta.Parekh is alleged to have been involved in circular trading throughout the time period and with a variety of companies, including Global Trust Bank and Madhavpura Mercantile Cooperative Bank.Parekh's sole conviction, which carried a one-year sentence, came as a result of a transaction he conducted involving a unit of Canara Bank in 1992.Though Parekh is currently barred from stock trading, in 2009, the Securities and Exchange Board of India alleged a variety of companies and other actors were trading on behalf of Parekh; 26 entities were banned from trading as a result of that investigation. In March 2014 he was convicted by a special CBI court in Mumbai for cheating and sentenced to two years rigorous imprisonment.5. Telgi stamp paper scam(2000-2006)The tentacles of the fake stamp and stamp paper scam, better known as the Telgi scam, has penetrated 12 states and is estimated at a whopping Rs 20,000 crore plus. Between 1992 and 2002, 12 cases were registered against Telgi relating to counterfeit stamps in Maharashtra alone and 15 cases in other parts of the country, but the lack of serious action suggests that the scamster had mastered the technique of corrupting the system.The Telgi scam is by no means a case of police corruption and political connivance helping an ingenious crook to set up a fast-growing dubious business. Telgi clearly had a lot of support from other departments and institutions of government that are responsible for the production and sale of high security stamps. But questions about their involvement are just beginning to be asked. Even more shocking is the fact that the Special Investigation Team’s enquiry report, better known as the Jaiswal report, had already asked these questions in November 2002, but no action has been initiated on the wider issues raised in the report.Meanwhile, many questions remain unasked and counterfeit stamps probably continue to be sold across the country, because the distribution network is untouched. The Jaiswal report has indicated clearcut connivance of officials of the India Security Press at Nasik in the transfer of appropriate technology, including transfer of stamp designs and from original negatives; that the Security Press was completely infiltrated by unscrupulous elements. Yet, no heads have rolled at the Press, nor has any urgent action been initiated to overhaul its systems and procedures. Similarly, the failure of treasury department officials to notice the large-scale use of counterfeit stamps in Maharashtra has also to be investigated. What has been revealed so far is just the tip of the iceberg.6.Satyam scam(2009)The multi-crore Satyam Computers corporate scam was a jolt to the market, especially to Satyam stock-holders. A look at all the aspects of one of the biggest corporate frauds that raised eyebrows and highlighted the need for better government regulations among corporates.What: The scandal broke in 2009 when founder-chairman of Satyam Computers Ramalinga Raju confessed that the company’s accounts were tampered with. He disclosed a Rs.7,000-crore accounting fraud in the balance sheets.Who: The 10 people found guilty in the case are: B. Ramalinga Raju; his brother and Satyam's former managing dDirector B. Rama Raju; former chief financial officer Vadlamani Srinivas; former PwC auditors Subramani Gopalakrishnan and T Srinivas; Raju's another brother B Suryanarayana Raju; former employees G. Ramakrishna, D. Venkatpathi Raju and Ch Srisailam; and Satyam's former internal chief auditor V.S. Prabhakar Gupta.When: The timeline of the scamJanuary 7, 2009: Ramalinga Raju dropped a letter-bomb on unsuspecting investors, employees and the government confessing to a Rs.7,136-crore fraud committed by him and his close circle of relatives and employees at the company. Ramalinga Raju resigns.January 8, 2009: Citibank freezes Satyam's 30 accounts.January 9, 2009: Ramalinga Raju and his younger brother B. Rama Raju arreste. Central govt disbands Satyam’s board, to appoint its own 10 directors.Jan 9, 2009: Satyam removed from Sensex, Nifty.Jan 10, 2009: Satyam’s former CFO Srinivas Vadlamani arrested.Jan 11, 2009: Government appoints Deepak Parekh, Kiran Karnik and C. Achuthan to Satyam board.February 2009: CBI takes over investigation, goes on to file three chargesheets.Mar 6, 2009: Gets SEBI nod for bidding process to select investor.April 22, 2009: Tech Mahindra makes open offer to Satyam shareholders at Rs. 58/share, offer to close June 9.June 22, 2009: Mahindra unveils new brand identity for Satyam, Mahindra Satyam.2010: Raju says charges levelled by CBI are false.November 2, 2011: Supreme Court grants bail to Raju since CBI failed to file chargesheet on time.October 28, 2013: Enforcement Directorate files a criminal complaint against 47 persons and 166 corporate entities headed by Ramalinga Raju.December 8, 2014: Ramalinga Raju and three others given six months jail term by SFIO.December 23, 2014: Judge postpones verdict citing voluminous documents.March 9, 2015: Special court defers verdict till April 9.April 9, 2015: All 10 accused found guilty.7. 2G Spectrum scam(2007-09)The 2G spectrum scam was an Indian telecommunications scam and political scandal in which politicians and government officials under the Congress government undercharged mobile telephone companies for frequency allocation licenses, which they then used to create 2G spectrum subscriptions for cell phones. The difference between the money collected and that mandated to be collected was estimated by the Comptroller and Auditor General of India at ₹1.76 trillion (US$27 billion), based on 2010 3G and BWA spectrum-auction prices. In a chargesheet filed on 2 April 2011 by the Central Bureau of Investigation (CBI, the investigating agency), the loss was pegged at₹309845.5 million (US$4.7 billion).In a 19 August 2011 reply to the CBI, the Telecom Regulatory Authority of India (TRAI) said that the government had gained over ₹30 billion(US$450 million) by selling 2G spectrum. Minister of Communications & IT Kapil Sibal said in a 2011 press conference that "zero loss" was incurred by distributing 2G licenses on a first-come-first-served basis.On 2 February 2012, the Supreme Court of India ruled on a public interest litigation (PIL) related to the 2G spectrum scam. The court declared the allotment of spectrum "unconstitutional and arbitrary", cancelling the 122 licenses issued in 2008 under A. Raja (Minister of Communications & IT from 2007 to 2009), the primary official accused. According to the court, Raja "wanted to favour some companies at the cost of the public exchequer" and "virtually gifted away important national asset[s]." The zero-loss theory was discredited on 3 August 2012 when, after a Supreme Court directive, the government of India revised the base price for 5-MHz 2G spectrum auctions to ₹140 billion(US$2.1 billion), raising its value to about ₹28 billion (US$420 million) per MHz (near the Comptroller and Auditor General estimate of ₹33.5 billion (US$510 million) per MHz).Although the policy for awarding licences was first-come, first-served, Raja changed the rules so it applied to compliance with conditions instead of the application itself. On 10 January 2008, companies were given only a few hours to supply Letters of Intent and payments; some executives were allegedly tipped off by Raja, and they (and the minister) were imprisoned. In 2011 Time ranked the scam second on their "Top 10 Abuses of Power" list, behind the Watergate scandal.8.Coalgate scam(2005-09)Coal allocation scam (or Coalgate ) is a major political scandal concerning the Indian government's allocation of the nation's coal deposits to public sector entities (PSEs) and private companies. In a draft report issued in March 2014, the Comptroller and Auditor General of India (CAG) office accused the Government of India of allocating coal blocks in an inefficient manner during the period 2004–2009. Over the Summer of 2012, the opposition BJP lodged a complaint resulting in a Central Bureau of Investigation probe into whether the allocation of the coal blocks was in fact influenced by corruption.The essence of the CAG's argument is that the Government had the authority to allocate coal blocks by a process of competitive bidding, but chose not to. As a result, both public sector enterprises (PSEs) and private firms paid less than they might have otherwise. In its draft report in March the CAG estimated that the "windfall gain" to the allocatees was ₹10673 billion (US$160 billion). The CAG Final Report tabled in Parliament put the figure at ₹1856 billion (US$28 billion) On 27 August 2012 Indian prime minister Manmohan Singh read a statement in Parliament rebutting the CAG's report both in its reading of the law and the alleged cost of the government's policies.While the initial CAG report suggested that coal blocks could have been allocated more efficiently, resulting in more revenue to the government, at no point did it suggest that corruption was involved in the allocation of coal. Over the course of 2012, however, the question of corruption has come to dominate the discussion. In response to a complaint by the BJP, the Central Vigilance Commission (CVC) directed the CBI to investigate the matter. The CBI has named a dozen Indian firms in a First Information Report (FIR), the first step in a criminal investigation. These FIRs accuse them of overstating their net worth, failing to disclose prior coal allocations, and hoarding rather than developing coal allocations. The CBI officials investigating the case have speculated that bribery may be involved.The issue has received massive media reaction and public outrage. During the monsoon session of the Parliament, the BJP protested the Government's handling of the issue demanding the resignation of the prime minister and refused to have a debate in the Parliament. The deadlock resulted in Parliament functioning only seven of the twenty days of the session. The Parliamentary Standing Committee report on Coal and Steel states that all coal blocks distributed between 1993 and 2008 were done in an unauthorized manner and allotment of all mines where production is yet to start should be cancelled. In 2015, Coal auction helped state government earned 80,000 Crore after sales of 11 coal blocks.9.Rajat Gupta insider trading scam(2008-13)India-born former Goldman Sachs Director Rajat Gupta, convicted of insider trading, has been ordered to pay a hefty $13.9 million civil penalty and permanently barred from acting as an officer or director of a public company for spilling boardroom secrets.The order issued by Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York, imposed the penalty on Mr. Gupta on Wednesday in connection with the biggest insider trading case in the U.S. history.The 64-year-old Mr. Gupta is appealing his June, 2012, conviction in a parallel case, in which he was handed down a two-year prison term and fined $5 million.His attorney was not immediately available for comment regarding the civil penalty imposed on Wednesday.The Securities and Exchange Commission (SEC) on Wednesday obtained the $13.9 million penalty against Mr. Gupta for illegally tipping corporate secrets to his friend and former hedge fund manager Raj Rajaratnam.Mr. Gupta also is permanently barred from serving as an officer or director of a public company, the U.S. regulator said.The SEC previously obtained a record $92.8 million penalty against Mr. Rajaratnam for prior insider trading charges.“The sanctions imposed send a clear message to board members who are entrusted with protecting the confidences of the companies they serve,” said George S Canellos, Co-Director of the SEC’s Division of Enforcement.“If you abuse your position by sharing confidential company information with friends and business associates in exchange for private gain, you will be prosecuted to the fullest extent by the SEC,” Mr. Canellos said.In its complaint filed in late 2011, the SEC alleged that Mr. Gupta disclosed confidential information to Mr. Rajaratnam about Berkshire Hathaway Inc’s $5 billion investment in Goldman Sachs as well as non-public details about Goldman Sachs’ financial results for the second and fourth quarters of 2008.In addition to imposing the financial penalty, the order enjoins Mr. Gupta from future violations of the securities laws, permanently bars him from acting as an officer or director of a public company and from associating with any broker, dealer, or investment adviser.In the parallel criminal case arising out of the same facts, the SEC provided significant assistance to the U.S. Attorney’s Office for the Southern District of New York in its successful criminal prosecution of Gupta, who was found guilty on June 15, 2012, of one count of conspiracy to commit securities fraud and three counts of securities fraud.Following the jury verdict, Mr. Gupta was sentenced on October 24, 2012, to a term of imprisonment of two years followed by one year of supervised release, and ordered to pay a $5 million criminal fine.On December 26, 2012, the SEC obtained a final judgement ordering Mr. Rajaratnam to disgorge his share of the profits gained and losses avoided as a result of the insider trading based on Mr. Gupta’s tips, plus prejudgement interest.Mr. Rajaratnam was sentenced to 11 years for charges related to insider trading in October 11, the longest-ever term imposed in such a case.10.Saradha Group financial scandal(2013)The Saradha Group financial scandal was a major financial scam and alleged political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds. in Eastern India.The group collected around ₹200 to 300 billion (US$4–6 billion) from over 1.7 million depositors before it collapsed in April 2013. In the aftermath of the scandal, the State Government of West Bengal where the Saradha Group and most of its investors were based instituted an inquiry commission to investigate the collapse. The State government also set up a fund of ₹5 billion(US$75 million) to ensure that low-income investors were not bankrupted.The central government through the Income Tax Department and Enforcement Directorate launched a multi-agency probe to investigate the Saradha scam and similar Ponzi schemes. In May 2014, the Supreme Court of India, citing inter-state ramifications, possible international money laundering, serious regulatory failures and alleged political nexus, transferred all investigations into the Saradha scam and other Ponzi schemes to the Central Bureau of Investigation (CBI), India's federal investigative agency. Many prominent personalities were arrested for their involvement in the scam including two Members of Parliament (MP) - Kunal Ghosh and Srinjoy Bose, former West Bengal Director General of Police Rajat Majumdar, a top football club official Debabrata Sarkar, Sports and Transport minister in the West Bengal Government – Madan Mitra.

Before its collapse, Enron marketed electricity and natural gas, delivered energy and other physical commodities, and provided financial and risk management services to customers around the world.Kenneth Lay - Founder, Chariman and CEOJeffery Skilling - Former President, COO and CEOAndrew Fastow - Former CFOLu Pi - CEO of Enron Energy ServicesFacts: Most of the top executives were tried for fraud after it was revealed in November 2001 that Enron's earnings had been overstated by several hundred million dollars.Enron was once ranked the sixth-largest energy company in the world.Enron shares were worth $90.75 at their peak in August 2000 and dropped to $0.67 in January 2002.Top Enron executives sold their company stock prior to the company's downfall.Lower-level employees were prevented from selling their stock due to 401k restrictions and many subsequently lost their life savings.Enron paid the top 140 executives $680 million in 2001. Kenneth Lay received $67.4 million and Jeffrey Skilling received $41.8 million.Timeline: July 1985 - Enron is formed by the merger of Houston Natural Gas and Omaha-based InterNorth.2000 - Enron reaches No. 7 on the Fortune 500 list.August 14, 2001 - Skilling resigns as CEO, and Lay becomes CEO again. (He had been CEO from 1985-2000.)August 15, 2001 - Sherron Watkins sends a memo to Lay about accounting issues.October 16, 2001 - Enron announces a third-quarter loss of $618 million.October 31, 2001 - The SEC opens a formal investigation into Enron's transactions.November 9, 2001 - Enron and Dynegy announce a $7.8 billion merger agreement. It would form Dynegy Corp, in which Dynegy would own 64% and Enron 36%.November 28, 2001 - Dynegy announces it has terminated merger talks with Enron.December 2, 2001 - Enron files for Chapter 11 protection, becoming the largest bankruptcy in US history at that time and leaving thousands of workers with worthless stock.January 9, 2002 - The US Department of Justice opens a criminal investigation into Enron's collapse.January 11, 2002 - The SEC widens its investigation to include Enron's chief auditor, Arthur Andersen, due to reports of document shredding.January 15, 2002 - The NYSE suspends trading of Enron shares.January 17, 2002 - Enron ends its partnership with Arthur Andersen.January 23, 2002 - Lay resigns as chairman of the board and CEO.January 25, 2002 - Former Enron vice chairman J. Clifford Baxter commits suicide in Sugarland, Texas.January 30, 2002 - Enron appoints Stephen Cooper as its interim CEO.February 4, 2002 - Lay resigns from Enron's board of directors.February 7, 2002 - Andrew Fastow, Michael Kopper, Richard Buy and Richard Causey all invoke their Fifth Amendment rights before the House Energy and Commerce Committee.February 12, 2002 - Lay invokes his Fifth Amendment right before the Senate Commerce Committee.February 14, 2002 - Whistleblower Watkins testifies before the House of Representatives.February 26, 2002 - Skilling, Watkins and Jeffrey McMahon testify before the US Senate Commerce Committee.March 14, 2002 - US Justice Department indicts accounting firm Arthur Andersen for obstruction of justice in the Enron case.April 2002 - Enron rises to No. 5 on the Fortune 500 list despite its bankruptcy filing. Fortune bases its rankings only on the first nine months of revenue in 2001, which totaled $138.7 billion.June 15, 2002 - Arthur Andersen is found guilty of obstructing justice.August 21, 2002 - Former Enron executive Kopper pleads guilty to conspiracy to commit wire fraud and money laundering conspiracy.October 2, 2002 - Fastow is charged with securities fraud, wire fraud, mail fraud, money laundering and conspiracy.May 1, 2003 - Fastow, his wife, and seven others are charged in a superseding indictment for actions relating to the firm's financial scandals.January 8, 2004 - Judge David Hittner says he will accept Lea Fastow's plea deal in exchange for a guilty plea that could reduce her prison time.January 14, 2004 - Fastow and his wife each plead guilty, as part of a plea agreement.January 22, 2004 - Causey pleads not guilty to five counts of securities fraud and one count of conspiracy to commit securities fraud.February 19, 2004 - Former Enron CEO Skilling is indicted on fraud and conspiracy charges and pleads not guilty.May 6, 2004 - Lea Fastow pleads guilty to a single count of filing a false tax return and receives a 12-month sentence.May 19, 2004 - The former Enron vice president responsible for investor relations, Paula Rieker, pleads guilty to insider trading.July 7, 2004 - Lay is indicted on 11 counts - one count of conspiracy to commit security and wire fraud, two counts of wire fraud for misleading statements at employee meetings, four counts of securities fraud for false statements in presentations to securities analysts, one count of bank fraud and three counts of making false statements to banks.July 8, 2004 - Lay pleads not guilty to all 11 charges and is released on $500,000 unsecured bond.November 3, 2004 - The first criminal trial ends with the acquittal of former accountant Sheila Kahanek.November 17, 2004 - Enron comes out of bankruptcy after selling its interest in three natural gas pipelines to CCE Holdings for $2 billion.May 31, 2005 - The US Supreme Court overturns Arthur Andersen's obstruction of justice conviction.December 28, 2005 - Causey pleads guilty to securities fraud for his role in the Enron scandal. He will serve only seven years in exchange for cooperating with prosecutors seeking convictions of his former bosses, Lay and Skilling.March 28, 2006 - The judge dismisses three counts against Skilling (two charges of securities fraud and one charge of lying to auditors) and one count of securities fraud against Lay.May 25, 2006 - The jury in the Enron case finds former CEO Skilling and founder Lay guilty of conspiracy and fraud. Lay is convicted of all six counts against him and Skilling is found guilty on 19 counts of conspiracy, fraud, false statements and insider trading. Skilling is found not guilty on nine counts of insider trading. Judge Simeon T. Lake announces four guilty verdicts in the separate bench trial of Lay on separate counts of conspiracy and fraud.July 5, 2006 - Lay dies in Aspen, Colorado, from a heart attack brought on by severe coronary artery disease.September 26, 2006 - Fastow is sentenced to six years in prison, four years less than his plea agreement stipulated in January 2004.October 17, 2006 - Judge Lake erases Lay's fraud and conspiracy convictions. This is a long-standing legal practice of the US federal courts if the defendant dies before he/she has a chance for an appeal to be heard.October 23, 2006 - Skilling is sentenced to 24 years and four months in prison.November 7, 2006 - Fastow reports to the Oakdale, Louisiana, federal detention center to begin serving his six-year sentence.November 15, 2006 - Former COO Causey is sentenced to five years and six months in prison for one count of securities fraud.November 16, 2006 - Skilling appeals his convictions to the 5th Circuit Court of Appeals.December 13, 2006 - Skilling reports to prison in Waseca, Minnesota, after a judge refuses to allow him to remain free pending appeal.January 3, 2007 - Causey reports to the Bastrop Federal Correctional Institution to begin serving his five and a half year sentence.January 6, 2009 - The US Court of Appeals affirms Skilling's conviction but sends his case back for resentencing.June 24, 2010 - The US Supreme Court rules that Skilling was incorrectly prosecuted under a law concerning "honest-services fraud." The court then nullifies Skilling's conviction on that charge.April 6, 2011 - The Fifth US Circuit Court of Appeals confirms Skilling's criminal conviction.May 16, 2011 - Fastow is transferred from a federal prison in Louisiana to a halfway house in Houston. He is later allowed to move to his home to complete his sentence.May 17, 2011 - Causey begins serving the rest of his five and a half year sentence in home confinement.December 17, 2011 - Fastow's home confinement ends and he begins two years of probation.April 16, 2012 - The US Supreme Court turns aside Skilling's second appeal. A few weeks later, Skilling's attorney files a motion requesting a new trial in Houston federal court citing newly discovered evidence.June 21, 2013 - A federal judge reduces Skilling's sentence by more than 10 years. As part of the resentencing deal brokered between prosecutors and the defense, Skilling agrees to stop challenging his conviction and forfeit roughly $42 million that will be distributed among the victims of the Enron fraud.November 18, 2015 - A federal judge issues a ruling that bars Skilling from ever acting as an officer or director of a publicly traded company again, settling a long-running civil suit by the US Securities Exchange Commission.March 1, 2017 - A federal judge dismisses a class action lawsuit against UBS, accused of hiding fraud committed by Enron, a former client.Source: Enron Fast Facts

Thanks for A2A but I think institute has provided answer in detail ,Pls go through the same!The Institute of Cost Accountants of India(Statutory body under an Act of Parliament)Career ProspectsProfessional Avenues In this globalised world, organizations require professionals such as Cost Accountants (CMAs) who have specialized knowledge on business strategy and value creation. The Cost Accountant being the foundation on which the enterprises are built, the specialized education and training by the Institute make the Cost Accountant a multi-faceted professional. CMAs are driving force in all economic activities, as they are the value creator, value enabler, value preserver and value reporter.Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.Those CMAs managing their own businesses have found themselves as a Manager and as an Accountant can control and thereby flourish their businesses. There is no doubt that a Cost Accountant can attain the highest ladder of professional career.There is a sustained demand for qualified, trained and experienced cost accountants in India and abroad in different industries and Government Departments. Many members of the Institute are also engaged in providing professional and cost consultancy services and in teaching cost and management accountancy in Universities and Colleges.Cost accountancy edges over financial accounting. Cost accounting promotes study and adoption of scientific methods to secure maximum efficiency in industrial, commercial and other spheres, as compared to financial accounting. Financial accounting mainly draws conclusions on the basis of post facto data long after the operations are put through and expenditure were incurred enabling score keeping or at best statistical analysis. Therefore, role of cost accountants go beyond a financial accountant and they help the management in regulating production operations and processes of production.The members of the Institute are the driving force in the team of management while in employment, and as Cost Auditors, Internal Auditors, Auditors in case of VAT, Excise, SEBI, NSDL and under other statutes/ Regulatory requirements, Advisors and Consultants in practice. There are several areas of practice available for Cost Accountants, a list of which is given below:Independent practiceThere is vast scope for practice by a Cost Accountant for which he has to obtain Practice Certificate from the Institute. Details in this regard are available in the “Membership Section” of the Institute website: http://www.cmaicmai.in/external/Home.aspx. A Cost Accountant may set up the practice at his own as Proprietor or set up a new partnership firm with like-minded Cost Accountants in practice or may be admitted as new partner in the existing firm of Cost Accountants in practice. His clientele include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc. For practicing Cost Accountants the Institute issued suggested fees guidelines, which may be seen athttp://icmai.in/upload/pd/Cost_Audit_Fee_of_ICWAI.pdfThere are several areas of practice available for Cost Accountants, which are as follows:Professional Avenues for CMAs in PracticeS. No.Statute/AuthorityDescriptionAAudit Assignments(i)Central Goods & Services Tax Act, 2017Audit of Accounts & Records under Section 35(5) of Central Goods & Service Tax Act, 2017.Special Audit under Section 66(1) of Central Goods & Service Tax Act, 2017.Access to business premises under Section 71.(ii)Central Board of Excise and Customs (CBEC)Special Audit under Section 14A & 14AA of the Central Excise Act, 1944 of Central Board of Excise and Customs (CBEC).Special Audit in certain cases under Section 11 of Customs Act, 1962, as authorized by Central Board Excise and Customs.(iii)Companies Act, 2013 Section 148 (2)Vide Companies (Cost Records and Audit) Rules, 2014, G.S.R. No. 425 (E) dated 1st July, 2014 under section 148(2), ibid Cost Accountants are exclusively authorized to appoint as Cost Auditor and conduct Cost Audit as per the provisions of the Companies (Cost Records and Audit) Rules, 2014.(iv)Companies Act, 2013 Section 138 (1)Section 138(1) of the Companies Act, 2013 empowers the Cost Accountants/Firms of Cost Accountant to conduct the Internal Audit of the Class of Companies. Companies (Accounts) Rules, 2014 issued by the Government vide GSR 239 (E) dated 31st March, 2014 defines the class of companies in which the Cost Accountants/Firms of Cost Accountant can be appointed/empanelled as Internal Auditor.(v)Ministry of FinanceSpecial Audit under Customes Act, 1962 vide Circular no. 88/98-Customs., Dated 02/12/1998 issued by Ministry of Finance, Department of Revenue for Liberalisation of bonding procedures in respect of 100% EOUs;(vi)Ministry of Health & Family WelfareInternal Audit/Concurrent Audit under National Health Mission (NHM) as empowered by the Ministry of Health & Family Welfare, New Delhi.(vii)Ministry of Road Transport and HighwaysModel Concession Agreement (MCA) on infrastructure for PPP Projects in Highways empowered by Ministry of Road Transport and Highways.(viii)National Bank for Agriculture and Rural Development (NABARD)Stock audit for Working Capital Finance as prescribed by National Bank for Agriculture and Rural Development (NABARD).(ix)National Securities Depository Limited (NSDL)Internal and Concurrent Audit for depository operations under National Securities Depository Ltd (NSDL).(x)Respective Bank CircularsStock Audit, Concurrent Audit, Forensic Audit and other professional services of various Public Sector and Private Sector Banks in India. Please referAnnexure – I.(xi)State Co-operative Societies ActFinancial Audit of Cooperative Societies in states Maharashtra, Karnataka, Himachal Pradesh and West Bengal.(xii)State Co-operative Societies ActSpecial Audit i.e. Cost Audit and Performance Audit of co-operative societies under the respective Co-operative Societies Act of West Bengal, Maharashtra, Karnataka, Punjab, and Delhi.(xiii)Respective State Govt. CircularsInternal Audit in various State Public Sector Enterprises in Punjab, Tamil Nadu, Andhra Pradesh & Odisha.(xiv)Securities Exchange Board of India (SEBI)Half-yearly Internal Audit of Stock Brokers and Credit Rating Agencies as prescribed by Securities Exchange Board of India (SEBI).(xv)Securities Exchange Board of India (SEBI)Stock Brokers and Credit Rating Agencies as prescribed by Securities Exchange Board of India.(xvi)Securities Exchange Board of India (SEBI)Internal audit of Registrars to an Issue / Share Transfer Agents (RTAs) .(xvii)Telecom Regulatory Authority of India (TRAI)Audit for Metering and Billing Accuracy – authorised to conduct audit for Telecom Regulatory Authority of India (TRAI).(xviii)Various State VAT Act/ RulesStatutory Auditors under Value Added Tax Act of States. Please referAnnexure – II.BCertification Areas(i)Ministry of Commerce and Industry, Department of Industrial Policy and PromotionCertificate for verification of Local content in case of procurement for a value in excess of Rs. 10 Crores. ( Order No. P-45021/2/2017-B.E.-II dated 15th June, 2017 on Public Procurement (Preference to Make in India), Order, 2017).(ii)Companies Act, 2013Certifying e-forms which are to be filled by companies under Companies Act and Rules.(iii)Central Excise Act, 1944Certificate of Cost of production of captively consumed goods as per Rule 8 of Central Excise Act, 1944 in accordance with Cost Accounting Standard CAS – 4 issued by the Institute.(iv)Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000Certificate for Average Cost of Transportation as per Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000.(v)Central Electricity Regulatory Commission (CERC)Certification of various forms prescribed under the Central Electricity Regulatory Commission (CERC).(vi)Customs Act, 1962Certificate towards the amount of duty paid on the materials used for the manufacture of exported goods as indicated in Forms DBK-I,II, IIA,III, IIIA under Customs Act, 1962.(vii)Directorate of Advertising and Visual Publicity (DAVP)Certificate towards the authenticated figures of circulation, as per the Annexure XII of the DAVP guidelines representing a statement signed by the both publisher and Cost Accountant with their officials seals giving the details of newsprint and ink stored and consumed during the period.(viii)Fertilizer Industry Coordination Committee (FICC)Certificate of product wise position of production dispatches stock etc. for the year (Annexure III–A) under FICC.(ix)Fertilizer Industry Coordination Committee (FICC)Issuance of various certificates as prescribed by Fertilizer Industry Coordination Committee (FICC) in respect of certifying Cost Data for Subsidy Scheme, Transportation Claims, Escalation Claims and Equalize Freight Claims.(x)Foreign Exchange Management Act, 1999Valuation Certificate under Notification No. FEMA.298/2014-RB: Foreign Exchange Management (Transfer of Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2014 dated 13th March, 2014.(xi)Insurance Regulatory and Development Authority (IRDA)Certification of Application for License and renewal thereof to act as Surveyor and Loss Assessor under Insurance Regulatory and Development Authority (IRDA)(xii)Ministry of Commerce and IndustryIssuance of various certificates under Foreign Trade Policy & Procedures 2015-20 and Aayat Niryat (Import and Export) Forms (ANF). Vide http://F.No.01/94/180/468-Appendices/AM12/PC4 dated 11th October 2012, Cost Accountants are authorized to authenticate various forms and statements, under Foreign Trade Policy & Procedures 2015-20 issued by the Ministry of Commerce and Industry. Please referAnnexure – III.(xiii)Ministry of Commerce and IndustryCertifying Performa CI & C2 under Anti–Dumping as prescribed by Ministry of Commerce & Industry.(xiv)Ministry of Commerce and IndustryCertifying Statement of cost of production for Anti-dumping petition to Government of India.(xv)Ministry of Consumer Affairs, Food and Public DistributionAnnual utilization certificate under Incentive Scheme for New Sugar Factories and Expansion Projects vide Notification No. F.3 (4)/89-PC/Vol.IV of Ministry of Food Dated 28th February, 1997.(xvii)Ministry of TextileCertificate of fulfillment of Hank Yarn obligation for Textile Industry and Textile Committee Cess – Monthly Return in Form – A.(xviii)National Pharmaceutical Pricing Authority (NPPA)Certification of various Forms as mentioned in SECOND SCHEDULE of Drugs (Prices Control) Order, 1995;(xix)Reserve Bank of India (RBI)Compliance Certificate of Reserve Bank of India for Scheduled Banks/ Urban Development Banks/ Urban Co-operative Banks in respect of Consortium Arrangement / Multiple Banking Arrangements.(xx)Reserve Bank of India (RBI)Valuation Certificate as per RBI Circular No.2006-2007/224 DBOD.BP.BC No. 50 / 21.04.018/ 2006-07 dated January 4, 2007 for valuation of different classes of assets (e.g. land and building, plant and machinery, agricultural land, etc.)(xxi)Rubber Board Rubber Rules, 1955Certifying half yearly return in Form ‘N’ for Quantity of Rubber purchased & consumed by manufacturers under rule 33 (f) of the Rubber Rules, 1955.(xxii)Telecom Regulatory Authority of India (TRAI)Reporting and Audit for System on Accounting Separation- Certification Work Telecom Regulatory Authority of India (TRAI).(xxiii)e-MudhraJoin us as a Partner for issuing e-Mudhra Digital Certificates. http://e-mudhra.com/portal/Partner.aspx(xxiv)Ministry of Finance, Department of ExpenditureCertification regarding average annual financial turnover of bidder :Annexure 9 Sample Prequalification Criteria of Manual for Procurement of Goods 2017CCompanies Act, 2013(i)Companies (Cost Records and Audit) Rules, 2014As per Companies (Cost Records and Audit) Rules, 2014, the class of companies which also include foreign companies, are required to maintain “Cost Records”. Cost accountant in practice may assist the company to maintain the Cost Records as per the Companies (Cost Records and Audit) Rules, 2014.(ii)Section 2(38)An expert who has the power or authority to issue a certificate in pursuance of any law for the time being in force.(iii)Section 7(1)(b)Declaration in the prescribed form no. INC.8. form no.INC 14 that the memorandum and articles have been drawn as per the provisions and in conformity.(iv)Form DIR – 12Sections 7(1)(c), 168 & 170(2) and rule 17 of the Companies (Incorporation) Rules 2014 and 8, 15 & 18 of the Companies (Appointment and Qualification of Directors) Rules, 2014 – Particulars of appointment of Directors and the Key Managerial Personnel and the changes among them in form no. DIR 12.(v)Form INC – 14Declaration that the draft memorandum and articles of association have been drawn up in conformity with the provisions of section 8 in form No. INC.14.(vi)Form INC – 21Section 11(1)(a) read with Rule 24 of the Companies (Incorporation) Rules, 2014- Declaration prior to commencement of business or exercising borrowing powers in form No. INC 21.(vii)Form INC – 22Section 12(2) & (4) and Rule 25 and 27 of The Companies (Incorporation) Rules 2014- Notice of situation or change of situation of registered office in form no. INC 22.(viii)Form – PAS 3Section 39(4) and 42 (9) and Rule 12 and 14 Companies (Prospectus and Allotment of Securities) Rules, 2014- Return of Allotment in form no. PAS 3.(ix)Form – SH7Section 64(1) and pursuant to Rule 15 of the Companies (Share Capital & Debentures) Rules, 2014 - Notice to Registrar of any alteration of share capital in form no. SH 7.(x)Form – CHG 9Sections 71(3), 77, 78 & 79 and pursuant to Section 384 read with 71(3), 77, 78 and 79 and Rule 3 of The Companies (Registration of charges) Rules 2014 Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures in form no. CHG 9.(xi)Form – CHG 1Sections 77, 78 and 79 and pursuant to Section 384 read with 77, 78 and 79 andRule 3(1) of the Companies (Registration of Charges) Rules 2014- Registration of creation, modification of charge (other than those related to debentures) including particulars of modification of charge by Asset Reconstruction Company in terms of Securitization and Reconstruction of Finance Assets and Enforcement of Securities Act, 2002 (SARFAESI) in form no. CHG 1.(xii)Form – CHG 4Section 82(1) and Rule 8(1) of the Companies (Registration of charges) Rules 2014- Particulars of satisfaction of charges thereof in form no. CHG 4.(xiii)Form – MGT 14Section 94(1), 117(1) and section 192 – The Companies Act, 1956- Filing of resolutions and agreements to the Registrar in form no. MGT 14.(xiv)Section 137Under form no. AOC – 4 disclosures of related party transactions.(xv)Section 143Report to the Central Government if a fraud is being or has been committed against the company by officers or employees of the company.(xvi)Section 149(4)Section 149 (4) read with Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014: Independent Director Possess skills, experience and knowledge in one or more fields inter alia finance to be an Independent Director.(xvii)Section 153Section 153 and & Rule 9(1) of The Companies (Appointment and Qualification of Directors) Rules, 2014 & Rule 10 of Limited Liability Partnership Rules, 2009: Digital verification of the Form DIR-3: Application for allotment of Director Identification Number(xviii)Section 196Section 196 read with Section 197 and Schedule V of the Companies Act, 2013 and pursuant to Rule 3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014- Return of appointment of key managerial personnel in form no. MR 1(xix)Section 196, 197, 200, 201(1), 203(1)Section 196, 197, 200, 201(1), 203(1) and Schedule V & Rule 7 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014- Form of application to the Central Government for approval of appointment and remuneration or increase in remuneration or waiver for excess or over payment to Managing Director or Whole Time Director or Manager and commission or remuneration to Directors in form no. MR 2.(xx)Section 232(7)Declaration of compliance alongwith Statement to be filed with Registrar of Companies.(xxi)Section 247(1)Eligible to apply for being registered as a valuer.(xxii)Section 259(1)Appointment as Company Administrator by the tribunal.(xxiii)Section 275(1)Appointment as Company liquidator for winding up of the Company.(xxiv)Section 366Application by a company for registration in Form No. URC–1.(xxv)Section 409(3)Appointment as Technical person of Tribunal (15 years of experience is required)(xxvi)Section 432Appearance in the Tribunal for public examination of promoters/directors.(xxvii)Section 455(1)Section 455(1) read with Rule 3 of The Companies (Miscellaneous) Rules, 2014 – Application to Registrar for obtaining the status of dormant company in form no. MSC 1(xxviii)Section 455(5)Section 455(5) and Rule 7 and 8 of the Companies (Miscellaneous) Rules, 2014- Return of dormant companies in form no. MSC 3.(xxix)Rule 5(2)Nidhi Rules, 2014- Return of statutory compliances in form no. NDH 1.(xxx)Rule 5(3)Nidhi Rules, 2014- Application for extension of time in form no. NDH 2.(xxxi)Rule 21Nidhi Rules, 2014- Half yearly return in form no. NDH 3.(xxxii)Rule 8(8)As per Companies (Registration Offices and Fees) Rules, 2014, documents or form or application filed may contain a power of attorney issued to Cost Accountant.(xxxiii)Form GNL – 1Rule 12(2) of the companies (Registration offices and Fees) Rules, 2014- Form for filing an application with Registrar of Companies in form no. GNL 1.(xxxiv)Form GNL – 3Rule 12(3) of the Companies (Registration offices and Fees) Rules, 2014 – Particulars of person(s) or key managerial personnel charged or specified for the purpose of sub-clause (iii) or (iv) of clause 60 of Section 2 in form no. GNL 3.(xxxv)Rule 20(3)(ix)Rule 20(3)(ix) of the Companies (Management and Administration) Rules, 2014: Scrutinizer for supervising the Voting through electronic means (e-voting) process.(xxxvi)Form INC – 28Rule 31 of Companies (Incorporation) Rules, 2014 – Notice of the order of the Court or any other competent authority in form no. INC – 28.DOther Statutory Work(i)Calcutta High CourtValuer: Members can now apply directly as ‘Valuer’ for empanelment of Calcutta High Court.(ii)Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014Authorized to act as “Valuer” in respect of financial valuation under section 2(zzf) of the Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014 as amended on 30.11.2016.(iii)Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014Authorized to act as “Valuer” in respect of financial valuation under section 2(zz) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended on 30.11.2016.(iv)Central Board of Direct Taxes (CBDT)Central Board of Direct Taxes (CBDT): CBDT vide their Notification no. S.O. 2670(E) recognized Cost Accountants as e-return intermediaries;(v)Central Board of Excise and Customs (CBEC)Accepting of services of the Cost Accountant’s may also be considered by the respective Commissionrates depending upon the extent of complexity of the cases as provided under Circular No.04/2006 dated 12th January, 2006 modified and its inclusion in the assessed value as extended cost of transportation;(vi)Central Board of Excise and Customs (CBEC)Audit of accounts of SEZ developer as directed by the Commissioner of Customs/Central Excise [refer Circular No. 52/2002-Customs dated 14th August, 2002];(vii)Central Board of Excise and Customs (CBEC)Certified Facilitation Centers (CFCs) – under ACES-CBEC Scheme: As per MOU with CBEC, Ministry of Finance, Cost Accountants in whole-time practice are authorized to set up Certified Facilitation Centers (CFCs) under Certified Facilitation Centre Scheme in filing various Excise and Service Tax Returns under the provisions of Central Excise Act and Service Tax Act;(viii)Central Board of Excise and Customs (CBEC)Computation of freight of time chartered/daughter vessel and its inclusion in the assessed value as extended cost of transportation [refer Circular No.04/2006 dated 12th January, 2006].(ix)Central Board of Excise and Customs (CBEC)Custom Broker: Central Board of Excise and Customs (CBEC) Amended Customs Brokers Licensing Regulations, 2013 and included the Cost Accountant qualification for Customs Brokers Examination to be held from the year 2017 onwards;(x)Central Board of Excise and Customs (CBEC)Ministry of Finance amended Circular No.18/2010 Customs dated 08.07.2010 vide Circular No 01/ 2012-Customs dated 5th January 2012 to authorize inter alia Cost Accountants to issue a certificate, certifying that burden of 4% CVD has not been passed on by the importers to any other person;(xi)Central Board of Excise and Customs (CBEC)The Commissioner of Customs/Central Excise may direct the concerned developer to get his accounts audited by a Cost Accountant nominated by him in this behalf. The expenses of and incidental to such audit shall be borne by the concerned developer, vide Circular No. 52/2002-Customs dated 14th August, 2002;(xii)Central Board of Excise and Customs (CBEC)Under Rules 6 and 7 of the Customs and Central Excise Duties Drawback Rules, 1995, the exporters may be asked to furnish the purchase invoice as to the procurement of the raw hides/wet blue leather. They should also furnish a certificate inter alia from the Cost Accountant as to the consumption and cost of processing chemicals used for its processing and other incidental overhead charges incurred;(xiii)Customs Act, 1962Certification of refund of additional duty of Customs on the goods imported for subsequent sale under Indian Customs Act;(xiv)Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000Valuation Certificate for Cost of goods produced for Captive Consumption, in accordance with Cost Accounting Standard CAS – 4 issued by the Institute, under Rule 8 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000;(xv)Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000Certificate for Average Cost of Transportation, in accordance with Cost Accounting Standard CAS – 5 issued by the Institute, under Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000;(xvi)Customs Valuation (Determination of Value of Export Goods) Rules, 2007Under Rule 5 of Customs valuation (Determination of Value of Export Goods) Rules, 2007, the proper officer shall give due consideration to the cost-certificate issued by a Cost Accountant;(xvii)Customs Act, 1962Under the Fixation of brand rate of Drawback without pre-verification – Simplified procedure Scheme, unless there are any special reasons, drawback rates are to be fixed without pre-verification of the date filed, (which should be duly verified by the applicant and Cost Accountant or Chartered Accountant or Chartered Engineers) and the exporter would be authorised by provisional brand rate letters issued by the Ministry to claim the drawback rate considered admissible from the concerned Customs House(s);(xviii)Indian Council of ArbitrationAs Arbitrator: The Indian Council of Arbitration authorizes Cost Accountants and Cost Accounting Firms for empanelment in the panel of arbitrators under the category of financial experts;(xix)Insolvency and Bankruptcy Code, 2016Regulation 5 and 9 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016authorized to act as an Insolvency Professional as per the section 206 and 207 of the Insolvency and Bankruptcy Code, 2016;(xx)Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017Regulation 11 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 authorises Cost Accountant in practice for valuation of capital instruments of an Indian company and also under Schedule 2 - Purchase/ Sale of capital instruments of a listed Indian company on a recognised stock exchange in India by Foreign Portfolio Investors and Schedule 6 - Investment in a Limited Liability Partnership (LLP) for valuation on an arm’s length basis as per pricing methodology.(xxi)Companies (Registered Valuers and Valuation) Rules, 2017Under Annexure IV of the Companies (Registered Valuers and Valuation) Rules, 2017, the Member of the Institute of Cost Accountants of India are recognised as Registered Valuer for valuation of Securities or Financial Assets.(xxii)Indian Banks Association (IBA)Recognized Firms of Cost Accountants for Empanelment as Forensic Auditor for frauds.Reserve Bank of India mandated that in respect of all borrowing arrangement exceeding Rs. 500 crores, an Independent Evaluation Committee (IEC) would carry out an evaluation of the Techno-Economic Viability (TEV) and the proposed restructuring package. Number of Cost Accountants are members of “Independent Evaluation Committees (IEC) “.Advised all members Banks to engage Cost Accountants/Firms of Cost Accountants for Stock Audit and Risk Based Internal Audit and other Banking operations.(xxiii)Maharashtra unaided Private Professional Educational ( Regulation of Admissions and Fees ) Act,2015Member of Fee Regulating Authority under Maharashtra unaided Private Professional Educational ( Regulation of Admissions and Fees ) Act,2015EAppearance as an Authorized Representative(i)Companies Act, 2013(a) Right to legal representation: Section 432 of the Companies Act 2013;(b) Rights of a party to appear before the Bench: Regulation 19(2) of Company Law Board Regulations, 1991;(ii)Competition Commission of India (CCI)(a) Appearance before Commission:Section 35 of the Competition (Amendment) Act, 2007;(b) Right to legal representation: Appeal to the Appellate Tribunal: Section 53(1) of the Competition (Amendment) Act, 2007;(iii)Central Board of Excise and Customs (CBEC)(a) Appearance by Authorized Representative: Section 35Q of the Central Excises Act, 1944;(b) Appearance by Authorized Representative: Section 146A of the Customs Act, 1962;(c) Appearance by Authorized Representative: Rule 2(c) of Customs, Excise and Gold (Control) Appellate Tribunal (Procedure) Rules, 1982;(iv)Central Electricity Regulatory Commission (CERC)Authority to represent before the Commission: vide Notification No. 8/ (1)/99/CERC dated 27th August, 1999;(v)Depositories Act, 1996Right to Legal Representations: Section 23C, Explanation (c) of Depositories Act, 1996;(vi)Income Tax Act, 1961Appearance by Authorized Representative:Section 288 of the Income Tax Act 1961 read with Rule 50 of the Income Tax Rules, 1962;(vii)Real Estate (Regulation and Development) Act, 2016Right to legal representation: Section 56 of the Real Estate (Regulation and Development) Act, 2016;(viii)Securities Exchange Board of India (SEBI)Right to Legal Representations: Clause 22C under Conditions for listing: Chapter IV of Listing of Securities;(ix)Service TaxAppearance by Authorized Representative:Section 96D (5) of the Service Tax Act 1994;(x)Special Economic Zone (SEZ)Rights of appellant to appear before the Board: Rule 61 of the Special Economic Zone Rules 2006;(xi)Telecom Regulatory Authority of India (TRAI)Right to Legal Representation before Appellate Tribunal as per Section 17 of TRAI Act, 1997;(xii)Value Added Tax Acts/ RulesCost Accountants are authorized to appear before authorities under VAT Acts/ Rules of various State Government(s).(xiii)Central Goods & Services Tax Act, 2017.Appearance by authorized representative under Section 116 of Central Goods & Services Tax Act, 2017.FReserve Bank of India(a)For Valuation of Properties - Empanelment of Valuers. (Circular no. RBI No.2006-2007/224 DBOD.BP.BC No. 50/21.04.018/ 2006-07 January 4, 2007).(b)For certification of borrowal companies in respect of Lending under Consortium Arrangement/ Multiple Banking Arrangements. (Circular No. RBI/2008-2009/379 DBOD. No. BP.BC.110/08.12.001/2008-09 dated 10thFebruary, 2009).(c)For certification of borrowal companies in respect of Lending under Consortium Arrangement / Multiple Banking Arrangements. (Circular No. RBI/2008-2009/382 UBD. PCB.No. 49 /13.05.000/2008-09 dated 12thFebruary, 2009)(d)In respect of the Forensic Scrutiny – Guidelines for prevention of frauds (Circular no. RBI/2010-11/555 DBS. CO.FrMC.BC.No.10/ 23.04.001/2010-11 dated 31stMay, 2011 read with Circular no. RBI/2008-09/508 DBS.CO.FrMC.Bc.No.8 /23.04.001/2008-09 dated June 24, 2009 on Frauds in borrowal accounts having multiple banking arrangements and Circular no. RBI/2008-2009/183 DBOD No BP BC 46 / 08.12.001/2008-09 dated September 19, 2008 on Lending under Consortium Arrangement/ Multi Banking Arrangements).(e)For Certificate indicating fair price of capital contribution/profit share of an LLP and a valuation certificate- Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) (Circular no. RBI/201314/566 A.P. (DIR Series) Circular No. 123 dated April 16, 2014).(f)For Certificate in respect of Foreign Investment in India (Circular no. RBI/2014-15/6 Master Circular No.15/2014-15 July 01, 2014 (Amended upto February 09, 2015).(g)For certification in respect of Loans and Advances – Statutory and Other Restrictions for Lending under Consortium Arrangement/Multiple Banking Arrangement (Circular no. RBI/2014-15/64 DBOD.No.Dir.BC. 16/13.03.00/2014-15 July 1, 2014).(h)For Certification in respect of Guarantees, Co-Acceptances & Letters of Credit – UCBs (Circular no. RBI/2013-14/19 UBD.BPD.(PCB) MC No.4/09.27.000/2013-14 July 1, 2013).(i)For Certification in respect of Management of Advances – UCBs for Exchange of information–Lending under Consortium Arrangement/Multiple Banking Arrangements (Circular No.RBI/2014-15/21 UBD.BPD.(PCB) MC No.5/13.05.000/2014-15 July 1, 2014).(j)Valuation Certificate in respect of Foreign Exchange Management (Transfer of Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2014 (Notification No. FEMA.298/2014-RB: dated 13th March, 2014).(k)Valuation Certificate for Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) under Master Circular No. 15/2014-15 dated 1st July, 2014.Cost Accountants in Employment:As mentioned in the beginning, the Cost Accountants are most sought in the business world. There services are deemed vital in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are occupying the top positions in the organizations, as Chairman & Managing Director, Managing Director, Finance Director, Financial Controller, Chief Financial Officer (CFO), Cost Controller, Marketing Manager and Chief Internal Auditor etc.Cost Accountants in Government Department:Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICoAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.Cost Accountants in Education:University Grants Commission (UGC) has notified “UGC Regulations on Minimum Qualifications for Appointment of Teachers and Other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education, 2010 vide its Circular No. F.3-1/2009 dated 30th June 2010.The Regulations prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management/ Business Administration. The qualifications specified for appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal/Director/Head of the Institution include First Class Graduate and professionally qualified Cost Accountant among other qualifications and subject to other requirements including qualifying NET/SLET/SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.Further Academic pursuits:A member of the Institute can get enrolled as a member of IMA USA.Recognised by the Academic Councils of many Universities in India for the purpose of admission to the Ph.D. courses in Commerce. Various Universities have recognized CMA qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines.The MoU between CIMA (The Chartered Institute of Management Accountants), UK and The Institute of Cost Accountants of India introduces a new CIMA Professional Gateway examination (available from May 2009) for the students who have successfully completed the whole of the Institute’s professional examination, enabling a ‘fast track’ route into CIMA’s Strategic level examinations, final tests of professional competence and ultimately CIMA Membership.MOU between Indira Gandhi National Open University (IGNOU): As per MOU dated 11th July, 2008, IGNOU offers specialized http://B.Com and http://M.Com Programs for the students. The Students can simultaneously study the specialized http://B.Com (Financial & Cost Accounting) programme with the Institute’s Intermediate Course and specialized http://M.Com (Management Accounting & Financial Strategies) with the Institute’s final course.