Nilesh Vikamsey Back to Management Team

IN 1985, HE WAS INDUCTED AS PARTNER AND GIVEN CHARGE OF THE AUDIT DEPARTMENT TILL 1990 AND THEREAFTER TO HANDLE ASSIGNMENTS RELATED TO FINANCIAL SERVICES, CONSULTANCY, INVESTIGATIONS, MERGERS AND ACQUISITIONS, VALUATIONS ETC.

Academic Qualifications:

  • Member of the Institute of Chartered Accountants of India (ICAI) since 1985.
  • Certificate Course on Forensic Accounting and Fraud Detection conducted by the Digital Accounting and Assurance Board (DAAB) of the ICAI in 2021.
  • Diploma in Information System Audit (DISA) of the ICAI in 2003.
  • Business Consultancy Studies Course of Bombay Chartered Accountants Society jointly with Jamnalal Bajaj Institute of Management Studies (JBIMS) in 2000-2001

Professional/Social Activities:

Presently

  • Member –

    • IAASB Reference Group - Audits of Less Complex Entities.
    • Advisory Committee on Mutual Funds of Securities and Exchange Board of India (SEBI).
    • Risk Management Committee of Central Depository Services (India) Limited (CDSL).
    • Nominated by the Central Government to the Board of Governors of the Arun Jaitley Institute of National Management (erstwhile - National Institute of Financial Management).
    • Core Group of Bombay Chartered Accountants Society (BCAS).
    • Managing Council Member of Chamber of Tax Consultants.
    • West India Council of Indo American Chamber of Commerce.

  • Directorships –

    • IIFL Finance Limited.
    • Thomas Cook (India) Limited.
    • PNB Housing Finance Limited.
    • IIFL Wealth Management Limited.
    • SOTC Travel Limited.
    • Gati Limited.
    • Navneet Education Limited.
    • Nippon Life India Trustee Limited.
    • Gati Kintetsu Express Pvt Limited.

In the Past:

  • International Federation of Accountants(IFAC) –

    • Category A Observer on IFAC Board.
    • Member of Technology Advisory Group of IFAC.

  • Institute of Chartered Accountants of India (ICAI) –

    • President of the Institute of Chartered Accountants of India (ICAI) – 2017-18 & Elected member of the Central Council, the Apex decision making body of the ICAI, the second largest accounting body in the world for three consecutive terms of 2010–2013, 2013-2016 and 2016-2019
    • Chairman/Vice Chairman & Member of Committees of ICAI.

Chairman:

  • Financial Reporting Review Board, Expert Advisory Committee, Research Committee, Board of Studies, International Affairs Committee, Infrastructure Development Committee, Editorial Board, Management Committee, Coordination Committee with sister Institutes

Standing Committees:

  • Executive Committee, Examination Committee, Finance Committee, Disciplinary Committee (Under Section 21-D).

Presiding Officer:

  • of Board of Discipline and Disciplinary Committee (21B).

Vice Chairman:

  • Committee on Information Technology, Committee on Accounting Standards for Local Bodies, Committee on Banking, Insurance and Pension, Corporate Laws & Corporate Governance Committee, Board of Studies.

Member:

  • Non-Standing Committees - Accounting Standards Board, Auditing & Assurance Standards Board, Banking, Financial Services and Insurance Committee, Committee for Capacity Building of Members in Practice, Continuing Professional Education Committee, Committee for Cooperatives and NPO Sectors, Direct Taxes Committee, Committee on Economic, Commercial Laws & WTO and Economic Advisory, Ethical Standards Board, Committee on Public Finance and Government Accounting, Ind AS (IFRS) Implementation Committee, Indirect Taxes Committee, Internal Audit Standards Board, Committee on International Taxation, Committee on Management Accounting, Committee on Professional Accountants in Business & Industry, Professional Development Committee, Public Relations and CSR Committee, Committee for Members in Entrepreneurship and Public Service, Strategy and Perspective Planning Monitoring Group, HR Transformation Group, Valuation Standards Group, Committee on Vision and Restructuring.
  • Quality Review Board - established by the Government of India under the Chartered Accountants Act, 1949.

Members of other Committees:

  • Insurance and Regulatory Development Authority (IRDA)
    • Member of IRDA.
    • Working Group for developing Indian Specific ACORD Standards for the Indian Insurance Market of IRDA.
    • Committee on Road Map for Risk Based Solvency Approach in Insurance of IRDA.
  • Securities and Exchange Board of India (SEBI)
    • Primary Market Advisory Committee (PMAC) of SEBI.
    • First Chairman of Qualified Audit Report Committee (QARC) of SEBI.
    • Corporate Governance Committee chaired by Uday Kotak.
    • Committee on Disclosures and Accounting Standards (SCODA) of SEBI.
  • Comptroller and Auditor General of India (CAG)
    • Audit Advisory Board of CAG.
  • Ministry of Corporate Affairs (MCA)
    • Insolvency Law Committee & LLP Committee of MCA.
    • Committee Constituted by Ministry of Corporate Affairs pertaining to certain issues raised regarding applicability of foreign investment in the LLPs.
    • Committee for Digitization of Balance Sheet & Annual Reports filed with MCA through MCA-21.
  • The Associated Chambers of Commerce and Industry of India (ASSOCHAM) National Council on Asset Reconstruction.
  • Merger & Acquisition (M & A) Council constituted by ASSOCHAM.
  • First Chairman of the then newly formed Corporate Members Committee of The Chamber of Tax Consultants (CTC) and on the Managing Council of CTC in 2007-08 & earlier in its Law & Representation Committee, Membership & Public Relations Committee, Finance committee & Membership & Website Committee.
  • Chairman of Education & CPD Committee of South Asian Federation of Accountants (SAFA).
  • Representative of ICAI on the Committee for Improvement in Transparency, Accountability and Governance (ITAG) of SAFA.
  • Project Implementation Committee to pursue the implementation of ‘Accrual Accounting’ in the Ministry of Road Transport & Highways and Ministry of Shipping.
  • Student Committee, Accounting Standards for Local Bodies, Banking, Insurance & Pension Committee, Administration & Co-ordination Committee, International Taxation Committee & Regional Budget, Finance Committee & Corporate and Allied Laws committee, Professional Development, Management Accounting, Executive Committee & IFRS Implementation Committee, Research & Indirect Tax Committee of WIRC.
  • Legal Affairs Committee of Bombay Chamber of Commerce and Industry (BCCI).
  • Chairman of Audit Committee & member of Taxonomy Development & Review & Membership Development Committee of XBRL India.
  • Accounting and Auditing Committee & of Bombay Chartered Accountants Society (BCAS).
  • Nominated by the Central Government to the Board of Governors of the National Institute of Financial Management Society for a period of three years.
  • INSOL India - an independent leadership body representing practitioners and other associated professionals specializing in the fields of restructuring, insolvency and turnaround.
  • Law: Review, Reforms & Rationalization Committee of Bombay Chamber of Commerce and Industry (BCCI).
  • Corporate and Allied Laws Committee of Bombay Chartered Accountants Society (BCAS) and in its Core Group.
  • Grievance Redressal Committee of Merger of BOB / Dena Bank / Vijaya Bank.
  • Disciplinary Committee of Central Depository Services (India) Limited (CDSL).
  • Committee formed for examination of Revised Scope & Rate of Stores Audit of Coal India Limited (CIL).
  • Subgroup formed by Audit Committee of CIL to consider revaluation of assets of CIL and its subsidiaries as on 31st March 2019
  • A Special Purpose Group for preparing the ICAI Stakeholders for Post Covid-19: Challenges and Perspectives

Convener/Member of Study groups formed by ICAI for:

  • Suggesting Uniform Accounting Policies to RBI for Asset Reconstruction Companies.
  • Suggestions on Companies Act, 2013 (earlier for Companies Bill, Draft Rules).
  • Formulation of comments on various Exposure Drafts, Discussion Papers and other matters pertaining to IFRS originating from IASB, especially those pertaining to Financial Instruments, Fair Value, etc.
  • MCA request to give views on (i) Independent Oversight of Audit Firms, (ii) International studies on Mandatory Firm Rotation (MFR) with their position and opinions, (iii) Allowing Indian Chartered Accountancy firms to use internationally recognized names, (iv) Transition provisions in the ICAI guidelines on conversion of Chartered Accountant firms into LLPs, (v) Effective training opportunities for students (articled assistants) in the profession of Chartered Accountants’.
  • Preparing Guidance Note on Revised Schedule VI to the Companies Act, 1956.
  • Considering Developments on Fair Value Accounting (AS30) post Sub-Prime Global Financial Crisis in 2009.
  • Proposed Accounting Standard-30 on Financial Instruments–Recognition & Management.
  • Amendment to Chartered Accountants Act.
  • Alternate Dispute Resolution Mechanism for disputes between members or students.
  • Review of Entry Requirement for CA course & Review of Examination Process.
  • Financial Reporting Framework (1) in NGO sector & (2) for Political Parties.
  • Revision of Accounting Standard - 5.
  • Approaching the Government and Regulatory Authorities for Convergence with IFRS.
  • The Group on formulating the standardized Guidelines/parameters for conducting Certificate Courses.
  • AASB sub group on format of Auditors Report for Restated Financial Statements included in a Company Prospectus / Offer Documents.
  • Preparing draft guidance note on Accounting for Derivative Contracts.

Others:

  • Speaker/Chairman at various seminars, meetings, lectures held by various ICAI Committees, Regional Councils/Branches/Study Circles, RBI Bankers Training College, Comptroller & Auditor General of India (CAG),Chamber of Commerce and various other organizations.
  • Trustee in Sayagyi U Ba Khin Memorial Trust (Vipassana International Academy) & Shri Virji Ladhabhai KDO Jain Vidyarthigriha - A Charitable Trust operating a latest, state of the art, ultra-modern Hostel facility in the heart of Mumbai at Ghatkopar (W), Mumbai with a capacity of 150 students and few other educational trusts in Mumbai
  • Founder Member and Core Committee Member of Chembur Chartered Accountants Study Circle of WIRC, which had won the Best Study Circle Award consistently for thirteen consecutive years.
  • Contributor to Income Tax Review – monthly journal of The Chamber of Tax Consultants.

Erstwhile Directorships:

  • The Federal Bank Limited
    (Ex-Chairman)
  • India Infoline Investment Services Private Limited.
  • Indian Institute of Insolvency Professionals of ICAI.
  • SBI Life Insurance Company Limited.
  • India Infoline Limited.
  • Rodium Realty Limited.
  • SBI Cards and Payment
    Services Limited
  • IIFL Facilities
    Services Limited.
  • Extensible Business Reporting Language (XBRL) India.
  • NSEIT Limited
  • India Infoline Finance Limited
  • ICAI Registered Valuers Organisation

Work Profile:

  • Management Consultancy, Corporate Restructuring, Due Diligence, Valuations, Strategic Planning, Mergers & Acquisitions, System Studies & Manuals, Consultancy in FEMA, Buyback of Shares, Company Law, etc.
  • Managed Audits/Consultancy of Large Nationalized Banks, Foreign Banks (Indian Operations), Large Listed Public & Private Limited Companies, Mutual Funds, Financial Services Sector companies like Insurance, Investment Banks, Securities Broking, NBFCs, Asset Management Companies, etc., Public Sector Undertakings, Large Partnership and Proprietorship Concerns.
  • Conducted Inspections/Special Audits/Investigations/Due Diligence/Other Assignments for Reserve Bank of India, NSE, SEBI, BSE, Income-Tax Department, Unit Trust of India (UTI), Investment Bankers, for acquisitions/investment decisions, etc.
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