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New Delhi, Feb 12 () The Institute of Chartered Accountants of India (ICAI) on Wednesday elected Atul Kumar Gupta as its new president. Gupta was the vice-president. In a release, the institute said Nihar Niranjan Jambusaria has been elected as the new vice-president. They have been elected for 2020-21. Gupta joined the central council of the ICAI in 2013. He was in the council for two consecutive terms before getting elected as vice-president last year. RAM HRS

ICAI elects Atul Kumar Gupta as new president

<ul><li>The <keyword id="1661344" type="PERSON" weightage="20" keywordseo="Gupta-family">Gupta family</keyword> have agreed to pay up for the cleaning and disposal of the waste. </li><li>The Municipal Corporation has employed 20 workers for cleaning the site. </li><li>The twin wedding celebrations of <keyword id="364796" type="PERSON" weightage="20" keywordseo="Suryakant-Gupta">Suryakant Gupta</keyword> and <keyword id="201009" type="PERSON" weightage="20" keywordseo="Atul-Gupta">Atul Gupta</keyword> had turned the hills into a 200 ton waste site. </li></ul><keyword id="484044" type="CITY" weightage="20" keywordseo="Auli">Auli</keyword>, the famous Himalayan ski resort was recently in the news for the billionaire Gupta wedding. The twin wedding celebrations of Suryakant Gupta and Atul Gupta saw the hills turn to a mega spectacle attended by Bollywood celebrities and ministers. With these celebrations came a massive 200 tonnes of waste. After public furore, the Gupta family agreed to make reparations for the waste from weddings that took place between June 18 to 22. The Gupta family has already deposited ₹54,000 with the Municipal Corporation. They have also agreed to pay the complete amount that goes into cleaning and disposal of the waste, <a href="https://www.aninews.in/news/national/general-news/ukhand-gupta-family-to-pay-entire-cost-of-waste-disposal-in-auli20190625074642/">reported ANI</a>. The Municipal Corporation has employed 20 workers for cleaning the site. This issue receive attention after a PIL was filed on the damages caused to the environment. The court has given instructions to the District Administration and the Pollution Control Board to submit a report on the harm caused by celebrations, by July 7. The next hearing on the PIL is scheduled to be on July 8. “Over 150 quintals of waste has been cleaned up till now. After the cleaning work is complete the total bill of all the expenses, including manual labour and vehicles, will be sent to them. The family has agreed to pay the entire bill and also provide a vehicle to the municipality,” Shailendra Panwar, Municipality President, he <a href="https://www.aninews.in/news/national/general-news/ukhand-gupta-family-to-pay-entire-cost-of-waste-disposal-in-auli20190625074642/">told ANI</a>.

The Guptas will pay for cleaning their 200-ton wedding waste in Auli

New Delhi, Feb 13 () Chartered accountants' apex body ICAI will set up a Sustainability Accounting Standards Board to help companies in achieving sustainable development goals.ICAI President Atul Kumar Gupta on Thursday said the board would be launched on Friday and discussions would be held with stakeholders to take the idea forward.With the proposed standards, there would be disclosure requirements for companies in terms of "sustainability part" or sustainable development goals of the United Nations.Gupta, who took over as the President on Wednesday, also said efforts are continuing to strengthen the institute's disciplinary mechanism, including faster disposal of disciplinary cases.The Institute of Chartered Accountants of India (ICAI) has more than three lakh members. RAM ANUANU

ICAI to set up Sustainability Accounting Standards Board

New Delhi, Mar 18 () Chartered accountants' apex body ICAI will be issuing an advisory to auditors on how to deal with the coronavirus pandemic impact, mainly on auditing work. The Institute of Chartered Accountants of India (ICAI) has already started work on the advisory, which would be submitted to the corporate affairs ministry, according to the institute's President Atul Kumar Gupta. "We are developing a document for corporates as well as auditors in the form of an advisory... It will be released before March 31," he told . The current financial year (2019-20) ends on March 31. "It will be an advisory for auditors and companies on how to deal with the impact of the coronavirus outbreak," Gupta said. According to him, banks close their accounts on March 31 and generally bank branch audits are to be completed by April 10. In the wake of the coronavirus outbreak, the date for such audits has now been set at April 20. "All of us have to wait and watch on the impact of the coronavirus," Gupta said. When asked whether the ICAI would look at seeking more time for carrying out statutory audits of companies in the current situation, he said there is no need to worry about it since statutory audits are to be completed in six months from the end of a financial year. More than 150 people in the country have been infected by the coronavirus and various sectors have been substantially impacted so far. RAM ABM

ICAI to issue advisory on dealing with coronavirus impact on auditing work

New Delhi, Feb 13 () Continuing its efforts to strengthen the disciplinary mechanism, chartered accountants' apex body ICAI has suggested legal provisions for "time-bound" completion of cases through an amendment to the Chartered Accountants Act. The Institute of Chartered Accountants of India (ICAI), which has over three lakh members, has cleared more than 400 cases under disciplinary mechanism in one year, its President Atul Kumar Gupta told reporters on Thursday. According to him, the institute would be implementing an e-hearing (electronic hearing) mechanism and also work towards ensuring that no cases would be pending for more than eight months from the date of filing a complaint. In one year, more than 400 cases were cleared and 60-70 per cent members were held guilty. Such actions would act as a deterrent for members against violations, he noted. Emphasising that the institute has a strong regulatory mechanism, Gupta also said the institute was looking at changes in the Chartered Accountants Act. He was responding to various queries, including about perception in certain quarters that the institute has a soft approach in disciplinary actions against members. "We are even looking at an enabling provision in the CA Act... We are proposing that there should be time-bound completion of cases... We are looking forward (to it). Then there will be consistency...," he said. ICAI has been set up under the Chartered Accountants Act, 1949, that regulates the profession of chartered accountancy in the country. It comes under the Corporate Affairs Ministry. Further, Gupta said there would be changes in peer review mechanism this year and a revised Code of Ethics for the members would also come into effect from July 1, 2020. About the ministry's consultation paper regarding auditors, Gupta said ICAI is "very happy" with it and that a number of proposals were initiated by the institute in the past. Stressing that there are "no apprehensions," he also said the institute has set up a high-level group that would submit its report by February 28 to the ministry on the paper. On February 7, the ministry came out with a consultation paper proposing significant amendments to existing regulations to enhance independence and accountability of auditors. RAM MRMR

ICAI Prez pitches for time-bound completion of cases involving disciplinary action

<ul><li><keyword id="8626838" type="UNKNOWN" weightage="20" keywordseo="UNEP-India">UNEP India</keyword> has launched a clothing line with designer <keyword id="121020" type="PERSON" weightage="20" keywordseo="Masaba-Gupta">Masaba Gupta</keyword> that aims to reduce the use of plastic in our country. </li><li>The collection and campaign is conceptualised by <keyword id="531122" type="COMPANY" weightage="20" keywordseo="Ogilvy-India">Ogilvy India</keyword> and both went live on January 22. </li><li><keyword id="8626840" type="UNKNOWN" weightage="20" keywordseo="the-house-of-masaba">The House of Masaba</keyword> and Ogilvy India are encouraging other designers to plagiarise their ideas and execute it themselves. To ease out this process, a few DIY videos will be launched, leveraging Masaba’s digital reach. </li></ul><div type="Video" msid="73550457" hostid="261" title="UNEP India has launched a clothing line with designer Masaba Gupta; aim to reduce the use of plastic in our country." thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=73550457"></div>

 United Nations Environment Programme (UNEP) India has launched a fashion line called ‘<keyword id="8626839" type="UNKNOWN" weightage="20" keywordseo="I-will-wear-out-plastic">I will wear out plastic</keyword>,’ which aims to phase out single use plastic in a unique way. The garments are designed by Masaba Gupta that come with built-in detachable bags. Conceptualised by Ogilvy India, this creative collection aims to use fashion trends to reduce the use of plastic. The agency has been in partnership with UNEP for the past three years. They have worked together to develop a larger platform called #BeatPlasticPollution. Under this initiative, each garment has as an exclusive accessory -- a detachable reusable bag, making a fashion statement. These bags are designed on clothes that can be worn for everyday use. It enables you ‘to wear out the problem,’ quite literally. The collection will be available in The House of Masaba stores in eight metro cities and online. To spread the word, The House of Masaba has launched a digital campaign asking a simple yet powerful question -- “Fashion brings change but can it save the world?” Masaba thinks it can. “This range is high-fashion and you are making a fashion statement. You are wearing a piece that doesn’t look like a gimmick and actually serves a purpose, which is to try and eliminate single use plastic,” explains Gupta. The House of Masaba and Ogilvy India are encouraging other designers to plagiarise their ideas and execute it themselves. To ease out this process, a few DIY videos will be launched, leveraging Masaba’s digital reach. Roots of the idea This idea of launching a fashion line appeared in one of Ogilvy’s brainstorming sessions. The team tried to identify the problem and concluded that people use plastic because they usually don’t carry a bag along to shopping marts. They later posed a question to themselves, 'what if we had a cloth bag with us everywhere we go.' They then found a dress, took its pocket, folded a bag and tugged it inside. After a few designing sessions with Gupta, ‘I will wear out plastic’ was born. “When we presented our prototype and sketches, UNEP got really excited. They said it was simple and can be easily copied by others into a stylish garment,” shares Sukesh Nayak, Chief Creative Officer, Ogilvy. Expanding on what pushed them into their epiphany, Nayak adds, “When you want to bring about a behavioural change, you cannot do it in a boring way -- it has to be the most interesting. You really have to entice the person to change.” Sharing what he liked about Ogilvy’s pitch, Atul Bagai - Country Head, UNEP India said, “Addressing environmental challenges such as plastic pollution call for behavioral changes in society and it can have a huge impact when an acclaimed fashion designer like Masaba Gupta makes an environment statement through an entire clothing line.” After the agency conceptualised the idea, it went to Masaba Gupta — who is known for her bold and quirky designs — with a simple brief. “The brief that Ogilvy came to me with was simple. They said UNEP aims to cut down plastic pollution and asked if can we create a range of clothes that can be turned into a bag,” recalls Gupta. She says while the idea was exciting and she found herself tending towards it immediately, the execution and figuring out the technicalities was also a challenge. However, the bigger cause kept her going. It took nearly a year to conceptualise and bring the idea into life. Sharing what convinced her to get on-board, Gupta said, “Pollution is one of the largest environmental threats faced globally and there’s an urgent requirement and responsibility to address it. The Fashion Industry is also known to produce the most global wastage. This time, we’re using fashion as a tool for empowerment and activism. We encourage people to understand our concept and try to recreate their own permutations and combinations to take this concept forward.” Target Audience Nayak says they wanted to create something that the audience would want to copy and the benchmark is so high that it would push them to act. The campaign plays on its aspirational factor and doesn’t have a voice over. It wants to walk the talk and let the audience follow. However, the collection will be available in all The House of Masaba stores and will start from Rs 6000. This initiative is clearly targeting the metros, who can afford this price range. But both Gupta and Nayak are confident that with digital media, any idea can be copied and it won’t take much time to pick up into a trend. Media Plan While right now, a digital campaign has been released in the range of 15 seconders to 2:09 minutes ads, the plan is to keep launching Do it Yourself videos so that the idea is copied, multiplied and practised by different kinds of audience. Sharing why Gupta was okay with the idea being copied, she said, “We as a brand have fought very hard for plagiarism. But I would really encourage people out there to incorporate this collection and do it their way. They can understand how we did it and make their own permutations and combinations with it. This isn’t about plagiarism but about giving back to our environment.” As the word spreads, Nayak says the organisation also plans to use TV and Outdoor to keep the buzz going.

UNEP India and Masaba Gupta launch a clothing line to help phase out single-use plastic in the country

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> passed a landmark judgment today, when it decided to strike down Section 66A of the IT Act. And this decision has been hailed by millions of social birdies, who can now fearlessly express their opinions on the social media. 
	 
	“Our Constitution provides for liberty of thought, expression and belief. We now live in a modern digital era and everyone has freedom to express their thoughts. Restricting freedom of speech through section 66A was completely unconstitutional and vague,” said Atul Ranjan, co-founder of SocialViral, a New Delhi based social media marketing agency. 
	 
	He added that the section was an instrument used by the state authorities for vested interests. “This is a great victory for the common man and the social media industry, empowering them to now express their views freely. People are now protected against unnecessary torture and harassment at the hands of the police. Politicians now cannot misuse this act for their own political agenda and punish those who post anything against them or any particular religion. ” 
	 
	Sharing his sentiments, ad man Naresh Gupta, managing partner of Bang in the Middle, noted that the section was regressive in nature. “It was regressive to start with and was against the fundamental right of speech. There are existing laws that govern hate and incite full speech. Let them govern with existing laws. This law was draconian,” he asserted. 
	 
	However, on being questioned about the risk of hate speeches or offensive posts, Gupta quickly added that there should be some regulation, especially when it comes to religious speech. “I don't think we needed 66A for it,” averred Gupta. 
	 
	Apart from the corporate, the internet industry too has welcomed the judgment. The Internet &amp; Mobile Association of India (IAMAI) has applauded the decision and called this judgment a momentous victory for the 302 million internet users in India. 
	 “This landmark judgment strengthens the safe harbor provisions for Intermediaries contained in the Section 79 of the Information Technology Act. It is specially helpful to smaller companies like Mouthshut.com, who will now not be harassed by the frivolous and mal-intentioned notices of the take down. Both the judgment together will ensure Internet freedom for users and freedom of doing business on part of Intermediaries; thereby ensuring more innovation and investments in the Indian Internet sector,” said Subho Ray, President, IAMAI. Social media giant <keyword id="6354576" type="CITY" weightage="20" keywordseo="Facebook">Facebook</keyword> which is a part of the association express similar views to that of IAMAI. 
	 
	Corporate lawyer Sameer Chaudhary, Partner, Sastra Legal, suggested that Sec 66 A was primarily aimed to provide for sending offensive messages through a communication device but the wording of the section was loose and vague, allowing a wider reading of the provision, as it included words like 'grossly offensive' causing 'annoyance' 'inconvenience' and others, which are open to subjective interpretation. 
	 
	“However the SC has retained Sec 69 B and guidelines for the implementation of the IT act that allow the govt to block sites or remove content that may cause communal disturbance social disorder or affect relations with a foreign country,” he noted. 
	 
	Interestingly, the terms used in the section above were not defined either in the IT Act, IPC or even the general clauses act and there was no occasion for even the judiciary to interpret them. 
	 
	Image: Indiatimes.com 
	 
	Ajay Brahme, founder of Ajay Brahme &amp; Co too called the law as a gag order. “The section was dictatorial and allowed the agencies to misuse their powers. With the decision to repeal the section, these powers have been curbed. To avoid hate speeches or offensive statements, we have Section 504, 505 of the Indian Penal Code to take care of that”, he said.

A million ‘likes’ from Social media companies
to the SC order on Sec 66 A

<keyword id="328347" type="ORGANIZATION" weightage="100" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> (IAN), which is India’s first and world’s largest angel investor network, has invested an undisclosed amount in <keyword id="6550201" type="UNKNOWN" weightage="100" keywordseo="Staqu">Staqu</keyword>, a Gurgaon-based research start-up focused on Artificial Intelligence (AI), working in automated image understanding technology. 
 On behalf of IAN, it was <keyword id="1710874" type="PERSON" weightage="100" keywordseo="Bikky-Khosla">Bikky Khosla</keyword>, Neeraj Singal and Ajay Gupta who led the funding round, which as per sources will be used to further build technology and build up the team. Khosla would also be joining the Staqu board. 
 
Founded in 2015, Staqu’s core team includes researchers and engineers. 
 “We plan to invest this round to expand the computational strength of our <keyword id="3438817" type="UNKNOWN" weightage="100" keywordseo="VGrep-Lab">VGrep Lab</keyword> (AI research lab at Staqu) and fuel it with clusters of GPUs and other technical resources. Currently, we are applying our research to solve pressing problems in the e-commerce sector. In the near future, we are planning on use it to address issues across other market segments, too. Throughout the funding process, our ideas were constantly cross-questioned, which helped us set a clear vision and goals,” said Atul Rai, co-founder and CEO said. 
 
Staqu uses AI and engineering for image processing, deep learning, computer vision, NLP and overall improvement of users’ daily mobile experience. 
 
“IAN is extremely excited about Staqu and its proposition. Search is becoming very complex and consumer experience demands precise results of articles being searched. Staqu AI engine is the best that we have seen and can help increase the sales of its e-commerce customers by delivering superior customer experience. It can also create alternate revenue streams for its OEM customers. The team is rock solid with background in research and product development. We look forward to be a part of Staqu’s journey to deliver a true global product from India,” said Khosla. 
 
Image source

IAN invests in AI-based research venture Staqu

The growing incidents of cybercrime have underlined the importance of having a dedicated team to tackle such incidents. The number of cyber incidents rose sharply in 2015, highlighting that more <keyword id="434303" type="UNKNOWN" weightage="20" keywordseo="cybercrimes">cybercrimes</keyword> were done with financial motives. 
 
A survey carried out by KPMG- Cybercrime Survey Report 2015- analysed the preparedness of organisations in India to deal with cybercrime and incidents by unearthing its modus operandi and its extent. 
 
Over 250 respondents from the likes of CIOs, CISOs, CAEs, CROs, COOs and related professionals from across India participated in the survey. 
 
As per the report, 94 per cent respondents indicated that cybercrime is a major threat faced by organisations, but surprisingly only 41 per cent indicated that it forms part of the board agenda. 
 
“It is critical for the citizens, both corporates and individuals, to be aware of cyber risks and not fall prey to the vishing/phishing scams. We are undertaking a drive to educate and create awareness among citizens with reference to cyberthreats,” said Ahmad Javed, Commissioner of Mumbai Police. 
 
Highlighting the current cybercrime scenario in India, the report shows that 74 per cent respondents believe that the BFSI sector is a top target for cybercrime with 63 per cent indicating these crimes more often than not amount to gross financial loss. 
 
It was also alarming to note that 54 per cent indicated that spend on cyber defences is less than 5 per cent of IT spend. 
 
“It is also important that the management realises that these are no longer a one-time phenomenon. The nature of cybercrime is constantly evolving, specifically with attackers having a solid arsenal of the ever evolving stealth attack,” said Mritunjay Kapur, Partner and Head, Risk Consulting, KPMG in India. 
 
“Cybercriminals have understood the potential of an illicit financial gain and have begun executing highly sophisticated technology-driven frauds. These cyberfrauds, by nature, are complex and difficult to detect. Organisations need to strengthen their cyber incident response process. Cyber forensics therefore is becoming a critical component of fraud investigations,” said Mohit Bahl, Partner and Head Forensics, KPMG in India 
 
The report also analyses the impact and complexity of cybercrime in India. As businesses throw their doors open to technology, they also expose themselves to cybercrime risks. 
 
While surveying the potential vulnerable system targets of cybercrime, 65 per cent respondents indicated that email servers are likely targets while 46 per cent stated end user systems. 
 
According to Atul Gupta, Partner at KPMG in India, “People and vendors are one of the many critical yet one of the weakest links in the cyber defence chain. Cyber investigations of large cybercrimes reveal that social engineering has predominantly been one of the preferred methods to extract critical information.” 
 
Cyber risk assessment is not a focus area for several enterprises across functions and people. Their emphasis is only on technology with 74 per cent respondents stating that a detailed annual IT and cyber risk assessment is not carried out. 
 
 
(Image: Thinkstock)

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ICAI elects Atul Kumar Gupta as new president

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A million ‘likes’ from Social media companies to the SC order on Sec 66 A

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IAN invests in AI-based research venture Staqu

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