I respectfully disagree with the view that a reserved-category candidate who scores higher marks can automatically take a general (open) category seat, even if that candidate reached the exam stage using relaxations that were not available to general candidates. My disagreement is  not with reservation itself , which is a constitutionally accepted policy. The disagreement is with  how this rule works in practice , and how it can unfairly disadvantage candidates who compete un

Revenue recognition remains the single most significant fraud risk area identified by the National Financial Reporting Authority (NFRA). In its inspection and enforcement memoranda, NFRA has consistently observed that revenue misstatements rarely arise from technical errors, but from deliberate misuse of judgment, premature recognition, suppression of variable consideration, and management override of controls. NFRA has emphasised that Boards and Audit Committees carry a heig

Purpose: To objectively assess whether a proposed growth rate is  prudent, fundable, controllable, and survivable under stress . Yesterday's blog was focussed on the Growth approval philosophy. Today i am building further detailed blocks on how NBFC Board members can take a structured governance call on growth strategy. How to Use: Score each category from  1 (Weak) to 5 (Strong) Apply the  weighting Compute the  weighted score Use the decision matrix before approving growth

Purpose: To ensure growth decisions are  risk-aligned, funding-backed, and governance - sound , and to protect NBFC Board of directors from regulatory and personal liability. 1. Business Model & Growth Rationale ☐ Is the proposed growth  consistent with the NBFC’s core business model  (product, customer segment, tenure)? ☐ Is growth driven by  underwriting strength  or by  availability of short-term funding ? ☐ Does management clearly articulate  why this level of growth is s

Audience:  NBFC Board of Directors | Audit Committee | Risk Management Committee Applicability:  Middle Layer & Upper Layer NBFCs (heightened relevance post SBR) Objective:  To identify  areas of highest regulatory and personal liability exposure  for NBFC directors under RBI oversight. This is in continuation to my earlier blog which focussed on "Tone at the Top" for Banks and financial Institutions. However my experiences make me capture and articulate NBFC governance linke

Audience:  Board of Directors | Audit Committee | Risk Management Committee Objective:  To identify areas of highest regulatory exposure for directors and committees under RBI supervision. Over the years i have interacted with mutiple Financial services entities in India and Abroad. I have also had the opportinity to engage with financial regulators in the course of my consulting engagements. i have realized that that "Tone at the Top" sets up the financial institution for su

Regulator:  Reserve Bank of India (RBI) Audience:  Audit Committee & Risk Management Committee Purpose:  To summarise recent RBI regulatory expectations and highlight priority oversight actions for committees. Time Horizon:  Ongoing / FY 2025–26 planning WHAT HAS CHANGED & WHY IT MATTERS 1. Regulatory Context RBI’s regulatory stance has evolved toward  outcomes-based supervision , with increasing emphasis on: ·       Board and committee effectiveness ·       Early identificat

Regulator:  Reserve Bank of India (RBI) Audience:  Bank Boards, Audit Committees, Risk Management Committees, Independent Directors Purpose:  To summarise recent RBI regulatory and supervisory developments and outline their implications for board-level oversight, fiduciary responsibility, and institutional resilience. 1. Why This Matters for Bank Boards Recent RBI regulatory actions reflect a  decisive shift from rules-based supervision to outcomes-based oversight , with a st

Paying it forward as a gesture of being thankful to our teachers

Is cooking relevant in these modern times?

Dharmic Literature is replete with stories of self discovery which can serve as a reference point for modern day humans. This blog brings out certain references which I have personally examined and gained from.

A quick read about market hype around Meesho and Lenskart IPO

Financial sector scam, the manner it is perpetuated and the root cause.

At the recent IOD western regional conclave, Shri Amarjeet Singh (WTD - SEBI) used the platform to underline a fundamental shift taking place in India’s capital markets — one that has profound implications for corporate governance, boardroom accountability and the way companies are steered. Drawing on fresh data from the NSE ownership tracker, his plenary highlighted how ownership patterns have evolved over the past decade and argued that regulators, investors and companies m

I have been a regular speaker in the Institute of Directors (IOD India) forum for more than a decade now. I share my experiences with Board members (present and prospective) on Financial Governance and Reporting. My opening remarks generally was to the effect that Financial Governance cannot be based on Regulatory prescriptions. Director should be thinking beyond regulations and focus on effectiveness. While this paradigm is still highly relevant, a fresh spate of actions fro

Vinay and me with few Teaching assistants and Students at Math.biz 2025 Math.biz * is my annual rejuvenation space. This was the third year of this program. I started my sessions with students sharing an excerpt from Mahabharata. The Pandavas in their first attempt could create a " Indraprastha - A celestial Palace with vibrant city annexed " from " Khandavaprastha - A dangerous forest ". However Pandavas couldnt hold on or protect their Indraprastha and gambled it away. Eve

Within a week span, I encountered these individuals: - A well known healthcare practitioner was earning INR 6 million a year from his...

The year 2022 was surely interesting for Media business - specifically News (Digital & Broadcasting) business. There was a big rumble...

Its been interesting 5 years for me as a parent / guardian. My kids ( 5 of them currently between aged 15 to 23 years) are in different...

My regular days work involves advising corporate clients and their owners on strategy - with specific emphasis on corporate finance. this takes form of advice on mergers, acquisitions, reorganisation or capital raise (venture capital / private equity / et al). One of my long standing entreprenuer client with interest in outsourcing / software as a service was discussing a competitors ability to attract private equity capital and the reasons why he could not!!! I have been exp