Business
‘IAI’s Disciplinary Committee report can be precedent for ICAI, other institutes’

Is the remittance of part of the consultancy fee to the Insurance Regulatory and Development Authority of India (IRDAI) by an employee as per service condition a professional misconduct?
Yes says, a Disciplinary Committee set up by the Institute of Actuaries of India (IAI).
The IAI Disciplinary Committee’s decision would also have a bearing on the chartered accountants in a similar position as the Committee’s report was also signed by Uttam Agarwal, then President of Institute of Chartered Accountants of India (ICAI), said a senior accountant.
The ICAI has similar rules for professional misconduct.
K.Subrahmanyam, retired Executive Director (Actuary), IRDAI, has knocked the doors of Telangana High Court seeking justice against IAI Disciplinary Committee declaring him as guilty of professional misconduct.
He also wondered about the IRDAI’s silence on the issue after issuing him the permission in writing and accepting his remittance for several years.
The IAI’s Disciplinary Committee in 2021 had declared Subrahmanyam as guilty of professional misconduct.
The misconduct he was accused of is the payment of a part of his actuarial consulting fee to the IRDAI while in service between 2000-2011 as per his employment condition.
He was allowed to carry on actuarial consulting practice by the IRDAI subject to the condition that he remits 25 per cent of the consulting fees with the regulator.
“I carried on my consulting practice and remitted 25 per cent of the fee to IRDAI between 2000 and 2011,” Subrahmanyam told IANS.
“As a matter of fact, Subrahmanyam had consulted the Government of Nepal and Sri Lanka apart from others,” a retired senior IRDAI official told IANS preferring anonymity.
In 2017, six years after his retirement from IRDAI, Subrahmanyam got a shock as actuary N. Srinivasan made a complaint to IAI against him for professional misconduct – for remitting part of his fees to the IRDAI.
Incidentally, the IAI did not even consider the IRDAI’s former Chairman N. Rangachary’s communication clarifying the issue while setting up a Disciplinary Committee to proceed against Subrahmanyam.
In his letter to IAI President, Rangachary had said: “The ASI (Actuarial Society of India) which controlled your profession and consisted of very few members most of them in employment possibly outside India.”
The IRDAI was engaged seriously in seeing to it that a vibrant actuarial profession was functional. One such move was to permit some actuaries in employment to take up assignments in the area of attestation, he added.
Referring to the initiation of the disciplinary proceedings against, Rangachary said: “As Chairman of the authority (IRDAI) I had permitted him (Subrahmanyam) to engage himself in practice in a limited number of cases but subject to the regulations of the authority. Since there was an interchange between the regulator and the profession, both of whom were in the early growth stage, it was then prescribed that as is normally adopted by both the government and statutory bodies a small percentage was to be remitted to the employer.”
Nevertheless, the IAI Disciplinary Committee declared Subrahmanyam as guilty of misconduct under The Actuaries Act 2006 Section 31 Part I and sub section 2 which reads: “An Actuary in practice shall be deemed to be guilty of professional misconduct, if he pays by way of remuneration to an employee, pays or allows or agrees to pay or allow, directly or indirectly, any share, commission or brokerage in the fees or profits of his professional business, to any person other than a member of the Institute or a partner or a retired partner or the legal representative of a deceased partner.”
The Chartered Accountants Act has an identical provision for professional misconduct.
“If a similar issue happens in another regulatory institution like ICAI, the same action will be taken. This is fortified by the ICAI President signing the IAI Disciplinary Committee report,” P.S.Prabhakar, President, Society of Auditors, told IANS.
Maharashtra
Thane Sessions Court Convicts Hawker For Brutal Attack On Civic Officer During 2021 Encroachment Drive

Thane: The Thane Sessions Court has convicted a hawker for attempting to murder a senior civic officer and against her security personnel during an anti-encroachment drive conducted by the Thane Municipal Corporation (TMC) in 2021.
The accused, Amarjitsingh Shivshankar Yadav, alias Amarjit Yadav, was found guilty under several sections of the Indian Penal Code — including Section 307 (attempt to murder), Section 353 (assault on a public servant), Section 332 (voluntarily causing hurt to deter public servant), Section 333 (causing grievous hurt to deter public servant), and provisions under the Maharashtra Police Act.
About The Incident
The incident took place on August 30, 2021, at the Kasarvadavali junction during a routine anti-hawker and encroachment drive. Kalpita Pimple, Assistant Municipal Commissioner of the TMC’s Majiwada-Manpada ward, was overseeing the operation when Yadav, a hawker at the site, suddenly launched a violent assault on her.
In the unprovoked attack, Pimple suffered severe injuries — including the loss of three fingers and a head injury. A security guard accompanying her also suffered injuries while trying to shield her from the assault.
After a detailed trial, the court held Yadav guilty on all counts, reaffirming the severity of the offence and the need to protect public servants carrying out their lawful duties.
The public prosecutor Shishir Hirey said, “There were two victims in the case, in which Pimple lost three fingers while her security personnel suffered injuries in while trying to prevent the attack.”
Maharashtra
Kharghar Residents Stage Peaceful Protest Demanding Liquor Ban In Locality

Navi Mumbai: In a show of unity and resolve, residents of Kharghar gathered today at Shah Arcade, Sector 6, to participate in a sit-in protest demanding a complete ban on liquor outlets in the area.
Organised under the banner of the Liquor-Free Kharghar movement, the protest began at 11:00 AM and witnessed the participation of local citizens, social activists, and community leaders who voiced their concern over the increasing number of liquor shops and their adverse impact on the peace and safety of the neighborhood.
Protesters emphasised that making Kharghar a liquor-free zone is essential to safeguarding the area’s future and ensuring a safe, healthy environment for families and youth.
“Every responsible citizen must stand united to protect Kharghar from the ill effects of alcohol. This movement is not just for today but for the generations to come,” said one of the organizers during the protest.
The peaceful demonstration reflected the community’s collective demand for the authorities to take immediate action and revoke licenses of existing liquor shops to maintain the area’s sanctity and security.
Organisers have urged residents to remain vigilant and continue supporting similar initiatives until their demands are met.
Business
India’s house price index up 3.1 pc in Q4 FY25, Kolkata leads: RBI

New Delhi, June 21: The house price index (HPI) across India increased by 3.1 per cent in the January-March period (Q4 FY25), maintaining the same pace as the previous quarter (Q3).
The Reserve Bank released its quarterly HPI data for Q4, based on transaction-level data received from the registration authorities in 10 major cities.
“All-India HPI increased by 3.1 per cent (YoY) in Q4 2024-25 as compared with 3.1 per cent growth in the previous quarter and 4.1 per cent growth a year ago; annual HPI growth varied widely across the cities – ranging from a high growth of 8.8 per cent (Kolkata) to a contraction of 2.3 per cent (Kochi),” according to a RBI statement.
On a sequential basis, all-India HPI increased by 0.9 per cent in Q4.
Bengaluru, Jaipur, Kolkata and Chennai are the major cities recording a sequential rise in house prices during the latest quarter, the data showed.
Kolkata topped the chart with an 8.8 per cent increase, while Kochi was the only city to witness a contraction, recording a decline of 2.3 per cent. The 10 cities covered in the index include Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.
“House is not just an asset but also a durable consumption good for households, providing shelter and other services. A change in the house price affects the households’ perceived lifetime wealth and hence influences the spending and borrowing decisions of households,” according to Central Bank.
An increase in the house price raises the value of the housing relative to construction costs; hence a new construction is profitable when house price rises above the construction costs.
Residential investment is, therefore, positively related with house price increase. House prices also affect bank lending and vice versa. Further, house price gains increase housing collateral.
The potential two-way link between bank lending and house prices give rise to mutually reinforcing cycles in credit and real estate markets. These indicate that house prices may affect economic activity through private consumption of households, residential investment and credit allocation of the financial systems. Thus, understanding the price trends of this segment of asset class is important for monetary policy formulation.
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