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

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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.

Business

Tata Motors Unveils Limited-Edition Safari STEALTH to Mark 27 Years of Legacy

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Tata Motors is celebrating 27 years of the Safari with the launch of the exclusive STEALTH Edition, a limited-run variant designed for those who seek style and performance. Available in both the Harrier and Safari models, only 2,700 units of this edition will be produced. The Harrier STEALTH is priced at Rs 25.09 lakh (ex-showroom, Delhi), while the Safari STEALTH starts at Rs 25.74 lakh (ex-showroom, Delhi) and is offered in both 6- and 7-seater configurations. With a striking design, premium features, and advanced technology, the STEALTH Edition adds a new level of exclusivity to Tata’s SUV lineup.

The Tata STEALTH Edition brings a bold, monotone design that reflects the growing demand for exclusive and distinctive vehicles. With limited units available, this special edition is set to attract enthusiasts looking for a unique SUV. Bookings for the STEALTH Edition opened on February 21, both online and at Tata dealerships across India, giving customers the chance to own a rare and stylish addition to Tata’s lineup.

The Harrier and Safari STEALTH Edition stand out with their bold design and advanced features, built on the sturdy OMEGARC platform derived from Land Rover’s D8 architecture. The exclusive Matte Black finish, R19 Black Alloy Wheels, and a distinctive STEALTH mascot give these SUVs a powerful road presence. Inside, the cabin is designed for comfort with ventilated first- and second-row seats (Safari only for the second row), a Carbon-Noir interior theme, and a voice-assisted dual-zone climate control system.

Technology is a highlight, featuring a 31.24 cm Harman touchscreen, Arcade App Store, Alexa Home 2 Car, Map My India navigation, and a 10-speaker JBL audio system with Harman AudioworX. Power comes from a 2.0L KRYOTEC BS6 Phase 2 turbocharged engine producing 170PS, paired with a 6-speed automatic transmission. Safety is a priority, with Level 2+ ADAS offering 21 functions, including a segment-first Intelligent Speed Assist, along with 7 airbags and ESP with 17 safety features.

Unveiling this exciting new version of the Harrier and Safari, Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd., stated, “Tata Motors has been a leader in the Indian SUV segment, with innovation at its core. The Tata Safari, which introduced the concept of a lifestyle SUV to India, reflects this legacy of pioneering excellence. Over 27 remarkable years, the Safari has constantly evolved, and the launch of the STEALTH Edition is a tribute to this journey. This special edition is an exclusive offering, with only 2,700 units available in the striking STEALTH Matte Black finish. More than just an SUV, the STEALTH Edition is a symbol of prestige, adventure, and capability, making it a highly desirable collector’s item for enthusiasts and connoisseurs. Owning a STEALTH Edition isn’t just about having an extraordinary vehicle—it’s about claiming a piece of automotive history that many will aspire to have in their collection.”

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Business

Maruti Suzuki’s New Mid-Term Plan Aims To Make India An Export Hub, Launch More EVs

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New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.

“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.

Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.

It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.

It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.

Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.

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‘Made in India’ iPhone 6e not SE variant but a next-gen entry point for consumers

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New Delhi, Feb 20: In a further push to the local manufacturing, the entire iPhone 16 lineup, including the newly-launched iPhone 16e, is now being assembled in India for domestic market as well as for exports, as industry experts on Thursday cleared the air around the new device being compared to now-retired iPhone SE.

The new Apple device, with A18 chip, breakthrough battery life, Apple Intelligence, and a 48MP 2-in-1 camera system, is being manufactured/assembled for local consumption as well as for export to select countries.

According to experts, iPhone 16e is not iPhone SE4 and the whole “comparison is futile”.

When iPhone SE was launched, it was another masterstroke at that time. However, times have changed since then.

“Essentially, Apple retired the SE lineup and extended the iPhone 16 lineup with a new entry point. iPhone SE was no longer adding any value to consumers, developers or Apple,” said Neil Shah, Partner and Co-Founder at Counterpoint Research.

The iPhone SE which was positioned as a “Special Edition,” which brought nostalgia of older and smaller design, was priced around $400.

However, the iPhone SE lost its value and popularity, which used to be once 16 per cent of the total iPhone sales volumes, dropped to 1 per cent last year.

According to Shah, consumers now prefer better cameras, bigger displays and faster processors.

“With all this background, what Apple did was to extend the 16 series with a newer ‘base version’ of iPhone 16 and now retired SE,” Shah explained.

According to industry experts, the company has done well with streamlining the series, reducing fragmentation in design and experience and able to charge $599 (US)/Rs 59,999 (India) with the newest entry point for the best Apple experiences.

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