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.
Business
Iran war costs deepen split in US Congress amid scrutiny of $200 billion funding request

Washington, March 20: Rising costs of the Iran war and its impact on global markets are deepening divisions in Congress, with Republicans and Democrats questioning the scale and purpose of a proposed funding request that could exceed $200 billion, according to multiple US media reports.
The White House is preparing to seek massive new funding for the conflict, even as scepticism grows within President Donald Trump’s own party over the lack of a clear strategy and timeline, CNN reported. Lawmakers say the administration has yet to fully explain how the money will be used or how long the US military engagement could last.
Trump signalled the request could be substantial, arguing the military needs resources to maintain strength. “We want to be in the best shape, the best shape we’ve ever been in,” he said, adding, “It’s a small price to pay to make sure that we stay tippy top.”
But that argument is facing pushback. Some Republicans have openly rejected further spending, reflecting growing unease about what several described as a potential “endless war”.
“I am a no. I have already told leadership. I am a no on any war supplemental. I am so tired of spending money over there,” Representative Lauren Boebert said, according to CNN. “I have folks in Colorado who can’t afford to live. We need America First policies right now.”
Others are demanding detailed answers before committing support. “What are we doing? We’re talking about boots on the ground. We’re talking about that kind of extended activity,” said Representative Chip Roy. “They got a whole lot more briefing and a whole lot more explaining to do on how we’re going to pay for it and what’s the mission here?”
Fiscal conservatives have also questioned whether the proposed funding could expand further. “It begs the question, how long do they plan to be there? What are the goals? Is this the first $200 billion? Does this turn into a trillion?” Representative Thomas Massie said, CNN reported.
The debate comes as the conflict intensifies in the Gulf. US and allied forces have stepped up operations around the Strait of Hormuz, deploying attack aircraft and helicopters to target Iranian naval assets and reopen critical shipping lanes, The Wall Street Journal reported.
“The A-10 Warthog is now engaged across the southern flank, targeting fast-attack watercraft in the Strait of Hormuz,” General Dan Caine said, adding that Apache helicopters “have joined the fight on the southern flank,” according to the Journal.
The escalation has already shaken global energy markets. Oil prices surged sharply as attacks on infrastructure across the region raised fears of supply disruptions, The New York Times reported.
Analysts warned the economic fallout could deepen if hostilities continue. “Energy warfare has been utilised from day one,” said Anna Jacobs, according to The Washington Post, noting that disruptions in the Strait of Hormuz have affected a key global supply route.
At the same time, lawmakers in both parties say they have received limited and incomplete cost assessments, adding to concerns over approving such a large sum. Some Republicans have proposed conditions, including spending offsets or audits of Pentagon finances, before backing any funding bill.
Senate leaders have indicated the path forward remains uncertain. “It remains to be seen” whether the request could pass, Senate Majority Leader John Thune said, according to CNN.
Democrats, meanwhile, remain largely opposed to approving funds under current conditions, further complicating the administration’s efforts to secure congressional backing.
The conflict has also triggered broader policy debates within the administration, including whether easing sanctions on Iranian oil could help stabilise global prices, The Washington Post reported. Officials say such steps could bring additional supply to the market, though analysts warn it could also strengthen Iran financially during the war.
Business
LPG Crisis: How A Simple Digital DAC OTP System Is Plugging A Massive Black-Market Loophole

India’s cooking gas distribution network has long been plagued by a quiet crisis – subsidised LPG cylinders meant for households routinely ended up in the black market, diverted by unscrupulous delivery personnel and agents. With the LPG crisis now deepening due to the US-Iran war, the government’s answer to this is deceptively simple – an OTP.
The Delivery Authentication Code (DAC) is a one-time-use code used to verify the legitimacy of home LPG cylinder delivery, ensuring the cylinder reaches the rightful customer. When a booking is made, the customer receives the code on their registered mobile number, which must be shown to the delivery person before the cylinder changes hands.
Ever since the crisis began, the government has significantly scaled up this system, with DAC coverage now reaching nearly 72 percent of deliveries, up from 53 percent earlier. The Ministry of Petroleum and Natural Gas has directed oil companies to ensure the DAC system is used in at least 80 percent of LPG deliveries, making OTP verification mandatory for the majority of cylinders.
Oil Marketing Companies (OMCs) have introduced the DAC system – sent via SMS and shared with delivery personnel – to ensure verified delivery, with IVRS/SMS refill booking also implemented nationwide, providing alerts at key stages including booking, cash memo generation, and delivery.
If distributors fail to meet the DAC requirement, the system flags cylinders as still in the agency’s inventory even though they have been delivered -creating a digital paper trail that exposes irregularities and improves transparency across the supply chain.
Consumers can ensure they receive DAC codes by taking these steps:
– Link your mobile number to your LPG consumer ID via your distributor or the Indane/HP/Bharat Gas app.
– Book via IVRS by calling your provider’s helpline – the DAC is sent automatically via SMS upon booking.
– Update details online at iocl.com or your respective oil company’s portal.
– Visit your distributor with photo ID and consumer ID if SMS is not being received.
– If the OTP does not arrive, customers can show their Aadhaar card as an alternate identity verification to receive the cylinder.
With the government pushing toward an 80 percent DAC compliance target, the system represents a low-cost, high-impact fix to a problem that has cost the exchequer significantly. For millions of households, it also means the subsidised cylinder they paid for will actually reach their doorstep.
Business
India’s power plants well stocked with coal as PSUs step up production

New Delhi, March 19: India’s thermal power plants have adequate coal stocks of around 53.41 million tonnes which are adequate for nearly 23 days at the present rate of consumption, and further stocks are also being built up at the pitheads of coal mining companies as a proactive measure to meet any exigency amid the disruption in oil and gas supplies due to the Iran war, the Ministry of Coal said on Thursday.
The pithead coal stock at the mines of Coal India Limited (CIL), which was 106.78 million tonnes (MT) as on April 1, 2025, has grown to about 125.54 MT as on March, 18, 2026. Further, there is around 5.75 MT of coal at the mines of Singareni Collieries Company Limited (SCCL) and another 15.75 MT coal at the mines of captive/commercial mines and about 12 MT in transit and about 5.49 MT in ports and good-shed sidings, according to a statement issued by the ministry.
Coal is continuing to ensure reliable baseload power to support core industries such as steel and cement that underpin the economic growth of the country. The coal production in the country continues at a pace matching the prevailing demands of the consumer and building adequate stocks at the mine-end for maintaining adequate supplies to the consumers as per their requirements, with the continued support of Railways, the statement said.
Coal India Limited is taking adequate measures to ensure the supply of coal to all consumers, including small, medium, and other consumers. As a proactive step, CIL has planned 29 e-auctions in the month of March, offering about 23.56 MT of coal. Out of these 29 auctions, 5 auctions have already been conducted since March 12, wherein 73.1 lakh ton of coal was offered, and 31.96 lakh ton of coal has been booked, indicating adequacy of coal offered in the e-auctions, the statement said.
In addition to this, CIL has also taken necessary action to ensure coal availability to the small, medium and other consumers through the State Nominated Agencies (SNAs) route and requested the state governments to provide the additional coal requirement, which can be met in full to avoid any energy shortages. The coal offtake of the states through the SNAs is being constantly monitored by CIL to ensure that uninterrupted supplies are ensured, the statement said.
The Ministry of Coal is ensuring a performance-driven ecosystem through sustained policy facilitation, robust monitoring mechanisms, and proactive stakeholder engagement. These concerted efforts are aimed at providing reliable coal availability, enabling uninterrupted operations across critical sectors, and effectively meeting the nation’s growing energy demands, the statement added.
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