The Exchange has joined hands with several agencies like the government, trade bodies and educational institutions to drive financial literacy for financial inclusion and encourage incorporation of global best practices in the industry.
MCX Stock Exchange (MCX-SX), India’s new stock exchange, has signed up with India’s two premier professional institutions — Institute of Company Secretaries of India (ICSI) and Institute of Cost and Works Accountants of India (ICWAI) — to jointly promote the cause of financial literacy and corporate governance. MCX-SX signed the memorandums of understanding (MoUs) with ICSI and ICWAI at a programme on Corporate, Social and Environmental Governance, which was jointly conducted by MCX-SX and the Ministry of Corporate Affairs (MCA) in Kolkata on May 7, 2010.
MCX-SX, in the past, had signed a similar MoU with Institute of Chartered Accountants of India (ICAI). These MoUs mark the beginning of various collaborative initiatives between MCX-SX and ICAI, ICSI and ICWAI, where they will together conduct seminars, certification programmes, various events, training and research programmes on financial markets and corporate governance to spread financial literacy for greater financial inclusion. As India’s new generation stock exchange, MCX-SX has always worked towards development and inclusive growth of India’s financial markets. The Exchange has joined hands with several agencies like the government, trade bodies and educational institutions to drive financial literacy for financial inclusion and encourage incorporation of global best practices in the industry. In line with these initiatives, MCX-SX recently tied up with the Ministry of Corporate Affairs (MCA) to launch various collaborative efforts in promoting the need of adopting international best practices and corporate governance for making Indian businesses globally competitive.
The Kolkata event, which was a part of such an initiative between MCX-SX and MCA, was attended by distinguished personalities from the Government of India, corporate India and the country’s premier professional institutions. While Mr R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs, graced the occasion as the chief guest, in what was a first of its sorts in India, the event saw the presence of the presidents of India’s top three professional bodies — Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and Institute of Cost and Works Accountant of India (ICWAI).
Besides Mr. Amarjit Chopra, president, ICAI, Mr. Vinayak S. Khanvalkar, president ICSI, and Mr. G. N. Venkataraman, president ICWAI, Mr Partha S Bhattacharya, Chairman Coal India Ltd, Mr. Prithvi Haldea, MD, Prime Database, and Mr. Nawshir H. Mirza, Professional Director, also addressed the delegates.
Speaking on the occasion, Mr. R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs, said, “Corporates should look beyond the statutory guidelines and adopt voluntary measures to improve Governance. Ministry has already issued the Voluntary Guidelines on Corporate Governance and Corporate Social Responsibility in the year 2009. Further, the Ministry has embarked upon ambitious investor education drive targeting 3,000 programmes during the current financial year as against 300 last year. The Ministry of Corporate Affairs is happy to partner with MCX-SX, a new generation Stock Exchange, along with other institutions and professional bodies, for conducting programmes aimed at spreading the message of Corporate, Environmental and Social Governance across the country, which will ensure financial inclusion and inclusive growth”.
Commenting on the agreement with MCX-SX, Mr. G N Venkataraman, president, ICWAI, said, “The memorandum of understanding (MoU) signed between ICWAI and MCX-SX will mark the beginning of a series of collaborative initiatives between the two. It is significant to note that this MOU is signed in the presence of Mr. R Bandyopadhyay, Secretary, Ministry of Corporate Affairs, and the presidents of all the three professional bodies. This MoU also covers propagation of Cost Accounting Standard being developed by ICWAI.”
Mr. Vinayak S Khanvalkar, president, ICSI, added, “ICSI is glad to align with MCX-SX, India’s new Stock Exchange. Corporate, Environmental and Social Governance are core to ICSI’s vision and philosophy. This MoU will ensure that ICSI will effectively propagate the message of good governance to the corporate world.”
Mr. Joseph Massey, MD & CEO, MCX-Stock Exchange, said, “MCX-SX is happy to have partners like ICSI, ICWAI and ICAI for jointly working towards promoting the cause of financial literacy and international standards of governance among Indian corporates. As India’s new generation exchange, MCX-SX believes in systematic development of markets through ‘Information, Innovation, Education and Research’. MCX-SX has also strived to set a benchmark by adopting best practices in Social, Corporate and Environmental Governance as we believe that by adopting global best practices in every field of operations can help India Inc achieve a leadership status in the world and provide a level-playing field to our corporates.”
