Nilesh Vikamsey

In 1985, he was inducted as partner and given charge of the audit department till 1990 and thereafter to handle assignments related to financial services, consultancy, investigations, mergers and acquisitions, valuations etc.

Academic Qualifications:

  • Member of the Institute of Chartered Accountants of India since 1985
  • Diploma in Information System Audit (DISA) of the Institute of Chartered Accountants of India in 2003
  • Business Consultancy Studies Course of Bombay Chartered Accountants Society jointly with Jamnalal Bajaj Institute of Management Studies (JBIMS) in 2000-2001
  • Government Commercial Diploma in 1980

Work Profile

  • Managing Audits/Consultancy of Large Nationalised Banks, Foreign Banks (Indian Operations), Large Listed Public & Private Limited Companies, Mutual Funds, Financial Services Sector companies like Insurance, Investment Banks, Securities Broking, NBFCs, Asset Management Companies, etc, Public Sector Undertakings, Large Partnership and Proprietorship Concerns
  • Conducted Inspections/Special Audits/Investigations/Due Diligence/Other Assignments for Reserve Bank of India, NSE, SEBI, BSE, Income-Tax Department, Unit Trust of India (UTI), Investment Bankers, for acquisitions/investment decisions, etc.
  • Management Consultancy, Corporate Restructuring, Due Diligence, Valuations, Strategic Planning, Mergers & Acquisitions, System Studies & Manuals, Consultancy in FEMA, Buyback of Shares, Company Law, Feasibility Studies, etc.

Professional / Social Activities:, Member of :

  • Elected member of the Central Council, the Apex decision making body of the Institute of Chartered Accountants of India (ICAI), the second largest accounting body in the world for two consecutive terms of 2010–2013 and 2013-2016
  • Member of following Committees of ICAI:
  • Standing Committees:
    1. Executive Committee
    2. Finance Committee
  • Vice Chairman
    1. Board of Studies
    2. Committee on Accounting Standards for Local Bodies
    3. Committee on Banking, Insurance and Pension
  • Member
    1. Accounting Standards Board
    2. Auditing and Assurance Standards Board
    3. Committee for Co-operatives and NPO Sectors
    4. Corporate Laws and Corporate Governance Committee
    5. Committee on Economic, Commercial Laws and WTO
    6. Expert Advisory Committee
    7. Financial Reporting Review Board
    8. Committee on International Taxation
    9. Committee for Members in Industry
    10. Professional Development Committee
    11. Management Committee
  • Member of other Committees:
    1. Law: Review, Reforms & Rationalization Committee of Indian Merchants Chamber(IMC)
    2. Student Committee, Accounting Standards for Local Bodies, Banking, Insurance & Pension Committee, Administration & Co-ordination Committee, International Taxation Committee & Regional Budget & Finance Committee of WIRC of ICAI
    3. Corporate Members Committee of The Chamber of Tax Consultants (CTC)
    4. Corporate and Allied Laws Committee & Accounting and Auditing Committee of Bombay Chartered Accountants Society (BCAS) and also in its Core Group
  • Member/Convener of Study Groups formed by ICAI for
    1. Suggesting Uniform Accounting Policies to RBI for Asset Reconstruction Companies
    2. Suggestions on Companies Act, 2013 (earlier for Companies Bill, Draft Rules)
    3. Formulation of comments on various Exposure Drafts, Discussion Papers and other matters pertaining to IFRS originating from IASB, especially those pertaining to Financial Instruments, Fair Value, etc.
    4. Electoral Reforms Group
    5. MCA request to give views on
      (i) Independent Oversight of Audit Firms,
      (ii) International studies on Mandatory Firm Rotation (MFR) with their position and opinions,
      (iii) Allowing Indian Chartered Accountancy firms to use internationally recognised names,
      (iv) Transition provisions in the ICAI guidelines on conversion of Chartered Accountant firms into LLPs,
      (v) Effective training opportunities for students (articled assistants) in the profession of Chartered Accountants’

In the Past:

  • Chairman
    1. Financial Reporting Review Board
    2. Research Committee
    3. Board of Studies
    4. Expert Advisory Committee
  • Vice Chairman
    1. Committee on Information Technology
    2. Corporate Laws & Corporate Governance Committee
  • Member
    1. Disciplinary Committee (Under Section 21B)
    2. Committee on Vision and Restructuring
    3. Examination Committee
    4. Ind AS (IFRS) Implementation Committee
    5. Audit Committee
    6. Research Committee
    7. Internal Audit Standards Board
    8. International Affairs committee
    9. Public Interest Advisory Committee
    10. Indirect Taxes Committee
    11. Peer Review Board
    12. Editorial Board
    13. Continuing Professional Education Committee
    14. Committee on Government Accounting
    15. Technology Development Committee
    16. Committee on Management Accounting
  • Members of other Committees
    1. Qualified Audit Report Committee (QARC) of SEBI
    2. Committee on Disclosures and Accounting Standards (SCODA) of SEBI
    3. LLP Committee of Ministry of Corporate Affairs (MCA)
    4. Committee Constituted by Ministry of Corporate Affairs pertaining to certain issues raised regarding applicability of foreign investment in the LLPs
    5. Committee for Digitization of Balance Sheet & Annual Reports filed with MCA through MCA-21
    6. Working Group for developing Indian Specific ACORD Standards for the Indian Insurance Market of IRDA
    7. Committee on Road Map for Risk Based Solvency Approach in Insurance of IRDA
    8. Chairman of Education & CPD Committee of South Asian Federation of Accountants (SAFA)
    9. Representative of ICAI on the Committee for Improvement in Transparency, Accountability and Governance (ITAG) of SAFA
    10. First Chairman of the then newly formed Corporate Members Committee of The Chamber of Tax Consultants (CTC) and also on the Managing Council of CTC in 2007-08 & earlier in its Law & Representation Committee, Membership & Public Relations Committee, Finance committee & Membership & Website Committee
    11. Corporate and Allied Laws committee, Professional Development , Management Accounting, Executive Committee & IFRS Implementation Committee, Research & Indirect Tax Committee of WIRC of ICAI
    12. Project Implementation Committee to pursue the implementation of ‘Accrual Accounting’ in the Ministry of Road Transport & Highways constituted by Ministry of Road Transport & Highways and Ministry of Shipping
    13. Merger & Acquisition (M & A) Council constituted by ASSOCHAM
    14. Legal Affairs Committee of Bombay Chamber of Commerce and Industry (BCCI)
    15. Chairman of Audit Committee & member of Taxonomy Development & Review & Membership Development Committee of XBRL India
  • Convener/Member of Study groups formed by ICAI for
    1. Preparing Guidance Note on Revised Schedule VI to the Companies Act, 1956
    2. Considering Developments on Fair Value Accounting (AS 30) post Sub - Prime Global Financial Crisis in 2009
    3. Proposed Accounting Standard-30 on Financial Instruments–Recognition & Management
    4. Amendment to Chartered Accountants Act
    5. Alternate Dispute Resolution Mechanism for disputes between members or students
    6. Review of Entry Requirement for CA course
    7. "Project Parivartan" an Information Technology Initiative
    8. Financial Reporting Framework in NGO sector
    9. Financial Reporting Framework for Political Parties
    10. Review of Examination Process
    11. Revision of Accounting Standard - 5
    12. Approaching the Government and Regulatory Authorities for Convergence with IFRS
    13. The Group on formulating the standardized Guidelines/parameters for conducting Certificate Courses
    14. AASB sub group on format of Auditors Report for Restated Financial Statements included in a Company Prospectus / Offer Documents
    15. Preparing draft guidance note on Accounting for Derivative Contracts

Others:

  • Speaker/Chairman at various seminars, meetings, lectures held by various Committees, Regional Councils, Branches & Study Circles of ICAI, Bankers Training College of RBI, Comptroller & Auditor General of India (C&AG) and various other organizations
  • Trustee in Sayagyi U Ba Khin Memorial Trust (Vipassana International Academy) & few educational trusts in Mumbai
  • Founder Member and Core Committee Member of Chembur Chartered Accountants Study Circle of WIRC, which had won the Best Study Circle Award consistently for thirteen consecutive years
  • Contributor to Income Tax Review - monthly journal of The Chamber of Tax Consultants

Directorships

  • The Federal Bank Limited (Part Time Chairman)
  • SBI Life Insurance Company Limited
  • Navneet Education Limited
  • IIFL Holdings Limited
  • India Infoline Limited
  • IIFL Wealth Management Limited
  • India Infoline Limited
  • IIFL Realty Limited
  • Few Private Limited Companies