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MoU signed between ICAI & USE
November, 09th 2010

PRESS RELEASE

 

The Institute of Chartered Accountants of India ties-up with United Stock Exchange to impart knowledge on currency derivatives


In a move to impart comprehensive knowledge of financial markets to its members, The Institute of Chartered Accountants of India (ICAI) recently signed a MOU with United Stock Exchange (USE). As part of this MOU, USE plans to educate members of ICAI by organizing seminars, panel discussions, workshops on financial markets and corporate governance. ICAI would provide institutional support and facilitate interactions with its members wherein USE would impart relevant knowledge.

CA. Amarjit Chopra, President, ICAI said Recently we have witnessed rapid development in the financial sector through the launch of new innovative products and it is imperative that our members are regularly updated on these developments. We are glad to have tied up with the Untied Stock Exchange for a series of educative seminars, panel discussions and workshops which are aimed at enhancing financial knowledge within our member community.

 

Speaking on the development, Mr. T.S. Narayanasami, Managing Director  & CEO of United Stock Exchange said It is a pleasure to be associated with ICAI, a premier accounting body in the world. Through this association we hope to build knowledge about financial markets especially sophisticated instruments like currency derivatives in India. I am sure both USE and ICAI would learn from each other and develop a very fruitful relationship.


The MOU has been signed for a term of 3 years and would be renewed subsequently on mutual consent. USE was launched recently with record volumes and has been the market leader since launch.

 

About ICAI


The Institute of Chartered Accountants of India is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than six decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally. ICAI now is the second largest accounting body in the whole world.

ICAI has its headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi. It presently has 126 branches spread all over the country. In addition, it has also set up 22 chapters outside India and an overseas office in Dubai.

 

ICAI is one of the unique organizations with its activities encompassing education, training, examination, disciplinary mechanism, peer review, continuing professional development, government accounting, standard setting and alike. Its contribution to the work programmes of Government and other regulators has seen it being an important constituent of their select Committees.

 

About USE

 

United Stock Exchange of India Limited (USE) is Indias newest stock exchange for currency derivatives. The exchange offers a better platform to corporate and SMEs for managing forex risk as spread rates in an exchange are better and it does not involve any counter party risk. USE has a unique Public-Private partnership with equity participation by both PSUs and the private sector banks. All 21 Indian public sector banks have promoted United Stock Exchange by investing in equity which include. In addition to public sector banks, 5 private sector banks have also an equity participation in USE; they include Axis Bank, Federal Bank, HDFC Bank, ICICI Bank and J&K Bank.

Apart from banks, Jaypee Capital, MMTC and Indian Potash have also invested in United Stock Exchange to build an institution that is on its way to becoming an enduring symbol of Indias modern financial markets. Bombay Stock Exchange is also a strategic partner with USE as it holds a 15% stake and all its members are connected to the new USE platform.

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