Taxmann's Corporate Funding & Listings in Stock Exchanges (Corporate Funding) | CRACKER

Contents PAGE

Chapter-wise Marks Distribution

I-5

Previous Exams Trend Analysis

I-7

Chapter-wise Comparison with Study Material

I-13

PART A CORPORATE FUNDING (60 MARKS) Chapter 1

1.3

INDIAN EQUITY PUBLIC FUNDING

Chapter 2

2.1

REAL ESTATE INVESTMENT TRUST

Chapter 3

INFRASTRUCTURE INVESTMENT TRUST

3.1

Chapter 4

INDIAN EQUITY - PRIVATE FUNDING

4.1

Chapter 5

INDIAN EQUITY - NON-FUND BASED

5.1

Chapter 6

DEBT FUNDING - INDIAN FUND BASED (CORPORATE DEBT)

6.1

Chapter 7

DEBT FUNDING - INDIAN FUND BASED (GOVT. DEBT & BANKING FINANCE)

7.1

Chapter 8

DEBT FUNDING - INDIAN NON-FUND BASED

I-15

8.1

I-16

CONTENTS PAGE

Chapter 9

FOREIGN FUNDING - INSTRUMENTS & INSTITUTIONS

9.1

Chapter 10

10.1

OTHER BORROWING TOOLS

Chapter 11

NON-CONVERTIBLE REDEEMABLE PREFERENCE SHARES

11.1

Chapter 12

12.1

SECURITIZATION

PART B LISTINGS (40 MARKS) Chapter 13

LISTING - INDIAN STOCK EXCHANGES

13.3

Chapter 14

INTERNATIONAL LISTING

14.1

Chapter 15

PREPARING A COMPANY FOR AN IPO AND GOVERNANCE REQUIREMENTS

15.1

Chapter 16

DOCUMENTATION

16.1

Solved Paper : June 2023 (Suggested Answers)

P.1

Solved Paper : Dec. 2023 (Suggested Answers)

P.18

13

LISTING - INDIAN STOCK EXCHANGES

CHAPTER

PAST YEAR’S EXAMINATION QUESTIONS CORPORATE GOVERNANCE Q1. Comment on the following: “Corporate governance is looked upon as a distinctive brand and benchmark in the profile of corporate excellence”. [(June 2016) (4 Marks)] Ans. Corporate excellence refers to a transformation from the status of a good company to the status of a great company. The essence of corporate excellence is to have a competitive advantage over other firms in the industry.

Corporate excellence is about developing and strengthening the management system and process of a company to improve performance and create value for stakeholders. Corporate governance is the one and only route to achieve corporate excellence.

Corporate Governance provides a structure through which the objectives of a company are set and how they are achieved and monitored.

Good governance practice enhances the efficiency of corporate sector and helps achieving excellence in all areas in the organization.

COMPLIANCE OFFICER Q2. Write notes on: “Compliance Officer”.

[(June 2013) (3 Marks)]

Ans. According to Regulation 6 of SEBI (LODR) Regulations, 2015 shall appoint a Qualified Company Secretary as the Compliance Officer who is responsible for:

Ensuring conformity with the regulatory provisions in letter and spirit.

Co-ordination with and reporting to SEBI, recognized stock exchange(s) and depositories.

13.3

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13.4

PART B : LISTINGS

Monitoring email address of grievance redressal division for the purpose of registering complaint by investors.

Ensuring correctness, authenticity and comprehensiveness of the information, statements and reports filed by listed entities.

Note. This regulation is not applicable to listing of units of mutual funds.

CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE Q3. Write notes on: “Corporate Governance Compliance Certificate”. [(June 2015) (4 Marks)]

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Ans.

Part E of Schedule II of SEBI (LODR) Regulations, 2015 deals with Compliance Certificate on Corporate Governance.

Compliance Certificate from either the auditors or practicing company secretaries regarding compliance of conditions of corporate governance shall be annexed with the directors’ report.

The listed entity shall submit to stock exchange a comparative analysis of the corporate governance provisions that are applicable in its home country and in the other jurisdictions in which its equity shares are listed along with the compliance of the same vis-a-vis the corporate governance requirements applicable under Regulation 17 to Regulation 27 to other listed entities.

The disclosures of the compliance with corporate governance requirements specified in regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 shall be made in the section on corporate governance of the annual report.

WHISTLE-BLOWER POLICY Q4. Write notes on: “Whistle blower Policy.” [(June 2015) (4 Marks)] [(June 2016) (4 Marks)] Ans. “Whistle blower Policy” or “Vigil Mechanism”: As per Regulation 22 of SEBI (LODR) Regulations, 2015, following are the requirements for the “Whistle Blower Policy” in a listed entity:

The listed entity shall formulate a vigil mechanism for directors and employees to report genuine concerns.

The vigil mechanism shall provide for adequate safeguards against victimization of director(s) or employee(s) or any other person who avail

CH. 13 : LISTING - INDIAN STOCK EXCHANGES

13.5

the mechanism and also provide for direct access to the chairperson of the audit committee in appropriate or exceptional cases.

Details of establishment of Vigil Mechanism shall be disclosed by the listed entity on its website and in the Board’s Report.

AUDIT COMMITTEE UNDER REGULATION 18 OF SEBI (LODR) REGULATIONS, 2015

Ans.

Composition of Audit Committee: Every listed entity shall constitute a qualified and independent audit committee in accordance with the terms of reference, subject to the following:

Minimum Number of Directors: The Audit Committee shall have minimum 3 directors as members.

Number of Independent Directors: 2/3rd of the members of audit committee shall be independent directors.

Financially literate: All members of audit committee shall be financially literate and at least one member shall have accounting or related financial management expertise.

Secretary: The Company Secretary shall act as the Secretary to the audit committee.

Chairperson: The Chairperson of the audit committee shall be an independent director and he shall be present at AGM to answer shareholders queries.

Invitation: The audit committee at its discretion shall invite the finance director or head of the finance function, head of internal audit and a representative of the statutory auditor and any other such executives to be present at the meetings of the committee.

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Q5. Discuss briefly the composition, meetings, role & responsibilities of an Audit Committee under Regulation 18 of SEBI (LODR) Regulations, 2015. [(Dec. 2010) (7 Marks)] Or Krishna Ltd. is a listed company and it has six directors on its Board, out of which four directors are independent directors. Mr. Raju is the Executive Chairman and Promoter of the Company and Mr. Pawan is the Managing Director of the company.

Mr. Pawan wants to become Chairman of Audit Committee. Can he become Chairman of Audit Committee of M/s. Krishna Limited? Discuss the provisions relating to composition of Audit Committee in a listed company. [(Dec. 2022) (5 Marks)]

13.6

PART B : LISTINGS

Meeting of Audit Committee: The listed entity shall conduct the meeting of audit committee in the following manner:

Minimum Number of Meeting: The audit committee shall meet at least 4 times in a year and not more than 120 days shall elapse between two meetings.

Quorum: The quorum for audit committee meeting shall either be: i. two members or ii. one third of the members of the audit committee. whichever is greater, with at least two independent directors.

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Role and Responsibilities of Audit Committee: Following are the role and responsibilities of audit committee as per Part C of Schedule II:

Oversight of the listed entity’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.

Recommendation for appointment of auditors and remuneration and terms of appointment of auditors of the listed entity.

Approval of payment to statutory auditors for any other services rendered by the statutory auditor.

Reviewing, with the management, the annual financial statements before submission to the board for approval with particular reference to:

z

Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s report in terms of Clause (c) of Section 134 of the Companies Act, 2013.

z

Changes, if any, in accounting policies and practices and reasons for the judgment by management.

z

Major accounting entries involving estimates based on the exercise of judgment by management.

z

Significant adjustment made in the financial statements arising out of audit findings.

z

Compliance with listing and other legal requirements relating to financial statements.

z

Disclosure of any related party transactions.

z

Qualifications in the draft audit report.

Reviewing, with the management: z

Quarterly financial statements before submission to the board for approval.

CH. 13 : LISTING - INDIAN STOCK EXCHANGES z

13.7

Performance of statutory and internal auditors, and adequacy of the internal control systems.

Approval of any subsequent modifications of transactions of the company with related parties.

Scrutiny of inter-corporate loans and investment.

Valuation of undertaking or assets of the company, wherever it is necessary.

Evaluation of internal financial control and risk management systems.

Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.

To review the functioning of the Whistle Blower mechanism in case the same is existing.

Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.

Ans.

According to Regulation 23(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, all related party transactions shall require prior approval of the Audit Committee.

The Audit Committee may grant omnibus approval for related party transactions proposed to be entered into by the listed entity subject to the following conditions:

The audit committee shall lay down the criteria for granting the omnibus approval in line with the policy on related party transactions of the listed entity and such approval shall be applicable in respect of transactions which are repetitive in nature.

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Q6. MCS Ltd. is a listed company with Bombay Stock Exchange Ltd. The Company enters into related party transactions frequently with MAP Ltd. in which one of Director of MNC Ltd. holds 3% paid up capital of MAP Ltd. MCS Ltd. feels that getting the approval of Audit Committee for each transaction is time-consuming and delaying the operational plan. You, being a Company Secretary of MCS Ltd., advise the management with reference to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for approval of related party transactions from the Audit Committee for next one year.

Will your answer be different if MAP Ltd. is wholly owned subsidiary of MCS Ltd.? [(Dec. 2018)(5 Marks)]

13.8

PART B : LISTINGS

The audit committee shall satisfy itself regarding the need for such omnibus approval and that such approval is in the interest of the listed entity.

The audit committee shall review, at least on a quarterly basis, the details of related party transactions entered into by the listed entity pursuant to each of the omnibus approval is given.

Such omnibus approval shall be valid for a period not exceeding one year and shall require fresh approvals after the expiry of one year.

The omnibus approval shall specify: i. the name(s) of the related party, nature of transaction, period of transaction, maximum amount of transactions that shall be entered into; ii. The indicated base price/current contracted price and the formula for variation in the price if any; and

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iii. Such other conditions as the audit committee may deem fit.

Nevertheless where the need for related party transaction cannot be foreseen and aforesaid details are not available, audit committee may grant omnibus approval for such transactions subject to their value not exceeding rupees one crore per transaction.

The provisions related to the prior approval of audit committee shall not apply, in case the transactions are entered between a holding company and its wholly owned subsidiary whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval.

Therefore, in the case of MAP Ltd. which is a wholly owned subsidiary of MCS Ltd., the approval of audit committee is not required.

COMPLIANCE REQUIREMENTS UNDER REGULATION 33 OF SEBI (LODR) REGULATIONS, 2015 Q7. You are Company Secretary of All Season Travels Ltd., which being listed on the stock exchange after an IPO is made by the Company.

Your Board of Directors desires to understand about the compliance requirements under Regulation 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Write a Board note on Regulation 33. [(Dec. 2011) (7 Marks)]

CH. 13 : LISTING - INDIAN STOCK EXCHANGES

13.9

Ans. To, The Board of Directors All Season Travels Limited Sub: Compliance requirements under Regulation 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

I would like to draw attention of the Board of Directors that while preparing financial results, the listed entity shall comply with the following: The financial results shall be prepared on the basis of accrual accounting policy and shall be in accordance with uniform accounting practices adopted for all the periods.

The quarterly and year to date results shall be prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 or Indian Accounting Standard 31 (AS 25/Ind AS 34 - Interim Financial Reporting), as applicable, specified in Section 133 of the Companies Act, 2013 read with relevant rules framed thereunder or as specified by the Institute of Chartered Accountants of India, whichever is applicable.

The standalone financial results and consolidated financial results shall be prepared as per Generally Accepted Accounting Principles in India. However, in addition to the above, the listed entity may also submit the financial results as per the International Financial Reporting Standards notified by the International Accounting Standards Board.

The listed entity shall ensure that the limited review or audit reports submitted to the stock exchange(s) on a quarterly or annual basis are to be given only by an auditor who has subjected himself to the peer review process of Institute of Chartered Accountants of India and holds a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

The listed entity shall make the disclosures specified in Part A of Schedule IV.

Approval and Authentication of the financial results: In addition to the above, following are provisions regarding approval and authentication of the financial results:

The quarterly financial results submitted shall be approved by the board of directors.

The financial results submitted to the stock exchange shall be signed by the chairperson or managing director, or a whole time director or in the absence of all of them. It shall be signed by any other director of the listed entity who is duly authorized by the board of directors to sign the financial results.

The limited review report shall be placed before the board of directors, at its meeting which approves the financial results, before being submitted to the stock exchange(s).

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PART B : LISTINGS

The annual audited financial results shall be approved by the board of directors of the listed entity and shall be signed in the manner specified in sub-regulation (2)(b).

Manner of Submission of Financial Results: Furthermore, the listed entity shall submit the financial results in the following manner:

The listed entity shall submit quarterly and year-to-date standalone financial results to the stock exchange within 45 days of end of each quarter, other than the last quarter.

In case the listed entity has subsidiaries, in addition to the requirement at clause (a) of sub-regulation (3), the listed entity shall also submit quarterly/ year-to date consolidated financial results.

The listed entity shall also submit as part of its standalone or consolidated financial results for the half year, by way of a note, a statement of assets and liabilities as at the end of the half-year.

The listed entity shall submit annual audited standalone financial results for the financial year, within sixty days from the end of the financial year along with the audit report and Statement on Impact of Audit Qualifications applicable only for audit report with modified opinion.

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However, if the listed entity has subsidiaries, it shall, while submitting annual audited standalone financial results also submit annual audited consolidated financial results along with the audit report and Statement on Impact of Audit Qualifications applicable only for audit report with modified opinion.

However, in case of audit reports with unmodified opinion(s), the listed entity shall furnish a declaration to that effect to the Stock Exchange(s) while publishing the annual audited financial results.

Mr. ____ (Company Secretary) All Season Travels Ltd.

SME EXCHANGE AND ROLE OF COMPANY SECRETARIES FOR SMEs LISTING Q8. What do you mean by SME Exchange? Discuss the role of Company Secretary in the model SEBI (LODR) Regulations, 2015 laid down by SEBI for SMEs for the purpose of listing. [(Dec 2013) (5 Marks)] Ans.

“SME exchange” means a trading platform of a recognised stock exchange having nationwide trading terminals permitted by SEBI to list the specified securities issued in accordance with Chapter IX and includes a stock exchange granted recognition for this purpose but does not include the Main Board.

CH. 13 : LISTING - INDIAN STOCK EXCHANGES

13.11

Explanation: ‘Main Board’ means a recognized stock exchange having nationwide trading terminals, other than SME exchange.

Example: BSE and NSE have started their SME listing platforms in India.

“Role of Company Secretary” in the model SEBI (LODR) Regulations, 2015 laid down by SEBI for SMEs for the purpose of listing: Following are roles of Company Secretary: All listed SMEs on SME platform are required to appoint the Company Secretary of the Issuer as Compliance Officer who will be responsible for monitoring the share transfer process and report to the Issuer board in each meeting.

‘Compliance Officer’ will directly liaise with the authorities such as SEBI, Stock Exchange, ROC etc., and investors with respect to implementation of various clause, rules, regulations and other directives of such authorities and investors service and complaints related matter.

“Registrar and Transfer Agent” of a listed SMEs are required to produce a certificate from a practicing company secretary that all the transfers have been completed within the stipulated time and certification regarding compliance of conditions of Corporate Governance.

POLICIES UNDER SEBI (LODR) REGULATIONS, 2015 Q9. What are the policies required to be framed under SEBI (LODR) Regulations, 2015? [(June 2017) (4 Marks)] Ans. Following policies required to be framed under SEBI (LODR) Regulations, 2015: Sr. No. Regulation

Description

1.

Regulation 16(1)(c) Policy for determining ‘material’ subsidiary.

2.

Regulation 9

Policy for Preservation of Documents

3.

Regulation 43A

Dividend Distribution Policy

4.

Regulation 30(4)

Policy for determination of materiality.

5.

Regulation 23(1)

Policy on materiality of Related Party Transactions.

LISTING OF SECURITIES Q10. Comment on the following statement: “Listing of securities with stock exchanges is a matter of great importance for companies and investors.” [(June 2017) (4 Marks)]

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PART B : LISTINGS

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Ans. Listing of securities with stock exchange is a matter of great importance for companies and investors, because this provides the liquidity to the securities in the market. The following benefits are available when securities are listed by a company in the stock exchange:

Public Image: Enhancement of Public image of the company.

Liquidity: The liquidity of the security is ensured making it easy to buy and sell the securities in the stock exchange.

Tax Concessions: Tax concessions are made available both to the investors and the companies.

Attract more Investors through disclosure of important information for Investment: Listing procedure compels company management to disclose important information to the investors enabling them to make crucial decisions with regard to keeping or disposing of such securities.

Better Support Services from Banks and FIs: Listed companies command better support such as loans and investments from Banks and Financial Institutions.

INDEPENDENT DIRECTORS UNDER SEBI (LODR) REGULATIONS, 2015 Q11. For ensuring independence in the spirit of Independent Directors and their active participation in functioning of the company, SEBI has accepted many recommendations of committee setup under the Chairmanship of Shri Uday Kotak and made amendments in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Explain any four amended provisions related to Independent Directors. [(Dec. 2018) (4 Marks)] Ans. Based on the recommendations of Kotak Committee, the amendments made in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with respect to Independent Directors are as follows:

Independent Women Director: The Board of Directors of the top 500 listed entities shall have at least one independent woman director by April 1, 2019 and the Board of Directors of the top 1000 listed entities shall have at least one independent woman Director By April 1, 2020.

Quorum for Board Meetings: The quorum for every meeting of the Board of Directors of the top 1000 listed entities with effect from April 1, 2019 and the top 2000 listed entities with effect from April 1, 2020 shall be one-third of its total strength or three Directors, whichever is higher, including at least one independent director.

Limit on Independent Directorship Holding: A person shall not serve as an independent director in more than seven listed entities. However, any person who is serving as a whole time director/managing director

CH. 13 : LISTING - INDIAN STOCK EXCHANGES

13.13

in any listed entity shall serve as an independent director in not more than three listed entities.

Evaluation of Independent Director: The evaluation of independent director shall be done by the entire Board of Directors which shall include:

Performance of the director.

Fulfilment of the Independence criteria as specified in SEBI Listing Regulations and their Independence from the management.

Nevertheless, in the above evaluation directors who are subject to evaluations shall not participate.

Quorum for NRC Meeting: The quorum for a meeting of the nomination and remuneration committee shall be either two members or one-third of the members of the committee whichever is greater, including at least one independent director in attendance.

One common independent director on Board of listed entity and its unlisted material subsidiary: At least one independent director on the Board of Directors of the listed entities shall be a director on the Board of Directors of an unlisted material subsidiary whether incorporated in India or not.

Reason for resignation of an independent director: Detailed reasons for the resignation of an independent director who resigns before the expiry of his tenure along with a confirmation by such director that there are no other material reasons other than those provided.

QUARTERLY COMPLIANCES UNDER SEBI (LODR) REGULATIONS, 2015 Q12. You are the Company Secretary of Sunglow Ltd., which being listed on the Stock Exchange after an IPO is made by the Company.

The Managing Director desires to know about quarterly compliance requirements under listing agreement. Prepare a list of quarterly compliances as per the listing regulations. [(Dec. 2018) (4 Marks)] Ans. The followings are the quarterly compliances required to be made under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Regulation No. Regulation 13(3)

Particulars

Time Limit

The listed entity shall file with the recognised Within 21 days from Within 21 days Stock Exchange, a statement end of Quarter. giving the from end of number of investor complaints pending at the

beginning of the quarter,

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PART B : LISTINGS

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Regulation No.

Particulars

received during the quarter,

disposed of during the quarter and

those remaining unresolved at the end of the quarter.

Time Limit

Regulation 27(2) (a)

The listed entity shall submit a quarterly com- Within 15 days from pliance report on corporate governance in the close of the quarter. format as specified by SEBI from time to time to the Recognised Stock Exchange(s).

Regulation 31(1) (b)

The listed entity shall submit to the stock Within 21 days from exchange a statement showing holding of se- end of Quarter. curities and share holding pattern separately for each class of securities, specified by SEBI.

Regulation 32(1)

The listed entity shall submit to the stock ex- Within 21 days from change a statement of deviation or variation. end of Quarter.

Regulation 33(3)

The listed entities shall submit quarterly and Within 45 days of year-to-date financial results to the stock ex- end of each quarter change. other than the last quarter.

ISSUANCE OF CERTIFICATES/RECEIPTS FOR SECURITIES AND DEALING WITH UNCLAIMED SECURITIES UNDER SEBI (LODR) REGULATIONS, 2015 Q13. Explain the Regulation 39 of Issuance of Certificates or Receipts for securities and dealing with unclaimed securities under SEBI Listing Regulations, 2015. [(June 2019) (5 Marks)] Ans. As per Regulation 39 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 provides that:

The listed entity shall comply with Rule 19(3) of Securities Contract (Regulations) Rules, 1957 in respect of Letter/Advices of Allotment, Acceptance or Rights, transfers, subdivision, consolidation, renewal, exchanges, issuance of duplicates thereof or any other purpose.

The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.

13.15

CH. 13 : LISTING - INDIAN STOCK EXCHANGES

The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.

The listed entity shall comply with the procedural requirements specified in Schedule VI to these regulations while dealing with securities issued pursuant to the public issue or any other issue, physical or otherwise which remain unclaimed and/or are lying in the escrow account as applicable.

HALF YEARLY COMPLIANCE CALENDAR FOR LISTED ENTITIES FOR SMEs Q14. List out the half yearly Compliance calendar for listed entity for SME (Small and Medium Enterprise) as per SEBI Listing Regulations, 2015. [(June 2019) (5 Marks)] Ans. Half Yearly Compliance Calendar for listed entity for SME (Small and Medium Enterprise) as per SEBI Listing Regulations, 2015: Regulation

Period Covered

Date by which to be filed

1

Regulation 31(1) – Shareholding Pattern.

April

21st October and 21st April.

September October

2

Regulation 32(8) - Statement of deviation or variation.

April

-

September October

3

Regulation 33(5) – Financial Results.

April September

14th November and 30th May.

October 4

Regulation 7(3) – Compliance Certificate to the exchange.

April September

31st October and 30th April.

October 5

Regulation 40(10) – Compliance Certificate w.r.t Transfer or transmission or transposition of securities within 30 days.

April September October March

31st October and 30th April.

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Sr. No.

CORPORATE FUNDING & LISTINGS IN STOCK EXCHANGES (CORPORATE FUNDING) | CRACKER AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

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N.S. Zad, Divya Bajpai TAXMANN FEBRUARY 2024 7TH EDITION 9789357783958 428 PAPERBACK

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DESCRIPTION This book is prepared exclusively for the Professional Level of Company Secretary Examination requirement. It covers the questions (topic/sub-topic wise) & detailed answers strictly as per the old syllabus of ICSI. The Present Publication is the 7th Edition for the CS Professional | Old Syllabus | June 2024 Exam. This book is authored by CS N.S. Zad & CS Divya Bajpai, with the following noteworthy features: • Coverage of this book includes o Fully-Solved Questions of Past Exams; Topic-wise, including: - Solved Paper: Dec. 2023 | Suggested Answers • [Arrangement of Questions] Questions in each chapter are arranged 'sub-topic wise' • [Important Additional Questions] with Answers are provided • [Marks Distribution] Chapter-wise marks distribution from June 2019 onwards • [Previous Exam Trend Analysis] from Dec. 2021 onwards • [ICSI Study Material Comparison] is provided chapter-wise

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