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Notes compiled by Prof. M. B. ThakoorQ.3 Explain the changing role of Finance Manager?In the last few years especially whe...
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Role of finance manager

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  1. 1. Notes compiled by Prof. M. B. ThakoorQ.3 Explain the changing role of Finance Manager?In the last few years especially when liberalization took place in 1991, the financial environmenthad changed drastically and has altered in many ways. And so the role of Finance Manager hasalso changed.The important changes which took place are1. The industrial licensing frame work has been considerably relaxed.2. The monopolies and Restrictive Trade Practices (MRTP) Act has been virtually abolished.3. The Foreign Exchange Regulation Act (FERA) has been liberalized substantially and has been renamed as Foreign Exchange Management Act (FEMA).4. Considerably freedom has been given to companies in pricing their equity issues.5. The investor have become more demanding and analytical.6. The system of cash credit has been largely replaced by a system of working loan?7. A number of new investment opportunities in the money market.The above changes have made the role of the finance manager more important, complex anddemanding.Bharat Banargee, “Duncan” Group:“Finance Manager is no longer referred as “My Accountant” now he is a part of TopManagement”Anand Rathi of “Indian Rayon”:“Earlier it was a supportive function now it is main line”Bhashar Mitter Corporate Finance Director of “ITC”:“Finance has an important role and tremendous challenge to shape their organization. Achallenge to upgrade accounting practice, improve reporting system, use international market forsourcing finance, operate in FOREX market, support and help companies to competeinternationally”N. Gopal Krishna of “Shriram Pipes”:The finance managers job has become more creative and liberal rather than fast suggling withfigureHemant Luthra of “Ballarpur Industries”:The Finance Manager tells the management where it should increase its presence and where itshould get out from.Thus today the key challenges of Finance Manager cover the following areas.1. Investment Planning2. Financial Structure Planning3. Treasury Operation4. Foreign Exchange5. Investor Communication6. Management ControlConcludingly we can say that the finance sector will gather pace and will go on increasing.(1) Notes compiled by Prof. M. B. Thakoor

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