Group III Paper Syllabi (Papers 13-16)

CMA Final Paper 13: Corporate and Economic Laws (CEL)

Section A: Corporate Laws (60%)
Module 1 — The Companies Act, 2013 (40%):
- Company Formation and Conversion (Pvt/Public/Guarantee/Unlimited, LLP conversion, Foreign Companies)
- Investment and Loans (Inter-corporate loans, Public Deposits, Debt Instruments)
- Dividends, Accounts and Audit (Statutory Auditor, CARO, Cost Auditor)
- Board of Directors and Key Managerial Personnel (Appointment, DIN, Removal, Remuneration)
- Board Meetings, Corporate Governance, Audit Committee, Directors duties
- Inspection, Inquiry and Investigation
- Compromises, Arrangements and Amalgamations
- Prevention of Oppression and Mismanagement

Module 2 — Insolvency and Bankruptcy Code, 2016 (10%):
- Corporate Insolvency Resolution Process (CIRP)
- Liquidation of Corporate Person
- Personal Insolvency

Module 3 — Corporate Governance, Social Responsibility and Sustainability (10%):
- Corporate Governance Concepts, Practices and Codes in India
- CSR — Nature, Activities, Evaluation of CSR Projects
- Sustainability Management

Section B: Economic Laws and Regulations (40%)
- SEBI Regulations (IPO, Insider Trading, Takeover Code) — 10%
- Competition Act, 2002 (Anti-Competitive Agreements, Abuse of Dominant Position) — 5%
- FEMA 1999 (FDI, External Commercial Borrowings, LRS) — 5%
- Banking Laws (Banking Regulation Act 1949, RBI role, SARFAESI Act 2002) — 5%
- Insurance Laws (Insurance Act 1938, IRDAI Act 1999) — part of 5%
- MSME Laws (MSMED Act 2006) — 5%
- Cyber Security and Data Privacy (IT Act 2000, Cyber Crimes) — 5%
- Anti-Money Laundering (PMLA 2002) — 5%

CMA Final Paper 14: Strategic Financial Management (SFM)

Section A: Investment Decisions (25%)
- Investment Decisions, Project Planning and Control (NPV, IRR, MIRR, MACRS, Abandonment Value)
- Evaluation of Risky Proposals (Risk Analysis, Sensitivity, Scenario Analysis, Monte Carlo Simulation)
- Leasing Decisions (Lease vs Buy, Break-Even Rental, Cross Border Leasing)
- Securitization (Concept, Participants, Instruments)

Section B: Security Analysis and Portfolio Management (35%)
- Security Analysis — Fundamental and Technical Analysis
- Equity and Bond Valuation (DCF, Relative Valuation, Bond Prices and Yields)
- Mutual Funds (NAV computation, ETF, REIT, InvIT, Evaluation)
- Portfolio Theory and Practice (Systematic/Unsystematic Risk, Markowitz Model, Efficient Frontier)
- Asset Pricing Theories (CAPM and APT, Levered/Unlevered Beta)
- Portfolio Performance Evaluation and Portfolio Revision
- Efficient Market Hypothesis

Section C: Financial Risk Management (20%)
- Financial Derivatives — Forwards, Futures, Options (Black-Scholes, Greeks, Put-Call Parity)
- Swaps (Interest Rate, Credit Default)
- Interest Rate Derivatives (FRA, Caps, Floors, Collars)

Section D: International Financial Management (15%)
- International Financial Institutions and Markets
- Foreign Exchange Market (Spot, Forward, Arbitrage)
- Foreign Exchange Derivatives (Currency Forwards, Futures, Options, Swaps)
- Foreign Exchange Risk Management (Transaction, Translation, Operating Exposure)
- Parity Relationships

Section E: Digital Finance (5%)
- Digital Finance Ecosystem (Digital Infrastructure, CBDC, NFTs, Cryptocurrency, UPI, Neo-Banks, FinTech)
- Regulation and Governance in Digital Finance

CMA Final Paper 15: Direct Tax Laws and International Taxation (DIT)

Section A: Direct Tax Laws (60%)
1. Assessment of Income and Computation of Tax Liability of Various Entities:
- Individual including Non-resident, Company, Trust, Mutual Association
2. Tax Management, Return and Assessment Procedure:
- Return of Income, Assessment Procedure including Dispute Resolution
- Interest and Fees, Survey, Search and Seizure
- Collection, Recovery and Refund
3. Grievance Redressal (Appeal, Rectification, Revision, Settlement Commission, Advance Ruling)
4. Penalties and Prosecutions
5. Business Restructuring (Amalgamation, Demerger, Slump Sale, Conversion of entities)
6. Different Aspects of Tax Planning
7. CBDT and Other Authorities
8. E-commerce Transaction and Liability in Special Cases
9. Income Computation and Disclosure Standards (ICDS)
10. Black Money Act, 2015
11. Case Study

Section B: International Taxation (40%)
12. Double Taxation and Avoidance Agreements (DTAA) [Sec.90, 90A, 91]:
- Types of DTAA, Models (OECD and UN), Interlink with Section 90, Overview of Articles
13. Transfer Pricing:
- Transfer Pricing including Specified Domestic Transactions
- Determination of Arm's Length Price
- Advance Pricing Agreement (APA)
- Safe Harbour Rules, Thin Capitalisation, Secondary Adjustment
14. General Anti-Avoidance Rules (GAAR)

CMA Final Paper 16: Strategic Cost Management (SCM)

Section A: Strategic Cost Management for Decision Making (60%)
1. Introduction to Strategic Cost Management (5%):
- Concepts in Different Stages of Value Chain, Cost Control and Reduction Techniques
- Value Chain Analysis, Value Engineering, Business Process Re-engineering
- Supply Chain Management
2. Quality Cost Management (5%):
- Managing Quality, Cost of Quality, TQM, Lean Accounting, Six Sigma
3. Decision Making Techniques (25%):
- Decisions involving Alternative Choices, Pricing Decisions and Strategies
- Transfer Pricing, Relevant Cost Analysis, Target Costing
- Product and Asset Life Cycle Costing, Decision Making using Probability
4. Activity Based Management and JIT (10%):
- ABC Management (Concept, Purpose, Benefits, Stages, Applications)
- JIT, Throughput Accounting, Backflush Accounting, Benchmarking
5. Evaluating Performance (15%):
- Variance Analysis (Material, Labour, Overhead, Sales, Planning & Operating Variances)
- Controllable vs Non-Controllable, Relevant Cost Approach
- Activity Ratios, Budgetary Control and Standard Costing, Uniform Costing

Section B: Quantitative Techniques in Decision Making (40%)
6. Linear Programming (15%)
7. Transportation (15%)
8. Assignment (part of 15%)
9. Game Theory (part of 15%)
10. Simulation (15%)
11. Network analysis — PERT, CPM (15%)
12. Learning Curve (part of 15%)
13. Business Application of Maxima and Minima (10%)
14. Business Forecasting Models — Time Series and Regression Analysis (10%)
15. Introduction to Tools for Data Analytics (10%)