Institute of Chartered Accountants of India (ICAI) President Charanjot Singh Nanda speaks during the Accounting Standards Day event, in New Delhi, Saturday, May 3, 2025.
| Photo Credit: PTI

Chartered accountants’ apex body ICAI will be preparing a research paper to help the markets watchdog SEBI in dealing with financial frauds.

ICAI President Charanjot Singh Nanda on Saturday (MAY 3, 2025) said the institute will set up a working group and hold discussions with Sebi to finalise the various aspects that will be looked into with respect to tackling financial fraud.

The working group will submit a research paper to the Securities and Exchange Board of India (SEBI) in this regard, Mr. Nanda told PTI.

Mr. Nanda had a meeting with SEBI Chairman Tuhin Kanta Pandey on Friday.

“India is a very favourable investment destination. People want to invest in India, and normal people have diverted their savings to the markets such as Systematic Investment Plans,” Mr. Nanda said at a briefing in the national capital.

It is important for Sebi to ensure the protection of investors’ interests. Along with ICAI, a system can be developed to prevent fraud, he added.

In recent years, there have been increased investments in the capital market, including from retail investors. Also, there have been instances of financial misdoings and price rigging.

To protect investors’ interests and boost the financial markets, various efforts are being taken by regulators to sensitise the public and curb frauds.

The Institute of Chartered Accountants of India (ICAI) has more than 4.35 lakh members and over 10 lakh students.

Declining travel demand, evidenced by disappointing earnings projections from major travel companies, could lead to significant economic losses for the US this year. Analysts point to the impact of the Trump administration’s trade policies on consumer confidence, as reported by Reuters.
JP Morgan claimed in a recent note that rising anti-American sentiment may be contributing to a decline in international tourism, which is a key service export. Both Goldman Sachs and JP Morgan estimate that reduced foreign travel expenditure could lower US GDP by 0.1 per cent this year, with potential impacts reaching 0.2 to 0.3 per cent.
LSEG analytics data shows that US GDP reached $23.53 trillion in the first quarter of 2025, suggesting that the losses could range from $23 billion to $71 billion, based on Reuters’ calculations.
Delta Air Lines reported last month that travel demand has “largely stalled” and abandoned its annual projections. Southwest Airlines, American Airlines, Alaska Air, and Frontier all withdrew their guidance, while United Airlines issued two separate forecasts, as trade tensions create unprecedented uncertainty, similar to the post-Covid-19 conditions.
Airbnb projected second-quarter revenue below market expectations, and Hilton noted that travelers were adopting a “wait-and-see” approach. Goldman Sachs, in a March report, attributed reduced European travel bookings to tariff announcements and a more aggressive stance toward historical US allies, contributing to global unease about the US. The decline in international tourism has been particularly impactful.
Also read: India may gain as US-China trade tensions push automakers to diversify, claims report
Trump’s inconsistent tariff policies have led global consumers to avoid US products and brands. In 2024, foreign traveler spending accounted for 0.7 per cent, or $215 billion, of US GDP, according to J.P. Morgan estimates. A 10 per cent reduction in spending directly impacts US GDP by 7 basis points, the firm added.
Americans, meanwhile, are showing caution in discretionary spending due to budget constraints and concerns about a potential recession, exacerbated by ongoing trade policy uncertainties.
In 2023, the US travel and tourism sector represented about 3 per cent of GDP and supported more than six million jobs, according to Bureau of Economic Analysis data. After a strong performance in 2023 and 2024, Bank of America-aggregated card data shows a marked reduction in spending on lodging, tourism, and airlines in the week ending March 22.
Recent data revealed the US economy’s first contraction in three years during the first quarter, and April saw continued weak consumer sentiment.
Also read: Warren Buffett warns US against weaponizing trade at 2025 Berkshire AGM

Warren Buffett’s Berkshire Hathaway reported significantly lower profits Saturday morning, posting just over one-third of last year’s earnings—moments before thousands of shareholders poured into an Omaha arena to hear from the legendary investor himself.
The drop in profits was largely due to a steep decline in the value of Berkshire’s investments and $860 million in insurance losses tied to policies written by Geico and other insurance subsidiaries prior to the devastating Southern California wildfires.
In the first quarter, Berkshire reported net earnings of $4.6 billion, or $3,200 per Class A share, sharply down from $12.7 billion, or $8,825 per Class A share, during the same period last year, according to news agency AP.
However, Buffett has long urged investors to focus on operating earnings, which strip out the often-volatile swings in investment value. Berkshire is required to report those investment changes even if it hasn’t sold the stocks, which can distort the true performance of its businesses.
On an operating basis, earnings still fell 14%, landing at $9.6 billion, or $6,703.41 per Class A share, compared to $11.2 billion, or $7,796.47 per share, a year earlier. This also came in below analyst expectations—FactSet Research had forecast $7,076.90 per Class A share.
Despite the earnings dip, Buffett’s much-anticipated Q&A remains the centre-piece of Berkshire’s annual shareholder weekend. Investors are particularly eager for insight into why the company is now holding a record $347.7 billion in cash, up from $334.2 billion at the end of 2024. The growing cash reserve suggests Buffett has found few investment opportunities at attractive valuations lately, although the report doesn’t clarify whether any major purchases were made in April following a market dip triggered by a tariff announcement from former President Donald Trump.
The meeting’s draw remains strong—even emotional. Haibo Liu, a shareholder from China, camped outside the arena overnight to be first in line on Saturday morning. “He has helped me a lot,” Liu said of Buffett. “I really want to express my thanks to him.” Liu added that, with Buffett now 94 years old, he feared this might be his last opportunity to attend the event in person.
Berkshire Hathaway holds a vast and diverse portfolio, owning major companies like Geico, BNSF Railway, large-scale utilities, and a broad range of retail and manufacturing businesses, including iconic brands like See’s Candies. Its stock portfolio remains one of the largest and most closely watched in the financial world.