.......... This is the first time that the institute has taken such a stringent action against such a high profile person. The decision had created a storm in actuarial circles when the news was leaked after the meeting. Kannan, besides being a member (actuary) of IRDA, was earlier a principal advisor in the Reserve Bank of India and also the head of Department of Economic Analysis and Policy.............
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2 comments:
The expulsion for life of Kannan by the Institute of Actuaries for financial irregularities, besides being a disgrace and shame to him, has also caused harm to the image of the RBI since he had occupied a very senior position in it. He was greatly supported while in the service of the Bank and later for securing various positions outside RBI by one of the former Governors of RBI who should now be feeling miserable after coming to know of this development.
A.Chandramouliswaran.
The reporting in TOI is a real vannila reporting without any information on why this extreme action of expulsion of such a senior member. Who will tell why this has happened? Why this expulsion? What is the basis of slapping a token fine of Rs.5 lakh only if the financial irregularities (which may include some fradulant act also) were serious, then the authorities should have recovered the full amount of loss withe and also taken criminal action against the member. Why no information on this. TOI may need to investigate it further and come out with the truth which will expose those who had gone beyond their brief and helped him to escape with a slap of a small fine and expulsion.
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