Is financial advisors’ approval necessary for purchases through Government e Marketplace? Should they have a tenure with the finance ministry before they are posted to other ministries? Can secretaries of ministries take a decision in certain matters independently? These are some of the issues, which would be discussed at the financial advisors’ conference on August 23, News18 has learnt.
Last month, News18 reported that the finance ministry is relooking at the roles and structure of Integrated Financial Advisors (IFAs) to assess any change that may be needed to the existing system—a move which had stemmed from the fine balance which financial advisors are required to maintain while discharging their duties. An internal panel was created within the finance ministry to look into this aspect.
Government officials privy to the matter told News18 that as part of the exercise, a positive and a negative list will be prepared.
While the positive list will contain matters, which will have to be referred to the financial advisor seeking their approval, the negative list need not be run by the financial advisor. Ministries have been asked to prepare the lists for further discussion in the conference.
A senior government official told News18 that there have been complaints over IFAs raising queries in batches and them not adhering to fixed timelines to submit their comments. “These are also among the issues to be discussed in the meeting, including fixing timelines for the officials to respond and enforcing them as well,” the official said.
Another government official said the conference will also see discussions on the involvement of FAs in scrutiny and approval of tenders in major procurement processes. This would include discussions on segregating departments where IFA should scruntinise tender matters, those where such scrutiny is needed for only certain tenders and those where they may not be needed to be involved.
Other issues, which may get discussed in the conference are reversal of a decision by the IFA in a later stage and designing a common training material for financial advisors and other staff in the department and ensuring constructive suggestions from financial advisors on proposals they disagree on.
As reported earlier, finance secretary TV Somanathan had called the role of the financial advisor sensitive and delicate and said while the financial advisor is expected to ensure adherence to canons of financial propriety and financial rules, the official is also expected to support the department or the ministry (he is posted in) in its policies in achieving administrative objectives.
The conference will also see discussions on greater cooperation between financial advisors and secretaries of ministries, even in cases where the former is holding an additional charge.
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