On September 18^th, AMCHAM’s Electronics Manufacturing Committee welcomed the new Secretary, Mr. S. Krishnan, Ministry of Electronics and Information Technology, Government of India. The significant contributions to the electronics industry, including job creation, investment, and ecosystem development by U.S. industry was discussed. The Secretary acknowledged AMCHAM’s role and committed to working with industry to explore collaborative ideas to build greater momentum in electronics manufacturing in the country. AMCHAM appreciated the Secretary’s attentive approach to industry concerns and look forward to working with his team.

The Anti-Corruption & FCPA Compliance Committee organized AMCHAM’s 10th Anti-Corruption Compliance and Risk Management Master Class: Ten Years of the Ever-Changing Face of Compliance on September 15th at Hotel Aloft, Aerocity, New Delhi. Ms. Komple Sharma, Director, AMCHAM welcomed dignitaries and participants. The opening remarks were given by Mr. Gaurav Ajmani, Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Associate General Counsel, Business Conduct & Ethics, Amazon Seller Services (P) Ltd. and Ms. Bhawna A. Ranganadhan, Co-Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Sr. VP & Deputy General Counsel, Legal Compliance, Genpact.

The first session, a masterclass on ‘Employees: Your Biggest Asset or the Biggest Threat?’ featured speakers Mr. Gaurav Ajmani, Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Associate General Counsel, Business Conduct & Ethics, Amazon Seller Services (P) Ltd. and Ms. Bhawna A. Ranganadhan, Co-Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Sr. VP & Deputy General Counsel, Legal Compliance, Genpact. They discussed the ACFE report to the nations which mentioned that 42% of the analyzed frauds were detected in time and more than half of the tips came from employees. New trends post COVID like moon lighting, ghost employees, breach of confidentiality, cyber frauds and other frauds in the recruitment processes were discussed. The speakers explained the Donald Cressey fraud triangle through the lens of opportunity, rationalization, pressure and capability. Ways to prevent fraud were highlighted such as trainings, creating policies and procedures, tone from the top, detection mechanism and response mechanism.

The second session was a panel discussion on ‘Evolution of TPRM: What it Was, What it Is and What it Will Be?’ with panelists Ms. Manu Bal, Head of Legal, Compliance and Corporate Affairs, Beam Suntory India, Dr. Gunjan Singh, Director – Compliance, Stryker India and Mr. Avneesh Chopra, Head (Legal) and Company Secretary, Valvoline Cummins Pvt. Ltd. (India) with Mr. Aakash Sharma, Partner, Financial Advisory, Deloitte Touche Tohmatsu India LLP as the moderator. The session gave a comprehensive view of how third-party risk management (TPRM) has transformed over time, the current state of the practice and insights into what the future may hold in this critical area of corporate risk management. Speakers shared valuable insights into the evolving landscape of TPRM including critical elements of TPI Risk Management, on-boarding and off-boarding, shared best practices and the scope of work for TPIs. It also provided insights into what the future holds for TPRM, considering factors such as evolving regulations, technological advancements and global trends in compliance and risk management.

In the third session on ‘India’s Corruption Barometer: Past, Present & Future,’ Prof. Madhu Bhalla, Chairperson, Transparency International India explored the evolution of corruption laws in India. Prof. Bhalla, in her address, gave the historical background of anti-corruption laws in India and also covered the role, duties and accountability of a public servant. Specific laws under the Indian Penal Code, Article 15 of UN Convention, G20 Delhi declaration section on bribery and anti-corruption, Lokayuktas, Lokpals, etc. were discussed during the session.

Mr. Arpinder Singh, Global Markets and India Leader, Forensic & Integrity Services, EY, in the fourth session on ‘Conducting Investigations in Cyber Age,’ shared some market trends and updates in the regulatory framework (DOJ) and followed up with some DOJ opinion requests. Mr. Singh conducted a simulation exercise through illustrative case studies which highlighted ethical dilemmas faced by a compliance professional. He touched upon the thumb rules to conduct an effective investigation that included maintaining a level of professional scepticism, ensuring investigation and supporting documents were legally tenable, fair and objective conduct, ensuring investigations were in sync with companies’ policies and internal compliance framework and always maintaining confidentiality.

The next session was a panel discussion on ‘Digital Personal Data Protection Act: Impact on Businesses’ with Dr. Ruchi Agarwal, VP – Legal Compliance & DPO (India), Genpact, Mr. Shobhit Chandra, Counsel, Khaitan & Co., Mr. Ratnil Chauhan, Counsel, Khaitan & Co., Mr. Ashwini Agarwal, Head of Supplier Anti-Corruption, Nokia and Ms. Anushka Sharda, Partner, Khaitan & Co. as the moderator. The panel opened with the journey of the Digital Personal Data Protection Act 2023 and key definitions. The panel discussed India and the extra-territorial scope of the act, grounds for processing personal data and concepts around privacy notice. The panel also discussed the novel concept of the consent manager, key compliances for data fiduciaries and rights and duties of the data principal in the new act.

The sixth session featured a fireside chat with Mr. Ravi Sethi, Assistant Legal Attaché, Federal Bureau of Investigation, U.S. Embassy and the Chair and Co-Chair of AMCHAM’s Anti-Corruption & FCPA Compliance Committee. Mr. Sethi explained the important role the FBI plays in addressing contemporary challenges, especially related to the business world. He also provided insights into how the agency adapts to changing circumstances and emerging risks.

The last session was a panel discussion on ‘Intersection of ESG & Compliance.’ The panelists were Mr. Seshadri Govindan, Head – Ethics & Compliance, 3M India, Ms. Vasudha Sharma, Vice President (Legal), Accenture, Ms. Malini Gulati, Senior Legal & Compliance Counsel, Boston Scientific, Ms. Piya Haldar, Chief Compliance Officer, Honeywell India and Mr. Sachin Salian, HCCO, Janssen India and Asia Pacific Regional Director. It was moderated by Mr. Inderjeet Singh, Partner, Financial Advisory, Deloitte Touche Tohmatsu India LLP. The session highlighted the evolving role of ESG factors in corporate governance and risk management and the importance of integrating ESG considerations into developing the overall compliance strategy. The discussion provided a profound understanding of how ESG and compliance intersect to drive sustainable business practices.

Mr. Gaurav Ajmani, Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM and Ms. Bhawna A. Ranganadhan, Co-Chairperson – Anti-Corruption & FCPA Compliance Committee, AMCHAM concluded the master class by thanking the esteemed speakers, engaging audience and valuable event partners: Deloitte, EY and Khaitan & Co.

AMCHAM’s Tax, Tariff & Regulatory Affairs Committee commenced a webinar series on ‘Deciphering the Digital Personal Data Protection Act, 2023.’ The first session of the educational series was conducted on September 14th. Since interpretation and elucidation of various aspects of this act has emerged as a call for requisite and compelling attention, the session offered an opportunity for members to listen to experts and seek clarifications. The interactive session was well attended and proved to be a healthy transfer of information. The expert panelists at the webinar were Mr. Rajiv Chugh, Partner and National Leader – Policy Advisory and Specialty Services, Ernst & Young and Mr. Lalit Kalra, Partner – Cyber Security, Ernst & Young. The session was chaired by Ms. Garima Pande, Chairperson – Taxation, Tariff & Regulatory Affairs Committee, AMCHAM and Partner & National Leader Global Compliance & Reporting, E&Y India.

AMCHAM’s Energy Committee’s Carbon Capture, Utilization and Storage (CCUS) Working Group held a meeting on September 13th virtually. Members engaged in productive discussions about opportunities, operational challenges, and policy implications related to the CCUS ecosystem in India. The group also explored the potential impact on U.S. businesses operating in India. Members decided to focus on policy advocacy and knowledge sharing to further the CCUS agenda which can be enhanced through work-shops in consultation with the Government of India and other stakeholders. The group agreed to explore opportunities for collaboration and funding with organizations to support CCUS projects.

The first meeting of the AMCHAM’s Medical Device Committee for 2023-24 was held on September 13th at the Boston Scientific office in Gurugram (in hybrid fashion) under the chairmanship of Mr. Manoj Madhvan, Chairman – Medical Devices Committee, AMCHAM and Managing Director, Boston Scientific. The focus areas for committee would continue to be ease of doing business as well as access to quality and innovative healthcare. Dr. Vibhav Garg, Director – Health Economics & Government Affairs, India HUB & ASEAN, Boston Scientific and Mr. Sudhakar Mairpadi, Senior Director – Regulatory and Government Affairs, India/South Asia, BD, shared about the policy and regulatory landscape. Members discussed many challenges and suggested to organize a regulatory team subgroup meeting to submit the collated recommendations for DCGI – CDSCO. AMCHAM would continue to seek advocacy with BIS, USTR and the U.S. Embassy.

Members strongly recommended for engagement and strategic business relations with neighbouring countries, Bangladesh and Sri Lanka and suggested to lead a business delegation early next year. The 2nd Healthcare Summit would be held in May or June 2024. Mr. Prashant Antony, Deloitte, shared an update on the AMCHAM – Deloitte report on ‘The Impending Digital Revolution in Healthcare – a Decade of Convergence and Collaboration.’ Members deliberated on a state session on improving preventive health in oncology / cardio / TB / NCDs / raising awareness and early detection, fostering cutting-edge diagnostics and therapeutics. BCG suggested to lead the work related to the new medical devices bill and Deloitte proposed an e-waste expert talk for MedTech members. More than 27 members attended the meeting with participation from several CEOs.

On September 13^th, AMCHAM’s Cyber Security Committee convened a hybrid meeting under the leadership of Mr. Amrit Singh Deo, Co-Chairman – Cyber Security Committee, AMCHAM and Senior Managing Director, FTI Consulting. The meeting was hosted at the Salesforce office in Gurugram. The discussions revolved around advocating for a unified cyber security stance that spans various sectors and fostering reliable supply chains between India and the United States through engagement with the government. Additionally, the committee underscored the significance of collaborative sectoral investigations involving all cyber security agencies, the initiation of dialogues to bolster critical infrastructure resilience, and the formulation of a constructive industry strategy to ensure India’s cyber secure future. Furthermore, India’s expanding role in the IPEF and QUAD, coupled with a recent declaration in New Delhi as part of the G20 presidency, has heightened the demand for a mutually beneficial cyber security posture that benefits both the public and private sectors.