Devang Mistry, Chief Executive Officer,
Surat Parsi Panchayat
My name is Devang Mistry, and I bring over 25
years of expertise in accounting, finance, ERP systems, auditing, and corporate
governance. Throughout my career, I've had the privilege to work with
distinguished organizations, including government entities- Diamond Research
& Mercantile City Ltd and Urban Ring Development Corporation, multinational
corporations such as TATA Projects, and various reputable companies in India
and abroad, particularly in the Gulf region- Simplex Infrastructure (Qatar),
Isolux Corsan (Spain).
I hold a Master of Commerce (M.Com.) & Law
(LL.B.) degree and have specialized in areas such as Oracle E-Business
Financial Suite, Computerized Financial accounting and Import-Export management,
Tally Graduate and ZOHO Certificate. Over the years, I have taken on various
leadership roles, including Chief Financial Officer for major projects with
organizations like Diamond Research & Mercantile City Ltd- Government of
Gujarat owned company for developing new modern Surat city in the Khajod area,
Head of Accounts for Khajod Urban Development Authority (KHUDA) and Urban Ring Development Corporation – SPV
of Surat Municipal Corporation (SMC) and Surat Urban Development Authority
(SUDA) for Surat Outer Ring Road Projects.
With a strong background in accounts and
finance, project management-accounting and corporate governance, Statutory
Compliance – Internal Audit, Statutory Audit & C & A G Audit my focus
is on delivering financial excellence and ensuring all financial &
statutory compliance and accountability across organizations. I have also
earned multiple awards and accolades, including the Best Suggestion Award at
TATA Projects Ltd and recognition from India's leading professional platforms.
Could you elaborate on your educational
background and the primary areas of expertise?
I am IICA registered Independent Director , semi-qualified
Cost Accountant and hold a Master of Commerce (M.Com.) degree from Madurai
Kamaraj University, Tamil Nadu, which I completed in April 2001. This academic
foundation has given me a deep understanding of financial management,
accounting principles, and economics, which I have applied extensively
throughout my career.
In addition to my postgraduate degree, I have acquired several specialized certifications that have enhanced my skills across various areas:
1. Certificate
in Computerized Financial Accounting with Inventory Management (2001) - From
the Directorate of Employment and Training (I.T.I.) Gandhinager. This
certification sharpened my ability to manage financial data and inventory using
advanced computerized systems.
2. Diploma
in Import Export Management (2005) - From Welingkar Institute of Management,
Mumbai. This helped me gain expertise in managing international trade
operations, crucial for global business transactions and compliance.
3. Oracle
E-Business Financial Suite 11i (2007) - From Oracle University. This
certification provides me with comprehensive expertise in managing enterprise
resource planning (ERP) systems, which has been critical in my roles across different
organizations.
4. Independent
Director Certification (2023) - From the Indian Institute of Corporate Affairs.
This most recent qualification has positioned me to serve in governance roles
and lead companies from a regulatory and compliance perspective.
Additionally, I have also completed courses in
Law (LL.B.), specialized training in Internet & Information Technology, and
the I.C.W.A.I. Intermediate level. This diverse educational background has made
me proficient not only in accounting and financial management but also in legal
compliance, ERP systems, and international trade.
Primary
Areas of Expertise:
·
Government Accounting &
project funding. As CFO worked with the Top IAS Officers of Government of
Gujarat in implementing the Government Projects – financial strategies.
·
ERP Systems & Financial
Software: Proficient in Oracle E-Business Suite, Tally ERP, Zoho, and other
financial management systems.
·
Corporate Governance &
Compliance: Experienced in handling regulatory requirements as a certified
independent director and compliance leader.
·
Project Finance &
Administration: Expertise in managing large-scale projects, budgeting, fund
planning, and financial reporting.
·
Audit & Risk Management:
Skilled in conducting internal audits, financial control, and risk mitigation
strategies.
·
International Trade
Management: Extensive experience in managing import-export operations, excise,
and customs matters.
These qualifications, combined with my
professional experience, have enabled me to tackle complex financial,
administrative, and governance challenges across various industries.
Could you share your professional journey
highlighting the significant milestones in your career?
Certainly! My professional journey spans over 30
years, marked by diverse roles in accounting, finance, ERP systems and
corporate governance. Here are some of the significant milestones in my career:
1. Early
Career (1994 - 2001): Foundational Experience :
·
Articled Clerk (1994 - 1997):
I began my career as an articled clerk under a Chartered Accountant, Mr. Viresh
I. Rudalal, where I conducted audits, prepared tax reports, and gained hands-on
experience in various types of audits and financial consulting.
·
Tax Assistant (1998 - 2001): I
then moved on to work as a Tax Assistant with Mr. R.M. Gajjar, Advocate, where
I was responsible for preparing tax returns, TDS consulting, and assisting in
hearings, which honed my expertise in tax and accounting practices.
2. Entry
into Corporate Finance and Administration (2001 - 2009) :
· Accountant at Ganga
Automobiles and VIP Automobiles (2001 - 2002):
My responsibilities included managing the entire accounting
and finance department, handling CST/GST data, and overseeing bank
reconciliation. This laid a solid foundation in financial management.
·
Accounts Officer at Sahajanand
Group of Companies (2003 - 2006):
I took on more advanced responsibilities such as conducting
internal audits, liaising with central excise and customs authorities, managing
export/import accounts, and GMP audits. This role further developed my
compliance and regulatory skills.
· Tata Projects Ltd (2006 -
2009):
Joining Tata Projects marked a major
milestone. I handled accounts and finance for significant projects like the
Siemens SUGEN Siemens 1130 MW CCPP Project and the CAIRN Energy Australia
Radhanpur- RBT Project. I was also part
of the ERP team for Oracle Go Live and trained site accountants, which
solidified my expertise in ERP systems.During the tenure I got the Best
Suggestion Award 2007 on cost reduction.
3.
International Experience (2008 - 2009): Expanding into the Gulf :
· Senior Commercial Officer at
Simplex Infrastructure Ltd (Qatar): In this role, I headed the department for
bill payables and fund planning for major projects like the Doosan Quatalum
Project. This international exposure gave me insights into global financial
management, especially in the Middle East, and introduced me to large-scale
project finance and commercial operations.
4.
Leadership Roles in Project Finance (2009 - 2013)
·
Accounts Officer to Assistant
Manager at Soma Isolux Corsan (2009 - 2014):
I moved to manage finance and accounts for NHAI Projects
(NH-6 Surat Hazira & NH-2 Varanasi Aurangabad). This role saw me handling
project accounts, ensuring financial control, and coordinating with various
departments like NHAI-Land Acquisition Authorities-stake holders- consortium of
Banks i.e. lenders which helped me excel in project finance and large-scale
infrastructure management.
· General Manager at SNS Group
(2014 - 2018):
This
role brought me further into administration and project management, with
responsibilities ranging from financial oversight to liasioning and regulatory
compliance. My ability to lead large teams and manage diverse projects was
honed here.
5. Chief Financial Officer (CFO) Roles (2018 - Present): High-level Financial Leadership:
·
Chief Financial Officer at
Urban Ring Development Corporation Ltd (2018 - 2021):
I was appointed as Chief Financial Officer -CFO for this
Special Purpose Vehicle of Surat Municipal Corporation and SUDA, where I
handled complete project finances, including budgeting, fund allocation, and
financial reporting. One of the achievment was to sign an agreement called
“Authorisation Agreement” – a triparty agreement bewteen the Promoters and SPV.
This task to include to deal-communicate-interact with Additional Chief
Secretary(ACS)- Government of Gujarat. I was also part of a team member where the
Project was included in the funding list of World Bank.
·
Chief Financial Officer at
Diamond Research & Mercantile City Ltd
(DREAMCITY) (2021 -
2023):
Another significant milestone was appointment as CFO for
DREAMCITY, a government of Gujarat-owned company and parallal in-charge of
URDCL. I was responsible for leading all financial aspects of the project,
including accounting, taxation, tax assessment, Various types of audits :
Statutory Audit, Internal Audit, C & A G Audits – Financial Audit-
Compliance Audit, regulatory compliance, fund management, and corporate
governance. One of the world’s largest Diamond Trading Hud called – Surat
Diamond Bourse is one of the Anchor Investor to the Government Project where
SPV – DREAMCITY is acting as a land holding agency with a powers entrusted of
KHUDA – Khajod Urban Development Authority. As CFO –DREAMCITY , I was holding a
post of Chief Accontant of KHUDA.
·
General Manager at TRIOM &
TRUE Group (2023 - 2024):
As the above Government posts were on Contractual basis, I decided
to back to real corporate world for financial and professional growth so joined
a Triom Group. My roles to manage accounts and administration for a real
estate, hospital, pharmacy, and interior showroom portfolio. This role allows
me to oversee complex financial structures, ensuring that the company’s
financial operations are both efficient and compliant. It was an attemp to
convert a non-professional-traditional management to convert into real
corporate world to get ready for public limited entities.
·
Chief Executive Officer of
Surat Parsi Panchayat since April’2024 to till date :
Finally
a dream career to work as CEO of an organisation come true when I joined as
Chief Executive Officer of Surat Parsi Panchayat. A world’s renowed micro
minority communcity This Parsi Community far ahead in various multi-million
businesses and rule the world for services and products. Currently I am looking
after more than 12 Institutions to include Primary trust and its managed
Schools, Hostels, Hospitals, Care Homes for the whole Parsi Community across
Surat – South Gujarat-all around the world.
Could you discuss some of the prominent
awards and recognitions you have received over the course of your career?
From tax consulting and internal audits to
managing the finances of large-scale infrastructure projects, my career has
been a journey of continuous learning and leadership. Each role has contributed
to my deep expertise in finance, ERP systems, project management, and corporate
governance. I am proud of my ability to navigate complex financial landscapes,
both in India and internationally, while consistently driving efficiency and
compliance.
Throughout my career, I have been fortunate to
receive several awards and recognitions that highlight my contributions to the
organizations I have worked with. These accolades reflect my dedication to
financial management, innovative problem-solving, and commitment to excellence.
Here are some of the most notable awards and recognitions I have received:
1. Best
Suggestion Award (2007) – TATA Projects Ltd
·
Awarded for an Invaluable
Suggestion: While working as an Assistant Accounts Officer at TATA Projects
Ltd, I proposed a suggestion that was recognized as highly valuable by the
company. This award underlined my proactive approach and ability to improve
operational processes in the organization. It was a significant recognition of
my innovative thinking in project finance and ERP system optimization.
2. Appreciation
Certification from Sahajanand Group (2003 - 2006)
·
For excise and DGFT matters:
During my tenure at Sahajanand Group, I was recognized for my expertise in
handling complex excise duties and customs matters. My ability to navigate the
Director General of Foreign Trade (DGFT) regulations and compliance was
instrumental in improving the company’s international trade operations. This
recognition was an affirmation of my strong regulatory and compliance
management skills.
3. CREDAI
Skill India Appreciation Certificate (2017)
·
For contributions to Skill
India initiatives: CREDAI (Confederation of Real Estate Developers’
Associations of India) recognized my contribution to their Skill India
initiative in 2017. This award acknowledged my efforts in ensuring financial
control and administrative excellence in the real estate sector, while
contributing to the broader goal of skill development in India.
4. Makers
of India Certificate (2016) – IndiaMart
·
Recognized by IndiaMart: I
received this certificate as a part of IndiaMart’s "Makers of India"
campaign, which highlights the success stories of Indian professionals who have
made a significant impact in their respective fields. This recognition was a
testament to my leadership and impact in the finance and corporate governance
sectors.
5. Featured
by Silicon India (Success Story)
·
Silicon India Interview: My
professional journey and achievements were featured by Silicon India, a leading
business and technology media company. This feature showcased my career
progression, success in managing complex financial operations, and my contribution
to the corporate governance landscape. Being highlighted in Silicon India
underscored my status as a leading professional in finance and ERP systems in
India.
6. Share
& Grow Idea Initiative by CM of Gujarat (Mr. Narendra Modi)
·
Posted on Gujarat Government’s
Website: My suggestion on safety and security measures was appreciated and
featured on the Gujarat state government’s website under the "Share &
Grow Idea" initiative by the then Chief Minister of Gujarat, Mr. Narendra
Modi. This recognition further demonstrated my commitment to contributing
meaningful ideas that can enhance public safety and governance.
These awards and recognitions reflect my
dedication to driving positive change within organizations and contributing
innovative solutions to complex financial and operational challenges. Whether
through strategic suggestions, compliance expertise, or contributing to
national initiatives like Skill India, I have always strived to deliver value
that goes beyond my immediate role. These accolades are not only personal
achievements but also a reflection of my commitment to organizational success
and societal contribution.
Could you share the key licenses or
certifications you have acquired throughout your career?
Certainly! Over the course of my career, I have
pursued several key certifications and licenses that have bolstered my
expertise in finance, ERP systems, corporate governance, and compliance. These
certifications have played a significant role in expanding my professional
skill set and have enabled me to handle complex financial operations, both in
India and internationally. Below are some of the key certifications and
licenses I have acquired:
1. Independent
Director Certification
·
Institute: Indian Institute of
Corporate Affairs (IICA)
·
Certification Year: March 2023
· License Registration Number: IDDB-PA-232303-045307
Description: This certification qualifies me to
serve as an Independent Director on the boards of companies. It has equipped me
with a deep understanding of corporate governance, boardroom dynamics, and
regulatory compliance, allowing me to contribute to the strategic oversight and
accountability of organizations.
2. Oracle
E-Business Financial Suite 11i
·
Institute: Oracle University,
IIIT Hyderabad
·
Certification Year: November 2007
Description: This
certification has provided me with comprehensive knowledge and hands-on
expertise in Oracle’s E-Business Suite, particularly in financial management.
It has been instrumental in my ability to implement and manage ERP systems
within various organizations, ensuring efficient financial operations and
reporting.
3. I.C.W.A.I.
Intermediate
·
Institute: Institute of Costs
& Works Accountants of India (ICWAI)
·
Certification Year: December
2005
Description: This qualification has given me
expertise in cost accounting, financial management, and cost control. It has
enabled me to provide accurate costing solutions and implement effective
financial strategies within organizations.
4. Diploma
in Import Export Management
·
Institute: Welingkar Institute
of Management, Mumbai
·
Certification Year: June 2005
Description: This
diploma equipped me with the knowledge of international trade regulations,
documentation, and compliance. It has helped me manage the financial and
logistical aspects of import-export operations, ensuring smooth cross-border
transactions for various organizations.
5. Tally
Graduate (Tally 6.3 & 7.2)
·
Institute: Tally Solutions Pvt
Ltd
·
Certification Year: April 2006
Description: This
certification trained me in Tally ERP, one of the most widely used financial
accounting software in India. My expertise in Tally has allowed me to manage
and streamline accounting processes effectively within organizations.
6. Certificate
of Skills - Computerized Financial Accounting with Inventory Management
·
Institute: Directorate of
Employment & Training (I.T.I.), Gandhinager
·
Certification Year: January
2001
Description: This
certification focused on computerized accounting systems and inventory
management, enhancing my technical skills in managing financial data and
inventory using digital platforms.
7. Certificate
of Training - Internet & Recent Developments in Information Technology
·
Institute: E.T. & T.
(Division of the Department of Electronics)
·
Certification Year: March 2001
Description: This certification provided me
with essential training in information technology and the latest developments
in internet technologies, which I have applied in modernizing financial
operations and enhancing digital compliance systems within organizations.
8. Bachelor
of Law (LL.B.)
·
Institute: Veer Narmad
University (South Gujarat University), Gujarat
·
Graduation Year: April 2003
Description: Holding a law degree has been
invaluable in understanding the legal aspects of corporate finance, contracts,
and regulatory compliance. It has enabled me to navigate legal frameworks efficiently,
particularly in financial decision-making and corporate governance.
These certifications have enhanced my
capabilities across diverse domains, including ERP system implementation, cost
control, international trade, and corporate governance. Together, they have
enabled me to provide leadership and technical expertise across various
industries and organizational challenges.
What advice would you give to young
professionals aspiring to build a career in project accounting or financial management?
As an expert in project accounting and
financial management with over 25 years of experience, I would offer the
following advice to young professionals aspiring to build a successful career
in these fields:
1. Build
a Strong Foundation in Accounting and Finance
·
Understanding Core Concepts:
Start by mastering the fundamentals of accounting, finance, and cost
management. It is crucial to have a solid understanding of financial
statements, budgeting, and cost analysis. Pursuing relevant academic
qualifications like a degree in accounting, finance, or commerce, and obtaining
certifications such as CPA, CMA, or CIMA can give you an edge.
·
Focus on Practical Skills:
Learn how to manage day-to-day financial operations, including payroll,
invoicing, budgeting, and cash flow management. Practical, hands-on experience
is critical in understanding how financial processes work in real-world scenarios.
2. Get
Familiar with ERP Systems and Financial Software
·
Master ERP Systems: Enterprise
Resource Planning (ERP) systems like Oracle, SAP, or Tally are widely used for
managing complex projects and finances. Learning these systems will enhance
your ability to track financial data, manage project costs, and make informed
decisions. ERP expertise is a valuable skill that sets project accountants
apart.
·
Embrace Technology: Financial
management is increasingly technology-driven. Stay updated with the latest
financial software and tools, including cloud-based platforms, automation
tools, and AI-driven analytics, to stay relevant in the digital age.
3. Develop
Project Management Skills
·
Understand Project Lifecycles:
Project accounting is not just about managing numbers; it’s about understanding
the entire project lifecycle, from planning and execution to completion. Learn
to align financial management with project timelines, milestones, and
deliverables.
·
Risk Management: Be proactive
in identifying and mitigating financial risks in projects. Understanding
project risks and having a plan to manage cost overruns, schedule delays, or
scope changes will make you a valuable asset to any project team.
·
Stakeholder Communication:
Effective communication with project managers, engineers, and financial teams
is critical. Develop strong communication skills to provide clear financial
insights and updates, enabling better decision-making across the organization.
4. Pursue
Continuous Learning and Professional Development
·
Certifications in Project
Finance and Accounting: Obtaining certifications such as PMP (Project
Management Professional) or CFM (Certified Financial Manager) can elevate your
career. These certifications demonstrate your expertise in managing financial aspects
of projects and can open doors to higher-level roles.
·
Stay Updated with Industry
Trends: Financial regulations, accounting standards, and project management
methodologies evolve continuously. Make it a habit to read industry journals,
attend seminars, and participate in professional forums to stay informed about
the latest trends and practices.
5. Understand
Regulatory Compliance and Governance
·
Compliance Knowledge: In
project accounting, understanding regulatory requirements, tax laws, and
corporate governance is essential. Familiarize yourself with local and
international regulations, and always ensure that projects comply with
financial regulations and legal standards.
·
Ethical Standards: Upholding
ethical standards in financial reporting and management is critical. Be
transparent, avoid shortcuts, and ensure accurate documentation and reporting
at all times.
6. Be
Analytical and Detail-Oriented
·
Data-Driven Decisions: Strong
analytical skills are essential in project accounting. You must be able to
interpret financial data, identify trends, and make recommendations to optimize
project costs and resource allocation. Focus on improving your ability to
analyze numbers and derive actionable insights.
·
Attention to Detail: Financial
management is all about precision. Ensure that you have an eye for detail when
reviewing financial reports, tracking project costs, and managing budgets to
avoid errors that could have significant financial consequences.
7. Work
on Leadership and Collaboration Skills
·
Cross-Functional
Collaboration: In project accounting, you will work with various teams
including project managers, engineers, procurement teams, and executives.
Learning how to collaborate across different departments will make you more
effective in managing project finances.
·
Develop Leadership Qualities:
As you progress in your career, you’ll need to lead teams, manage budgets, and
ensure project profitability. Work on leadership skills, such as
decision-making, problem-solving, and managing team dynamics, to prepare for
higher-level roles in project finance.
8. Adaptability
and Flexibility
·
Manage Change Effectively:
Projects often face unforeseen changes, such as cost overruns, delays, or
shifts in scope. Being adaptable and learning how to quickly adjust financial
plans to accommodate changes will make you an invaluable asset to any project.
·
Continuous Improvement: Always
seek ways to improve processes, reduce costs, and increase efficiency. In
project accounting, a mindset of continuous improvement can significantly
contribute to project success and organizational growth.
9. Learn
from Mentors and Experience
·
Seek Mentorship: Find mentors
who have extensive experience in project accounting and financial management.
Their guidance can help you navigate challenges, avoid common pitfalls, and
accelerate your professional growth.
·
Hands-On Experience: The best
way to learn is by doing. Seek out opportunities to work on real projects,
whether through internships, entry-level roles, or even volunteering for
challenging assignments. The experience you gain from working on live projects
will be invaluable as you progress in your career.
10. Focus
on Long-Term Growth
·
Career Path Planning: Project
accounting and financial management offer diverse career paths, from project
financial analysts to CFO roles. Define your career goals and take deliberate
steps to develop the necessary skills, whether through continuing education,
certifications, or expanding your professional network.
·
Networking: Building a strong
professional network can lead to new opportunities and valuable insights.
Attend industry conferences, join professional organizations, and engage with
peers to enhance your career prospects.
Remember that success in project accounting and
financial management is a combination of technical expertise, strategic
thinking, and continuous improvement. Stay curious, keep learning, and be
adaptable in a rapidly evolving industry. With dedication and persistence, you
can build a rewarding and impactful career.
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