Ministry of Finance tightens regulations for financial professionals under Prevention of Money Laundering Act - S. JALAN & Co.

Ministry of Finance tightens regulations for financial professionals under Prevention of Money Laundering Act

info@dreamzinteractive.com September 30, 2024 Business 0

On Wednesday, the Ministry of Finance announced revisions to the Prevention of Money Laundering Act that introduce stricter compliance procedures and enhance the regulations governing financial professionals who conduct transactions on behalf of their clients. The amendments bring “relevant persons,” including practicing chartered accountants, company secretaries, and cost and works accountants, under the ambit of the anti-money laundering law. The ministry has specified in a notification the scope of financial transactions that will be subject to the new regulations when performed on the client’s behalf. These transactions include the purchase and sale of immovable property, the management of client money, securities or other assets, the administration of bank, savings or securities accounts, the organization of contributions for the creation, operation, or management of companies, and the formation, operation, or management of companies, limited liability partnerships, or trusts, as well as the buying and selling of business entities.

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Feedback of Ujan Borman

Greetings,

I am Ujan Borman, a legal intern from the University of Engineering and Management, Kolkata; presently I’m in 3rd year (6thSEM) pursuing BBALLB honoursand I hope this message finds you well. I'd want to take this chance to say how appreciative I am for the priceless knowledge and professional development I acquired while serving as an intern at S. Jalan & Co. As my internship, lasted from June 5 to July 1, 2023 (4 weeks), draws to an end, I want to express my opinions and solicit feedback on the whole experience.
My internship objectives were to increase my knowledge of the legal process in a professional setting, as well as my proficiency in translating legal materials and conducting legal research while also developing my knowledge of legal jargon and document formatting. My sincere gratitude goes out to Trishita Ma'am,Shruti Ma'am, Ayan Sir, Abhishek Sir &Snehasis Sir for their assistance and for addressing all of my task-related questions. The collaborative method used to complete the assignments is the feature of their work that I believe to be really beneficial.
I drafted BNA (Brief Notes on Arguments), Questionnaires, a List of Dates, a Joint Compromise application, an RTI, and an Attornment letter & researched various judgments and legal topics which helped me in honing my legal skills. Also, I visited various courts which helped me in understanding the practical application & intricacies of the law.
My expectations were beyond my satisfaction level. The first thing I noticed about the office was that everything was made for the employee’s comfort. Everyone I interacted with was pleasant, and it was a welcoming working ambience. They were eager to share their knowledge with me, forgiving of my mistakes, and always gave me interesting assignments.
All the associates of the firm, as well as the CEO & HR ma’am, were very helpful.They helped me with all my queries and helped me to solve all my problems. With them, office work does not seem dull and routine because they are all genuinely nice, fascinating, and diverse individuals.This is the place for you if you are prepared to learn, ready for challenging requirements, and ready to handle criticism well. This internship is not for people who only want to pass it to look good and get a spot on the sidelines.
I owe a debt of gratitude to the Managing Partner, Sourav sir, associates and the entire staff of S Jalan & Co. for giving me this priceless chance.Together with the supportive work environment, the real-world experiences I had during my internship helped me to develop my legal expertise while also igniting a strong interest in the legal field. Thank you for giving me this opportunity, I look forward to applying my legal learnings in my future legal aspirations.

Yours Sincerely,
Ujan Borman

Feedback of Snehatit Sett

Greetings,

I am Snehatit Sett, a legal intern from University of Engineering and Management, Kolkata and I hope this message finds you well. I would like to take this opportunity to express my sincere gratitude for the invaluable experience and professional growth I have gained during my internship at S. Jalan & Co. As my tenure from 5th June till 1st July 2023 comes to an end, I want to share my thoughts and provide feedback on my overall internship experience.
During my internship I had the privilege of being entrusted with a diverse range of assignments that allowed me to gain valuable practical experience in the legal field. The associates at the firm provided me with exceptional support and guidance throughout, fostering a positive and conducive learning environment. I had the opportunity to work on a wide range of drafting assignments, which proved to be immensely valuable in honing my legal skills. Under the guidance and mentorship of the associates at the firm, namely Trishita ma’am and Shruti ma’am, I have received thorough explanations and unwavering support whenever I encountered challenges.
I successfully drafted an Appeal, BNA (Brief Note of Argument), reply of BNA, Written Objection, List of Dates, Synopsis etc. during my tenure at the firm. These assignments allowed me to apply my legal knowledge and develop essential drafting skills. They provided me with clear instructions and patiently guided me through the intricacies of each task. Their expertise and willingness to assist greatly contributed to my understanding of effective legal drafting techniques. Additionally, I had the opportunity to conduct research on various legal topics assigned by the associates. They provided me with valuable resources, directed me towards relevant case law and statutory provisions, and encouraged me to think critically while analysing legal issues. Their guidance helped me navigate complex legal concepts and strengthened my research capabilities.
The office environment was truly exceptional and played a significant role in making my internship experience fulfilling and enjoyable. From the moment I stepped into the firm, I was greeted with a warm and welcoming working ambience that fostered collaboration and teamwork. The firm's commitment to professionalism was evident in every interaction. The staff members and colleagues demonstrated a high level of integrity, respect, and dedication to their work. Their positive attitudes and willingness to assist created an environment that encourages open communication and knowledge sharing.
I am immensely grateful to the associates and the entire team at S Jalan & Co. for providing me with this invaluable opportunity. The practical experiences gained during my internship, coupled with the nurturing work environment, have not only enhanced my legal skills but also instilled in me a deep sense of passion for the legal profession. Thank you for this incredible opportunity, and I look forward to applying the valuable lessons learned during my tenure in my future endeavours to the legal field.

Yours Sincerely,
Snehatit Sett

Feedback of Mrinmay Mukherjee

Dear Sir/Ma'am,

I am Mrinmay Mukherjee, a 3rd year law student at Xavier Law School, St. Xavier’s University Kolkata studying B.Com LLB (Hons).With much enthusiasm, I write this honest feedback regarding my internship experience. My internship period was from 5th of June to 1st of July.I want to express my sincere gratitude for the opportunity that I was provided with, to intern at S Jalan & Co. I am truly grateful for the valuable experience and knowledge I gained during my tenure at the firm.
In the first place, I would like to acknowledge every individual at the firm for their generosity and inviting ambience. On my first day, I was treated with respect by every respected senior associates and my fellow interns, and I felt included and supported from the very beginning. The team's willingness to assist and guide me through various tasks and projects played a crucial role in enhancing my learning experience. I genuinely felt like a valued member of the team, and this positivity greatly contributed to my personal and professional growth.
The degree of mentoring offered here was far above my expectations.I had the privilege of working with the Senior Associates who were not only exceptionally knowledgeable but also have the patience to clarify all my queries and they are quite approachable. I effectively drafted a BNA (Brief Note of Argument), Written Objection, List of Dates, Synopsis and many more during my tenure at the firm. These assignments facilitated me to apply my legal knowledge and develop essential drafting skills. I would like to show gratitude towards Snehasis sir and Abhisheksir for allowing me todo the research work in their leading cases and to attend the court regarding those matters. Their guidance helped me navigate complex legal concepts and strengthened my research capabilities.
Sincere thanks to Ayan Sir &Trishita Ma’am for trusting me with responsibilities that concerned the hearing of their assigned cases. Last but not least, words cannot adequately explain how much Shruti Ma'am has aided me in overcoming every challenge that I faced while working.Every respected associate provide me with clear instructions and patiently guided me through the complexities of each assignment. Their expertise and willingness to assist greatly contributed to my understanding of effective legal drafting techniques.
Another aspect of the internship that I found particularly valuable was the exposure to a wide range of legal cases and practice areas. The firm's commitment to provide interns with diverse assignments, allowed me to gain insights into various facets of the legal profession. This exposure not only broadened my perspective but also helped me identify my areas of interest, which will undoubtedly influence my future career choices.I felt respected as a team member and inspired to pursue excellence since I was encouraged to actively participate in team discussions and contribute my opinion.
The best part of it was getting the opportunity to attend matters in several courts like High Court, National Company Law Tribunal, District Dispute Redressal Forum, Alipore District and Judges Court and many more. In addition, it goes without saying how much the CEO Ma'am and HR Ma'am have supported me with any potential issues I've had at work environment.
To conclude, I would like to commend the firm for its commitment to maintain a healthy work-life balance for its employees. Although the legal profession can often be demanding and stressful, I noticed that the firm prioritized the well-being of its employees. This balance was reflected in the supportive policies and the consideration given to personal obligations, which ultimately resulted in a more motivating and productive work environment.
Once again, I want to express my sincere gratitude to the Managing Partner, Sourav sir for giving me this opportunity to intern at S Jalan & Co. My tenure at the firm has been an irreplaceable learning experience that has solidified my passion for pursuing a legal career. I will cherish the memories and lessons from this internship throughout my professional journey.
Please feel free to reach out to me if you require any further feedback or if there is anything I can assist you with in the future. Thank you once again for the remarkable internship experience.

Many Thanks,
Mrinmay

Feedback of Meghna Mitra

Warm Greetings,

I am Meghna Mitra, a legal intern from Xavier’s law school, St. Xavier’s University, Kolkata and I would like to take this opportunity to express my sincere gratitude for the professional growth I have gained during my internship at S. Jalan & Co. As my tenure from 7th June till 1st July 2023 comes to an end, I want to share my thoughts and provide feedback on my overall internship experience.
During my internship I had the privilege of being entrusted with a diverse range of assignments that allowed me to gain valuable practical experience in the legal field. I had the opportunity to work on a wide range of drafting assignments, which proved to be immensely valuable in honing my legal skills.
I successfully drafted a Written Objection, List of Dates, Synopsis etc during my time at the firm. These assignments allowed me to apply my legal knowledge and develop essential drafting skills. The associates provided me with clear instructions and patiently guided me through the intricacies of each task. Additionally, I had the opportunity to conduct research on various legal topics assigned by the associates. They provided me with valuable resources, directed me towards relevant case law and statutory provisions, and encouraged me to think critically while analysing legal issues. Their guidance helped me to navigate complex legal concepts and strengthened my research capabilities.
The office working ambience was truly exceptional and played a significant role in making my internship experience fulfilling. The firm's commitment to professionalism was evident in every interaction. The staff members and colleagues demonstrated a high level of integrity, respect, and dedication to their work.
I am immensely grateful to the associates and the entire team at S Jalan & Co. for providing me with this invaluable opportunity. The practical experiences gained during my internship, coupled with the nurturing work environment, have not only enhanced my legal skills but have also instilled in me a deep sense of passion for the legal profession. Thank you for this incredible opportunity, and I look forward to applying the valuable lessons learned during my tenure to my future endeavours in the legal field.

Yours Sincerely,
Meghna Mitra