The Objectives with which the fund is established to commemorate the name of the late S. Vaidyanath Aiyar, a former President of the Institute by raising contribution on a voluntary basis from the members of the Institute for the following purposes:-
(a) providing an annual award to one or more members of the Institute who has made an outstanding contribution in the field of Accountancy or in an allied field;
(b) providing financial assistance to poor and deserving articled/and/or audit clerks for payment of coaching Board and Examination fees;
(c) payment of honoraria for delivering Research Memorial Lectures or for contributing a series of articles in the journal of the Institute.
(d) financing a research project by payment of expenses of a research worker engaged in research in advanced aspects of accounting or auditing either independently or in collaboration with a University, Research Foundation or Chamber of Commerce.
Procedure for becoming a member of the SVMF
There are two categories of members
(a) Life Member: A single payment of Rs.500/- shall make a person eligible to be admitted as a life member of the fund. Thereafter he shall not be liable to pay any amount on account of subscription and shall be styled as a 'Life Member'.
(b) Ordinary members: All other members shall be described as 'Ordinary Members' and shall have to pay an annual subscription of Rs.50/-.
Subscription may be paid by local cheque/ DD to the respective decentralised office or H.O. directly.
The application for enrolment as a member of the fund shall be made in Form 'A' as per Annexure I.
Details of Benefits available
Presently scholarships are given to poor and deserving articled/audit clerks for pursuing their education. Scholarships are given for a period of one year @Rs.500/- per month.
Apart from this, S. Vaidyanath Aiyar Memorial Lectures are organised by Regional councils and Branches thereof. Honoraria for these lectures are reimbursed by the Fund to the Regional Councils.
Procedure for availing scholarships
Every year an announcement is made in the Institute's Journal inviting applications from poor and deserving articled/audit clerks. They have to apply in the prescribed formats along with attested copies of Mark sheets and income certificate of parents/guardians.
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