Career Conversation with Ms. Fatema Hunaid- Transfer Pricing Specialist at Walker Chandiok & Co LLP

Anurag (0s): Hello, welcome to the career conversation show! Today I have Ms. Fatema Hunaid who is a senior Partner in transfer pricing at Grant Thornton and ma’am has kindly consented to come and share her insights on her career journey, most specifically, critical insights on transfer pricing which is going to help you make a career choice.

Before we get into the transfer pricing and core facets of it, ma’am, I would quickly want you to share with us that were you always a topper in school, very good in academics — Bethany High, Bishop Cotton, Christ University? Then, was CA a natural progression of that? How did you stumble upon CA path? Are your siblings also into same thing? Did your Father also was a professional or a business man? Just if you could take us through that.

Fatema (54s): Thanks, Anurag. Yes, incidentally, yes I have been kind of excelling in academics as well as in extracurricular activities in my schooling. I was also the captain of my house — Blue house in Bethany high. And then, after my matriculation, I joined Bishop Cottons and that’s where I discovered I wanted to do CA back then and it was quite interesting. I discovered that everybody in my batch or a lot of them in the batch wanted to do CA and I learnt that they wanted to do that because it’s one of most difficult professions and one of the best professions in commerce background. And, also it was one of the least expensive courses to start doing. So, that’s it, I made my decision that I will also do CA.

You also asked me that question whether anybody in my family is a professional. So my Father is a businessman and my brother is a doctor. In my Family, on my paternal and maternal side, I believe I’m the first CA, so, that’s just how it went.

Anurag (2m 22s): Okay. And articleship and Industrial training?

Fatema (2m 26s): So, articleship — I did it in a sole proprietorship firm on Church Street for a couple of years. After a couple of years, I believe that I needed a lot more experience, lot of my peers from school and college had joined large firms and I kept in touch with them. In fact, I have a huge network. I don’t, I hadn’t networked with them that much earlier, which I should have, but Whatever I chose, like the sole proprietorship firm also, I got lot of independence and lot to learn and I was the 1st of the articles in that firm that ever cleared. I was a ranker in Inter exams. So, my Principal was also very happy. And third year, when I realized that industrial training is where you could actually join an industry in a Company and get further experience, that is when I applied at one of the top technology firms and I got in there. And you did mention that when I joined there were 40 males in the finance team and I was the only lady, and that too an intern, but I enjoyed the ride.

Anurag (3m 41s): Perfect. One quick question here is that you are in a pedestal of life where lot of people working in Big4 and Big5 Firms aspire (to be) a ‘Partner’, so, in your journey to become partner — and you had a very fairly and quick rise to the Partner level, so, what were those factors which really clicked for you — which could be like serendipity or your venturing into the unknown and taking risk. What really factor was that which clicked for you?

Fatema (4m 9s): Firstly, be very good at what you are doing. The Firm, wherever you work, whether it is a Firm or a Company or an industry, be very clear about what are the expectations.

So if you talk about my personal journey, I always wanted to be very clear about what are the expectations and I wanted to exceed them. Before that, I was very clear about choosing work that I enjoy. Like I shared with you earlier I didn’t really enjoy — and this is my personal preference — I didn’t really enjoy interpreting law so much. So other things automatically got eliminated. And, Transfer Pricing is a stream of Tax which actually helped me get onto the business side of things, talk to the MDs of companies, Promoters of companies, learn about the business. So, I enjoyed that. I picked it up, in between I made a choice to say — Okay, now I want to do other areas of Tax also.

It is very important to choose what you love and then be clear about what are the expectations of the role and exceed those expectations. That’s very important. I believe in my career journey also, and if you look at my LinkedIn, you will see there are some movements in my career path as well. Some of those were not very thought through.

As you rightly also mentioned, Anurag, joining my current firm, I think, was one of the most important milestones in my career. 12 years out of my 20 years I’ve been with my firm and before I joined, I was a manager and the profile being offered by my firm was to setup and grow the Transfer Pricing practice for South India for the firm. And, at that point, the practice was hardly there. You can imagine what all setting up a practice would need in a large firm, for which I had no preparedness at that point in time, but I took that risk because it really inspired me. Many times, on the lighter side I can share that, I make these huge leaps and then I realize, ‘Oh my God, why did I even do it?’. But, then I know I do take those jumps. I still do it. I still make those wild leaps. Because on the other side, there is a lot of excitement, a lot of newness, a lot of growth. So, these aspects, I believe, have brought me to where I am and I hope to continue that.

And challenges are different. Challenges are different at every stage of career. As you grow, the challenges only become more. But then, you are all the more stronger, you know how to handle them.

Anurag (7m 29s): Now coming to Transfer Pricing, why I’m asking you this question is because this field evokes a lot of interest amongst freshers. So we’ll have a series of pointed questions that will endeavor at guiding youngsters about the career prospects. So, when it comes to taking a career choice as specific as transfer pricing, there are pros and cons — For example, pros are that you become a subject matter expert but the con probably could be that you get type cast as a TP Professional and subsequently 5 years down the line, if things don’t go well, can you actually change service line? So, as a fresher — because the choice of the first job is really important — you get kind of type casted that ways. So then, is TP a valid choice that one should take if given a bouquet of choices? That’s my first question.

Fatema (8m 20s): So, obviously, I’m not unbiased. I’m not an independent party but I’ll try to be.

Transfer Pricing is an excellent career choice for CA Professionals as well as MBAs, Economists, even graduates — I’ll cover that where they may find more opportunities. It’s an excellent career choice because of various reasons why I say that.

See, transfer pricing is basically an outcome of measures that tax authorities worldwide took in order to ensure that they get the right share of global income in their respective countries. Why do they need to do that? It’s because of the increasing globalization over the years where most of the international trade is conducted within group companies. The minute you conduct trade within group companies, the headquarters have the authority and they often exercise that authority to fix the prices of the goods and services in a way that meets their strategic objectives. Now, in the process, what might happen — which was happening in India in 90’s and even when the TP regulations where introduced in India — we found several companies that were operating at just cost basis, no profit, and the concept of cost centers is familiar to everyone. So there are the triggers because of which TP regulations were introduced.

And like I said, not just in India, globally. Even the smallest of countries these days are introducing TP regulations. It is very easy to introduce these TP regulations in local laws and they are very highly effective in helping tax authorities to make adjustments where the cases are not meeting transfer pricing norms. So, the OECD and other forums have suggested extensive regulations which the countries can just pick up and introduce in their countries’ code and these countries also have signed up to together implement these in their respective tax codes. This means that people who start off in transfer pricing in any country, invariably end up building a global career. So if anyone has aspirations of really moving abroad or working in different countries, they can actually leverage on this particular career choice to be able to become globally mobile and still not lose out on the years of experience, and in fact, build up on that.

So yes, in summary, a great career choice. Again, why practically it continues to be important is that India was one of the top 3 countries in terms of transfer pricing litigation with the tax department which just shows the importance of the practice and the importance of the need of these professionals for corporates.

Anurag (11m 23s): So, Transfer Pricing as a career, how does it stack up for a Chartered Accountant vis-a-vis the kind of opportunities it opens for, let’s say, a BCOM graduate, an MBA or an Eco-Stat background person? So, are there differences in the career path? Should someone from a BCOM / MBA or Eco background offer transfer pricing? Are there differences in that in India vis-a-vis territories abroad where they might be applying far more statistical methods?

Fatema (11m 53s): Sure. Another great question, Anurag. So, I would say that, see, one can’t really compare the educational background of a graduate with that of a Professional. Of course, there are well-known people like Steve jobs and others who were drop outs and yet they became global icons and success stories. But, for the limited context what we are discussing, in my experience, we’ve seen people with varied business backgrounds, academic backgrounds still become very successful.

For Graduates, I would say — and this is slightly stereotypical answer, but, by and large, valid — for graduates, mainly in transfer pricing, the area of contribution could be around research, around financial analysis, around benchmarking and these are not not-important. These are also important but this is where they normally can play. And again, as we were discussing earlier, there are different options where they could use their skill set.

So, Transfer Pricing in India is amongst the large firms and also mid-size local CA firms. So apart from the end-to-end transfer pricing consulting practice — which includes assisting companies with their transfer pricing documentation; issuing certification; defending them before income tax authorities and in higher appeal; and also a varied variety of consulting : when anybody sets up a shop in India, they need to know how to setup their policy, and in fact, if it’s a large group with multiple transactions, then, you need to actually structure all of it; and once you structure that, you need to take into account your withholding tax impact, Corporate tax rate impact, GST impact, etc. and accordingly, you’ll need to change the business models. This a very intensive activity which needs a lot of intellect, a lot of analytical capability. These are the important skill sets that come to play when, you know, you kind of look at which impact areas one can be successful in. End-to-end, then, yes, you need to have the capability and the passion to kind of be able to practice across. This is how depending on the academic background and what you are trained to do — so when you talk about CAs, in their 3 years’ articleship period, are trained to Audit. They are very good, they know already how to do the certification, the financial analysis, that also is very important in the transfer pricing analysis. part.A lot of stuff, Anurag, to be honest, when fresh CAs join our practices, they actually don’t know much about transfer pricing and they are trained on the job.

So, the question you may ask is if in any case everybody is trained why can’t an MBA be as successful as a CA; or why can’t a graduate be as successful as a CA? My answer to that is — Yes, they can be. In our experience, whoever chooses to work hard and bring their capabilities out on the impact areas which I mentioned, they end up succeeding.

Anurag (15m 28s): Right, so that brings a lot of hope to people even from like Eco background or a statistics background. So the other day when we were conversing, you said that internationally, people from an Eco-stat background are in fact, more successful in TP because there they use lot of statistical methods to arrive at Arm’s length. Is my understanding correct?

Fatema (15m 47s) : Right, I’ll add a flavor to what we discussed earlier, Anurag.

So, globally and outside India, in the western countries mainly, a lot of the transfer pricing practice is practiced by boutique firms also, who are very popular and have large practices, right. And even within the large consulting firms, large part of the business also is being run by statisticians and economists. Again, we must remember that India, as a jurisdiction, many times it’s an inbound — where headquarters are outside India. So, also, given the fact that headquarters are in those jurisdictions that transfer pricing is far more developed and deep, and the environment, in general, allows one to practice a wide variety of options on a wide variety of transactions at a group level. So, the level of complexity is way higher as compared to the complexities one faces in India. The challenges emanate from the litigation with the tax department is, more often the not, the tax payer is at this end and the tax authorities at the other end. But yes, in India also. But, like I said, since, a large part of practice is also defense — defending before income authorities, making submissions, interpreting, meeting them, putting the points forward — that aspect is one which most economist may or may not want to do. So, it’s all about that — the flavor of the practice and which skill set is the best fit.

Anurag (17m 35s): Requirements of the specific jurisdiction? Like, in India, you said litigation is something which will be more in demand. And ma’am, in TP, since India is now hotbed of offshoring — lot of Big 4 and Big 5 is offshoring work — so TP also, do you see significant traction in terms of offshoring of TP work? What is the scope there? How is it different from being part of an Indian practice vis-a-vis being in the same city but catering to European clients, in an offshore model?

Fatema (17m 50s) : I believe, Anurag, very honestly, all these create very good career opportunities for everybody,. People just need to pick and choose what they really enjoy and pick accordingly. It’s just about what kind of matches your requirements, what do you want to do during your work day and what gives you happiness.

In terms of your offshoring question, what is the work that one can offshore? One can offshore standardized procedures, where the quality control can be easily implemented and which does not require too much interaction with the clients directly. Now these are some standard principles of work that can be lifted, and offshored, and implemented to run very efficiently. Those become like repetitive procedures — procedures which can be automated and run. So, that offshoring, typically in the global firms, they are able to offshore those procedures in India and offshoring mainly happens to be in the domain of benchmarking, preparing industry overviews based on research, etc.

So what happens is, just like offshoring in any other business, the people who are doing that may not have a chance to interact with the clients of the member firms, because this is offshored work. And, after a point in time, things could get repetitive. Now what I do understand is that in different regions across the world, different type of work is offshored. May be in the Australia and Canada corridor, the financials services benchmarking is very high? From some another corridor, some other industry may be very high / services may be very high. So, overtime you could rotate the regions and get a different flavor; the profile may overall remain the same; you may not be interacting with clients and you may be doing more of the kind of back-end job.

In the client facing role, what happens is that one gets to do the entire chain right from pitching for a client bid to preparing proposals, engagement letters, interacting with the clients, setting the entire project plan for the work you are going to do — for example, if it is planning or advisory or documentation even / certification or defense, you get to be a part of it from scratch and then — the part of the entire engagement delivery team — and do end-to-end transfer pricing consulting for your client. So, this is broadly, I would say, the entire client side interactions — and not just in terms of engagement letters and proposals — you also intensively interact with the clients to understand their business and profile it. This is a very important step in the entire transfer pricing analysis.

In the offshoring, what happens is this part is performed by the member firm counterpart who is offshoring the work — they discuss with the clients, they study the transactions and they say, ‘Hey, this is the benchmark you need to do, this is how broadly the functions of the clients are’ and that is what comes already done ready made to the offshoring unit in India.

I have been on all sides in a lot of firms. I’m giving a very independent view to listeners and graduates — there is a lot of opportunity, the quality of work is good, there is a lot to learn. I strongly believe, irrespective of whether it’s offshoring or client facing, there is lot to learn and develop, there are lot of benefits, structured work and you can deeply learn all those activities in both sides. Important thing is to make that change when you feel you’ve learnt enough. In my team, currently, I can give you an example — after 10 years in back office work in consulting firm once and then in industry, this team member of mine joined my firm in my team and now he’s successfully doing client facing work also, as an Associate Director. He didn’t lose out. Yes, he joined me laterally and seamlessly integrated, picked up everything as he went along. So again, there, support is required, little understanding is required, and then slowly you put anybody in the live production, right. So, the advantages that he brought is he is very good people person, he was able to keep the team together and motivate them, inspire them. So, it’s not necessary for everybody to be good at everything but you need to be very good at some things, right?

Anurag: Fair point.

Fatema: So, I would say, with general guidance, I hope the comparison is clear.

Anurag (23m 51s): Yeah, absolutely. Ma’am, what is the future of Transfer Pricing now? So, for establishing arm’s length with respect to cross border transaction: it will always remain. But, some people say that, since, in domestic transactions now TP regulations have been relaxed — because whether it is company A or the subsidiary B, as long as both are in the same tax zone, it’s like a tax-neutral thing — so, then, for domestic transactions, this kind of closes gates for this entire TP Practice and you are now restricted only to the international part. Is that a hypothesis which holds good or it is like just something which can be rebutted with a lot of logic?

Fatema (24m 29s) : No. I’ll give you the practical side of it, Anurag. It’s a good question and it’s a valid question.

The practical side of it is: when transfer pricing was introduced in India, if you consider India as a home country, whatever happens within India is fine at least as long as everything is reported. Say, I have a company and you have a company and we do some transactions domestically in India, even if I sell a service or do something for you for free,? I have done something for you for free and you haven’t paid me anything. I haven’t shown any income for tax in India, right? At the same time, in your books, you don’t have any expenditure because you didn’t pay me anything. So, say, notional value of that work which I did for you was 100. So, neither you claimed 100 as deduction nor I showed 100 as income. So the tax base, on a net basis, is not impacted in India. It’s called a revenue-neutral transaction.

So, for 12 years from when transfer pricing was applicable in India, it was only on international transactions. In a landmark case, which is well reported and known, the Supreme Court passed an order saying around a dispute of tax holiday. Now, we are well aware, as CA practitioners, are well aware of some of the abuses that happen with tax holidays, right? To plug that gap, the Supreme Court, held that: right now, you cannot apply transfer pricing principles. This was the advisory to the government and the tax officers — if you want to apply, enact a law. So, in line with the recommendation and the ruling, the government also introduced domestic transfer pricing — brought it within the ambit of the transfer pricing provisions. So, from 2012 until whenever the transactions were covered under domestic transfer pricing, what were covered? Let’s take examples — Under 40A(2)(b), payments to Directors and key managerial personnel were covered, rent paid to these key managerial personnel and others were covered and there are some … list goes on. So, what will they benchmark? What will anyone benchmark payment to CEO, for example? How much should be paid? You can have some benchmarks but it’s never going to go anywhere and in any case they are paying tax on it — on the payment?

So, therefore, what happened is — firstly, practically, if you look at the overall share of transfer pricing, the domestic transactions were not even like a drop in the ocean. And then, over the few years that the regulations were implemented, the industry made representations that — this is the redundant compliance, take it away. And therefore, accordingly, the government also removed application of transfer pricing from these transactions which were just payments to key managerial personnel and alike. They retained the applicability on the tax holiday because that is a real impact.

Anurag (28m 2s): Between a transfer pricing, there is an interesting part — let’s say which is Advisory — and what ‘s your coping mechanism for the not-so-interesting parts of the TP practice — the November season, where there is a lot of filing, lot of compliance work and I have seen people getting completely bored, worked out and burnt out in that season. So, I mean, advisory/ litigation everyone loves; but, then, you also get paid by the client for doing not-so-exciting part. So, then, how does one strike a balance between the two?

Fatema (28m 35s): I would say that, we can’t choose parts which are interesting and boring, everything comes as a basketEverything has its own set of challenges. And, for somebody, certification might be interesting; for somebody else, advisory may be interesting; for somebody else, defense may be interesting. But, each work is inter-related. So, for a client, unless you do the entire life cycle, you will not be able to see — what you put in the documentation, how it actually got audited by the tax officers and how actually, whether it stood the test of audit or not. So, each aspect has a lot to offer to people who are practicing and I think each part is interesting. It just depends on people’s preferences on what they might find interesting, what they might not.

Personally, I’m not a big fan of interpreting and taking ten interpretations out of one section. I’m very logical, I like to go forward in a logical way, have logical alternatives and a logical conclusion. But, law is not logic, right? It has its own life and we have to comply and work according to that. But the November part or the October part — whenever now, whatever is the season — I think, transfer pricing professionals are the ones who bear the worst brunt because they are pressed into service after the financials are audited. At times, the financials are signed couple of days before the due date or on the same day. So, it becomes very challenging for our team members to kind of take most of the load in one-two months. So, I don’t think it’s more of boredom, it’s about undue burden on our people that gets placed because the particular way in which the Industry and the various compliances are lined up. Even I cannot say that it’s in the hand of our clients, right? Because they have multiple compliances, back to back, and they are just stuck in that cycle and they want to finish one before they start the other compliance. So, until this nexus and the cycle of back to back compliance is broken, somewhere, that burden comes on the one who is last in a relay race. So, that whole burden comes onto the TP professionals.

Anurag (31m 16s): Ma’am, did you face, like, gender stereotypes at work and in your two decades of professional world? And there’ll be a lot of girls aspiring to be Chartered accountants, aspiring to be partners like you in two decades from now, so, what would be your advice to them when it comes to being a woman, having to balance so much, and also face these gender stereotypes that, ‘you got it easy because there was a quota for women’ or ‘you don’t really contribute that much’ et cetera, et cetera — so, there are lot of dooms here who say all sorts of things … so, what is your take on that?

Fatema (31m 55s): I think, as far as my personal journey is concerned, I think it’s also very important as to how one is brought up. I’ve studied in a co-ed school and right from my beginning my upbringing has been very liberal. I do agree, there are stereotypes and there is a negative impact of that on career growth of scores of women and I believe that happens because in any situation, if women become a minority, it becomes all the more difficult — not because of others’ actions, (but) because we even feel like a minority — and it becomes all the more difficult, right? Imagine yourself in a bunch of women in a room — how would you feel? And that is your day-to-day story? It just does not create a proper room for diversity. And therefore, yes, it is there, it is around. Personally, in my journey, I would say I have not faced such remarks or such things that ‘I have got easy.’ In fact, anyone who’s worked with me — my bosses, my peers or my juniors — would know, would have seen that I’ve actually had opportunities and have grabbed those opportunities. So, I think these are very important points in being able to keep doing what you love to do.

Anurag (33m 47s) : Yeah, you said that day that you were the one in 40 people in the leading Technology Company, during your industrial training, and all 40 were men, so, this is the kind of feeling that one would get — like I would get with a room full of women. I would completely feel out of place in some way. You would have got that same feeling for probably a year.

Fatema (34m 4s) : When I was getting into the corporate world, Diversity and Inclusion (D&I) — no one was talking about these things back then. You just took it, you just accepted, ‘this is how things are’, right? And that’s how most of my career has been all about. I just accepted that this is how things are and I never understood that may be this is not the best place to be in or maybe I have to work harder. I was never aware of all of that until a few years back. I would say it becomes difficult as you grow more and more senior and it is not because of people around you only, they don’t intentionally do something. But, at times, it might happen also.

I’m saying — just make sure that you are surrounded by people who support you, who appreciate you for your skill set, and have mentors. Mentors are very important. Mentors have played a huge role in my career growth — they have offered insights; I even looked up to them as role models. So, again, that brings me to a good point of having role models. Very important. Emulate somebody you admire. You need not emulate everything, but, take whatever you like from any immediate role models that you can see and implement those to move ahead.

Anurag (35m 39s): Fair point, Ma’am, very insightful for the girls who are watching this.

Ma’am, as a partner, you would be facing lot of stress — bringing business, getting it executed — in the midst of that, you also need to find life and you also need to fulfill responsibilities of a mother. So, are you able to really give quality time to your kid? What’s your mantra for rejuvenation, fun and fitness? It’s one question I would want to ask you.

Fatema (36m 8s): There I would say that I have been in this firm for 12 years now and yes, one does feel the pressures of work; one does feel the pressures of travel — pre-Covid, I mean; and the pressures of basically interacting with so many people, but, now, in Covid environment, you really realize how much all of that meant and what was the real impact, how it actually rejuvenated you. The work itself was in that situation, and now, of course, we are still working but it is like little different. I really look forward to working with my colleagues and stuff, but as you rightly mentioned, there needs to be a balance, right? You can’t be subsumed by one side only.

My mantra is: I love to clean my house, I love to organize things and I love to hang out with my family — my husband and my son, and of course, catchup on something new or the other. These days, I think, a lot of people have started doing few things they were not doing earlier. I have also started a bit of cooking. Yes, we all pitch in and do that. So, lot of stuff. I make sure that there are some timelines for closing work and opening work and that is extremely important.

In the first month of Covid, day seemed endless. You just click on the green button and then you are always on. But yeah, maintaining that boundary really helped. So, as we went along, now it’s become much more balanced.

Anurag (37m 58s): Actually, in the first month of Covid, it was like 9:00 ‘O clock, 10:00 ‘O clock, just working, that’s it.

Ma’am, in retrospect, what advice would Fatema in the 40s give to Fatema at age of 20? That’s my last question to you. So, in terms of — it’s like of that — how would you rewind life and probably do things differently? What would be your advice to someone who is watching the show — youngster in their 20s — at that threshold of life, what would be your advice?

Fatema (38m 28s) : That’s a very heavy question, I’ll answer it in a very simple way. I wouldn’t want to change a lot of things, but I would like to share about an episode from early days of my professional career where I had a challenge.

I wouldn’t call it depression but some elements of that which came in, it was a huge struggle. I would like to share that with people who are listening and it’s very important I share that. And the reason for that is I realized later, when I came out of that phase — with the help of my family, my faith and whatever — it needed a lot of mental strength to actually come out of that phase and believe, right? I realized later as to why that happened. And it’s not same for everybody but it’s very important to choose what I love to do and I have an inherent need to excel — I need to be on top, but if I find myself not really making the mark, struggling somewhere, those are the situations where I would really become very, very uncomfortable.

And that is why, when it comes to career — it’s one fundamental pillar of our lives — it’s very important to choose wisely; it’s very important to choose not just what we do wisely, but if we end up in an organization where we are surrounded by good people — who care for our growth, the firm is overall growing — don’t make short-term decisions based on ‘oh, I didn’t get that promotion’ or ‘I didn’t get that pay hike’ or whatever. As long as the main factors are in place, I would earnestly suggest that don’t make that change.

Right now, the situation is very different — it’s Covid, not many options are available, but, my main point here is that — choose what you love to do, not what you think you should be doing or what others are telling you. You will definitely succeed. And if you are facing this challenge which I faced, please share it with others. Don’t keep it to yourself, share it with the people at work, they are not going to think you are weak. In fact, my managers were aware, they helped me out when I was going through this journey. It’s very important. Please do share.

And coming back to your question, on what I would tell myself in my 20s — late 20s perhaps, when I became a mother, I would tell myself, ‘stop feeling guilty’. At that time, there was no one around me who would tell me that. But I would say, ‘stop feeling guilty, it’s alright. Whatever time I have with my son and whatever I’m able to do at home is the best I can do and I shouldn’t feel guilty and everything will work out. Because when I’m at work, I’m doing my best; when I’m at home, I’m doing my best and by feeling guilty or having regret; it’s not giving any benefit to anybody, right?’

In short, that’s what I would tell myself and rest of things, I’m quite happy with.

Anurag (41m 53s): Alright, fantastic pearls of wisdom from Ma’am! Thank you so much for coming on the show and sparing your time. I think there were critical insights that we got on transfer pricing as a profession, your journey, your tenacity of purpose. I could really imagine a kind of a topper always wanting to be on the top of things in career as well. Thanks for being so candid with everything. Thank you so much, ma’am, for coming on the show!

Fatema (42m 19s): Pleasure’s all mine, Anurag. Thanks for inviting me.

Anurag (42m 22s): Sure, thank you so much, Ma’am.