Mr Subrahmanyam, who has a wide exposure to international finance, is of the opinion that the Indian CFO is another `exportable talent'. "India has better qualified CFOs," he added.

There was a consensus among the participants of the conference over the that the CFO need not necessarily be from the accounting and finance background. The CFO - in an increasingly globalised and integrated economy - needs to be a person who will have a mix of talents of an incubator, a venture capitalist, a initiator of strategic thought and one who disseminates information.

"He said that the CFO will be the key communicator with investors. He would be a deal maker, risk manager and a strategist. A CFO in India will have to shed his image of an accountant," added Mr Subrahmanyam.

A key point of discussion at the workshop was that of the possibility of a confrontation, as the CFO might usurp the role of a chief executive officer (CEO) of the company.

Reliance Industries Ltd treasurer Alok Agarwal said that one the most important challenges for a CFO will continue to be that of a risk manager. He said that market information like FII inflow, oil payments, PSU/FI debt servicing and information on liquidity in the market are key informations that the new CFO has to be abreast with to identify and mitigate risks of currency fluctuations and other business risks to which huge companies are exposed to.