It was probably the last lesson they are were going to take away from Mumbai-based NMIMS, as all 607 students of the graduating batch listened intently to the former Comptroller and Auditor General of India, Vinod Rai, on their graduation day.

"The key to becoming successful leaders lies in all round development, and in being ethical and responsible citizens of the society," said Rai, who was speaking at the convocation ceremony of NMIMS university's School of Business Management.

"I am encouraged with the spontaneous outpouring on the streets by the youth, putting forth their view on healthy development and strong signals in the society and government, implying that the young seek transparency in action and will not accept lack of accountability."

Vinod Rai was Comptroller and Auditor General of India from January 2008 till May 2013 and is currently chairman of United Nations Panel of External Auditors and member of the Governing Board of the International Organisation of Supreme Audit Institutions.

Every year more than 63,000 students appear for NMIMS' entrance test - NMAT to compete for about 600 seats in the B-School. Based on its performance since 1981, NMIMS was conferred a deemed to be university status by the government in 2003.

The institute conferred degrees on the graduating batch in MBA programmes including Banking, MBA - Capital Market, MBA-HR, and MBA-Pharmaceutical Management during the convocation.

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