In view of the changing economic scenario in view of FDI and LPG, including all the developing areas of management, VCBM repositioned itself to cope with the changing times. The rules and regulations of the Institute were looked into and its aims and objectives broadened. Membership was opened to all management students, professors and scholars, corporate, government and non-government organizations, which support the aims and objectives of the Institute. VCBM is a Society governed by its Board of Governors consisting of eminent academicians, industrialists, public sector executives and civil servants and reflects the membership and composition of its general body.