The new born society, comprising about 30 members with financial support of about Rs.15,000/-, had started functioning under the able guidance of Late. Dr.R.V.Tamhankar – the founder president of the Society. The main objective of MSI, among several others, is to bring together all those who work in the field of Magnetics, to a common forum for dissemination of technical information, sharing of technical facilities, assessing the technical needs of industries and promoting a strong interaction among academicians, technocrats and entrepreneurs. Towards this objective, the society embarked upon itself to conduct National Seminars on Magnetics at important places of interest on the subject. In the recent past, it joined hands with other technical societies, institutes, laboratories to organize its technical conferences/seminars to widen the scope of multi-disciplinary nature of the diversifying subject and bring in broader technical interactions.