The Institute of Chartered Accountants of India (ICAI) is India's largest
professional accounting body
A professional accounting body is an organization or association of accountants in a particular jurisdiction. Usually a person needs to be a member of such professional body to hold out to the public of the jurisdiction as an accountant. The de ...
under the
administrative control
Administrative controls are training, procedure, policy, or shift designs that lessen the threat of a hazard to an individual. Administrative controls typically change the behavior of people (e.g., factory workers) rather than removing the actu ...
of
Ministry of Corporate Affairs
The Ministry of Corporate Affairs is an Indian government ministry primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 20 ...
,
Government of India
The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
. It was established on 1 July 1949 as a
statutory body
A statutory body or statutory authority is a body set up by law ( statute) that is authorised to implement certain legislation on behalf of the relevant country or state, sometimes by being empowered or delegated to set rules (for example r ...
under the
Chartered Accountants Act, 1949
The Chartered Accountants Act, 1949 is a statute enacted by the Constituent Assembly of India, which was acting as the provisional Parliament of India in 1949 to regulate the profession of Chartered Accountants in India. Under this act, The Ins ...
enacted by the
Parliament
In modern politics, and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: representing the electorate, making laws, and overseeing the government via hearings and inquiries. Th ...
for promotion, development and regulation of the
profession
A profession is a field of work that has been successfully '' professionalized''. It can be defined as a disciplined group of individuals, '' professionals'', who adhere to ethical standards and who hold themselves out as, and are accepted b ...
of
Chartered Accountancy in India.
In India,
accounting standards
Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on th ...
and auditing standards are recommended by the
National Financial Reporting Authority
National Financial Reporting Authority (NFRA) is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards under the Companies Act 2013. It came into existence in October 2018. The chairperson sinc ...
(NFRA) to the Government of India which sets the Standards on Auditing (SAs) to be followed in the
audit
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...
of
financial statements
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form which is easy to un ...
in India. The other reputed accounting research bodies in India are the Institute of Cost Accountants of India (
ICMAI) and
University of Delhi
Delhi University (DU), formally the University of Delhi, is a collegiate central university located in New Delhi, India. It was founded in 1922 by an Act of the Central Legislative Assembly and is recognized as an Institute of Eminence (IoE ...
,
University of Calicut
The University of Calicut, also known as Calicut University, is a state-run public university headquartered at Tenhipalam in Malappuram district of the state of Kerala, India. Established in 1968, it is the first university to be set up in ...
and
University of Mumbai
The University of Mumbai is a collegiate, state-owned, public research university in Mumbai.
The University of Mumbai is one of the largest universities in the world. , the university had 711 affiliated colleges. Ratan Tata is the appointed h ...
.
Members of the Institute are known as ''ICAI Chartered Accountants'' or ''ICAI Accountants'' (either
Fellow
A fellow is a concept whose exact meaning depends on context.
In learned or professional societies, it refers to a privileged member who is specially elected in recognition of their work and achievements.
Within the context of higher education ...
or Associate). However, the word chartered does not refer to or flow from any
Royal Charter
A royal charter is a formal grant issued by a monarch under royal prerogative as letters patent. Historically, they have been used to promulgate public laws, the most famous example being the English Magna Carta (great charter) of 1215, b ...
. ICAI Chartered Accountants are subject to a published
Code of Ethics
Ethical codes are adopted by organizations to assist members in understanding the difference between right and wrong and in applying that understanding to their decisions. An ethical code generally implies documents at three levels: codes of bus ...
and professional standards, violation of which is subject to disciplinary action. Only a member of ICAI can be appointed as statutory auditor of a company under the
Companies Act, 2013
The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. The 2013 Act is divided into 29 chapters containing ...
. The management of the institute is vested with its council with the president acting as its Chief Executive Authority. A person can become a member of ICAI and become a financial (i.e. statutory) auditor of Indian Companies. The professional membership organization is known for its non-profit service. ICAI has entered into
mutual recognition agreement
Mutual recognition occurs when two or more countries or other institutions recognize one another's decisions or policies, for example in the field of conformity assessment, professional qualifications or in relation to criminal matters.
A mutua ...
s with other professional accounting bodies worldwide for reciprocal membership recognition. ICAI is one of the founder members of the
International Federation of Accountants
The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates i ...
(IFAC),
South Asian Federation of Accountants (SAFA), and
Confederation of Asian and Pacific Accountants
The Confederation of Asian and Pacific Accountants (CAPA) is a regional organization representing 33 national professional accountancy organizations (PAOs) operating in Asia and the Pacific. These PAOs, referred to as CAPA’s members, represent ...
(CAPA). ICAI was formerly the provisional jurisdiction for
XBRL International in India. In 2010, it promoted eXtensible Business Reporting Language (XBRL) India as a section 8 Company to take over this responsibility from it. Now, eXtensible Business Reporting Language (XBRL) India is an established jurisdiction of XBRL International Inc.
The Institute of Chartered Accountants of India was established under the Chartered Accountants Act, 1949 passed by the Parliament of India with the objective of regulating the accountancy profession in India.
[Act No. XXXVIII of 1949. See]
"Chartered Accountants Act 1949 as amended in 2006"
/ref> ICAI is the second largest professional accounting body in the world in terms of number of membership and number of students after the AICPA. It prescribes the qualifications for a Chartered Accountant, conducts the requisite examinations and grants Certificate of Practice.
History
The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor
An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting and a ...
with prescribed qualifications to audit such records. In order to act as an auditor, a person had to acquire a restricted certificate from the local government upon such conditions as may be prescribed. The holder of a restricted certificate was allowed to practice only within the province of an issue and in the language specified in the restricted certificate. In 1918 a course called Government Diploma in Accountancy was launched in Sydenham College of Commerce and Economics
Sydenham College of Economics is a college located in Mumbai, Maharashtra, India. It is affiliated to the Dr. Homi Bhabha State University. The college offers undergraduate and postgraduate degrees in management. It was awarded a re-accreditat ...
of Bombay (now known as Mumbai
Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
). On passing this diploma and completion of three years of articled training under an approved accountant, a person was held eligible for grant of an unrestricted certificate. This certificate entitling the holder to practice as an auditor throughout India. Later on, the issue of restricted certificates was discontinued in the year 1920.
In 1930, it was decided that the Government of India
The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
should maintain a register called the Register of Accountants. Any person whose name was entered in such register was called a ''Registered Accountant''. Later on a board called the Indian Accountancy Board was established to advise the Governor General of India
The Governor-General of India (1773–1950, from 1858 to 1947 the Viceroy and Governor-General of India, commonly shortened to Viceroy of India) was the representative of the monarch of the United Kingdom and after Indian independence in 1 ...
on accountancy and the qualifications for auditors. However, it was felt that the accountancy profession was largely unregulated, and this caused much confusion as regards the qualifications of auditors. Hence in the year 1948, just after independence in 1947, an expert committee was created to look into the matter. This expert committee recommended that a separate autonomous
In developmental psychology and moral, political, and bioethical philosophy, autonomy, from , ''autonomos'', from αὐτο- ''auto-'' "self" and νόμος ''nomos'', "law", hence when combined understood to mean "one who gives oneself one's ow ...
association of accountants should be formed to regulate the profession. The Government of India accepted the recommendation and passed the Chartered Accountants Act in 1949 even before India became a republic. Under section 3 of the said Act, ICAI is established as a body corporate with perpetual succession
In company law, perpetual succession is the continuation of a corporation's or other organization's existence despite the death, bankruptcy, insanity, change in membership or an exit from the business of any owner or member, or any transfer of st ...
and a common seal
The harbor (or harbour) seal (''Phoca vitulina''), also known as the common seal, is a true seal found along temperate and Arctic marine coastlines of the Northern Hemisphere. The most widely distributed species of pinniped (walruses, eared se ...
.
Unlike most other commonwealth countries
The Commonwealth of Nations is a voluntary association of 56 sovereign states. Most of them were British colonies or dependencies of those colonies.
No one government in the Commonwealth exercises power over the others, as is the case in a p ...
, the word chartered does not refer to a royal charter
A royal charter is a formal grant issued by a monarch under royal prerogative as letters patent. Historically, they have been used to promulgate public laws, the most famous example being the English Magna Carta (great charter) of 1215, but s ...
, since India is a republic. At the time of passing the Chartered Accountants Act, various titles used for similar professionals in other countries were considered, such as Certified Public Accountant. This designation inherited a general public impression that Chartered Accountants had better qualifications than Registered Accountants. Hence the accountants were very stern in their stand that, the Indian accountancy professionals should be designated only as Chartered Accountants. After much debate in the Indian Constituent Assembly
The Constituent Assembly of India was elected to frame the Constitution of India. It was elected by the 'Provincial Assembly'. Following India's independence from the British rule in 1947, its members served as the nation's first Parliament as ...
, the controversial term, chartered was accepted. When the Chartered Accountants Act, 1949
The Chartered Accountants Act, 1949 is a statute enacted by the Constituent Assembly of India, which was acting as the provisional Parliament of India in 1949 to regulate the profession of Chartered Accountants in India. Under this act, The Ins ...
came into force on 1 July 1949, the term Chartered Accountant superseded the title of Registered Accountant. This day is celebrated as Chartered Accountants day every year.
On 23 September 2019 chartered accountancy students organized protests under leadership of teacher CA Praveen Sharma, named "''Dear ICAI please change''" at over 200 institute branches across India and on social media demanding among other things right to re-checking of CA exam answer sheets. At present as per CA regulations, re-checking of answer sheets are not allowed. Students were demanding this right since 2018. A protest was also called in December, 2018 but after assurance by the council and formation of a committee to review the examination process the protest was called off. Students were able to gather support of many public figures which includes Congress leader Rahul Gandhi, Past President of ICAI Mr. N. D. Gupta, renowned accountant Mr. Motilal Oswal
Motilal Oswal is an Indian businessman. He is the founder, chairman and managing director
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is ...
, Mr. Mohandas Pai
T. V. Mohandas Pai is a Padma Shri Awardee and the current Chairman of Manipal Global Education (Manipal University). He was a former director of Infosys, and Head – Administration, Education, and Research, Financial, and Human Resour ...
, Mr. Raghav Chadha
Raghav Chadha (born 11 November 1988) is an Indian politician and member of the Aam Aadmi Party. He is the youngest Member of Parliament, Rajya Sabha from Punjab, India. He was the Vice Chairman of the Delhi Jal Board and MLA from the Rajendra ...
, etc. on social media.
Motto
The motto
A motto (derived from the Latin , 'mutter', by way of Italian , 'word' or 'sentence') is a sentence or phrase expressing a belief or purpose, or the general motivation or intention of an individual, family, social group, or organisation. Mot ...
of the ICAI is ''Ya Aeshu Suptaeshu Jagruti'' (Sanskrit), which literally means "a person who is awake in those that sleep". It is a quotation
A quotation is the repetition of a sentence, phrase, or passage from speech or text that someone has said or written. In oral speech, it is the representation of an utterance (i.e. of something that a speaker actually said) that is introduced by ...
from the Upanishads
The Upanishads (; sa, उपनिषद् ) are late Vedic Sanskrit texts that supplied the basis of later Hindu philosophy.Wendy Doniger (1990), ''Textual Sources for the Study of Hinduism'', 1st Edition, University of Chicago Press, , ...
(Kathopanishad). It was given to the ICAI at the time of its formation in 1949 by Sri Aurobindo as a part of its emblem. CA. C. S. Shastri, a Chartered Accountant from Chennai
Chennai (, ), formerly known as Madras ( the official name until 1996), is the capital city of Tamil Nadu, the southernmost Indian state. The largest city of the state in area and population, Chennai is located on the Coromandel Coast of th ...
went to Sri Aurobindo and requested him through a letter to give an emblem to the newly formed Institute of which he was an elected member from the Southern India
South India, also known as Dakshina Bharata or Peninsular India, consists of the peninsular southern part of India. It encompasses the Indian states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, as well as the union territ ...
. In reply to this request, Sri Aurobindo gave him the emblem with a Garuda
Garuda (Sanskrit: ; Pāli: ; Vedic Sanskrit: गरुळ Garuḷa) is a Hindu demigod and divine creature mentioned in the Hindu, Buddhist and Jain faiths. He is primarily depicted as the mount (''vahana'') of the Hindu god Vishnu. Garuda ...
, the mythical
Myth is a folklore genre consisting of narratives that play a fundamental role in a society, such as foundational tales or origin myths. Since "myth" is widely used to imply that a story is not objectively true, the identification of a narrati ...
eagle in the center and a quotation from the Upanishad: Ya Aeshu Suptaeshu Jagruti. The emblem along with the motto was placed at the first meeting of the Council of the Institute and was accepted amongst many other emblems placed by other members of the council.
Apart from its emblem, ICAI also has a separate logo for its members. As a part of a brand building exercise, ICAI introduced this separate new CA logo for the use of its members in 2007. The logo is free for use by all members of ICAI subject to certain conditions. The logo was launched by the then Minister of Corporate Affairs, Prem Chand Gupta
Prem Chand Gupta (born 3 February 1950) is an Indian politician and a former cabinet minister in Ministry of Company Affairs (India), Ministry of Company Affairs of India. He is a member of the Rajya Sabha, the upper house of Indian Parliament fr ...
at the occasion of the Chartered Accountant Day (1 July) in the presence of the then President of ICAI Sunil Talati. Members of ICAI cannot use the ICAI emblem, but they are encouraged to use the CA logo instead on their official stationery.
International affiliations
ICAI is a founder member of the International Federation of Accountants
The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates i ...
(IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants
The Confederation of Asian and Pacific Accountants (CAPA) is a regional organization representing 33 national professional accountancy organizations (PAOs) operating in Asia and the Pacific. These PAOs, referred to as CAPA’s members, represent ...
(CAPA) and International Innovation Network (IIN)
International is an adjective (also used as a noun) meaning "between nations".
International may also refer to:
Music Albums
* ''International'' (Kevin Michael album), 2011
* ''International'' (New Order album), 2002
* ''International'' (The T ...
. ICAI is an Associate member of the Chartered Accountants Worldwide, Member of International Valuation Standards Council
The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organisation incorporated in the United States and with its operational headquarters in London, UK. IVSC develops international techn ...
(IVSC).
Membership
Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, 36 months of practical training and meeting other requirements under the Act and Regulations. The institute has more than 3,30,000 members currently.
Associates and fellows
Generally, associates are members of the institute with less than five years of membership after which they become entitled to apply for being a fellow member. Some associate members, particularly those not in practice, often voluntarily chose not to apply to be a fellow due to a variety of reasons.
An associate member who has been in continuous practice in India or has worked for a commercial or government organization for at least five years and meets other conditions as prescribed can apply to the institute to get designated as a "Fellow". Responsibilities and voting rights of both types of members remain the same but only fellows can be elected to the council and regional councils of ICAI. Fellows are perceived as enjoying a higher status due to their long professional experience.
Practicing Chartered Accountants
Any member wanting to engage in public practice has to first apply for and obtain a ''Certificate of Practice (COP)'' from the Council of ICAI. Only members holding a Practicing Certificate may act as statutory auditors of Indian companies.
In India, an individual Accountant, a firm
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...
or a Limited Liability Partnership
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not ...
of Accountants can practice the profession of Accountancy.
Companies in India cannot practice profession of accountancy.
Role of Chartered Accountants
Chartered accountants work in all fields of business and finance, including auditing, taxation, financial and general management. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.
Council of the institute
The management of the affairs of the institute is undertaken by a council constituted under the Chartered Accountants Act, 1949. The council consists of 32 elected fellow members and up to 8 members nominated by the Government of India
The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
. The elected members of the council are elected under the single transferable vote
Single transferable vote (STV) is a multi-winner electoral system in which voters cast a single vote in the form of a ranked-choice ballot. Voters have the option to rank candidates, and their vote may be transferred according to alternate ...
system by the members of the institute. The council is re-elected every three years. The council elects two of its members to be president and vice-president who hold office for one year. The president is the chief executive authority of the council.
Regions and branches
ICAI has five regions : Eastern, Western, Northern, Southern and Central. As on 15 July 2019, ICAI have 164 Branches so far. Out of total 164 Branches, 99 branches are having their own premises which include 14 Branches (presently functioning from Rented Premises) who have procured land on which construction is either commenced or construction is under-way. 16 Branches (functioning from own premises) have procured land where either construction has started or construction is under-way. 51 Branches do not own either land or building.
Presidents
ICAI's first president was Mr. G.P. Kapadia (1949 to 1952). CA (Dr.) Debashish Mitra is the current president.
Code of ethics
The institute has a detailed code of ethics and actions in contravention of such code results in disciplinary action against the erring members. The institute publishes a members' handbook containing the Chartered Accountants Act 1949, Chartered Accountants Regulations 1988, Professional Opportunities for Members – an Appraisal, Code of Ethics and Manual for members. These together form the basis of regulation of the profession. The council also has a Peer Review Board that ensures that in carrying out their professional attestation services assignments, the members of the institute (a) comply with the Technical Standards laid down by the institute and (b) have in place proper systems (including documentation systems) for maintaining the quality of the attestation services work they perform.
Disciplinary process
The Disciplinary Directorate, the Board of Discipline, and the Disciplinary Committee
A committee or commission is a body of one or more persons subordinate to a deliberative assembly. A committee is not itself considered to be a form of assembly. Usually, the assembly sends matters into a committee as a way to explore them more ...
form the foundation of the disciplinary process of the institute. These entities are quasi-judicial
A quasi-judicial body is non-judicial body which can interpret law. It is an entity such as an arbitration panel or tribunal board, that can be a public administrative agency but also a contract- or private law entity, which has been ...
and have substantial powers like that of a Civil Court
Civil law may refer to:
* Civil law (common law), the part of law that concerns private citizens and legal persons
* Civil law (legal system), or continental law, a legal system originating in continental Europe and based on Roman law
** Private la ...
to summon
Evocation is the act of evoking, calling upon, or summoning a spirit, demon, deity or other supernatural agents, in the Western mystery tradition. Comparable practices exist in many religions and magical traditions and may employ the use of mi ...
and enforce attendance or require discovery and production of documents on affidavit
An ( ; Medieval Latin for "he has declared under oath") is a written statement voluntarily made by an ''affiant'' or '' deponent'' under an oath or affirmation which is administered by a person who is authorized to do so by law. Such a statemen ...
or otherwise. The Disciplinary Directorate is headed by an officer designated as Director (Discipline). On receipt of any information or complaint that a member has allegedly engaged in any misconduct
Misconduct is wrongful, improper, or unlawful conduct motivated by premeditated or intentional purpose or by obstinate indifference to the consequences of one's acts. It is an act which is forbidden or a failure to do that which is required. Misc ...
, the Director (Discipline) shall arrive at a prima facie opinion whether or not there is any misconduct. If the Director (Discipline) is of the opinion that the misconduct is covered by the items listed in the first schedule of the Chartered Accountants Act, 1949, he/she shall refer the case to the Board of Discipline. If he/she is of the Opinion that the case is covered by the Second Schedule or both schedules of the CA Act, he/she will refer the case to the Disciplinary Committee. If the Board of Discipline finds a member guilty of professional or other misconduct, it may at its discretion reprimand the member, remove the name of the member from the register of members for up to three months or impose a fine up to 1,00,000/-. If the Disciplinary Committee finds a member guilty of professional or other misconduct, it may at its discretion reprimand the member, remove the name of the member from the register of members permanently or impose a fine up to 5,000/-. Any member aggrieved by any order may approach the Appellate
In law, an appeal is the process in which cases are reviewed by a higher authority, where parties request a formal change to an official decision. Appeals function both as a process for error correction as well as a process of clarifying and ...
Authority.
It should be borne in mind that this disciplinary proceeding is not in lieu of or an alternative for criminal proceedings in a court. Criminal proceedings against a Chartered Accountant and disciplinary action by ICAI are two separate issues and one need not wait for another to be completed first.
Actions
One of the public actions of The ICAI Disciplinary Committee in the 2009–2010 time period was proceedings for professional misconduct against two auditors from the firm Price Waterhouse
PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting ...
partners for wrongly auditing and inflating the financial statements of Satyam Computer Services Limited. The Supreme Court of India (November 2010) rejected a plea by the two charged auditors to stay the proceedings by the ICAI Disciplinary committee. The court's order came in response to the pleas of the charged auditors seeking a stay on the disciplinary proceedings against them on the ground that it violated their fundamental right
Fundamental rights are a group of rights that have been recognized by a high degree of protection from encroachment. These rights are specifically identified in a constitution, or have been found under due process of law. The United Nations' Sustai ...
against self-incrimination under Article 20 (3) of the Constitution of India
The Constitution of India ( IAST: ) is the supreme law of India. The document lays down the framework that demarcates fundamental political code, structure, procedures, powers, and duties of government institutions and sets out fundamental ...
.
Other publicized actions included, the SEBI
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the ownership of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive ...
referred case of a brokerage firm, Karvy, in which the internal auditors, Haribhakti & Co (an associate of BDO Global
BDO (an acronym for Binder Dijker Otte) is an international network of public accounting, tax, consulting and business advisory firms that provide professional services under the name BDO. It is the fifth-largest accounting network in the wor ...
). were held guilty of negligence for failing to detect thousands of demat accounts being opened with the same address. The committee has also taken action against members for alleged irregularities in the books of Maytas
Maytas (" Satyam" read backwards) was a group of companies founded by B. Ramalinga Raju. It included Maytas Properties and Maytas Infra Limited.
Subsidiaries
Maytas Properties
Maytas Properties is a property development company founded in 2 ...
Properties and Maytas Infra and the role played by their auditors.
The names of the members found guilty of misconduct are published on ICAI's website. The ICAI website lists 35 as the number of cases in which inquiry was completed by the Disciplinary Committee in the past one year since February 2010. The list of members held guilty of professional or other misconduct is published periodically.
Request for more power
Many of the recent financial frauds and scams related to organizations that had multinational accounting firms as their auditors. These multinational firms cannot legally practice in India but they are practicing in India by surrogate means, operating through tie-ups with local firms, though the partners involved are from India, since only a member of the institute can be an auditor of an Indian entity. The example for this is an elaborate list, Price Waterhouse in case of Global Trust Bank Scam, again Price Waterhouse in Satyam Computer Services Limited scam, Ernst and Young in the Maytas case. ICAI lacks jurisdictional powers to punish these or for that matter any firm, as under its current regulations it only has the power to proceed against individual members. The institute has asked the Ministry of Corporate Affairs, Government of India to grant additional powers so that it may proceed against firms whose partners or employees are frequent offenders. ICAI also has sent a proposal to the Government of India to amend the Chartered Accountants Act, 1949 in order to enable to it to impose a fine of 1,00,00,000/- on audit firms if they are found guilty of colluding with companies to commit a fraud.
Qualification
A person is eligible to apply for membership either by passing all three levels of examinations ( Foundation, Intermediate and Final ) prescribed by ICAI and completing 36 months of practical training or by availing themselves of exemptions under mutual recognition agreement
Mutual recognition occurs when two or more countries or other institutions recognize one another's decisions or policies, for example in the field of conformity assessment, professional qualifications or in relation to criminal matters.
A mutua ...
(MRAs).
ICAI has MRAs and MOUs with the CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) (french: Comptables professionnels agréés du Canada) is the national organization representing the Canadian accounting profession through the unification of the three largest accounting o ...
, ICAEW
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of July 2022, it has over 198,000 members ...
, CPA Australia
CPA Australia ("Certified Practising Accountant") is a professional accounting body in Australia founded in 1886. As of 31 December 2020, it has 168,736 members working in 150 countries and regions around the world. CPA Australia currently has 1 ...
, CPA Ireland.
Examination
Entry to the profession can be made by taking the CA Foundation Course
The CA Foundation Course is the entrance level for the chartered accountancy course offered by the Institute of Chartered Accountants of India (ICAI). Earlier, it was known as the Common Proficiency Test. CA Foundation contains 5 series of pape ...
after completion of schooling (12th grade). Alternatively, graduates may train as an articled assistant for three years in a chartered firm before final exam or after completion of Intermediate of Cost Accountant or Company Secretary. A comprehensive 100 hours of information technology training and an orientation programme for soft skills development have to be completed before being articled. ICAI will soon introduce a "New Scheme for Education and Training", wherein emphasis would be more on development of higher order skills of application, analysis and interpretation. A special feature of the new scheme would be the mandatory multi-disciplinary case study at the Final level, which would help students integrate professional knowledge in different subject areas, analyse and apply such knowledge in problem solving. The scheme also intends to focus more on practical training and will also offer self-paced online modules, where in working students can learn and qualify at their own pace.
ICAI has entered into an agreement with Indira Gandhi National Open University
Indira Gandhi National Open University, known as IGNOU, is a Central University located at Maidan Garhi, New Delhi, India. Named after former Prime Minister of India Indira Gandhi, the university was established in 1985 with a budget of 20& ...
(IGNOU), to help CA students acquire a Bachelor's degree
A bachelor's degree (from Middle Latin ''baccalaureus'') or baccalaureate (from Modern Latin ''baccalaureatus'') is an undergraduate academic degree awarded by colleges and universities upon completion of a course of study lasting three to six ...
and master's degree by writing six papers / five papers respectively. For example, a bachelor's degree in Commerce can be obtained from IGNOU with a major in accounting and finance provided the student is able to provide the grades received in Foundation and Intermediate and pass the term end examination conducted by IGNOU. Similarly based on the grades in Final would be taken for Masters. This initiative has helped a lot of students attain both the degrees without any duplication of subjects and credits.
ICAI offers study materials and describes the syllabus in great detail via a prospectus. While ICAI claims that this study material on the website is sufficient for motivated students to study, most students opt to attend oral coaching classes or learn from e-learning
Educational technology (commonly abbreviated as edutech, or edtech) is the combined use of computer hardware, software, and Education sciences, educational theory and practice to facilitate learning. When referred to with its abbreviation, edt ...
portals.
Membership through MRA
The second method of obtaining membership is through mutual recognition agreement
Mutual recognition occurs when two or more countries or other institutions recognize one another's decisions or policies, for example in the field of conformity assessment, professional qualifications or in relation to criminal matters.
A mutua ...
s or MRAs. ICAI has entered into MRAs with several institutes globally, of equivalent standing, to enable members of those institutes to acquire membership of ICAI and to enable the members of ICAI to gain membership of its counterpart in other countries. This is done by granting some exemptions in the regular scheme of examination and training.
ICAI currently has MRAs with following professional accounting bodies:
* Institute of Chartered Accountants of Nepal
The Institute of Chartered Accountants of Nepal (ICAN) was established under a special act, The Nepal Chartered Accountants Act, 1997 to enhance social recognition and faith of people at large in the accounting profession by raising public awarene ...
* Institute of Chartered Accountants in England and Wales (since 20 November 2008)
* CPA Australia
CPA Australia ("Certified Practising Accountant") is a professional accounting body in Australia founded in 1886. As of 31 December 2020, it has 168,736 members working in 150 countries and regions around the world. CPA Australia currently has 1 ...
(originally signed in February 2009 and re-signed in September 2014)
* CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) (french: Comptables professionnels agréés du Canada) is the national organization representing the Canadian accounting profession through the unification of the three largest accounting o ...
* CPA Ireland
* The South African Institute of Chartered Accountants
* CPA Australia
CPA Australia ("Certified Practising Accountant") is a professional accounting body in Australia founded in 1886. As of 31 December 2020, it has 168,736 members working in 150 countries and regions around the world. CPA Australia currently has 1 ...
* Chartered Accountants New Zealand
* National Board of Accountants & Auditors, Tanzania
* Institute of Certified Public Accountants of Kenya
The Institute of Certified Public Accountants of Kenya (ICPAK) is a professional body for certified public accountants (CPAs) in Kenya. ICPAK is a full member of the International Federation of Accountants and the Pan African Federation of Accou ...
ICAI is also in the process of negotiating MRAs with Hong Kong Institute of Certified Public Accountants
The Hong Kong Institute of Certified Public Accountants (HKICPA, ) is the professional accounting body of Hong Kong.
Its main responsibilities are:
*Registering accountants and issuing practising certificates.
*Regulating the professional cond ...
and Certified General Accountants Association of Canada.
Technical co-operation agreements
The ICAI has signed a memorandum of understanding (MOU) with professional accounting bodies
A professional accounting body is an organization or association of accountants in a particular jurisdiction. Usually a person needs to be a member of such professional body to hold out to the public of the jurisdiction as an accountant. The des ...
of various countries. These MOUs aim at establishing mutual co-operation between the two institutions for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession.
Currently ICAI has MOUs with following professional accounting bodies:
* Accounting and Auditing Standards Board of Bhutan, Bhutan
Bhutan (; dz, འབྲུག་ཡུལ་, Druk Yul ), officially the Kingdom of Bhutan,), is a landlocked country in South Asia. It is situated in the Eastern Himalayas, between China in the north and India in the south. A mountainous ...
(signed on 22 November 2013)
* The Vietnam Association of Certified Public Accountants, Vietnam
Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...
* Higher Colleges of Technology
The Higher Colleges of Technology (HCT; ar, ) was established in 1988 and is the largest applied, higher education institution in the United Arab Emirates (UAE). During the 2019–2020 academic year, there were 14,246 female and 6,744 male stu ...
, UAE
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
(signed on 4 January 2011)
* College of Banking and Financial Studies, Oman
Oman ( ; ar, عُمَان ' ), officially the Sultanate of Oman ( ar, سلْطنةُ عُمان ), is an Arabian country located in southwestern Asia. It is situated on the southeastern coast of the Arabian Peninsula, and spans the mouth of t ...
* Institute of Chartered Accountants of Nepal
The MoUs with CPA Afghanistan and Saudi Organization for Certified Public Accountants (SOCPA) are in pipeline.
Placement
The institute maintains a placement portal on its web site for qualified members and partially qualified students. This is supplemented with campus placement events and advertising through its professional journals and website.
Average Placement Package of a Fresher Chartered Accountant is around 9-10Lakhs but around 50-60% Students accepting the job offer.
In early 2010, the ICAI placed three of its freshly qualified Associates, at a record annual salary of US$260,000 each(₹1.17Cores), at Singapore-based agriculture supply chain major Olam International
Olam International is a major food and agri-business company, operating in 60 countries and supplying food and industrial raw materials to over 20,900 customers worldwide. Its value chain includes farming, origination, processing and distributi ...
.
Technical standards
ICAI formulates and issues technical standards
A technical standard is an established norm or requirement for a repeatable technical task which is applied to a common and repeated use of rules, conditions, guidelines or characteristics for products or related processes and production methods, ...
to be followed by Chartered Accountants and others. Non-compliance of these standards by the members will lead to disciplinary action against them. The technical standards issued by ICAI include Accounting Standards, Engagement, and Quality Control Standards, Standards on Internal Audit, Corporate Affairs Standard, Accounting Standards for Local Bodies, etc.
Accounting Standards
, the Institute of Chartered Accountants of India has issued 32 Accounting Standards. These are numbered AS-1 to AS-7 and AS-9 to AS-32 (AS-8 & AS-6 is no longer in force since it was merged with AS-26 and AS-10). Compliance with accounting standards issued by ICAI has become a statutory requirement with the notification of Companies (Accounting Standards) Rules, 2006 by the Government of India. Before the constitution of the National Advisory Committee on Accounting Standards National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India. It advises the Central Government on the formulation and laying down of accounting policy and acc ...
( NACAS), the institute was the sole accounting standard setter in India. However NACAS is not an independent body. It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further, the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all other entities, the accounting standards issued the ICAI continue to apply.
Convergence with IFRS
The inception of the idea of convergence
Convergence may refer to:
Arts and media Literature
*''Convergence'' (book series), edited by Ruth Nanda Anshen
*Convergence (comics), "Convergence" (comics), two separate story lines published by DC Comics:
**A four-part crossover storyline that ...
of Indian GAAP
Gaap (also ''Tap'', ''Coap'', ''Taob'', ''Goap'') is a demon that is described in demonological grimoires such as ''the Lesser Key of Solomon'', Johann Weyer's ''Pseudomonarchia Daemonum'', and the Munich Manual of Demonic Magic, as well as Jacq ...
with IFRS
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's fina ...
was made by the Prime Minister of India Dr. Manmohan Singh by committing in G20
The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigatio ...
to align Indian accounting standards with IFRS. As per the original roadmap for implementation of IFRS-converged Ind AS issued by the Government of India, initially, Ind AS were expected to be implemented from the year 2011. However, keeping in view the fact that certain issues including tax issues were still to be addressed, the Ministry of Corporate Affairs decided to postpone the date of implementation of Ind AS. For a smooth transition to IFRS, ICAI has taken up the matter of convergence with the National Advisory Committee on Accounting Standards National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India. It advises the Central Government on the formulation and laying down of accounting policy and acc ...
and various regulators such as the RBI, SEBI
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the ownership of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive ...
and IRDA
The Infrared Data Association (IrDA) is an industry-driven interest group that was founded in 1994 by around 50 companies. IrDA provides specifications for a complete set of protocols for wireless infrared communications, and the name "IrDA" also ...
, CBDT. IASB
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation.
The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It ...
, the issuer of IFRS, is also supporting the ICAI in its endeavors towards convergence. ICAI has revised/formulated Ind AS on the basis of the amendments and new IFRS issued by the IASB subsequent to February 2011. IFRS-converged Indian Accounting Standards (Ind AS) has been implemented in India in a phased manner from 1 April 2015 being the voluntary date of adoption of Ind AS. The mandatory application of Ind AS has been restricted to listed and unlisted companies with a net worth of Rs. 500 crore and above from the accounting year beginning on or after 1 April 2016. With effect on 1 April 2017, all listed companies and unlisted companies having a net worth of Rs. 250 crore and above would be required to prepare their financial statements in accordance with the applicable Ind AS. Banks and NBFCs are also required to implement Ind AS on 1 April 2018 onwards based on the criteria of net worth.
In order to ensure that these standards are implemented in the same spirit in which these have been formulated, ICAI has been providing guidance to members through its various initiatives such as the issuance of Educational Materials on Ind AS containing Frequently Asked Questions (FAQs). For addressing transition and implementation related queries clarifications on a timely basis are also being issued by the ICAI. Queries raised are also addressed through Support-desk for implementation of Ind AS. Apart from this, Certificate Course on Ind AS, In-house training programmes on Ind AS for corporate and regulatory bodies are also being organized to educate and train the members on these standards.
Engagement and Quality Control Standards
Engagement and Quality Control Standards comprises the following Standards:
1 Standards on Auditing (SAs), to be applied in the audit of historical financial information.
2 Standards on Review Engagements (SREs), to be applied in the review of historical financial information.
3 Standards on Assurance Engagements (SAEs), to be applied in assurance engagements, other than audits and reviews of historical financial information.
4 Standards on Related Services (SRSs), to be applied to engagements involving the application of agreed-upon procedures to information, compilation engagements, and other related services engagements, as may be specified by the ICAI.
The aforesaid Standards are collectively known as Engagement Standards.
5. Standards on Quality Control (SQCs) – These Standards are to be applied for all services covered by the Engagement Standards as described above.
ICAI has issued 46 Engagement and Quality Control Standards (formerly known as Auditing and Assurance Standards) covering various topics relating to auditing and other engagements. These standards have been harmonized with the International Standards
international standard is a technical standard developed by one or more international standards organizations. International standards are available for consideration and use worldwide. The most prominent such organization is the International Org ...
issued by the IAASB of the IFAC except for two standards i.e. ISA 600 and ISAE 3000.
Forensic Accounting and Investigation Standards (FAIS)
The Institute of Chartered Accountants of India (ICAI) has constituted a committee to deliberate on FAIS, which are expected to be framed by the end of this year 2020. The Institute of Chartered Accountants of India will be the first body in the accounting world to develop a full set of FAIS standards for forensic professionals and stakeholders, The proposed standards would help Forensic Accounting and Investigation professionals to conduct their examinations in a highly professional manner and collect evidences which may be subject to high level of scrutiny in a court of law.
Notable members
Finance and accounting
* Srikant Datar, Dean of Harvard Business School
Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
* Radhe Shyam Agarwal
Radhe Shyam Agarwal (also known as R S Agarwal) is an Indian entrepreneur, co-founder and executive chairman of Emami, a global group of company engaged in the business of FMCG, paper, real estate, edible oils, health care and cement. Radhe is ...
, co-founder and Executive Chairman of Emami
Emami Group is an Indian multinational conglomerate company headquartered in Kolkata, India. This group trades with their tag name Himani. The company has seven manufacturing units across India and one overseas unit. The Company caters to a num ...
* Srikanth Balachandran, Global CHRO of Bharti Airtel
Bharti Airtel Limited, commonly known as (d/b/a) Airtel, is an Indian multinational telecommunications services company based in New Delhi. It operates in 18 countries across South Asia and Africa, as well as the Channel Islands. Currently, ...
* Pramod Bhasin
Pramod Bhasin stepped down as President and CEO of Genpact, India's largest business process outsourcing (BPO) company, becoming non-executive Vice Chairman in 2011.
Career
Pramod is a British Chartered Accountant from McLintock & Co, London, a ...
, President, CEO, Genpact
* Kumar Mangalam Birla
Kumar Mangalam Birla (born 14 June 1967) is an Indian billionaire industrialist, philanthropist, Chartered Accountant and the chairman of the Aditya Birla Group, one of the largest global conglomerates in India. He is also the chancellor of t ...
, chairman of Aditya Birla Group
Aditya Birla Group is an Indian multinational conglomerate, headquartered in Mumbai. It operates in 100 countries with more than 1,40,000 employees directly and indirectly. The group was founded by Seth Shiv Narayan Birla in 1857. The group ha ...
* Parvataneni Brahmayya
Parvataneni Brahmayya or P Brahmayya (October 2, 1908 – 1980) was a chartered accountant, former ICAI president and founded Brahmayya & Co., a firm of Chartered accountants in 1932.
Education and professional career
An alumnus of the Madras L ...
, founder of Brahmayya & Co., first CA firm in India
*Nitin Soni,CEO of Adhayyan Books International
* Piyush Goyal
Piyush Vedprakash Goyal (born 13 June 1964) is a politician, chartered accountant and cabinet minister of the Government of India having portfolios such as Minister of Textiles, Minister of Commerce and Industry and Minister of Consumer Affa ...
, Incumbent Minister of Commerce & Industry, Minister of Railways, Former Minister of Coal, Former Minister of Finance and Corporate Affairs, Government of India
The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
* Niranjan Hiranandani
Niranjan Hiranandani (born 8 March 1950) is an Indian billionaire businessman, co-founder and managing director of Hiranandani Group, engaged in real estate business. He is ranked by ''Forbes'' among the 100 richest Indians, with a net worth o ...
, real estate businessman, founder of Hiranandani Group
Hiranandani Group was established in 1978 by Niranjan Hiranandani and Surendra Hiranandani and is based in Mumbai, India. The group is one of the largest real estate developers in India with projects across Mumbai, Bangalore, Chennai, and Hyderab ...
*
* Krish Iyer
Krish Iyer was the President and CEO of Walmart India. Walmart is the world's largest retailer.
Early life
Iyer was born in Mumbai, India and holds a bachelor's degree(Hons) in Commerce and Economics from Sydenham College Mumbai. Iyer is a Ch ...
, CEO of Walmart India
* Nirmal Jain
Nirmal Jain (born 1967) is an Indian billionaire businessman. He is the founder and chairman of India Infoline (IIFL) Group, a financial conglomerates. IIFL and its group companies are backed by Canadian investor Prem Watsa, private equity firm ...
, founder and chairman of IIFL
IIFL Finance Limited (formerly IIFL Holdings Limited) d/b/a IIFL and India Infoline Finance Limited, is an Indian diversified financial services company headquartered in Mumbai. The organisation was founded by Nirmal Jain. IIFL and its group co ...
* Rakesh Jhunjhunwala, investor
* Shekar Kapur, film director
* Naina Lal Kidwai
Naina Lal Kidwai (born 1957) is an Indian banker, chartered accountant and business executive. She was formerly a Group General Manager and the Country Head of HSBC India. She is also a former President of the Federation of Indian Chambers of C ...
, first Indian woman who pursued MBA from Harvard University
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...
, Group General Manager and Country Head of HSBC India
* T. K. Kurien, CEO of Wipro
Wipro Limited (formerly, Western India Palm Refined Oils Limited) is an Indian multinational corporation that provides information technology, consulting and business process services. Thierry Delaporte is serving as CEO and managing directo ...
* Keki Mistry
Keki M. Mistry (born 7 November 1954) is the vice chairman and CEO of Housing Development Finance Corporation (HDFC).
Early life
Mistry was born on 7 November 1954 in Mumbai India to a Parsi family. Mistry completed his school education from Ca ...
, ex-CEO of HDFC Bank
HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...
* R. S. Lodha
Rajendra Singh Lodha (died 3 October 2008), popularly known as R. S. Lodha, was an Indian chartered accountant and the chairman of the Birla Corporation.
Lodha became co-chairman of the Birla Corporation in 2001. In July 2004, Priyamvada Bir ...
, former chairman of Birla Corporation
Birla Corporation Limited is an Indian-based flagship company of the M P Birla group of companies, founded by Shri Ghanshyam Das Birla in the late 1910s and carried on by Madhav Prasad Birla.
In the 1890s, Birla Corporation was a jute manufact ...
* Vinay Maloo, founder and chairman of Enso Group
Enso Group is a multinational diversified conglomerate that has global operations across a wide range of industries, and is valued at over $6 Billion. The group was founded in 2005 by Chairman Vinay Maloo. It was started with a cluster of oi ...
* T. N. Manoharan, Padma Shri
Padma Shri ( IAST: ''padma śrī''), also spelled Padma Shree, is the fourth-highest civilian award of the Republic of India, after the Bharat Ratna, the Padma Vibhushan and the Padma Bhushan. Instituted on 2 January 1954, the award is conf ...
awardee
* Keki Mistry
Keki M. Mistry (born 7 November 1954) is the vice chairman and CEO of Housing Development Finance Corporation (HDFC).
Early life
Mistry was born on 7 November 1954 in Mumbai India to a Parsi family. Mistry completed his school education from Ca ...
, vice chairman and CEO of HDFC Bank
HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...
* Keshav R Murugesh, Group CEO of WNS Global Services
WNS (Holdings) Limited () is a global business process management company headquartered in Mumbai, India. The company has its expansion with 60 delivery centers worldwide.
History
WNS was founded in 1996 by British Airways as Speedwing World ...
* George Alexander Muthoot
George Alexander Muthoot (born 16 September 1955) is an Indian entrepreneur and businessman who is currently the managing director of the Muthoot Group, a business conglomerate in India.
Personal life
George Alexander Muthoot was born to M Geo ...
, CEO of Muthoot Group
The Muthoot Group is an Indian multinational conglomerate headquartered in Kochi, Kerala. It has interests in financial services, information technology, media, healthcare, education, power generation, infrastructure, plantations, precious me ...
* Dinesh Nandwana, founder and managing director and CEO of Vakrangee Limited
Vakrangee Limited is a technology company based in Mumbai, India that provides banking, insurance, e-governance, e-commerce, and logistics services. The company is one of the main providers of the software and equipment for voter id cards and A ...
* V. G. Narayanan, Professor of Accounting & Management, Harvard Business School, USA
* Motilal Oswal
Motilal Oswal is an Indian businessman. He is the founder, chairman and managing director
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is ...
, chairman and MD of Motilal Oswal Group
Motilal Oswal Financial Services Limited is an Indian financial services company offering a range of financial products and services. The company was founded by Motilal Oswal and Raamdeo Agrawal in 1987.
The company is listed on BSE and NSE ...
* T.V. Mohandas Pai, chairman of Manipal Global Education, former CFO of Infosys
Infosys Limited is an Indian multinational information technology company that provides business consulting, information technology and outsourcing services. The company was founded in Pune and is headquartered in Bangalore. Infosys is the s ...
, Padma Shri awardee
* Girish Paranjpe
Girish Paranjpe is a venture capitalist.
History
General Partner with Exfinity Venture Partners . Exfinity invests in deep tech start ups typically at early stage.
Girish was also Operating Partner with a global Private Equity fund.
Girish ...
, venture capitalist
* Deepak Parekh
Deepak Parekh (born 18 October 1944) is an Indian businessman and the Chairman of Housing Development Finance Corporation, India's leading housing private development finance institution. It is based in Mumbai.
Education
Parekh completed his ...
, Chairman of Housing Development Finance Corporation
Housing Development Finance Corporation Limited (HDFC) is an Indian private development finance institution based in Mumbai. It is a major housing finance provider in India. It also has a presence in banking, life and general insurance, ass ...
& HDFC Bank
HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...
* Suresh Prabhakar Prabhu, incumbent Sherpa of India to G20, former Minister of commerce, Minister of Railways, Minister for Civil Aviations, Government of India
The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
* Aditya Puri, MD & CEO of HDFC Bank
HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...
* Aroon Purie
Aroon Purie (born 1944) is the founder-publisher and editor-in-chief of ''India Today'', and former chief executive of the India Today Group. He is the managing director of Thomson Press (India) Limited and the chairman and managing director of ...
, founder and editor-in-chief of ''India Today
''India Today'' is a weekly Indian English-language news magazine published by Living Media India Limited. It is the most widely circulated magazine in India, with a readership of close to 8 million. In 2014, ''India Today'' launched a new onl ...
'' and Chief Executive of the India Today Group 01 or '01 may refer to:
* The year 2001, or any year ending with 01
* The month of January
* 1 (number)
Music
* 01'' (Richard Müller album), 2001
* ''01'' (Son of Dave album), 2000
* ''01'' (Urban Zakapa album), 2011
* ''O1'' (Hiroyuki Sawano ...
* Chitra Ramkrishna, former CEO of National Stock Exchange (NSE)
* Sethurathnam Ravi, former Chairman Bombay Stock Exchange
BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange i ...
* Prannoy Roy
Prannoy Lal Roy (born 15 October 1949) is an Indian economist, chartered accountant, psephologist, journalist and author. He is the former executive co-chairperson of NDTV and is considered to be one of its co-founders, along with his wife R ...
, chairman of NDTV
* Subhash Runwal, founder and chairman of Runwal Group
* Dhivya Suryadevara, CFO of General Motors
The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...
* N.J. Yasaswy
N. J. Yasaswy (9 February 1950 8 October 2011) was an Indian finance and investment writer and a founding member of the Institute of Chartered Financial Analysts of India.
Biography
Yasaswy was appointed by the Government of Andhra Pradesh as ...
, founder of the ICFAI Business School
Other domains
* Arun Singh, MP from Uttar Pradesh from 5 December 2019. Bharatiya Janata Party National General Secretary and Headquarter Incharge from 17 June 2015
* Subhash Chandra Baheria, Member of the 16th Lok Sabha,
* Thomas Chazhikadan
Thomas Chazhikadan (born 25 September 1952) is an Indian politician and Chartered Accountant and the current elected Member of Parliament from Kottayam Lok Sabha constituency and a former MLA of Kerala for Ettumanoor constituency from 1991 ...
, Member of Parliament from Kottayam, Kerala
* Raghav Chadha
Raghav Chadha (born 11 November 1988) is an Indian politician and member of the Aam Aadmi Party. He is the youngest Member of Parliament, Rajya Sabha from Punjab, India. He was the Vice Chairman of the Delhi Jal Board and MLA from the Rajendra ...
, MLA from Rajinder Nagar & Vice Chairman Delhi Jal Board, politician, AAP member
* Anil R. Dave, Judge of the Supreme Court of India
* Buddhadeb Guha
Buddhadeb Guha (29 June 1936 – 29 August 2021) was an Indian writer of fiction in Bengali language. Apart from writing, he was a trained singer and a painter too.
Career
Born in Calcutta, Guha studied at St. Xavier's College of the Universi ...
, novelist
* N. D. Gupta, Former President ICAI, Rajya Sabha Member From NCT of Delhi politician, Aam Aadmi Party
* Vishaka Hari
Vishakha Hari is a Carnatic music vocalist and proponent of Harikatha, a form of Hindu storytelling. She is a mentor dedicated to instilling art and creativity within the education of children, who she believes are the torchbearer of culture.
...
, singer of Harikatha
''Harikatha'' (Kannada: ಹರಿಕಥೆ : ''Harikathe''; Telugu: హరికథ : ''Harikatha;'' Marathi: हरीपाठ '': Haripatha'', ), also known as ''Harikatha Kaalakshepam'' in Telugu and Tamil (), is a form of Hindu tradition ...
* Vijay Govindarajan
Vijay Govindarajan (born 18 November 1949), popularly known as VG, is the Coxe Distinguished Professor (a Dartmouth-wide chair) at Dartmouth College's Tuck School of Business and Marvin Bower Fellow, 2015–16 at Harvard Business School. He ...
, ''NYT'' and ''WSJ'' best selling author, Coxe Distinguished Professor at Tuck School at Dartmouth
* Gurumurthy, co-convenor of the Swadeshi Jagaran Manch, journalist
* Bhupen Khakhar
Bhupen Khakhar (also spelled Bhupen Khakkar, 10 March 1934 – 8 August 2003) was an Indian artist. He was a member of the Baroda Group and gained international recognition for his work as "India's first 'Pop' artist."
Works
Khakhar was a sel ...
, painter
* K. Rahman Khan, Minister of Minority Affairs in UPA-II, former Deputy Chairman of the Rajya Sabha
The Rajya Sabha, constitutionally the Council of States, is the upper house of the bicameral Parliament of India. , it has a maximum membership of 245, of which 233 are elected by the legislatures of the states and union territories using si ...
* Atul Satya Koushik, Indian theatre director and playwright
* R. K. Kumar, former Minister of State for Finance
* Pragnya Mohan
Pragnya Mohan (born 19 October 1994) is an Indian triathlete from Ahmedabad, Gujarat. In Birmingham 2022, she led India's triathlon debut at the Commonwealth Games. She is India's highest ever ranked triathlete in the world. She is widely consi ...
, international sportsperson
*
* Harish Salve
Harish Salve ( Marathi : हरीश साळवे) KC is an Indian senior advocate who practices at the Supreme Court of India. He served as the Solicitor General of India from 1 November 1999 to 3 November 2002. He also fought the case o ...
, Padma Bhushan
The Padma Bhushan is the third-highest civilian award in the Republic of India, preceded by the Bharat Ratna and the Padma Vibhushan and followed by the Padma Shri. Instituted on 2 January 1954, the award is given for "distinguished service ...
, former Solicitor General of India
The Solicitor General of India (SGI) is subordinate to the Attorney General for India. They are the second-highest law officer of the country, assists the Attorney General, and is assisted by Additional Solicitor Generals of India (Addl. SGIs ...
* Narendra Kumar Salve, former Union minister and President of Board of Control for Cricket in India (BCCI)
* Kirit Somaiya
Kirit Somaiya (born 12 February 1954) is an Indian politician of the Bharatiya Janata Party who represented Mumbai North-East in the 16th Lok Sabha and the 13th Lok Sabha. He is currently appointed as vice president of Bharatiya Janata Party ...
, politician, MP for BJP
* Sanjay Subrahmanyan
Sanjay Subrahmanyan (born 21 January 1968 in Chennai, Tamil Nadu) is a Carnatic vocalist from India. He was awarded the Madras Music Academy's Sangeetha Kalanidhi in 2015.
Biography
Sanjay Subrahmanyan was born on 21 January 1968 in Chennai ...
, musician
* Rameshwar Thakur
Rameshwar Thakur (28 July 1925 – 15 January 2015) was a senior Indian National Congress politician and former union minister of India, he was the Governor of Madhya Pradesh from 2009 to 2011 and Governor of Odisha from 2004 to 2006, Andhra Pra ...
, former Union Minister of India, Governor of Madhya Pradesh, Karnataka, Odisha, Andhra Pradesh
* G. Venkateswaran
G. Venkateswaran (died 3 May 2003), popularly known as G.V., was an Indian film producer and chartered accountant. He was the elder brother of director and screenwriter Mani Ratnam and G. Srinivasan. Venkateswaran was the promoter of GV Films, ...
, film producer
* V. Vijayasai Reddy, Rajyasabha MP from YSRCP
* Aman Gupta, Founder and CMO Boat Lifestyles
See also
* Education in India
* National Financial Reporting Authority
National Financial Reporting Authority (NFRA) is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards under the Companies Act 2013. It came into existence in October 2018. The chairperson sinc ...
(NFRA)
References
External links
*
Official ICAI Chandigarh News Website
{{Authority control
1949 establishments in India
New Delhi
Organizations established in 1949
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
Professional associations based in India
Regulatory agencies of India
Accounting in India
Educational institutions established in the 1940s