Categories: AppointmentsCurrent Affairs

ICAI elects new President, Vice President

The Institute of Chartered Accountants of India (ICAI), a pivotal organization in the field of Chartered Accountancy in India, announced a significant leadership transition. In a recent meeting, the Council of ICAI elected CA. Ranjeet Kumar Agarwal as the President and CA. Charanjot Singh Nanda as the Vice-President for the term 2024-25, starting from February 12, 2024. This change in leadership marks a new chapter in ICAI’s storied history, promising to steer the institute towards new horizons of professional excellence and regulatory prowess.

ICAI: A Pillar of Professional Integrity and Excellence

The Institute of Chartered Accountants of India (ICAI) stands as a testament to the country’s commitment to maintaining the highest standards in the domain of Chartered Accountancy. Established by an Act of Parliament under the Chartered Accountants Act, 1949, ICAI has grown to become the largest professional accountancy body in the world. Its inception was aimed at regulating and developing the profession of Chartered Accountancy in India, a mission it has pursued with unwavering dedication.

Operating under the administrative supervision of the Ministry of Corporate Affairs, Government of India, ICAI boasts a membership of around 4 lakh professionals and a student base exceeding 8.5 lakh. The institute’s extensive network includes 5 Regional Councils, 175 Branches across India, and a global footprint with 50 Overseas Chapters and 31 Representative Offices spread over 81 cities in 47 countries.

Governance and Vision

The affairs of ICAI are meticulously managed by a Council, adhering to the Chartered Accountants Act, 1949, and the Chartered Accountants Regulations, 1988. The Council comprises 40 members, with 32 elected by Chartered Accountants and 8 nominated by the Central Government. This diverse composition ensures the representation of various stakeholders, including the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance, Securities and Exchange Board of India, among others, thereby facilitating a holistic approach to the development and regulation of the profession.

Important takeaways for all competitive exams:

ICAI HQ: New Delhi.
ICAI Established Year: 1949.

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.