CA Day – Facts About ICAI
01st July is celebrated as Chartered Accountant Day. Lets take a look at the facts about ICAI.
- Formation: 1 July 1949
The Institute of Chartered Accountants of India (ICAI) is a professional body. It was established on 1s July 1949 as a body corporate under The Chartered Accountants Act, 1949 enacted by the Indian parliament to regulate the profession of Chartered Accountancy.
- World’s 2nd largest Accounting Body
ICAI is the 2nd largest accounting body after the American Institute of Certified Public Accountants(CPA) in the world in terms of membership. It has more than 2.5 lakh members.
- No Reservation
There is no reservation in ICAI for students. Even there is no Age bar for students. Office-bearers of ICAI are selected without any reservation criteria. Also, employees are free from any reservation discrimination.
- ICAI Logo & the Story behind it
The ICAI Logo was conceptualized by great Nationalist Philosopher Sri Aurobindo Ghosh and the story behind it is:
When the Institute was formed in the year 1949 in the month of July, C.S. Shatri, a notedChartered Accountant of Madras 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 theSouth.
Sri Aurobindo gave him the emblem with a Garuda in the center and a quotation from the Upanishad (Kathopanishad): Ya esa suptesu jagarti, that person who is awake in those that sleep.
The emblem was placed at the first meeting of the Council of the Institute in New Delhi on15th August 1949 and was accepted amongst many other emblems placed by other members of the Council. So, that became the emblem of the Chartered Accountants of India.
- First Member of the ICAI
Shri G. P. Kapadia was the first member of The Institute of Chartered Accountants of India.
- Guru of Founder President of ICAI
Shri Sorab S. Engineer was the proclaimed guru of the first and founder-President of the institute, Shri G. P. Kapadia.
- First Council of the ICAI
The First Council of the ICAI was constituted and notified by the Government by notification published in the Gazette of India Extraordinary dated 1st July 1949 and consisted of 15 elected members and 5 members nominated by the Government.
- First Meeting of ICAI Council
The first meeting of the First Council of the Institute was held on 15th August 1949 at NewDelhi.
- Longest Serving President of ICAI
First President of the ICAI Shri G.P. Kapadia is the longest-serving President in the history of ICAI who served for a term of 1949-1952.
- Membership Strength on 1st April 1950
After the first Council of the Institute started functioning, i.e. as of 1st April 1950, there were1,689 members-569 Fellows and 1,120 Associates.