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CA Day: How ICAI Has Shaped India’s Accounting Profession Since 1949
BW Online BureauJul 01, 2026
From setting professional standards to regulating practice, ICAI remains central to India’s financial reporting and corporate accountability framework
India on Wednesday observed the 77th Chartered Accountants Day, commemorating the establishment of the Institute of Chartered Accountants of India (ICAI), the statutory body that regulates the chartered accountancy profession in the country.
The day is celebrated every year on 01 July as the Chartered Accountants Act, 1949 came into force on this date, leading to the creation of ICAI through an Act of Parliament. The occasion is also observed as the institute’s Foundation Day.
Over the past seven decades, ICAI has evolved into one of India’s oldest professional institutions and remains the only statutory body authorised to regulate the chartered accountancy profession.
Journey Through HistoryThe profession’s roots in India date back to the British era. The Companies Act, 1913 introduced mandatory maintenance and auditing of company accounts, creating demand for trained accounting professionals.
The Government introduced the Government Diploma in Accountancy in Bombay (now Mumbai) in 1918, followed by an official register of accountants in 1930. Based on the recommendations of an expert committee constituted in 1948, Parliament enacted the Chartered Accountants Act the following year, paving the way for the establishment of ICAI on July 1, 1949.
The title “Chartered Accountant” was retained as it had already gained recognition among Indian professionals associated with accounting bodies in the United Kingdom.
Profession Keeps EvolvingWhile chartered accountants are widely associated with audits and taxation, their role has expanded significantly over the years. Today, they advise businesses on financial reporting, statutory audits, regulatory compliance, corporate governance, mergers and acquisitions, insolvency, risk management and startup advisory.
Their work plays a critical role in strengthening investor confidence and supporting businesses in an increasingly regulated economic environment.
Today, ICAI has around 2.5 lakh members and is recognised as the world’s second-largest professional accounting body by membership. Its accounting and auditing standards continue to guide financial reporting and corporate governance across sectors.
Pioneers Of ProfessionThe profession’s history is also marked by pioneering individuals. Gopaldas Padamsey Kapadia, ICAI’s first President, received Membership Certificate No. 1 after the institute’s formation and is widely recognised as India’s first Chartered Accountant.
Another milestone was achieved by R. Sivabhogam, who qualified in 1933 and is recognised as India’s first woman Chartered Accountant. She later became the first woman to head ICAI’s Southern India Regional Council, paving the way for greater participation of women in the profession.
Celebrations Across IndiaICAI is marking the occasion with conferences, seminars, professional discussions, awards and outreach programmes across the country, bringing together members, students and industry stakeholders.
The institute’s official motto, “Ya Esha Supteshu Jagriti”, meaning “the one who is awake in those that sleep,” reflects the profession’s emphasis on vigilance, integrity and accountability.
As India’s economy becomes more complex and compliance-driven, chartered accountants continue to play a pivotal role in strengthening financial governance, ensuring transparency and supporting sustainable business growth.
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