I was in deep thought, unable to decide about the subject for my next blog post. Eventually the event, ‘CA DAY’, struck my mind. I had a feeling that our institute, The Institute of Chartered Accountants of India (ICAI) could be the savior. I was about to write on famous CA personalities. But since all are aware of them, I thought of compiling “interesting unknown facts” of our institute. These facts will help us to know more about our Institute.
1. Formation: 1st July 1949
The Institute of Chartered Accountants of India (ICAI) is a professional body. It was established on 1s July, 1949 (24,836 Days Ago as of the post was written) as a body corporate under The Chartered Accountants Act, 1949 enacted by the Indian parliament to regulate the profession of Chartered Accountancy.
2. World’s 2nd largest Accounting Body
ICAI is the 2nd largest accounting body after American Institute of Certified public Accountants (CPA) in the world in terms of membership. It has around more than 2.5 lakhs members.
3. 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.
4. 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 noted Chartered 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 the South. 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 on 15th 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.
5. First Member of the ICAI
Shri G. P. Kapadia was the first member of The Institute of Chartered Accountants of India.
6. 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.
7. 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.
8. First Meeting of ICAI Council
The first meeting of the first Council of the Institute was held on 15th August, 1949 at New Delhi.
9. 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.
10. Membership Strength on 1st April, 1950
After the first Council of the Institute started functioning, i.e. as on 1st April, 1950, there were 1,689 members-569 Fellows and 1,120 Associates.
11. First lady to have qualified as Chartered Accountant was R Sivabhogam (born 23 July 1907 in India). She created history by becoming the first Indian Woman Accountant in 1933. She underwent article-ship training under Mr. C S Sastri.
Shivabhogam started her independent practice in 1937 and was also a part-time assistant with M/s. Sastri and Shah. On the formation of The Institute of Chartered Accountants of India (ICAI) in 1949 Sivabhogam was enrolled as a member and became a fellow on 17 June 1950. Sivabhogam became the Chairperson of the Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India (the then Madras Council). She is the only woman so far to have held this position, for a continuous period of three years from 1955 to 1958. She was also a senate member of the University of Madras.
Sivabhogam had been very active in social service and primarily for the cause of women’s education. She was a believer in Gandhian principles and wore Khadi till her death on 14 June 1966.
12. First lady to have topped CA Final Examination was Ms. Nandita Shah. She achieved this feat in November 1983 examination
13. First lady to have got elected to the Council of The Institute of Chartered Accountants of India (ICAI) was Ms. Priya Bhansali.