CA. Ranjeet Kumar Agarwal has been Elected As the President of ICAI

Institute of Chartered Accountants of India (ICAI) elected CA Ranjeet Kumar Agarwal as the President and CA. Charanjot Singh Nanda as the Vice-President. 

• CA Ranjeet Kumar Agarwal has been appointed as the 72nd President of the Institute of Chartered Accountants of India. 
• He will hold this esteemed position for the year 2024-25. He has been associated with the Institute since 2016, initially as a Central Council Member and then as Vice-President in 2023-24. 

Various positions to be held by Ranjeet Kumar

• As President of ICAI, CA Ranjeet Kumar Agarwal is the Chairman of all the Standing Committees, including Executive, Finance, Disciplinary, and Examination Committees. 
• He is also an ex-officio member of all Non-standing Committees and the Editor of ICAI Journal.
• He also chairs the ICAI research wing Accounting Research Foundation (ICAI ARF), Extensible Business Reporting Language (XBRL) India, and three funds for the welfare of the CA fraternity - Chartered Accountants’ Benevolent Fund (CABF), S. Vaidyanath Aiyar Memorial Fund and Chartered Accountants Students Benevolent Fund (CASBF). 
• He also serves as the Director on the Board of the Institute of Social Auditors of India (ISAI).
• As President ICAI, CA Ranjeet Kumar Agarwal will continue to advance the role of the Institute of Chartered Accountants of India as a partner in the nation's development. 
• He also supports the Government and Regulators as a Member of the Government Accounting Standards Advisory Board (GASAB) and Audit Advisory Board, both formed by the C&AG of India, Insurance Advisory Committee, Board of Insurance Regulatory and Development Authority of India (IRDAI), and SEBI’s Primary Market Advisory Committee.

About ICAI

• The Institute of Chartered Accountants of India (ICAI) is a regulatory body established by the Chartered Accountants Act, 1949, which is an Act of Parliament. 

Function

• Its main function is to regulate and develop the profession of Chartered Accountants in the country. 
• The ICAI is the largest professional organization of Chartered Accountants in the world, with a strong tradition of serving the Indian economy in the public interest.

Control

• The Ministry of Corporate Affairs, Government of India, has administrative control over the Institute. 
• The affairs of the ICAI are managed by a Council consisting of 40 members. Out of these 40 members, 32 members are elected by Chartered Accountants whereas the remaining 8 members are nominated by the Central Government. 
• These members generally represent the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders. 
• The Council operates under the provisions of the Chartered Accountants Act, 1949, and the Chartered Accountants Regulations, 1988.