The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its 67 years of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards.ICAI now is the second largest accounting body in the whole world.
A significant majority of member are in practice, with a good deal of specialisation in traditional areas of direct/indirect taxes and in emerging areas, inter-alia, in financial services, information technology, insurance sector, joint ventures, mutual funds, exchange risk management, risk and assurance service, environment/energy/quality audits, investment counselling, corporate structuring and foreign collaborations. Those in employment occupy senior positions such as CMDs in Banks/Financial Institutions, CEOs in leading and reputed public and private sector companies, etc.