Institute of Cost Accountants of India

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Institute of Cost Accountants of India
AbbreviationICMAI
Formation28 May 1959;65 years ago (1959-05-28)
Legal statusActive
HeadquartersCMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India
Coordinates 22°33′29″N88°21′13″E / 22.558103°N 88.353672°E / 22.558103; 88.353672
Region
India
Members
98,500
President
CMA Ashwinkumar G. Dalwadi
Vice President
CMA Bibhuti Bhusan Nayak
Secretary
CMA Kaushik Banerjee
Parent organization
Ministry of Corporate Affairs, Government of India
Students
7,50,000 (Approx)
Website www.icmai.in
Formerly called
The Institute of Cost & Works Accountants of India

The Institute of Cost Accountants of India (ICMAI), which was previously known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of the Ministry of Corporate Affairs of the Government of India. It has as its prime responsibility (by the Ministry of Corporate Affairs) to contribute to the cost and management accounting profession at the global level.

Contents

History

The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 as per the provisions of the Companies Act of 1913. Post Independence, the Institute got statutory recognition when the Parliament of India enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959), [1] a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute.

The CWA Amendment bill of 2011 was passed by both the Houses of Indian Parliament. Lok Sabha and the Rajya Sabha on 12 December 2011 and assented by the president of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012. [2] As of now, there are a total of 98,500 active members of ICMAI. [3]

International affiliations

The ICMAI is a Founding Member of the International Federation of Accountants (IFAC), [4] Confederation of Asian and Pacific Accountants (CAPA) [5] and South Asian Federation of Accountants (SAFA) [6] and Associate member of ASEAN Federation of Accountants. [7] ICMAI is also a member of the National Foundation of Corporate Governance (NFCG). [8]

Qualification and syllabus

CMA Logo for exclusive use by Indian CMAs CMAlogo, to be used by Indian CMAs.jpg
CMA Logo for exclusive use by Indian CMAs

This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations [9] and three years of practical training [10] in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an individual to become a CMA (Cost & Management Accountant).

Notable Alumni

NamePositionOrganization
Subhash Chandra Garg Former Finance Secretary Government of India
Chanda Kochhar Former CEO ICICI Bank
J Ramachandran Professor IIMB
Mrityunjay Athreya Padma Bhushan, Management Advisor
P. K. Mukherjee Executive Director Sesa Sterlite Limited
Kailasam Raghavendra Rao Padma Shri, Entrepreneur Orchid Chemicals & Pharmaceuticals Limited
B. B. Chakrabarti Professor, Ex-Director Indian Institute of Management Ranchi
Professor Indian Institute of Management Calcutta

Indian Institute of Management Sirmaur

G. J. R. Krishnan Musician
T. V. Somanathan, Finance Secretary Government of India
Sadanand Date (IPS)Director General National Investigation Agency
P. VasudevanExecutive Director Reserve Bank of India
Sundararaman RamamurthyManaging Director & Chief Executive Officer Bombay Stock Exchange
Pradip Kumar DasChairman & Managing Director Indian Renewable Energy Development Agency
Pomila JaspalDirector(Finance) Oil and Natural Gas Corporation
Jaikumar SrinivasanDirector (Finance & HR) NTPC Limited
Rajendra Prasad GoyalChairman & Managing Director and Director (Finance) NHPC
Parminder ChopraChairman & Managing Director Power Finance Corporation
Prasanna TantriIndependent Director Power Finance Corporation
G RavisankarDirector (Finance) Power Grid Corporation of India
Mukesh AgrawalDirector (Finance) Coal India Limited
Anil Kumar TulsianiDirector (Finance) Steel Authority of India Limited
C.B. AnanthakrishnanDirector (Finance) & CFO with Addl. Charge of Chairman and Managing Director Hindustan Aeronautics Limited
Anil JerathDirector (Finance) BEML
Rajendra Kumar ParakhDirector (Finance) Electronics Corporation of India Limited
Sanjeev SinghalChairman & Managing Director and Director (Finance) Mazagon Dock Shipbuilders
Rakesh Kumar JainDirector (Finance) GAIL
Sanjay JindalDirector (Finance) Engineers India
Baldev kaur SokheyDirector (Finance) NBCC (India) Limited
D GuhanDirector (Finance) Housing and Urban Development Corporation
Amitava MukherjeeChairman & Managing Director and Director (Finance) National Mineral Development Corporation
Krishna Gopal AgarwalDirector (Finance) Rail India Technical and Economic Service
Ragini AdvaniDirector (Finance) Ircon International
Ramesh Chandra JoshiDirector (Finance) National Aluminium Company
Anuj KumarDirector (Finance) Central Warehousing Corporation
R.K DashDirector (Finance) Garden Reach Shipbuilders & Engineers
Sunil Shivaling BagiDirector (Finance) Goa Shipyard
Lokesh Kumar AggarwalDirector (Finance) India Tourism Development Corporation
Rajeev ShrivastavaDirector (Finance) Indian Telephone Industries Limited
Hira NandDirector (Finance) National Fertilizers Limited
Gaurav GulatiDirector (Finance) National Small Industries Corporation
Prasanna Kumar AcharyaDirector (Finance) NLC India Limited
Anupam AgarwalDirector (Finance) Ongc Videsh
Ajay AgarwalDirector (Finance) Security Printing and Minting Corporation of India
C I AcharyaDirector (Finance) Shipping Corporation of India
G SrinivasanDirector (Finance) South Eastern Coalfields
Sarada Bhusham MohantyDirector (Finance) Uranium Corporation of India
Rajneesh JainChief Financial Officer Reliance Jio Infocomm Limited
R. Shankar RamanPresident, Whole-time Director & CFO Larsen & Toubro
Vasudeva MaipadyChief Financial Officer Infosys BPM
Dr. Devesh PrakashFinancial Accounting & Advisory Services Partner EY India
Sujata GuhathakurtaSenior Executive Vice President & Head Debt Capital Market Kotak Mahindra Bank
Santosh DalviPartner & Deputy Head of Indirect Taxes KPMG India
Suresh ManglaniChief Executive OfficerAdani Gas Ltd
Subhasri SriramDirector Shriram Life Insurance
Srividya GopalManaging Director & Southeast Asia Leader, Valuation Advisory Services Kroll Singapore
Pawan Kumar (ICoAS)Chief Advisor Cost Ministry of Finance, Goverment of India
Manikumar SDirector SIDBI
Arun RamnathanPart time Chairman Equitas Small Finance Bank
Parag SharmaJoint Managing Director & Chief Financial Officer Shriram Finance
Jyoti SaraphDirector (Finance) Abbott India
Sanjay MehrotraDirector (Finance) Power System Operation Corporation
Shilpa JoshiWhole-Time Director & Chief Financial Officer Novartis India
Sanjay KallapurProfessor Indian School of Business
Geeta SharmaDirector (Finance) HLL Lifecare
Kedar UpadhyeChief Financial Office Biocon Biologics
Biranchi Narayan SahooExecutive Director Securities and Exchange Board of India
Sanjeev MantriManaging Director & Chief Executive Officer ICICI Lombard
Ashok PatraDirector (Finance) Projects and Development India Limited
Monaz NobleNon-Executive & Non-Independent Director Novartis India
D. SundaramLead Independent Director Infosys
Vice Chairman & Managing DirectorTVS Capital Funds Ltd
VN IyerGroup CFO Blue Dart Express Ltd

Blue Dart Aviation Ltd

Sudha PaiCFO Blue Dart Express Ltd
Shyam BhartiaFounder & Chairman Jubilant Bhartia Group
Anil SardanaManaging Director & Chief Executive Officer Adani Transmission Ltd

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References

  1. "ICWAI Act on MCA website" (PDF). Retrieved 30 July 2012.
  2. Official Gazette ICWAI to ICMAI
  3. "Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'" (PDF). ICMAI. 13 June 2023.
  4. "Founding Members of IFAC in 1977". Ifac.org. Retrieved 30 July 2012.
  5. "India". CAPA. Archived from the original on 15 September 2012. Retrieved 30 July 2012.
  6. "SAFA Member Institutions". SAFA. Archived from the original on 9 October 2011. Retrieved 30 July 2012.
  7. "ASEAN Federation of Accountants (AFA)".
  8. Seemant Ahlawat (1 October 2003). "Stakeholder in NFCG". Nfcgindia.org. Retrieved 30 July 2012.
  9. Present Syllabus of ICMAI
  10. new practical training scheme
  11. "Studies".
  12. "Welcome to the Institute of Cost Accountants of India Website ::Students | Exemptions | for Various Qualification". Archived from the original on 25 April 2013. Retrieved 25 April 2013.
  13. ICMAI Examination