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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.
| Abbreviation | ICMAI |
|---|---|
| Formation | 28 May 1959 |
| Legal status | Active |
| Headquarters | CMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India |
| Coordinates | 22°33′29″N 88°21′13″E / 22.558103°N 88.353672°E |
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 |
Formerly called | The Institute of Cost & Works Accountants of India |
History
editThe 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
editThe 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
edit
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).
- The institute has introduced new Syllabus 2022 which fulfills the requirements of the New Education Policy, 2020 and has increased the level of skill development and improved Course Learning objectives[11]
- The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in WTO.
- Subjects for examinations include Management Accounting, Financial Accounting, Strategic Management, Taxation, Corporate Law, Financial Management, Business Valuation, and Operations Management, etc.
- Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level.
- Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India Final Examinations.[12]
- Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively.[13]
Notable Alumni
edit| Name | Position | Organization |
|---|---|---|
| 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 | |
| G. J. R. Krishnan | Musician | |
| T. V. Somanathan, | Finance Secretary | Government of India |
| Sadanand Date (IPS) | Director General | National Investigation Agency |
| P. Vasudevan | Executive Director | Reserve Bank of India |
| Sundararaman Ramamurthy | Managing Director & Chief Executive Officer | Bombay Stock Exchange |
| Pradip Kumar Das | Chairman & Managing Director | Indian Renewable Energy Development Agency |
| Pomila Jaspal | Director(Finance) | Oil and Natural Gas Corporation |
| Jaikumar Srinivasan | Director (Finance & HR) | NTPC Limited |
| Rajendra Prasad Goyal | Chairman & Managing Director and Director (Finance) | NHPC |
| Parminder Chopra | Chairman & Managing Director | Power Finance Corporation |
| Prasanna Tantri | Independent Director | Power Finance Corporation |
| G Ravisankar | Director (Finance) | Power Grid Corporation of India |
| Mukesh Agrawal | Director (Finance) | Coal India Limited |
| Anil Kumar Tulsiani | Director (Finance) | Steel Authority of India Limited |
| C.B. Ananthakrishnan | Director (Finance) & CFO with Addl. Charge of Chairman and Managing Director | Hindustan Aeronautics Limited |
| Anil Jerath | Director (Finance) | BEML |
| Rajendra Kumar Parakh | Director (Finance) | Electronics Corporation of India Limited |
| Sanjeev Singhal | Chairman & Managing Director and Director (Finance) | Mazagon Dock Shipbuilders |
| Rakesh Kumar Jain | Director (Finance) | GAIL |
| Sanjay Jindal | Director (Finance) | Engineers India |
| Baldev kaur Sokhey | Director (Finance) | NBCC (India) Limited |
| D Guhan | Director (Finance) | Housing and Urban Development Corporation |
| Amitava Mukherjee | Chairman & Managing Director and Director (Finance) | National Mineral Development Corporation |
| Krishna Gopal Agarwal | Director (Finance) | Rail India Technical and Economic Service |
| Ragini Advani | Director (Finance) | Ircon International |
| Ramesh Chandra Joshi | Director (Finance) | National Aluminium Company |
| Anuj Kumar | Director (Finance) | Central Warehousing Corporation |
| R.K Dash | Director (Finance) | Garden Reach Shipbuilders & Engineers |
| Sunil Shivaling Bagi | Director (Finance) | Goa Shipyard |
| Lokesh Kumar Aggarwal | Director (Finance) | India Tourism Development Corporation |
| Rajeev Shrivastava | Director (Finance) | Indian Telephone Industries Limited |
| Hira Nand | Director (Finance) | National Fertilizers Limited |
| Gaurav Gulati | Director (Finance) | National Small Industries Corporation |
| Prasanna Kumar Acharya | Director (Finance) | NLC India Limited |
| Anupam Agarwal | Director (Finance) | Ongc Videsh |
| Ajay Agarwal | Director (Finance) | Security Printing and Minting Corporation of India |
| C I Acharya | Director (Finance) | Shipping Corporation of India |
| G Srinivasan | Director (Finance) | South Eastern Coalfields |
| Sarada Bhusham Mohanty | Director (Finance) | Uranium Corporation of India |
| Rajneesh Jain | Chief Financial Officer | Reliance Jio Infocomm Limited |
| R. Shankar Raman | President, Whole-time Director & CFO | Larsen & Toubro |
| Vasudeva Maipady | Chief Financial Officer | Infosys BPM |
| Dr. Devesh Prakash | Financial Accounting & Advisory Services Partner | EY India |
| Sujata Guhathakurta | Senior Executive Vice President & Head Debt Capital Market | Kotak Mahindra Bank |
| Santosh Dalvi | Partner & Deputy Head of Indirect Taxes | KPMG India |
| Suresh Manglani | Chief Executive Officer | Adani Gas Ltd |
| Subhasri Sriram | Director | Shriram Life Insurance |
| Srividya Gopal | Managing Director & Southeast Asia Leader, Valuation Advisory Services | Kroll Singapore |
| Pawan Kumar (ICoAS) | Chief Advisor Cost | Ministry of Finance, Government of India |
| Manikumar S | Director | SIDBI |
| Arun Ramnathan | Part time Chairman | Equitas Small Finance Bank |
| Parag Sharma | Joint Managing Director & Chief Financial Officer | Shriram Finance |
| Jyoti Saraph | Director (Finance) | Abbott India |
| Sanjay Mehrotra | Director (Finance) | Power System Operation Corporation |
| Shilpa Joshi | Whole-Time Director & Chief Financial Officer | Novartis India |
| Sanjay Kallapur | Professor | Indian School of Business |
| Geeta Sharma | Director (Finance) | HLL Lifecare |
| Kedar Upadhye | Chief Financial Office | Biocon Biologics |
| Biranchi Narayan Sahoo | Executive Director | Securities and Exchange Board of India |
| Sanjeev Mantri | Managing Director & Chief Executive Officer | ICICI Lombard |
| Ashok Patra | Director (Finance) | Projects and Development India Limited |
| Monaz Noble | Non-Executive & Non-Independent Director | Novartis India |
| D. Sundaram | Lead Independent Director | Infosys |
| Vice Chairman & Managing Director | TVS Capital Funds Ltd | |
| VN Iyer | Group CFO | Blue Dart Express Ltd |
| Sudha Pai | CFO | Blue Dart Express Ltd |
| Shyam Bhartia | Founder & Chairman | Jubilant Bhartia Group |
| Anil Sardana | Managing Director & Chief Executive Officer | Adani Transmission Ltd |
References
edit- ^ "ICWAI Act on MCA website" (PDF). Retrieved 30 July 2012.
- ^ Official Gazette ICWAI to ICMAI
- ^ "Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'" (PDF). ICMAI. 13 June 2023.
- ^ "Founding Members of IFAC in 1977". Ifac.org. Retrieved 30 July 2012.
- ^ "India". CAPA. Archived from the original on 15 September 2012. Retrieved 30 July 2012.
- ^ "SAFA Member Institutions". SAFA. Archived from the original on 9 October 2011. Retrieved 30 July 2012.
- ^ "ASEAN Federation of Accountants (AFA)".
- ^ Seemant Ahlawat (1 October 2003). "Stakeholder in NFCG". Nfcgindia.org. Retrieved 30 July 2012.
- ^ Present Syllabus of ICMAI
- ^ new practical training scheme
- ^ "Studies".
- ^ "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.
- ^ ICMAI Examination