Central Council – CA SIDDHARTH JAIN

Here is a detailed write-up about the Central Council of ICAI that you can use for your website, reports, brochures, or awareness content:

Central Council of ICAI

The Apex Governing Body of the Chartered Accountancy Profession in India

The Central Council of the Institute of Chartered Accountants of India (ICAI) is the supreme authority responsible for framing policies, regulations, and strategies that govern the CA profession across India and abroad. Established under the Chartered Accountants Act, 1949, the Central Council holds the highest decision-making powers within the ICAI ecosystem.

Structure of the Central Council

The Central Council is composed of:

Elected Members:
32 Chartered Accountants elected by members from across the five regions of India — Northern, Southern, Eastern, Western, and Central. These members represent the voice of CAs nationwide.
Nominated Members:
Up to 8 eminent individuals nominated by the Government of India (Ministry of Corporate Affairs), including experts from law, finance, economics, and accountancy.

Key Leadership

President of ICAI:
The head of the Council and the Institute, elected annually from among the Central Council Members.
(2024-25 President: CA. Ranjeet Kumar Agarwal)
Vice President of ICAI:
Assists the President and is also elected annually.
(2024-25 Vice President: CA. Charanjot Singh Nanda)

Primary Functions & Powers

The Central Council is entrusted with:

Regulation of the CA Profession

Prescribing standards for accounting, auditing, and ethics
Granting certificates of practice
Disciplinary proceedings and grievance redressal
Approving and updating the syllabus for CA courses

Strategic Governance & Policy Making

Drafting rules, regulations, and by-laws under the Chartered Accountants Act
Liaising with national and international accounting bodies (e.g., IFAC, IAASB, SAFA)

Global Representation

Representing India’s CA profession at international forums
Promoting Indian Chartered Accountants for global opportunities

Education and Examination Oversight

Finalizing examination schedules and paper patterns
Overseeing CA curriculum, study material, and training frameworks

Member and Student Welfare

Launching support schemes, skill development programs, insurance, and mental health initiatives

Digital & Professional Transformation

Driving ICAI’s digital initiatives, AI/Blockchain adoption, ESG frameworks, and sustainability reporting

Meetings & Working Committees

The Central Council functions through a robust system of standing and non-standing committees, including:

Examination Committee
Disciplinary Committee
Financial Reporting Review Board
Auditing and Assurance Standards Board
Direct and Indirect Taxes Committees
Committee for Members in Industry & Business (CMI&B)
Committee for Members in Practice (CMP)
Digital Accounting and Assurance Board
Sustainability Reporting Standards Board (SRSB)

Tenure of Central Council Members

Each Central Council is constituted for a period of 3 years. Elections are held across India every three years, with thousands of CAs voting to elect their representatives.

Significance of the Central Council

The Central Council is not just a policymaking body; it is the guardian of ethics, excellence, and empowerment in the Indian accountancy profession. Its decisions impact the careers of over 400,000 members and 800,000 students, shaping the financial accountability of India as a whole.