Chartered Accountant Day 2025: Honoring ICAI and India’s Financial Guardians

India celebrates Chartered Accountant (CA) Day on July 1, marking the founding of the Institute of Chartered Accountants of India (ICAI) in 1949, which transformed the profession from unregulated beginnings under British rule into a cornerstone of the nation’s financial integrity.

The 77th CA Day celebrations will be held on July 1st, 2025, at Bharat Mandapam, Pragati Maidan, New Delhi.

Evolving from early government diplomas and the title of Registered Accountant, the ICAI has become the world’s second-largest accounting body, renowned for its emblem of Garuda and the motto symbolizing vigilance. Chartered Accountants play a vital role across auditing, taxation, accounting, risk management, and advisory, upholding high ethical standards that underpin corporate governance and economic stability.

CA Day not only honors their contributions but also inspires future professionals and reinforces the importance of transparency and professionalism in India’s financial landscape.

Celebrating Financial Stewardship: Honoring Chartered Accountant Day

New Delhi, India – July 1, 2025 – Today, India proudly observes Chartered Accountant (CA) Day, a significant annual event that commemorates the establishment of the Institute of Chartered Accountants of India (ICAI) on July 1, 1949. This day not only marks the birth of India’s premier accounting body but also serves as a crucial reminder of the indispensable contributions made by Chartered Accountants to the nation’s economic progress and financial integrity.

A Legacy of Excellence: The Genesis of ICAI

The journey of the Chartered Accountancy profession in India predates independence. The British Government, through the Companies Act of 1913, mandated the maintenance of prescribed books and the appointment of auditors. This led to the introduction of the Government Diploma in Accountancy (GDA) course in Bombay in 1918, a precursor to today’s rigorous CA curriculum. In 1930, a “Register of Accountants” was established, bestowing the title of “Registered Accountant” upon those listed.

However, the profession largely remained unregulated until an expert committee in 1948 recommended the formation of an autonomous body for enhanced regulation. Accepting this recommendation, the Government of India passed the Chartered Accountants Act, 1949, on July 1st, establishing the ICAI as a statutory body. This pivotal act replaced the “Registered Accountant” title with “Chartered Accountant,” a term that, despite initial controversy regarding its association with the British royal charter, was retained due to its widespread usage.

ICAI: A Global Powerhouse

Since its inception, the ICAI has grown exponentially to become the second-largest professional accounting body in the world in terms of membership. It operates under the administrative control of the Ministry of Corporate Affairs, Government of India, and plays a vital role in regulating and developing the Chartered Accountancy profession across the country.

The ICAI’s emblem, featuring the mythological bird Garuda and bearing the Sanskrit motto “Ya Aeshu Suptaeshu Jagruti” (meaning “the one who is awake in those that sleep”), was given by Sri Aurobindo at the time of its formation. This motto encapsulates the vigilance and integrity expected of a CA.

The Multifaceted Role of Chartered Accountants

Chartered Accountants are the backbone of India’s financial ecosystem. Their expertise spans a wide array of critical functions, including:

• Auditing: Ensuring the accuracy and transparency of financial statements, fostering trust and accountability.
• Taxation: Navigating complex tax laws, ensuring compliance, and optimizing tax planning for individuals and businesses.
• Accounting: Maintaining meticulous financial records and preparing comprehensive financial reports.
• Financial Analysis: Providing insights into financial performance and guiding strategic decision-making.
• Risk Management: Identifying and mitigating financial risks to safeguard businesses.
• Corporate Law: Advising on legal and regulatory compliance for corporate entities.
• Advisory and Consulting: Offering expert guidance on financial structures, mergers, acquisitions, and business growth.

Their unwavering commitment to high professional and ethical standards is paramount in maintaining the integrity of financial reporting and promoting good corporate governance.

Significance of CA Day

CA Day is a time to:

• Recognize Contributions: Acknowledge the tireless efforts and significant impact of CAs on the Indian economy, from guiding small businesses to advising large corporations.
• Promote Professionalism: Reinforce the importance of ethical conduct, transparency, and integrity within the accounting profession.
• Inspire Future Generations: Encourage aspiring finance professionals to pursue the challenging yet rewarding path of Chartered Accountancy.
• Highlight ICAI’s Role: Celebrate the ICAI’s pivotal role in setting and maintaining rigorous accounting and auditing standards, and its dedication to continuous professional development for its members.

As India strives to solidify its position as a global economic powerhouse, the role of Chartered Accountants becomes even more critical. They are instrumental in fostering financial stability, attracting investments, and ensuring sustainable growth. On this CA Day, the nation extends its gratitude to these vigilant financial sentinels who tirelessly work to build a robust and transparent economic future.

FAQs on Chartered Accountant Day

What is Chartered Accountant (CA) Day?
Chartered Accountant Day is an annual event observed on July 1st to commemorate the establishment of the Institute of Chartered Accountants of India (ICAI) and to honor the contributions of Chartered Accountants to the nation’s economic and financial systems.

When is CA Day celebrated in India?
CA Day is celebrated every year on July 1st.

Why is July 1st significant for Chartered Accountants in India?
On July 1, 1949, the Chartered Accountants Act, 1949, came into force, officially establishing the ICAI as India’s statutory accounting body.

What is the ICAI?
The Institute of Chartered Accountants of India (ICAI) is India’s national professional accounting body, responsible for regulating and developing the Chartered Accountancy profession.

When was the ICAI established?
The ICAI was established on July 1, 1949.

What was the profession called before the title ‘Chartered Accountant’ was introduced?
Before 1949, qualified professionals were designated as “Registered Accountants.”

Which legislation led to the creation of the ICAI?
The Chartered Accountants Act, 1949.

What is the meaning of the ICAI’s motto?
The motto “Ya Aeshu Suptaeshu Jagruti” means “The one who is awake in those that sleep.”

Who gave the motto of the ICAI?
The motto was given by Sri Aurobindo at the time of ICAI’s formation.

What does the ICAI’s emblem depict?
The emblem features the mythological bird Garuda.

How large is the ICAI globally?
The ICAI is the world’s second-largest professional accounting body in terms of membership and students, after the American Institute of Certified Public Accountants (AICPA).

How many members does the ICAI have?
As of February 2024, ICAI has over 4 lakh qualified Chartered Accountants.

How many students are pursuing CA in India?
Over 10 lakh students are pursuing Chartered Accountancy qualifications.

Stages to become Chartered Accountant
To become Chartered Accountant, you have to pass CA Foundation, CA Intermediate and CA Final examinations.

What is the total size of the ICAI community?
Combined, members and students exceed 14 lakh.

Who governs the ICAI?
The ICAI is governed by a Council comprising 32 elected members and up to 8 members nominated by the Government of India.

Under which Ministry does the ICAI operate?
It operates under the administrative control of the Ministry of Corporate Affairs, Government of India.

Where is the ICAI headquarters located?
ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110002, India.

How many regional offices does ICAI have?
Five regional offices are located in Mumbai, Chennai, Kanpur, Kolkata, and New Delhi.

How many ICAI branches are there in India?
There are 114 branches across India.

Does ICAI have offices outside India?
Yes, there are 18 chapters overseas.

Who is the current ICAI President (2025-26)?
CA. Charanjot Singh Nanda.

Who is the current ICAI Vice President?
CA. Prasanna Kumar D.

What are the main roles of Chartered Accountants?
Chartered Accountants perform auditing, taxation, accounting, financial analysis, risk management, corporate law compliance, advisory, consulting, and help promote financial transparency.

How did the CA profession evolve before independence?
The Companies Act of 1913 required prescribed books and auditors. In 1918, the Government Diploma in Accountancy was introduced in Bombay, and in 1930, the Register of Accountants was established.

Why was the title ‘Chartered Accountant’ retained despite objections?
Although some objected to its British connotation, the term was widely used internationally, so it was retained for consistency.

Why is CA Day important?
It honors the critical role CAs play in economic progress, promotes professionalism and ethics, inspires future professionals, and celebrates ICAI’s contributions to standard-setting and education.

What is the significance of Chartered Accountants in India’s economy?
They ensure accurate financial reporting, maintain compliance, foster investor trust, and guide businesses of all sizes in strategic decision-making and risk management.

How are Chartered Accountants categorized within ICAI membership?
There are Fellow Members (approximately 1.15 lakh) and Associate Members (approximately 2.81 lakh).

What impact does ICAI have on global accountancy?
ICAI’s rigorous standards and large membership make it an influential body in shaping global accounting and auditing practices.

How does ICAI promote professional development?
It offers continuous education, updated standards, and resources to help members maintain high competence and ethical standards.

How does ICAI contribute to corporate governance?
By regulating the profession, setting audit and accounting standards, and enforcing ethical codes, ICAI strengthens corporate transparency and accountability.