ICAI elects New Torchbearers for the year 2024-25

KOLKATA: The Council of the Institute of Chartered Accountants of India (ICAI) on February 12, 2024, elected its new President & Vice-President for the term 2024-25.

CA. Ranjeet Kumar Agarwal has been elected as the President, ICAI and CA. Charanjot Singh Nanda has been elected as the Vice-President, ICAI w.e.f. February 12, 2024.

CA. Ranjeet Kumar Agarwal, President, ICAI (2024-25)

A seasoned professional with strong organizational skills, a penchant for excellence, and academic acumen, CA. Ranjeet Kumar Agarwal ascends to the esteemed position of the 72nd President of The Institute of Chartered Accountants of India for the year 2024-25. His longstanding affiliation with the institute spans epochs, having been chosen for the 23rd, 24th, and 25th Central Councils in a row preceded by a 6-year term in the Regional Council. Demonstrating enthusiasm and commitment to keeping pace with technological advancements, he actively engages in the integration of artificial intelligence and automation, to build a futuristic workplace and workforce by emphasizing continuous training, upskilling, and reskilling. CA. Ranjeet Kumar Agarwal’s proactive work approach and unwavering commitment to embracing innovative concepts, exemplified by his fervent utilization of modern technologies, establish him as a guiding force and a source of inspiration for all.

While serving as the Central Council Member since 2016 and then as Vice President in 2023-24, he has led the profession from the front and shown his unwavering commitment to the profession. During his Chairmanship, EIRC has received the coveted award for being the Best Regional Council. His approach and guiding principle are to keep the Nation First and the profession first in all his endeavors. In all his stints he has led initiatives to build trust, confidence, and leadership. As the erstwhile Chairman of the Professional Development Committee, he played a pivotal role in the successful implementation of initiatives such as UDIN and Bank Branch Audit Software, marking significant milestones for the Institute. Furthermore, his instrumental role in extending UDIN implementation to SAARC countries underscores his global impact. Mr. Agarwal’s tenure as the Chairman of the Ethical Standards Board saw the formulation of a new code of Ethics after a decade, a testament to his expertise and commitment to upholding ethical standards within the profession.

To propel India ahead, he initiated the CA Business Leaders 40 under 40 campaign to build leaders for tomorrow, recognizing and celebrating the achievements of 40 young CA professionals under the age of 40, and highlighting his commitment to fostering excellence and innovation within the industry.

Envisioning a future with tremendous prospects, the growth of the profession’s infrastructure is being strengthened across the country. During his tenure as the Vice-President of the Institute, the Policy of Centre of Excellence was approved, planning 9 more COEs across India taking a total to 11 and aiming to maximize the utilization of COEs.

As President of ICAI, CA. Ranjeet Kumar Agarwal is now by his post the Chairman of all the Standing Committees, i.e., Executive, Finance, Disciplinary, and Examination Committees, as well as ex-officio members of all Non-standing Committees and Editor of ICAI Journal, The Chartered Accountant. He also Chairs the ICAI research wing Accounting Research Foundation (ICAI ARF), Extensible Business Reporting Language (XBRL) India. He is also the Director on the Board of the Indian Institute of Insolvency Professionals of ICAI (IIIPI).

Continuing to advance the role of the Institute of Chartered Accountants of India as a partner in the nation’s development, while serving as President of ICAI, CA. Ranjeet Kumar Agarwal is supporting the Government and Regulators as a Member of the Government Accounting Standards Advisory Board (GASAB) and Audit Advisory Board both formed by the C&AG of India, Insurance Advisory Committee and Board of Insurance Regulatory and Government Authority of India (IRDAI) and SEBI’s Primary Market Advisory Committee.

CA. Ranjeet Kumar Agarwal has been passionately representing India and the profession on international forums at several global meetings and conferences, striving to position India as a Global Accounting Hub. Currently, he is the Technical Advisor to the ICAI’s Nominee on the IFAC Board, and the International Panel on Accountancy Education (IPAE) Group of IFAC, besides being a Board member of SAFA (South Asian Federation of Accountants). Also, he represents ICAI on the Integrated Reporting and Connectivity Council (IRCC) and Board meetings of the Pan African Federation of Accountants (PAFA) and ASEAN Federation of Accountants (AFA).

CA. Ranjeet Kumar Agarwal, a graduate of Calcutta University, has attained exceptional heights through his remarkable actions. He now strides forward, assuming the charge of President of ICAI, adorned with his accomplishments and propelled by the vision of manifesting the aspirations encapsulated in India@2047. In this pursuit, he endeavors to further elevate India’s stature on the global stage, envisaging its ascent to becoming an eminent economy, thereby illuminating the world with its brilliance.

CA. Charanjot Singh Nanda, Vice-President, ICAI (2024-25)

CA. Charanjot Singh Nanda, FCA, New Delhi has been elected as Vice-President of the Institute of Chartered Accountants of India (ICAI), the apex body of the profession of Chartered Accountants in India for the year 2024-25. Academically brilliant, he passed B.Com from M.L.N. College in 1987 and was placed on the Kurukshetra University Merit List during all three years. He was also a rank holder in the CA Inter Examination and completed his Chartered Accountancy in 1991.

A Fellow Member of ICAI with more than three decades of standing, CA. Charanjot Singh Nanda was elected to the Central Council of ICAI for the first time in 2004 for three consecutive terms and thereafter in 2019.

As a Central Council Member of ICAI, he had been the Chairman of the following Committees of the Institute of Chartered Accountants of India.

• Internal Audit Standards Board
• Committee on Management Accounting
• Committee on Internal Audit
• Committee for Members in Industry
• Women Members Empowerment Committee
• Committee for Co-operatives & NPO Sectors
• Committee on Banking, Insurance and Pensions
• Committee on Financial Markets & Investors Protection
• Continuing Professional Education Committee
• Public Relations Committee
• Research Committee

He was also the Chairman of the Northern India Regional Council of ICAI for the year 2002-2003.

Being the Central Council member of the ICAI, he has represented the Institute as:

• Member of the Quality Review Board, set up by The Government of India.
• Member of SEBI Advisory Committee on Primary Market (2007-2010) & Committee on Mutual Funds (2007-2010) and represented ICAI on SEBI Committee on Disclosures and Accounting Standards (SCODA).
• Member of the Expert Committee of SEBI for facilitating ease of doing business and harmonization of the provisions of ICDR and LODR Regulations.
• Convener of the Expert Group Constituted by the Ministry of Corporate Affairs, Government of India on Investor Protection.
• Chairman, Committee on Information Technology of South AsianFederation of Accountants (SAFA)
• Member of the Southern Asian Federation of Accountants (SAFA) on the Committee on Professional Accountants in Business (PAIB) and Committee on Improvements in Transparency, Accountability & Governance.
• Member, Associated Chambers of Commerce and Industry of India (ASSOCHAM) National Council on Capital Market

An avid writer and prolific speaker, he has addressed various programs on matters of professional interest organized by the Institute, Regional Councils, Branches, and the Study Circles.