The Institute of Chartered Accountants of India is a statutory organization established by an Act of Parliament. The Chartered Accountants Act 1949 (Act No.XXXVIII, 1949) regulates the practice of Chartered Accountancy in India. The Institute is under the administrative control of Ministry of Corporate Affairs, Government of India. The ICAI, the second largest professional organization of Chartered Accountants worldwide, has a strong history of serving the Indian economy in public interests.
A Council manages the affairs of the ICAI in accordance to the Chartered Accountants Regulations 1988 and the Chartered Accountants Act 1949. The Council consists of 40 members, 32 of which are elected by the Chartered Accountants, and the remaining 8 are nominated generally by the Central Government representing the Comptroller and Auditors General of India and Securities and Exchange Board of India as well as the Ministry of Corporate Affairs and other stakeholders. The ICAI has been recognized as a leading accounting body in the country and globally over a long period of time. It is known for its high standards in technical and ethical areas, and strict examinations and education standards. The profession has seen a rapid increase in membership and student numbers since 1949.