ICAI elects New Torch Bearers for the year 2015-16 The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India.
The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988.
The Council is composed of 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.
On February 12, 2015, ICAI elected its new torchbearers CA. Manoj Fadnis as the President and CA. M. Devaraja Reddy as the Vice-President for year 2015-16.
We have given below Brief profile of President, ICAI and Vice-President, ICAI.
CA. Manoj Fadnis, President ICAI- 2015-16.
A blend of erudition, experience, foresight, technical expertise and professional excellence worth emulating, CA. Manoj Fadnis has been elected as the President of the Institute of Chartered Accountants of India (ICAI) by the 22nd Council of the Institute on February 12, 2015. A fellow member of the ICAI with 28 years of standing, he was the Vice-President Institute for the Council Year 2014-15.
An altruistic hard-worker bestowed with exceptional organisational, networking, administrative and leadership skills, he has been serving as a Central Council member since 2001, for five consecutive terms. An illustrious and versatile accountancy professional, he passed his B.Com. from Indore University and qualified as a Chartered Accountant in January 1987. He has been in practice ever since. Known for his passion for professional enlistment.
He also holds Diploma in Information Systems Audit (DISA). A seasoned professional, he was elected to the Managing Committee of Indore Branch for the term 1992-95 and later elected as Chairman of the Branch in 1994-95. He was also elected to the Central India Regional Council for the term 1995-98 and was later elected as Chairman in 1997-98.
During his illustrious inning in ICAI Council ever since 2001, CA. Manoj Fadnis has made noteworthy contributions in whatever capacity he served the profession, particularly as the Chairman of various important Committees/ Board like Board of Studies, Direct Taxes Committee, Committee on Economic, Commercial Laws & WTO and Accounting Standards Board (ASB), etc. He was also on various Standing Committees of the Institute like Disciplinary and the Examination Committees.
As Chairman of the ASB he was instrumental in formulation of accounting standards and has been widely credited with the converging Indian Accounting Standards with the International Financial Reporting Standards, which were eventually notified in February 2011.
Having also passionately represented Indian accountancy profession on the international front, he had been ICAI nominee in the meetings of the National Standard Setters and the World Standard Setters, Asia Oceanea Standard Setters Group and Emerging Economies Group. He has also represented the ICAI in IFAC Board Meeting as Technical Advisor, CAPA Board Meeting, SAFA-IFAC Regional SMP Forum, World Congress of Accountants.
An outstanding facilitator of ICAI and accountancy profession as a leading partner in nation building, he has been nominated on the board of public companies by the Ministry of Corporate Affairs. He is also on the board of listed companies as independent director, besides being on the board of Directors of Indore Management Association. He was nominated as Director on the Board of State Bank of Indore from 2002 to 2005 besides having been nominated on the Audit Board of M.P. Co-operative Board, Bhopal.
A prolific writer and ace speaker, his articles have been published in various magazines including The Chartered Accountant. He has also been the visiting faculty in management colleges for the subjects related to the profession.
CA. M. Devaraja Reddy, Vice-President ICAI – 2015-2016:
CA. M. Devaraja Reddy has been elected as the Vice-President of the Institute of Chartered Accountants of India (ICAI). He was a Central Council Member for the period 2010-2013 and was re-elected to the Central Council of ICAI for the second term from 2013-2016.
He graduated in Commerce from Pragati Maha Vidyalaya Abids, Hyderabad affiliated to Osmania University, Hyderabad. He did his articleship from V S Narayan & Co. Boggula Kunta -Hyderabad. He qualified CA examination in Nov 1987 and thereafter started independent professional practice under the name of DEVA & Co. Chartered Accountants in Hyderabad.
He is an active member in Indo-Pakistan Cultural Society and Federation of Andhra Pradesh Chamber of Commerce & Industry. He got elected with highest votes at Hyderabad branch in 1994 and he was the Secretary in 1994, Vice chairman in 1995 and Chairman in 1996 of Hyderabad Branch.
During the year 2010-2011, he was Member of Executive Committee, Vice Chairman of Direct Taxes Committee. During the year 2011-2012, he was Member of Examination Committee, Board of Disciplinary Committee, Vice-Chairman of International Taxation Committee and Committee for Members in Entrepreneurship & Public Services.
During the year 2014-15 he was elected as Chairman of Board of Studies and member of the following committees of ICAI
(1) Audit Committee (2) Continuing Professional Education Committee (3) Committee on Economic, Commercial Laws and WTO (4) Editorial Board (5) Ind AS (IFRS) Implementation Committee (6) International Affairs Committee (7) Committee for Members in Industry (8) Public Relations Committee (9) Young Members Empowerment Committee.