The name change committee of ICWAI has submitted letter to Honorable Minister of Corporate Affairs – Shri Premchandji Gupta to change the name of ICWAI to The Indian Institute of Cost & Management Accountants” (IICMA).
Similarly the letter proposes to delete the word “Chartered” from name of The Institute of Chartered Accountants of India. Click here to read more
A letter is also written by Mr V C Kothari, Member Council of ICWAI to Mr. Sunil Talati, President ICAI to support the cause for name change of both the Institutes of India. Click here to read more
Some ICAI members have did not appreciate the fact that name change of ICAI is required and comments were made in different yahoogroups.
“Vispi Patel wrote: A proposal to delete the word CHARTERED from the name of ICAI is in Bad taste.
V J Babu wrote : Hi Mr.Kothari. How can a person like you can suggest for deleting the words :chartered: from the name of our institute. It seems that instead of trying to create a brand image for CMA, people like you are trying a negative approach.Are you excepting to reap a benefit by deleting the word from our institute’s name? then you are wrong?”
The proposal for change of name of ICWAI and ICAI is in the right direction.
The members of ICAI should do an of introspection instead of writing emails that ICWAI has taken steps to gain any mileage out of it.
- List of Specialised institutions as per GOI directory http://goidirectory.nic.in/specinst.htm .None of the institutions have word “Chartered” in the name. Majority have institutions name “National Institute of…. or Indian Institute of….” So why ICAI has word “Chartered”
- ICAI’s website : Read History The change to “Chartered Accountant” happened in year 1949. And India become republic in year 1950. Although name change was made, ICAI was not body given any status as per “Royal Charter”. Did ICAI do it to enhance the brand image then ?
- The meaning of word “Chartered”. Read http://www.reference.com/browse/wiki/Royal_Charter
As you read the link above, “A Royal Charter is a charter given by a monarch to legitimize an incorporated body, such as a city, company, university or such.”
- India is a republic. We do not have Royal Indian Airforce nor Royal Indian Navy.
- How a body becomes a “Chartered” body in UK – Read here
- ACCA – In 1984 it became the Chartered Association of Certified Accountants to reflect the fact that, a decade earlier, it had been granted a Royal Charter of Incorporation. In 1996 ACCA became the Association of Chartered Certified Accountants (ACCA). Read More
- CIMA : 1976 The Institute was granted the Royal Charter.* *The Royal Charter recognises CIMA as being among the top professional bodies in the UK, and allows us to qualify people as members. As a chartered body, we are responsible for observing UK government standards. Read More
- The word “Chartered” is only used in British context. You will note American/Hongkgong/Singapore Accounting bodies do not use the word “Chartered”.
The question is not why ICWAI has requested the name change for deleting the word “Chartered” from ICAI. But the question that needs to explained by ICAI is why ICAI should continue to use the word “Chartered” when it is no way connected with Royal Charter, UK but is a elite accounting body formed by Act of Parliament in Republic of India.
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