India’s First Chartered Accountant
Mr. Gopaldas P. Kapadia is a founder member and the first President of The Institute of Chartered Accountants of India for the years 1949-50, 1950- 51 & 1951-52.
The first Indian to be issued a membership certificate by ICAI was C.A. Gopaldas Padamsey Kapadia.
The membership certificate was issued to him on 9th June, 1950.
The first rankholder in CA exam is awarded GP Kapadia gold medal in his memory.
Shri GP Kapadia was the first member of the Institute of Chartered Accountants of India and it says he was trained and did his apprenticeship under Certified Accountant Mr. Sorab Engineer who had this qualification under the Government Diploma in Accountancy, a course sanctioned by Indian Government back then.
In the year 1930 it was decided that the Government of India should maintain a register called the Register of Accountants.
Any person whose name was entered in such register was called a Registered Accountant.
Later on a board called the Indian Accountancy Board was established to advise the Governor General of India on accountancy and the qualifications for auditors.
However it was felt that the accountancy profession was largely unregulated, and this caused lots of confusion as regards the qualifications of auditors.
Hence in the year 1948, just after independence in 1947, an expert committee was created to look into the matter.
This expert committee recommended that a separate autonomous association of accountants should be formed to regulate the profession.
The Government of India accepted the recommendation and passed the Chartered Accountants Act in 1949 even before India became a republic.
Under section 3 of the said Act, ICAI is established as a body corporate with perpetual succession and a common seal.
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India’s First Chartered Accountant Certificate
Below is the signed Certificate of Membership of Mr.Kapadia. You can see No.1 written on the extreme top right.
Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, three years of practical training (known as articleship) and meeting other requirements under the Act and Regulations.
A member of ICAI can use the title CA before his/her name. A member of ICAI may either be an Associate Chartered Accountant (A.C.A.) or a Fellow Chartered Accountant (F.C.A.) based on his experience.
Further based on holding Certificate of Practice, they may also be classified as practising and non-practicing Chartered Accountants.
As of 1 April 2017, the Institute has 2,70,307 members out of which 1,81,585 are Associates and 88,722 are Fellows.