Institute of Cost Accountants of India

G:142:06:2020

June 25, 2020

To
Shri Rajesh Verma, IAS
Secretary to the Government of India
Ministry of Corporate Affairs
Shastri Bhawan
New Delhi

Sub : Use of acronym ICAI by The Institute of Cost Accountants of India.

Ref : Letter No. 01/3/2019-PI dated 17th June 2020

Respected Sir,

We refer to the Letter Ref No. 01/3/2019-PI dated 17th June 2020 issued by Mr. Sanjay Yadav, Joint Director, MCA regarding the use of acronym ICAI by the Institute of Cost Accountants of India. In this regards, we would like to submit as under –

1. The Institute of Chartered Accountants of India has claimed violation of Section 24A of the Chartered Accountants Act, 1949. This is a completely false claim. The Section 24A as mentioned here reads as under –

24A. Penalty for using name of the Council, awarding degree of chartered accountancy, etc.

(1) Save as otherwise provided in this Act, no person shall−

(i) use a name or the common seal which is identical with the name or the common seal of the Institute or so nearly resembles it as to deceive or as is likely to deceive the public

(ii) award any degree, diploma or certificate or bestow any designation which indicates or purports to indicate the position or attainment of any qualification or competence similar to that of a member of the Institute; or

(iii) seek to regulate in any manner whatsoever the profession of chartered accountants.

(2) Any person contravening the provisions of subsection (1) shall, without prejudice to any other proceedings which may be taken against him, be punishable with fine which may extend on first conviction to one thousand rupees, and on any subsequent conviction with imprisonment which may extend to six months, or with fine which may extend to five thousand rupees, or with both

Thus, this section in no way refers to the Acronym ICAI. The Institute of Cost Accountants of India in no way has used a Name or Common Seal which is identical with the name or the common seal of the Institute of Chartered Accountants of India. Thus, the alleged violation is completely wrong.

2. The Institute of Cost Accountants of India is a Statutory Body established by an Act of Parliament. The Parliament of India which is the highest Law Making Body has changed the name of the Institute to its present name i.e. The Institute of Cost Accountants of India. Earlier the name of the Institute was The Institute of Cost & Works Accountants of India.

Thus the acronym of the name as given by the Indian Parliament has changed from ICWAI to ICAI.

It should be noted that the Institute has since long demanding a change in the name of the Institute to The Institute of Cost and Management Accountants of India. This is in line with the Global Practice as well. If the name of the Institute is changed as per the request of the Institute, then there will be no confusion and conflict, as then the Institute can simply use acronym as ICMAI.

It is humbly submitted that the request of the Institute to change of name to The Institute of Cost and Management Accountants of India should be looked into on priority and till such time the Institute should be allowed to use the acronym of its name as given by Act of Parliament.

3. The letter also mentions that The Institute of Chartered Accountants of India is continuously using the acronym of its name “ICAI”. It is logical that All the Institutes have a right to use the acronyms of their own names, the question of duration of usage has no relation.

Cambridge Dictionary defines the word Acronym as „an abbreviation consisting of the first letters of each word in the name of something, pronounced as a word‟. Thus the acronym strictly means abbreviation consisting of First Letters only.

The Institute of Cost Accountants of India is also using the acronym of its own name since the name is changed by the Parliament of India. Any other suggestion or reference like ICoAI is not at all an Acronym and hence cannot not be used by the Institute.

The name of the Institute is decided by the Parliament of the Country and thus Acronym of the Name is beyond control of the Institute. The Institute has to use the Acronym of its name and no one shall object to the same.

The issue can only be resolved if as per our long standing demand our name is changed to The Institute of Cost & Management Accountants of India, we will start using acronym ICMAI which will not conflict with any other National Professional Institute in India.

4. The Institute of Chartered Accountants of India is formed to regulate the profession of Financial Accounting in India and to carry out the relevant examinations for the aspiring candidates. The Name of the Institute in no way depicts its True Purpose. The name Chartered Accountant is completely misleading and arbitrary.

It is worth noting that there is no system of issuing Charters in name of any person or Institute under Constitution of India. Issuing of Charters was a practice followed by the British Empire. The name of a National Institute is thus following a practice of the British Raj and is detrimental to the Pride of a Sovereign Nation like ours which is governed by our Constitution and has no place for Charters in its Legal Framework.

We strongly object to the term Chartered Accountants as its representative of the erstwhile British Raj and is also completely misleading as to the functioning and purpose of a National Institute.

The correct approach to resolve this issue is to rename The Institute of Chartered Accountants of India as The Institute of Financial Accountants of India which will be appropriate and correct representation of the function of an Institute formed by Act of Parliament.

5. The Institute of Chartered Accountants of India has referred to the Trademark “ICAI” registered by them. We would like to submit that the Trademark was registered prior to the change of Name of our Institute to The Institute of Cost Accountants of India. Thus it is absolutely unjust and inappropriate for The Institute of Chartered Accountants of India to continue to hold the trademark, which depicts the Acronym of the name of a National Institute, formed by Act of Parliament, namely The Institute of Cost Accountants of India. Hence we request that the Trademark be immediately cancelled by the Government of India.

6. We strongly feel that The Institute of Chartered Accountants of India is mis-representing themselves by using acronym which is similar to that of our Institute‟s acronym. This issue can be resolved by directing the two institutes to use appropriate acronyms. The Institute of Cost Accountants of India can use ICAI-CMA and The Institute of Chartered Accountants of India can use ICAI-FA (which stands for financial accountants). Thus, the acronyms will depict the real functions of the two National Institutes.

We once again strongly suggest that the permanent solution to the problem can be achieved by changing the names of both the Institutes as under –

Old Name New Name
The Institute of Cost Accountants of India (ICAI) The Institute of Cost & Management Accountants of India (ICMAI)
The Institute of Chartered Accountants of India (ICAI) The Institute of Financial Accountants of India (IFAI)

7. It is pertinent to mention that a writ petition (V. Venkata Siva Kumar v/s The Institute of Cost Accountants of India, Union of India, Institute of Chartered Accountants of Indian and CA Welfare Association, W.P.No.30203 of 2016 and WMP No.26198 of 2016) on use of acronym “ICAI” was dismissed by the High Court of Judicature at Madras on the ground of maintainability. The Hon’ble Court granted liberty to approach the appropriate forum by filing appropriate application under the Trade Marks Act.

Subsequently, the petitioner filed a WRIT APPEAL bearing no. 696 of 2018.

The Writ Appeal is still pending in the High Court of Judicature at Madras and the matter, as such, is sub-judice.

Sir, we are surprised to receive the letter from MCA regarding the issue of Acronym ICAI. We would also like to point out that the name of our Institute was changed to The Institute of Cost Accountants of India vide the Cost and Works Accountants (Amendment) Act, 2011 w.e.f. 01.02.2012. This issue was never raised with MCA in last 8 years. We are not sure why this issue has cropped up at this point in time. We would also like to reinforce that over the 8 long years the acronym ICAI has become more popular for The Institute of Cost Accountants of India in the Industry, Corporate world, Public Sector Undertakings, Industry Associations, Government Departments, Regulators, Global forums, Student fraternity and Public at large.

Sir, this is our initial response to the letter on the subject matter received from your good office. Since this issue relates to Name of the Institute and acronym of its name, it needs detailed deliberations with all stakeholders. The issue raised by The Institute of Chartered Accountants of India is already sub-judice. In view of above, this immediate reply is being submitted and we reserve our right to submit a detailed reply at a later date. We humbly request that till such time the status quo be maintained and both the Institutes be allowed to use Acronyms of their names as set out by the Parliament of India.

We also request you to give us an opportunity to meet you and the Hon. Minister of Corporate Affairs for a detailed discussion in the matter.

Awaiting your positive response.

Yours Sincerely,

CMA Balwinder Singh
President
The Institute of Cost Accountants of India

CC:

1. Shri Narendra Modi, Hon‟ble Prime Minister of India, GOI

2. Smt. Nirmala Sitharaman, Hon‟ble Minister of Finance and Corporate Affairs, GOI

3. Shri Anurag Singh Thakur, Hon‟ble Minister of State for Finance and Corporate Affairs, GOI

4. Smt. Anjali Bhawra, Additional Secretary, Ministry of Corporate Affairs, GOI

5. Shri Devender Kumar, Advisor Cost, Cost Audit Branch, Ministry of Corporate Affairs, GOI

6. Shri Sanjay Yadav, Joint Director, Ministry of Corporate Affairs, GOI

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3 Comments

  1. CMA D. Mukherjee says:

    It is an very unfortunate episode which comes into being from time to time with to either name change issue of the the Institute of Cost Accountants of India(ICAI), erstwhile ICWAI. or other matters relating to professional competence of the Members of the Institute of Cost Accountants of India . The Chartered Institute of Management Accountants , London, United Kingdom, (erstwhile ICWA, London, UK, ) was founded in 1919 and it became the Institute of Cost & Management Accountants(ICMA) London, UK, in 1972 and it was given charter in 1985 when nobody including the Institute of Chartered Accountants of England and Wales(ICAEW) in the world knows or raised any issue/any objection as to why “Charter ” will be given to the ICMA, London, UK, Moreover, ICAEW never claimed that it also deals with Management Accounting related work in corporate world and CIMA should made evaporated . Secondly, the the Institute of Cost And Works Accountants of India(ICWAI) came into being on 14th June, 1944 and after partition of India, M. Shohaib, the founder President of the ICWAI founded again the Institute of Industrial Accountants of Pakistan in 1951 which is the genesis as well as the father of the Institute of Cost & Management Accountants of Pakistan(ICMAP) and the Institute of Cost & Management Accountants of Bangladesh(ICMAB) but the ICWAI became the Institute of Cost Accountants of India by dint of the Cost & Works Accountants (Amendment) Act, 2011(Act No. 10 of 2012) when the principal purpose for bringing about Amendment in the CWA Act, 1959 was to change the ICWAI to the Institute of Cost & Management Accountants of India(ICMAI) which was totally ignored by the Law makers of India. My simple submission before the law makers is why the CWA(Amendment ) Bill 2010 was introduced by Mr. Salmon Khurshid, then the Minister of Corporate Affairs , Government of India to the Rajya Sobha ? What was the objective clause in the said Bill? It is interesting to note that the Parliamentary Standing Committee on Finance recommended that due to ” vehement opposition” of the Institute of Chartered Accountants of India, the ICWAI is recommended to be the Institute of Cost Accountants of India and the CWA(Amendment), 2011 (Act No. 10 of 2012) provided that Professional Designation of the Members of the Institute of Cost Accountants of India shall be A.C. M.A./F.C.M.A. in the place of A.I.C.W.A./F.I.C.W.A and nobody took into consideration that A.C.M.A.(Associate Cost & Management Accountant)/(Fellow Cost & Management Accountant) must be compatible with the name of the Professional Body and no where in the world this kind statutory provision being inconsistency between the name of Professional Bodies of Accountants and and Professional Designation prevail except in India. Moreover, the Standing Committee on Finance also did not take into view whether its recommendation will ensure achieving the purpose for which amendment in the CWA Act 1959 was sought for and the demand for such amendment was to change ICWAI to ICMAI and it has been pending pending for 40 years in MCA. Further, another interesting point needs to be mentioned that the Institute of Chartered Accountants of India objected that there should be any Institute like ICMAI since its Members also offer certain Management Accounting related service and such a important claim which does not hold good as far as Chartered Accountancy/ Certified Public Accountancy profession is concerned and that does not match with Certified Public Accountancy/Chartered Accountancy Profession and the view of the Institute of Chartered of India implies that there is no need of specialization in surgery since specialization in Medicine is there and Doctor Medicine also passed MBBS which contains surgery besides other subjects in the MBBS Course or Architects are not required because Civil Engineer also knows something about Architecture or there is no need of Computer Science Engineer since Electronics Engineer also can perform certain function of Computer Science Engineer. Moreover, the Professional Bodies of Cost & Management Accountants/Management Accountants all over the world exist cohesively with Professional Designation A.C.M.A/F.C.M.A. and no Professional Bodies of Chartered Accountants/Certified Public Accountants anywhere in the world claim since they also do certain management accounting work , therefore Professional Bodies of Cost & Management Accountants/Management Accountants are not required. In Sri Lanka, Certified Management Accountants Act was enacted in 2009 in the Parliament of Sri Lanka even after passage of 50 years of existence of the Institute of Chartered Accountants of Sri Lanka and Members of ICASL took initiative to establish a
    statutory Professional Body of Management Accountants and they never claim that ICMAL is not necessary since ICASL is there. I have one humble submission before the learned Institute of Chartered Accountants of India to cite one single instance where Chartered Accountants/Certified Public Accountants claim that they are also Management Accountants or Cost & Management Accountants. besides being CA/CPA. The erstwhile ICWAI was facing the problem that in other countries including India , people hardly understand what is A.I.C.W.A/F.I.C.W.A. when all the Professional Bodies of Cost Accountants across the have already in across the globe already became CIMA/CMA/IMA etc but exception prevails only in India and even the International Controlling body of the Professional Accountants name the International Federation of Accountants (IFAC) has due recognition for these Bodies of Management Accountants and they shall be able to maintain their Membership of IFAC only when they abide by syllabi/Pedagogy/tanning/ code of Conducts meant for the Professional Bodies of Cost & Management Accountants/Management Accountants and ICWAI is one of the Founder-Member of the IFAC . The Institute of Cost & Works Accountants of India has been requesting Government of India to Change of ICWAI to ICMAI so that the Professional Designation shall be A.C.M.A./F.C.M.A. and there shall not be any problems neither for the Members nor for the Institute for International Arena and fronts . While changing
    the Professional Designation A.I.C.W.A./F.I.C.W.A. to A.C.M.A./F.C.M.A nobody took into cognizance that the Professional Designations should be compatible and match keeping parity international convention and practice with name of the Professional Body and the same has been in the case of the Institute of Chartered Accountants of India (Whose Members Professional Designation is A.C.A.(Associate Chartered Accountant)/F.C.A.(Fellow Chartered Accountants) similarly A.C.S./F.CS in case of ICSI. if the Professional Designation would have been provided in CWA (Amendment ), Act 2011 according to the name of the Institute then Professional Designation of the Members of the Institute Cost Accountants of India should have provided as also A.C.A./F.C.A . and conventionally acronym of the name of any statutory Body starts with the First Letter in the name of the Institute such as IIT/IIMs and acronym of the Institute of Cost Accountants of India automatically becomes ICAI and again it is the problem of the Institute of Chartered Accountants of India. The conflict between the Institute of Chartered Accountants of India and the Institute of Cost Accountants of India(ersTwhile ICWAI) seems to be similar to the conflict between China and India and according to China, it is good for China if it can eliminate India from the Map of World so that China will rule entire South Asia/South-East Asia but it is an Utopian scheme. Claiming share of Management Accountants Profession by the Institute of Chartered Accountants of India is almost similar to claiming Galwan Valley of India by China.
    Now for the present problem, MCA is equally responsible besides of the Institute of Chartered Accountants of India. The of Chartered Accountants of India being just 10 years statutorily senior to the Institute Cost Accountants of India never wanted that the CWA Act 1959 should get enacted in the Indian parliament and it struggled tooth and nail to derail the process of enactment in 1958-1959 and the same conflict it
    being continued since inception as a legacy of the Institute of Chartered Accountants of India . It is really
    not clear and transparent Why MCA did accept the undue and illogical opposition of the Institute of Chartered Accountants of India to make ICWAI to the institute of Cost Accountants of India instead of ICMAI . MCA has neither moral nor lawful authority to dictate the Institute of Cost Accountants of India to accept or advise not to use ICAI as its acronym. Both the Institutes are created by Act of Parliament and mandated to achieve purpose of the Law CA act, 1949 never mandated the Institute of Chartered Accountants of India claim that it also serve the purpose cause of Management Accountants Profession in presence of erstwhile ICWAI because Works was itself related with Management of Resources and providing information to the management for the purpose of decision making and management control and on the contrary there is strong ground to make the Institute of Cost Accountants of India to make to ICMAI and making AC.M.A./F.C.M.A. consistent with that of International practice and convention. Opposing and derailing statutory process to change the Institute Cost & Works Accountants of India (ICWAI) to the Institute of Cost & Management Accountants of India(ICMAI) is nothing but making the Republic of India of India walk backwards to the Cave Age from 21st Century of modern human civilization. According to me, the only solution to the problem/complaint repeatedly lodged to the MCA against the Institute Cost Accountants of India for using the same acronym ”ICAI” as used by the Institute Chartered Accountants of India is to immediate amend the CWA Act, 1959 for making the Institute Cost Accountants of India as the ICMAI. Otherwise, the conflict between two giant Professional Bodies of Accountants shall never be resolved as China has to accept the what is India in order to maintain peace in Asia.It seems to be an Utopian thinking that Chartered Accountants also provide certain Management Accounting Services so there should not be any Management Accountancy Profession. The MCA is the guardian of both the giant Professional Bodies of Accountants and it has to resolve issue relating to use acronym i.e the issue of name change of the Institute of Cost & Works Accountants of India (ICWAI) trough statutory process only.Otherwise, India should live in the dinosaurs age . Last but not least, it is to conclude with an interesting observation that the Parliamentary Standing Committee on Finance in 2005 under the Chairmanship of Major General (Rtd) B. C. Khanduri had strongly recommended to change ICWAI to ICMA without any reservation and that times also objection was given by the Institute of Chartered Accountants of India but Parliamentary Standing Committees on Finance in 2010 under the chairmanship of Mr. Yasvant Sinha recommended to change ICWAI to the Institute of Cost Accountants of India (ICAI) and hence the conflict between two ICAI. Let us hope that Government of India shall resolve this problem through statutory process and the inconsistency that remains the CWA (Amendment ) Act 2011(Act No. 10 of 20212) shall be corrected keeping in view international best practices convention and the purpose of amendment of the existing Law .

  2. CMA. D. Mukherjee says:

    It is an very unfortunate episode which comes into being from time time with to either name change issue of the the Institute of Cost Accountants of India(ICAI), erstwhile ICWAI. The Chartered Institute of Management Accountants , London, United Kingdom (erstwhile ICWA, London founded) in 1919 first became the Institute of Cost & Management Accountants(ICMA) London in 1972 it was chartered in 1985 nobody including the Institute of Chartered Accountants of England and Wales(ICAEW) in world knows and raised any issue as to why “Chartered ” will be given to the ICMA, London nor ICAEW claimed that it also deals with Management Accounting related work in corporate world. Secondly, the the Institute of Cost And Works Accountants of India(ICWAI) came into being on 14th June, 1944 and after partition, M. Shohaib, the founder President of the ICWAI founded again the Institute of Industrial Accountants of Pakistan in 1951 from which is the father of the Institute of Cost & Management Accountants of Pakistan and the Institute of Cost & Management Accountants of Bangladesh but the ICWAI became the Institute of Cost Accountants of India by dinnt of the Cost & Works Accountants (Amendment) Act, 2011(Act No. 10 of 2012) the principal purpose of Amendment of the CWA Act, 1959 was to change the ICWAI to the Institute of Cost & Management Accountants of India(ICMAI) which wastotally ignored by the Law makers of india. It is interesting to note that the Parliamentary Standing Committee on Finance recommended that due vehement opposition of the Institute of Chartered Accountants of India the ICWAI is recommended to be the Institute of Cost Accountants of India and the CWA(Amendment), 2011 (Act No. 10 of 2012) provided that Professional Designation shall be A.C. M.A./F.C.M.A. in the place of A.I.C.W.A./F.I.C.W.A and nobody took into consideration that A.C.M.A.(Associate Cost & Management Accountant)/(Fellow Cost & Management Accountant) must compatible with the name of the Professional Institutes and no where in the world this kind statutorily provision being inconsistent is there except India. Moreover the Standing Committee on Finance also did not bother to take into view whether the purpose of amendment of the CWA Act, 1959 was going to achieve. Moreover another interesting point needs to be mentioned that the Institute of Chartered Accountants of India also does certain Management Accounting related work and therefore ICWAI cannot be ICMAI and no took into cognizance that if the view of the Institute of Chartered of India implies that there is no need of specialization in surgery since while specialization in Medicine is there or there is not need of Computer Science Engineer since there Electronics Engineer also does certain function of Computer Science Engineer. Moreover, the Professional Bodies of Cost & Management Accountants/Management Accountants all over the world exist cohesively with Professional Designation A.C.M.A/F.C.M.A. and no Professional Bodies Chartered Accountants/Certified Public Accountants anywhere in the world claim since they also do certain management accounting work and therefore Professional Bodies of Cost & Management Accountants/Management Accountants are not required.In Sri Lanka, Certified Management Accountants was Act enacted in Parliament of Sri Lanka even after passage of 50 years of existence of the Institute of Chartered Accountants of Sri Lanka and Members of ICASL took initiative to establish Professional Body of Management Accountants and they never claim that ICMAL is not necessary since ICASL is there. I have one humble submission before the learned Institute of Chartered Accountants of India to cite one single instance where Chartered Accountants/Certified Public Accountants claim that they are also Management Accountants or Cost & Management Accountants.The erstwhile ICWAI was facing the problem that in other countries including India , people hardly understands what is A.I.C.W.A/F.I.C.W.A. when all the Professional Bodies of Cost Accountants across the globe became CIMA/CMA/IMA etc etc exception prevails in India and even the International Controlling body of the Professional Accountants name the International Federation of Accountants (IFAC) has due recognition for these Bodies of Management Accountants and they shall be able to maintain their Membership of IFAC only when they abide by syllabi/Pedagogy/tanning/ code of Conducts meant for the Professional Bodies of Cost & Management Accountants/Management Accountants and ICWAI is one of the Founder-Member of the IFAC . The Institute of Cost & Works Accountants of India has been requesting Government of India to Change of ICWAI to ICMAI so that the Professional Designation shall be A.C.M.A.?F.C.M.A. and there shall not be any problems neither for the Members not for the Institute for International Arena and fronts . What the Law makers the dis is change in A.I.C.W.A./F.I.C.W.A. to A.C.M.A./F.C.M.A but nobody took into cognizance the Professional Designations should be compatible with name of the Professional Body as it is in case of the Institute of Chartered Accountants of India (Whose Members Professional Designation is A.C.A.(Associate Chartered Accountant)/F.C.A.(Fellow Chartered Accountants) similarly A.C.S./F.CS in case of ICSI. if the Professional Designation is provided in CWA (Amendment ), 2011 according to the name of the Institute then it should A.C.A./F.C.A . for the Members of the Institute of Cost Accountants of India and and conventionally acronym of the name of any statutory Body starts with the First Letter in the name and it automatically becomes ICAI and again the problem of the Institute of Chartered Accountants of India. The conflict between the Institute of Chartered Accountants of India and the Institute of Cost Accountants of India(ersTwhile ICWAI) seems to be the conflict between China and India and according to China it is better if it can eliminate India from the Map of World so that China will rule entire South Asia/South-East Asia but it is an Utopian scheme. Claiming the share Management Accountants Profession by the Institute of Chartered Accountants of India is almost similar to claiming Galwan Valley of India by China.
    Now for the present problem, MCA is equally responsible besides of the Institute of Chartered Accountants of India. The of Chartered Accountants of India being just 10 years statutorily senior to the Institute Cost Accountants of India never wanted that the CWA Act 1959 get enacted and it struggle tooth and nail to derail the whole process and the same conflict it is carrying as its legacy. Why MCA did accept the undue and illogical opposition to make ICWAI to ICMAI and MCA has no lawful authority to dictate the Institute of Cost Accountants of India to accept or advise not to use ICAI as its acronym. Rather, there is strong ground to make the Institute of Cost Accountants of India to make it ICMAI and making AC.M.A./F.C.M.A. consistent with that of International practice and convention. Opposing and derailing statutory process to change the Institute Cost & Works Accountants of India (ICWAI) to the Institute of Cost & Management Accountants of India(ICMAI) is nothing but making people the people of India walk backward to the Cave Age from 21st Century of Modern human civilization. According to me, the only solution to the problem/complaint repeatedly lodged to the MCA against the Institute Cost Accountants of India for using the same acronym ”ICAI” as that of the Institute Chartered Accountants of India is to immediate amend the CWA Act, 1959 for making the Institute Cost Accountants of India as the ICMAI. Otherwise, the conflict between two giant Professional Bodies of Accountants shall never be resolved as China has to accept the what is India in order to maintain peace in Asia.It seems to be an Utopian thinking that Chartered Accountants also provide certain Management Accounting Services so there should not be any Management Accountancy Profession.
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  3. CMA D. Mukherjee says:

    It is an very unfortunate episode which comes into being from time time with to either name change issue of the the Institute of Cost Accountants of India(ICAI), erstwhile ICWAI. The Chartered Institute of Management Accountants , London, United Kingdom (erstwhile ICWA, London founded) in 1919 first became the Institute of Cost & Management Accountants(ICMA) London in 1972 it was chartered in 1985 nobody including the Institute of Chartered Accountants of England and Wales(ICAEW) in world knows and raised any issue as to why “Chartered ” will be given to the ICMA, London nor ICAEW claimed that it also deals with Management Accounting related work in corporate world. Secondly, the the Institute of Cost And Works Accountants of India(ICWAI) came into being on 14th June, 1944 and after partition, M. Shohaib, the founder President of the ICWAI founded again the Institute of Industrial Accountants of Pakistan in 1951 from which is the father of the Institute of Cost & Management Accountants of Pakistan and the Institute of Cost & Management Accountants of Bangladesh but the ICWAI became the Institute of Cost Accountants of India by dinnt of the Cost & Works Accountants (Amendment) Act, 2011(Act No. 10 of 2012) the principal purpose of Amendment of the CWA Act, 1959 was to change the ICWAI to the Institute of Cost & Management Accountants of India(ICMAI) which wastotally ignored by the Law makers of india. It is interesting to note that the Parliamentary Standing Committee on Finance recommended that due vehement opposition of the Institute of Chartered Accountants of India the ICWAI is recommended to be the Institute of Cost Accountants of India and the CWA(Amendment), 2011 (Act No. 10 of 2012) provided that Professional Designation shall be A.C. M.A./F.C.M.A. in the place of A.I.C.W.A./F.I.C.W.A and nobody took into consideration that A.C.M.A.(Associate Cost & Management Accountant)/(Fellow Cost & Management Accountant) must compatible with the name of the Professional Institutes and no where in the world this kind statutorily provision being inconsistent is there except India. Moreover the Standing Committee on Finance also did not bother to take into view whether the purpose of amendment of the CWA Act, 1959 was going to achieve. Moreover another interesting point needs to be mentioned that the Institute of Chartered Accountants of India also does certain Management Accounting related work and therefore ICWAI cannot be ICMAI and no took into cognizance that if the view of the Institute of Chartered of India implies that there is no need of specialization in surgery since while specialization in Medicine is there or there is not need of Computer Science Engineer since there Electronics Engineer also does certain function of Computer Science Engineer. Moreover, the Professional Bodies of Cost & Management Accountants/Management Accountants all over the world exist cohesively with Professional Designation A.C.M.A/F.C.M.A. and no Professional Bodies Chartered Accountants/Certified Public Accountants anywhere in the world claim since they also do certain management accounting work and therefore Professional Bodies of Cost & Management Accountants/Management Accountants are not required.In Sri Lanka, Certified Management Accountants was Act enacted in Parliament of Sri Lanka even after passage of 50 years of existence of the Institute of Chartered Accountants of Sri Lanka and Members of ICASL took initiative to establish Professional Body of Management Accountants and they never claim that ICMAL is not necessary since ICASL is there. I have one humble submission before the learned Institute of Chartered Accountants of India to cite one single instance where Chartered Accountants/Certified Public Accountants claim that they are also Management Accountants or Cost & Management Accountants.The erstwhile ICWAI was facing the problem that in other countries including India , people hardly understands what is A.I.C.W.A/F.I.C.W.A. when all the Professional Bodies of Cost Accountants across the globe became CIMA/CMA/IMA etc etc exception prevails in India and even the International Controlling body of the Professional Accountants name the International Federation of Accountants (IFAC) has due recognition for these Bodies of Management Accountants and they shall be able to maintain their Membership of IFAC only when they abide by syllabi/Pedagogy/tanning/ code of Conducts meant for the Professional Bodies of Cost & Management Accountants/Management Accountants and ICWAI is one of the Founder-Member of the IFAC . The Institute of Cost & Works Accountants of India has been requesting Government of India to Change of ICWAI to ICMAI so that the Professional Designation shall be A.C.M.A.?F.C.M.A. and there shall not be any problems neither for the Members not for the Institute for International Arena and fronts . What the Law makers the dis is change in A.I.C.W.A./F.I.C.W.A. to A.C.M.A./F.C.M.A but nobody took into cognizance the Professional Designations should be compatible with name of the Professional Body as it is in case of the Institute of Chartered Accountants of India (Whose Members Professional Designation is A.C.A.(Associate

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