Public Relations Committee
The Institute of Chartered Accountants of India
12th February, 2021
ICAI elects New Torchbearers for the year 2021-22
The Council of the Institute of Chartered Accountants of India (ICAI) today elected its new President & Vice-President for the term 2021-2022.
CA. Nihar N Jambusaria has been elected as the President and CA. (Dr.) Debashis Mitra has been elected as the Vice-President of The Institute of Chartered Accountants of India w.e.f. February 12, 2021.
Brief Profile & photograph of CA. Nihar N Jambusaria, President, ICAI & CA. (Dr.) Debashis Mitra, Vice- President, ICAI are attached.
A man of professional wisdom, vision and strong organisational skills with a firm belief in all round inclusive growth of Indian Chartered Accountancy profession, CA. Nihar N Jambusaria has been elected as the new President of the Institute of Chartered Accountants of India (ICAI) for the year 2021-22 wherein he is currently serving for third consecutive term, i.e. 2013-16, 2016-19 and 2019-22.
A blend of erudition, experience, foresight, technical expertise and professional excellence worth emulating and a Fellow Chartered Accountant from Mumbai, CA. Jambusaria, qualified as a Chartered Accountant in 1984 and was in practice for nearly 27 years. He has also served as Chairman of WIRC of ICAI in 2004-05.
CA. Jambusaria is now Chairman of all Standing Committees including Executive, Finance and Examination Committees, besides being the ex-officio member of all Non-Standing Committees and Editor of ICAI Journal, The Chartered Accountant. CA. Jambusaria is Director of ICAI Registered Valuers Organisation (RVO) and also the representative from ICAI RVO on the “Committee to advise on Valuation matters”. CA. Jambusaria is Chairman of the ICAI Research wing, ICAI – Accounting Research Foundation and Extensible Business Reporting Language (XBRL) India.
CA. Jambusaria is the member of Professional Accountants in Business (PAIB) Advisory Group of International Federation of Accountants (IFAC). He, in his capacity as President, ICAI would also be representing ICAI on International Integrated Reporting Council (IIRC) and the Board of South Asian Federation of Accountants (SAFA). He has also served as Member of SAFA Committee on Professional Accountants in Business (PAIB).
CA. Jambusaria is member of very important committees constituted by the government and regulators relating to policy formation that include Government Accounting Standards Advisory Board (GASAB) and Audit Advisory Board- both constituted by the C&AG of India. He is also Board Member, Insurance Regulatory & Development Authority (IRDA), Insurance Advisory Committee and Apex Committee of IRDA, and Member of SEBI’s Primary Market Advisory Committee. He has also been nominated on the Review Committee for the B.Com (Hons) and B.Com New Syllabus for all the Universities in the Country by the University Grants Commission(UGC). He was a Member of the e – Commerce Committee formed by the Ministry of Finance and Peer Review Committee of the Central Board of Direct Taxes.
An altruistic hard-worker bestowed with exceptional organisational, networking, administrative and leadership skills, CA. Jambusaria has made noteworthy contributions in whatever capacity he served the profession, particularly as the Chairman of – Ind AS Implementation Committee, International Tax Committee and various other important Committees/ Board of ICAI.
CA. Jambusaria has been a prolific speaker at national and international forum. As an academician and an orator par excellence, he has attended and contributed to numerous national and international seminars. He has addressed more than 900 seminars, conferences so far covering various subjects of professional interest like Direct Tax, Accounting Standards, International Tax and Professional Development and alike.
With focus on innovation and niche enablement, he intends to translate his passion for the inclusive growth of the profession through the transformational agenda that the current paradigm merits.
CA. (Dr.) Debashis Mitra, with his unequivocal commitment has been elected as the Vice-President of the Institute of Chartered Accountants of India for the year 2021-22. After being part of the Central Council for the period 2016-19, Dr. Mitra is serving his second consecutive term in the Council for the period 2019-22. With great vigour and enthusiasm, he has been serving the accounting profession for last more than thirty-four years. Academically erudite Dr. Mitra, a senior practising member, is also a Cost Accountant, Company Secretary, Law graduate and a qualified Information Systems Auditor. With keen interest in academic research, he is doctorate in the complex and intrigue area of accounting standards and has been awarded Ph.D. on the topic ‘A Critical Study of Select Indian GAAP, US GAAP & IAS / IFRS.’
A persuasive and intense trainer, he is renowned for his interactive deliberations in International Financial Reporting Standards (IFRS) and Corporate Laws. He has trained several officials of many corporate and non-corporate entities as well as Central and State governmental organisations. An avid speaker, he passionately shares his deep and incisive knowledge in India at various events organised by the ICAI, trade organisations and other reputed Institutes.
As an accomplished professional having immense knowledge of trade and industry, he has served as an active member of several prestigious boards, forums and institutions in India, viz., Quality Review Board established by Govt. of India, Board of Extensible Business Reporting Language (XBRL) India and the Board of Governors of Assam Down Town University. He also represented ICAI in Uday Kotak Committee on Corporate Governance set up by SEBI as well as the Committee set up by Ministry of Corporate Affairs for revision in CARO.
On international front, he is the Chairman of Committee on Education, Training and CPD of South Asian Federation of Accountants (SAFA) and member of Audit Group of Confederation of Asian and Pacific Accountants (CAPA). He has also served as member of SAFA Committee on Auditing Standards and Quality Control.
Dr. Mitra has held several key positions in the ICAI, viz., Chairman, Board of Studies of ICAI (Academic), Director, Accounting Research Foundation, Vice Chair, Auditing & Assurance Board, member, Disciplinary Committee, Bench 4 of ICAI and as member of many other important committees. He has also held key positions as former Chairman of the Eastern Indian Regional Council of ICAI as well as Guwahati Branch of ICAI.
A seasoned strategist and leader to the core, he is the President of Rotary Club of Calcutta , the oldest running Rotary Club in Asia, as well as former National President of The Institute of Internal Auditors (India).
The Institute of Chartered Accountants of India (ICAI) is a statutory body set up in 1949 under an Act of Parliament to regulate the Profession of Chartered Accountants in India. ICAI continues its steadfast march to uphold the virtues of accountability, integrity and transparency in every sphere of country’s economic system. With over 3.20 lakh members and more than 7 lakh students, ICAI ranks amongst the largest accounting bodies in the world.
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 constitutes of 40 members of whom 32 are elected by the Chartered Accountants 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, Securities and Exchange Board of India and other stakeholders.