Every year on 1st July, India celebrates Chartered Accountants Day, marking the enactment of the Chartered Accountants Act, 1949. This momentous occasion not only commemorates the legal recognition of the profession but also pays tribute to the countless individuals who uphold the values of accountability, ethics and financial expertise.
As we honour this legacy, here are some captivating facts every CA and CA aspirant must know:
I. Who is the Father of the CA Profession in India?
The foundation of the accounting profession in India was laid by Shri Kalyan Subramani Aiyar (1859-1940). Often hailed as the Father of the Chartered Accountancy Profession in India, he established a firm in Calicut in 1897 that bore his name. His pioneering efforts helped shape the path for future generations of accountants in the country.
II. From Registered to Chartered: What Was CA Called Before 1949?
Before the profession was formally recognised under the Chartered Accountants Act, professionals were known as Registered Accountants. On 1st July 1949, the Act replaced this term with 'Chartered Accountant', aligning India's accounting standards with global norms. That's why we proudly celebrate 1st July as CA Day - a tribute to the evolving identity of this noble profession.
III. Who was the First Chartered Accountant of India?
India's first Chartered Accountant was Shri Gopaldas Padamsey Kapadia, better known as G.P. Kapadia. He was not only the first Indian to be awarded a CA certificate (on 9th June 1950) but also the first President of the Institute of Chartered Accountants of India (ICAI), serving from 1949 to 1952.
IV. Where it all began: The Global Roots of Chartered Accountancy
The title Chartered Accountant traces its origins back to Scotland in 1854, with the formation of the Institute of Chartered Accountants of Scotland (ICAS) - the oldest accountancy body in the world. Globally respected, the CA designation is comparable to the Certified Public Accountant (CPA) in the United States, signifying elite professional standards across borders.
V. The Most Fun and Glamorous Type of Accounting Job?
While Chartered Accountants are often associated with auditing or taxation, there's a fun and glamorous side too. Ever heard of a Corporate Entertainment Accountant? This exciting role involves managing the finances of entertainment companies, overseeing budgets, preparing financial reports, and ensuring tax compliance in one of the most vibrant industries - film, music and media!
VI. Top 10 Richest Chartered Accountants in India: The Titans of Finance Who Built Empires
Meet the financial wizards who turned ledgers into legacies.
In India, Chartered Accountancy has long been considered a stable and respected profession. But for some, it has become a launchpad to unprecedented financial success. From leading billion-dollar corporations to shaping India's financial infrastructure, these Chartered Accountants (CAs) have rewritten the rulebook.
Here's a curated list of the Top 10 Richest Chartered Accountants in India, who have not only scaled corporate ladders but also built some of India's most formidable business empires.
1. Kumar Mangalam Birla
- Role: Chairman, Aditya Birla Group
- A fourth-generation industrialist and one of India's wealthiest business leaders, Kumar Mangalam Birla is a CA by profession and MBA from London Business School. Under his leadership, the Aditya Birla Group has expanded to 36+ countries, operating in sectors from cement to telecom.
2. Rakesh Jhunjhunwala (Late)
- Role: Investor & Trader
- Famously called the "Big Bull of Dalal Street," Jhunjhunwala was a self-made billionaire who started investing in 1985 with just Rs 5,000. A qualified CA, he built one of the most successful stock market portfolios in Indian history.
3. Deepak Parekh
- Role: Former Chairman, HDFC Ltd
- Revered as a visionary in the Indian banking and housing finance sector, Deepak Parekh is a CA from ICAEW, UK. Under his leadership, HDFC emerged as India's top housing finance company and later merged with HDFC Bank in a historic consolidation.
4. Motilal Oswal
- Role: Co-Founder, Motilal Oswal Financial Services
- A CA from a small town in Rajasthan, Oswal co-founded one of India's leading financial services firms. His entrepreneurial journey is a testament to grit and vision.
5. Nirmal Jain
- Role: Founder, IIFL Group
- A CA and IIM Ahmedabad alumnus, Nirmal Jain built IIFL (India Infoline) into a diversified financial powerhouse, backed by global investors like Fairfax and General Atlantic.
6. Uday Kotak
- Role: Founder, Kotak Mahindra Bank
- A CA and a financial visionary, Uday Kotak transformed a bill-discounting company into one of India's top private sector banks. His disciplined yet bold approach has earned him global acclaim.
7. Naina Lal Kidwai
- Role: Former Country Head, HSBC India
- The first Indian woman to graduate from Harvard Business School and a qualified CA, Kidwai has been a trailblazer in banking and policy advisory. She also served as the President of FICCI, becoming a role model for women in finance.
8. Radhe Shyam Agarwal
- Role: Co-Founder, Emami Group
- A Chartered Accountant and Company Secretary, R.S. Agarwal co-founded the Emami Group with a vision to build a leading Indian FMCG conglomerate. He started his corporate career with the Aditya Birla Group in 1970.
9. Rajesh Sharma
- Role: MD, Capri Global
- A Chartered Accountant from ICAI, Rajesh Sharma has over 25 years of experience in financial advisory, NBFCs and capital markets. His success in affordable housing finance has made him a respected figure in the sector.
10. T.V. Mohandas Pai
- Role: Chairman, Aarin Capital; Former CFO, Infosys
- A CA and All-India Rank Holder, Pai played a crucial role in Infosys' rise as CFO and Board Member. Now an investor, philanthropist and thought leader, he champions startups, education and policy reform.
These Chartered Accountants prove that the profession offers more than just financial stability; it can lead to immense wealth, influence and legacy. Their journeys from ledger books to boardrooms continue to inspire thousands of aspiring CAs across the country.
Whether through entrepreneurship, investment acumen or corporate leadership, these individuals are the shining examples of how the right blend of skills, vision and discipline can create history.
Conclusion: More Than Just Numbers
CA Day is more than a celebration - it's a reminder of the hard work, integrity and excellence that define the Chartered Accountancy profession. From humble beginnings in Calicut and Scotland to commanding global prestige, the journey of a CA is steeped in history, responsibility and pride.
To every CA who makes a difference - Happy CA Day!
CAclubindia
