ICAI Elects Charanjot Singh Nanda as President and Prasanna Kumar D as Vice President for 2025-26

The Institute of Chartered Accountants of India (ICAI) has officially announced its new leadership for the 2025-26 term. The 26th Council of ICAI has elected Charanjot Singh Nanda as the new President and Prasanna Kumar D as the Vice President. This leadership transition marks a significant milestone in the history of ICAI as it continues to play a pivotal role in shaping the accounting profession in India.

The newly elected leaders took the oath of office under the guidance of Arjun Ram Meghwal, Minister of State (I/C) for Law and Justice and Parliamentary Affairs. The minister expressed his confidence in their leadership and emphasized how ICAI can contribute towards realizing Prime Minister Narendra Modi’s vision of making India the world’s third-largest economy.

This article will explore the backgrounds of Charanjot Singh Nanda and Prasanna Kumar D, their contributions to ICAI, the challenges and opportunities ahead, and the role of ICAI in the evolving financial landscape of India.

ICAI: A Pillar of India’s Financial System

Before diving into the profiles of the new leaders, it is essential to understand the significance of ICAI in India’s economy.

The Institute of Chartered Accountants of India (ICAI) is the statutory body regulating the Chartered Accountancy profession in India. Established in 1949 under the Chartered Accountants Act, ICAI is one of the world’s largest accounting bodies. It is responsible for:

Setting accounting and auditing standards in India.
Regulating the conduct of Chartered Accountants.
Conducting the CA examination.
Promoting ethical practices in financial reporting.

With its vast network of members and students, ICAI plays a crucial role in maintaining financial transparency, corporate governance, and economic growth in India.

Who is Charanjot Singh Nanda? The 73rd President of ICAI

Charanjot Singh Nanda has been an integral part of ICAI for several decades. His journey to becoming the 73rd President of ICAI is marked by dedication, expertise, and a deep commitment to the accounting profession.

Educational Background and Early Career

Nanda completed his Bachelor of Commerce degree from MLN College in 1987, securing a merit position at Kurukshetra University.
He pursued Chartered Accountancy and achieved an All-India Rank 35 in the CA Inter Exam.
In 1991, he became a qualified Chartered Accountant, marking the beginning of a distinguished career spanning over 34 years.

ICAI Leadership Journey

2002-03: Elected as Chairman of the Northern India Regional Council (NIRC) of ICAI.
2004: Became a Central Council Member of ICAI and served for six consecutive terms.
2024-25: Served as Vice President of ICAI.
2025-26: Elected as the President of ICAI during his seventh term as a Central Council Member.

Contributions to ICAI

Served as the Chairman of multiple committees, shaping policies and accounting standards.
Played a key role in strengthening Internal Audit Standards and developing thought leadership in this domain.
His extensive experience in financial audits, corporate governance, and compliance has made him a trusted figure in the industry.

Prasanna Kumar D: The New Vice President of ICAI

Alongside Nanda, Prasanna Kumar D has been elected as the Vice President of ICAI for the 2025-26 term. His leadership is expected to complement Nanda’s presidency, ensuring ICAI continues to serve the financial community effectively.

Educational Background and Professional Journey

Bachelor’s degree in Zoology from Loyola College, Chennai.
Master’s in Sociology from Sri Venkateswara University, Tirupati.
Cleared CA Inter Exam with a rank and qualified as a Chartered Accountant in 1984.

ICAI Leadership and Achievements

Served three consecutive terms as a Central Council Member in the 24th, 25th, and 26th ICAI Councils.
Provided strategic direction to ICAI’s educational programs and regulatory frameworks.
Actively contributed to financial reforms and corporate governance policies.

His expertise and leadership skills have been instrumental in ICAI’s growth and its efforts to align Indian accounting standards with global best practices.

Challenges and Opportunities for ICAI in 2025-26

The election of Nanda and Prasanna Kumar D comes at a critical juncture when India’s financial and business environment is undergoing rapid transformations. Some of the key challenges and opportunities for ICAI in the coming years include:

1. Strengthening Internal Auditing and Corporate Governance

With corporate frauds and financial mismanagement cases on the rise, ICAI will need to implement stricter audit regulations and governance standards.
Nanda’s expertise in internal audits will be instrumental in making Indian companies more financially transparent.

2. Digital Transformation in Accounting

The emergence of AI and automation in accounting is reshaping the profession.
ICAI must adapt by updating its CA syllabus, promoting technology-driven auditing, and encouraging blockchain-based financial reporting.

3. Expanding Global Collaborations

ICAI needs to strengthen its ties with international accounting bodies to enhance global recognition for Indian CAs.
Collaborations with IFAC, AICPA, and ACCA will open more avenues for Indian accountants worldwide.

4. Boosting CA Education and Exam Reforms

The new education policy (NEP 2020) has emphasized skill-based learning.
ICAI must revamp its CA curriculum to incorporate data analytics, forensic accounting, and international taxation.

5. Enhancing Role in Economic Policies

With India aiming to become a $5 trillion economy, ICAI’s role in shaping financial regulations and economic policies will be crucial.
The new leadership must engage with policymakers to drive progressive taxation, GST reforms, and ease of doing business.

Government’s Endorsement and Support

The swearing-in ceremony was graced by Arjun Ram Meghwal, who praised the contributions of ICAI and its new leadership. His remarks highlighted:

The critical role of ICAI in India’s economic ambitions.
The government’s support for ICAI’s initiatives in financial transparency.
The importance of the accounting profession in India’s global financial standing.

Meghwal’s confidence in Nanda and Prasanna Kumar D indicates strong government backing for ICAI’s initiatives, reinforcing the institute’s role in shaping India’s financial future.

What Lies Ahead for ICAI?

With Charanjot Singh Nanda and Prasanna Kumar D at the helm, ICAI is set to enter a new phase of modernization, global integration, and policy influence. Their combined leadership is expected to:

Strengthen India’s financial regulatory framework.
Enhance professional opportunities for Chartered Accountants.
Improve audit quality and financial ethics.
Expand ICAI’s global footprint through strategic collaborations.

The coming years will test their ability to navigate economic uncertainties, technological disruptions, and regulatory challenges. However, their experience, vision, and commitment to excellence position them well to lead ICAI into a prosperous future.

Conclusion

The election of Charanjot Singh Nanda as President and Prasanna Kumar D as Vice President marks a new chapter for ICAI. Their leadership comes at a crucial time when India’s economy, financial regulations, and global ambitions are evolving rapidly.

Under their guidance, ICAI will not only continue to uphold the highest standards of accounting and auditing but also play a significant role in India’s journey to becoming a global financial powerhouse.

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The road ahead is filled with challenges, but with strong leadership, policy reforms, and technological advancements, ICAI is well-positioned to shape the future of the accounting profession in India and beyond.

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