The Institute of Cost Accountants of India (ICMAI) president Bibhuti Bhusan Nayak has expressed support for the potential merger of the professional bodies representing Chartered Accountants (ICAI), Company Secretaries (ICSI), and Cost Accountants (ICMAI).
He stated that this support stands if the government decides to integrate these entities.
He said: “If the merger is beneficial to the nation, we have no objection and will fully support it.”
He emphasised the need to establish a structure that fosters improved governance, transparency, and efficiency within the financial and regulatory systems.
Nayak acknowledged the complexities involved in merging the institutes but highlighted the long-term advantages for the nation.
He added: “We will need to brainstorm on the modus operandi, terms and conditions, and management structure. There are many aspects to consider to ensure it is managed effectively.”
His comments come in the midst of the ongoing debate concerning the eligibility of ICMAI and ICSI professionals to perform tax audits, as proposed in the Income Tax Bill, 2025.
The Institute of Chartered Accountants of India (ICAI) president Charanjot Singh Nanda had opposed the inclusion of company secretaries and cost accountants in the definition of ‘accountant’.
This stance was in response to recent appeals from ICSI and ICMAI to be recognised as ‘accountants’ under the Income Tax Bill, 2025.
It is noted that some industry professionals have suggested that uniting the three institutes could resolve this issue by enabling experts from all three disciplines to conduct tax audits.
Nayak emphasised that national interest should take precedence over individual professional recognition while addressing concerns about the potential impact on current professionals.
He also pointed out the difficulties faced by students who invest in their education but may not receive equal recognition compared to their peers in other professional fields.
He believes that a thoughtfully planned merger could address these issues, fostering a stronger sense of professional identity and enhancing career opportunities for members.
