The Institute of Cost Accountants of India would use ‘ICMAI’ as the acronym with immediate effect. The institution’s council resolved to use the acronym ‘ICMAI’ at its 344th Meeting, held on May 20 and 21, 2023, according to a circular released by the institute on June 13th, 2023.
The Delhi High Court’s ruling on March 21, 2023, forbade the Institute of Cost Accountants of India from abbreviating themselves as ‘ICAI’. Confusion in the public resulted from the usage of the ICAI by both the Institute of Cost Accountants of India and the Institute of Chartered Accountants of India. The High Court granted the Institute of Chartered Accountants of India to use the acronym ‘ICAI’.
The reference mark ‘ICAI’ must be removed from all physical and digital channels, including social media accounts and websites, according to a High Court order. The Institute of Cost Accountants of India is not authorised to be represented by the acronym ‘ICAI,’ and all representatives, employees, members, and students of the institute are urged not to do so.
Thus, according to the High Court order, the institute has decided to choose ‘ICMAI’ as their acronym with immediate effect.
The Circular further indicated that failure to follow any of the instructions could result in repercussions that were solely the responsibility of the official, member, student, officeholder, or individual. Any references made have to be removed with immediate effect and only use ‘ICMAI’.
The Institute of Chartered Accountants of India was founded in 1949 by a Parliamentary Act, and New Delhi is home to its main office to promote and regulate the profession of chartered accountancy in India.
The Institute of Cost Accountants of India is a professional body that regulates and promotes the profession of cost and management accounting in India. It was established in 1959 and operates under the Cost and Works Accountants Act of 1959, which was later renamed as the Cost and Management Accountants Act of 1959, to develop and regulate the profession of Cost and Management Accountancy in the country.
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