A crusader of inclusive growth in accountancy profession, CA. Prafulla P. Chhajed has been elected President of The Institute of Chartered Accountants of India for the term 2019-20 on 12th February 2019. He is 67th President of the Institute. Having served the profession for more than two decades, he had joined the Central Council in 2013. Then in 2018, he got elected Vice-President of the Institute for the term 2018-19.
With commendable professional acumen and standing, CA. Chhajed sends across the vibes of an approachable and a very understanding professional. Conversant with great organizational skills, he has led the cause of various committees of the Institute in the capacity of both Chairman and Vice-Chairman. At present, he is the Chairman of Board of Directors of ICAI-ARF (Accounting Research Foundation) and XBRL India. He is also one of the Directors of Indian Institute of Insolvency Professionals of ICAI, which incidentally is the first insolvency professionals agency (IPA) of India.
As President of the Institute, CA. Chhajed is now the Chairman of its Standing Committees including Executive, Finance and Examination Committees and Presiding Officer of Board of Discipline (under Section 21-A), Disciplinary Committee (under Section 21-B) and Chairman of Disciplinary Committee (under Section 21D). He is also an ex-officio member of all Non-Standing Committees of the Institute and the Editor of the Institute’s journal, The Chartered Accountant. He is also on the Boards of various other reputed companies/ corporate and banks.
CA. Prafulla Chhajed has represented the ICAI at many occasions in the past through various important committees as constituted by Ministries/ Regulators, that include Government Accounting Standards Advisory Board (GASAB) and Audit Advisory Board, both constituted by C&AG of India, Board of Insurance Regulatory & Development Authority (IRDA), National Advisory Committee on Accounting Standards (NACAS) and SEBI’s Primary Market Advisory Committee and XBRL Technical Advisory Committee. Currently, he is the Chairman of SMP Committee of SAFA (South Asian Federation of Accountants) and the Technical Advisor to SAFA Board member.
Owing to his professional discreetness, CA. Chhajed has been elected to the Central Council of the Institute for its three consecutive terms (i.e. 2013-16, 2016-19 and 2019-22). As a member of the Central Council, he has served the Institute and the profession as Chairman of Committee for Professional Accountants in Business & Industry, and Banking, Financial Services and Insurance Committee in 2017-18, and Professional Development Committee, Committee on Public Finance and Government Accounting and Committee on Corporate Social Responsibility in 2016-17, among others. His contribution through the Committees has been widely appreciated, especially that in the capacity of Chairman of Young Members Empowerment Committee and Women Members Empowerment Committee.
CA. Prafulla Chhajed has a very well-defined vision and mission, which is to pursue the agenda of inclusive growth and take the Institute and accountancy profession of India to greater heights so that its members could stand tall and strong before the accountancy fraternity of the world. Personally, he wants the Institute and his professional colleagues to keep contributing as effective partner-in-nation-building.
Carrying a vision of responding effectively to the expectation gap in the country and strengthen the membership base and consolidate the brand of Indian CA globally, CA. Chhajed has been passionate about both national and international image of the CA profession. In the past, he has pursued this agenda by representing the profession on various national and international fronts through several meetings and conferences. His approach and vision has been appreciated while he was the Institute’s nominee on Public Sector Financial Management Committee of the Confederation of Asian and Pacific Accountants.
Coming from the industrial capital of India, i.e. Mumbai, CA. Prafulla Chhajed has always inspired his professional colleagues from the Western India Region by his straightforward, simple and profound approach to the affairs of profession and by his natural ability to connect with people around him, while he was Chairman of the Western India Regional Council of the Institute in the year 2007-08 and Regional Council member of the Western India Regional Council for almost a decade, i.e. 2001-10.
CA. Prafulla P. Chhajed has contributed more than 600 articles and write-ups in the well known marathi daily Maharashtra Times on taxation and investments for about 16 years. In his leisure, he loves reading and checking the developments in profession.
His association as Central Council Member at ICAI, now running in 9th year since 2010, with position as Vice President in 2017-2018; has made him traverse regimen of standard setting, quality assurance framework, and disciplinary mechanism. He has earlier been Chairman of ICAI’s Committee (s) on Direct Taxes, Economic, Commercial Laws & WTO, Peer Review Board, Capacity Building of CA Firms and Small & Medium Practitioners and Public Relations. He has been appreciated for his distinguished contribution as Vice-Chairman of Audit & Assurance Standard Board, Professional Development Committee, Internal Audit Standards Board, Continuing Professional Education Committee, and Board of Studies.
Known for his prowess in many areas, he steered the drafting of IFRS compliant Schedule III to the Companies Act, 2013, Ind-AS compliant Schedule III for NBFC, Ind-AS -114 on Regulatory Deferral Accounts and Guidance Note on Accounting for Rate Regulated Activities as Convener. He is also credited for initiating and starting two Certificate Courses on ‘Intellectual Property Rights’ and ‘Anti Money Laundering Laws’ for ICAI.
He is representing ICAI in many important committees constituted by the Government Ministries/ Regulators such as Government Accounting Standards Advisory Board (GASAB) and Audit Advisory Board both constituted by C&AG of India, Board of Insurance Regulatory & Development Authority (IRDA), National Advisory Committee on Accounting Standards (NACAS) and SEBI’s Primary Market Advisory Committee.
With focus on innovation and niche enablement, he intends to position CA profession as aiding and upholding public interest by enhanced focus on Quality Assurance framework, calibrating Regulation with development and leveraging digital technology to turn disruptions arising out of changing paradigm of businesses to niche empowerment.
His vision is to work for Global mobility of CA professionals through enhanced focus on recognition overseas, capacity building through exposure to jurisdiction specific skill building programs and exploring newer industrial training opportunities domestically and overseas as also international placements of Indian CAs.