M. Devaraja Reddy is new ICAI president

NEW DELHI: The Institute of Chartered Accountants of India (ICAI) has elected M. Devaraja Reddy as its new President. Reddy, who has been a chartered accountant for 28 years, has as Vice President of ICAI for the Council Year 2015-16. He’ll have tenure of one year, a statement from ICAI, the apex body of Indian Chartered Accountants said in a statement.

ICAI is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council is composed of 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.