A crusader of inclusive growth in accountancy profession, CA. Prafulla P. Chhajed has been elected as 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 Director of Registered Valuer Organization (RVO) and the 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 all its Standing Committees namely 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.
CA. Prafulla Chhajed is, at present, representing ICAI at various important committees as constituted by Government/Ministries/ Regulators, that include Government Accounting Standards Advisory Board (GASAB) and Audit Advisory Board- both constituted by C&AG of India, Insolvency Law Committee and Committee to Advise on Valuation Matters of Ministry of Corporate Affairs (MCA), Board of Insurance Regulatory & Development Authority (IRDA), Insurance Advisory Committee of IRDA, Apex Committee of IRDA, Board Member of National Financial Reporting Authority (NFRA), SEBI’s Primary Market Advisory Committee and XBRL Technical Advisory Committee.
On International front, CA. Chhajed is the Board Member of CAPA and member of Public Sector Financial Management (PSFM) Committee of CAPA. He is also Observer on International Federation of Accountants (IFAC) Board, Board member of SAFA, Chairman of SAFA Small & Medium Practitioners (SMP) Committee and representing SAFA on IFAC SMP committee. He is also representing ICAI in International Integrated Reporting Council (IIRC) and Chartered Accountants Worldwide (CAW).
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. 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 (WIRC) of the Institute in the year 2007-08 and Regional Council member of the WIRC 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.