Press Information Bureau

Government of India

Ministry of Corporate Affairs

02-December-2011 18:51 IST

The Institute of Cost and Works Accountants of India (ICWAI) has signed a memorandum of understanding with the Chartered Institute for Securities and Investment (CISI), UK on awarding the membership of CISI to ICWAI members and concessional fee for ICWAI students. The MOU was signed by M. Gopalakrishnan, President, and by Simon Culhane, Chief Executive, CISI in presence of Rakesh Singh, Vice President, ICWAI and other senior council members and officials of ICWAI yesterday in Mumbai.

Speaking on the occasion Mr.Gopalakrishnan, President ICWAI termed the accord between ICWAI and CISI as a historic one that will pave way for long term cooperation in the field of management accounting, risk management, Assets Servicing, global securities operations and investment in both countries. To give benefit to the students of both the institute it has been agreed to offer their courses to the student of other institute at a special concessional fee.

The CISI also agreed to offers entry to their membership upon application at Associate (ACSI) level to ICWAI members and Member (MCSI) level to members of ICWAI with three years’ relevant experience. Both parties have also agreed to conduct seminars and conferences on contemporary areas such as IFRS, business valuations etc. Further, they have also agreed to share developments in the areas of common interest at international level.

The Chartered Institute for Securities & Investment is the largest professional body for those who work in the securities and investment industry in the UK and in a growing number of major financial centres round the world. Evolved from the London Stock Exchange, they now have more than 40,000 members in 89 countries.

ICWAI is formed by an Act of Parliament in India to regulate the profession of cost and management accounting and has more than 50,000 members and 3,50,000 students. ICWAI has been increasing its visibility by signing such memorandums with CIMA UK, IMA USA, NIA Australia, ICMA of Sri Lanka, IPAAR Russia and also very recently helped in establishing of a cost and management accounting body in Oman.

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Mutual recognition of professional membership enables ICWAI members to obtain CISI membership and students to access courses at concessional fees. A memorandum of understanding grants ICWAI members pathways to CISI membership-Associate level generally and Member level with three years' relevant experience-and offers reciprocal access to each institute's courses at concessional fees. The parties agree to organise seminars and conferences on topics like IFRS and business valuation and to share international developments in areas such as management accounting, risk management, asset servicing, global securities operations and investment.