February ushers in a season of transformation for our beloved Institute. Just as nature awakens from winter's slumber, shedding the old to embrace the new, so too does our Institute experience its annual rejuvenation. Fresh winds of change sweep through, carrying with them innovative ideas and renewed vigour, breathing life into our collective aspirations. This transformation visits the Institute unfailingly each February. When the 12^th of February arrives, amidst the crisp winter air of Delhi, a sacred transition unfolds within the hallowed Council Chambers. A new President assumes the mantle of responsibility, carrying forward the torch that has been passed down through seventy-three distinguished predecessors. Though faces change and personalities differ, the essence remains eternal: our firm dedication to the profession, our commitment to excellence, and our sacred trust to the nation. This seamless continuity in change is the very hallmark of our institutional maturity. It is a testament that we serve something far greater than ourselves - the Institution and the ideals it embodies.

As I pen these words, having completed my tenure as the 73^rd President of this venerable Institute, I am overwhelmed with profound gratitude. This extraordinary journey has been made possible only through the boundless affection of countless members across the nation, the steadfast confidence of my esteemed Council colleagues, the tireless dedication of our institution staff, the quiet understanding of my professional associates, and most significantly, the loving patience and countless sacrifices of my beloved family.

I must specially acknowledge the pillar of strength who has stood beside me through every challenge and triumph, CA. Prasanna Kumar D., our Vice-President, whose wisdom, grace, and exemplary leadership have been a constant source of inspiration throughout our collaboration.

The poet reminds us, "Ruk jana nahin tu kahin haar ke, kaanton pe chal ke milenge saaye bahaar ke". Progress belongs not to one, but to many persevering together. I am, but a drop in this infinite ocean, yet every drop bears a responsibility. The trust reposed in me by my family, the Council, and thousands of members of this great Institute has been my greatest strength. I sincerely hope that my tenure has honoured it with sincerity and integrity.

The past year was a roller-coaster ride full of challenges and triumphs, from fortifying audit standards to harmonising our Code of Ethics with global benchmarks and empowering CA Firms through domestic and global networking guidelines. Yet, one truth shone through: we are ascending, with a clear roadmap and unyielding purpose. We will not slow down, not until India fulfils the dream of billions, the dream of a truly Viksit Bharat.

When I entered this profession as a Chartered Accountant, our call was clear, guide organizations with accurate numbers and uphold the highest standards of ethics and integrity in financial reporting. But the time has advanced. Technology has reshaped our profession, redefined expectations, and expanded responsibilities. Relevance today demands not the resistance but the bold embrace of change, with courage, foresight, and adaptability. Our profession now demands far more than routine tasks that software can perform with ease. We must think strategically, interpret data insightfully, and forge value on the bedrock of law and ethics. Our nation needs Chartered Accountants who are technologically empowered, professionals who can strengthen the economy through informed decisions and responsible financial stewardship. The world looks to us to embed sustainability into reporting, to balance growth with conscience, and to align profit with purpose. This is our duty, our chance and our legacy.

That is why I firmly believe, "An era thrives on transformation, not by inertia. Tomorrow belongs to those who advance with purpose and momentum, not those who remain still". India is not in the mood to pause, and neither is ICAI. Our nation is steadily moving forward towards the stature of being a global superpower it truly deserves, and the profession must move in step with that aspiration. The Council Year 2025-26 was both privilege and responsibility driving change to elevate our profession's relevance and higher standards. ICAI entered a transformative era: strategically aligned with national priorities, seamlessly integrated globally, and anchored in stakeholder trust.

Our roadmap shifted from vision to tangible impact. Looking back, this wasn't a year of mere time, but a journey of being Vishwasniya measured in trust, courage, and countless moments of shared belief. Across India and beyond, ICAI touched institutions, industries, and individuals at a scale that reflects both purpose and performance. I take pride in milestones like mentoring 19,355 MSMEs in a single day, recognised by multiple international record bodies, or guiding over 7,400 students in a Guinness World Record–setting career lesson every triumph stands as a testament to our dedication of being a Partner in Nation Building.

We strengthened India's governance and financial ecosystem through strategic collaborations with national institutions, including the office of CAG of India, SCOPE, NIUA, MGSIPA, RRU, NFSU, NPCI, IVCA, NSE IX, and multiple State Governments, focusing on capacity building and knowledge sharing. Further, the institute entered partnership with the Army Purchase Organisation (APO), Directorate General of Supply and Transport, Indian Army, Ministry of Defence (MoD) to strengthen the procurement process in the army, enabled by real-time UDIN verification. Also, I take immense pride in sharing that the UDIN crossed the historic milestone of 10 crore documents, emerging as the globally admired model of trust and authenticity.

The Institute equipped members with cutting edge skills through new Certificate courses on Independent Directors, Mediation, Labour Laws, Estate & Succession Planning, Investment Banking, Non-Banking Financial Companies and on Overseas Outsourcing Services for Australia, Canada and the UK - preparing professionals for global markets with specialised, practical expertise.

We marked strategic entry into dispute resolution with the launch of the ICAI International ADR Centre on 31 July 2025, as a section 8 company, reinforcing trust, efficiency, and investor confidence.

ICAI's commitment to sustainability and holistic well-being was reflected through the celebration of International Yoga Day with over 2,000 members gathering at Bharat Mandapam under the theme "Yoga for One Earth, One Health". Furthermore, our biodiversity initiative with UN GCNI on 24 May 2025 brought together 200+ stakeholders to integrate nature into business strategy. It is a matter of great pride that the ICAI has been recorded in the Asia Book of Records for organising Yoga sessions simultaneously on International Yoga Day, 2025. Similarly, nationwide, skill enrichment and online wellness programmes earned recognition from both the Asia Book of Records and the India Book of Records. These remarkable achievements reflect ICAI's spirit of promoting professional excellence anchored in holistic wellbeing.

We powered India's growth engines through MSME and Startup conclaves, launching the MSME Clinic Programme, and hosting a GCC Summit Series in collaboration with MEA, MeitY, IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur. Our outreach extended to tribal and rural communities through financial literacy programmes in Meghalaya, championing inclusive growth at the grassroots.

Beyond the extensive capacity-building initiatives, investor and financial literacy programmes, focused MSME empowerment, student-centric reforms, we rolled out technology-led solutions such as the Carbon Emission Calculator embedding sustainability at every level.

ICAI, under the aegis of the Ministry of External Affairs, Government of India, successfully organized two Indian Technical and Economic Cooperation (ITEC) Professional Training Programs during the Council Year 2025-26, further strengthening India’s commitment to global capacity building in the accounting profession.

The sky is no longer the limit-it's just the beginning. With visionary leaders, ICAI will soar- aligning seamlessly with government goals to position India as a global powerhouse.

Let's have a look at the recent developments of the Institute:

World Forum of Accountants (WOFA 2.0) will always remain etched in my heart, not as an event but as shared belief in action. We have witnessed professionals from across the world come together, bringing with them diverse experiences, ideas, and hopes for the future of our profession. As Hon'ble Prime Minister has quoted in goodwill message, "Chartered Accountants are respected for their financial expertise and professional competence across the globe. They have long been the custodians of financial discipline and institutional trust". In those moments of dialogue and connection, I felt the quiet reassurance that our dream of taking the profession global has truly begun to take shape. This three-day odyssey sparked beginnings, planting seeds in the young minds, fostering introspection, and charting paths to shared excellence. I hope that the seeds sown through WOFA will continue to grow, guiding the profession far beyond boundaries and into a future of shared excellence.

WOFA 2.0 was inaugurated by CA. Piyush Goyal, Hon'ble Minister of Commerce and Industry, as the Chief Guest and Shri Kumar Mangalam Birla, Chairman, Aditya Birla Group, as the Guest of Honour, in the august presence of Mr. Jean Bouquot, President, IFAC, and Ms. Jennifer Lopez, CEO, CAPA. The event was graced by Hon'ble Members of Parliament Shri Arun Singh, Shri P. P. Chaudhary, Shri Vivek Tankha, Shri Kartikeya Sharma and Shri Tejasvi Surya. Concluding on a resounding note, WOFA 2.0 brought together over 10,000 delegates and 250+ speakers, including policymakers, regulators, global standard setters, industry leaders and senior professionals, who deliberated across 21 plenary sessions and 42 concurrent sessions, firmly establishing the Forum as a powerful global platform showcasing India's professional excellence and reinforcing the nation’s position as a trusted hub of competence, credibility and thought leadership in the accounting and finance profession.

The impactful second day concluded with the presentation of the prestigious second edition of the ICAI Awards under two categories - Excellence in Financial Reporting 2024-25 and Promotion of Accounting Reforms in Local Bodies 2025-26. The awards were presented by CA. Satish Golchha, IPS, Commissioner of Police, Delhi, is the Chief Guest of the ceremony.

On the 3^rd day second part of prestigious ICAI Awards ceremony celebrating professional excellence and leadership across multiple domains was held i.e.- 19^th ICAI Awards for Members in Industry recognised outstanding contributions by Chartered Accountants in the corporate and industrial sectors, along with 3^rd CA Women Excellence Awards honouring exemplary achievements by women CAs and 4^th ICAI Sustainability Reporting Awards 2024-25, acknowledging organisations demonstrating excellence in sustainability disclosures and responsible reporting. The awards recognise and honour outstanding contributions of chartered accountants and institutions towards strengthening India’s financial ecosystem. The awards ceremony was graced by Shri Raj Bhushan Chaudhary, Hon’ble MoS for Jal Shakti, as the Chief Guest.

The Institute magnificently celebrated its 76^th Annual Function, a momentous occasion graced by the esteemed presence of Shri Arjun Ram Meghwal, Hon'ble Minister of State (Independent Charge), Law and Justice, as the Chief Guest. The event provided a distinguished platform to celebrate excellence, recognising meritorious CA students, Regional Councils, Branches, and Overseas Chapters for their outstanding achievements and contributions during the year.

ICAI organised Local Governance Synergy Conclave 2.0, reinforcing its commitment to strengthening local financial governance in alignment with the vision of Viksit Bharat. The conclave was graced by Shri. K. Sanjay Murthy, Hon'ble Comptroller & Auditor General of India, as the Chief Guest, along with Shri. Manish Kumar, Deputy C&AG (Local Governance Audit) and Chairperson, BLoAC. The event witnessed active participation from approximately 160 stakeholders across India, including officials from the Office of the C&AG, MoHUA, MoPR, MoRD, State Governments, Panchayati Raj Institutions, Local Fund Auditors, State Accountant Generals, and representatives of Urban and Rural Local Bodies, and deliberations focussed on financial reporting, management, auditing, and the role of digital tools in enhancing transparency and accountability in Local Self-Governments.

The Institute organised the Cooperative Chintan Shivir under the theme "Transforming India's Economic Future through the Expanding Role of Chartered Accountants", providing a platform for in-depth deliberations on the growing role of Chartered Accountants in strengthening the cooperative sector and reinforcing its contribution to India's economic development. The event was inaugurated by Shri Bhupender Yadav, Hon'ble Union Minister for Environment, Forest & Climate Change, along with Shri Krishan Pal Gurjar, Hon'ble Union Minister of State for Cooperation and Shri Suresh Prabhu, Founding Chancellor of Rishihood University. During the event, a Concept Paper on strengthening India's cooperative ecosystem was also launched, outlining the strategic role of Chartered Accountants in enhancing governance, financial transparency, audit quality and capacity building within cooperative institutions. The Chintan Shivir concluded with actionable insights and policy- oriented suggestions focused on strengthening India's cooperative ecosystem, in alignment with national development priorities and the vision of a resilient, transparent, and professionally governed cooperative sector.

The Institute, under the aegis of the Ministry of External Affairs, Government of India, successfully organized two Indian Technical and Economic Cooperation (ITEC) Professional Training Programs during the Council Year 2025-26, further strengthening India's commitment to global capacity building in the accounting profession.

Building on the success of the inaugural initiative, ICAI conducted the Second ITEC Training Program on the theme 'Frontiers of Global Accounting: Mastering Digital Transformation' from 15^th to 26^th September, 2025, at the Centre of Excellence (CoE), Hyderabad. The program witnessed participation from 29 delegates representing 17 countries. Further expanding its global outreach, ICAI organized the Third ITEC Training Program at COE, Hyderabad on the theme "Engaging the Public Accountants in the 21^st Century" from 12^th to 23^rd January, 2026. The program was attended by 18 participants from 11 countries.

The Institute organised a two-day Global Education Summit in Commerce and Accountancy (GES-CA) 2026 on the theme "Rising Together - Transforming Commerce Learning into Leadership" in New Delhi, aimed at strengthening the ecosystem for commerce education in the country, towards positioning India as the Global Talent Hub. The summit was inaugurated by Shri Suresh Prabhu, Founding Chancellor of Rishihood University, the second day featured a special address by Shri Arun Singh, Hon'ble Member of Parliament. The summit brought together Vice Chancellors, Policy makers, Industry Leaders, Directors, Principals, Deans, Professors and distinguished professionals from 24 States and 2 Union Territories across the country specializing in Commerce and Accountancy.

During the summit, Memoranda of Understanding (MoUs) were signed with 15 universities/colleges. Further, to bridge the gap between academic curricula and professional requirements, ICAI launched the 'ICAI Model Curriculum for Commerce and Accountancy Education in alignment with the transformative vision of the National Education Policy 2020.

The ICAI successfully convened the 4^th National GST Symposium on 8-9 January 2026 at Kovalam, Thiruvananthapuram, reinforcing the Institute's role as a catalyst for dialogue and development in the GST ecosystem. The Symposium brought together 97 senior officers from 24 States and key institutions, including GSTN, CAG, the GST Council Secretariat, and GSTAT, fostering meaningful exchange on policy, administration, and implementation challenges. Eminent former CBIC leaders shared valuable insights, while focused technical sessions addressed critical areas such as the GST Appellate Tribunal, next-generation audits, adjudication quality, GST-Customs interface, data analytics, and inter-tax coordination, collectively advancing the vision of GST as a "good and simple tax".

I am happy to share that ICAI achieved a historic milestone by creating a World Record for conducting more than 190 financial and tax literacy programmes across the country within a short span of nine months, from March to November 2025. This remarkable outreach initiative, recognised by the World Book of Records, London, reflects the Institute's unwavering commitment to enhancing financial awareness, promoting informed citizenship, and strengthening economic literacy at the grassroots level across India.

The Council of the ICAI has decided to extend the applicability of Phase IV of the Peer Review Mandate to 31.12.2026. Accordingly, For Practice Units that propose to undertake a statutory audit of branches of Public Sector Banks or Practice Units rendering attestation services and having 3 Partners, will be required to undergo peer review mandatorily from December 31, 2026.

It is with profound sorrow and a deep sense of loss that the accountancy profession mourns the sad demise of our esteemed Past President (2012-13), CA. Jaydeep Narendra Shah, whose life and service stand as a shining example of leadership, integrity, and unwavering commitment to the profession. Beyond his professional excellence, he was a mentor, an inspiration, and a source of wisdom to generations of members and students. Very recently, I had the opportunity to meet him, and it is unbelievable that he is no more with us. His humility and ethical values will continue to guide us in the years ahead. We extend our heartfelt condolences to the bereaved family and pray that his noble soul rests in eternal peace.

As I step down as President, I do not leave this Institute, or the bond we share. My title changes, but my devotion to our profession, this great institution, and our nation endures. I carry every handshake, dialogue, challenge we conquered together, and above all, the Vishwas you all placed in me.

I will never forget the words echoed by my Late Mother that this is not just an Institute but 'Gurudwara' for us and as said by my mother this institute will always remain my temple and my service to the nation and this great institute will continue until my last breath, because this calling is not a role, it is a responsibility etched in my heart.

To the next generation of Chartered Accountants and aspiring CAs, my message is: Believe in your potential, Uphold integrity, Embrace innovation and walk with courage. The world watches, and you have the power to show how India excels through excellence, ethics, and empathy.

Rise not only professionally, but as nation builders, torchbearers of trust, and architects of a stronger tomorrow.

I depart with hope, with pride, and with unshakeable faith that you will carry this legacy even further.

Friends, this is not a goodbye; it is simply a promise that wherever I stand, I will always stand with you.

ये सिलसिला-ए-ख़िदमत रुकता नहीं, बस दौर बदल जाते हैं,

वतन से जो वादा है, वो साँस तक निभाए जाते हैं।