The Institute of Chartered Accountants of India will set up a centre of excellence in this city, the first such in Kerala.

This is the fourth centre of excellence in the country after Jaipur, Hyderabad and Bangalore.

ICAI chairman P A Joseph said the Rs three crore centre here, to be completed in a year, would provide research facilities in accounting, taxation, management and company affairs.

He said to a news agency that ICAI plays a pivotal role in the nation's economic growth with the slogan of "participation in nation building."

Joseph said India, with 1.60 lakh qualified chartered accountants, is second behind USA. There are at present over five lakh management trainees in the country, he said.

 He said lack of awareness and shortage of facilities are the main bottlenecks affecting the growth of such centres.

The foundation stone of the centre here will be laid on October 21 by ICAI president Utham Prakash Agarwal.