The Institute of Chartered Accountants of India (ICAI) conducted its first convocation ceremony here on November 16.

Union Minister of Corporate Affairs, Mr. Prem Chand Gupta conferred certificates to 28 All India Rank (AIR) holders. Around 2,800 scripts were awarded under different categories.

Mr. Ved Jain, President of ICAI conferred credentials to more than 1,000 members and students present at the function.

Two books titled 'Certificate Course on Valuation - Volume I and II' and 'Members Manual' was also released by Mr. Gupta.

Addressing the gathering, Mr. Gupta said, "I take this opportunity to wish all students a very bright future. I would also like to tell them that they are entering a profession whose importance is going to increase day by day not only in the Indian context but also globally".

"Chartered Accountancy is a globally acclaimed profession, capable of offering new vistas to young talent by providing challenging opportunities. The multi-faceted knowledge a chartered accountant posseses through a unique blend of academics coupled with practical training, is what the business and industry need in the advent of liberalization, privatization and globalization of Indian economy. The Chartered Accountants have emerged as a complete business solution providers", Mr. Gupta further said.

The Institute has witnessed a record registration of 92,000 candidates for the Common Proficiency Test (CPT) scheduled for December 14, 2008.

For the examinations which concluded on November 16 - Professional Competence Examination (PCE) and Final, more than 90,000 students appeared, reflecting the upward trend being witnessed in the chartered accountancy course.

"In the years to come, approximately 30,000 chartered accountants will pass out every year to adequately meet the growing demand of accountancy professionals in the dynamic economy", an official from the ICAI said.

Speaking on the economic recession, Mr. Gupta said, "The global economy is passing through turbulent times. The more surprising part of the current scenario is that the most developed economies of the world, including India used to look forward to models of good corporate governance and effective regulations of these countries. While the government is taking every step, which is required under the circumstances, it is professional bodies like the ICAI which have an important role to play".