India has a rich history of accounting and finance. However, it was not until the early 20th century that the profession of chartered accountancy was formally established in India. The first chartered accountant in India was none other than Mr. G.P. Kapadia.
Who was G.P. Kapadia?
G.P. Kapadia, also known as Ghanshyam Das Kapadia, was born on 18th June 1893 in Bombay (now Mumbai). He completed his education from Elphinstone College in Mumbai and then went to England to study chartered accountancy.
He qualified as a chartered accountant in England in 1917 and returned to India the same year to set up his own practice. He became the first Indian chartered accountant to hold a certificate from the Institute of Chartered Accountants in England and Wales (ICAEW).
Contribution to the Profession
G.P. Kapadia's contribution to the profession of chartered accountancy in India was immense. He not only set up his own practice but also helped in setting up the first Indian chartered accountancy firm, M/s A.F. Ferguson & Co. in 1921.
He was also one of the founding members of the Institute of Chartered Accountants of India (ICAI) and served as its President in 1943-44. He also served as the President of the Bombay Chartered Accountants' Society and the All India Federation of Tax Practitioners.
Awards and Recognition
G.P. Kapadia's contribution to the profession of chartered accountancy did not go unnoticed. He was awarded the Padma Bhushan by the Government of India in 1958. He was also awarded an Honorary Doctorate of Law by the University of Bombay in 1965.
Legacy
G.P. Kapadia passed away on 13th December 1978, leaving behind a legacy that inspired generations of chartered accountants in India. Today, the profession of chartered accountancy in India is one of the most respected and sought-after professions.
The Institute of Chartered Accountants of India (ICAI) has over 2.5 lakh members and over 8 lakh students. The profession has come a long way since the days of G.P. Kapadia, but his contribution to the profession will always be remembered.
Conclusion
G.P. Kapadia's contribution to the profession of chartered accountancy in India was immense. He not only became the first chartered accountant in India but also helped in setting up the first Indian chartered accountancy firm and the Institute of Chartered Accountants of India.
His legacy has inspired generations of chartered accountants in India, and the profession continues to grow and evolve today. The profession of chartered accountancy in India owes a lot to G.P. Kapadia, and his contribution will always be remembered.
