The Institute of Cost and Works Accountants of India (ICWAI) is a statutory Professional body established on May 28,1959 under the Cost and Works Accountants Act, 1959 enacted by the Parliament of India to regulate the profession of Cost and Management Accountancy in India. The ICWAI is a Founder Member of International Federation of Accountants(IFAC), Confederation of Asian and Pacific Accountants(CAPA), South Asian Federation of Accountants(SAFA). . G.N. Venkataraman has been elected President for the year 2009-10. The main office is situated in Kolkata, and operates through four regional councils (Kolkata, Chennai, Delhi and Mumbai), and a number of chapters elsewhere in India and abroad.