The Institute of Cost Accountants of India (ICMAI) is a premier statutory body regulating the profession of Cost and Management Accountancy in India. Established under the Cost and Works Accountants Act, 1959, it is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy. The institute has a rich history dating back to 1944 and contributes significantly to the industrial and economic climate of India.