 The institute operates through its four regional councils located at Kolkata, Chennai, Delhi and Mumbai, 101 chapters in India and 10 chapters abroad.The practicing professionals are also known as CMA.The Institute of Cost and Management Accountants of India (ICMAI) was first formed as a registered limited company in 1944 (14 June 1944) as per the provisions of the then companies Act, 1913 with the initial objective of promoting, regulating and developing the profession of Cost Accountancy.