April 21, 2004 - In a first of its kind initiative in India, the Institute of Chartered Accountants of India (ICAI) has become India's first educational institution to acquire Digital Certificate issuing capability as a Sub-Certifying Authority. Through this initiative, ICAI makes a significant stride towards completely digitizing its operations and become a "Virtual Institution".
In the first phase of its "Virtual Institution" initiative, ICAI will issue digital certificates to all its users for secure communication through digital signatures. Digital Signatures are impossible to forge and ensure that signed communication is tamper-proof.
The next phase involves the deployment of FormSigner solution at ICAI. This will enable secure electronic filing and online payment on ICAI's web portal.
ICAI has 115,000 members and 250,000 students across the country. In order to bring its services to users' fingertips, ICAI plans to leverage the convenience and ubiquity of the Internet through its "Virtual Institution" - ERP System. PKI-based Digital Certificate technology will play a crucial role in making this initiative a success.
PKI-based Digital Signature technology enables users to digitally sign electronic documents and perform electronic transactions in a trustworthy manner. Digital Signatures are legally recognized and thus eliminate the need for handwritten signatures. This solves the biggest problem in conversion from paper-based systems to digital processes. In addition, Digital Certificate and Digital Signature technology provides enhanced security in terms of authenticity, integrity and non-repudiation.
Mr. Sunil Goyal, President, ICAI on the occasion said, "ICAI in its new role as a Digital Certificate Issuing Authority in TCS-CA's Trust Network will leverage their PKI infrastructure and information security expertise to issue legally valid Digital Certificates to all its Members, Firms & Students. ICAI's users will now be able to communicate securely and perform electronic transactions that are legally recognized by the Indian IT Act, 2000".
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