Currently, Agrawal is the president of Institute of Chartered Accountants of India (ICAI).
"He (Agrawal) is only the sixth ICAI nominee to be appointed to this position during the 30-year journey of SAFA," the institute said in a statement today.
Agrawal, who was vice president of SAFA last year, also served in various committees of the grouping.
Among others, he is a member of Sebi panel for reviewing insider trading regulations and part of Small & Medium Practices Committee of International Federation of Accountants (IFAC).
Bhutan and Afghanistan have given observer status.
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