Dear Soumil,
Qualification of CA is treated as equivalent to Post graduation for the purpose of doing Ph.D., but only if the candidate has completed their Graduation.
This is only from Some Indian Universities.
However, all candidates are subject to a yardstick of securing 55% marks in one sitting, for qualifying to do Ph.D. in most Indian universities which is the same criterion for M Com as well. Both the exams cannot be equated on the same plane.
Please see
https://www.icai.org/post.html?post_id=568
Please note that the info regarding qualifying marks was provided to me by a Faculty at ICAI. It is not mentioned in the post.
ICSI treats CAs as equivalents to graduates for doing CS, and exemption is given from doing the foundation program.