1,1′-(Ethane-1,2-diyl)dipyridinium bistribromide (EDPBT) catalyzes the acylation of structurally diverse alcohols, amines, thiols, and phenols with a variety of aliphatic and aromatic anhydrides. Steric factors in substrates as well as anhydrides and solvent play significant role during the formation of acylates. Chemoselective mono acetylation of symmetrical diols, primary hydroxy group over secondary and phenolic group and amines over phenols has been achieved. The compatibility of the protocol has been shown by the survival of different acid sensitive functionalities under the present reaction condition. The solvent, acetone, reacts with EDPBT giving bromoacetone and HBr, thus suppressing the bromination of substrates otherwise amenable to bromination. The reagent EDPBT being devoid of phase transfer property and owing to the high solubility of its precursor 1,1′-(ethane-1,2-diyl)dipyridinium dibromide (EDPDB) in water, it was possible to isolate pure acylates by an aqueous work-up circumventing the need for further purification. The process is superior owing to the recyclability of the reagent. The spent reagent can be recovered, regenerated, and reused without any significant loss.