BUSINESS FOR CA

This query is : Resolved

raman (Querist)
Follow

15 June 2009 PLEASE TELL , CAN A CA IN PRACTICE DO OTHER BUSINESS LIKE SUB-BROKER ( SHARE TRADING ) ALONG WITH HIS PRACTICE.

CA CS CMA Srinivasan N

CA CS CMA Srinivasan N (Expert)
Follow

16 June 2009 Hi,
As per the Chartered Accountant Act, a practicing Member must obtain permission of Council for engaging in any business other than accountancy..The rules are
3. Engagement in other Business/Occupation
(Regulation 190A)
Eligibility
1. A member in practice is required to seek permission of the Council under Regulation 190A for
engagement in any business or occupation other than the profession of accountancy. The member
is required to submit an application in the prescribed Form. The permissible categories of
engagements approved by the Council under Regulation 190(A), are available in Appendix No. 9 to
the Chartered Accountants Regulations, 1988.
2. In case a member had obtained permission of the Council for other engagement, he is required to
inform to the Institute the date of leaving, upon ceasing such employment within 30 days.
3. He may also seek permission for his new engagement by sending the application in the prescribed
Form within 30 days.
Requirements
1. An application in the prescribed Form filled in and signed and complete in all respects by the
member shall be submitted to the Institute's office within 30 days from the date of joining the
employment.
2. In case the member is employed with a firm of Chartered Accountants, a letter of confirmation from
the firm shall also be submitted.
3. The permission of joining/leaving should be communicated to the Institute's office within 30 days
mentioning the exact date when he joined/ceased to be engaged in other occupation/engagement.
Interest In Family Business
A member of the Institute can acquire interest in family business in any of the following manner:
(a) as a proprietor of a proprietary firm.
(b) as a partner of partnership firm.
(c) in the name and style of Hindu Undivided Family as its karta or a member.
It would be necessary for the member to provide evidence that interest in the family business concern
devolved on him as a result of inheritance/succession/partition of the family business. It is also necessary
for the member to show that he was not actively engaged in carrying on the said business and that the
family business concern in question was not created by him.
The member is required to submit an application and a declaration in the prescribed format.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
Follow

16 June 2009 Nice reply CA.Srinivasan N .

Raman, In your case In can be said that CAs are allowed in case they are not in full time engagement with practice.