code of conduct

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brijesh Kumar Gujrati (Querist)
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07 December 2007 According to Circular issued by CBDT if any person dealing in shares and activity reflects the nature of activity is not a investment income arises such activity will be treated business income not a capital gain. my query is can a practising member of ICAI can carryout sale or purchase of shares. whether code of conduct attract on member that member cannot engaged in business activity other than profession activity please clarified

R.V.RAO

R.V.RAO (Expert)
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07 December 2007
ICAI CODE OF EHICS STATE UNLESS ICAI PERMITS A MEMBER IN PRACTICE,HE/SHE IS PROHOBITED FROM ENGAGING IN ANY BUSINESS OR OCCUPATION.
I REPRODUCE SUCH REGULATIONS BELOW
Clause (11) - Practising member prohibited from engaging in any business or occupation other than the profession of chartered accountants unless permitted by the Council so to engage, except being a director of a company, unless he or any of his partners is interested in such company as an auditor
Regulations
A Chartered Accountant in practice not to engage in any other business or occupation

Part-time employments a Chartered Accountant in practice may accept
Chartered Accountants Regulations, 1988 (2002 edu.)
(A)Permission granted generally
(B) Permission to be granted specifically
- Director of a Company
- Promoter/Promoter-Director
SOURCE:www.icai.org
R.V.RAO

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