MCA Seeks Feedback On Review of Rules specified under the Chartered Accountants Act, 1949

Last updated: 11 May 2024

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The Ministry of Corporate Affairs (MCA) has launched a public consultation to review rules under the Chartered Accountants Act, 1949. This initiative aims to modernise the profession by ensuring greater transparency and accountability. The MCA is inviting comments on specific rules related to the Council, election tribunals, and the Quality Review Board. Members of the public and stakeholders are encouraged to submit their suggestions through the MCA's e-consultation portal.

The Ministry of Corporate Affairs has initiated a public consultation process to review the rules specified under the Chartered Accountants Act, 1949. This move aims to ensure transparency, accountability, and alignment with contemporary needs in the field of chartered accountancy.

Official copy of the notification has been mentioned below

Council Affairs
The Institute of Chartered Accountants of India
10th May, 2024

Subject: Inviting Public Comments on Review of Rules specified under the Chartered Accountants Act, 1949

MCA Seeks Feedback on Chartered Accountants Act Rules

This is to bring to your attention an important initiative by the Ministry of Corporate Affairs regarding the review of rules specified under the Chartered Accountants Act, 1949.

The Ministry of Corporate Affairs is currently inviting public comments on the proposed review of rules specified under the Chartered Accountants Act, 1949 which are as under:

The Chartered Accountants (Election to the Council), Rules, 2006
The Chartered Accountants (Nomination of Members to the Council) Rules, 2006
The Chartered Accountants (Election Tribunal) Rules, 2006
The Appellate Authority (Allowances payable to, and other terms and conditions of service of Chairperson and members and the manner of meeting expenditure of the Authority) Rules, 2006
The Chartered Accountants (Procedures of Meetings of Quality Review Board, and Terms and Conditions of Service and allowances of the Chairperson and members of the Board) Rules, 2006

Public comments/suggestions may be submitted by visiting the website of the Ministry of Corporate Affairs (www.mca.gov.in) under the E-Consultation tab or by clicking the below link:
https://www.mca.gov.in/content/mca/global/en/econsultation/econsultation-listing-page.html

Visit the provided link above.
Review the public notice, instruction kit, and relevant documents available on the page.
Submit your comments and suggestions through the provided platform within the stipulated timeframe.

Your active participation in this review process is highly encouraged and appreciated.

Thank you for your attention and cooperation in this matter.

CA.(Dr.) Jai Kumar Batra
Secretary, ICAI

FAQ :

The MCA has started a public consultation process to review and update the rules specified under the Chartered Accountants Act, 1949.

The review aims to ensure transparency, accountability, and to align the rules with the current needs of the chartered accountancy profession.

The review covers rules such as the Chartered Accountants (Election to the Council) Rules, 2006, the Chartered Accountants (Nomination of Members to the Council) Rules, 2006, and others related to election tribunals and the Quality Review Board.

You can submit your comments and suggestions by visiting the Ministry of Corporate Affairs website (www.mca.gov.in) and navigating to the E-Consultation tab, or by using the provided link.

Public comments and suggestions are invited, indicating that all interested parties, including chartered accountants and the public, are encouraged to participate.

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