Chartered Accountants (Amendment) Regulations, 2020.

Last updated: 16 September 2020

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The Institute of Chartered Accountants of India has published draft amendments to the Chartered Accountants Regulations, 1988. These proposed changes, known as the Chartered Accountants (Amendment) Regulations, 2020, will come into effect upon final publication. Key amendments include new requirements for membership applications made after a three-year gap from passing the final exam, and for name restoration after a similar period of removal. The public has 45 days from the Gazette's availability to submit any objections or suggestions to the Council.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

NOTIFICATION

New Delhi, the 14th September, 2020

No.1-CA(7)/195/2020.—The following draft of certain regulations further to amend the Chartered Accountants Regulations, 1988, which the Council of the Institute of Chartered Accountants of India proposes to make, is hereby published, as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949) for the information of all persons likely to be affected thereby; and notice is hereby given that the said draft regulation shall be taken into consideration after the expiry of a period of forty-five days from the date on which the copies of the Gazette of India, in which these draft regulations are published, are made available to the public;

Any person desiring to make any objection or suggestion in respect of the said draft regulations, may forward the same to the Council of the Institute of Chartered Accountants of India within the period so specified addressed to the Acting Secretary, the Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110 002;

Any objection or suggestion which may be received from any person with respect to the said draft regulations before the expiry of the period so specified shall be taken into consideration by the Council.

Draft Regulations

1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2020.

(2) They shall come into force on the date of their final publication in the Official Gazette.

2. In the Chartered Accountants Regulations, 1988, –

I. In Regulation 4:

(i) The existing regulation 4, shall be numbered as sub-regulation (1);

(ii) After so numbered sub-regulation (1), the following shall be inserted as sub-regulation (2), namely,‑

“(2) Notwithstanding anything contained in clause (a) or (b) of sub-regulation (1), a person who makes an application for membership of the Institute after a period of three years or more from the date of his passing the final examination and comply with other provisions of these regulations, shall be required to appear and pass such Assessment as may be approved by the Council from time to time.”

II. In regulation 19, after sub-regulation (1), the following proviso shall be inserted, namely,‑

“Provided that a person who makes an application for restoration of his name after a period of three years or more from the date of removal of his name shall be required to appear and pass such assessment as may be approved by the Council from time to time.”

RAKESH SEHGAL, Acting Secy.

[ADvT.-III/4/EXTY./219/2020-21]

Note: The principal regulations were published in the Gazette of India, Extraordinary, dated the 1st June, 1988 vide number 1-CA(7)/134/88 dated 1st June, 1988 and subsequently amended by the following numbers:-

(i) Notification No.1-CA(7)/1/89 published in the Gazette of India, dated 7th October, 1989

(ii) Notification No.1-CA(7)/10/90 published in the Gazette of India, dated 19th January, 1991

(iii) Notification No.1-CA(7)/11/90 published in the Gazette of India, dated 19th January, 1991

(iv) Notification No.1-CA(7)/12/91 published in the Gazette of India, dated 23rd February, 1991

(v) Notification No.1-CA(7)/13/90 published in the Gazette of India, dated 2nd February, 1991

(vi) Notification No.1-CA(7)/19/92 published in the Gazette of India, dated 7th March, 1992.

(vii) Notification No.1-CA(7)/28/95 published in the Gazette of India dated 1st September, 1995

(viii) Notification No.1-CA(7)/30/95 published in the Gazette of India, Extraordinary dated 13th March, 1996

(ix) Notification No. 1-CA(7)/31/97 published in the Gazette of India, dated 16th August, 1997

(x) Notification No. 1-CA(7)/44/99 published in the Gazette of India dated 26th February, 2000

(xi) Notification No.1-CA(7)/45/99 published in the Gazette of India, dated 26th February, 2000

(xii) Notification No.1-CA(7)/51/2000 published in the Gazette of India, Extraordinary, dated 17th August, 2001

(xiii) Notification No.1-CA(7)/59/2001 published in the Gazette of India, Extraordinary dated 28th September, 2001

(xiv) Notification No.1-CA(7)/64/2002 published in the Gazette of India, Extraordinary dated 31st March, 2003

(xv) Notification No.1-CA(7)/64A/2003 published in the Gazette of India, Extraordinary dated 4th December, 2003

(xvi) Notification No.1-CA(7)/83/2005 published in the Gazette of India, Extraordinary dated 28th July, 2005

(xvii) Notification No.1-CA(7)/84/2005 published in the Gazette of India, dated 17th June, 2006

(xviii) Notification No. 1-CA(7)/92/2006 published in the Gazette of India, dated 13th September, 2006

(xix) Notification No. 1-CA(7)/102/2007(E) published in the Gazette of India, dated 17th August, 2007

(xx) Notification No.1-CA(7)/116/2008 published in the Gazette of India, dated 25th September, 2008

(xxi) Notification No.1-CA(7)/123/2008 published in the Gazette of India, dated 3rd December, 2008

(xxii) Notification No. 1-CA(7)/145/2012 published in the Gazette of India, Extraordinary dated 1st August, 2012

(xxiii) Notification No. 1-CA(7)/154/2014 published in the Gazette of India, Extraordinary dated 22nd July, 2014

(xxiv) Notification No. 1-CA(7)/167/2014 published in the Gazette of India, Extraordinary dated 23rd January, 2015.

(xxv) Notification No. 1-CA(7)/178/2016 published in the Gazette of India, Extraordinary dated 25th May, 2017.

FAQ :

These are proposed new regulations that will amend the existing Chartered Accountants Regulations of 1988. They will come into force on the date of their final publication in the Official Gazette.

A person applying for membership more than three years after passing the final examination will need to appear for and pass an assessment approved by the Council, in addition to complying with other regulations.

Individuals applying to have their name restored to the Institute's register after it has been removed for three years or more will be required to pass an assessment approved by the Council.

You can submit any objections or suggestions to the Council of the Institute of Chartered Accountants of India. These must be sent to the Acting Secretary at the specified New Delhi address within 45 days of the draft regulations being made available to the public in the Gazette of India.

The draft regulations will be considered after 45 days from their publication. They will come into force on the date of their final publication in the Official Gazette.