ICAI issues Chartered Accountants (Second Amendment) Regulations 2023

The Institute of Chartered Accountants of India (ICAI) has issued Chartered Accountants (Second Amendment) Regulations 2023 via issuing Notification.

The following draft of Regulations to further 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 stakeholders likely to be affected thereby, and notice is hereby given that the said draft regulations shall be taken into consideration on or after the expiry of period of thirty 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 desirous of making any objection or suggestion in respect of the said draft Regulations, may forward the same for consideration by the Council of the Institute of Chartered Accountants of India within the period so specified addressed to the Secretary, the Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002.

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

The Notification as follows:

These regulations may be called the Chartered Accountants (Second Amendment) Regulations, 2023. They shall come into force from the date of their final publication in the Official Gazette.

In the Chartered Accountants Regulations, 1988,-

(a) in regulation 3,

(i) in heading of regulation, for the word “Register”, the words “Register “of Members” shall be substituted;

(ii) in regulation, after the words “The Register of members shall be, the word “maintained” shall be inserted;

(b) for regulation 3A, the following regulation shall be substituted, namely;-

(1) The list of members of the Institute as on the 1st day of April each year shall be published region-wise, under sub-section (3) of section 19 of the Act and shall be made available on the website of the Institute. Physical copy shall be made available to member(s) on request, for sale at such price as may be fixed by the Council from time to time.

(2) The list of Members may contain the following details of members:

(i) Name – Member’s Name as per records of the Institute.

(ia) In case the member is registered under MRA:

• Name of the Country
• Name & address of the Regulating Accounting Body

(ii) Gender – Male, Female and Others

(iii) Qualification – Member’s qualification as per records of the Institute

(iv) Membership No. –

(v) Whether Associate or Fellow

(vi) Year of enrolment as Associate or Fellow

(vii) Whether holding Certificate of Practice

(viii) Professional Address (refer Regulation 187)

(ix) Members residing abroad – Member’s Region and residential address in India.

(x) Details of pendency of any actionable information or complaint against it under Chapter V of the Act.

(xi) Details of imposition of any penalty against it under Chapter V of the Act.

(c) for regulation 9, the following regulation shall be substituted, namely;-

“Grant or refusal of Certificate of Practice

(1) A member may apply to the Council for a certificate entitling him to practise as a chartered accountant.

(2) An application for the grant of certificate of practice shall be made in the appropriate Form and shall be accompanied by the annual certificate fee and the annual membership fee unless the same has already been paid in accordance with Regulation 6.

(3) The Institute may issue the Certificate of Practice in the appropriate Form which shall be valid until it is cancelled under the provisions of these Regulations.

(4) Notwithstanding anything contained in this regulation, a certificate of practice held by a member on 31st March 1975 shall be deemed to have been issued under this regulation and shall continue to be valid until it is cancelled.

(5) On his ceasing to be in practice, a member shall inform the Council as soon as may be, but in any case, not later than one month from the day he ceases to practice.

(6) The Council may refuse to grant Certificate of Practice to a Member, if the particulars furnished in prescribed form for applying Certificate of Practice are found to be incomplete, incorrect or false or the member is not eligible to obtain such certificate under other provisions of the Act.

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