ICMAI notifies Draft on Cost and Works Accountants (Amendment) Regulations 2023

The Institute of Cost Accountants of India(ICMAI) has notified Draft on Cost and Works Accountants (Amendment) Regulations 2023 via issuing Notification.

The Notification Stated, “The following draft of Regulations to further amend the Cost and Works Accountants Regulations, 1959, which the Council of the Institute of Cost Accountants of India proposes to make, is hereby published, as required by sub-section (3) of section 39 of the Cost and Works Accountants Act, 1959 (23 of 1959) 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 Cost Accountants of India within the period so specified addressed to the Secretary, The Institute of Cost Accountants of India, CMA Bhawan, 12, Sudder Street, Kolkata – 700 016.

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.”

These regulation may be called the Cost and Works Accountants (Amendment) Regulations, 2023. They shall come into force on the date of their final publication in the Official Gazette.

In the Cost and Works AccountantsRegulations,1959

(i) In Regulation 1 of the principal regulations, in sub-regulation (1), for the words “Cost and Works Accountants” the words “Cost Accountants” shall be substituted.

(ii) For Regulation 3, the following shall be substituted, namely:

“3 – Register of Members

The Register of Members shall be maintained in the appropriate Form referred to in Schedule ‘A’

(iii) For Regulation 10, the following shall be substituted, namely:

“10- Grant or refusal of Certificate of Practice

(1) A member may apply to the Council for a certificate entitling him to practise as a cost 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 7.

(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) 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.

(5) 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.

(iv) After Regulation 15B, the following regulations shall be inserted, namely:

“15C-Status of actionable information and complaints in public domain

(1) The status of actionable information and complaints pending before the Disciplinary Directorate, the Board and the Committee shall be made available on the website of the Institute and shall be updated every month.

(2) The status of such pending information and complaints shall contain the following details:-

(i) Total number of actionable information and complaints pending.

(ii) Number of cases which are pending for investigation before the Directorate prior to the stage of preliminary examination report.

(iii) Break up of cases where Preliminary Examination Report has been submitted by Director (Discipline) to the–

a. Board of Discipline

b. Disciplinary Committee

(iv) Break-up of cases pending for hearing (including recalled hearings, if any) before the–

a. Board of Discipline

b. Disciplinary Committee

(v) Break up of cases where hearing has been concluded but findings have been kept reserved by the:

a. Board of Discipline

b. Disciplinary Committee.

(vi) Break-up of cases where findings have been issued but punishments are yet to be awarded by the –

a. Board of Discipline.

b. Disciplinary Committee.

(vii) Break-up of cases in which punishments have been awarded by the –

a. Board of Discipline.

b. Disciplinary Committee.

(viii) Break-up of appeal cases filed before Appellate Authority with statistics of

a. Appeals allowed,

b. Partly allowed,

c. Dismissed.

(3) Disposal Statistics to also include break-up of disposal i.e.; number of cases in which penalty of reprimand, removal from the register, fine or both removal from the register and fine, have been awarded.

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