ICSI Appreciates GOI for Bringing CA, CWA and CS (Amendment Bill), 2021

The Institute of Company Secretaries of India applauds the Government of India‘s efforts in bringing the Chartered Accountants, Cost and Works Accountants, and Company Secretaries (Amendment) Bill, 2021 to the public’s attention.

The Bill, which was passed in the Lok Sabha on March 30, 2022, and the Rajya Sabha on April 5, 2022, aims to strengthen the disciplinary mechanisms of the three Institutes by including more external representation on the Discipline Board and Committee, as well as ensuring the timely disposition of cases. It would also resolve the Institute’s conflict of interest between its administrative and disciplinary branches.

Audits of the Institutes’ accounts will have to be provided by a panel of auditors maintained by the Comptroller and auditor general of India in order to improve accountability and transparency, a practice that The ICSI has been pursuing on a voluntary basis since 2014.

The Bill also gives the respective Institutes’ Councils the authority to set various fees and mandates the creation and maintenance of a separate Register of Firms, in addition to the Register of Members, that contains details of any actionable complaint or penalty imposed on the firms. For firms that have registered with the Institute, the ICSI already gives a unique identification number.

“The Institute believes that the amendment would bring better coordination among the professional bodies and would further strengthen the profession, particularly the disciplinary mechanism and accountability of the Institute towards its stakeholders while keeping the Institute’s autonomy sacrosanct,” said CS. Devendra V. Deshpande, President, ICSI.

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