9911796707
TMI BlogAmendment in the Chartered Accountants Regulations, 1988X X X X Extracts X X X X X X X X Extracts X X X X ..... ith respect to the said draft notification and that the matter has been considered by the Council of the Institute of Chartered Accountants of India and approved by the Central Government; Now, therefore, in exercise of the powers conferred by sub-section (1) of section 30 of the said Act, the Council, with the approval of the Central Government, hereby makes the following amendments in the Chartered Accountants Regulations, 1988, namely: 1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2008. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Chartered Accountants Regulations, 1988,- (a) after regulation 3, the following regulation shall be inserted, namely:- "3A. List of members. — The list of members of the Institute as on the 1st day of April each year published; under sub-section (3) of section 19, may be sent to any member, on his request and on his making payment at the following rates, - (i) Western Region Rupees 500/- per copy (ii) Southern Region Rupees 500/- per copy (iii) Eastern Region Rupees 300/- per copy (iv) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certificate was removed from the Register; (b) in a case falling under clause (iv) of sub-regulation (1), from the 15th day following the date of issue of notice by the Secretary on or after the 1st day of October; and (c) in any other case from such date and for such period, as may be decided by the Council."; (e) for regulation 11, the following regulation shall be substituted, namely: "11. Restoration of certificate of practice. — The Council may, on an application made in the approved Form and on payment of such fee, as may be determined by the Council under sub-section (3) of section 20, restore the certificate of practice with effect from the date on which it was cancelled, to a member whose certificate has been cancelled due to non-payment of the annual fee for the certificate of practice and whose application, complete In all respects, together with the fee, is received by the Secretary before the expiry of the relevant year."; (f) in regulations 12, 13, 14, 15, 16 and 17, after the headings, the following words in brackets shall be inserted, namely:- "[Applicable to a complaint or information pending before the Council or any inquiry initiated by the Disciplin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly:- (a) The Institute of Company Secretaries of India established under the Companies Act, 1980 (No.56 of 1980); (b) The Institute of Cost and Works Accountants of India established under the Cost and Works Accountants Act, 1959 (No. 23 of 1959); (c) Bar Council of India established under the Advocates Act, 1961 (No. 25 of 1961); (d) The Indian Institute of Architects established under the Architects Act, 1972 (No. 20 of 1972); (e) The Institute of Actuaries of India established under the Actuaries Act, 2006 (No. 35 of 2006). (2) The membership of the professional bodies or institutions outside India whose qualifications relating to accountancy are recognised by the Council under sub-section (2) of section 29 Shall also be taken into consideration for the purposes of Items (2), (3) and (5) of the Part I of the First Schedule to the Act. (3) For the purposes of Items (2), (3), (4) and (5) of Part I of the First Schedule to the Act, the following shall be the persons qualified in India, namely: (i) Company Secretary within the meaning of the Company Secretaries Act, 1980; (ii) Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959; (iii) A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Committees of the Council. — The Standing Committees constituted by the Council under section 17 shall at all times function under the control, direction and supervision of the Council." (m) for regulation 175, the following regulation shall be substituted, namely: "175. Executive Committee. - (1) The Executive Committee shall perform the following functions, namely:- (a) enrolment of members with or without certificate of practice, admission of fellows, removal and restoration of names of members, cancellation of certificate of practice, prosecution of members on the findings of the Council, granting exemption to chartered accountants in practice or firms of such chartered accountants from the operation of sub-section (1) of section. 27 and publication of the list of members; (b) grant of permission to a chartered accountant in practice to engage in any business or occupation other than the profession of accountancy in accordance with, and subject to, the restrictions specified in this behalf by the Council; (c) condone the delay in supplying requisite information under regulation 190; (d) maintenance of the Register of articled assistants and Register of audit ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be brought to the notice of the Council at its next meeting; (f) making recommendation to the Executive Committee for sanction of likely expenditure upto twenty percent in excess of the estimates previously sanctioned by the Council for the respective heads of the annual budget. . (2) The Council shall have the power to review any decision taken by the Finance Committee in the performance of the functions assigned to it." (o) for regulation 194, the following regulation shall be substituted, namely:- "194. Maintenance of accounts. — (1) It shall be the duty of the Secretary to cause to maintain proper books of accounts with respect to- (a) all sums of money received and expended by the Institute and the matters In respect of which the receipt and expenditure takes place; (b) all sales and purchases of goods; (c) all the assets and liabilities of the Institute. (2). The annual accounts of the Council shall be prepared for every year. Such annual accounts shall comprise of the Balance Sheet of the Institute, Income and Expenditure Account of the Institute comprising the surplus or deficit of the Institute for that year, and Cash Flow Statement for that year."; (. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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