06 July 2024
Yes, you can serve your extension period (supplementary articleship) under a different principal. This situation typically arises when your original principal is unable to accommodate your extension period or if you need to complete your articleship in a different location due to personal reasons or career preferences.
Here are the key points to consider and the procedure for serving your extension period under a different principal:
### Key Points to Consider:
1. **Approval from ICAI**: You must obtain prior approval from the Institute of Chartered Accountants of India (ICAI) for serving your extension period under a different principal. This involves submitting a formal request detailing the reasons for the change and providing necessary supporting documents.
2. **Transfer Procedure**: The transfer of articleship requires approval from both your current principal and the proposed new principal. They will need to sign a specific form provided by ICAI for transferring articleship.
3. **Documentation**: You will need to submit documents such as the transfer form, acceptance letter from the new principal, and any other documents required by ICAI to process the transfer request.
4. **No Objection Certificate (NOC)**: Sometimes, ICAI may require a No Objection Certificate (NOC) from your current principal stating that they have no objection to you transferring your articleship to a new principal.
### Procedure for Transfer:
1. **Application**: Prepare an application addressed to ICAI stating your request to transfer your articleship to a new principal. Include details such as your current articleship registration number, reason for transfer, and details of the new principal.
2. **Approval**: Submit the application along with supporting documents (transfer form, acceptance letter from new principal, NOC if required) to the ICAI regional office or branch where your articleship is registered.
3. **ICAI Review**: ICAI will review your application and documents. If everything is in order and meets their criteria, they will approve the transfer.
4. **Notification**: Once approved, ICAI will notify you and update their records with the details of your new principal.
### Consequences:
- **Delay in Completion**: Transferring articleship may lead to a delay in completing your articleship training and subsequently your eligibility for appearing in CA final exams.
- **Compliance**: Ensure all procedures and documentation are compliant with ICAI regulations to avoid any issues with your articleship completion or exam eligibility.
- **Principal's Approval**: It's important to obtain consent and cooperation from both your current and new principals to facilitate a smooth transfer process.
By following these steps and procedures, you can effectively serve your extension period under a different principal while adhering to ICAI guidelines and ensuring your CA journey progresses smoothly.
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