Are cas allowed to engage in share trade business

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 October 2011 Are CAs who hold COP allowed to engage in share day trading business?

I checked the Chareterd Accountants Regulations 1988 but found no info regarding the institute's bar on share day trading.

Any reply will be highly appreciated.

praveen sisodia

praveen sisodia (Expert)
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19 October 2011 See Ca regulations Ethics which clearly specifies that a member who is in practice do not involver in any other business or profession except CA practice.

Querist : Anonymous

Querist : Anonymous (Querist)

19 October 2011 Thank You for your prompt reply. Yeah I had seen the code of ethics but it was not specifically mentioned. Anyway thanks for clarifying.

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praveen sisodia

praveen sisodia (Expert)
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19 October 2011 A Chartered Accountant in practice cannot engage in any business or
occupation other than the profession of Chartered Accountancy -
As per terms of Clause (11) of Part I of First Schedule to the CA Act , in general, a
Chartered Accountant in practice is not permitted to engage in any business or
occupation other than the profession of Chartered Accountancy.
However, there are following exceptions to it:-
A Chartered Accountant can be a director of a company (not being a managing director or a whole time director), unless he or any of his partners is interested in such company as an auditor.