following is the regulaiton issued by ICAI. Kindly adhere to the same strictly before entering into any assignment. All members are requested to kindly follow the same diligently.
Appendix No. 9
Permission Granted Generally
Members of the Institute in practice be generally permitted to engage in the following categories in individual cases:
Employment under Chartered Accountants in practice or firms of such Chartered Accountants.
Private tutorship.
Authorship of Books and articles.
Holding of Life Insurance Agency Licence for the limited purpose of getting renewal commission.
Attending classes and appearing for any examination.
Holding of public elective offices such as M.P., M.L.A. & M.L.C.
Honorary office-bearership of charitable, educational or other non-commercial organisations.
Acting as Notary Public, Justice of the Peace, Special Executive Magistrate and the like.
Part-time tutorship under the Coaching Organisation of the Institute.
Valuation of papers, acting as-paper-setter, head-examiner or moderator for any examination.
Editorship of professional journals.
Acting as Surveyor and Loss Assessor under the Insurance Act, 1938.
Acting as Recovery Consultant in the Banking Sector.
Permission to be Granted specifically
Members of the Institute in practice may engage in the following categories of business or occupations, after obtaining specific and prior approval of the Council in each case:
Full-time or part-time employment in business concerns provided that the member and/or his relatives do not hold substantial interest in such concerns.
Full-time or part-time employment in non-business concerns.
Office of Managing Director or a whole-time Director of a body corporate within the meaning of the Companies Act, 1956, provided that the member and/or his relatives do not hold substantial interest in such a concern.
Interest in family business concern or concerns in which interest has been acquired as a result of relationship and in the management of which no active part is taken.
Interest in agricultural and allied activities carried on with the help, if required, of hired labour.
Interest in an educational institution.
Part-time or full-time lectureship for courses other than those relating to the Institute's examination conducted under the auspices of the Institute or the Regional Councils or their branches.
Part-time or full-time tutorship under any educational institution other than the Coaching Organisation of the Institute.
Editorship of journals other than professional journals.
Any other business or occupation for which the Executive Committee considers that permission may be granted.
Further, the Council may refuse permission in individual cases though covered under any of the above categories.
It was also decided that for the purpose of the above resolution:-
the expression "relative", in relation to a member means the husband, wife brother or sister or any lineal ascendant or descendant of that member; and
a member shall be deemed to have a "substantial interest" in a concern -
in a case where the concern is a company, if its shares (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than twenty per cent of voting power at any time, during the relevant years are owned beneficially by such member or by any one or more of the following persons or partly by such member and partly by one or more of the following persons:
One or more relatives of the member;
Any concerns in which any of the persons referred to above has a substantial interest;
in the case of any other concern, if such member is entitled or the other persons referred to above or such member and one or more of the other persons referred to above are entitled in the aggregate, at any time during the relevant years to not less than twenty per cent of the profit of such concern.
15 December 2007
If you have substantial interest in the coaching class then permission will not be granted. If not then you will be granted permission.
CAclubindia
