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Aca fca

Gunjan!!! (none) (59 Points)

01 May 2015

Is it necessary to hold COP to be a FCA or after 5 years every member whether in job or practice become FCA??

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3 Replies

CA AnKiT BoHrA (AB) (Manager) (25955 Points)
Replied 01 May 2015

It is not necessary to hold cop for five years to b a FCA

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CA AnKiT BoHrA (AB) (Manager) (25955 Points)
Replied 01 May 2015

Admission as a Fellow Member
[Section 5(3) Regulation 5(3)]

Requirement

An associate member is eligible for admission as a fellow member if he satisfies the eligibility conditions laid down under Section 5(3) of the Chartered Accountants Act 1949 and Regulation 5(3)1988.of the Chartered Accountants Regulations

Eligibility

An associate member will be admitted as a fellow member if he satisfies the following conditions:
(a) Continuous practice within India for a period of not less than 5 years
Or
(b) He has been an associate member for a continuous period of not less than 5 years and has been in government service or is ordinarily holding or has held for a continuous period of not less than 5 years any one or more posts carrying duties relating to accounts, cost accounts, audit, finance, taxation, company law and /or secretarial work in :

an educational institution approved by the Council; or
a private or government, industrial, commercial or trading undertaking having a minimum paid-up capital of Rs. 25 lakhs or a minimum turnover of Rs.50 lakhs or a minimum paid-up capital of Rs. 10 lakhs and a minimum turnover of Rs.30 lakhs
employed under a statutory authority; or
employed under a local authority having within its jurisdiction a population of not less than 5 lakhs during each of the five years of his service.

A self declaration form is available in our website for the use of Members in Industry
(c) Continuous service for a period of not less than 5 years as a full-time paid assistant under a practising Chartered Accountant or in a firm of such Chartered Accountants

Requirements:-

The member is required to comply with the following
(a) Submit Form 3 or along with self declaration (in case of employment) complete in all respects. In case there is a change in signature of the member, the attested specimen signature may also be submitted
(b) The details of fee payable is as under:-

	w.e.f. 01/04/2011	For Senior Members
(i) Admission Fee	Rs. 1800/-	Rs. 1800/-
(ii) Fellow Membership Fee	Rs. 2200/-	Rs. 1600/-
(iii) Certificate of Practice Fee (if intends to hold)	Rs. 2200/-	Rs. 1500/-

(c) A member who has already paid the membership fee for the year s an associate is required to pay the balance membership fee if applied on or after 01/04/2011.
(d) A member can apply for admission as a fellow member 30 days prior to the completion of 5 years of continuous practice or employment with requisite Forms and fee
(e) On satisfactory compliance of the above requirements, fellowship can be granted form the date of receipt of Form 3 and the requisite fee or from the date of completing 5 years continuous practice or employment whichever is later. If the application has been made in advance fellowship will be granted from the date of eligibility.
(f) A letter of admission as a Fellow Member will be issued.
(g) The scriptt of fellow membership and Certificate of Practice (if sanctioned) will be sent by Registered / Speed Post within 3 to months from the date of issue of fellowship letter.

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