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Caro

Ankit Agrawal (chartered accountant ) (67 Points)

06 January 2014

Dear all members

My query is that why CARO is not applicable on banking co. and insurance co.

Thanks in advance !!

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 01 February 2014

Para 1(2) of CARO 2003 states that it will not apply to insurance and banking companies. The reason is that such companies are covered under special Acts of Parliament and such matters are taken care of by the respective statutes. In case of insurance companies, IRDA has made separate regulations for the same.