The Institute of Chartered Accountants of India has released a notification with respect to the application/renewal of membership of ICAI. As per the amended regulations, a person who makes an application for membership of the Institute after a period of three years or more from the date of his passing the final examination and comply with other provisions of these regulations/ makes an application for restoration of his name after a period of three years or more from the date of removal of his name shall be required to appear and pass such Assessment as may be approved by the Council from time to time. Here is the official notification from the Institute:
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
NOTIFICATION
New Delhi, the 14th September, 2020
No.1-CA(7)/195/2020. - The following draft of certain regulations further to amend the Chartered Accountants Regulations, 1988, which the Council of the Institute of Chartered Accountants of India proposes to make, is hereby published, as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949) for the information of all persons likely to be affected thereby; and notice is hereby given that the said draft regulation shall be taken into consideration after the expiry of a period of forty-five days from the date on which the copies of the Gazette of India, in which these draft regulations are published, are made available to the public;
Any person desiring to make any objection or suggestion in respect of the said draft regulations, may forward the same to the Council of the Institute of Chartered Accountants of India within the period so specified addressed to the Acting Secretary, the Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110 002;
Any objection or suggestion which may be received from any person with respect to the said draft regulations before the expiry of the period so specified shall be taken into consideration by the Council.
Draft Regulations
1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2020.
(2) They shall come into force on the date of their final publication in the Official Gazette.
2. In the Chartered Accountants Regulations, 1988, -
I. In Regulation 4:
(i) The existing regulation 4, shall be numbered as sub-regulation (1);
(ii) After so numbered sub-regulation (1), the following shall be inserted as sub-regulation (2), namely,-
"(2) Notwithstanding anything contained in clause (a) or (b) of sub-regulation (1), a person who makes an application for membership of the Institute after a period of three years or more from the date of his passing the final examination and comply with other provisions of these regulations, shall be required to appear and pass such Assessment as may be approved by the Council from time to time."
II. In regulation 19, after sub-regulation (1), the following proviso shall be inserted, namely,-
"Provided that a person who makes an application for restoration of his name after a period of three years or more from the date of removal of his name shall be required to appear and pass such assessment as may be approved by the Council from time to time."
RAKESH SEHGAL, Acting Secy.
[ADVT.-III/4/EXTY./219/2020-21]
CAclubindia
