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1. The Institute of Chartered Accountants (ICAI) on Monday released that draft regulation to amend the Chartered Accountants Regulations, 1988. The regulation came to be known as the Chartered Accountants (Amendment) Regulations, 2020.
2. The Amendment seeks to amend Regulation 4, which pertains to the qualification of members and Regulation 19 elaborates on restoration to membership of Chartered Accountants Regulations, 1988.
3. The Institute seeks to insert Sub-regulation (2) under Regulation 4, which says that 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 shall be required to appear and pass such Assessment as may be approved by the Council from time to time.
4. In other words, after clearing the CA Finals the individual has to apply for its membership within 3 years. However, if he has failed to apply for the membership within 3 years after clearing the C.A. Finals then he has to appear and pass the Assessment to take the membership of ICAI.
5. The Institute further seeks to insert proviso under Regulation 19, which says that 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.
6. The institute seeks to clarify that if any individual is removed from the register of membership, then after the period of 3 years that individual may again apply restoration of the membership by appearing and passing the assessment. Therefore, the draft regulation of Chartered Accountants (Amendment) Regulations, 2020 brought in the staunch regulations which will not only restrict the granting of essay membership to the CAs having a gap of 3 years in their career but also increase the accuracy in the profession.
“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,” the ICAI said.