The Ministry of Corporate Affairs (MCA) recently issued a notification, G.S.R. 255(E), introducing amendments to the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980. These regulatory changes mark significant updates to the governing framework, impacting the roles and responsibilities within the professional landscape.
1. Key Amendments: The notification replaces key individuals in pivotal roles, such as the Chairperson and Members, with new appointees. Notable changes include the appointment of Shri Justice Suresh Kumar Gupta as the Chairperson, alongside other members appointed to critical positions. These alterations signify a shift in leadership and decision-making within the regulatory bodies overseeing accounting, cost and works accountancy, and company secretarial practices.
2. Implications for Stakeholders: The amendments hold implications for various stakeholders, including professionals regulated under the Chartered Accountants Act, the Cost and Works Accountants Act, and the Company Secretaries Act. The appointment of new individuals may influence policy directions, enforcement mechanisms, and regulatory oversight, shaping the professional environment and practices within these domains.
3. Continuity and Compliance: While the changes introduce new faces to regulatory positions, ensuring continuity and adherence to established standards remains paramount. Stakeholders must navigate the evolving regulatory landscape, understanding and implementing the amended provisions in their professional endeavors. Compliance with updated regulations is essential to maintaining integrity, transparency, and accountability within the respective sectors.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 26th April, 2024
G.S.R. 255(E).—In exercise of the powers conferred by sub-section (1) of section 22A of the Chartered Accountants Act, 1949 (38 of 1949), section 22A of the Cost and Works Accountants Act, 1959 (23 of 1959) and section 22A of the Company Secretaries Act, 1980 (56 of 1980), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number GSR 835(E), dated the 3rd November, 2015, namely:-
(a) In the said notification, – for serial numbers (1), (2) and (3) and the entries relating thereto, the following serial numbers and entries shall be substituted, namely:-
| “(1) Shri Justice Suresh Kumar Gupta, Judge (Retd.), High Court of Allahabad, | -Chairperson; |
| (2) Shri Rakesh Mohan H. No. 7020, Sector – B, Pocket 10, Vasant Kunj, New Delhi- 110070, | – Member; |
| (3) Shri Sandip Garg, WTM, IBBI, 2nd Floor, Jeevan Vihar Building, Sansad Marg, New Delhi- 110001;” | – Member; |
(b) For serial number (6) and the entries relating thereto, the following serial number and entries shall be substituted, namely :-
| “(6) Shri Amit Anand Apte, 402, Athena Erandawane CHS Behind Dr. Shama Prasad Mukherjee Park Pune: 411004 | – Member
[Appointed under section 22A of 16/2, the Cost and Works Accountants Act, 1959]” |
[F. No. 12/15/2007-PI Vol III]
INDER DEEP SINGH DHARIWAL, Jt. Secy.
Note.- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number GSR 835(E), dated the 3rd November, 2015 and subsequently amended, vide notifications numbers G.S.R. 1130(E), dated the 13th December, 2016, G.S.R. 171(E), dated the 1st March, 2019, G.S.R. 413(E), dated the 10th June, 2019, G.S.R. 408(E), dated the 15th June, 2021, G.S.R. 415(E), dated the 16th June, 2021, G.S.R 212(E) dated 17th March, 2022, G.S.R. 222(E), dated the 25th March, 2022 and G.S.R. 668 ( E ), dated the 30th August, 2022.
