The Institute of Chartered Accountants of India

ANNOUNCEMENT

FOR ATTENTION OF MEMBERS, STUDENTS AND OTHER STAKE HOLDERS

1st June, 2010

Re: Invitation of views/suggestions for simplification and rationalization of the provisions of the Chartered Accountants Regulations, 1988.

As you are aware, the Institute of Chartered Accountants of India (ICAI) was established on 1st July, 1949 for regulating the profession of Chartered Accountants in India. The Chartered Accountants Act, 1949 provides for the framework/scheme of regulation of the profession. The manner (including the procedure) in which such a regulation should be operational had been dealt with in the Chartered Accountants Regulations framed under the said Act. The Regulations currently in place, namely, The Chartered Accountants Regulations, 1988 came in force on 1st June, 1988 and since then number of amendments pertaining to the affairs of members, students including examinees and examinations have been made therein, from time to time, with the prior approval of the Central Government, as required under the Chartered Accountants Act, 1949.

The said Act had been amended comprehensively in the year 2006 and required consequential changes/amendments in the Regulations have also been made since then.

Recently, the Council of the ICAI felt it imperative to undertake a thorough and comprehensive review/rationalization of Regulations coupled with the Directions issued by it from time to time for managing the affairs of the Branches of Regional Councils set up all over the country (having regard to the efflux of time, changes taken place in socio economic conditions of the country in the last more than two decades) and for the purpose constituted a Special Group under the Convenorship of CA. G. Ramaswamy, Vice-President of the Institute, with the following Terms of Reference:-

  1. To study and examine the provisions of existing Regulations, Directions of Council regarding Functions of Branches of Regional Councils and various decisions of Council/Executive Committee in place, in light of experience gained and expectations of members, students, Government/Regulators/Stake-holders and the like and suggest suitable amendments/changes therein so as to make such provisions not only more robust and effective, but also to make them members/students friendly.
  2. Any other suggestions, incidental, ancillary and related to the above.

The Group, while considering the methodology to be adopted for undertaking the onerous task and its accomplishment, felt that the exercise being undertaken will not be effective and complete, unless it has with it the views/suggestions/input of members, students including examinees and the public at large.

Therefore, members, students and others are requested to kindly send their views/suggestions in the light of either any difficulty experienced by them or otherwise for consideration of the Group. The views/suggestions may kindly be sent at the following address:-

Shri N.P. Singh,

Sr. Joint Secretary,

The Institute of Chartered Accountants of India Indraprastha Marg,

NEW DELHI – 110 002

These can also be forwarded via e-mailed at e-mail id. “codi­regu 1988@icai.org”.

It may be mentioned that since the present exercise is undertaken after lapse of about two decades, the response, input and support of members, students and public at large are of paramount relevance to provide an effective and member-student friendly delivery system in place through robust provisions. In other words, the need of the hour is simplification and rationalization of regulatory framework relating to administration of day to day affairs of members and students.

T. KARTHIEKYAN

SECRETARY

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