The Institute of Chartered Accountants of India (ICAI) has recently made a significant decision regarding the revocation of Unique Document Identification Numbers (UDINs). UDINs are unique codes assigned to attestations and certifications made by chartered accountants in India. In its 420th meeting held on March 23rd-24th, 2023, the ICAI Council announced that the revocation of UDINs would only be possible within 48 hours of their generation.
The new regulation limiting the revocation timeframe for UDINs to 48 hours brings about several noteworthy consequences. Firstly, it enhances the accountability and reliability of chartered accountants’ attestations and certifications. With a shorter revocation window, the authorities, regulators, banks, and other entities verifying the authenticity of UDINs will receive a clear indication that the UDIN in question can only be revoked within the specified timeframe. This transparency helps promote trust in the financial and auditing processes, ensuring that fraudulent or misleading activities are minimized.
The Institute of Chartered Accountants of India
(Setup by an Act of Parliament)
UDIN Directorate
The Institute of Chartered Accountants of India
23rd June, 2023
Restricting revocation of the UDINs within 48 hours
The Council, in its 420th meeting held on 23rd-24th March, 2023, decided that revocation of UDINs would now be possible within 48 hours from the time of its generation. This means that now onwards, the members will be able to revoke the UDINs, if they so desire, only within 48 hours from the time they have been generated.
As a result, the authorities/regulators/banks/others, who verify the authenticity of the UDINs would be provided with information that the UDIN, which is being verified, could only be revoked within 48 hours from the time it has been generated.
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UDIN Directorate
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