CA Intermediate Course can be Registered only after passing 10+2 and Foundation Exams: ICAI proposes Amendments in Regulations

The Institute of Chartered Accountants of India (ICAI), in the new draft Chartered Accountants (2nd Amendment) Regulations, 2022, has proposed that candidate shall be registered for the Intermediate Course unless he has passed the Foundation Examination under these regulations and Senior Secondary (10+2) examination.

As per the draft regulations, the following norms shall be followed for the registration for Intermediate Course and Fee ―(1) The study course for the chartered accountancy candidates shall be named as Intermediate Course, which shall be composed of two Groups viz. Group I and Group II. (2) No candidate shall be registered for the Intermediate Course unless he has passed the Foundation Examination under these regulations and Senior Secondary (10+2) examination conducted by an examining body constituted by law in India or outside India or an examination recognised by the Central Government or the State Government as equivalent thereto for the purpose of admission to graduation course and has complied with such other requirements as may be decided by the Council from time to time. Provided that a candidate who has passed the Entrance Examination or erstwhile Foundation Examination or Professional Education (Examination – I) or Common Proficiency Test or Foundation Examination under these regulations shall be eligible for registration to Intermediate Course under this regulation subject to such conditions as may be specified by the Council. Provided further that a candidate who was already registered for erstwhile Intermediate or Professional Education (Course-II) or Intermediate (Professional Competence) Course or the Intermediate (Integrated Professional Competence) Course or the Intermediate Course under these regulations shall be eligible for conversion to Intermediate Course under this regulation subject to such conditions as may be specified by the Council.

“Notwithstanding anything contained in sub-regulation (2), a graduate or post graduate as referred to in sub-clause (ix) of regulation 2(1) shall be eligible for registration to Intermediate Course, if such person is a – (a) graduate or post graduate in commerce having secured in aggregate a minimum of fifty five per cent. of the total marks or its equivalent grade in the examination conducted by any recognised university (including Open University) by studying any three papers each carrying a minimum of fifty marks in a semester or year and cumulatively hundred or more marks over the entire duration of the concerned course, out of the subjects i.e., Accounting, Auditing, Mercantile laws, Corporate laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting or similar to the title of these papers with different nomenclatures, as approved by the Board of Studies of the Institute; or (b) graduate or post graduate other than those referred to in clause (a), having secured in aggregate a minimum of sixty per cent. of the total marks or its equivalent grade in the examination conducted by any recognised university (including Open University),” it said.

It further provided that a candidate who is pursuing the final year of graduation / post graduation course shall be eligible for provisional registration to the Intermediate Course which shall be confirmed only on submission of satisfactory proof of having passed the graduation / post graduation examination with the minimum marks as provided in sub-regulation (3) of this regulation before making the application for admission to Intermediate Examination; Provided further that if candidates fail to secure minimum marks as provided in sub-regulation (3) of this regulation before making the application for admission to Intermediate Examination, his provisional registration shall be cancelled and for the purpose of these regulations – (i) no credit shall be given for the theoretical education undergone; and (ii) the Council may on receipt of an application from a candidate who is unable to produce the satisfactory proof referred to in this regulation, permit refund of such amount of registration and tuition fee, as may be decided by it from time to time.

A candidate who has already been granted the provisional registration under regulation 28F on or before the coming into force of this regulation shall be required to submit the satisfactory proof of having passed the graduation examination within such period not exceeding six months as may be decided by the Council, from the date of appearance in the final year graduation examination.

To Read the full text of the Order CLICK HERE

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