The Institute of Chartered Accountants of India’s (ICAI) president CA. Aniket Sunil Talati, President, while addressing the media on April 20, 2023 has stated that “ICAI has a zero-tolerance policy against any disciplinary case.”
The press conference centred around connecting with all stakeholders and bending new age thinking with the traditional approach. During the meeting, ICAI President’s stated that the ICAI will not tolerate any disciplinary cases. He mentioned specific numerical information about the disciplinary actions against ICAI members.
According to the statement of the ICAI President, they have removed members from the register of members for life. Further, out of the total cases 6766 registered under the new DC mechanism since 2007 till March 31, 2023, 4249 cases have been concluded i.e. on 62.80 % of the cases, ICAI has already taken decision.
Additionally, the remaining matters are either in the Prima Facie stage or are now being heard by the Disciplinary Committee or Board of Discipline. The Board of Disciplinary Committee met 112 times in the council year 2022–2023, concluded hearings in 132 instances and issued sentences in 91 others.
Back in 2021, the Central Government tabled has the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2021 wherein the norms of the Disciplinary Mechanism for Chartered Accountant (CA), Cost and Works Accountants (CMA) and Company Secretary (CS) has been tightened.
Read More: All you need to know about Tighten Disciplinary Mechanism for CA, CMA, and CS
Last year, the ICAI took disciplinary actions against the Chartered Accountants in cases linked to Chinese Shell Companies. The then ICAI president Dr. Debashis Mitra said that ICAI is looking into alleged professional conduct of around 200 chartered accountants.
Read More: ICAI initiates Disciplinary Action against Chartered Accountants in cases linked to Chinese Shell Companies
Read More: CA Misconduct: ICAI initiates Disciplinary Actions against 200 Chartered Accountants
A Single bench of Justice Yashwant Varma of Delhi High Court in the case C.A. Sanjay Jain Vs Institute of Chartered Accountants of India & Ors. held that the Institute of Chartered Accountants of India can exercise Suo Motu powers and initiate disciplinary proceedings against its member Chartered Accountants without a written complaint.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
