The Ministry of Corporate Affairs has initiated a significant move towards the review of rules specified under the Chartered Accountants Act, 1949, inviting public comments on proposed changes. This development was announced by CA.(Dr.) Jai Kumar Batra, Secretary of the Institute of Chartered Accountants of India ( ICAI ), on 10th May, 2024 in official ICAI website at: https://www.icai.org/post/inviting-public-comments-on-review-ca-act-1949.
The following rules are specified under the Chartered Accountants Act, 1949 —
The Chartered Accountants (Election to the Council), Rules, 2006
The Chartered Accountants (Nomination of Members to the Council) Rules, 2006
The Chartered Accountants (Election Tribunal) Rules, 2006
The Appellate Authority (Allowances payable to, and other terms and conditions of service of Chairperson and members and the manner of meeting expenditure of the Authority) Rules, 2006
The Chartered Accountants (Procedures of Meetings of Quality Review Board, and Terms and Conditions of Service and allowances of the Chairperson and members of the Board) Rules, 2006
Members of the public are encouraged to actively participate in this review process by visiting the Ministry of Corporate Affairs website (www.mca.gov.in) and accessing the E-Consultation tab. Alternatively, individuals can directly access the consultation page using the E-Consultation Listing Page of MCA.
The process for participation involves visiting the provided link and navigating to the relevant section, reviewing the public notice, instruction kit, and related documents provided and submission of comments and suggestions within the specified timeframe using the online platform.
The Ministry and ICAI emphasize the importance of public engagement in shaping these crucial rules governing the Chartered Accountancy profession. Active involvement from stakeholders is vital in ensuring a comprehensive and inclusive review process.
For further details and updates on this initiative, stakeholders are advised to refer to the Ministry of Corporate Affairs’ official website.
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