The Institute of Cost Accountants of India (ICMAI) has issued a strict advisory warning its members against engaging in unauthorized activities concerning their inclusion in the definition of ‘Accountant’ under the new Income Tax Bill.
The Institute stated that certain members have been found participating in activities detrimental to its governance, reputation, and statutory framework, prompting the issuance of this directive.
ICMAI specifically cautioned against the formation of unauthorized associations, warning that no member or group of members shall create or operate any cost and management accounting-related body, forum, or association using the name, logo, or influence of the Institute without prior approval. Such unauthorized entities mislead stakeholders and may result in disciplinary action.
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The advisory also prohibits members from directly communicating with central ministers, government officials, regulatory authorities, or members of parliamentary committees regarding matters related to the profession without prior approval from ICMAI.
The Institute stressed that unauthorized interactions with government officials may lead to the dissemination of incorrect or misleading information, thereby misrepresenting ICMAI’s official stance.
Additionally, ICMAI has banned unapproved petitions to parliamentary bodies. Members are instructed not to submit petitions, memorandums, or representations concerning the profession to government bodies without prior authorization from the Institute.
Furthermore, the advisory warns against undemocratic and illegal activities undertaken for personal branding. Any attempts to create unauthorized associations for self-promotion, visibility, or influence will be considered misconduct, violating the Institute’s code of ethics and damaging its credibility.
The ICMAI has made it clear that any member found engaging in the aforementioned activities will face strict disciplinary action under the provisions of the Cost Accountants Act, 1959, and relevant regulations.
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The Institute urged all members to adhere strictly to this directive, pointing that any professional concerns or representations should be submitted through its official channels for proper consideration.
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