CHARTERED ACCOUNTANT ACT
TABLE OF CONTENTS
1. Short title extent and commencement
2. Interpretation
3. Incorporation of the Institute
4. Entry of names in the Register
5. Fellows and associates
6. Certificate of practice
7. Members to be known as Chartered Accountants
8. Disabilities
9. Constitution of the Council of the Institute
10. Mode of election to the Council
11. Nomination in default of election or nomination
12. President and Vice-President
13. Resignation of membership and casual vacancies
14. Duration and dissolution of Council
15. Functions of the Council
16. Staff remuneration and allowances
17. Committees of the Council
18. Finances of the Council
19. Register
20. Removal from the Register
21. Procedure in inquiries relating to misconduct of members of Institute
22. Professional misconduct defined
22A. Appeals
23. Constitution and functions of Regional Councils
24. Penalty for falsely claiming to be a member etc.
24A. Penalty for using name of the Council awarding degrees of chartered accountancy etc.
25. Companies not to engage in accountancy
26. Unqualified persons not to sign documents
27. Maintenance of branch offices
28. Sanction to prosecute
29. Reciprocity
30. Power to make regulations
30A. Powers of Central Government to direct regulations to be made or to make or amend regulation
30B. Laying of Regulations
31. Construction of references
32. Act not to affect right of accountants to practice as such in Part B States
33. Repealed by the Repealing and Amending Act 1952 (48 of 1952).
SCHEDULE I [Secs. 21(4) and 22]
SCHEDULE II [Secs. 21(5) and 22]
1. Short title extent and commencement
(1) This Act may be called the Chartered Accountants Act 1949.
(2) It extends to the whole of India
(3) It shall come into force on such date as the Central Government may by notification in the Official Gazette appoint in this behalf.
2. Interpretation
(1) In this Act unless there is anything repugnant in the subject of context
(a) “associate” means an associate member of the Institute;
(b) “chartered accountant” means a person who is a member of the Institute;
(c) “Council” means the Council of the Institute;
(d) “holder of a restricted certificate” means a person holding a permanent or temporary restricted certificate granted by a State Government under the Restricted Certificates Rules 1932;
(e) “Institute” means the Institute of Chartered Accountants of India constituted under this Act;
(f) “prescribed” means prescribed by regulations made under this Act;
(g) “Register” means the Register of Members maintained under this Act;
(h) “registered accountant” means any person who has been enrolled on the Register of Accountants maintained by the Central Government under the Auditors’ Certificates Rules 1932;
(i) “year” means the period commencing on the 1st day of April of any year and ending on the 31st day of March of the succeeding year.
(2) A member of the Institute shall be deemed “to be in practice” when individually or in partnership with chartered accountants in practice he in consideration of remuneration received or to be received –
(i) engages himself in the practice of accountancy; or
(ii) offers to perform or performs services involving the auditing or verification of financial transactions books accounts or records or the preparation verification or certification of financial accounting and related statements or holds himself out to the public as an accountant; or
(iii) renders professional services or assistance in or about matters of principle or detail relating to accounting procedure or the recording presumption or certification of financial facts or data; or
(iv) renders such other services as in the opinion of the Council are or may be rendered by a chartered accountant in practice; and the words “to be in practice” with their grammatical variations and cognate expressions shall be construed accordingly.
Explanation: An associate or a fellow of the Institute who is a salaried employee of a chartered accountant in practice or a firm of such charted accountants shall notwithstanding such employment be deemed to be in practice for the limited purpose of the training of articled clerks.
3. Incorporation of the Institute
1) All persons whose names are entered in the Register at the commencement of this Act and all persons who may hereafter have their names entered in the Register under the provisions of this Act so long as they continue to have their names borne on the said Register are hereby constituted a body corporation by the name of the Institute of Chartered Accountants of India and all such persons shall be known as members of the Institute.
(2) The Institute shall have perpetual succession and a common seal and shall have power to acquire hold and dispose of property both movable and immovable and shall by its name sue or be sued.
4. Entry of names in the Register
(1) Any of the following persons shall be entitled to have his name entered in the Register namely –
(i) any person who is a registered accountant or a holder of a restricted certificate at the commencement of this Act;
(ii) any person who has passed such examination and completed such training as may be prescribed for members of the Institute;
(iii) any person who has passed the examination for the government diploma in accountancy or an examination recognised as equivalent thereto by the rules for the award of the government diploma in accountancy before the commencement of this Act and who although not duly qualified to be registered as an accountant under the Auditors’ Certificates Rules 1932 fulfils such conditions as the Central Government may specify in this behalf;
(iv) any person who at the commencement of this Act is engaged in the practice of accountancy in any Part B State and who although not possessing the requisite qualifications to be registered as an accountant under the Auditors’ Certificates Rules 1932 fulfils such conditions as the Central Government may specify in this behalf;
(v) any person who has passed such other examination and completed such other training without India as is recognised by the Central Government or the Council as being equivalent to the examination and training prescribed for members of the Institute :
Provided that in the case of any person who is not permanently residing in India the Central Government or the Council as the case may be may impose such further conditions as it may deem fit;
(vi) any person domiciled in India who at the commencement of this Act is studying for any foreign examination and is at the same time undergoing training whether within or without India or who having passed such foreign examination is at the commencement of this Act undergoing training whether within or without India :
Provided that any such examination or training was recognised before the commencement of this Act for the purpose of conferring the right to be registered as an accountant under the Auditors’ Certificates Rules 1932 and provided further that such person passes the examination or completes the training within five years after the commencement of this Act.
(2) Every person belonging to the class mentioned in clause (i) of sub-section (1) shall have his name entered in the Register without the payment of any entrance fee.
(3) Every person belonging to any of the classes mentioned in clauses (ii), shall have his name entered in the Register on application being made and granted in the prescribed manner and on payment of the prescribed fee which shall not exceed rupees three hundred in any case.
(4) The Central Government shall take steps as may be necessary for the purpose of having the names of all persons belonging to the class mentioned in clause (i) of sub-section (1) entered in the Register.
5. Fellows and associates
(1) The members of the Institute shall be divided into two classes designated respectively as associates and fellows.
(2) Any person shall on his name being entered in the Register be deemed to have become an associate member of the Institute and be entitled to use the letters ACA after his name to indicate that he is an associate member of the Institute of Chartered Accountants.
(3) A member being an associate who has been in continuous practice in India for at least five years whether before or after the commencement of this Act or whether partly before and partly after the commencement of this Act and a member who has been an associate for a continuous period of not less than five years and who possesses such qualifications as the council may prescribe with a view of ensuring that he has experience equivalent to the experience normally acquired a result of continuous practice for a period of five years as a chartered accountant shall on payment of the prescribed entrance fee which shall not exceed rupees two hundred in any case and on application made and granted in the prescribed manner be entered in the Register as a fellow of the Institute and shall be entitled to use the letters FCA after his name to indicate that he is a fellow of the Institute of Chartered Accountants.
6. Certificate of practice
(1) No member of the Institute shall be entitled to practice whether in India or elsewhere unless he has obtained from the Council a certificate of practice:
Provided that nothing contained in this sub-section shall apply to any person who immediately before the commencement of this Act has been in practice as a registered accountant or a holder of a restricted certificate until one month has elapsed from the date of the first meeting of the Council.
(2) Every such member shall pay such annual fee for his certificate as may be prescribed and such fee shall be payable on or before the 1st day of April in each year.
7. Members to be known as Chartered Accountants
Every member of the Institute in practice shall and any other member may use the designation of a chartered accountant and no member using such designation shall use any other description whether in addition thereto or in substitution therefore:
Provided that nothing contained in this section shall be deemed to prohibit any such person from adding any other description or letters of his name if entitled thereto to indicate membership of such other Institute of Accountancy whether in India or elsewhere as may be recognised in this behalf by the Council or any other qualification that he may possess or to prohibit a firm all the partners of which are members of the Institute and in practice from being known by its firm name as Chartered Accountants.
8. Disabilities
Notwithstanding anything contained in section 4,a person shall not be entitled to have his name entered in or borne on the Register if he –
(i) has not attained the age of twenty-one years at the time of his application for the entry of his name in the Register; or
(ii) is of unsound mind and stands so adjudged by a competent court; or
(iii) is an undischarged insolvent; or
(iv) being a discharged insolvent has not obtained from the court a certificate stating that his insolvency was caused by misfortune without any misconduct on his part; or
(v) has been convicted by a competent court whether within or without India of an offence involving moral turpitude and punishable with transportation or imprisonment or of an offence not of technical nature committed by him in his professional capacity unless in respect of the offences committed he has either been granted a pardon or on an application made by him in this behalf the Central Government has by an order in writing removed the disability; or
(vi) has been removed from membership of the Institute on being found on inquiry to have guilty of professional or other misconduct :
Provided that a person who has been removed from membership for a specified period shall not be entitled to have his name entered in the Register until the expiry of such period.
9. Constitution of the Council of the Institute
(1) There shall be Council of the Institute for the management of the affairs of the Institute and for discharging the functions assigned to it under this Act.
(2) The Council shall be composed of the following persons namely –
(a) not more than twenty-four persons elected by members of the Institute from amongst the fellows of the Institute chosen in such manner and from such regional constituencies as may be specified in this behalf by the Central Government by notification in the Official Gazette; and
(b) six persons nominated by the Central Government.
10. Mode of election to the Council
(1) Elections under clause (a) of sub-section (2) of section 9 shall be conducted in the prescribed manner.
(2) Where any dispute arises regarding any such election the matter shall be referred by the Council to a Tribunal appointed by the Central Government in this behalf and the decision of such Tribunal shall be final:
Provided that no such reference shall be made except on an application made to the Council by an aggrieved party within thirty day from the date of the declaration of the result of the election.
(3) The expenses of the Tribunal shall be borne by the Council.
11. Nomination in default of election or nomination
If any body of persons referred to in fails to elect any of the members of the Council which it is empowered under that section to elect the Central Government may nominate a person duly qualified to fill the vacancy and any person so nominated shall be deemed to be a member of the Council as if he had been duly elected.
12. President and Vice-President
(1) The Council at its first meeting shall elect two of its members to be respectively the President and the Vice-President thereof and so often as the office of the President and the Vice-President becomes vacant the Council shall choose another person to be the President or the Vice-President as the case may be:
Provided that on the first constitution of the Council a member of the Council nominated in this behalf by the Central Government shall discharge the functions of the President until such time as a President is elected under the provisions of the sub-section.
(2) The President shall be the Chief Executive Authority of the Council.
(3) The President or the Vice-President shall hold office for a period of one year from the date on which he is chosen but so as not to extend beyond his term of office as a member of the Council and subject to his being a member of the Council at the relevant time he shall be eligible for re-election
(4) On the expiration of the duration of the Council the President of the Council at the time of such expiration shall continue to hold office and discharge such administrative and the other duties as may be prescribed until such time as a new President shall have been elected and shall have taken over charge of his duties.
13. Resignation of membership and casual vacancies
(1) Any member of the Council may at any time resign his membership by writing under his hand addressed to the President and the seat of such member shall become vacant when such resignation is notified in the Official Gazette.
(2) A member of the Council shall be deemed to have vacated his seat if he is declared by the Council to have been absent without sufficient excuse from three consecutive meetings of the Council or if his name is for any cause removed from the Register under the provisions of .
(3) A casual vacancy in the Council shall be filled by fresh election from the constituency concerned or by nomination by the Central Government as the case may be and the person elected or nominated to fill the vacancy shall hold office until the dissolution of the Council :
Provided that no election shall be held to fill a casual vacancy occurring within six months prior to the date of the expiration of the duration of the Council but such a vacancy may be filled by nomination by the Central Government after consultation with the President of the Council.
(4) No Act done by the Council shall be called in question on the ground merely of the existence of any vacancy in or defect in the constitution of the Council.
14. Duration and dissolution of Council
(1) The duration of any Council constituted under this Act shall be three years from the date of its first meeting on the expiry of which it shall stand dissolved and a new Council constituted in accordance with the provisions of this Act.
(2) Notwithstanding the expiration of the duration of the Council (hereinafter referred to as the former Council) the former Council shall continue to exercise its functions until a new Council is constituted in accordance with the provisions of this Act and on such constitution the former Council shall stand dissolved.
15. Functions of the Council
(1) The duty of carrying out the provisions of this Act shall be vested in the Council.
(2) In particular and without prejudice to the generality of the foregoing power the duties of the Council shall include –
(a) the examination of candidates for enrolment and the prescribed of fees therefore;
(b) the regulation of the engagement and training of articled and audit clerks;
(c) the prescribing of qualifications for entry in the Register;
(d) the recognition of foreign qualifications and training for purposes of enrolment;
(e) the granting or refusal of certificates of practice under this Act;
(f) the maintenance and publication of a Register of persons qualified to practise as chartered accountants;
(g) the levy and collection of fees from members examinees and other persons;
(h) the removal of names from the Register and the restoration to the Register of names which have been removed;
(i) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute;
(j) the carrying out by financial assistance to persons other than members of the Council or in any other manner of research in accountancy;
(k) the maintenance of a library and publication of books and periodicals relating to accountancy; and
(l) the exercise of disciplinary powers conferred by this Act.
16. Staff remuneration and allowances
(1) For the efficient performance of its duties the Council may –
(a) appoint a Secretary who may also if so decided by the Council act as Treasurer;
(b) appoint such other officers nd servants as it deems necessary;
(c) require and take from the Secretary or from any other officer or servant of the Council such security for the due performance of his duties as the Council considers necessary;
(d) fix the salaries fees allowances and other conditions of service of the officers and servants of the Council;
(e) with the previous sanction of the Central Government fix the allowances of the President Vice-President and other members of the Council and members of its committees.
(2) Notwithstanding anything contained in on the first constitution of the Council the Secretary shall be a person appointed by the Central Government in consultation with the Council and he shall hold office during the pleasure of the Central Government but so as not to exceed a period of three years from the date of his appointment.
(3) The Secretary of the Council shall be entitled to participate in the meetings of the Council but shall be entitled to vote thereat.
17. Committees of the Council
(1) The Council shall constitute from amongst its members the following Standing Committees namely:
(i) an Executive Committee
(ii) an Examination Committee and
(iii) a Disciplinary Committee.
(2) The Council may also form such other committees from amongst its members as it deems necessary for the purpose of carrying out the provisions of this Act and any committee so formed may with the sanction of the Council co-opt such other members of the Institute not exceeding two-thirds of the members of the committee as the committee thinks fit and any member so co-opted shall be entitled to exercise all the rights of the member of the committee.
18. Finances of the Council
(1) There shall be established a fund under the management and control of the Council into which shall be paid all moneys received by the Council and out of which shall be met all expenses and liabilities properly incurred by the Council.
(2) The Council may invest any money for the time being standing to the credit of the fund in any government security or in any other security approved by the Central Government.
(3) The Council shall keep proper accounts of the fund distinguishing capital from revenue.
(4) The annual accounts of the Council shall be subject to audit by a chartered accountant in practice to be appointed annually by the Council:
Provided that no member of the Council or a person who is in partnership with such member shall be eligible for appointment as an auditor under this sub-section.
(5) As soon as may be practicable at the end of each year but not later than the 30th day of September of the year next following the Council shall cause to be published in the Gazette of India audited accounts and the Report of the Council for that year and copies of the said accounts and report shall be forwarded to the Central Government and to all the members of the Institute.
(6) The Council may borrow from a scheduled bank as defined in the Reserve Bank of India Act 1934 (2 of 1934) or from the Central Government –
(a) any money required for meeting its liabilities on capital account on the security of any other assets for the time being belonging to it or
(b) for the purpose of meeting current liabilities pending the receipt of income by way of temporary loan or overdraft.
19. Register
(1) The Council shall maintain in the prescribed manner a Register of the Members of the Institute.
(2) The Register shall include the following particulars about every member of the Institute namely –
(a) his full name date of birth domicile residential and professional addresses;
(b) the date on which his name is entered in the Register;
(c) his qualifications;
(d) whether he holds a certificate of practice; and
(e) any other particular which may be prescribed.
(3) The Council shall cause to be published in such manner as may be prescribed a list of members of the Institute as on the 1st day of April of each year and shall if requested to do so by any such member send to him a copy of such list.
(4) Every member of the Institute shall on his name being entered in the Register pay such annual membership fee differing in amount according as he is an associate or a fellow of the Institute as may be prescribed.
20. Removal from the Register
(1) The Council may remove from the Register the name of any member of the Institute –
(a) who is dead; or
(b) from whom a request has been received to that effect; or
(c) who has not paid any prescribed fee required to be paid by him; or
(d) who is found to have been subject at the time when his name was entered in the Register or who at any time thereafter has become subject to any of the disabilities mentioned in section 8 or who for any other reason has ceased to be entitled to have his name borne on the Register.
(2) The Council shall remove from the Register the name of any member in respect of whom an order has been passed under this Act removing him from membership of the Institute.
21. Procedure in inquiries relating to misconduct of members of Institute
(1) Where on receipt of information by or of a complaint made to it the Council in prima facie of opinion that any member of the Institute has been guilty of any professional or other misconduct the Council shall refer the case to the Disciplinary Committee and the Disciplinary Committee shall thereupon hold such inquiry and in such manner as may be prescribed and shall report the result of its inquiry to the Council.
(2) If on receipt of such report the Council finds that the member of the Institute is not guilty of any professional or other misconduct it shall record its finding accordingly and direct that the proceeding shall be filed or the complaint shall be dismissed as the case may be.
(3) If on receipt of such report the Council finds that the member of the Institute is guilty of any professional or other misconduct it shall record a finding accordingly and shall proceed in the manner laid down in the succeeding sub-sections.
(4) Where the finding is that a member of the Institute has been guilty of a professional misconduct specified in Schedule I the Council shall afford to the member an opportunity of being heard before orders are passed against him on the case and may thereafter make any of the following orders namely –
(a) reprimand the member;
(b) remove the name of the member from the Register for such period not exceeding five years as the Council thinks fit :
Provided that where it appears to the Council that the case is one in which the name of the member ought to be removed from the Register for a period exceeding five years or permanently it shall not make any order referred to in clause (a) or clause (b) but shall forward the case to the High Court with its recommendations thereon.
(5) Where the misconduct in respect of which the Council has found any member of the Institute guilty is misconduct other than any such misconduct as is referred to in sub-section (4) it shall forward the case to the High Court with its recommendations thereon.
(6) On receipt of any case under sub-section (4) or sub-section (5) the High Court shall fix a date for the hearing of the case and shall cause notice of the date so fixed to be given to the member of the Institute concerned the Council and to the Central Government and shall afford such member the Council and the Central Government an opportunity of being heard and may thereafter make any of the following orders namely –
(a) direct that the proceedings be filed or dismiss the complaint as the case may be;
(b) reprimand the member;
(c) remove him from membership of the Institute either permanently or for such period as the High Court thinks fit;
(d) refer the case to the Council for further inquiry and report.
(7) Where it appears to the High Court that the transfer of any case pending before it to another High Court will promote the ends of justice or tend to the general convenience of the parties it may so transfer the case subject to such conditions if any as it thinks fit to impose and the High Court to which such case is transferred shall deal with it as if the case had been forwarded to it by the Council.
Explanation I: In this section “High Court” means the highest civil court of appeal not including the Supreme Court exercising jurisdiction in the area in which the person whose conduct is being inquired into carries on business or has his principal place of business at the commencement of the inquiry;
Provided that where the cases relating to two or more members of the Institute have to be forwarded by the Council to different High Courts the Central Government shall having regard to the ends of the justice and the general convenience of the parties determine which of the High Courts to the exclusion of others shall hear the cases against all the members.
Explanation II: For the purposes of this section “member of the Institute” includes a person who was a member of the Institute on the date of the alleged misconduct although he has ceased to be a member of the Institute at the time of the inquiry.
(8) For the purpose of any inquiry under this section the Council and the Disciplinary Committee shall have the same powers as are vested in a civil court under the Code of Civil Procedure 1908 (5 of 1908) in respect of the following matters namely –
(a) summoning and enforcing the attendance of any person and examining him on oath;
(b) the discovery and production of any document; and
(c) receiving evidence on affidavit.
22. Professional misconduct defined
For the purposes of this Act the expression “professional misconduct” shall be deemed to include any act or omission specified in any of the Schedules but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Council under sub-section (1) of section 21 to inquire into the conduct of any member of the Institute under any other circumstances.
22A. Appeals
(1) Any member of the Institute aggrieved by any order of the Council imposing on him any of the penalties referred to in sub-section (4) of section 21 may within thirty days of the date on which the order is communicated to him prefer an appeal to the High Court:
Provided that the High Court may entertain any such appeal after the expiry of the said period of thirty days if it is satisfied that the member was prevented by sufficient cause from filing the appeal in time.
(2) The High Court may on its own motion or otherwise after calling for the records of any case revise any order made by the Council under sub-section (2) or sub-section (4) of section 21 and may –
(a) conform modify or set aside the order;
(b) impose any penalty or set aside reduce conform or enhance the penalty imposed by the order;
(c) remit the case to the council for such further inquiry as the High Court considers proper in the circumstances of the case; or
(d) pass such other as the High Court thinks fit :
Provided that no order of the Council shall be modified or set aside unless the Council has been given an opportunity of being heard and no order imposing or enhancing a penalty shall be passed unless the person concerned has also been given an opportunity of being heard.
Explanation: In this section “High Court” and “member of the Institute” have the same meaning as in section 21.
23. Constitution and functions of Regional Councils
(1) For the purpose of advising and assisting it on matters concerning its functions the Council may constitute such Regional Councils as and when it deems fit for one or more of the regional constituencies that may be specified by the Central Government under clause (a) of sub-section (2) of section 9.
(2) The Regional Council shall be constituted in such manner and exercise such functions as may be prescribed.
24. Penalty for falsely claiming to be a member etc.
Any person who –
(i) not being a member of the Institute –
(a) represents that he is a member of the Institute; or
(b) uses the designation Chartered Accountant; or
(ii) being a member of the Institute but not having a certificate of practice represents that he is in practice or practises as a chartered accountant shall be punishable on first conviction with fine which may extend to one thousand rupees and on any subsequent conviction with imprisonment which may extend to six months or with fine which may extend to five thousand rupees or with both.
24A. Penalty for using name of the Council awarding degrees of chartered accountancy etc.
(1) Save as otherwise provided in this Act no person shall –
(i) use a name or a common seal which is identical with the name or the common seal of the Institute or so nearly resembles it as to deceive or as is likely to deceive the public;
(ii) award any degree diploma on certificate or bestow any designation which indicates or purports to indicate the position or attainment of any qualification or competence similar to that of a member of the Institute; or
(iii) seek to regulate in any manner whatsoever the profession of chartered accountants.
(2) Any person contravening the provisions of sub-section (1) shall without prejudice to any other proceedings which may be taken against him be punishable with fine which may extend on first conviction to one thousand rupees and on any subsequent conviction with imprisonment which may extend to six months or with fine which may extend to five thousand rupees or with both.
(3) Nothing contained in this section shall apply to any university established by law or to any body affiliated to the Institute.
25. Companies not to engage in accountancy
(1) No company whether incorporated in India or elsewhere shall practise as chartered accountants.
(2) If any company contravenes the provisions of sub-section (1) then without prejudice to any other proceedings which may be taken against the company every manager secretary and any other officer thereof who is knowingly a party to such contravention shall be punishable with fine which may extend on first conviction to one thousand rupees and on any subsequent conviction to five thousand rupees.
26. Unqualified persons not to sign documents
(1) No person other than a member of the Institute shall sign any document on behalf of a chartered accountant in practice or a firm of such chartered accountants in his or its professional capacity.
(2) Any person contravening the provisions of sub-section (1) shall without prejudice to any other proceedings which may be taken against him be punishable with fine which may extend on first conviction to one thousand rupees and on any subsequent conviction with imprisonment which may extend to six months or with fine which may extend to five thousand rupees or with both.
27. Maintenance of branch offices
(1) Where a chartered accountant in practice or a firm of such chartered accountants has more than one office in India each one of such offices shall be in the separate charge of a member of the Institute:
Provided that the Council may in suitable cases exempt any chartered accountant in practice or a firm of such chartered accountants from the operation of this sub-section.
(2) Every chartered accountant in practice or a firm of such chartered accountants maintaining more than one official shall send to the Council a list of offices and the persons in charge thereof and shall keep the Council informed of any changes in relation thereto.
28. Sanction to prosecute
No person shall be prosecuted under this Act except on a complaint made by or under the order of the Council or of the Central Government.
29. Reciprocity
(1) Where any country specified by the Central Government in this behalf by notification in the Official Gazette prevents persons of Indian domicile from becoming members of any institution similar to the Institute of Chartered Accountants of India or from practising the profession of accountancy or subjects them to unfair discrimination in that country no subject of any such shall be entitled to become a member of the Institute or practice the profession of accountancy in India.
(2) Subject to the provisions of the Council may prescribe the conditions if any subject to which foreign qualifications relating to accountancy shall be recognised for the purposes of entry in the Register.
30. Power to make regulations
(1) The Council may by notifications in the Gazette of India make regulations for the purpose of carrying out the objects of this Act and a copy of such regulations shall be sent to each member of the Institute.
(2) In particular and without prejudice to the generality of the foregoing power such regulations may provide for all or any of the following matters –
(a) the standard and conduct of examinations under this Act;
(b) the qualifications for the entry of the name of any person in the Register as a member of the Institute;
(c) the conditions under which any examination or training may be treated as equivalent to the examination and training prescribed for members of the Institute;
(d) the conditions under which any foreign qualification may be recognised;
(e) the manner in which and the conditions subject to which applications for entry in the Register may be made;
(f) the fees payable for membership of the Institute and the annual fee payable by associates and fellows of the Institute in respect of their certificates;
(g) the manner in which elections to the Council and the Regional Councils may be held;
(h) the particulars to be entered in the Register;
(i) the functions of Regional Councils;
(j) the training of articled and audit clerks the fixation of limits within which premia may be charged from articled clerks and the cancellation of articles and termination of audit service for misconduct or for any other sufficient cause;
(k) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute;
(l) the carrying out of research in accountancy;
(m) the maintenance of a library and publication of books and periodicals on accountancy;
(n) the management of the property of the Council and the maintenance and audit of its accounts;
(o) the summoning and holding of meeting of the Council the times and places of such meetings the conduct of business thereat and the number of members necessary to form a quorum;
(p) the powers duties and functions of the President and the Vice-President of the Council;
(q) the functions of the Standing and other committees and the conditions subject to which such functions shall be discharged;
(r) the terms of office and the powers duties and functions of the Secretary and other officers and servants of the Council;
(s) the exercise of disciplinary powers conferred by this Act; and
(t) any other matter which is required to be or may be prescribed under this Act.
(3) All regulations made by the Council under this Act shall be subject to the condition of previous publication and to the approval of the Central Government.
(4) Notwithstanding anything contained in the Central Government may frame the first regulations for the purposes mentioned in this section and regulations shall be deemed to have been made by the Council and shall remain in force from the date of the coming into force of this Act until they are amended altered or revoked by the Council.
30A. Powers of Central Government to direct regulations to be made or to make or amend regulation
(1) Where the Central Government considers it expedient so to do it may by order in writing direct the Council to make any regulations or to amend or revoke any regulations already made within such period as it may specify in this behalf.
(2) If the Council fails or neglects to comply with such order within the specified period the Central Government may make the regulations or amend or revoke the regulations made by the Council as the case may be either in the form specified in the order or with such modifications thereof as the Central Government thinks fit.
30B. Laying of Regulations
Every regulation made under this Act shall be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions and if before the expiry of the session immediately following the session or the successive sessions aforesaid both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made the regulation shall thereafter have effect only in such modified form or to be of no effect as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.
31. Construction of references
Any reference to a chartered accountant or a registered accountant or a certified or qualified auditor in any other law or in any document whatsoever shall be construed as a reference to a chartered accountant in practice within the meaning of this Act.
32. Act not to affect right of accountants to practice as such in Part B States
Nothing contained in this Act shall affect the right of any person who at the commencement of this Act is entitled to engage himself in the practice of accountancy in any Part B State under any law in force in that State to continue to engage himself in the practice of accountancy in that State after the commencement of this Act.
33. Repealed by the Repealing and Amending Act 1952 (48 of 1952).
URL:http://www.indianrailways.gov.in/RPF/Files/law/BareActs/Chartered%20Accountant%20Act.doc#a