Legislation amending the laws governing accountants, cost accountants and company secretaries has received the assent of President Ram Nath Kovind.
The draft law, which provides for substantial changes and ensures more transparency regarding the operation of the apex institutes of the three professions, was approved by Parliament on 5 April.
The Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Act 2022 has received the President’s assent, according to a notification.
It amended the Chartered Accountants Act 1949, the Cost and Works Accountants Act 1959 and the Company Secretaries Act 1980.
“This (bill) seeks to make the three institutions much more transparent in their disciplinary affairs and to improve the quality of disciplinary processes.
“Above all, I think it would also help India to be able to support institutions and companies that can be encouraged by the council to create something (entirely Indian in origin) similar to the Big Four, which we talk about periodically,” Finance and Corporate Affairs Minister Nirmala Sitharaman told the Rajya Sabha on April 5.
The three institutes – Institute of Chartered Accountants of India (ICAI), Institute of Cost Accountants of India (formerly known as ICWAI) and Institute of Company Secretaries of India (ICSI) – will continue to have the power to qualify and to license people and regulate their conduct as was done before, she said.
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