• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

K.R. Srivats
Richa Mishra

New Delhi , March 1

THE Government's attempt to have a larger hold over the Institute of Chartered Accountants of India (ICAI) may face a roadblock.

A Parliamentary panel has rejected the proposal in the Chartered Accountants (Amendment) Bill, 2003 that seeks to enhance the Government representation in the Central Council of the Institute.

The panel has, however, agreed to the proposal of expanding the strength of the Council from the existing 30 to 40.

The Standing Committee on Finance examining the Chartered Accountants (Amendment) Bill has stated that even on the expanded number of 40 members, the proportion of ICAI members and the Government nominees should be maintained at the current ratio.

Under the existing Act, the ICAI Council has 30 members - 24 being elected members of the Institute from the CA fraternity and the balance six being nominees of the Centre. As against the current ratio of 4:1, the proposed Bill seeks to grant a larger representation for Government nominees by applying a ratio of 3:1. The Bill proposes that a strength of 40 Council members with 30 elected from within the CA community and the rest 10 would be nominees by the Centre.

In fact, the Chartered Accountant Institute was not in favour of granting a larger representation to the Union Government in the Council, as it feared that this might curtail its autonomy. It viewed the proposed increase in Government representation as a dilution of its say in the functioning of the Institute.

Accepting the representation of the ICAI, the Parliamentary panel has held that the number of elected members from CA community could be 32 and the rest could be Government nominees.

The Government is in the process of making amendments to the legislations overseeing the functioning of the three professional bodies - ICAI, the Institute of Company Secretaries of India, and the Institute of Cost & Work Accountants of India.

Among other regulatory measures, the Bills seek to revamp the disciplinary mechanism of the three professional institutes so as to make them effective and ensure expeditious disposal of disciplinary cases.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Tata Motors unveils `crossover' at Geneva

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line