Financial Daily from THE HINDU group of publications
Tuesday, Apr 19, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 19, 2005 |
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Industry & Economy
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Accountancy ICAI Council meet to focus on `electoral reforms' proposals K.R. Srivats
New Delhi , April 18 WINDS of change are once again blowing at the Institute of Chartered Accountants of India (ICAI), which has been in existence for over fifty years. As part of the electoral reform measures, the institute may consider introduction of a cap on expenditure incurred for campaigning by members who are seeking a place in the Central Council. The Central Council of the institute is to begin a four-day meeting here from April 19-22 to consider, among other things, the report of an internal committee set up to recommend `electoral reforms' for the institute, ICAI officials said. The institute had, for the first time, dabbled with electoral reforms in early 2000 when certain measures were considered. ICAI sources said the electoral reforms that may now be considered include usage of electronic voting machines for elections, better representation in the council for members from smaller cities and towns, reduction in timeframe between the announcement of election and the actual setting up of the council and allowing members to participate in elections through the Internet. Interestingly, the deliberations on electoral reforms was coming at a time when the Government was considering enactment of a law to amend the existing Chartered Accountants Act, 1949. The amendments being considered include extension of the term of the Central Council to four years from the existing term of three years. Plans are also afoot to enlarge the size of the Central Council and allow for greater government representation in the council. The existing strength of the Central Council is 30, with six of them being government nominees. The strength of the Central Council may now be expanded to 40 members. Meanwhile, the disciplinary committee of the ICAI has started to have more sittings in smaller towns and cities to ensure faster disposal of pending disciplinary cases against members. The disciplinary committee had, in the past, come in for some criticism that its meetings were primarily being confined to the metros of the country.
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