ICAI launches new scheme of education
No.1-CA(7)/201/2023.—WHEREAS certain draft regulations further to amend the Chartered Accountants Regulations, 1988 were published, as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India, Extraordinary, Part III, Section 4, dated the 2nd June, 2022, inviting objections and suggestions from persons likely to be affected thereby, before the expiry of thirty days from the date on which the copies of the Gazette containing the said notification were made available to the public;
AND WHEREAS the said Gazette was made available to the public on the 2nd June, 2022;
AND WHEREAS the objections and suggestions received from the public on the said draft regulations have been considered by the Council of the Institute of Chartered Accountants of India;
NOW, THEREFORE, in exercise of the powers conferred by section 30 of the Chartered Accountants Act, 1949 (38 of 1949), the Council of the Institute of Chartered Accountants of India, with the approval of the Central Government, hereby makes the following regulations further to amend the Chartered Accountants Regulations, 1988, namely:— 1.(1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2023.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Chartered Accountants Regulations, 1988 (hereinafter referred to as the said regulations), regulations 25C and 25D shall be omitted.
3. In regulation 25E of the said regulations, —
(a) in sub-regulation (1), after the words “by law in India”, the words “or outside India” shall be inserted;
(b) in sub-regulation (2), the following proviso shall be inserted, namely: —
“Provided that a candidate who is residing outside India shall pay such fees as may be fixed by the Council from time to time.”;
(c) after sub-regulation (2), the following sub-regulations shall be inserted, namely: —
“(3) A candidate who was already registered for the Common Proficiency Course under regulation 25C or Foundation Course, on or before the commencement of the Chartered Accountants (Amendment) Regulations, 2023, shall be eligible for conversion to the Foundation Course subject to such conditions as may be specified by the Council.
(4) The registration for the Foundation Course shall be valid only for a period of four years from the date of first eligible attempt in the Foundation Examination under regulation 25F after the commencement of the Chartered Accountants (Amendment) Regulations, 2023”.
4. In regulation 25F of the said regulations, —
(a) in sub-regulation (1), —
(i) for clause (a), the following clause shall be substituted, namely: —
“(a) is registered with the Board of Studies of the Institute for a minimum period of four months on or before the 1st day of the month in which the examination is held and has complied with such other requirements as may be specified by the Council from time to time; and”;
(b) in clause (b), after the words “by law in India”, the words “or outside India”
shall be inserted; (b) in sub-regulation (2), the following proviso shall be inserted, namely: —
“Provided that a candidate who is residing outside India shall pay such fees as may be fixed by the Council from time to time.”
5. Regulations 28D and 28E of the said regulations shall be omitted.
6. For regulations 28F and 28G of the said regulations, the following regulations shall be substituted, namely: —
“28F. Registration for Intermediate Course and Fees. — (1) The study course for the chartered accountancy candidates shall be named as Intermediate Course, which shall be composed of two Groups viz. Group I and Group II.
(2) No candidate shall be registered for the Intermediate Course unless he has passed the Foundation Examination under these regulations and Senior Secondary (10+2) examination conducted by an examining body constituted by law in India or outside India or an examination recognised by the Central Government or the State Government as equivalent thereto for the purpose of admission to graduation course and has complied with such other requirements as may be specified by the Council from time to time:
Provided that a candidate who has passed the Entrance Examination or the Foundation Examination or the Professional Education (Examination – I) or the Common Proficiency Test, on or before the commencement of the Chartered Accountants (Amendment) Regulations, 2023, shall be eligible for registration to the Intermediate Course under this regulation subject to such conditions as may be specified by the Council:
Provided further that a candidate who was already registered for the Intermediate Course or Professional Education
(Course-II) or the Intermediate (Professional Competence) Course or the Intermediate (Integrated Professional Competence) Course, on or before the commencement of the Chartered Accountants (Amendment) Regulations, 2023, shall be eligible for conversion to Intermediate Course under this regulation subject to such conditions as may be specified by the Council.
(3) A candidate who has passed the Intermediate Examination conducted by the Institute of Cost Accountants of
India set up under the Cost and Works Accountants Act, 1959 (23 of 1959) or by the Institute of Company Secretaries of India set up under the Company Secretaries Act, 1980 (56 of 1980) shall also be eligible for registration to the Intermediate Course.
(4) Notwithstanding anything contained in sub-regulation (2), a graduate or post graduate shall be eligible for registration to the Intermediate Course, if such person is—
(a) a graduate or post-graduate in commerce having secured in aggregate a minimum of fifty-five per cent.
of the total marks or its equivalent grade in the examination conducted by any recognized university (including Open University) by studying any three papers each carrying a minimum of fifty marks in a semester or year and cumulatively hundred or more marks over the entire duration of the concerned course
out of the subjects i.e., Accounting, Auditing, Mercantile laws, Corporate laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting or similar to the title of these papers with different nomenclatures, as approved by the Board of Studies of the Institute; or
(b) a graduate or post graduate other than those referred to in clause (a), having secured in aggregate a minimum of sixty per cent. of the total marks or its equivalent grade in the examination conducted by any recognised university (including Open University).
Explanation. —For the purpose of this sub-regulation,—
(i) for calculating the percentage of marks, the marks secured in subjects in which a person is required by the University (including Open University) to obtain only pass marks and for which no special credit is given for higher marks, shall be ignored; and
(ii) any fraction of half or more shall be rounded up to the next whole number and any fraction of less than half number shall be ignored.
(5) Notwithstanding anything contained in sub-regulation (2), a candidate who is pursuing the final year of graduation or post-graduation course shall be eligible for provisional registration to the Intermediate Course which shall be confirmed only on submission of satisfactory proof of having passed the graduation or post-graduation examination with the minimum marks as provided in sub-regulation (4) before making the application for admission to the Intermediate Examination:
Provided that if a candidate fails to secure minimum marks as provided in sub-regulation (4) before making the application for admission to the Intermediate Examination, his provisional registration shall be cancelled and for the purpose of these regulations—
(i) no credit shall be given for the theoretical education undergone; and
(ii) the Council may on receipt of an application from a candidate who is unable to produce the satisfactory proof referred to in this regulation, permit refund of such amount of registration and tuition fee, as may be decided by it from time to time:
Provided further that a candidate who has already been granted the provisional registration on or before the commencement of the Chartered Accountants (Amendment) Regulations, 2023 shall be required to submit the satisfactory proof of having passed the graduation examination within such period not exceeding six months as may be decided by the Council, from the date of appearance in the final year graduation examination:
Provided also that if a candidate fails to produce the proof within the aforesaid period, his provisional registration shall be cancelled and for the purpose of these regulations—
(i) no credit shall be given for the theoretical education undergone; and
(ii) the Council may on receipt of an application from a candidate who is unable to produce the satisfactory proof referred to in this regulation, permit refund of such amount of registration and tuition fee, as may be decided by it from time to time.
(6) A candidate for registration for the Intermediate Course shall pay such fees as may be fixed by the Council which shall not exceed twenty-five thousand rupees along with his application in the form as may be approved by the Council:
Provided that a candidate who is residing outside India shall pay such fees as may be fixed by the Council from time to time.
(7) The registration of a candidate under this regulation shall be valid for a period of five years from the date of registration or conversion on or after the commencement of the Chartered Accountants (Amendment) Regulations, 2023.
Provided that a candidate shall be eligible for a one time re-validation for a further period of five years on his making an application in the form approved by the Council and on payment of such fee as may be fixed by the Council from time to time.
7. In regulation 29 of the said regulations, —
(a) in sub-regulation (2), the following proviso shall be inserted, namely: —
“Provided that a candidate who is residing outside India shall pay such fees as may be fixed by the Council from time to time.”;
(b) after sub-regulation (2), the following sub-regulation shall be inserted, namely: —-
“(3) The registration of a candidate under this regulation shall be valid for a period of ten years from the date of registration or conversion on or after the commencement of the Chartered Accountants (Amendment) Regulations, 2023.
Provided that a candidate shall be eligible for re-validation for a further period of ten years on his making an application in the form approved by the Council and on payment of such fee as may be fixed by the Council from time to time.”.
8. Regulations 29B and 29C shall be omitted.
Read the full notification from here
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