Regulation 5 (3) of the Chartered Accountants Regulations, 1988 contains the provisions regarding eligibility of a chartered accountant to become a fellow member of the Institute of Chartered Accountants of India (ICAI) on the basis of period of service in specified industries and organizations.

An associate member of ICAI  is eligible for admission as a Fellow Member if he/she satisfies the eligibility conditions as provided under Regulation 5(3) of the Chartered Accountants Regulations, 1988 which are as under;  

For the purpose of sub-section (3) of section 5, an associate shall be deemed to have acquired the experience normally acquired as a result of continuous practice for a period of five years as a chartered accountant, if he:-

(i) being in government service or being employed in an educational institution approved by the Council or being employed in a private or government, industrial, commercial or trading undertaking, is ordinarily holding or has ordinarily held for a continuous period of not less than 5 years, any one or more posts carrying duties relating to accounts, costs accounts, audit, finance, taxation, company law and or secretarial work; 

(ii) being employed under a statutory authority, is ordinarily holding or has ordinarily held for a continuous period of not less than five years, any one or more posts carrying duties mentioned in clause (i) above; 

(iii) being employed under a local authority,  is ordinarily holding or has ordinarily held for a continuous period of not less than five years, any one or more posts carrying duties mentioned in clause (i) above provided the local authority has within its jurisdiction a population of not less than five lakhs of persons during each of the five years of his service; 

(iv) has served for a continuous period of not less than five years as a full-time paid assistant under a chartered accountant:  

Those associate members who full-fill the above conditions may apply for grant of Fellow Membership of ICAI to the concerned Regional Office of the institute with prescribed Fee, application in “Form-3” along with required documents..

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