ICAI Clarifications-MEF 2016-17. Benefit of seniority and exclusiveness to members applying as Proprietary Concern or in individual capacity

Applicants of MEF who are (i) Applying as “Proprietary Concern” and also having Sole/Individual practice registered in Institute’s records (ii) Applying as “Individual” (either Sole/Individual practice registered or not in Institute’s records) though they are also having Proprietary Concern (iii)Applying as Proprietor and having more than one Proprietary Concern. As the members are aware that at the time of online application of MEF, following applicants are rendered Ineligible due to the clause of exclusivity:

• Applying as “Proprietary Concern” and also having Sole Practice (Individual) registered in Institute’s records;
• Applying as “Individual” (either sole/individual practice registered or not in Institute’s records) and also having Proprietary Concern,
• Applying as Proprietor and having more than one Proprietary Concern but not associated as a Partner/Paid CA in any other Concern.

In this regard, Members may note the decision of the Council:

• In the case of Member having Proprietary Concern but applied in Sole/Individual capacity in MEF 2016-17 and Sole/Individual practice is not registered in the Institute records, applicant has to give the consent through an email at mef@icai.in by 31st October, 2016 to treat his/her application as Proprietary Concern subject to fulfillment of other RBI criteria laid down in this regard. The benefit of seniority and UCN allotted in his/her Individual capacity would be given to that Proprietary Concern.
• The credit of exclusiveness will be given to such Proprietors and Sole/Individual practitioner only if they continue with only one entity i.e. either Proprietary Concern or Sole/Individual Practice. Applicant shall close/terminate other entity(ies) (either proprietary concern or sole practice) in ICAI records by 31st October, 2016. The benefit of seniority of his Individual capacity would also be given to that proprietary concern for MEF purpose.
• The credit of exclusiveness will be given to Proprietors only if they continue with one Proprietary Concern as far as MEF is concerned. Applicant may close/terminate other Proprietary Concern(s) in the Institute’s records by 31st October, 2016.

In Point No. 2&3 above, Members may apply for such closure to their concerned Regional Office and upload a scanned copy of the same at www.meficai.org by logging in at www.meficai.org with their credentials.

N.B: The Category wise Draft Panel of MEF Applicants will be hosted after 31st October, 2016 at www.meficai.org

Regards,

(CA. M. Devaraja Reddy)
President, ICAI