ICAI to increase minimum member numbers for opening of a branch of Regional Council

ICAI to increase minimum member numbers for opening of a branch of Regional Council. Draft of the Chartered Accountants (Amendment) Regulations, 2021

The Institute of Chartered Accountants of India (ICAI has issued draft of the Chartered Accountants (Amendment) Regulations, 2021 to further amend the Chartered Accountants Regulations, 1988.

The amendment has been proposed by the Council of the ICAI as required under the provisions of the Chartered Accountants Act, 1949 for the information of all persons likely to be affected thereby.

The draft regulation shall be taken into consideration by ICAI on or after the expiry of period of forty-five days from 27/05/2021.

Any person desiring to make any objection or suggestion in respect of the said draft regulations, may forward the same for consideration by the Council of the ICAI within forty five days.

The proposed amendment are with respect to Regulation 28G and 29D relating to admission to Intermediate / Final examination and setting up of the branches of regional council.

The amendment provides relief to graduate/post graduate candidate in admission to the Intermediate Examination. Further a candidate who has been admitted to the Final Examination before coming into force of the regulations shall be eligible for admission to Final Examination without completing the Advanced Integrated Course on Information Technology and Soft Skills but shall be required to complete it before applying for the membership of the Institute.

It is proposed to increase the minimum number of  CA members registered in a city / specified city limits  from 150 to 200 for setting up a branch of a Regional Council. Similarly, the minimum number of members have been increased from 100 to 200 for setting up a branch of a Regional Council at a place in a district in which neither the Headquarters of the Regional Council nor a branch of the Regional Council is located

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