Lok Sabha passes Chartered Accountants, the Cost and Works Accountants, Company Secretaries (Amendment) Bill 2021

Lok Sabha today passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill 2021. Speaking on the Bill, Finance Minister Nirmala Sitharaman today asserted that there is no proposal or intention to infringe upon the autonomy of these three institutions, ICAI, ICWA and ICSI.

She was replying after the discussion on The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021 in the Lok Sabha. Mrs Sitharaman also explained the amendment regarding the restructuring of the Institute of Chartered Accountants of India (ICAI). She said, having a non-CA as presiding officer is very much in line with the global best practices.

The minister explained the structure of the Board of Discipline (BOD) of the ICAI. The BOD is currently a three-member body, a presiding officer who is a Council member, one member nominated by the government, and one member nominated by the Council.

The Amendment Bill suggests changing the presiding officer to someone who is not a chartered accountant (CA) nominated by the government from out of the panel prepared and provided by the Council itself. She said, the amendments would being greater transparency and responsibilities of these instructions.