Bill amending laws governing CAs, CSs, others receives President's assent

The legislation amending the laws governing chartered accountants, cost accountants and company secretaries has received the assent of President Ram Nath Kovind.

The bill, which provides for substantial changes and ensures more transparency with respect to the functioning of the apex institutes of the three professions, was cleared by Parliament on April 5.

The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, has received the President's assent, according to a notification.

It has amended the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980.

"This (bill) is with the intention of making the three institutions a lot more transparent in their disciplinary matters, and raise the quality of the disciplinary processes.

"Above all, I think this would also facilitate India to be able to support institutions and firms which can be encouraged by the council to create something (completely of India origin) similar to the Big Four, which we periodically talk about," Finance and Corporate Affairs Minister Nirmala Sitharaman said in the Rajya Sabha on April 5.

The three institutes -- Institute of Chartered Accountants of India (ICAI), Institute of Cost Accountants of India (formerly known as ICWAI) and Institute of Company Secretaries of India (ICSI) -- will continue to have the authority for qualifying and licensing people and regulation of their conduct as was done before, she had said.