ICAI looks to complete over 120 disciplinary cases this year

To speed up disciplinary action against erring members, the apex body of chartered accountants ICAI is looking to complete most of the 140-odd pending cases this year.
There have been some instances such as the Satyam case where the institute took stern action against some of its members for misdoings.
Noting that the institute has a strong disciplinary mechanism in place, ICAI President Manoj Fadnis said it maintains principle of natural justice while ensuring that the guilty are never spared.
"Twenty-three cases before the Board of Discipline and 119
cases before the Disciplinary Committee will be taken up at meetings fixed with increasing frequency so as to ensure that most of the cases are concluded this year," Fadnis said in his latest monthly message.

Under the ICAI's (Institute of Chartered Accountants of India) new disciplinary mechanism, 1,654 cases have been disposed of at the prima facie opinion stage out of a total of 2,481 complaints/information registered.

"Admittedly, unhealthy practices with ulterior motives are
neither limited to accounting profession nor restricted to our country... There have also been accounting scandals in the western world. But we are more concerned about ourselves. We need to keep our house in order," Fadnis said.
Last month, a special CBI court had convicted ten people, including six chartered accountants in the Rs 7,000-crore fraud that came to light in January 2009.

In the matter, Fadnis said, ICAI completed the first disciplinary case in October 2010.
"The maximum punishment prescribed under the Chartered Accountants' Act, permanent name removal and penalty of Rs 5 lakh, was awarded to them.
"In three cases, names have been formally removed. The remaining cases are before the High Court/the Appellate Authority," he said in the message.