In exercise of the powers conferred by section 28A of the Chartered Accountants Act,

## Policy Analysis Report: Amendment to Chartered Accountants Act, 1949 Notification **1. Executive Summary:** This report analyzes a notification issued by the Ministry of Corporate Affairs, Government of India, published on December 1, 2021. This notification constitutes an amendment to a previous notification (G.S.R. 38 E, dated January 19, 2011) concerning the Chartered Accountants Act, 1949. The core purpose of this amendment is to update the composition of a relevant body/committee by substituting specific members. The key finding is that the amendment focuses on personnel changes within this body/committee, reflecting a potential need for updated expertise or representation. **2. Introduction:** This report aims to provide a detailed analysis of the notification issued by the Ministry of Corporate Affairs on December 1, 2021 (G.S.R. 843E), which amends a previous notification related to the Chartered Accountants Act, 1949. The analysis is based solely on the content of the provided policy text. **3. Policy Overview:** * **Amendment to:** Government of India notification published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection i vide number G.S.R. 38 E, dated the 19th January, 2011. * **Core Objective(s):** Based on the provided text, the primary objective of *this amendment* is to modify the composition of a specific body or committee established under the Chartered Accountants Act, 1949. The amendment substitutes entries for specific serial numbers, indicating a change in personnel. **4. Background and Rationale:** The amendment appears to be driven by the need to update the membership of a body constituted under the Chartered Accountants Act, 1949. The specific reason for these changes (e.g., resignations, term expirations, restructuring) cannot be determined from the text alone. However, the substitution of entries suggests an effort to ensure continued effective functioning of the body by replacing or updating its members. **5. Key Provisions / Changes:** This notification amends the original notification (G.S.R. 38 E, dated January 19, 2011) by substituting entries for serial numbers 1, 4, and 5. The changes are as follows: * **Original Policy Part Changed:** Entries relating to serial numbers 1, 4, and 5 in the original notification. * **New Rule/Provision:** The following individuals are now designated in the specified roles: * Serial Number 1: Ms. Shefali Shah, Chairperson; Indian Revenue Service Retired. * Serial Number 4: Shri K. Saravanan, Member; Chief General Manager, Corporation Finance Department, Securities and Exchange Board of India. * Serial Number 5: Ms. Ritika Bhatia, Member; Director General Commercial II, Office of the Comptroller Auditor General of India. * **Difference/Effect of Change:** The amendment replaces previous members with the individuals listed above. The effect is a change in the composition of the relevant body. The inclusion of individuals with backgrounds in the Indian Revenue Service, Securities and Exchange Board of India, and the Comptroller Auditor General of India suggests a focus on expertise in finance, regulation, and auditing. **6. Target Audience and Stakeholders:** The direct target audience includes: * The individuals named in the amendment (Ms. Shefali Shah, Shri K. Saravanan, and Ms. Ritika Bhatia). * The body or committee established under the Chartered Accountants Act, 1949 that these individuals are now part of. * The Institute of Chartered Accountants of India (ICAI) and its members, as they are governed by the Chartered Accountants Act, 1949. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Ministry of Corporate Affairs is the responsible agency, as indicated by the notification's origin. The body or committee established under the Chartered Accountants Act, 1949, is also a key body for implementation. * **Timelines or Procedures:** The notification states that it comes into force from the date of its publication in the Official Gazette (December 1, 2021). There are no other specific timelines or procedures detailed in the provided text. **8. Expected Outcomes / Impact of Changes:** The intended outcome of these changes is likely to enhance the effectiveness and expertise of the relevant body or committee established under the Chartered Accountants Act, 1949. The inclusion of members with backgrounds in revenue service, securities regulation, and auditing may lead to more informed decision-making and improved oversight within the accounting profession. **9. Conclusion:** The notification G.S.R. 843E constitutes an amendment to a previous notification concerning the Chartered Accountants Act, 1949. This amendment focuses on updating the composition of a specific body/committee by substituting members. The changes are effective from December 1, 2021, and are likely intended to bring in new expertise and perspectives to the body, thereby improving its functionality and contributing to the effective governance of the Chartered Accountancy profession. The industry should see this as a routine update to the composition of key bodies governing the profession.

Key Entities Referenced