Home› India› The Institute of Chartered Accountants of India› In terms of the provisions of Section 21B 3 of the Chartered...
Date: 03-Jan-2025 Category: Extra Ordinary State: Union Government Country: India

In terms of the provisions of Section 21B 3 of the Chartered Accountants Act, 1949 read with Rule 18 17 of the Chartered Accountants

Issued by The Institute of Chartered Accountants of India · Not Applicable

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • This gazette notification from the Institute of Chartered Accountants of India (ICAI) announces the removal of CA. Akshay Jain's name from the Register of Members for a period of 5 years and 1 month due to professional misconduct and non-payment of a fine.
  • The notification is a formal announcement of disciplinary action taken against a member of the ICAI, as per the Chartered Accountants Act, 1949 and related rules.

Key Changes

  • CA. Akshay Jain (Membership No. 241125) has been found guilty of professional and other misconduct.
  • The Disciplinary Committee initially ordered the removal of CA. Akshay Jain's name from the Register of Members for 5 years and imposed a fine of ₹5,00,000.
  • The fine was to be paid within 90 days.
  • Failure to pay the fine within the stipulated time resulted in an additional 1-month removal from the Register of Members.
  • Since CA. Akshay Jain failed to pay the fine within 90 days, his name has been removed from the Register of Members for a total period of 5 years and 1 month, effective from January 3, 2025.

Impact Analysis

Impact on CA. Akshay Jain

  • He has been fined ₹5,00,000 which he failed to pay within the stipulated time.

Impact on ICAI

  • The notification serves as a deterrent to other members who may be inclined to engage in misconduct.

Impact on Clients and Public

  • The public is assured that the ICAI is taking action against misconduct, which enhances confidence in the profession.

Suggested Action Items

  • CA. Akshay Jain may seek legal counsel to understand his options and potential recourse.

Key Entities Referenced

Institute of Chartered Accountants of India (ICAI): The professional body that regulates and oversees the Chartered Accountancy profession in India. It is responsible for setting standards, conducting examinations, and enforcing ethical conduct among its members. Chartered Accountants Act, 1949: The primary legislation that governs the Chartered Accountancy profession in India. It outlines the powers and functions of the ICAI, as well as the rules and regulations for its members. Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007: Rules that specify the procedures for investigating and handling cases of professional misconduct by Chartered Accountants. Chartered Accountants Regulations, 1988: Regulations framed under the Chartered Accountants Act, 1949, that provide detailed rules for the conduct of the profession and the administration of the ICAI. Disciplinary Committee: A committee within the ICAI responsible for investigating and deciding on cases of professional misconduct by Chartered Accountants. CA. Akshay Jain: The Chartered Accountant who is the subject of this disciplinary action.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-04012025-259921 xxxGIDHxxx CG-DL-E-04012025-259921 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 09] नई ददल्ली, िुिवार, िनवरी 3, 2025/िौष 13, 1946 No. 09] NEW DELHI, FRIDAY, JANUARY 3, 2025/PAUSHA 13, 1946 भारतीय सनदी लखे ाकार सस्ट्ं थान (ससं दीय अजधजनयम द्वारा स्ट्थाजित) अजधसचू ना नई ददल् ली, 3 िनवरी, 2025 (चार्टडट अकाउंर्ेंट्स) स.ं िीआर/िी/40/2021/डीडी/77/2021/डीसी/1577/2022.—चार्टड ट अकाउंर्ेंर् (वृज‍ तक और अन् य कदाचार के अन् वेषणों और मामलों के संचालन की प्रदिया) जनयम, 2007 के जनयम 18(17) के साथ िठित, चार्टड टअकाउंर्ेंर् अजधजनयम, 1949 की धारा 21ख(3) के उिबंधों के जनबंधनानुसार अनुिासन सजमजत ने सीए. अक्षय िनै (सदस्ट्यता सख्ं या 241125), डी नबं र 23-7-86, दसू री मजं िल, जिखर दिनट , राव बहादरु मदे ा के सामन,े गर्ुं ूर 522003 (आध्रं प्रदेि), को िूवोक्त अजधजनयम की दसू री अनुसूची के भाग I की मद (7) और िहली अनुसूची के भाग IV की मद (2) के अथान्ट तगतट वृजिक और अन्य कदाचार का दोषी िहराया ह ै और इसके िठरणामस्ट्वरूि अनुिासन सजमजत न े िूवोक्त जनयमों के जनयम 19(1) के जनबंधनानुसार सुनवाई का अवसर प्रदान करन ेके िश्चात,् सीए. अक्षय िनै (सदस्ट्यता सख्ं या 241125) के नाम को 05 (िांच) वषट की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र स े हर्ान े का आदेि ददया ह ै और साथ ही 5,00,000/- रुिए (केवल िांच लाख रुिए) का िुमाटना भी अजधरोजित दकया, जिसका संदाय 90 (नब्बे) ददन की अवजध के भीतर दकया िाना ह ै और अनुबंजधत समय के भीतर उक्त िुमाटन े के संदाय म ें व्यजतिम की दिा म ें उसके नाम को 01 (एक) मास की अजतठरक्त अवजध के जलए 87 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] सदस्ट्यों के रजिस्ट्र्र स े हर्ा ददया िाएगा । चूंदक, प्र‍यथी अनबु ंजधत समय के भीतर अजधरोजित िुमाटन े का संदाय करन े म ें असफल रहा ह,ै अत: अनिु ासन सजमजत के िूवोक्त आदेि के अनुसरण म ें और चार्टडट अकाउंर्ेंर् जवजनयम, 1988 के जवजनयम 18 के साथ िठित िूवोक्त अजधजनयम की धारा 20 की उिधारा (2) द्वारा प्रदि िजक्तयों का प्रयोग करते हुए यह अजधसूजचत दकया िाता ह ै दक उक्त सीए. अक्षय िनै (सदस्ट्यता सख्ं या 241125) का नाम 3 िनवरी, 2025 स े 05 (िाचं ) वष टऔर 01 (एक) मास की समदे कत अवजध [05 (िाचं ) वष टऔर अजतठरक्त 01 (एक) मास] के जलए सदस्ट्यों के रजिस्ट्र्र स ेहर् िाएगा । सीए. (डा.) िय कुमार बत्रा, सजचव [जवज्ञािन-III/4/असा./865/2024-25] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 3rd January, 2025 (Chartered Accountants) No. PR/G/40/2021/DD/77/2021/DC/1577/2022.—In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rule 18(17) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, the Disciplinary Committee has held CA. Akshay Jain (Membership No. 241125), D No. 23-7-86, 2nd Floor, Shikar Darshan, Opposite Rao Bahadur Meda, GUNTUR 522003(Andhra Pradesh), guilty of Professional and Other Misconduct falling within the meaning of Item (7) of Part I of Second Schedule and Item (2) of Part IV of First Schedule to the aforesaid Act and consequently after affording an opportunity of being heard in terms of Rule 19(1) of the aforesaid Rules, ordered for removal of name of CA. Akshay Jain (Membership No. 241125) from the Register of Members for a period of 5(Five) years and also imposed a fine of Rs. 5,00,000/-(Rupees Five Lakhs only) to be paid within 90(ninety) days and in case of default in payment of fine within stipulated time his name shall be removed for a further period of 01(One) month. Since the Respondent had failed to pay the imposed fine within stipulated time, in pursuance of the aforesaid Order of the Disciplinary Committee and in exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act, read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified that the name of CA. Akshay Jain (Membership No. 241125), shall stand removed from the Register of Members for a consolidated period of 05(Five) years and 01(one) month [05(Five) years plus additional 01(One) month] with effect from 3rd January, 2025. CA. (Dr.) JAI KUMAR BATRA, Secy. [ADVT.-III/4/Exty./865/2024-25] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from The Institute of Chartered Accountants of India