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Date: 28-Jun-2024 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

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

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Executive Summary & Key Takeaways

Gazette Notification

  • The notification announces the removal of CA. Siddharth Shyam Shetye (Membership No. 116188) from the Register of Members of the Institute of Chartered Accountants of India (ICAI) for a period of six months, effective from June 28, 2024.
  • This action follows a finding by the Disciplinary Committee that CA. Shetye was guilty of professional misconduct.

Key Changes

  • CA. Siddharth Shyam Shetye (Membership No. 116188) is barred from practicing as a Chartered Accountant for six months, starting June 28, 2024.
  • A penalty of Rs. 1,00,000 (Rupees One Lakh) has been imposed on CA. Shetye, payable within 60 days of receiving the order.
  • The Disciplinary Committee determined that CA. Shetye is guilty of Professional Misconduct falling within the meaning of Item (7) of Part I of Second Schedule to the Chartered Accountants Act, 1949.

Impact Analysis

Impact on CA. Siddharth Shyam Shetye

  • Reputational damage due to the finding of professional misconduct.

Impact on Clients of CA. Siddharth Shyam Shetye

  • Potential disruption in ongoing engagements and projects.

Impact on the Institute of Chartered Accountants of India (ICAI)

  • Demonstrates the disciplinary process and its enforcement.

Suggested Action Items

  • ICAI should update its register of members to reflect the suspension.

Key Entities Referenced

CA. Siddharth Shyam Shetye: Chartered Accountant, Membership No. 116188, who has been found guilty of professional misconduct and suspended from practice. The Institute of Chartered Accountants of India (ICAI): The regulatory body for Chartered Accountants in India, responsible for maintaining professional standards and ethics. Disciplinary Committee: A committee within the ICAI responsible for investigating and adjudicating cases of professional misconduct. Chartered Accountants Act, 1949: The primary legislation governing the Chartered Accountancy profession in India. Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007: Rules outlining the procedures for investigating professional misconduct. Chartered Accountants Regulations, 1988: Regulations related to the Chartered Accountancy profession.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-28062024-255012 xxxGIDHxxx CG-DL-E-28062024-255012 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 460] नई ददल्ली, ििु वार, िनू 28, 2024/आषाढ 7, 1946 No. 460] NEW DELHI, FRIDAY, JUNE 28, 2024/ASHADHA 7, 1946 भारतीय सनदी लखे ाकार सस्ट्ं थान, नई ददल्ल ी (ससं दीय अजधजनयम द्वारा स्ट्थाजित) अजधसचू ना नई ददल्ली, 28 िून, 2024 (चार्टडट अकाउंर्ेंट्स) स.ं िीआर/262/2016/डीडी/307/2016/डीसी/1310/2020.—चार्टड ट अकाउंर्ेंर् (वृज‍ तक और अन् य कदाचार के अन् वेषणों और मामलों के सचं ालन की प्रदिया) जनयम, 2007 के जनयम 18(17) के साथ िठित, चार्टड ट अकाउंर्ेंर् अजधजनयम, 1949 की धारा 21ख(3) के उिबंधों के जनबधं नानुसार अनिु ासन सजमजत ने सीए. जसद्धाथ ट श्याम िर्े े (सदस्ट्यता सख्ं या 116188), अरण्यश्वे र िाकट, ए ववगं , जद्वतीय तल, अरण्यश्वे र मदं दर के िास, िकं र नगर -1, िणु े 411009 को िूवोक्त अजधजनयम की दसू री अनुसूची के भाग I की मद (7) के अथाटन् तगटत वृजिक कदाचार का दोषी अजभजनधाटठरत दकया ह ै और उसके िठरणामस्ट्वरूि अनुिासन सजमजत ने िवू ोक्त जनयमों के जनयम 19(1) के जनबंधनानुसार सुनवाई का अवसर प्रदान करने के िश्चात,् सीए. जसद्धाथ ट श्याम िर्े े (सदस्ट्यता सख्ं या 116188) के नाम को 06 (छह) मास की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र से हर्ाने का आदिे ददया और साथ ही 1,00,000/- रुिये (केवल एक लाख रुिए) का िुमानट ा भी अजधरोजित दकया, जिसका संदाय आदिे की प्राजि के 60 ददन के भीतर दकया िाना ह ै । अनुिासन सजमजत के िूवोक्त आदेि के अनुसरण म ें और िूवोक्त अजधजनयम की धारा 20 की उिधारा (2) द्वारा प्रदि िजक्तयों का प्रयोग करत े हुए चार्टड ट 3846 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] अकाउंर्ेंर् जवजनयम, 1988 के जवजनयम 18 के अधीन यह अजधसूजचत दकया िाता ह ैदक सीए. जसद्धाथ ट श्याम िर्े े (सदस्ट्यता सख्ं या 116188) का नाम 28 िनू , 2024 स े06 (छह) मास की अवजध के जलए सदस्ट्यों के रजिस्ट्र्र स ेहर् िाएगा । सीए. (डा.) िय कुमार बत्रा, सजचव [जवज्ञािन-III/4/असा./229/2024-25] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA, NEW DELHI (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 28th June, 2024 (CHARTERED ACCOUNTANTS) No. PR/262/2016/DD/307/2016/DC/1310/2020.—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. Siddharth Shyam Shetye (Membership No. 116188), , Aranyeshwar Park, A Wing, 2nd Floor, Near Aranyeshwar Temple, Shankar Nagar -1, PUNE 411009, guilty of Professional Misconduct falling within the meaning of Item (7) of Part I of Second 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. Siddharth Shyam Shetye (Membership No. 116188) from the Register of Members for a period of 06(Six) months and also imposed a Fine of Rs. 1,00,000/-(Rupees One Lakh) only to be paid within 60 days of receipt of the Order. 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, it is hereby notified under Regulation 18 of the Chartered Accountants Regulations 1988, that the name of CA. Siddharth Shyam Shetye (Membership No. 116188), shall stand removed from the Register of Members for a period of 06(Six) months with effect from 28th June, 2024. CA. (Dr.) JAI KUMAR BATRA, Secy. [ADVT.-III/4/Exty./229/2024-25] 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.

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