In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants

## Report on Notification Regarding Removal from Register of Members: Institute of Chartered Accountants of India **1. Executive Summary:** This report analyzes a notification issued by the Institute of Chartered Accountants of India (ICAI) regarding the removal of CA. Siddharth Shyam Shetye (Membership No. 116188) from the Register of Members for a period of one year, effective November 26, 2021. This action stems from a finding by the Disciplinary Committee of professional misconduct under the Chartered Accountants Act, 1949. This report outlines the basis for the removal, the affected parties, and the expected impact of this disciplinary action. **2. Introduction:** The purpose of this report is to provide information and analysis regarding the notification published by the ICAI concerning the removal of a member from its Register. The analysis is based solely on the text provided. **3. Policy Overview:** * This notification pertains to the enforcement of disciplinary measures under the **Chartered Accountants Act, 1949** and related regulations. * **Core Objective (inferred):** To maintain professional standards and ethical conduct within the chartered accountancy profession by enforcing disciplinary actions against members found guilty of professional misconduct. **4. Background and Rationale:** * This notification concerns the application of existing regulations (Chartered Accountants Act, 1949, Chartered Accountants Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases Rules, 2007, and Chartered Accountants Regulations, 1988) to a specific case. The rationale behind the disciplinary action is the finding of "Professional Misconduct" by the Disciplinary Committee. The notification aims to publicly announce and implement the disciplinary action against the member. **5. Key Provisions / Changes:** * This is not a new policy, but the *application* of existing policy resulting in disciplinary action. Therefore, the focus is on the specific action announced. * **Specific change/action:** The name of CA. Siddharth Shyam Shetye (Membership No. 116188) is removed from the Register of Members for one year. * **Part of Original Policy Affected:** This action falls under the provisions of Section 21B3 of the Chartered Accountants Act, 1949, read with Rules 1817 and 191 of the Chartered Accountants Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases Rules, 2007 and Section 20(2) of the same act, read with regulation 18 of the Chartered Accountants Regulation, 1988. It directly affects the member's standing and ability to practice as a Chartered Accountant. * **New Rule/Provision**: The consequence of the Disciplinary Committee’s finding under the Act is the removal of the member's name from the official register, preventing them from practicing as a Chartered Accountant during the suspension period. * **Difference/Effect:** This removes the individual's right to practice as a Chartered Accountant for the specified duration, which impacts their professional activities and possibly their clients. **6. Target Audience and Stakeholders:** * **Directly affected:** CA. Siddharth Shyam Shetye. * **Other stakeholders:** Clients of CA. Siddharth Shyam Shetye (who may need to find alternative accounting services). * The ICAI and its members (as it reinforces the importance of ethical conduct). * The public (as it assures the accountability of Chartered Accountants). * Firms employing CA. Siddharth Shyam Shetye **7. Implementation Aspects (Inferred):** * **Responsible agency:** The Disciplinary Committee of the ICAI, acting under the authority of the Chartered Accountants Act, 1949. The ICAI itself is responsible for implementing the removal from the register. * **Timelines:** The removal is effective from November 26, 2021, and lasts for one year. * **Procedures:** The notification indicates that due process was followed, including an investigation and a finding of guilt by the Disciplinary Committee. The notification serves as the official communication of the action. The Dte. of Printing at Government of India Press is responsible for uploading the notification, and the Controller of Publications publishes it. **8. Expected Outcomes / Impact of Changes:** * The immediate impact is the cessation of CA. Siddharth Shyam Shetye's ability to practice as a Chartered Accountant for one year. * The action serves as a deterrent to other members, reinforcing the importance of adhering to professional ethics and standards. * It maintains public confidence in the chartered accountancy profession by demonstrating that misconduct is addressed and sanctioned. * Clients are impacted by the loss of their Chartered Accountant for one year. **9. Conclusion:** The notification regarding the removal of CA. Siddharth Shyam Shetye from the Register of Members highlights the ICAI's commitment to enforcing ethical standards within the profession. This disciplinary action, resulting from a finding of professional misconduct, serves as a deterrent and reinforces the importance of adherence to the Chartered Accountants Act and related regulations. The notification has a direct impact on the individual concerned and serves to maintain public trust in the chartered accountancy profession.

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