In terms of the provisions of Section 21B3 of the Chartered Accountants Act, 1949 read with Rules

## Report on Notification Regarding Disciplinary Action by the 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 disciplinary action taken against CA. Zachariah Panampunna Alexander. The notification, published in the Gazette of India on March 24, 2021, announces the removal of Mr. Alexander's name from the Register of Members for a period of two years due to professional misconduct. The core purpose of this notification is to publicly inform stakeholders of the disciplinary action taken against a member found guilty of violating the Chartered Accountants Act, 1949. **2. Introduction:** The purpose of this report is to provide an informative overview of a notification issued by the Institute of Chartered Accountants of India (ICAI) pertaining to disciplinary action against one of its members. This analysis is based solely on the text provided. **3. Policy Overview:** * **Core Objective(s):** The core objective of this notification is to publicly announce and enforce disciplinary action taken against a member of the ICAI found guilty of professional misconduct, ensuring accountability and maintaining the integrity of the profession. **4. Background and Rationale:** The notification addresses the issue of professional misconduct within the chartered accountancy profession. It suggests that CA. Zachariah Panampunna Alexander was found to have violated professional standards, necessitating disciplinary action to uphold the ethical and professional conduct expected of chartered accountants. This action aims to deter similar misconduct and maintain public trust in the profession. **5. Key Provisions / Changes:** This notification documents disciplinary action, constituting an *enforcement* of existing policies rather than the creation of new ones. The *specific* change documented in this notification is: * **Specific Part of Underlying Policy:** Enforcement 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. * **New Rule/Provision (Enforced):** Removal of CA. Zachariah Panampunna Alexander's name from the Register of Members for two years. * **Effect of Change:** Mr. Alexander loses the privileges and rights associated with being a registered member of the ICAI for the specified period. He is prohibited from practicing as a Chartered Accountant during this time. **6. Target Audience and Stakeholders:** The primary target audience includes: * **CA. Zachariah Panampunna Alexander:** Directly affected by the disciplinary action. * **Ms. Kuryan Suseelan, Chartered Accountants, P B No. 181, Pukadiyil Buildings, Shastri Road, Kottayam 686 001:** The firm with which Mr. Alexander is associated. * **Members of the ICAI:** To serve as a deterrent and reinforce ethical standards. * **Clients and the Public:** To ensure transparency and maintain trust in the profession. * **Regulatory Bodies:** Including those responsible for overseeing the chartered accountancy profession. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Disciplinary Committee of the ICAI and the Secretary of the ICAI are responsible for implementing the disciplinary action. The Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi and the Controller of Publications, Delhi are responsible for the publication of the notification in the Gazette of India. * **Timelines:** The removal is effective from March 24, 2021, and lasts for two years. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of this disciplinary action is: * **Deterrence:** To deter other members from engaging in similar professional misconduct. * **Maintaining Professional Standards:** To uphold the ethical and professional standards of the chartered accountancy profession. * **Public Trust:** To maintain public trust in the integrity of chartered accountants. * **Temporary disruption of practice:** Mr. Alexander will be unable to practice as a CA for two years, impacting his clients and potentially his firm. **9. Conclusion:** The notification analyzed details the disciplinary action taken against CA. Zachariah Panampunna Alexander for professional misconduct, resulting in his removal from the Register of Members for two years, effective March 24, 2021. This notification serves as a public announcement of enforcement, highlighting the ICAI's commitment to maintaining professional standards and upholding the integrity of the chartered accountancy profession.

Key Entities Referenced