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Date: 2022-04-18 Category: Extra Ordinary State: Union Government Country: India

The Chartered Accountants, The Cost And Works Accountants And The Company Secretaries (Amendment) Act, 2022

Issued by Ministry of Law and Justice · Legislative Department

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Executive Summary & Key Takeaways

Okay, I will analyze the provided policy text and generate the requested report. **Report on The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries Amendment Act, 2022** **1. Executive Summary:** This report analyzes "The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries Amendment Act, 2022" based on the provided policy text. This amendment act aims to modify the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980. The key findings include changes to disciplinary procedures, registration of firms, council composition, and increased penalties for misconduct, indicating a focus on strengthening regulatory oversight and enhancing professional standards within these professions. The establishment of a Coordination Committee is also a significant element. **2. Introduction:** The purpose of this report is to provide an informative overview and analysis of "The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries Amendment Act, 2022." This analysis is based solely on the provided policy text and aims to highlight the key changes and their potential impact. **3. Policy Overview:** * This report focuses on an amendment act. * **Core Objective(s):** Based on the text, the core objectives of this amendment act include: * Strengthening the regulation and development of the professions of Chartered Accountants, Cost Accountants, and Company Secretaries. * Enhancing disciplinary mechanisms and increasing penalties for professional misconduct. * Improving coordination and harmonization among the three professions. * Formalizing registration and oversight of firms. **4. Background and Rationale:** This is an amendment act. The rationale for this specific amendment appears to be to address perceived shortcomings in the existing regulatory framework. Specifically, the text suggests a need for: * More robust disciplinary procedures, as evidenced by the establishment of a Disciplinary Directorate and changes to the composition and powers of the Board of Discipline and Disciplinary Committee. * Formal registration and regulation of firms, indicating a desire to extend regulatory oversight beyond individual members. * Improved coordination among the professions, suggesting a need for greater collaboration and harmonization of standards. * Increased penalties, suggesting a desire to deter professional misconduct. **5. Key Provisions / Changes:** The amendment act introduces several key changes to the existing legislation governing Chartered Accountants, Cost Accountants, and Company Secretaries. Key changes include: * **Long Title Amendment:** The long title of the Chartered Accountants Act, 1949 and the Cost and Works Accountants Act, 1959 is amended to include "regulation and development" of the respective professions. This signals an expansion of the scope of the Acts beyond mere regulation. * **Coordination Committee:** Section 9A is inserted into the Chartered Accountants Act, 1949, establishing a Coordination Committee consisting of the Presidents, Vice-Presidents, and Secretaries of the Councils of the Institutes of Chartered Accountants of India, Cost Accountants of India, and Company Secretaries of India. This committee will be chaired by the Secretary, Ministry of Corporate Affairs. The committee's role is for development and harmonization of these professions, including effective coordination of functions, quality improvement, and aligning cross-disciplinary regulatory mechanisms. Section 34 of the Cost and Works Accountants Act, 1959, is also amended to reflect this committee. * **Council Term Limits:** Section 10 of the Chartered Accountants Act, 1949 is amended to limit members to two consecutive terms, however, there are stipulations for members serving at the time of the act. * **Register of Firms:** The amendment introduces provisions for the registration and maintenance of a Register of firms under both the Chartered Accountants Act, 1949 and the Cost and Works Accountants Act, 1959. New Sections 20A, 20B, 20C, and 20D are inserted, outlining the registration process, content of the register, removal from the register, and review process. This signifies a move to regulate not just individual practitioners but also the firms they operate within. * **Disciplinary Directorate:** Sections 21 of the Chartered Accountants Act, 1949 and Cost and Works Accountants Act, 1959 are substituted, establishing a Disciplinary Directorate. This directorate will investigate complaints and information related to misconduct. * **Boards of Discipline and Disciplinary Committees:** Sections 21A and 21B of the Chartered Accountants Act, 1949 and Cost and Works Accountants Act, 1959 are substituted, outlining the constitution, procedures, and powers of the Boards of Discipline and Disciplinary Committees. The composition of these bodies includes government nominees with legal and professional expertise, as well as Council nominees. The new sections also enable faceless proceedings and virtual hearings. * **Increased Penalties:** Sections 24, 24A, 25, 26 of the Chartered Accountants Act, 1949 and Sections 24, 25, 26, 27 of the Cost and Works Accountants Act, 1959 are amended to significantly increase fines for various offences. This signals a stronger deterrent against misconduct. * **Definition of Misconduct:** The definition of professional or other misconduct is clarified and broadened. * **Other Changes:** The amendment includes various other changes, such as substituting "outside India" for "without India", and minor wording adjustments to improve clarity and consistency. **6. Target Audience and Stakeholders:** Based on the provided text, the primary target audience and stakeholders include: * Chartered Accountants * Cost Accountants * Company Secretaries * Firms of Chartered Accountants and Cost Accountants * The Institutes of Chartered Accountants of India, Cost Accountants of India, and Company Secretaries of India. * The Ministry of Corporate Affairs. * Central Government **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** * The Institutes of Chartered Accountants, Cost Accountants, and Company Secretaries are responsible for implementing the registration of firms, maintaining registers, and conducting disciplinary proceedings. * The Disciplinary Directorate is responsible for investigating complaints. * The Boards of Discipline and Disciplinary Committees are responsible for adjudicating cases of professional misconduct. * The Ministry of Corporate Affairs chairs the Coordination Committee. * **Timelines/Procedures:** * The Director Discipline must decide whether a complaint or information is actionable within 30 days. * The Director Discipline must submit a preliminary examination report within 30 days of receiving the written statement. * The Board of Discipline must conclude its inquiry within 90 days of the receipt of the preliminary examination report. * The Disciplinary Committee must conclude its inquiry within 180 days of the receipt of the preliminary examination report. **8. Expected Outcomes / Impact of Changes:** The likely intended outcomes of these changes include: * **Enhanced Regulatory Oversight:** The registration of firms and the establishment of the Disciplinary Directorate are expected to improve regulatory oversight of the professions. * **Improved Professional Standards:** Increased penalties and more robust disciplinary procedures are intended to deter misconduct and raise professional standards. * **Greater Coordination:** The Coordination Committee is expected to foster greater collaboration and harmonization among the three professions. * **Increased Accountability:** The changes aim to increase accountability for both individual practitioners and firms. **9. Conclusion:** "The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries Amendment Act, 2022" represents a significant update to the regulatory framework governing these professions in India. The amendments focus on strengthening regulatory oversight, enhancing disciplinary mechanisms, and improving coordination among the professions. The act is likely to have a far-reaching impact on the conduct of these professions.

Key Entities Referenced

The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries Amendment Act, 2022: A parliamentary act of India further amending the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980. Parliament: The legislative body that enacted the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries Amendment Act, 2022. Republic of India: The nation enacting the law. Central Government: The executive branch of the Indian government, responsible for appointing dates for the Act's provisions to come into force and approving certain actions of the Institute. Official Gazette: The official publication of the Government of India, used for notifications related to the Act's commencement. Chartered Accountants Act, 1949: An existing law being amended by this Act. Cost and Works Accountants Act, 1959: An existing law being amended by this Act. Company Secretaries Act, 1980: An existing law being amended by this Act. Board of Discipline: A disciplinary body constituted under the Act to address misconduct. The Board consists of a Presiding Officer nominated by the Central Government, a member nominated by the Central Government and a member nominated by the Council from out of a panel of members of the Institute to be prepared by the Council. Coordination Committee: A committee consisting of the President, Vice-President, and Secretary of the Council of each of the Institutes of Chartered Accountants of India, the Cost Accountants of India and the Company Secretaries of India for the development and harmonisation of the professions of Chartered Accountants, Cost Accountants and Company Secretaries. The meeting of the Coordination Committee shall be chaired by the Secretary, Ministry of Corporate Affairs. Companies Act, 2013: Indian law. Replaces The Companies Act, 1956 Director Discipline: An officer referred to in section 21 and includes Joint Director Discipline Disciplinary Committee: Committee constituted under subsection 1 of section 21B Disciplinary Directorate: Directorate established under subsection 1 of section 21 Standing Committee: A Standing Committee constituted under subsection 1 of section 17 Insolvency and Bankruptcy Code, 2016: An Indian law related to insolvency and bankruptcy proceedings. Council: Council of the Institute constituted under section 9 Register of members: Register of members of the Institute maintained under section 19 Register of firms: Register of firms of the Institute maintained under section 20B Ministry of Corporate Affairs: The ministry under which coordination committee will be chaired by the secretary
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jftLVªh lañ Mhñ ,yñ—(,u)04@0007@2003—22 REGISTERED NO. DL—(N)04/0007/2003—22 सी.जी.-डीx.एxलx.G-अID.-1H8x0x42x022-235187 CG-DL-E-18042022-235187 xxxGIDExxx vlk/kkj.k EXTRAORDINARY Hkkx II — [k.M 1 PART II—Section 1 izkf/kdkj ls izdkf'kr PUBLISHED BY AUTHORITY lañ 12] ubZ fnYyh] lkseokj] vizSy 18] 2022@pS= 28] 1944 ¼'kd½ No. 12] NEW DELHI, MONDAY, APRIL 18, 2022/CHAITRA 28, 1944 (SAKA) bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA Separate paging is given to this Part in order that it may be filed as a separate compilation. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 18th April, 2022/Chaitra 28, 1944 (Saka) The following Act of Parliament received the assent of the President on the 18th April, 2022 and is hereby published for general information:— THE CHARTERED ACCOUNTANTS, THE COST AND WORKS ACCOUNTANTS AND THE COMPANY SECRETARIES (AMENDMENT) ACT, 2022 NO. 12 OF 2022 [18th April, 2022.] An Act further to amend the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980. BE it enacted by Parliament in the Seventy-third Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. (1) This Act may be called the Chartered Accountants, the Cost and Works Short title Accountants and the Company Secretaries (Amendment) Act, 2022. and commencement. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— CHAPTER II AMENDMENTS TO THE CHARTERED ACCOUNTANTS ACT, 1949 Amendment 2. In the Chartered Accountants Act, 1949 (hereafter in this Chapter referred to as the 38 of 1949. of long title principal Act), in the long title and preamble, for the word “regulation”, the words “regulation and preamble. and development” shall be substituted. Amendment 3. In section 2 of the principal Act, in sub-section (1),–– of section 2. (i) after clause (aaa), the following clause shall be inserted, namely:–– ‘(ab) “Board of Discipline” means the Board of Discipline constituted under sub-section (1) of section 21A;’; (ii) after clause (b), the following clauses shall be inserted, namely:–– ‘(ba) “Coordination Committee” means the Coordination Committee constituted under section 9A; (bb) “Companies Act” means the Companies Act, 2013 or any other previous 18 of 2013. company law as defined in sub-section (67) of section 2 of the said Act;’; (iii) in clause (c), after the words “Council of the Institute”, the words “constituted under section 9” shall be inserted; (iv) after clause (ca), the following clauses shall be inserted, namely:–– ‘(cb) “Director (Discipline)” means the Director (Discipline) referred to in section 21 and includes Joint Director (Discipline); (cc) “Disciplinary Committee” means the Disciplinary Committee constituted under sub-section (1) of section 21B; (cd) “Disciplinary Directorate” means the Disciplinary Directorate established under sub-section (1) of section 21; (ce) “fellow” means a fellow member of the Institute;’; (v) for clause (ea), the following clause shall be substituted, namely:— ‘(ea) “notification” means a notification published in the Official Gazette and the term “notify” shall be construed accordingly;’; (vi) for clause (g), the following clause shall be substituted, namely:–– ‘(g) “Register” means the Register of members of the Institute maintained under section 19 or the Register of firms of the Institute maintained under section 20B, as the case may be;’; (vii) after clause (haa), the following clause shall be inserted, namely:–– ‘(haaa) “Standing Committee” means a Standing Committee constituted under sub-section (1) of section 17;’. Amendment 4. In section 4 of the principal Act,–– of section 4. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in sub-section (1), in clauses (v) and (vi), for the words “without India”, wherever they occur, the words “outside India” shall be substituted; (iii) in sub-section (3),–– (a) the words “, which shall not exceed rupees three thousand” shall be omitted; (b) the proviso shall be omitted.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 3 5. In section 5 of the principal Act,–– Amendment of section 5. (i) for the word “Register”, occurring at both the places, the words “Register of members” shall be substituted; (ii) in sub-section (3),–– (a) the words “which shall not exceed rupees five thousand” shall be omitted; (b) the proviso shall be omitted. 6. In section 6 of the principal Act, for sub-section (2), the following sub-section shall Amendment be substituted, namely:— of section 6. “(2) Every such member shall pay annual fee for the certificate as may be determined, by notification, by the Council, and such fee shall be payable on or before the 1st day of April each year.”. 7. In section 8 of the principal Act,–– Amendment of section 8. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in clause (iii), after the words “undischarged insolvent”, the words “or an undischarged bankrupt” shall be inserted; (iii) after clause (iii), the following clause shall be inserted, namely:–– “(iiia) is declared bankrupt under the Insolvency and Bankruptcy Code, 31 of 2016. 2016; or”; (iv) in clause (v),–– (a) for the words “without India”, the words “outside India” shall be substituted; (b) the words “transportation or” shall be omitted. 8. In section 9 of the principal Act,–– Amendment of section 9. (i) in sub-section (2),–– (a) for the word “Register”, occurring at both the places, the words “Register of members” shall be substituted; (b) for the words “three years”, the words “four years” shall be substituted; (c) for the words “six years”, the words “eight years” shall be substituted; (ii) in sub-section (4),–– (a) for the word “person”, the words “member of the Institute or any partner of a firm” shall be substituted; (b) for the words “three years”, the words “four years” shall be substituted. 9. After section 9 of the principal Act, the following section shall be inserted, Insertion of namely:— new section 9A. “9A. (1) There shall be a Coordination Committee consisting of the President, Coordination Vice-President and the Secretary of the Council of each of the Institutes of Chartered Committee. Accountants of India, the Cost Accountants of India and the Company Secretaries of India for the development and harmonisation of the professions of Chartered Accountants, Cost Accountants and Company Secretaries. (2) The meeting of the Coordination Committee shall be chaired by the Secretary, Ministry of Corporate Affairs.4 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (3) The meeting of the Coordination Committee shall be held once in every quarter of a year. (4) The Committee shall be responsible for the effective coordination of the functions assigned to each Institute and shall–– (i) ensure quality improvement of the academics, infrastructure, research and all related works of the Institute; (ii) focus on the coordination and collaboration among the professions, to make the profession more effective and robust; (iii) align the cross-disciplinary regulatory mechanisms for inter professional development; (iv) make recommendations in matters relating to regulatory policies for the professions; (v) perform such other functions incidental to clauses (i) to (iv) above.”. Amendment 10. Section 10 of the principal Act shall be renumbered as sub-section (1) thereof and,–– of section 10. (i) in the first proviso to sub-section (1) as so renumbered, for the words “three consecutive terms”, the words “two consecutive terms” shall be substituted; (ii) after sub-section (1) as so renumbered and amended, the following sub-section shall be inserted, namely:–– “(2) Notwithstanding anything contained in sub-section (1), a member of the Council who immediately at the commencement of the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, has held office as such member for two terms or is holding office for the second term of three years, shall be eligible to contest for one more term of four years and a member who has held office for one term or is holding office for the first term of three years, shall be eligible to contest for two more consecutive terms.”. Amendment 11. In section 12 of the principal Act,–– of section 12. (i) in sub-section (1), the proviso shall be omitted; (ii) in sub-section (2), for the words “Chief Executive Authority”, the word “Head” shall be substituted; (iii) after sub-section (2), the following sub-sections shall be inserted, namely:–– “(2A) The President shall preside at the meetings of the Council. (2B) The President and the Vice-President shall exercise such powers and perform such duties and functions as may be prescribed. (2C) It shall be the duty of the President to ensure that the decisions taken by the Council are implemented. (2D) If, for any reason a vacancy occurs in the office of the President, or if the President is absent or for any other reason, is unable to exercise the powers or perform the duties assigned to him, the Vice-President shall act in his place and exercise the powers and perform the duties of the President.”. Amendment 12. In section 13 of the principal Act, in sub-section (2), for the word “Register”, the of section 13. words “Register of members” shall be substituted. Amendment 13. In section 14 of the principal Act, in sub-section (1), for the words “three years”, the of section 14. words “four years” shall be substituted.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 5 14. In section 15 of the principal Act, in sub-section (2),–– Amendment of section 15. (i) for clauses (b) and (c) the following clauses shall be substituted, namely:— “(b) the prescribing of fees for the examination of candidates for enrolment; (c) the granting or refusal, of registration of a firm;”; (ii) in clause (d), for the word “Register”, the words “Register of members” shall be substituted; (iii) for clause (f), the following clauses shall be substituted, namely:–– “(f) the prescribing of guidelines for grant or refusal of certificates of practice under this Act; (fa) to issue guidelines for the purpose of carrying out the objects of this Act;”; (iv) clause (g) shall be omitted; (v) in clause (h), the words “and collection” shall be omitted; (vi) clause (i) shall be omitted; (vii) for clause (l), the following clauses shall be substituted, namely:— “(l) to conduct investor education and awareness programmes; (la) to enter into any memorandum or arrangement with the prior approval of the Central Government, with any agency of a foreign country, for the purpose of performing its functions under this Act;”. 15. After section 15A of the principal Act, the following section shall be inserted, Insertion of namely:–– new section 15B. “15B. The functions of the Institute shall include–– Functions of Institute. (a) the examination of candidates for enrolment; (b) the regulation of the engagement and training of articled and audit assistants; (c) the maintenance and publication of a Register of persons qualified to practice as chartered accountants; (d) the maintenance and publication of Register of firms; (e) collection of fees from members, examinees and other persons; (f) subject to the orders of the appropriate authorities under this Act, the removal of names from the Register of members and firms and the restoration of names to the Register of members and firms which have been removed; (g) the maintenance of a library and publication of books and periodicals relating to accountancy and allied subjects; (h) the conduct of elections to the Council of the Institute; and (i) the granting or refusal of certificates of practice as per guidelines issued by the Council.”.6 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— Amendment 16. In section 16 of the principal Act,–– of section 16. (i) for sub-section (1), the following sub-section shall be substituted, namely:— “(1) For the efficient performance of its duties, the Council shall appoint— (a) a Secretary who will carry out administrative functions of the Institute, as its Chief Executive Officer; (b) a Director (Discipline) and Joint Directors (Discipline) not below the rank of Deputy Secretary of the Institute, to perform such functions as are assigned to them under this Act and the rules and regulations framed thereunder: Provided that no appointment or re-appointment or termination of appointment of Director (Discipline) or Joint Director (Discipline) shall have effect unless such appointment, re-appointment or termination of appointment is made with the previous approval of the Central Government.”; (ii) in sub-section (2), for clause (c), the following clause shall be substituted, namely:–– “(c) prescribe the manner of appointment, powers, duties and functions of the Secretary and other officers and employees, their salaries, fees, allowances and other terms and conditions of service;”. Amendment 17. In section 18 of the principal Act, for sub-section (5), the following sub-section of section 18. shall be substituted, namely:— “(5) The annual accounts of the Council shall be prepared in such manner as may be prescribed and subject to audit by a firm of chartered accountants to be appointed annually by the Council from the panel of auditors maintained by the Comptroller and Auditor-General of India: Provided that a firm shall not be eligible for appointment as an auditor under this sub-section, if any of its partner is or has been a member of the Council during the last four years: Provided further that in the event it is brought to the notice of the Council that the accounts of the Council do not represent a true and fair view of its finances, then, the Council may itself cause a special audit to be conducted: Provided also that, if such information, that the accounts of the Council do not represent a true and fair view of its finances, is sent to the Council by the Central Government, then, the Council may, wherever appropriate cause a special audit or take such other action as it considers necessary and shall furnish an action taken report thereon to the Central Government.”. Amendment 18. In section 19 of the principal Act,–– of section 19. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) for sub-section (1), the following sub-section shall be substituted, namely:— “(1) The Council shall maintain a Register of members of the Institute in such manner as may be prescribed.”; (iii) in sub-section (2), after clause (c), the following clause shall be inserted, namely:–– “(ca) whether any actionable information or complaint is pending or any penalty has been imposed against him under Chapter V, including details thereof, if any;”;SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 7 (iv) in sub-section (4),–– (a) the words “, which shall not exceed rupees five thousand” shall be omitted; (b) the proviso shall be omitted. 19. In section 20 of the principal Act,–– Amendment of section 20. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in sub-section (3),–– (a) the words “, which shall not exceed rupees two thousand” shall be omitted; (b) the proviso shall be omitted. 20. After Chapter IV of the principal Act, the following Chapter shall be inserted, Insertion of namely:–– new Chapter IVA. “CHAPTER IVA REGISTRATION AND REGISTER OF FIRMS 20A. Every firm shall be registered with the Institute on an application made to Registration the Council, by any partner or owner of a firm, in such manner and subject to such of firms. terms and conditions as may be prescribed: Provided that the Council may refuse to register a firm, if the name of such firm is identical or similar to the name of any other firm already registered or the name is in use by any firm within or outside India or in the opinion of the Council, registration of the firm is undesirable. 20B. (1) The Council shall maintain, in such manner as may be prescribed, a Register of Register of firms. firms. (2) The Register of firms shall include such particulars about the firm, including details of pendency of any actionable information or complaint or imposition of penalty against it under Chapter V, in such form and at such intervals, as may be prescribed. (3) The Council shall cause to be published in such manner as may be prescribed, a list of firms registered with the Institute as on the 1st day of April of each year or at any such interval as may be decided by the Council, and shall make available the list to such persons, in such form and on payment of such amount as may be prescribed. 20C. The Council shall remove from the Register of firms the name of any firm— Removal from Register (a) which is dissolved or liquidated; or of firms. (b) from which a request has been received to that effect; or (c) is declared insolvent or bankrupt under the Insolvency and Bankruptcy 31 of 2016. Code, 2016 and remains undischarged; or (d) which has been debarred from undertaking any activity or activities relating to the profession of a chartered accountant in practice under any law for the time being in force or by any competent court; or (e) in respect of which an order for removal has been passed under this Act.8 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— Review 20D. (1) Any firm aggrieved by the decision for refusal of registration may apply before for review before the Council within one month from the date of such refusal. Council. (2) The Council may, after considering the review application, confirm or set aside the decision so taken or pass such orders as it may consider appropriate.”. Substitution 21. For section 21 of the principal Act, the following section shall be substituted, of section 21. namely:— Disciplinary “21.(1) The Council shall, by notification, establish a Disciplinary Directorate Directorate. consisting of a Director (Discipline), at least two Joint Directors (Discipline) not below the rank of Deputy Secretary of the Institute and such other employees appointed under section 16, for making investigations either suo motu, or on receipt of an information or a complaint, in such form, along with such fees as may be specified. (2) Within thirty days of receipt of an information or a complaint, the Director (Discipline) shall decide in such manner as may be specified, whether a complaint or information is actionable or is liable to be closed as non-actionable: Provided that the Director (Discipline) may call for additional information from the complainant or the informant, as the case may be, by giving fifteen days time before deciding whether the case is actionable or non-actionable: Provided further that the recommendations of the Director (Discipline) on non-actionable complaints or information shall be submitted to the Board of Discipline within sixty days of its receipt and the Board of Discipline may, after looking into its merits refer such complaint or information to the Director (Discipline) for conducting further investigation. (3) While making investigation into a case which is found to be actionable, the Director (Discipline) shall give an opportunity to the member or the firm, as the case may be, to submit a written statement within twenty-one days which may further be extended by another twenty-one days, for reasons to be recorded in writing. (4) Upon receipt of the written statement under sub-section (3), if any, the Director (Discipline) shall send a copy thereof to the complainant or the informant, as the case may be, and the complainant or the informant shall, within twenty-one days of the receipt of such written statement, submit his rejoinder. (5) Upon receipt of the written statement under sub-section (3) and rejoinder under sub-section (4), the Director (Discipline) shall submit a preliminary examination report within thirty days, if a prima facie case is made out against a member or a firm, as the case may be. (6) In case a prima facie case is made out for any professional or other misconduct mentioned in the First Schedule, the Director (Discipline) shall submit the preliminary examination report to the Board of Discipline and where prima facie case is made out for any professional or other misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule, he shall submit a preliminary examination report to the Disciplinary Committee: Provided that a complaint or information filed by any authorised officer of the Central Government or a State Government or any statutory authority duly supported by an investigation report or relevant extract of the investigation report along with supporting evidence, shall be treated as preliminary examination report: Provided further that where no prima facie case is made out against the member or the firm, the Director (Discipline) shall submit such information or complaint with relevant documents to the Board of Discipline and the Board of Discipline may, if it agrees with the findings of the Director (Discipline), close the matter or in case of disagreement, itself proceed further or refer the matter to the Disciplinary Committee or advise the Director (Discipline) to further investigate the matter.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 9 (7) For the purpose of investigation under this Act, the Disciplinary Directorate shall follow such procedure as may be specified. (8) A complaint filed with the Disciplinary Directorate shall not be withdrawn under any circumstances. (9) The status of actionable information and complaints pending before the Disciplinary Directorate, Boards of Discipline and Disciplinary Committees and the orders passed by the Boards of Discipline under section 21A and by the Disciplinary Committees under section 21B shall be made available in the public domain by the Disciplinary Directorate in such manner as may be prescribed.”. 22. For section 21A of the principal Act, the following section shall be substituted, Substitution namely:–– of section 21A. “21A. (1) The Council shall, by notification, constitute one or more Boards of Board of Discipline, each consisting of— Discipline. (a) a person, not being a member of the Institute, with experience in law and having knowledge of disciplinary matters and the profession, to be nominated by the Central Government as its Presiding Officer, from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (b) one member, who is a person of eminence having experience in the field of law, economics, business, finance or accountancy and not being a member of the Institute, to be nominated by the Central Government from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (c) one member to be nominated by the Council from out of a panel of members of the Institute to be prepared by the Council, in such manner as may be prescribed; (d) an officer of the Institute not below the rank of a Deputy Secretary shall function as the Secretary of the Board of Discipline: Provided that the Presiding Officer nominated under clause (a) and the member nominated under clause (b) may be the same for different Boards of Discipline constituted under this sub-section. (2) The Board of Discipline shall, while considering the cases placed before it, follow such procedure including faceless proceedings and virtual hearings as may be specified. (3) The Board of Discipline shall, on receipt of preliminary examination report from Director (Discipline), require the member or the firm, as the case may be, against whom such preliminary examination report has been filed, to submit a written statement within twenty-one days which may further be extended by another twenty-one days, in exceptional circumstances, for reasons to be recorded in writing. (4) The Board of Discipline shall conclude its inquiry within ninety days of the receipt of preliminary examination report from the Director (Discipline). (5) Upon inquiry, if the Board of Discipline finds that such member is guilty of a professional or other misconduct mentioned in the First Schedule, it may pass an order within thirty days of such finding, after providing an opportunity of being heard to the member, taking any one or more of the following actions, namely:–– (a) reprimand the member and record it in the Register of members; (b) remove the name of the member or members from the Register of members up to a period of six months; (c) impose such fine as it may think fit which may extend to two lakh rupees.10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (6) Where on the basis of evidence brought on record or during the course of an inquiry pertaining to a member, the Board of Discipline is of the opinion that any such member who is a partner or owner of a firm, has been repeatedly found guilty of misconduct mentioned in the First Schedule during the last five years, the following action may also be taken against such firm, namely:–– (a) prohibit the firm from undertaking any activity or activities relating to the profession of a chartered accountant in practice for such period not exceeding one year; or (b) impose such fine as it may think fit, which may extend to twenty-five lakh rupees. (7) Where a member or a firm fails to pay the fine imposed under sub-section (5) or sub-section (6) within such time as may be specified, the Council shall remove the name of such member or firm from the Register of members or Register of firms, as the case may be, for such period as it may think fit. (8) The Presiding Officer and members of the Board of Discipline shall be paid such allowances as may be prescribed.”. Substitution 23. For section 21B of the principal Act, the following section shall be substituted, of section namely:— 21B. Disciplinary “21B. (1) The Council shall, by notification, constitute one or more Disciplinary Committee. Committees, each consisting of— (a) a person, not being a member of the Institute, with experience in law and having knowledge of disciplinary matters and the profession, to be nominated by the Central Government as its Presiding Officer, from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (b) two members, who are persons of eminence having experience in the field of law, economics, business, finance or accountancy and not being a member of the Institute, to be nominated by the Central Government from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (c) two members to be nominated by the Council from out of a panel of members of the Institute to be prepared by the Council in such manner as may be prescribed: Provided that the Presiding Officer nominated under clause (a) and the members nominated under clause (b) may be the same for different Disciplinary Committees constituted under this sub-section. (2) The Disciplinary Committee shall, while considering the cases placed before it, follow such procedure including faceless proceedings and virtual hearings as may be specified. (3) The Disciplinary Committee shall, on receipt of preliminary examination report from Director (Discipline), require the member or the firm, as the case may be, against whom such preliminary examination report has been filed, to submit a written statement within twenty-one days, which may further be extended by another twenty-one days in exceptional circumstances, for reasons to be recorded in writing. (4) The Disciplinary Committee shall conclude its inquiry within one hundred and eighty days of receipt of the preliminary examination report from the Director (Discipline).SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 11 (5) Upon inquiry, if the Disciplinary Committee finds that a member is guilty of a professional or other misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule, it may pass an order within thirty days of such a finding, after providing an opportunity of being heard to the member, taking any one or more of the following actions, namely:— (a) reprimand the member and record it in the Register of members; or (b) remove the name of the member from the Register of members permanently or for such period, as it may think fit; or (c) impose such fine as it may think fit, which may extend to ten lakh rupees. (6) Where on the basis of evidence brought on record or during the course of an inquiry pertaining to a member, the Disciplinary Committee is of the opinion that any such member, who is a partner or owner of a firm has been repeatedly found guilty of misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule, during the last five years, the following actions may also be taken against such firm, namely:–– (a) prohibit the firm from undertaking any activity or activities relating to the profession of a chartered accountant in practice for such period not exceeding two years; or (b) suspend or cancel the registration of the firm and remove its name from the Register of firms permanently or for such period as it may think fit; or (c) impose such fine as it may think fit, which may extend to fifty lakh rupees. (7) Where a member or a firm fails to pay the fine imposed under sub-section (5) or sub-section (6) within the specified time, the Council shall remove the name of such member or firm from the Register of members or Register of firms, as the case may be, for such period, as it may think fit. (8) The Presiding Officer and members of the Disciplinary Committee shall be paid such allowances as may be prescribed.”. 24. In section 21C of the principal Act, the Explanation shall be omitted. Amendment of section 21C. 25. For section 21D of the principal Act, the following section shall be substituted, Substitution namely:— of section 21D. “21D. All complaints or any inquiry pending before the Board of Discipline or Transitional the Disciplinary Committee or any reference or appeal filed before the Appellate provisions. Authority or before a High Court prior to the commencement of the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, shall continue to be governed by the provisions of this Act, as if this Act had not been amended by the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022.”. 26. For section 22 of the principal Act, the following section shall be substituted, Substitution namely:— of section 22. ‘22. For the purposes of this Act, the expression “professional or other Professional misconduct” shall be deemed to include any act or omission, on the part of any or other member of the Institute either in his individual capacity or as partner or owner of a firm, misconduct defined. as mentioned in any of the Schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Director (Discipline) under sub-section (1) of section 21 to inquire into the conduct of such member or firm, under any other circumstances.’.12 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— Amendment 27. In section 22G of the principal Act,–– of section 22G. (i) in sub-section (1),–– (a) after the words “Any member of the Institute”, the words “or a firm” shall be inserted; (b) for the words “imposing on him”, the words “imposing on such member or firm” shall be substituted; (c) for the words, brackets, figures and letters “sub-section (3) of section 21A and sub-section (3) of section 21B, may”, the words, brackets, figures and letters “sub-section (5) or sub-section (6) of section 21A or sub-section (5) or sub- section (6) of section 21B, as the case may be, may” shall be substituted; (d) for the words “communicated to him”, the words “communicated to such member or firm” shall be substituted; (ii) in sub-section (2), for the words, brackets, figures and letters “sub-section (3) of section 21A and sub-section (3) of section 21B”, the words, brackets, figures and letters “sub-section (5) or sub-section (6) of section 21A or sub-section (5) or sub-section (6) of section 21B,” shall be substituted; (iii) after sub-section (2), the following sub-section and Explanations shall be inserted, namely:–– ‘(3) No order or act or proceeding of the Authority shall be called in question in any manner, on the ground merely of any defect in the constitution of, or a casual vacancy or absence of one or two members, of the Authority. Explanation 1.—For the purposes of this Chapter,–– (A) “member of the Institute” includes a person who was a member of the Institute on the date of the alleged misconduct although he has ceased to be a member of the Institute at the time of the inquiry; (B) a “firm” registered with the Institute shall also be held liable for misconduct of a member who was its partner or owner on the date of the alleged misconduct, although he has ceased to be such partner or owner, at the time of the inquiry. Explanation 2.—No action taken under the provisions of this Chapter shall bar a Central Government Department or a State Government or any statutory authority or regulatory body to take action against a member or a firm registered with the Institute under any other law for the time being in force.’. Amendment 28. In section 24 of the principal Act,–– of section 24. (a) for the words “one thousand rupees”, the words “one lakh rupees” shall be substituted; (b) for the words “five thousand rupees”, the words “five lakh rupees” shall be substituted. Amendment 29. In section 24A of the principal Act, in sub-section (2),–– of section 24A. (i) for the words “be punishable with fine which may extend on first conviction to one thousand rupees”, the words “be punishable with imprisonment which may extend to six months, or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees, or with both on first conviction” shall be substituted; (ii) for the words “six months, or with fine which may extend to five thousand rupees”, the words “one year, or with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees” shall be substituted.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 13 30. In section 25 of the principal Act, in sub-section (2),–– Amendment of section 25. (a) after the words “punishable with fine”, the words “which shall not be less than two lakh rupees but” shall be inserted; (b) for the words “one thousand rupees”, the words “ten lakh rupees” shall be substituted; (c) for the words “to five thousand rupees”, the words “with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees” shall be substituted. 31. In section 26 of the principal Act, in sub-section (2),–– Amendment of section 26. (a) for the words “five thousand rupees”, the words “one lakh rupees” shall be substituted; (b) for the words “one lakh rupees”, the words “five lakh rupees” shall be substituted; (c) for the words “ten thousand rupees”, the words “two lakh rupees” shall be substituted; (d) for the words “two lakh rupees”, the words “ten lakh rupees” shall be substituted. 32. In section 28B of the principal Act, after clause (c), the following clause shall be Amendment inserted, namely:–– of section 28B. “(d) to forward cases of non-compliance with various statutory and regulatory requirements by the members of the Institute or firms, noticed by it during the course of its reviews, to the Disciplinary Directorate for its examination.”. 33. In section 29 of the principal Act, in sub-section (2), for the word “Register”, the Amendment words “Register of members” shall be substituted. of section 29. 34. In section 29A of the principal Act, in sub-section (2),— Amendment of section (i) for clauses (c) and (d), the following clauses shall be substituted, namely:–– 29A. “(c) the form and fee for filing an information or a complaint under sub-section (1), the manner of deciding a complaint or information as actionable or non-actionable under sub-section (2) and the procedure of investigation under sub-section (7), of section 21; (d) the procedure while considering the cases by the Board of Discipline under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21A; (da) the procedure while considering the cases by the Disciplinary Committee under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21B;”. 35. In section 30 of the principal Act, in sub-section (2),–– Amendment of section 30. (i) in clauses (b), (e) and (h), for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) clause (g) and clause (i) shall be omitted; (iii) for clause (r), the following clauses shall be substituted, namely:–– “(r) the qualification required for the purposes of sub-section (3) of section 5; (ra) the circumstances under which certificates of practice may be cancelled under sub-section (3) of section 6;14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (rb) the guidelines for granting or refusal of certificates of practice under clause (f) of sub-section (2) of section 15; (rc) the manner of appointment, powers, duties, functions, salaries, fees, allowances and other terms and conditions of service of the Secretary and other officers and employees of the Council under clause (c) of sub-section (2) of section 16; (rd) the manner of preparing annual financial statement under sub-section (4) and the annual accounts under sub-section (5), of section 18; (re) the manner of maintaining a Register of members of the Institute under sub-section (1) and the manner in which the annual list of members registered with the Institute shall be published under sub-section (3), of section 19; (rf) the manner of making an application for grant of registration of a firm and the terms and conditions of such registration under section 20A; (rg) the manner of maintenance of Register of firms, and other particulars including details of pendency of any actionable information or complaint or imposition of penalty against the firm under sub-section (1) and sub-section (2) and the manner in which the annual list of firms registered with the Institute shall be published under sub-section (3), of section 20B; (rh) the manner of making available status of actionable information and complaints and orders passed under sub-section (9) of section 21; (ri) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of the Boards of Discipline under sub-section (8), of section 21A; (rj) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of the Disciplinary Committees under sub-section (8), of section 21B; (rk) the salaries and allowances and conditions of service of officers and other staff of Authority under sub-section (2) of section 22E; (rl) the manner in which Regional Council may be constituted under sub-section (2) of section 23 and the functions thereof; and”. Amendment 36. In the First Schedule to the principal Act,— of First (i) in the heading, for the figures, brackets and letter “21(3), 21A(3)”, the figures, Schedule. brackets and letters “21(6), 21A(5) and (6), 21B(5) and (6)” shall be substituted; (ii) in Part I, in item (9), after the words and figures “Companies Act, 1956”, the 1 of 1956. words and figures “or sections 139 to 141 of the Companies Act, 2013 or any other law 18 of 2013. pertaining to appointment of auditors for the time being in force” shall be inserted. Amendment 37. In the Second Schedule to the principal Act,–– of Second Schedule. (i) in the heading, for the figures, brackets and letter “21(3), 21B(3)”, the figures, brackets and letter “21(6), 21B(5) and (6)” shall be substituted; (ii) in Part I, in item (3), for the words “belief that he”, the words “belief that he or his firm” shall be substituted; (iii) in Part II, after item (4), the following item shall be inserted, namely:–– “(5) acts as an auditor of the company in contravention of the provisions of the Companies Act, 2013.”. 18 of 2013. CHAPTER III AMENDMENTS TO THE COST AND WORKS ACCOUNTANTS ACT, 1959 Amendment 38. In the Cost and Works Accountants Act, 1959 (hereafter in this Chapter referred to 23 of 1959. of long title. as the principal Act), in the long title, for the words “regulation of the profession of cost and works accountants”, the words “regulation and development of the profession of cost accountants” shall be substituted.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 15 39. In section 1 of the principal Act, in sub-section (1), for the words “Cost and Works Amendment Accountants”, the words “Cost Accountants” shall be substituted. of section 1. 40. In section 2 of the principal Act, in sub-section (1),–– Amendment of section 2. (i) after clause (aaa), the following clauses shall be inserted, namely:–– ‘(ab) “Board of Discipline” means the Board of Discipline constituted under sub-section (1) of section 21A; 18 of 2013. (ac) “Companies Act” means the Companies Act, 2013 or any other previous company law as defined in sub-section (67) of section 2 of the said Act;’; (ii) in clause (c), after the words “Council of the Institute”, the words “constituted under section 9” shall be inserted; (iii) after clause (c), the following clauses shall be inserted, namely:–– ‘(ca) “Director (Discipline)” means the Director (Discipline) referred to in section 21 and includes Joint Director (Discipline); (cb) “Disciplinary Committee” means the Disciplinary Committee constituted under sub-section (1) of section 21B; (cc) “Disciplinary Directorate” means the Disciplinary Directorate established under sub-section (1) of section 21;’; (iv) in clause (d), the figures “1956” shall be omitted; (v) for clause (e), the following clause shall be subsituted, namely:— ‘(e) “fellow” means a fellow member of the Institute;’; (vi) for clause (fa), the following clause shall be substituted, namely:–– ‘(fa) “notification” means a notification published in the Official Gazette and the term “notify” shall be construed accordingly;’; (vii) for clause (i), the following clause shall be substituted, namely:–– ‘(i) “Register” means the Register of members of the Institute maintained under section 19 or Register of firms of the Institute maintained under section 20B, as the case may be;’; (viii) after clause (iaa), the following clause shall be inserted, namely:— ‘(iaaa) “Standing Committee” means a Standing Committee constituted under sub-section (1) of section 17;’. 41. In Chapter II of the principal Act, in the heading, the words “AND WORKS” shall Amendment be omitted. of heading of Chapter II. 42. In section 4 of the principal Act,–– Amendment of section 4. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in sub-section (1), in clauses (iv) and (v), for the words “without India”, wherever they occur, the words “outside India” shall be substituted; (iii) in sub-section (3),— (a) the words ", which shall not exceed rupees three thousand" shall be omitted; (b) the proviso shall be omitted.16 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— Amendment 43. In section 5 of the principal Act,––– of section 5. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in sub-section (4), the words “which shall not exceed rupees five thousand,” shall be omitted; (iii) the proviso shall be omitted. Amendment 44. In section 6 of the principal Act, in sub-section (2),— of section 6. (i) the words “which shall not exceed rupees three thousand” shall be omitted; (ii) the first proviso shall be omitted; (iii) in the second proviso, for the words “Provided further that”, the words “Provided that” shall be substituted. Amendment 45. In section 8 of the principal Act,–– of section 8. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in clause (iii), after the words “undischarged insolvent”, the words “or undischarged bankrupt” shall be inserted; (iii) after clause (iii), the following clause shall be inserted, namely:–– “(iiia) is declared bankrupt under the Insolvency and Bankruptcy Code, 2016;”; 31 of 2016. (iv) in clause (v), for the words “without India”, the words “outside India” shall be substituted. Amendment 46. In section 9 of the principal Act,–– of section 9. (i) in sub-section (2),–– (a) for the word ‘‘Register’’, occurring at both the places, the words “Register of members” shall be substituted; (b) for the words “three years”, the words “four years” shall be substituted; (c) for the words “six years”, the words “eight years” shall be substituted; (ii) in sub-section (4),–– (a) for the word “person”, the words “member of the Institute or any partner of a firm” shall be substituted; (b) for the words “three years”, the words “four years” shall be substituted. Amendment 47. In section 12 of the principal Act,–– of section 12. (i) in sub-section (1), the proviso shall be omitted; (ii) after sub-section (2), the following sub-sections shall be inserted, namely:–– “(2A) The President shall preside at the meetings of the Council. (2B) The President and the Vice-President shall exercise such powers and perform such duties and functions as may be prescribed. (2C) It shall be the duty of the President to ensure that the decisions taken by the Council are implemented.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 17 (2D) If, for any reason a vacancy occurs in the office of the President, or if the President is absent or for any other reason, is unable to exercise the powers or perform the duties assigned to him, the Vice-President shall act in his place and exercise the powers and perform the duties of the President.”. 48. In section 13 of the principal Act, in sub-section (2), for the word “Register”, the Amendment words “Register of members” shall be substituted. of section 13. 49. In section 15 of the principal Act, in sub-section (2),–– Amendment of section 15. (i) in clause (c), for the word “Register”, the words “Register of members” shall be substituted; (ii) after clause (e), the following clause shall be inserted, namely:–– “(ea) the granting or refusal, of registration of a firm;”; (iii) after clause (j), the following clauses shall be inserted, namely:— “(ja) to issue guidelines for the purpose of carrying out the objects of this Act; (jb) to conduct investor education and awareness programmes; (jc) to enter into any memorandum or arrangement with the prior approval of the Central Government, with any agency of any foreign country, for the purpose of performing its functions under this Act;”; (iv) in clause (k), for the words “, action taken thereon with a report to the Central Government within a period of three months, and their inclusion in the annual report”, the words “and the details of action taken thereon in its annual report” shall be substituted. 50. In section 15A of the principal Act,–– Amendment (i) after clause (c), the following clause shall be inserted, namely:–– of section 15A. “(ca) the maintenance and publication of a Register of firms;”; (ii) in clause (e), for the words “Register and the restoration to the Register of names”, the words “Register of members and firms and the restoration of names to the Register of members and firms” shall be substituted. 51. In section 16 of the principal Act,–– Amendment (i) for sub-section (1), the following sub-section shall be substituted, namely:— of section 16. “(1) For the efficient performance of its duties, the Council shall, appoint— (a) a Secretary, who will carry out the administrative functions of the Institute as its Chief Executive Officer; (b) a Director (Discipline) and Joint Directors (Discipline) not below the rank of Deputy Secretary of the Institute, to perform such functions as are assigned to them under this Act and the rules and regulations framed thereunder: Provided that no appointment or re-appointment or termination of appointment of Director (Discipline) or Joint Director (Discipline) shall have effect unless such appointment, re-appointment or termination of appointment is made with the previous approval of the Central Government.’’; (ii) in sub-section (2), for clause (c), the following clause shall be substituted, namely:–– “(c) prescribe the manner of appointment, powers, duties and functions of the Secretary and other officers and employees, their salaries, fees, allowances and other terms and conditions of service;”.18 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— Amendment 52. In section 18 of the principal Act, for sub-section (5), the following sub-section of section 18. shall be substituted, namely:— “(5) The annual accounts of the Council shall be prepared in such manner as may be prescribed and subject to audit by a firm of chartered accountants to be appointed annually by the Council from the panel of auditors maintained by the Comptroller and Auditor-General of India: Provided that a firm shall not be eligible for appointment as an auditor under this sub-section, if any of its partner is or has been a member of the Council during the last four years: Provided further that in the event it is brought to the notice of the Council that the accounts of the Council do not represent a true and fair view of its finances, then, the Council may itself cause a special audit to be conducted: Provided also that, if such information, that the accounts of the Council do not represent a true and fair view of its finances, is sent to the Council by the Central Government, then, the Council may, wherever appropriate cause a special audit or take such other action as it considers necessary and shall furnish an action taken report thereon to the Central Government.”. Amendment 53. In section 19 of the principal Act,–– of section 19. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) for sub-section (1), the following sub-section shall be substituted, namely:— “(1) The Council shall maintain a Register of members of the Institute in such manner as may be prescribed.”; (iii) in sub-section (2), after clause (c), the following clause shall be inserted, namely:— “(ca) whether any actionable information or complaint is pending or any penalty has been imposed against him under Chapter V, including details thereof, if any;”; (iv) in sub-section (4),–– (a) the words “, which shall not exceed rupees five thousand” shall be omitted; (b) the proviso shall be omitted. Amendment 54. In section 20 of the principal Act,–– of section 20. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in sub-section (3),–– (a) the words “which shall not exceed rupees two thousand” shall be omitted; (b) the proviso shall be omitted. Insertion of 55. After Chapter IV of the principal Act, the following Chapter shall be inserted, new Chapter namely:–– IVA. “CHAPTER IVA REGISTRATION AND REGISTER OF FIRMS Registration of 20A. (1) Every firm shall be registered with the Institute on an application made firms. to the Council, by any partner or owner of a firm, in such manner and subject to such terms and conditions as may be prescribed: Provided that the Council may refuse to register a firm, if the name of such firm is identical or similar to the name of any other firm already registered or the name is in useSEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 19 by any firm within or outside India or in the opinion of the Council, registration of the firm is undesirable. 20B. (1) The Council shall maintain, in such manner as may be prescribed, a Register of Register of firms. firms. (2) The Register of firms shall include such particulars about the firm, including details of pendency of any actionable information or complaint or imposition of any penalty against it under Chapter V, in such form and at such intervals, as may be prescribed. (3) The Council shall cause to be published in such manner as may be prescribed, a list of firms registered with the Institute as on the 1st day of April of each year or at any such interval as may be decided by the Council, and shall make available the list to such persons, in such form and on payment of such amount as may be prescribed. 20C. (1) The Council shall remove from the Register of firms the name of any Removal from firm–– Register of firms. (a) which is dissolved or liquidated; or (b) from which a request has been received to that effect; or (c) is declared insolvent or bankrupt under the Insolvency and Bankruptcy 31 of 2016. Code, 2016 and remains undischarged; or (d) which has been debarred from undertaking any activity or activities relating to the profession of a cost accountant in practice under any law for the time being in force or by any competent court; or (e) in respect of which an order for removal has been passed under this Act. 20D. (1) Any firm aggrieved by the decision for refusal of registration may apply Review before for review before the Council within one month from the date of such refusal. Council. (2) The Council may, after considering the review application, confirm or set aside the decision so taken or pass such order as it may consider appropriate.”. 56. For section 21 of the principal Act, the following section shall be substituted, Substitution of namely:–– section 21. “21. (1) The Council shall, by notification, establish a Disciplinary Directorate Disciplinary consisting of a Director (Discipline), at least two Joint Directors (Discipline) not below Directorate. the rank of Deputy Secretary of the Institute and such other employees appointed under section 16, for making investigations either suo motu, or on receipt of an information or a complaint, in such manner, along with such fees as may be specified. (2) Within thirty days of receipt of an information or a complaint, the Director (Discipline) shall decide in such manner as may be specified, whether a complaint or information is actionable or is liable to be closed as non-actionable: Provided that the Director (Discipline) may call for additional information from the complainant or the informant, as the case may be, by giving fifteen days time before deciding whether the case is actionable or non-actionable: Provided further that the recommendations of the Director (Discipline) on non-actionable complaint or information shall be submitted to the Board of Discipline within sixty days of its receipt, and the Board of Discipline may, after looking into its merits refer such complaint or information to the Director (Discipline) for conducting further investigation. (3) While making investigation into a case which is found to be actionable, the Director (Discipline) shall give an opportunity to the member or the firm, as the case may be, to submit a written statement within twenty-one days which may further be extended by another twenty-one days, for reasons to be recorded in writing.20 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (4) Upon receipt of the written statement under sub-section (3), if any, the Director (Discipline) shall send a copy thereof to the complainant or the informant, as the case may be, and the complainant or the informant shall, within twenty-one days of the receipt of such written statement, submit his rejoinder. (5) Upon receipt of the written statement under sub-section (3) and rejoinder under sub-section (4), the Director (Discipline) shall submit a preliminary examination report within thirty days, if a prima facie case is made out against a member or a firm, as the case may be. (6) In case a prima facie case is made out for any professional or other misconduct mentioned in the First Schedule, the Director (Discipline) shall submit the preliminary examination report to the Board of Discipline and where prima facie case is made out for any professional or other misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule, he shall submit a preliminary examination report to the Disciplinary Committee: Provided that a complaint or information filed by any authorised officer of the Central Government or a State Government or any statutory authority duly supported by an investigation report or relevant extract of the investigation report along with supporting evidence, shall be treated as preliminary examination report: Provided further that where no prima facie case is made out against the member or the firm, the Director (Discipline) shall submit such information or complaint with relevant documents to the Board of Discipline and the Board of Discipline may, if it agrees with the findings of the Director (Discipline), close the matter or in case of disagreement, itself proceed further or refer the matter to the Disciplinary Committee or advise the Director (Discipline) to further investigate the matter. (7) For the purpose of investigation under this Act, the Disciplinary Directorate shall follow such procedure as may be specified. (8) A complaint filed with the Disciplinary Directorate shall not be withdrawn under any circumstances. (9) The status of actionable information and complaints pending before the Disciplinary Directorate, Boards of Discipline and Disciplinary Committees and the orders passed by the Boards of Discipline under section 21A and by the Disciplinary Committees under section 21B shall be made available in the public domain by the Disciplinary Directorate in such manner as may be prescribed.”. Substitution of 57. For section 21A of the principal Act, the following section shall be substituted, section 21A. namely:–– Board of “21A. (1) The Council shall, by notification, constitute one or more Boards of Discipline. Discipline, each consisting of— (a) a person, not being a member of the Institute, with experience in law and having knowledge of disciplinary matters and the profession, to be nominated by the Central Government as its Presiding Officer, from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (b) one member, who is a person of eminence having experience in the field of law, economics, business, finance or accountancy and not being a member of the Institute, to be nominated by the Central Government from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed;SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 21 (c) one member to be nominated by the Council from out of a panel of members of the Institute to be prepared by the Council, in such manner as may be prescribed; (d) an officer of the Institute not below the rank of a Deputy Secretary shall function as the Secretary of the Board of Discipline: Provided that the Presiding Officer nominated under clause (a) and the member nominated under clause (b) may be the same for different Boards of Discipline constituted under this sub-section. (2) The Board of Discipline shall, while considering the cases placed before it, follow such procedure including faceless proceedings and virtual hearings as may be specified. (3) The Board of Discipline shall, on receipt of preliminary examination report from Director (Discipline), require the member or the firm, as the case may be, against whom such preliminary examination report has been filed, to submit a written statement within twenty-one days which may further be extended by another twenty-one days, in exceptional circumstances, for reasons to be recorded in writing. (4) The Board of Discipline shall conclude its inquiry within ninety days of the receipt of preliminary examination report from the Director (Discipline). (5) Upon inquiry, if the Board of Discipline finds that such member is guilty of a professional or other misconduct mentioned in the First Schedule, it may pass an order within thirty days of such finding, after providing an opportunity of being heard to the member, taking any one or more of the following actions, namely:–– (a) reprimand the member and record it in the Register of members; (b) remove the name of the member or members from the Register of members, up to a period of six months; (c) impose such fine as it may think fit which may extend to two lakh rupees. (6) Where on the basis of evidence brought on record or during the course of an inquiry pertaining to a member, the Board of Discipline is of the opinion that any such member who is a partner or owner of a firm, has been repeatedly found guilty of misconduct mentioned in the First Schedule during the last five years, the following action may also be taken against such firm, namely:–– (a) prohibit the firm from undertaking any activity or activities relating to the profession of a cost accountant in practice for such period not exceeding one year; or (b) impose such fine as it may think fit, which may extend to twenty-five lakh rupees. (7) Where a member or a firm fails to pay the fine imposed under sub-section (5) or sub-section (6) within such time as may be specified, the Council shall remove the name of such member or firm from the Register of members or Register of firms, as the case may be, for such period as it may think fit. (8) The Presiding Officer and members of the Board of Discipline shall be paid such allowances, as may be prescribed.”.22 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— Substitution 58. For section 21B of the principal Act, the following section shall be substituted, of section namely:— 21B. Disciplinary “21B. (1) The Council shall, by notification, constitute one or more Disciplinary Committee. Committees, each consisting of— (a) a person, not being a member of the Institute, with experience in the field of law, and having knowledge of disciplinary matters and the profession, to be nominated by the Central Government as its Presiding Officer, from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (b) two members, who are persons of eminence having experience in the field of law, economics, business, finance or accountancy and not being a member of the Institute, to be nominated by the Central Government from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (c) two members to be nominated by the Council from out of a panel of members of the Institute to be prepared by the Council in such manner as may be prescribed: Provided that the Presiding Officer nominated under clause (a) and the members nominated under clause (b) may be the same for different Disciplinary Committees constituted under this sub-section. (2) The Disciplinary Committee shall, while considering the cases placed before it, follow such procedure including faceless proceedings and virtual hearings as may be specified. (3) The Disciplinary Committee shall, on receipt of preliminary examination report from Director (Discipline), require the member or the firm, as the case may be, against whom such preliminary examination report has been filed, to submit a written statement within twenty-one days, which may further be extended by another twenty-one days in exceptional circumstances, for reasons to be recorded in writing. (4) The Disciplinary Committee shall conclude its inquiry within one hundred and eighty days of the receipt of the preliminary examination report from the Director (Discipline). (5) Upon inquiry, if the Disciplinary Committee finds that a member is guilty of a professional or other misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule, it may pass an order within thirty days of such a finding, after providing an opportunity of being heard to the member, taking any one or more of the following actions, namely:— (a) reprimand the member and record it in the Register of members; or (b) remove the name of the member from the Register of members permanently or for such period, as it may think fit; or (c) impose such fine as it may think fit, which may extend to ten lakh rupees. (6) Where on the basis of evidence brought on record or during the course of an inquiry pertaining to a member, the Disciplinary Committee is of the opinion that any such member, who is a partner or owner of a firm has been repeatedly found guilty of misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule, during the last five years, the following action may also be taken against such firm, namely:––SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 23 (a) prohibit the firm from undertaking any activity or activities relating to the profession of a cost accountant in practice for such period not exceeding two years; or (b) suspend or cancel the registration of the firm and remove its name from the Register of firms permanently or for such period as it may think fit; or (c) impose such fine as it may think fit, which may extend to fifty lakh rupees. (7) Where a member or a firm fails to pay the fine imposed under sub-section (5) or sub-section (6) within the specified time, the Council shall remove the name of such member or firm from the Register of members or Register of firms, as the case may be, for such period, as it may think fit. (8) The Presiding Officer and members of the Disciplinary Committee shall be paid such allowances as may be prescribed.”. 59. In section 21C of the principal Act, the Explanation shall be omitted. Amendment of section 21C. 60. For section 21D of the principal Act, the following section shall be substituted, Substitution of namely:— section 21D. ‘‘21D. All complaints or any inquiry pending before the Board of Discipline or Transitional the Disciplinary Committee or any reference or appeal filed before the Appellate provisions. Authority or a High Court prior to the commencement of the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, shall continue to be governed by the provisions of this Act, as if this Act had not been amended by the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022.”. 61. For section 22 of the principal Act, the following section shall be substituted, Substitution of namely:— section 22. '22. For the purposes of this Act, the expression “professional or other Professional misconduct” shall be deemed to include any act or omission, on the part of any or other member of the Institute either in his individual capacity or as partner or owner of a firm misconduct defined. as mentioned in any of the Schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Director (Discipline) under sub-section (1) of section 21 to inquire into the conduct of such member or firm, under any other circumstances.'. 62. In section 22E of the principal Act,–– Amendment of section (i) in sub-section (1),–– 22E. (a) after the words “Any member of the Institute”, the words “or a firm” shall be inserted; (b) for the words “imposing on him”, the words “imposing on such member or firm” shall be substituted; (c) for the words, brackets, figures and letters “sub-section (3) of section 21A and sub-section (3) of section 21B, may”, the words, brackets, figures and letters “sub-section (5) or sub-section (6) of section 21A or sub-section (5) or sub-section (6) of section 21B, as the case may be, may" shall be substituted; (d) for the words “communicated to him”, the words “communicated to such member or firm” shall be substituted; (ii) in sub-section (2), for the words, brackets, figures and letters “sub-section (3) of section 21A and sub-section (3) of section 21B”, the words, brackets, figures and24 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— letters “sub-section (5) or sub-section (6) of section 21A or sub-section (5) or sub-section (6) of section 21B, as the case may be,” shall be substituted; (iii) after sub-section (2), the following sub-section and Explanations shall be inserted, namely:–– ‘(3) No order or act or proceeding of the Authority shall be called in question in any manner, on the ground merely of any defect in the constitution of, or a casual vacancy or absence of one or two members, of the Authority. Explanation 1.—For the purposes of this Chapter,–– (A) “member of the Institute” includes a person who was a member of the Institute on the date of the alleged misconduct although he has ceased to be a member of the Institute at the time of the inquiry; (B) a “firm” registered with the Institute shall also be held liable for misconduct of a member who was its partner or owner on the date of the alleged misconduct, although he has ceased to be such partner or owner, at the time of the inquiry. Explanation 2.—No action taken under the provisions of this Chapter shall bar a Central Government Department or a State Government or any statutory authority or regulatory body to take action against a member or a firm registered with the Institute under any other law for the time being in force.’. Amendment 63. In section 24 of the principal Act,–– of section 24. (a) for the words “one thousand rupees”, the words “one lakh rupees” shall be substituted; (b) for the words “five thousand rupees”, the words “five lakh rupees” shall be substituted. Amendment 64. In section 25 of the principal Act, in sub-section (2),–– of section 25. (i) for the words “be punishable on first conviction with fine which may extend to one thousand rupees”, the words “be punishable with imprisonment which may extend to six months or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees or with both on first conviction” shall be substituted; (ii) for the words “six months, or with fine which may extend to five thousand rupees”, the words “one year, or with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees” shall be substituted. Amendment 65. In section 26 of the principal Act, for sub-section (2), the following sub-section of section 26. shall be substituted, namely:— “(2) If any company contravenes the provisions of sub-section (1), then every director, manager, Secretary and any other officer who is knowingly a party to such contravention shall be punished on first conviction with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees, and on any subsequent conviction, with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees.”. Amendment 66. In section 27 of the principal Act, in sub-section (2),— of section 27. (a) for the words “five thousand rupees”, the words “one lakh rupees” shall be substituted; (b) for the words “one lakh rupees”, the words “five lakh rupees” shall be substituted; (c) for the words “ten thousand rupees”, the words “two lakh rupees” shall be substituted; (d) for the words “two lakh rupees”, the words “ten lakh rupees” shall be substituted.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 25 67. In section 29B of the principal Act, after clause (c), the following clause shall be Amendment inserted, namely:–– of section 29B. “(d) to forward cases of non-compliance with various statutory and regulatory requirements by the members of the Institute or firms noticed by it during the course of its review, to the Disciplinary Directorate for its examination.”. 68. For section 34 of the principal Act, the following section shall be substituted, Substitution of namely:–– section 34. “34. The Coordination Committee constituted under section 9A of the Chartered Coordination 38 of 1949. Accountants Act, 1949, shall be deemed to be the Coordination Committee for the Committee. purposes of this Act.”. 69. In section 38 of the principal Act, in sub-section (2), for the word “Register”, the Amendment words “Register of members” shall be substituted. of section 38. 70. In section 38A of the principal Act, in sub-section (2), for clauses (c) and (d), the Amendment following clauses shall be substituted, namely:–– of section 38A. “(c) the form and fee for filing an information or a complaint under sub-section (1), the manner of deciding a complaint or information as actionable or non-actionable under sub-section (2) and the procedure of investigation under sub-section (7), of section 21; (d) the procedure while considering the cases by the Board of Discipline under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21A; (da) the procedure while considering the cases by the Disciplinary Committee under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21B;”. 71. In section 39 of the principal Act, in sub-section (2),–– Amendment of section 39. (i) in clauses (b), (f) and (i), for the word “Register”, the words “Register of members” shall be substituted; (ii) clause (h) and clause (j) shall be omitted; (iii) in clause (p), for the words “members of”, the words “members and firms registered with” shall be substituted; (iv) for clause (s), the following clauses shall be substituted, namely:–– “(s) the circumstances under which certificates of practice may be cancelled under sub-section (3) of section 6; (sa) the guidelines for granting or refusal of certificates of practice under clause (e) of sub-section (2) of section 15; (sb) the manner of appointment, powers, duties, functions, salaries, fees, allowances and other terms and conditions of service of the Secretary and other officers and employees of the Council under clause (c) of sub-section (2) of section 16; (sc) the manner of preparing annual financial statement under sub-section (4) and the annual accounts under sub-section (5), of section 18; (sd) the manner of maintaining a Register of the members of the Institute under sub-section (1) of section 19; (se) the manner of making an application for grant of registration of a firm and the terms and conditions of such registration under section 20A; (sf) the manner of maintenance of Register of firms and other particulars including details of pendency of any actionable information or complaint or imposition of any penalty against the firm under sub-section (1) and sub-section (2) and the manner in which the annual list of firms registered with the Institute shall be published under sub-section (3), of section 20B; (sg) the manner of making available status of actionable information and complaints and orders passed under sub-section (9) of section 21;26 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (sh) the manner of preparing panel of persons under clauses (a), (b) and (c ) of sub-section (1) and the allowances payable to the Presiding Officers and members of Boards of Discipline under sub-section (8), of section 21A; (si) the manner of preparing panel of persons under clauses (a), (b) and (c ) of sub-section (1) and the allowances payable to the Presiding Officers and members of the Disciplinary Committees under sub-section (8), of section 21B; (sj) the salaries and allowances and conditions of service of officers and other staff of the Authority under sub-section (2) of section 22D; (sk) the manner in which Regional Council may be constituted under sub-section (2) of section 23 and the functions thereof;’’. Amendment 72. In the First Schedule to the principal Act, in the heading, for the figures, brackets of First and letter “21(3), 21A(3)”, the figures, brackets, letters and words “21(6), 21A (5) and (6), Schedule. 21B (5) and (6)” shall be substituted. Amendment 73. In the Second Schedule to the principal Act,— of Second (i) in the heading, for the figures, brackets and letter “21(3), 21B (3)”, the figures, Schedule. brackets, letter and word “21(6), 21B(5) and (6)” shall be substituted; (ii) in Part 1, in item (3), for the words “belief that he”, the words “belief that he or his firm” shall be substituted. CHAPTER IV AMENDMENTS TO THE COMPANY SECRETARIES ACT,1980 Amendment 74. In the Company Secretaries Act, 1980 (hereafter in this Chapter referred to as the 56 of 1980. of section 2. principal Act), in section 2,— (a) in sub-section (1),— (i) after clause (aaa), the following clause shall be inserted, namely:— ‘(ab) “Board of Discipline” means the Board of Discipline constituted under sub-section (1) of section 21A;’; (ii) in clause (b), for the words and figures “Companies Act, 1956”, the 1 of 1956. words, figures and brackets “the Companies Act, 2013 or any other previous 18 of 2013. company law as defined in sub-section (67) of section 2 of the said Act” shall be substituted; (iii) after clause (d), the following clauses shall be inserted, namely:— ‘(da) “Director (Discipline)” means the Director (Discipline) referred to in section 21 and includes Joint Director (Discipline); (db) “Disciplinary Committee” means the Disciplinary Committee constituted under sub-section (1) of section 21B; (dc) “Disciplinary Directorate” means the Disciplinary Directorate established under sub-section (1) of section 21;’; (iv) for clause (ga), the following clause shall be substituted, namely:— ‘(ga) “notification” means a notification published in the Official Gazette and the term “notify” shall be construed accordingly;’; (v) for clause (j), the following clause shall be substituted, namely:— ‘(j) “Register” means the Register of members of the Institute maintained under section 19 or the Register of firms of the Institute maintained under section 20B, as the case may be;’; (vi) after clause (ja), the following clause shall be inserted, namely:— ‘(jaa) “Standing Committee” means the Standing Committee constituted under sub-section (1) of section 17;’; (b) in sub-section (2), in clause (c), in sub-clause (vi),— (A) the words, brackets and figures “the Capital Issues (Control) Act, 1947” shall be omitted; 29 of 1947.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 27 (B) for the words and figures “the Monopolies and Restrictive Trade 54 of 1969. Practices Act, 1969, the Foreign Exchange Regulation Act, 1973”, the words 46 of 1973. and figures “the Securities and Exchange Board of India Act, 1992, the 15 of 1992. Foreign Exchange Management Act, 1999, the Competition Act, 2002” shall 42 of 1999. be substituted. 12 of 2003. 75. In section 4 of the principal Act,— Amendment of section 4. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in sub-section (1), in clause (e), for the words “without India”, the words “outside India” shall be substituted; (iii) in sub-section (3),— (a) the words ‘‘, which shall not exceed rupees three thousand” shall be omitted; (b) the proviso shall be omitted. 76. In section 5 of the principal Act,— Amendment of section 5. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in sub-section (3), the words “which shall not exceed rupees five thousand,” shall be omitted; (iii) the proviso shall be omitted. 77. In section 6 of the principal Act, in sub-section (2),— Amendment of section 6. (i) the words “which shall not exceed rupees three thousand,” shall be omitted; (ii) the proviso shall be omitted. 78. In section 8 of the principal Act,— Amendment of section 8. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) in clause (c), after the words “undischarged insolvent”, the words “or undischarged bankrupt” shall be inserted; (iii) after clause (c), the following clause shall be inserted, namely:— “(ca) is declared bankrupt under the Insolvency and Bankruptcy 31 of 2016. Code, 2016;”; (iv) in clause (e), for the words “without India”, the words “outside India” shall be substituted. 79. In section 9 of the principal Act,— Amendment of section 9. (i) in sub-section (2),— (a) for the word “Register”, occurring at both the places, the words “Register of members” shall be substituted; (b) for the words “three years”, the words “four years” shall be substituted; (c) for the words “six years”, the words “eight years” shall be substituted;28 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (ii) in sub-section (4),— (a) for the word “person”, the words “member of the Institute or any partner of a firm” shall be substituted; (b) for the words “three years”, the words “four years” shall be substituted. Amendment 80. In section 12 of the principal Act,— of section 12. (i) in sub-section (1), the proviso shall be omitted; (ii) after sub-section (2), the following sub-sections shall be inserted, namely:— “(2A) The President shall preside at the meetings of the Council. (2B) The President and the Vice-President shall exercise such powers and perform such duties and functions as may be prescribed. (2C) It shall be the duty of the President to ensure that the decisions taken by the Council are implemented.”. Amendment 81. In section 13 of the principal Act, in sub-section (2), for the word “Register”, the of section 13. words “Register of members” shall be substituted. Amendment 82. In section 15 of the principal Act, in sub–section (2),— of section 15. (i) in clause (c), for the word “Register”, the words “Register of members” shall be substituted; (ii) after clause (e), the following clause shall be inserted, namely:— “(ea) the granting or refusal, of registration of a firm;”; (iii) after clause (j), the following clauses shall be inserted, namely:— “(ja) to issue guidelines for the purpose of carrying out the objects of this Act; (jb) to conduct investor education and awareness programmes; (jc) to enter into any memorandum or arrangement with the prior approval of the Central Government, with any agency of any foreign country, for the purpose of performing its functions under this Act;”. Amendment 83. In section 15A of the principal Act,— of section 15A. (i) after clause (c), the following clause shall be inserted, namely:— “(ca) the maintenance and publication of a Register of firms;”; (ii) in clause (e), for the words “Register and the restoration to the Register of names”, the words “Register of members and firms and the restoration of names to the Register of members and firms” shall be substituted. Amendment 84. In section 16 of the principal Act,— of section 16. (i) for sub-section (1), the following sub-section shall be substituted, namely:— “(1) For the efficient performance of its duties, the Council shall appoint— (a) a Secretary who will carry out administrative functions of the Institute, as its Chief Executive Officer; (b) a Director (Discipline) and Joint Directors (Discipline) not below the rank of Deputy Secretary of the Institute, to perform such functions as are assigned to them under this Act and the rules and regulations framed thereunder:SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 29 Provided that no appointment or re-appointment or termination of appointment of Director (Discipline) or Joint Director (Discipline) shall have effect unless such appointment, re-appointment or termination of appointment is made with the previous approval of the Central Government.”; (ii) in sub-section (2), for clause (c), the following clause shall be substituted, namely:— “(c) prescribe the manner of appointment, powers, duties and functions of the Secretary and other officers and employees, their salaries, fees, allowances and other terms and conditions of service;”. 85. In section 18 of the principal Act, for sub-section (5), the following sub-section Amendment shall be substituted, namely:— of section 18. “(5) The annual accounts of the Council shall be prepared in such manner as may be prescribed and subject to audit by a firm of chartered accountants to be appointed annually by the Council from the panel of auditors maintained by the Comptroller and Auditor-General of India: Provided that a firm shall not be eligible for appointment as an auditor under this sub-section, if any of its partner is or has been a member of the Council during the last four years: Provided further that, in the event it is brought to the notice of the Council that the accounts of the Council do not represent a true and fair view of its finances, then, the Council may itself cause a special audit to be conducted: Provided also that, if such information, that the accounts of the Council do not represent a true and fair view of its finances, is sent to the Council by the Central Government, then, the Council may, wherever appropriate cause a special audit or take such other action as it considers necessary and shall furnish an action taken report thereon to the Central Government.”. 86. In section 19 of the principal Act,— Amendment of section 19. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted; (ii) for sub-section (1), the following sub-section shall be substituted, namely:— “(1) The Council shall maintain a Register of members of the Institute in such manner as may be prescribed.”; (iii) in sub-section (2), after clause (c), the following clause shall be inserted, namely:— “(ca) whether any actionable information or complaint is pending or any penalty has been imposed against him under Chapter V, including details thereof, if any;”; (iv) in sub-section (4),— (a) the words “, which shall not exceed rupees five thousand” shall be omitted; (b) the proviso shall be omitted. 87. In section 20 of the principal Act,— Amendment of section 20. (i) for the word “Register”, wherever it occurs, the words “Register of members” shall be substituted;30 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (ii) in sub-section (3),— (a) the words “, which shall not exceed rupees two thousand” shall be omitted; (b) the proviso shall be omitted. Insertion of 88. After Chapter IV of the principal Act, the following Chapter shall be inserted, new Chapter namely:— IVA. “CHAPTER IVA REGISTRATION AND REGISTER OF FIRMS Registration 20A. Every firm shall be registered with the Institute on an application made to of firms. the Council, by any partner or owner of a firm, in such manner and subject to such terms and conditions as may be prescribed: Provided that the Council may refuse to register a firm if the name of such firm is identical or similar to the name of any other firm already registered or the name is in use by any firm within or outside India or in the opinion of the Council, registration of the firm is undesirable. Register of 20B. (1) The Council shall maintain, in such manner as may be prescribed, a firms. Register of firms. (2) The Register of firms shall include such particulars about the firm, including details of pendency of any actionable information or complaint or imposition of any penalty against it under Chapter V, in such form and at such intervals, as may be prescribed. (3) The Council shall cause to be published in such manner as may be prescribed, a list of firms registered with the Institute as on the 1st day of April of each year or at any such interval as may be decided by the Council, and shall make available the list to such persons, in such form and on payment of such amount as may be prescribed. Removal 20C. The Council shall remove from the Register of firms the name of any from Register firm — of firms. (a) which is dissolved or liquidated; or (b) from which a request has been received to that effect; or (c) is declared insolvent or bankrupt under the Insolvency and Bankruptcy Code, 2016 and remains undischarged; or 31 of 2016. (d) which has been debarred from undertaking any activity or activities relating to the profession of a company secretary in practice under any law for the time being in force or by any competent court; or (e) in respect of which an order for removal has been passed under this Act. Review before 20D. (1) Any firm aggrieved by the decision for refusal of registration may apply Council. for review before the Council within one month from the date of such refusal. (2) The Council may, after considering the review application, confirm or set aside the decision so taken or pass such order as it may consider appropriate.”. Substitution of 89. For section 21 of the principal Act, the following section shall be substituted, section 21. namely:— Disciplinary “21. (1) The Council shall, by notification, establish a Disciplinary Directorate Directorate.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 31 consisting of a Director (Discipline), at least two Joint Directors (Discipline) not below the rank of Deputy Secretary of the Institute and such other employees appointed under section 16, for making investigations either suo motu, or on receipt of an information or a complaint in such form, along with such fees as may be specified. (2) Within thirty days of receipt of an information or a complaint, the Director (Discipline) shall decide in such manner as may be specified, whether a complaint or information is actionable or is liable to be closed as non-actionable: Provided that the Director (Discipline) may call for additional information from the complainant or the informant, as the case may be, by giving fifteen days time before deciding whether the case is actionable or non-actionable: Provided further that the recommendations of the Director (Discipline) on non-actionable complaint or information shall be submitted to the Board of Discipline within sixty days of its receipt and the Board of Discipline may, after looking into its merits, refer such complaint or information to the Director (Discipline) for conducting further investigation. (3) While making investigation into a case which is found to be actionable, the Director (Discipline) shall give an opportunity to the member or the firm, as the case may be, to submit a written statement within twenty-one days which may further be extended by another twenty-one days, for reasons to be recorded in writting. (4) Upon receipt of the written statement under sub-section (3), if any, the Director (Discipline) shall send a copy thereof to the complainant or the informant, as the case may be, and the complainant or the informant, shall within twenty-one days of the receipt of such written statement, submit his rejoinder. (5) Upon receipt of the written statement under sub-section (3) and rejoinder under sub-section (4), the Director (Discipline) shall submit a preliminary examination report within thirty days, if a prima facie case is made out against a member or a firm, as the case may be. (6) In case a prima facie case is made out for any professional or other misconduct mentioned in the First Schedule, the Director (Discipline) shall submit the preliminary examination report to the Board of Discipline and where prima facie case is made out for any professional or other misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule, he shall submit a preliminary examination report to the Disciplinary Committee: Provided that a complaint or information filed by any authorised officer of the Central Government or a State Government or any statutory authority duly supported by an investigation report or relevant extract of the investigation report along with supporting evidence, shall be treated as preliminary examination report: Provided further that where no prima facie case is made out against the member or the firm, the Director (Discipline) shall submit such information or complaint with relevant documents to the Board of Discipline and the Board of Discipline may, if it agrees with the findings of the Director (Discipline), close the matter or in case of disagreement, may itself proceed further or refer the matter to the Disciplinary Committee or advise the Director (Discipline) to further investigate the matter. (7) For the purpose of investigation under this Act, the Disciplinary Directorate shall follow such procedure as may be specified. (8) A complaint filed with the Disciplinary Directorate shall not be withdrawn under any circumstances.32 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (9) The status of actionable information and complaints pending before the Disciplinary Directorate, Boards of Discipline and Disciplinary Committees and the orders passed by the Boards of Discipline under section 21A and by the Disciplinary Committees under section 21B shall be made available in the public domain by the Disciplinary Directorate in such manner as may be prescribed.”. Substitution of 90. For section 21A of the principal Act, the following section shall be substituted, section 21A. namely:— Board of “21A. (1) The Council shall, by notification, constitute one or more Boards of Discipline. Discipline, each consisting of— (a) a person not being a member of the Institute, with experience in law and having knowledge of disciplinary matters and the profession, to be nominated by the Central Government as its Presiding Officer, from out of a panel of persons prepared and provided by the Council, in such manner as may be prescribed; (b) one member, who is a person of eminence having experience in the field of law, economics, business, finance or accountancy and not being a member of the Institute, to be nominated by the Central Government from out of a panel of persons prepared and provided by the Council, in such manner as may be prescribed; (c) one member to be nominated by the Council from out of a panel of members of the Institute to be prepared by the Council, in such manner as may be prescribed; (d) an officer of the Institute not below the rank of a Deputy Secretary shall function as the Secretary of the Board of Discipline: Provided that the Presiding Officer nominated under clause (a) and the member nominated under clause (b) may be the same for different Boards of Discipline constituted under this sub-section. (2) The Board of Discipline shall, while considering the cases placed before it, follow such procedure including faceless proceedings and virtual hearings as may be specified. (3) The Board of Discipline shall, on receipt of preliminary examination report from Director (Discipline), require the member or the firm, as the case may be, against whom such preliminary examination report has been filed, to submit a written statement within twenty-one days which may further be extended by another twenty-one days, in exceptional circumstances, for reasons to be recorded in writing. (4) The Board of Discipline shall conclude its inquiry within ninety days of the receipt of preliminary examination report from the Director (Discipline). (5) Upon inquiry, if the Board of Discipline finds that such member is guilty of a professional or other misconduct mentioned in the First Schedule, it may pass an order within thirty days of such finding, after providing an opportunity of being heard to the member, taking any one or more of the following actions, namely:— (a) reprimand the member and record it in the Register of members; (b) remove the name of the member or members from the Register of members, up to a period of six months; (c) impose such fine as it may think fit which may extend to two lakh rupees. (6) where on the basis of evidence brought on record or during the course of an inquiry pertaining to a member, the Board of Discipline is of the opinion that any suchSEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 33 member who is a partner or owner of a firm, has been repeatedly found guilty of misconduct under the First Schedule during the last five years, the following action may also be taken against such firm, namely:— (a) prohibit the firm from undertaking any activity or activities relating to the profession of a company secretary in practice for such period not exceeding one year; or (b) impose such fine as it may think fit, which may extend to twenty-five lakh rupees. (7) Where a member fails to pay the fine imposed under sub-section (5) or sub-section (6) within such time as may be specified, the Council shall remove the name of such member or firm from the Register of members or Register of firms, as the case may be, for such period as it may think fit. (8) The Presiding Officer and members of the Board of Discipline shall be paid such allowances as may be prescribed.”. 91. For section 21B of the principal Act, the following section shall be substituted, Substitution namely:— of section 21B. “21B. (1) The Council shall, by notification, constitute one or more Disciplinary Discipilinary Committees, each consisting of— Committee. (a) a person, not being a member of the Institute, with experience in the field of law and having knowledge of disciplinary matters and the profession, to be nominated by the Central Government as its Presiding Officer, from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (b) two members, who are persons of eminence having experience in the field of law, economics, business, finance or accountancy and not being a member of the Institute, to be nominated by the Central Government from out of a panel of persons prepared and provided by the Council in such manner as may be prescribed; (c) two members to be nominated by the Council from out of a panel of members of the Institute to be prepared by the Council in such manner as may be prescribed: Provided that the Presiding Officer nominated under clause (a) and the members nominated under clause (b) may be the same for different Disciplinary Committees constituted under this sub-section. (2) The Disciplinary Committees shall, while considering the cases placed before it, follow such procedure including faceless proceedings and virtual hearings as may be specified. (3) The Disciplinary Committee shall, on receipt of preliminary examination report from Director (Discipline), require the member or the firm, as the case may be, against whom such preliminary examination report has been filed, to submit a written statement within twenty-one days which may further be extended by another twenty-one days, in exceptional circumstances, for reasons to be recorded in writing. (4) The Disciplinary Committee shall conclude its inquiry within one hundred and eighty days of receipt of the preliminary examination report from the Director (Discipline).34 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (5) Upon inquiry, if the Disciplinary Committee finds that a member is guilty of a professional or other misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule, it may pass an order within thirty days of such a finding, after providing an opportunity of being heard to the member, taking any one or more of the following actions, namely:— (a) reprimand the member and record it in the Register of members; or (b) remove the name of the member from the Register of members permanently or for such period, as it may think fit; or (c) impose such fine as it may think fit, which may extend to ten lakh rupees. (6) Where on the basis of evidence brought on record or during the course of an inquiry pertaining to a member, the Disciplinary Committee is of the opinion that any member, who is a partner or owner of a firm, has been repeatedly found guilty of misconduct mentioned in the Second Schedule or in both the First Schedule and the Second Schedule during the last five years, the following action may also be taken against such firm, namely:— (a) prohibit the firm from undertaking any activity or activities relating to the profession of a Company Secretary in practice for such period not exceeding two years; or (b) suspend or cancel the registration of the firm and remove its name from the Register of firms permanently or for such period as it may think fit; or (c) impose such fine as it may think fit, which may extend to fifty lakh rupees. (7) Where a member or a firm fails to pay the fine imposed under sub-section (5) or sub-section (6) within such time as may be specified, the Council shall remove the name of such member or firm from the Register of members or Register of firms, as the case may be, for such period, as it may think fit. (8) The Presiding Officer and members of the Disciplinary Committee shall be paid such allowances as may be prescribed.”. Amendment 92. In section 21C of the principal Act, the Explanation shall be omitted. of section 21C. Substitution 93. For section 21D of the principal Act, the following section shall be substituted, of section namely:— 21D. Transitional “21D. All complaints or any inquiry pending before the Board of Discipline or provisions. the Disciplinary Committee or any reference or appeal filed before the Appellate Authority or a High Court prior to the commencement of the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022, shall continue to be governed by the provisions of this Act, as if this Act had not been amended by the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022.”.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 35 94. For section 22 of the principal Act, the following section shall be substituted, Substitution namely:— of section 22. ‘22. For the purposes of this Act, the expression “professional or other Professional misconduct” shall be deemed to include any act or omission, on the part of any or other member of the Institute either in his individual capacity or as partner or owner of a firm misconduct defined. as mentioned in any of the Schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Director (Discipline) under sub-section (1) of section 21 to inquire into the conduct of such member or firm, under any other circumstances.’. 95. In section 22E of the principal Act,— Amendment of section (i) in sub-section (1),— 22E. (a) after the words “Any member of the Institute”, the words “or a firm” shall be inserted; (b) for the words “imposing on him”, the words “imposing on such member or firm” shall be substituted; (c) for the words, brackets, figures and letters “sub-section (3) of section 21A and sub-section (3) of section 21B, may”, the words, brackets, figures and letters “sub-section (5) or sub-section (6) of section 21A or sub-section (5) or sub-section (6) of section 21B, as the case may be, may” shall be substituted; (d) for the words “communicated to him”, the words “communicated to such member or firm” shall be substituted; (ii) in sub-section (2), for the words, brackets, figures and letters “sub-section (3) of section 21A and sub-section (3) of section 21B”, the words, brackets, figures and letters “sub-section (5) or sub-section (6) of section 21A or sub-section (5) or sub-section (6) of section 21B,” shall be substituted; (iii) after sub-section (2), the following sub-section and Explanations shall be inserted, namely:— ‘(3) No order or act or proceeding of the Authority shall be called in question in any manner, on the ground merely of any defect in the constitution of, or a casual vacancy or absence of one or two members, of the Authority. Explanation 1.—For the purposes of this Chapter,— (A) “member of the Institute” includes a person who was a member of the Institute on the date of the alleged misconduct although he has ceased to be a member of the Institute at the time of the inquiry; (B) a “firm” registered with the Institute shall also be held liable for misconduct of a member who was its partner or owner on the date of the alleged misconduct, although he has ceased to be such partner or owner, at the time of the inquiry. Explanation 2.— No action taken under the provisions of this Chapter shall bar a Central Government Department or a State Government or any statutory authority or regulatory body to take action against a member or a firm registered with the Institute under any other law for the time being in force.’. 96. In section 24 of the principal Act,— Amendment of section 24. (a) for the words “one thousand rupees”, the words “one lakh rupees” shall be substituted; (b) for the words “five thousand rupees”, the words “five lakh rupees” shall be substituted. 97. In section 25 of the principal Act, in sub-section (2),— Amendment of section 25. (i) for the words “be punishable on first conviction with fine which may extend36 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— to one thousand rupees”, the words “be punishable with imprisonment which may extend to six months or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees or with both on first conviction” shall be substituted; (ii) for the words “six months, or with fine which may extend to five thousand rupees”, the words “one year, or with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees” shall be substituted. Amendment 98. In section 26 of the principal Act, for sub-section (2), the following sub-section of section 26. shall be substituted, namely:— “(2) If any company contravenes the provisions of sub-section (1), then every director, manager, Secretary and any other officer who is knowingly a party to such contravention shall be punished on first conviction with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees, and on any subsequent conviction with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees.”. Amendment 99. In section 27 of the principal Act, in sub-section (2),— of section 27. (a) for the words “five thousand rupees”, the words “one lakh rupees” shall be substituted; (b) for the words “one lakh rupees”, the words “five lakh rupees” shall be substituted; (c) for the words “ten thousand rupees”, the words “two lakh rupees” shall be substituted; (d) for the words “two lakh rupees”, the words “ten lakh rupees” shall be substituted. Amendment 100. In section 29B of the principal Act, after clause (c), the following clause shall be of section inserted, namely:— 29B. “(d) to forward cases of non-compliance with various statutory and regulatory requirements by the members of the Institute or firms, noticed by it during the course of its review, to the Disciplinary Directorate for its examination.”. Substitution of 101. For section 34 of the principal Act, the following section shall be substituted, section 34. namely:— Coordination “34. The Coordination Committee constituted under section 9A of the Chartered Committee. Accountants Act, 1949, shall be deemed to be the Coordination Committee for the 38 of 1949. purposes of this Act.”. Amendment 102. In section 38 of the principal Act, in sub-section (2), for the word “Register”, the of section 38. words “Register of members” shall be substituted. Amendment 103. In section 38A of the principal Act, in sub-section (2), for clauses (c) and (d), the of section following clauses shall be substituted, namely:— 38A. “(c) the form, manner and fee for filing an information or a complaint under sub-section (1), the manner of deciding a complaint or information as actionable or non-actionable under sub-section (2) and the procedure of investigation under sub-section (7), of section 21; (d) the procedure while considering the cases by the Boards of Discipline under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21A; (da) the procedure while considering the cases by the Disciplinary Committees under sub-section (2) and time-limit for payment of fine under sub-section (7), of section 21B;”.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 37 104. In section 39 of the principal Act, in sub-section (2),— Amendment of section 39. (i) for the word “Register”, occuring at both the places, the words “Register of members” shall be substituted; (ii) after clause (f), the following clauses shall be inserted, namely:— “(fa) the circumstances under which certificates of practice may be cancelled under sub-section (3) of section 6; (fb) the powers, duties and functions of the President and the Vice-President of the Council under sub-section (2B) of section 12;”; (iii) after clause (h), the following clause shall be inserted, namely:— “(ha) guidelines for granting or refusal of certificates of practice under clause (e) of sub-section (2) of section 15;”; (iv) after clause (k), the following clause shall be inserted, namely:— “(ka) the manner of appointment, powers, duties, functions, salaries, fees, allowances and other terms and conditions of service of the Secretary and other officers and employees of the Council under clause (c) of sub-section (2) of section 16;”; (v) after clause (m), the following clause shall be inserted, namely:— “(ma) the maintenance of accounts under sub-section (3), the manner of preparing annual financial statement under sub-section (4) and the manner of preparing the annual accounts of the Council under sub-section (5), of section 18;’’; (vi) for clause (p), the following clauses shall be substituted, namely:— “(p) the manner of making an application for grant of registration of a firm and the terms and conditions of such registration under section 20A; (pa) the manner of maintenance of Register of firms, and other particulars including details of pendency of any actionable information or complaint or imposition of any penalty against the firm under sub-section (1) and sub-section (2) and the manner in which the annual list of firms registered with the Institute shall be published under sub-section (3), of section 20B; (pb) the manner of making available status of actionable information and complaints and orders passed under sub-section (9) of section 21; (pc) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of the Boards of Discipline under sub-section (8), of section 21A; (pd) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of the Disciplinary Committees under sub-section (8) of section 21B; (pe) the salaries and allowances and conditions of service of officers and staff of the Authority under sub-section (2) of section 22D;’’. 105. In the First Schedule to the principal Act, in the heading, for the figures, Amendment brackets and letter “21(3), 21A(3)”, the figures, brackets and letters “21(6), 21A(5) and of First Schedule. (6), 21B (5) and (6)” shall be substituted.38 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 1] Amendment 106. In the Second Schedule to the principal Act,— of Second (i) in the heading, for the figures, brackets and letter “21(3), 21B(3)”, the Schedule. figures, brackets and letter “21(6), 21B (5) and (6)” shall be substituted; (ii) in Part I, in item (3), for the words “belief that he”, the words “belief that he or his firm” shall be substituted. ———— DR. REETA VASISHTA, Secretary to the Govt. of India. UPLOADED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI–110002 AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI–110054. MGIPMRND—117GI(S3)—18-04-2022.

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