## Report on the Chartered Accountants Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Chartered Accountants Amendment Regulations, 2021, as published in the Gazette of India on May 27, 2021. This amendment primarily focuses on modifications to the Chartered Accountants Regulations, 1988. The key changes include adjustments to subregulation references, eligibility criteria for membership application, and revisions to figures within specific regulations. These amendments impact Chartered Accountants and those seeking membership in the Institute of Chartered Accountants of India (ICAI). The report aims to provide a clear understanding of these changes and their potential impact.
**2. Introduction:**
This report provides a detailed overview of the Chartered Accountants Amendment Regulations, 2021, based solely on the text published in the Gazette of India on May 27, 2021. The purpose is to inform the affected industry of the specific changes being made to the Chartered Accountants Regulations, 1988, and their potential implications.
**3. Policy Overview:**
* This document constitutes an amendment to the Chartered Accountants Regulations, 1988.
* **Core Objective(s):** Based on the provided text, the core objectives appear to be:
* To update and refine the regulations governing the Chartered Accountancy profession.
* To modify eligibility criteria and specific figures related to the regulations.
**4. Background and Rationale:**
The amendment seems to be designed to fix or change specific issues within the original Chartered Accountants Regulations, 1988. The specific reasons for these amendments can be inferred from the changes themselves. These changes include updating subregulation references, modifying eligibility criteria, and adjusting specific figures. These updates likely aim to reflect evolving standards, address ambiguities, or correct inconsistencies within the existing framework.
**5. Key Provisions / Changes:**
The key changes introduced by this amendment are:
* **Regulation 28G(1):** The words and figures "subregulation 3" are replaced with "subregulation 4" in the proviso to subregulation 1 of regulation 28G. This suggests a correction or update to a specific internal reference within the regulations. The effect of this change is to direct the reader or implementer to a different subregulation, presumably to ensure the proper application of the rule.
* **Regulation 29D:** The phrase "for becoming eligible for admission to Final examination" in the Explanation to regulation 29D is replaced with "before applying for membership of the Institute". This implies a change in the timing or criteria for demonstrating eligibility, shifting the focus from examination eligibility to membership application. This change likely intends to clarify or redefine the point at which certain requirements must be met.
* **Regulation 159:**
* In subregulation 1, the figure "150" is replaced with "200".
* In subregulation 1A, the figure "100" is replaced with "200".
These changes clearly indicate an increase in the numerical requirements or thresholds associated with regulation 159, possibly related to fees or minimum requirements for something. The effect is to raise the bar related to those two areas.
**6. Target Audience and Stakeholders:**
The target audience and stakeholders directly affected by these amendments include:
* Students pursuing Chartered Accountancy.
* Chartered Accountants seeking membership in the ICAI.
* The Institute of Chartered Accountants of India (ICAI) itself.
* Training providers involved in CA education.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Institute of Chartered Accountants of India (ICAI) is the responsible body for implementing these amendments. The Secretary of the ICAI is identified as the point of contact for objections or suggestions.
* **Timelines or Procedures:** The draft regulations were published on May 27, 2021, and a period of forty-five days was given for objections or suggestions to be submitted to the Council of the ICAI. The regulations come into force on the date of their final publication in the Official Gazette.
* **Amendment-Specific Implementation:** The implementation of these changes requires the ICAI to update its internal systems and documentation to reflect the new subregulation references, eligibility criteria, and figures.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these specific changes are:
* **Clarity and Accuracy:** Correcting subregulation references aims to ensure accurate interpretation and application of the regulations.
* **Refined Eligibility Criteria:** Modifying the eligibility phrase aims to clarify the requirements for membership application.
* **Adjusted Requirements:** Changing the figures in Regulation 159 suggests an adjustment to the levels deemed necessary. This could relate to enhancing the quality or quantity of a required resource.
* **Compliance:** The changes ensure that practicing and aspiring Chartered Accountants meet the required standards and processes for membership.
**9. Conclusion:**
The Chartered Accountants Amendment Regulations, 2021, represent a set of targeted updates to the Chartered Accountants Regulations, 1988. These amendments address specific aspects of the regulations, including subregulation references, eligibility criteria, and requirements. While the precise implications of these changes may require further clarification from the ICAI, this report provides a foundational understanding of the key provisions and their likely impact. The amendments are a significant step in ensuring the continued relevance and effectiveness of the Chartered Accountancy profession's regulatory framework.
Key Entities Referenced
NEW DELHI: Capital of India and place of publication.
Chartered Accountants Regulations, 1988: The regulations being amended.
Chartered Accountants Act, 1949: The act under which the regulations are made.
The Institute of Chartered Accountants of India: The organization proposing the amendments to the Chartered Accountants Regulations.
Indraprastha Marg, New Delhi 110 002: Address of The Institute of Chartered Accountants of India.
Chartered Accountants Amendment Regulations, 2021: Title of the amendment regulations.
Dr. JAI KUMAR BATRA: Acting Secretary.
Ring Road, Mayapuri, New Delhi110064: Address of Government of India Press.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-27052021-227205
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CG-DL-E-27052021-227205
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 205] नई ददल्ली, बृहस्ट्प जतिार, मई 27, 2021/ज्य ष्े ि 6, 1943
No. 205] NEW DELHI, THURSDAY, MAY 27, 2021/JYAISTHA 6, 1943
भारतीय चार्टड ट अकाउंर्ेंट्स सस्ट्ं थान
(संसद ्के एक अजधजनयम द्वारा गठित)
अजधसचू ना
नई ददल् ली, 27 मई, 2021
(चार्टडट अकाउंर्ेंट्स)
स.ं 1-सीए(7)/198/2021.—चार्टडट अकाउंर्ेंट्स जिजनयम, 1988 का आग े और संिोधन करने के जलए कजतपय
जिजनयमों का जनम्न जलजखत प्रारूप, जिसे भारतीय चार्टड ट अकाउंर्ेंट्स संस्ट् थान की पठरषद ्बनाने का प्रस्ट् ताि करती ह,ै चार्टड ट
अकाउंर्ेंट्स अजधजनयम, 1949 (1949 का 38) की धारा 30 की उपधारा (3) की अपेक्षानसु ार, ऐसे सभी व् यजत यों की,
जिनकी उससे प्रभाजित होने की संभािना ह,ै िानकारी के जलए प्रकाजित दकया िाता ह ै ; और यह सूचना दी िाती ह ै दक
उत प्रारूप जिजनयमों पर, उस तारीख स,े जिसको भारत के ऐस े रािपत्र की प्रजतया,ं जिसम ें इन प्रारूप जिजनयमों को
प्रकाजित दकया िाता ह,ै िनता को उपलब् ध करा दी िाती ह,ै पैंताजलस ददन की अिजध के अिसान पर या उसके पश्चात ्
जिचार दकया िाएगा ;
उत प्रारूप जिजनयमों के संबधं म ें कोई आक्षेप या सुझाि प्रस्ट् तुत करन े का इच्छ ुक कोई व्य जत भारतीय चार्टड ट
अकाउंर्ेंट्स संस्ट् थान की पठरषद ् द्वारा उस पर जिचार दकए िाने के जलए उसे ऊपर जिजनर्दष्टट अिजध के भीतर, सजचि,
भारतीय चार्टड ट अकाउंर्ेंट्स सस्ट्ं थान, आईसीएआई भिन, इंद्रप्रस्ट् थ माग,ट नई ददल्ल ी- 110002 को संबोजधत करत े हुए
अग्रेजषत कर सकेगा ;
2836 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
दकसी व् यजत स े उत प्रारूप जिजनयमों के संबंध म ें इस प्रकार जिजनर्दष्ट र् अिजध के अिसान से पूिट प्राप् त दकसी
आक्षेप या सुझाि पर पठरषद ्द्वारा जिचार दकया िाएगा ।
प्रारूप जिजनयम
1. (1) इन जिजनयमों का संजक्षप् त नाम चार्टडट अकाउंर्ेंट्स (संिोधन) जिजनयम, 2021 ह ै।
(2) ये रािपत्र म ेंउनके अंजतम प्रकािन की तारीख को प्रिृत् त होंग े ।
2. चार्टडट अकाउंर्ेंट्स जिजनयम, 1988 (जिसे इसम ें इसके पश् चात् उत जिजनयम कहा गया ह)ै के जिजनयम 28छ के
उपजिजनयम (1) के परंतुक म,ें--
(i) “उपजिजनयम (3)” िब्द, कोष्ठकों और अंक के स्ट्थान पर, “उपजिजनयम (4)” िब्द, कोष्ठक और अंक रखे िाएगं े ।
3. उत जिजनयमों के जिजनयम 29घ के स्ट्पष्टीकरण म,ें--
(i) “फाइनल परीक्षा म ें प्रिेि हते ु पात्र बनने के जलए” िब्दों के स्ट्थान पर, “संस्ट्थान की सदस्ट्यता हते ु आिेदन करन े
स े पूिट” िब्द रखे िाएगं े ।
4. उत जिजनयमों के जिजनयम 159 म,ें--
(i) उक्त उपजिजनयम (1) म,ें “150” अंकों के स्ट्थान पर, “200” अंक रख े िाएंग े;
(ii) उक्त उपजिजनयम (1क) म,ें “100” अंकों के स्ट्थान पर, “200” अंक रख े िाएंग े ।
सीए. (डा.) िय कुमार बत्रा, कायटकारी सजचि
[जिज्ञापन-III/4/असा./70/2021-22]
ठर्प्प ण : मूल जिजनयम भारत के रािपत्र, असाधारण, तारीख 1 िून, 1988 म ें अजधसूचना स.ं 1-सीए(7)/134/88,
तारीख 1 िून, 1988 द्वारा प्रकाजित दकए गए थ े और तत्प श्च ात् जनम्न जलजखत संख यांकों द्वारा संिोजधत दकए
गए थ े:--
(i) भारत के रािपत्र, तारीख 7 अत ूबर, 1989 म ें अजधसूचना सं. 1-सीए(7)/1/89 द्वारा प्रकाजित
(ii) भारत के रािपत्र, तारीख 19 िनिरी, 1991 म ेंअजधसूचना सं. 1-सीए(7)/10/90 द्वारा प्रकाजित
(iii) भारत के रािपत्र, तारीख 19 िनिरी, 1991 म ेंअजधसूचना सं. 1-सीए(7)/11/90 द्वारा प्रकाजित
(iv) भारत के रािपत्र, तारीख 23 फरिरी, 1991 म ेंअजधसूचना सं. 1-सीए(7)/12/91 द्वारा प्रकाजित
(v) भारत के रािपत्र, तारीख 2 फरिरी, 1991 म ें अजधसूचना स.ं 1-सीए(7)/13/90 द्वारा प्रकाजित
(vi) भारत के रािपत्र, तारीख 7 माच,ट 1992 म ेंअजधसूचना स.ं 1-सीए(7)/19/92 द्वारा प्रकाजित
(vii) भारत के रािपत्र, तारीख 1 जसतंबर, 1995 म ें अजधसूचना सं. 1-सीए(7)/28/95 द्वारा प्रकाजित
(viii) भारत के रािपत्र, असाधारण, तारीख 13 माच,ट 1996 म ेंअजधसूचना स.ं 1-सीए(7)/30/95 द्वारा प्रकाजित
(ix) भारत के रािपत्र, तारीख 16 अगस्ट्त , 1997 म ें अजधसूचना स.ं 1-सीए(7)/31/97 द्वारा प्रकाजित
(x) भारत के रािपत्र, तारीख 26 फरिरी, 2000 म ेंअजधसूचना सं. 1-सीए(7)/44/99 द्वारा प्रकाजित
(xi) भारत के रािपत्र, तारीख 26 फरिरी, 2000 म ेंअजधसूचना सं. 1-सीए(7)/45/99 द्वारा प्रकाजित
(xii) भारत के रािपत्र, असाधारण, तारीख 17 अगस्ट् त, 2001 म ेंअजधसूचना स.ं 1-सीए(7)/51/2000 द्वारा प्रकाजित[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(xiii) भारत के रािपत्र, असाधारण, तारीख 28 जसतंबर, 2001 म ें अजधसूचना स.ं 1-सीए(7)/59/2001 द्वारा प्रकाजित
(xiv) भारत के रािपत्र, असाधारण, तारीख 31 माच,ट 2003 म ेंअजधसूचना स.ं 1-सीए(7)/64/2002 द्वारा प्रकाजित
(xv) भारत के रािपत्र, असाधारण, तारीख 4 ददसंबर, 2003 म ेंअजधसूचना स.ं 1-सीए(7)/64ए/2003 द्वारा प्रकाजित
(xvi) भारत के रािपत्र, असाधारण, तारीख 28 िुलाई, 2005 म ें अजधसूचना स.ं 1-सीए(7)/83/2005 द्वारा प्रकाजित
(xvii) भारत के रािपत्र, तारीख 17 िून, 2006 म ेंअजधसूचना स.ं 1-सीए(7)/84/2005 द्वारा प्रकाजित
(xviii) भारत के रािपत्र, तारीख 13 जसतंबर, 2006 म ेंअजधसूचना स.ं 1-सीए(7)/92/2006 द्वारा प्रकाजित
(xix) भारत के रािपत्र, तारीख 17 अगस्ट्त , 2007 म ें अजधसूचना स.ं 1-सीए(7)/102/2007(अ) द्वारा प्रकाजित
(xx) भारत के रािपत्र, तारीख 25 जसतंबर, 2008 म ेंअजधसूचना स.ं 1-सीए(7)/116/2008 द्वारा प्रकाजित
(xxi) भारत के रािपत्र, तारीख 3 ददसंबर, 2008 म ेंअजधसूचना स.ं 1-सीए(7)/123/2008 द्वारा प्रकाजित
(xxii) भारत के रािपत्र, असाधारण, तारीख 1 अगस्ट् त, 2012 म ेंअजधसूचना स.ं 1-सीए(7)/145/2012 द्वारा प्रकाजित
(xxiii) भारत के रािपत्र, असाधारण, तारीख 22 िुलाई, 2014 म ें अजधसूचना स.ं1-सीए(7)/154/2014 द्वारा प्रकाजित
(xxiv) भारत के रािपत्र, असाधारण, तारीख 23 िनिरी, 2015 म ें अजधसूचना स.ं 1-सीए(7)/167/2014 द्वारा
प्रकाजित
(xxv) भारत के रािपत्र, असाधारण, तारीख 25 मई, 2017 म ेंअजधसूचना स.ं1-सीए(7)/178/2016 द्वारा प्रकाजित
(xxvi) भारत के रािपत्र, असाधारण, तारीख 19 अक्तूबर, 2020 म ें अजधसूचना स.ं 1-सीए(7)/193/2020 द्वारा
प्रकाजित ।
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up by an Act of Parliament)
NOTIFICATION
New Delhi, the 27th May, 2021
(Chartered Accountants)
No.1-CA(7)/198/2021.—The following draft of certain regulations further to amend the Chartered
Accountants Regulations, 1988, which the Council of the Institute of Chartered Accountants of India proposes to
make, is hereby published, as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of
1949) for the information of all persons likely to be affected thereby; and notice is hereby given that the said draft
regulation shall be taken into consideration on or after the expiry of period of forty-five days from the date on which
the copies of the Gazette of India, in which these draft regulations are published, are made available to the public;
Any person desiring to make any objection or suggestion in respect of the said draft regulations, may forward
the same for consideration by the Council of the Institute of Chartered Accountants of India within the period so
specified above to the Secretary, the Institute of Chartered Accountants of India, Indraprastha Marg, New Delhi – 110
002;
Any objection or suggestion which may be received from any person with respect to the said draft regulations
before the expiry of the period so specified shall be taken into consideration by the Council.
Draft Regulations
1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2021.
(2) They shall come into force on the date of their final publication in the Official Gazette.
2. In the Chartered Accountants Regulations, 1988 (hereinafter referred to as the said regulations), in proviso to
sub-regulation (1) of regulation 28G of the said regulations,-
(i) For the words and figures, “sub-regulation (3)”, the words and figures, “sub-regulation (4)” shall be
substituted.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
3. In the Explanation to regulation on 29D of the said regulations,-
(i) for the words “for becoming eligible for admission to Final examination”, the words “before applying
for membership of the Institute” shall be substituted.
4. In regulation 159 of the said regulations,-
(i) in sub-regulation (1),- for the figure, “150”, the figure “200” shall be substituted.
(ii) in sub-regulation (1A),-for the figure, “100”, the figure “200” shall be substituted.
CA. (Dr.) JAI KUMAR BATRA, Acting Secy.
[ADVT.-III/4/Exty./70/2021-22]
Note: The principal regulations were published in the Gazette of India, Extraordinary, dated the 1st June, 1988 vide
number 1-CA(7)/134/88 dated 1st June, 1988 and subsequently amended by the following numbers:-
(i) Notification No.1-CA(7)/1/89 published in the Gazette of India, dated 7th October, 1989
(ii) Notification No.1-CA(7)/10/90 published in the Gazette of India, dated 19th January, 1991
(iii) Notification No.1-CA(7)/11/90 published in the Gazette of India, dated 19th January, 1991
(iv) Notification No.1-CA(7)/12/91 published in the Gazette of India, dated 23rd February, 1991
(v) Notification No.1-CA(7)/13/90 published in the Gazette of India, dated 2nd February, 1991
(vi) Notification No.1-CA(7)/19/92 published in the Gazette of India, dated 7th March, 1992.
(vii) Notification No.1-CA(7)/28/95 published in the Gazette of India dated 1st September, 1995
(viii) Notification No.1-CA(7)/30/95 published in the Gazette of India, Extraordinary dated 13th March, 1996
(ix) Notification No. 1-CA(7)/31/97 published in the Gazette of India, dated 16th August, 1997
(x) Notification No. 1-CA(7)/44/99 published in the Gazette of India dated 26th February, 2000
(xi) Notification No.1-CA(7)/45/99 published in the Gazette of India, dated 26th February, 2000
(xii) Notification No.1-CA(7)/51/2000 published in the Gazette of India, Extraordinary, dated 17th August, 2001
(xiii) Notification No.1-CA(7)/59/2001 published in the Gazette of India, Extraordinary dated 28th
September, 2001
(xiv) Notification No.1-CA(7)/64/2002 published in the Gazette of India, Extraordinary dated 31st March, 2003
(xv) Notification No.1-CA(7)/64A/2003 published in the Gazette of India, Extraordinary dated 4th
December, 2003
(xvi) Notification No.1-CA(7)/83/2005 published in the Gazette of India, Extraordinary dated 28th July, 2005
(xvii) Notification No.1-CA(7)/84/2005 published in the Gazette of India, dated 17th June, 2006
(xviii) Notification No. 1-CA(7)/92/2006 published in the Gazette of India, dated 13th September, 2006
(xix) Notification No. 1-CA(7)/102/2007(E) published in the Gazette of India, dated 17thAugust, 2007
(xx) Notification No.1-CA(7)/116/2008 published in the Gazette of India, dated 25th September, 2008
(xxi) Notification No.1-CA(7)/123/2008 published in the Gazette of India, dated 3rd December, 2008
(xxii) Notification No. 1-CA(7)/145/2012 published in the Gazette of India, Extraordinary dated 1st August, 2012
(xxiii) Notification No. 1-CA(7)/154/2014 published in the Gazette of India, Extraordinary dated 22nd July, 2014
(xxiv) Notification No. 1-CA(7)/167/2014 published in the Gazette of India, Extraordinary dated 23rd January, 2015.
(xxv) Notification No.1-CA(7)/178/2016 published in the Gazette of India, Extraordinary dated 25th May, 2017
(xxvi) Notification No.1-CA(7)/193/2020 published in the Gazette of India, Extraordinary dated 19th October, 2020
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