FM Nirmala Sitharaman moves CA, Cost and Works Accountants and Company Secretaries (Amendment) Bill, 2022
The Bill seeks to amend the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980.
The Rajya Sabha has taken up the Chartered Accountants, the Cost and Works Accountants, and the Company Secretaries (Amendment) Bill, 2022 for consideration and passing.
The Bill seeks to amend the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980. The Bill was moved by Finance and Corporate Affairs Minister Nirmala Sitharaman in the Rajya Sabha.
The Bill proposes to strengthen the disciplinary mechanism under these Acts and provide for time-bound disposal of cases against members of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India, and the Institute of Company Secretaries of India.
The legislation also adds that firms must register with the Institutes by making an application to the respective Councils of the Institutes.
The Councils must maintain a register of firms containing details such as pendency of any actionable complaint or imposition of penalty against the firms.
The Bill also empowers the three Councils to constitute multiple Boards and the presiding officer and one of the two members must not be a member of the institutes and will be nominated by the central government from a panel of persons provided by the Councils.
Initiating the discussion, Dr. L. Hanumanthaiah of Congress said, the bill makes provision for non Chartered Accountants as presiding officers of a disciplinary committee which could hamper the professional function of the committee.
Suresh Prabhu of BJP termed this legislation very important for the economic growth of the country.
