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The President has given his approval to a bill amending the laws governing CAs, Cost Accountants, and Company Secretaries

President Ram Nath Kovind has given his approval to legislation altering the rules regulating chartered accountants, cost accountants, and company secretaries. The bill, which makes significant modifications and promotes more openness in the operations of the three professions’ apex institutes, was approved by Parliament on April 5.

According to a statement, the Chartered Accountants, Cost and Works Accountants, and Company Secretaries (Amendment) Act, 2022, has got the President’s assent. The Chartered Accountants Act of 1949, the Cost and Works Accountants Act of 1959, and the Company Secretaries Act of 1980 have all been revised.

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This (bill) is intended to make the three institutions far more open in their disciplinary procedures, as well as to improve the quality of the disciplinary processes. Above all, she believes that this will make it easier for India to support institutions and firms that can be encouraged by the council to create something (completely of Indian origin) similar to the Big Four, which we frequently discuss, Finance and Corporate Affairs Minister Nirmala Sitharaman said in the Rajya Sabha on April 5.

She had stated that the three institutes – the Institute of Chartered Accountants of India (ICAI), the Institute of Cost Accountants of India (formerly known as ICWAI), and the Institute of Company Secretaries of India (ICSI) – would continue to have the authority for qualifying and licencing people, as well as regulating their conduct.

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