The Institute of Chartered Accountants of India on 2nd June 2022, has notified the Chartered Accountants (2nd Amendment) Draft Regulations, 2022 and has invited objections/suggestions from the public which shall be addressed to the Secretary, the Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110 002 within a period of 30 days.
The Amendment is brought under regulation 5 which deals with “application for membership”in which if a person, desires to have his name entered in the Register shall submit to the Secretary an application, in the appropriate Form, together with documentary evidence about his eligibility for membership and such fee as may be determined by the Council.
Provided a person who has completed his practical training under regulation 54AA shall not be entitled to have his name entered in the register of Member until and unless he has fulfilled the additional eligibility criteria as specified by the Council from time to time
A new regulation 25G which deals with Registration for the Foundation Course has been inserted as follows:
- No candidate shall be registered for the Foundation Course unless he has passed the Class 10th Examination conducted by an examining body constituted by law in India or outside India an examination recognised by the Central Government or the State Government as equivalent thereto.
- Notwithstanding anything contained in sub-regulation (1), a candidate who was already registered for Common Proficiency Course or Foundation Course under these regulations shall be eligible for conversion to Foundation Course under this regulation subject to such conditions as may be specified by the Council.
- The registration for Foundation Course shall be valid only for a period of four years from the date of registration / conversion.
- A candidate shall pay such fee, as may be fixed by the Council from time to time, which shall not exceed twenty-five thousand rupees, along with an application in the form approved by the Council for registration to the Foundation Course.
Provided a candidate who is residing outside India shall pay such fees as may be fixed by the Council from time to time
Further, the new regulation 25H has been instered which deals with Admission to the Foundation Examination, Fee, and Syllabus:
No candidate shall be admitted to the Foundation Examination unless he –
(a) is registered with the Board of Studies of the Institute for a minimum period of four months on or before the 1st day of month in which the examination is held and has complied with such other requirements as may be decided by the Council from time to time; and
(b) has appeared in the Senior Secondary (10+2) examination conducted by an examining body constituted by law in India or outside India an examination recognised by the Central Government or the State Government as equivalent thereto for the purpose of admission to graduation course.
(2) A candidate for the Foundation examination shall pay such fees, as may be fixed by the Council, which shall in any case not exceed ten thousand rupees. Provided a candidate who is residing outside India shall pay such fees as may be fixed by the Council from time to time.
(3) A candidate for the Foundation examination shall be examined in the syllabus approved by the Council from time to time.
