CA, CMA and CS (Amendment) Act, 2022

This is to inform you that, the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022  (the “Act”) has received the assent of the President on the

18th April, 2022 (published by the Ministry of Law and Justice, Legislative Department).

The act is further to amend the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980. 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.

The act, along with other major changes, incorporates/modifies provisions in the Principal Act(s) for below points:

  • to strengthen the disciplinary mechanism under these Acts;
  • to 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;
  • for constitution of Disciplinary Directorate;
  • for setting up a Coordination Committee consisting of the President, Vice-President and the 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 harmonization of the professions of Chartered Accountants, Cost Accountants and Company Secretaries;
  • for Registration of firms and maintenance of Register of firms.

Complete circular attached

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