House panel dismisses ICAI objections, endorses bill

The parliamentary standing committee on finance and corporate affairs has not recommended any change in the proposed chartered accountants amendment bill, rejecting some changes proposed by the Institute of Chartered Accountants of India (ICAI).

The panel headed by former MoS for finance Jayant Sinha tabled its report in the Lok Sabha on Wednesday.

ICAI had expressed concerns over some changes proposed in the Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill, 2021, including levy of the penalty on erring professional and composition of the respective disciplinary committees with inclusion of three government nominees. The parliamentary committee in its report, however, said inclusion of firms under the purview of the disciplinary mechanism is one of the objectives of the bill.


Another concern raised by ICAI is the bill seeks to dilute the representation of professional bodies in the composition of the respective disciplinary committees, by inclusion of three government nominees.

It had also proposed the appointment of a non-CA member as the presiding officer of the disciplinary committee.