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COST AND WORKS ACCOUNTANTS ACT,
1959
[Act No. 23 of Year 1959]
An Act to make provision for the regulation of the profession of
cost and works accountants.
Be it enacted by Parliament in the Tenth Year of the Republic of
India as follows: -
CHAPTER I: PRELIMINARY1959
1. Short title, extent and commencement
(1) This Act may be called the Cost and Works Accountants Act, .
(2) It extends to the whole of India.
(3) It shall come into force on such date as the Central
Government may, by notification in the Official Gazette, appoint.
2. Definitions and interpretation
(1) In this Act, unless the context otherwise requires-
(a) "associate" means an associate member of the Institute;
(b) "cost accountant" means a person who is a member of the
Institute.
(c) "Council" means the Council of the Institute;
(d) "dissolved company" means the Institute of Cost and Works
Accountants registered under the Companies Act, 1956 (8 of
1956);
(e) "fellow" means a fellow of the Institute;
(f) "Institute" means the Institute of Cost and Works Accountants
of India constituted under this Act;
(g) "prescribed" means prescribed by regulations made under this
Act;
(h) "President" means the President of the Council;
(i) "Register" means the Register of members maintained under
this Act;
(j) "Vice-President" means the Vice-President of the Council;
(k) "year" means the period commencing on the lst day of April of
any year and ending on the 31st day of March of the succeeding
year.
(2) Save as otherwise provided in this Act, a member of the
Institute shall be deemed "to be in practice" when, individually or
in partnership with one or more members of the Institute in
practice, he, in consideration of remuneration received or to be
received-
(i) engages himself in the practice of cost and works accountancy;
or
(ii) offers to perform or performs services involving the costing or
pricing of goods or services or the preparation, verification or
certification of cost accounting and related statements or holds
himself. out to the public as a cost accountant in practice; or
(iii) renders professional services or assistance in or about
matters of principle or detail relating to cost accounting
procedure or the recording, presentation or certification of costing
facts or data; or
(iv) renders such other services as, in the opinion of the Council,
are or may be rendered by a cost accountant in practice;
and the words "to be in practice", with their grammatical
variations and cognate expressions, shall be construed
accordingly.
Explanation : A member of the Institute who is a whole-time
salaried employee of any person shall not be deemed to be in
practice within the meaning of this sub-section.
CHAPTER II: THE INSTITUTE OF COST AND WORKS
ACCOUNTANTS
3. Incorporation of the Institute
(1) All persons whose names are entered in the Register at the
commencement of this Act and all persons who may hereafter
have their names entered in the Register under the provisions of
this Act, so long as they continue to have their names borne on
the said Register, are hereby constituted a body corporate by the
name of the Institute of Cost and Works Accountants of India, and
all such persons shall be known as members of the Institute.
(2) The Institute shall have perpetual succession and a common
seal, and shall have power to acquire, hold and dispose of
property, both movable and immovable, and shall by its name sue
or be sued.
4. Entry of names in the Register
(1) Any of the following persons shall be entitled to have his name
entered in the Register, namely,-
(i) any person who was an associate or a fellow of the dissolved
company (other than an honorary associate or honorary fellow
thereof) immediately before the commencement of this Act,
except any such person who is not a permanent resident of India
and is not at such commencement practising as a cost accountant
in India;
(ii) any person who has passed such examination and completed
such training as may be prescribed for members of the Institute;
(iii) any person who, at the commencement of this Act, is
engaged in the practice of cost accountancy in India and who
fulfils such conditions as the Central Government or the Council
may specify in this behalf;
(iv) any person who has passed such other examination and
completed such other training without India as is recognised by
the Central Government or the Council as being equivalent to the
examination and training prescribed for members of the Institute :
PROVIDED that in the case of any person who is not permanently
residing in India, the Central Government or the Council may
impose such further conditions as it may deem fit.
(v) any person domiciled in India, who at the commencement of
this Act is studying for any foreign examination and is at the same
time undergoing training, whether within or without India, or,
who, having passed such examination, is at such commencement
undergoing training whether within or without India:
PROVIDED that such foreign examination and training are
recognised by the Central Government or the Council in this
behalf.
PROVIDED FURTHER that the person passes the examination and
completes his training within five years from the commencement
of this Act.
(2) Every person belonging to the class mentioned in clause (i) of
sub-section (1) shall have his name entered in the Register
without the payment of any entrance fee.
(3) Every person belonging to any of the classes mentioned in
clauses (ii), (iii),(iv) and (v) of sub-section (1) shall have his name
entered in the Register or application being made and granted in
the prescribed manner and on payment of the prescribed
entrance fee, which shall not exceed rupees three hundred in any
case.
(4) The Central Government shall take such steps as may be
necessary for the purpose of having the names of all persons
belonging to the class mentioned in clause (i) of sub-section (1)
entered in the Register at the commencement of this Act.
5. Fellows and associates
(1) The members of the Institute shall be divided into two classes
designated respectively as associates and fellows.
(2) Any person other than a person to whom the provisions of
sub-section (3) apply shall, on his name being entered in the
Register, be deemed to have become an associate member of the
Institute and so long as his name remains so entered, shall be
entitled to use the letters AICWA after his name to indicate that
he is an associate member of the Institute of Cost and Works
Accountants.
(3) Any person who was a fellow of the dissolved company and
who is entitled to have his name entered in the Register under
clause (i) of sub-section (1) of section 4, shall be entered in the
Register as a fellow of the Institute.
(4) A member, being an associate who has been in continuous
practice in India for at least five years, whether before or after the
commencement of this Act, or whether partly before and partly
after the commencement of this Act, and a member who has
been an associate for a continuous period of not less than five
years and who possesses such qualifications as the Council may
prescribe with a view to ensuring that he has experience
equivalent to the experience normally acquired as a result of
continuous practice for a period of five years as a cost accountant
shall, on payment of the prescribed entrance fee, which shall not
exceed rupees two hundred in any case, and on application made
and granted in the prescribed manner, be entered in the Register
as a fellow of the Institute.
Explanation I: For the purposes of this sub-section, a person shall
be deemed to have practised in India for any period for which he
has held a certificate of practice under section 6, notwithstanding
that he did not actually practice during that period.
Explanation II: In computing the continuous period during which a
person has been an associate of the Institute, there shall be
included any continuous period during which the person has been
an associate of the dissolved company immediately before he
became an associate of the Institute.
(5) Any person whose name is entered in the Register as a fellow
of the Institute and so long as his name remains so entered, shall
be entitled to use the letter FICWA after his name to indicate that
he is a fellow of the Institute of Cost and Works Accountants..
6. Certificate of practice
(1) No member of the Institute shall be entitled to practise,
whether in India or elsewhere, unless he has obtained from the
Council a certificate of practice.
(2) Every such member shall make application in such form and
pay such annual fee, for his certificate as may be prescribed, and
such fee shall be payable on or before the lst day of April in each
year:
PROVIDED that if a member of the Institute who was in practice
immediately before the commencement of this Act has made
within one month of such commencement an application for the
grant of certificate of practice, he shall not be deemed to have
contravened the provisions of sub-section (1) by reason of his
having practised during the period between such commencement
and the disposal of the application.
7. Members to be known as cost accountants
Every member of the Institute in practice shall, and any other
member may, use the designation of a cost accountant and no
member using such designation shall use any other description,
whether in addition thereto or in substitution therefor:
PROVIDED that nothing in this section shall be deemed to prohibit
any such member from adding any other description or letters to
his name, if entitled thereto, to indicate membership of such
other Institute of accountancy, whether in India or elsewhere, as
may be recognised in this behalf by the Council, or any other
qualification that he may possess, or to prohibit a firm, all the
partners of which are members of the Institute and in practice,
from being known by its firm name as cost accountants.
8. Disabilities
Notwithstanding anything contained in section 4, a person shall
not be entitled to have his name entered in, or borne on, the
Register if he-
(i) has not attained the age of twenty-one years at the time of his
application for the entry of his name in the Register; or
(ii) is of unsound mind and stands so adjudged by a competent
court; or
(iii) is an undischarged insolvent; or
(iv) being a discharged insolvent, has not obtained from the court
a certificate stating that this insolvency was caused by misfortune
without any misconduct on his part; or
(v) has been convicted by a competent court whether within or
without India, of an offence involving moral turpitude and
punishable with imprisonment or of an offence, not of a technical
nature, committed by him in his professional capacity unless in
respect of the offence committed he has either been granted a
pardon or, on an application made by him in this behalf, the
Central Government has, by an order in writing removed the
disability; or
(vi) has been removed from membership of the Institute on being
found on inquiry to have been guilty of professional or other
misconduct:
PROVIDED that a person who has been removed from
membership for a specified period, shall not be entitled to have
his name entered in the Register until the expiry of such period.
CHAPTER III: COUNCIL OF THE INSTITUTE
9. Constitution of the Council of Institute
(1) There shall be a Council of the Institute for the management of
the affairs of the Institute and for discharging the functions
assigned to it by or under this Act.
(2) The Council shall be composed of-
(a) not more than twelve persons elected by members of the
Institute from amongst the fellows of the Institute chosen in such
manner and from such regional constituencies as may be
specified in this behalf by the Central Government by notification
in the Official Gazette; and
(b) not more than four persons nominated by the Central
Government.
10. Mode of election to Council
(1) Elections under clause (a) of sub-section (2) of section 9 shall
be conducted in the prescribed manner:
PROVIDED that the first election under the said clause shall be
held in such manner as the Central Government may specify in
this behalf.
(2) Where any dispute arises regarding any such election, the
matter shall be referred by the Council to a Tribunal appointed by
the Central Government in this behalf and the decision of such
Tribunal shall be final:
PROVIDED that no such reference shall be made except on an
application made to the Council by an aggrieved party within
thirty days from the date of the declaration of the result of the
election.
(3) The expenses of the Tribunal shall be borne by the Council.
11. Nomination in default of election
If the members of the Institute fail to elect any member under
clause (a) of sub-section (2) of section 9 from any of the regional
constituencies that may be specified under that clause, the
Central Government may nominate any duly qualified person
from such constituency to fill the vacancy, and any person so
nominated shall be deemed to be a duly elected member of the
Council.
12. President and Vice-President
(1) The Council at its first meeting shall elect two of its members
to be respectively the President and the Vice-President thereof,
and so often as the office of the President or the Vice-President
becomes vacant, the Council shall choose a person to be the
President or the Vice-President, as the case may be:
PROVIDED that on the first constitution of the Council a member
of the Council nominated in this behalf by the Central
Government shall discharge the functions of the President, until
such time as a President is elected under the provisions of this
sub-section.
(2) The President shall be the Chief Executive Authority of the
Council.
(3) The President or the Vice-President shall hold office for a
period of one year from the date on which he is chosen but so as
not to extend beyond his term of office as a member of the
Council, and subject to his being a member of the Council at the
relevant time, he shall be eligible for re-election:
PROVIDED that the President of the Council at the time of the
expiration of its duration shall continue to hold office until a new
Council is constituted in accordance with the provisions of this
Act.
13. Resignation of membership and casual vacancies
(1) Any member of the Council may at any time resign his
membership by writing under his hand addressed to the
President, and the seat of such member shall become vacant
when such resignation is notified in the Official Gazette.
(2) A member of the Council shall be deemed to have vacated his
seat if he is declared by the Council to have been absent without
sufficient cause from three consecutive meetings of the Council,
or if his name is, for any cause, removed from the Register under
the provisions of section 20.
(3) A casual vacancy in the Council shall be filled by fresh election
from the constituency concerned or by nomination by the Central
Government, as the case may be, and the person elected or
nominated to fill the vacancy shall hold office until the dissolution
of the Council:
PROVIDED that no election shall be held to fill a casual vacancy
occurring within six months prior to the date of the expiration of
the duration of the Council, but such a vacancy may be filled by
nomination by the Central Government after consultation with the
President of the Council.
(4) No act done by the Council shall be called in question on the
ground merely of the existence of any vacancy in, or defect in the
constitution of, the Council.
14. Duration and dissolution of Council
(1) The duration of any Council constituted under this Act shall be
three years from the date of its first meeting.
(2) Notwithstanding the expiration of the duration of a Council
(hereinafter referred to as the former Council), the former Council
shall continue to exercise its functions under this Act until a new
Council is constituted in accordance with the provisions of this
Act, and on such constitution, the former Council shall stand
dissolved.
15. Functions of the Council
(1) The duty of carrying out of the provisions of this Act shall be
vested in the Council.
(2) In particular, and without prejudice to the generality of the
foregoing power, the duties of the Council shall include-
(a) the examination of candidates for enrolment and the
prescribing of fees therefor;
(b) the registration and training of students;
(c) the prescribing of qualifications for entry in the Register;
(d) the recognition of foreign qualifications and training for
purposes of enrolment;
(e) the granting or refusal of certificates of practice under this
Act;
(f) the maintenance and publication of a Register of persons
qualified to practise as cost accountants;
(g) the levy and collection of fees from members, examinees and
other persons;
(h) the removal of names from the Register and restoration to the
Register of names which have been removed;
(i) the regulation and maintenance of the status and standard of
professional qualifications of members of the Institute;
(j) the carrying out, by financial assistance to persons other than
members of the Council or in any other manner, of research in
accountancy;
(k) the maintenance of libraries and publication of books and
periodicals relating to cost accountancy and allied subjects; and
(1) the exercise of disciplinary powers conferred by this Act.
16. Staff remuneration and allowances
(1) For the efficient performance of its duties, the Council, may-
(a) appoint a Secretary who may also, if so decided by the
Council, act as Treasurer;
(b) appoint such other persons on its staff as it deems necessary;
(c) require and take from the Secretary or from any other
employee of the Council such security for the due performance of
his duties as the Council considers necessary;
(d) fix the salaries, fees, allowances and other conditions of
service of the Secretary and other employees of the Council;
(e) with the previous sanction of the Central Government fix the
allowances of the President, Vice-President and other members of
the Council and its Committees.
(2) The Secretary of the Council shall be entitled to participate in
the meetings of the Council and the Committees thereof but shall
not be entitled to vote thereat.
17. Committees of the Council
(1) The Council shall constitute from amongst its members the
following Standing Committees, namely,-
(i) an Executive Committee;
(ii) a Disciplinary Committee; and
(iii) an Examination Committee;
(2) The Council may also form a Training and Educational
Facilities Committee and such other committees from amongst its
members as it deems necessary for the purpose of carrying out
the provisions of this Act.
(3) The Executive Committee shall consist of the President, and
the Vice-President, ex officio, and three other members of the
Council elected by the Council.
(4) The Disciplinary Committee shall consist of the President, ex
officio, one member to be nominated by the Central Government
from amongst the members nominated to the Council by that
Government and one member to be elected by the Council.
(5) The Examination Committee shall consist of the President or
the Vice-President, ex officio, as the Council may decide, and two
other members of the Council elected by the Council.
(6) Notwithstanding anything contained in this section, any
Committee formed under sub-section (2), may, with the sanction
of the Council, co-opt such other members of the Institute not
exceeding two-thirds of the total membership of the Committee
as the Committee thinks fit, and any member so co-opted shall be
entitled to exercise all the rights of a member of the Committee.
(7) The President shall be the Chairman of every committee of
which he is a member, and in his absence, the Vice-President, if
he is a member of the committee, shall be the Chairman.
(8) The Standing Committees and other committees formed under
this section shall exercise such functions and be subject to such
conditions in the exercise thereof as may be prescribed.
18. Finances of the Council
(1) There shall be established a fund under the management and
control of the Council into which shall be paid all moneys received
by the Council and out of which shall be met all expenses and
liabilities properly incurred by the Council.
(2) The Council may invest any money for the time being standing
to the credit of the fund in any government security or in any
other security approved by the Central Government.
(3) The Council shall keep proper accounts of the funds
distinguishing capital from revenue.
(4) The annual accounts of the Council shall be subject to audit by
a chartered accountant in practice within the meaning of the
Chartered Accountants Act, 1949 (38 of 1949), to be appointed
annually by the Council:
PROVIDED that no member of the Council who is a chartered
accountant or a person who is in partnership with such member
shall be eligible for appointment as an auditor under this sub-
section.
(5) As soon as may be practicable at the end of each year, but not
later than the 30th day of September of the year next following,
the Council shall cause to be published in the Gazette of India a
copy of the audited accounts and the Report of the Council for
that year and copies of the said accounts and Report shall be
forwarded to the Central Government and to all the members of
the Institute.
(6) The Council may borrow from a scheduled bank as defined in
the Reserve Bank of India Act, 1934 (2 of 1934), or from the
Central Government-
(a) any money required for meeting its liabilities on capital
account on the security of the fund or on the security of any other
assets for the time being belonging to it; or
(b) for the purpose of meeting current liabilities pending the
receipt of income by way of temporary loan or over-draft.
CHAPTER IV: REGISTER OF MEMBERS
19. Register
(1) The Council shall maintain in the prescribed manner a Register
of the members of the Institute.
(2) The Register shall include the following particulars about
every member of the Institute, namely,-
(a) his full name, date of birth, domicile, residential and
professional addresses;
(b) the date on which his name is entered in the Register;
(c) his qualifications;
(d) whether he holds a certificate of practice; and
(e) any other particulars which may be prescribed.
(3) The Council shall cause to be published in such manner as
may be prescribed a list of members of the Institute as on the lst
day of April of each year, and shall, if requested to do so by any
such member, send him a copy of such list.
(4) Every member of the Institute shall, on his name being
entered in the Register, pay such annual membership fee
differing in amount according as he is an associate or a fellow as
may be prescribed.
20. Removal from the Register
(1) The Council may remove from the Register the name of any
member of the Institute,-
(a) who is dead; or
(b) from whom a request has been received to that effect; or
(c) who has not paid any prescribed fee required to be paid by
him; or
(d) who is found to have been subject at the time when his name
was entered in the Register, or who at any time thereafter has
become subject, to any of the disabilities mentioned in section 8,
or who for any other reason has ceased to be entitled to have his
name borne on the Register.
(2) The Council shall remove from the Register the name of any
member in respect of whom an order has been passed under this
Act removing him from membership of the Institute.
CHAPTER V: MISCONDUCT
21. Procedure in inquiries relating to misconduct of members of
Institute
(1) Where on receipt of information by, or a complaint made to it,
the Council is prima facie of opinion that any member of the
Institute has been guilty of any professional or other misconduct,
the Council shall refer the case to the Disciplinary Committee
constituted under section 17, and the Disciplinary Committee
shall thereupon hold such inquiry and in such manner as may be
prescribed and shall report the result of its inquiry to the Council.
(2) If on receipt of such report the Council finds that the member
of the Institute is not guilty of any professional or other
misconduct, it shall record its finding accordingly and direct that
the proceedings shall be filed, or the complaint shall be
dismissed, as the case may be.
(3) If on receipt of such report the Council finds that the member
of the Institute is guilty of any professional or other misconduct, it
shall record a finding accordingly, and shall proceed in the
manner laid down in the succeeding sub-sections.
(4) Where the finding is that a member of the Institute has been
guilty of a professional misconduct specified in the First Schedule,
the Council shall afford to the member an opportunity of being
heard before orders are passed against him on the case, and may
thereafter make any of the following orders, namely,-
(a) reprimand the member;
(b) remove the name of the member from the Register for such
period, not exceeding five years, as the Council thinks fit:
PROVIDED that where the Council is of opinion that the case is
one in which the name of the member ought to be removed from
the Register for a period exceeding five years or permanently, it
shall not make any order referred to in clause (a) or clause (b),
but shall forward the case to the High Court with its
recommendations thereon.
(5) Where the misconduct in respect of which the Council has
found any member of the Institute guilty is a misconduct other
than any such misconduct as is referred to in sub-section (4), it
shall forward the case to the High Court with its recommendations
thereon.
(6) On receipt of any case under sub-section (4) or sub-section
(5), the High Court shall fix a date for the hearing of the case and
shall cause notice of the date so fixed to be given to the member
of the Institute concerned, the Council and to the Central
Government, and shall afford such member, the Council and the
Central Government an opportunity of being heard and may
thereafter make any of the following orders, namely,-
(a) direct that the proceedings be filed, or dismiss the complaint,
as the case may be;
(b) reprimand the member;
(c) remove him from membership of the Institute either
permanently or for such period as the High Court thinks fit;
(d) refer the case to the Council for further inquiry and report.
(7) Where it appears to the court that the transfer of any case
pending before it to another High Court, will promote the ends of
justice or tend to the general convenience of the parties, it may
so transfer the case, subject to such conditions, if any, as it thinks
fit to impose, and the High Court to which such case is transferred
shall deal with it as if the case had been forwarded to it by the
Council.
Explanation I: In this section "High Court" means the highest civil
court of appeal, not including the Supreme Court, exercising
jurisdiction in the area in which the person whose conduct is
being inquired into carries on business, or has his principal place
of business at the commencement of the inquiry:
PROVIDED that where the cases relating to two or more members
of the Institute have to be forwarded by the Council to different
High Courts, the Central Government shall, having regard to the
ends of justice and the general convenience of the parties,
determine which of the High Courts to the exclusion of others
shall hear the cases against all the members.
Explanation II: For the purposes of this section "member of the
Institute" includes a person who was a member of the Institute on
the date of alleged misconduct although he has ceased to be a
member of the Institute at the time of the inquiry.
(8) For the purposes of any inquiry under this section the Council
and the Disciplinary Committee shall have the same powers as
are vested in a civil court under the Code of Civil Procedure, 1908
(5 of 1908), in respect of the following matters,-
(a) summoning and enforcing the attendance of any person and
examining him on oath;
(b) the discovery and production of any document; and
(c) receiving evidence on affidavits.
22. Misconduct defined
For the purposes of this Act, the expression "professional
misconduct" shall be deemed to include any act or omission
specified in any of the Schedules, but nothing in this section shall
be construed to limit or abridge in any way the power conferred
or duty cast on the Council under sub-section (1) of section 21 to
inquire into the conduct of any member of the Institute under any
other circumstances.
CHAPTER VI: REGIONAL COUNCILS
23. Constitution and functions of Regional Councils
(1) For the purpose of advising and assisting on matters
concerning its functions, the Council may constitute such
Regional Councils as and when it deems fit for one or more of the
regional constituencies that may be specified by the Central
Government under clause (a) of sub-section (2) of section 9.
(2) The Regional Councils shall be constituted in such manner and
exercise such functions as may be prescribed.
CHAPTER VII: PENALTIES
24. Penalty for falsely claiming to be a member, etc.
Any person who-
(i) not being a member of the Institute-
(a) represents that he is a member of the Institute; or
(b) uses the designation, cost accountant; or
(ii) being a member of the Institute, but not having a certificate of
practice, represents that he is in practice or practices as a cost
accountant;
shall be punishable on first conviction with fine which may extend
to one thousand rupees, and on any subsequent conviction with
imprisonment which may extend to six months, or with fine which
may extend to five thousand rupees, or with both.
25. Penalty for using name of the Council, awarding degrees of
cost accountancy, etc.
(1) Save as otherwise provided in this Act, no person shall-
(i) use a name or a common seal which is identical with the name
or the common seal of the Institute or so nearly resembles it as to
deceive or as is likely to deceive the public;
(ii) award any degree, diploma or certificate or bestow any
designation which indicates or purports to indicate the position or
attainment of any qualification or competence in cost
accountancy similar to that of a member of the Institute; or
(iii) seek to regulate in any manner whatsoever the profession of
cost and works accountants.
(2) Any person contravening the provisions of sub-section (1)
shall, without prejudice to any other proceedings which may be
taken against him, be punishable on first conviction with fine
which may extend to one thousand rupees, and on any
subsequent conviction with imprisonment which may extend to
six months, or with fine which may extend to five thousand
rupees, or with both.
(3) Nothing contained in this section shall apply to any university
established by law or to any body affiliated to the Institute.
(4) If the Central Government is satisfied that any diploma or
certificate or any designation granted or conferred by any person
other than the Institute, which purports to be a qualification in
cost accountancy but which, in the opinion of the Central
Government, falls short of the standard of qualifications
prescribed for cost accountants and does not in fact indicate or
purport to indicate the position or attainment of any qualification
or competence in cost accountancy similar to that of a member of
the Institute, it may, by notification in the Official Gazette and
subject to such conditions as it may think fit to impose, declare
that this section shall not apply to such diploma or certificate or
designation.
26. Companies not to engage in cost accountancy
(1) No company, whether incorporated in India or elsewhere, shall
practice as cost accountants.
(2) Any contravention of the provisions of sub-section (1) shall be
punishable on first conviction with fine which may extend to one
thousand rupees, and on any subsequent conviction to five
thousand rupees.
27. Unqualified persons, not to sign documents
(1) No person other than a member of the Institute shall sign any
document on behalf of a cost accountant in practice or a firm of
such cost accountants in his or its professional capacity.
(2) Any person contravening the provision of sub-section (1) shall,
without prejudice to any other proceedings which may be taken
against him, be punishable with fine which may extend on first
conviction to one thousand rupees, and on any subsequent
conviction with imprisonment which may extend to six months, or
with fine which may extend to five thousand rupees, or with both.
28. Offences by companies
(1) If the person committing an offence under this Act is a
company, the company as well as every person in charge of, and
responsible to, the company for the conduct of its business at the
time of the commission of the offence shall be deemed to be
guilty of the offence and shall be liable to be proceeded against
and punished accordingly:
PROVIDED that nothing contained in this sub-section shall render
any such person liable to any punishment if he proves that the
offence was committed without his knowledge or that he
exercised all due diligence to prevent the commission of such
offence.
(2) Notwithstanding anything contained in this sub-section (1),
where an offence under this Act has been committed by a
company and it is proved that the offence has been committed
with the consent or connivance of, or that the commission of the
offence is attributable to any neglect on the part of, any director,
manager, secretary or other officer of the company, such director,
manager, secretary or other officer shall also be deemed to be
guilty of that offence and shall be liable to be proceeded against
and punished accordingly.
Explanation: For the purposes of this section-
(a) "company", with respect to an offence under section24,
section 25 or section 27, means any body corporate and includes
a firm or other association of individuals; and with respect to an
offence under section 26 means a body corporate; and
(b) "director" in relation to a firm, means a partner in the firm.
29. Sanction to prosecute
No person shall be prosecuted under this Act except on a
complaint made by or under the order of the Council or of the
Central Government.
CHAPTER VIII: DISSOLUTION OF THE INSTITUTE OF COST
AND WORKS ACCOUNTANTS REGISTERED UNDER THE
COMPANIES ACT, 1956 (1 OF 1956)
30. Dissolution of the Institute of Cost and Works Accountants
registered under the Companies Act, 1956
On the commencement of this Act-
(a) the company known as the Institute of Cost and Work
Accountants registered under the Companies Act, 1956 (1 of
1956), shall be dissolved and thereafter no person shall make,
assert or take any claims, demand or proceedings against the
dissolved company or against any officer thereof in his capacity
as such officer except insofar as may be necessary, for enforcing
the provisions of this Act;
(b) the right of every member to or in respect of the dissolved
company shall be extinguished, and thereafter no member of that
company shall make, assert or take any claims or demands or
proceedings in respect of that company except as provided in this
Act.
31. Transfer of assets and liabilities of the dissolved company to
the Institute
(1) On the commencement of this Act, there shall be transferred
to and vested in the Institute all the assets and liabilities of the
dissolved company.
(2) The assets of the dissolved company shall be deemed to
include all rights and powers, and all property, whether movable
or immovable of the company, including, in particular, cash
balances, reserve funds, investments, deposits and all other
interests and rights in or arising out of such property as may be in
the possession of the dissolved company and all books of
accounts or documents of the dissolved company and the
liabilities shall be deemed to include all debts, liabilities and
obligations of whatever kind then existing of that company.
(3) All contracts, debts, bonds, agreements and other instruments
of whatever nature to which the dissolved company is a party,
subsisting or having effect immediately before the
commencement of this Act, shall be of as full force and effect
against or in favour of the Institute, as the case may be, and may
be enforced as fully and effectively as if instead of the dissolved
company, the Institute had been a party thereto.
(4) If, on the commencement of this Act, any suit, appeal or other
legal proceeding of whatever nature by or against the dissolved
company is pending, the same shall not abate, be discontinued or
be in any way prejudicially affected by reason of the transfer to
the Institute of the assets and liabilities of the dissolved company
or of any thing contained in this Act, but the suit, appeal or other
proceeding may be continued, prosecuted and enforced by or
against the Institute, in the same manner and to the same extent
as it would or may be continued, prosecuted and enforced by or
against the dissolved company if this Act had not been passed.
32. Provisions respecting employees of the dissolved company
(1) Every person employed in the dissolved company prior to the
lst day of September, 1958, and still in its employment
immediately before the commencement of this Act shall, as from
such commencement, become an employee of the Institute, shall
hold his office or service therein by the same tenure and upon the
same terms and conditions and with the same rights and
privileges as to pension and gratuity as he would have held the
same under the dissolved company if this act had not been
passed, and shall continue to do so unless and until his
employment in the Institute is terminated or until his
remuneration, terms and conditions of employment are duly
altered by the Institute.
(2) Notwithstanding anything contained in the Industrial Disputes
Act, 1947 (14 of 1947), or in any other law for the time being in
force, the transfer of the services of any employee of the
dissolved company to the Institute shall not entitle any such
employee to any compensation under that Act or other law, and
no such claim shall be entertained by any court, Tribunal or other
authority.
CHAPTER IX: MISCELLANEOUS
33. Appeals
(1) Any member of the Institute aggrieved by any order of the
Council imposing on him any of the penalties referred to in clause
(a) or clause (b) of sub-section (4) of section 21, may, within thirty
days of the date on which the order is communicated to him,
prefer an appeal to the High Court:
PROVIDED that the High Court may entertain any such appeal
after the expiry of the said period of thirty days, if it is satisfied
that the member was prevented by sufficient cause from filing the
appeal in time.
(2) The High Court may, on its own motion or otherwise, after
calling for the records of any case, revise any order made by the
Council under sub-section (2) or sub-section (4) of section 21 and
may-
(a) confirm, modify or set aside the order;
(b) impose any penalty or set aside, reduce, confirm or enhance
the penalty imposed by the order;
(c) remit the case of the Council for such further enquiry as the
High Court considers proper in the circumstances of the case;
(d) pass such other order as the High Court thinks fit:
PROVIDED that no order of the Council shall be modified or set
aside unless the council has been given an opportunity of being
heard and no order imposing or enhancing a penalty shall be
passed unless the person concerned has been given an
opportunity of being heard.
Explanation : In this section "High Court" and "member of the
Institute" have the same meanings as in section 21.
34. Alteration in Register and cancellation of certificate
(1) Where an order is made under this Act reprimanding a
member a record of the punishment shall be entered against his
name in the Register.
(2) Where the name of any member is removed, the certificate of
practice granted to him under this Act shall be recalled and
cancelled.
35. Directions of the Central Government
(1) The Central Government may from time to time issue such
directions to the Council as in the opinion of the Central
Government are conducive to the fulfilment of the objects of this
Act and in the discharge of its functions, the Council shall be
bound to carry out any such directions.
(2) Directions issued under sub-section (1) may include directions
to the Council to make any regulations or to amend or revoke any
regulations already made.
(3) If, in the opinion of the Central Government the Council has
persistently made default in giving effect to the directions issued
under this section, the Central Government may, after giving an
opportunity to the Council to state its case, by order, dissolve the
Council, whereafter a new Council shall be constituted in
accordance with the provisions of this Act with effect from such
date as may be specified by the Central Government.
(4) Where the Central Government passes an order under sub-
section (3), dissolving the Council, it may, pending the
constitution of new Council in accordance with the provisions of
this Act, authorise any person or body of persons to take over the
management of the affairs of the Institute and to exercise such
functions as may be specified in this behalf by the Central
Government.
36. Protection of action taken in good faith
No suit, prosecution or other legal proceeding shall lie against the
Central Government or the Council in respect of anything which is
in good faith done or intended to be done in pursuance of this Act
or of any regulations or orders made thereunder.
37. Maintenance of branch offices
(1) Where a cost accountant in practice or a firm of such cost
accountants has more than one office in India, each one of such
offices shall be in the separate charge of a member of the
Institute:
PROVIDED that the Council may in suitable cases exempt any cost
accountant in practice or firm of such cost accountants from the
operation of this sub-section.
(2) Every cost accountant in practice or firm of such cost
accountants maintaining more than one office shall send to the
Council a list of offices and the persons in charge thereof and
shall keep the Council informed of any changes in relation
thereto.
38. Reciprocity
(1) Where any country, specified by the Central Government in
this behalf by notification in the Official Gazette, prevents persons
of Indian domicile from becoming member of any institution
similar to the Institute established under this Act or from
practising the profession of cost accountancy or subjects them to
unfair discrimination in that country, no subject of any such
country shall be entitled to become a member of the Institute or
practise the profession of cost accountancy, in India.
(2) Subject to the provisions of sub-section (1), the Council may
prescribe the conditions, if any, subject to which foreign
qualifications relating to cost accountancy shall be recognised for
the purposes of entry in the Register.
39. Power to make regulations
(1) The Council may, by notification in the Gazette of India, make
regulations for the purpose of carrying out the objects of this Act,
and a copy of such regulations shall be sent to each member of
the Institute.
(2) In particular, and without prejudice to the generality of the
foregoing power, such regulations may provide for all or any of
the following matters, namely:-
(a) the standard and conduct of examinations under this Act;
(b) the qualification for the entry of the name of any person in the
Register as a member of the Institute;
(c) the qualification required for the purposes of sub-section (4) of
section 5;
(d) the conditions under which any examination or training may
be treated as equivalent to the examination or training prescribed
for members of the Institute;
(e) the conditions under which any foreign qualification may be
recognised;
(f) the manner in which and the conditions subject to which
applications for entry in the Register may be made;
(g) the fees payable for membership of the Institute and the
annual fees payable by associates and fellows of the Institute in
respect of their certificates;
(h) the manner in which elections to the Council and the Regional
Councils may be held;
(i) the particulars to be entered in the Register;
(j) the functions of Regional Councils;
(k) the regulation and maintenance of the status and standard of
professional qualifications of members of the Institute;
(l) the carrying out of research in accountancy;
(m) the maintenance of libraries and publication of books and
periodicals relating to cost accountancy and allied subjects;
(n) the management of the property of the Council and the
maintenance and audit of its accounts;
(o) the summoning and holding the meetings of the Council and
committees thereof, the time and places of such meetings, the
procedure to be followed thereat and the number of members
necessary to form a quorum;
(p) the manner in which the annual list of members of the
Institute shall be published;
(q) the powers, duties and functions of the President and the Vice-
President of the Council;
(r) the functions of the standing and other committees and the
conditions subject to which such functions shall be discharged.
(s) the terms of office, and the powers, duties and functions of the
Secretary and other employees of the Council;
(t) the exercise of disciplinary powers conferred by this Act;
(u) the terms and conditions of service of persons who have
become employees of the institute under section 32 of this Act;
(v) the registration and training of students and the fees to be
charge therefor and
(w) any other matter which is required to be, or may be,
prescribed under this Act.
(3) All regulations made by the Council under this Act shall be
subject to the condition of previous publication and to the
approval of the Central Government.
(4) Notwithstanding anything contained in sub-sections (1) and
(2), the Central Government may frame the first regulations for
the purposes mentioned in this section, and such regulations shall
be deemed to have been made by the Council, and shall remain
in force until they are amended, altered or revoked by the
Council.
(5) Every regulation made under this Act shall be laid, as soon as
may be after it is made, before each House of Parliament, while it
is in session, for a total period of thirty days which may be
comprised in one session or in two or more successive sessions,
and, if ,before the expiry date of the session immediately
following the session or the successive sessions aforesaid, both
Houses agree in making any modification in the regulation, or
both houses agree that the regulation should not be made, the
regulation shall thereafter have effect only in such modified form
or be of no effect, as the case may be; so, however, that any such
modification or annulment shall be without prejudice to the
validity of anything previously done under that regulation.
SCHEDULE I
[Secs. 21(4) and 22]
PART I
PROFESSIONAL MISCONDUCT IN RELATION TO COST
ACCOUNTANTS IN PRACTICE
A cost accountant in practice shall be deemed to be guilty of
professional misconduct, if he-
(1) allows any person to practise in his name as a cost accountant
unless such person is also a cost accountant in practice and is in
partnership with or employed by himself;
(2) pays or allows or agrees to pay or allow, directly or indirectly,
any share, commission or brokerage in the fees or profits of his
professional work, to any person other than a member of the
Institute or a partner or a retired partner or the legal
representative of deceased partner.
Explanation: In this item, "partner" includes a person residing
outside India with whom a cost accountant in practice has
entered into partnership which is not in contravention of item (4)
of this part.
(3) accepts or agrees to accept any part of the profits of the
professional work of a lawyer, auctioneer, broker or other agent
who is not a member of the Institute;
(4) enters into partnership with any person other than a cost
accountant in practice or a person resident without India who but
for his residence abroad would be entitled to be registered as a
member of the Institute under clause (iv) of sub-section (1) of
section 4 or whose qualifications are recognised by the Central
Government or the Council for the purpose of permitting such
partnerships, provided that the cost accountant shares in the fees
or profits of the professional work of the partnership both within
and without India;
(5) secures, either through the services of a person not qualified
to be his partner or by means which are not open to a cost
accountant, any professional work;
(6) solicits clients or professional work either directly or indirectly,
by circular, advertisement, personal communication or interview
or by any other means;
(7) advertises his professional attainments or services, or uses
any designation or expression other than cost accountant on
professional documents, visiting cards, letter heads, or sign
boards, unless it be a degree of a university established by law in
India or recognised by the Central Government or a title
indicating membership of the Institute of Cost and Works
Accountants of India or any other institution that has been
recognised by the Central Government or may be recognised by
the Council;
(8) accepts a position as cost accountant previously held by
another cost accountant in practice without first communicating
with him in writing;
(9) charges or offers to charge, accepts or offers to accept in
respect of any professional employment fees which are based on
a Percentage of profits or which are contingent upon the findings
or results of such employment, except in cases which are
permitted under any regulations made under this Act;
(10) engages in any business or occupation other than the
profession of Cost accountant unless permitted by the Council so
to engage:
PROVIDED that nothing contained herein shall disentitle a cost
accountant from being a director of a company unless he or any
of his partners is interested in such company as accountant;
(11) accepts a position as cost accountant previously held by
some other cost accountant in practice in such conditions as to
constitute under-cutting;
(12) allows a person not being a member of the Institute in
practice or a member not being his partner to sign on his behalf
or on behalf of his firm, any cost or pricing statements or any
other statements related thereto.
PART II
PROFESSIONAL MISCONDUCT IN RELATION TO MEMBERS
OF THE INSTITUTE IN SERVICE
A member of the Institute (other than a member in practice) shall
be deemed to be guilty of professional misconduct, if he being an
employee of any company, firm or person-
(1) pays or allows or agrees to pay directly or indirectly, to any
person any share in the emoluments of the employment
undertaken by the member;
(2) accepts or agrees to accept any part of fees, profits or gains
from a lawyer, a cost accountant or broker engaged by such
company, firm or person or agent or customer of such company,
firm or person by way of commission or gratification;
(3) discloses confidential information acquired in the course of his
employment otherwise than as required by any law for the time
being in force or as permitted by his employer.
PART III
PROFESSIONAL MISCONDUCT IN RELATION TO MEMBERS
OF THE INSTITUTE GENERALLY
A member of the Institute whether in practice or not shall be
deemed to be guilty of professional misconduct, if he-
(1) includes in any statement, return or form to be submitted to
the Council any particulars knowing them to be false;
(2) not being a fellow styles himself as a fellow;
(3) does not supply the information called for or does not comply
with the requirements asked for by the Council or any of its
Committees.
SCHEDULE II
[Secs. 21(5) and 22]
PART I
PROFESSIONAL MISCONDUCT IN RELATION TO COST
ACCOUNTANTS IN PRACTICE REQUIRING ACTION BY A HIGH
COURT
A cost accountant in practice shall be deemed to be guilty of
professional misconduct, if he-
(1) discloses information acquired in the course of his professional
engagement to any person other than the client so engaging him,
without the consent of such client, or otherwise than as required
by any law for the time being in force;
(2) certifies or submits in his name or in the name of his firm a
report of an examination of cost accounting and related
statements, unless the examination of such statements has been
made by him or by a partner or an employee in his firm or by
another cost accountant in practice;
(3) permits his name or the name of his firm to be used in
connection with an estimate of cost or earnings contingent upon
future transactions in a manner which may lead to the belief that
he vouches for the accuracy of the forecast;
(4) expresses his opinion on cost or pricing statements of any
business or any enterprise in which he, his firm or a partner in his
firm has a substantial interest, unless he discloses the interest
also in his report;
(5) fails to disclose in a cost or pricing statement a material fact
known to him, which is not disclosed in a cost or pricing
statement, but disclosure of which is necessary to make such
statement not misleading;
(6) fails to report a material mis-statement known to him to
appear in a cost or pricing statement with which he is concerned
in a professional capacity;
(7) is grossly negligent in the conduct of his professional duties;
(8) fails to obtain sufficient information to warrant the expression
of an opinion or make exceptions which are sufficiently material
to negate the expression of an opinion;
(9) fails to invite attention to any material departure from the
generally accepted procedure of costing and pricing applicable to
the circumstances;
(10) fails to keep moneys of his client in a separate banking
account or to use such moneys for purposes for which they are
intended.
PART II
PROFESSIONAL MISCONDUCT IN RELATION TO MEMBERS
OF THE INSTITUTE GENERALLY REQUIRING ACTION BY A
HIGH COURT
A member of the Institute, whether in practice or not, shall be
deemed to be guilty of professional misconduct, if he-
(1) contravenes any of the provisions of this Act or the regulations
made thereunder;
(2) is guilty of such other act or omission as may be specified by
the Council in this behalf, by notification in the Gazette of India.
COST AND WORKS ACCOUNTANTS REGULATIONS, 1959
[GSR 611, dated 25th. May, 1959]
CHAPTER I : PRELIMINARY
1. Short title
The Regulations may be called by the Cost and Works
Accountants Regulations, 1959.
2. Definitions
In these Regulations, unless the context otherwise requires,-
(a) 'Act' means the Cost and Works Accountants Act, 1959;
(b) 'Annual Meeting' means the first meeting of the council held
after lst June in each year;
(c) 'Certificate of practice' means a certificate granted under
these Regulations entitling the holder to practise as a Cost
Accountant;
(d) 'Form' means a form set out in the Schedule to these
Regulations;
(e) 'Registered Student' means a person registered as a student
under these Regulations and includes a student registered as
such with the dissolved company, immediately prior to the
commencement of the Act;
(f) 'Secretary' means the secretary of the council and includes a
Deputy or Assistant Secretary or any person acting as Secretary
by the direction of the Council;
(g) 'Section' and 'sub-section' mean respectively a section and a
sub-section of the Cost and Works Accountants Act, 1959;
(h) 'University' means a University constituted by law in India or
any other University recognised by the Central Government.
CHAPTER II : MEMBERS OF THE INSTITUTE
3. Register
The Register of Members of the institute shall be in Form 'A'.
4. Qualification for Members
Subject to the provisions of sections 4 and 8, no person shall be
entitled to have his
name entered in the register unless he-
(a) has passed the examinations and completed practical training
prescribed in Chapter V; or
(b) possesses qualifications recognised by the Central
Government or the Council as equivalent to the tests and
practical training referred to in (a) above; or
(c) is eligible under clause (i) or clause (iii) of sub-section (1) of
section 4.
5. Qualifications for fellowship
For purposes of sub-section (4) of section 5 an Associate who, for
a continuous period of not less than five years immediately before
the date of his application has held a position as Chief Cost
Accountant or an equivalent appointment, by whatever name
designated, in an organisation approved for the purpose by the
council shall be deemed to have experience equivalent to the
experience acquired as a result of continuous practice for a period
of five years as a Cost Accountant.
6. Application for membership
(1) Every person who desires to have his name entered in the
register, and any associate who desires to be admitted as a
fellow, shall submit an application, together with documentary
evidence about his eligibility for membership and the fees
prescribed in these Regulations to the Secretary in Form 'B'.
(2) The applicant shall furnish such further information bearing on
his application as the council may at any time require from him.
7. Fees
(1) Every person applying for membership of the institute shall
pay an entrance fee of Rs. 300:
PROVIDED that an applicant may pay Rs. 100 along with his
application and the balance of Rs. 200 in two instalments of Rs.
100 each within the first 12 months and 24 months respectively
from the date of his being enrolled as a member.
(2) Every associate applying for admission as a Fellow shall pay
an entrance fee of Rs. 200.
(3) An associate shall pay an annual membership fee of Rs. 150
which shall be due and payable on the lst April in each year:
PROVIDED that only half the amount of the annual membership
fee shall be payable for the first year by a person admitted on or
after the lst October in any year.
(4) A fellow shall pay an annual membership fee of Rs. 300 which
shall be due and payable on the lst April in each year:
PROVIDED that an associate who is admitted as a fellow during a
year may pay Rs. 150 or Rs. 75 only as membership fee for that
year accordingly as he is admitted as a fellow prior to the lst
October, or after the lst October, of that year.
(5) Every member in practice shall pay an annual certificate fee of
Rs. 100 which shall be due and payable on the lst April in each
year.
(6) Effective from lst April l971, a member of not less than sixty
years of age who has been a member of the institute for at least
fifteen years, and who has retired permanently from professional
work or business or from salaried employment, and who produces
evidence to the. satisfaction of the council of his age and
retirement, shall pay a reduced annual fee of Rs. 10 or Rs. 15,
accordingly as at the time of his retirement he is an Associate or a
fellow member.
(7) The non-payment of annual membership fee within six months
from the date on which it becomes due will render the name of
the defaulter liable to be removed from the Register of Members.
8. Refund of fees
Every person whose application for admission to the membership
of the Institute or whose application for a Certificate of Practice is
not accepted by the Council shall be entitled to a refund of the
fees paid by him.
9. Certificate of Membership
(1) If the application is accepted by the Council, the applicant's
name shall be entered in the Register and a Certificate of
Membership in Form 'C' shall be issued to him.
(2) In the event of the name of a member being removed from
the Register under section 20, the Certificate of Membership then
held by him shall be forthwith returned to the Secretary.
10. Certificate of Practice
(1) A member of the Institute may apply to the Council for a
Certificate entitling him to practise as a Cost Accountant
throughout India. Every application for the grant or renewal of a
Certificate shall be accompanied by the requisite annual
Certificate fee and shall be in Form 'D'. The Certificate shall be
issued in Form 'E' and shall be valid until the 30th June of the next
year following. On a proper application in Form 'D' for the renewal
of the Certificate of practice for the succeeding twelve months,
the validity of the Certificate shall be extended from time to time
by a Certificate in writing by the Secretary in Form 'F'.
(2) A member who ceases to be in practice shall, not later than
one month from the date he ceases to practice, intimate the fact
to the council in writing.
(3) A member who ceases to be in practice or whose Certificate of
Practice has been cancelled under Regulation 11 shall surrender
the Certificates then held by him to the Secretary.
11. Cancellation of Certificate of Practice
(1) A certificate of practice shall be cancelled-
(a) when the name of the holder of the certificate is removed
from the Register of Members, or
(b) when the Council is satisfied that such certificate was issued
on the strength of incorrect, misleading or false information, or by
mistake or inadvertence; or
(c) when a member has ceased to practice:
PROVIDED that reasonable notice shall be given to the member
before cancelling his Certificate under clause (b).
(2) The cancellation of a Certificate shall be effective-
(a) in a case falling under clause (a) of sub-regulation (l) from the
date on which and during the period for which the name of the
holder of the Certificate was removed from the Register of
Members; and
(b) In any other case from such date and for such period as the
Council may determine.
(3) When a Certificate is cancelled, the date from which and the
period for which the Certificate shall stand cancelled, shall be
communicated to the member concerned and shall also be
notified in the Gazette of India.
CHAPTER III : COMPLAINTS AND ENQUIRIES
12. Complaints and enquiries relating to misconduct of members
(1) Subject to the provisions of this Regulation, all complaints
against members of the Institute under Section 21 shall be
investigated, and all enquiries relating to misconduct of members
shall be held, by the Disciplinary Committee.
(2) A complaint under section 21 shall be made to the Council in
Form 'G'.
(3) Every such complaint shall contain the following particulars,
namely:-
(a) the acts and omissions which if proven would render the
member complained against guilty of any professional or other
misconduct;
(b) the oral or documentary evidence relied upon in support of the
allegations made in the complaint.
(3A) Every complaint other than a complaint made by or on behalf
of the Central or any State Government, shall be accompanied by
a deposit of a sum of Rs. 50 which will be forfeited if the council
after considering the complaint comes to the conclusion that no
prima facie case is made out and that the complaint is either a
frivolous one or is made with mala fide intention.
(4) The Secretary shall return a complaint which is not in the
proper form or which does not contain the aforesaid particulars to
the complainant for representation after compliance with such
objections and within such time as the Secretary may specify.
(5) Within sixty days ordinarily of the receipt of complaint under
section 21 the Secretary shall,
(a) if the complaint is against an individual member, send a copy
thereof to such member at his address as entered in the Register
of Members.
(b) if the complaint is against a firm, send a copy of the complaint
to the firm concerned at the address of the head office of the firm
as entered in the register of Offices and Firms with a notice calling
upon the firm to disclose the name of the member concerned and
to send a copy of the complaint to such member.
(6) A member against whom a complaint is made may, within
fourteen days of the service of a copy of the complaint under sub-
regulation (5), or within such further time as the
Secretary may allot, forward to him a written statement in his
defence verified in the same manner as a pleading in a Civil
Court.
(7) If, on a perusal of the complaint and the written statement, if
any of the member concerned and other relevant documents and
papers, the Council is of the opinion that there is a prima facie
case against such member, the Council shall cause an enquiry to
be made in the matter by the Disciplinary Committee. If the
Council is of the opinion that there is no prima facie case against
the member concerned or if the subject matter of the complaint is
substantially the same as or caused by a complaint already
received against such member, the complaint shall be dismissed
and the complainant and the member concerned shall be
informed accordingly:
PROVIDED that the Council may before dismissing the complaint,
call for any additional particulars or documents connected with
the case, either from the complainant or from the respondent or
from both, if in its opinion it is necessary to do so.
(8) Every notice issued by the Secretary or by the Disciplinary
Committee under this Regulation shall be sent to the member or
the firm concerned by registered post with acknowledgement
due. If the notice is returned with endorsement indicating that the
addressee cannot be found at the address given, the Secretary
shall ask the complainant to supply to him the correct address of
the member or firm concerned and send a fresh notice to the
member or firm at the address so supplied.
13. Information relating to misconduct of members
The procedure prescribed by Regulation 12 shall, so far as may
be, apply to any information received under section 21.
14. Procedure in any enquiry before the Disciplinary Committee
(1) It shall be the duty of the Secretary to place before the
Disciplinary Committee all facts brought to his knowledge which
are relevant for the purpose of an enquiry by the Disciplinary
Committee.
(2) A member against whom a complaint is made shall have a
right to defend himself before the Disciplinary Committee either
in person or through a legal practitioner or any other member of
the Institute.
(3) The Disciplinary Committee shall have the power to regulate
its procedure in such manner as it considers necessary and during
the course of enquiry may examine witnesses on oath, receive
affidavits and any other oral or documentary evidence.
(4) Where, during the progress of an enquiry, the Disciplinary
Committee undergoes a change of personnel for any reason
whatsoever, the respondent shall have the option to have his
case heard de novo and the enquiry conducted accordingly.
15. Report of the Disciplinary Committee
(1) The Disciplinary Committee shall submit its report to the
Council.
(2) The Council shall consider the report of the Disciplinary
Committee and if in its opinion a further enquiry is necessary,
may cause such further enquiry to be made and a further report
submitted by the Disciplinary Committee and after considering
such further report of the Disciplinary Committee, the Council
shall proceed in the manner laid down in section 21.
15A. Procedure in hearing before the Council
(1) If the Council, on recording a finding, as required under sub-
section (3) of section 21, is of the opinion that there is a case for
passing one of the orders specified in clause (a) or clause (b) of
sub-section (4) of the said section, it shall-
(a) furnish to the member against whom the complaint relating to
the finding has been made, a copy of the report of the
Disciplinary Committee and a copy of its finding; and
(b) give him such notice as may be decided by the Council,
indicating the order proposed to be passed against him and
calling upon him to appear before it on a specified date or dates,
or if he does not wish to be heard in person, to send within a
specified time such representation in writing as he may wish to
make against the proposed order.
(2) The scope of the hearing or of the representation in writing, as
the case may be, shall be restricted to the matters concerning the
enquiry.
(3) The Council shall after hearing the member concerned ,if he
appears in person, or after considering the representation, if any,
made by him, pass such orders as it may think fit.
(4) The orders passed by the Council shall be communicated to
the complainant and to the member concerned.
16. Notification of removal
The removal of the name of any person from the membership of
the Institute shall
be notified in the Gazette of India and shall also be communicated
in writing to the person concerned.
17. Restoration of Membership
The Council may on application made to it in Form 'H' by a person
whose name has been removed from the Register of Members of
the Institute or of the dissolved company, restore his name if he is
otherwise eligible to such membership, on payment before such
restoration of the balance of entrance fee, if any, and the annual
fee for the year during which his name is restored, and, if his
name has been removed under clause (c) of sub-section (1) of
section 20 or under Article 20(c) of the Articles of Association of
the dissolved company all arrears on account of the annual fee
subject to a maximum of Rs. 300 and restoration fee of Rs. 25:
PROVIDED that the restoration of the name of a person which was
removed under sub-section (2) of section 20 shall be effected in
accordance with the orders of the High Court or the Council, as
the case may be.
18. Notification of restoration
The restoration of a name to the membership shall be notified in
the Gazette of India and shall also be communicated in writing to
the person concerned.
CHAPTER IV : REGISTERED STUDENTS
19. Eligibility to take Examinations
Admission to the Intermediate and Final Examinations of the
Institute shall be restricted to Registered Students, who shall be
required to undergo such theoretical and practical training as the
Council may arrange, approve or prescribe and pay such fees for
the same as may be prescribed.
20. 1[Conditions of Registration
Every person applying for registration as a Registered Student
shall be required to apply in Form I and produce evidence to the
satisfaction of the Council that he possesses one of the following
qualifications:-
(a) He has passed a Foundation Course Examination prescribed
under these regulations.
(b) He has been conferred a degree from any University or
equivalent.
20A. Admission to the Foundation Course Examination
Every person applying for admission to the Foundation Course
Examination shall be required to apply in the form prescribed by
the Council for the purpose and produce evidence to the
satisfaction of the Council that he has-
(a) Completed seventeen years of age on the date of his
application; and
(b) Passed the Senior Secondary School Examination under the 10
+ 2 scheme of a recognised Board or an Examination recognised
by Central Government as equivalent thereto or has passed the
National Diploma in Commerce Examination held by the All India
Council of Technical Education or any State Board of Technical
Education under the authority of the said All India Council, or the
Diploma in Rural Service Examination conducted by the National
Council of Rural Higher Education.
20B. Fee, papers and syllabus for Foundation Course Examination
No candidate shall be admitted to Foundation Course Examination
unless he applies in the prescribed form along with a fee of
Rupees One Hundred and Twenty-five only or such fees as may
be fixed by the Council from time to time and is otherwise eligible
for the examination and then he shall be examined in the
following subjects.
FOUNDATION COURSE
PAPER 1: BUSINESS FUNDAMENTALS AND ECONOMICS
(One paper: 3 hours: 100 marks)
Section 1 : Business Fundamentals (50 marks)
Aim: To introduce the candidate to the world of the business and
to acquaint him with the basic principles of Economic and
Commercial practices.
Level of knowledge: Basic knowledge: basic knowledge
1.Type of business units: Sole proprietorship, partnership
companies, Co-operatives, Hindu undivided family, joint Stock
Companies, Public Utility Services and State Enterprises.
Company Organisation and Management
2.Type of companies : their formation, incorporation and
commencement of business, Memorandum of Association and
Articles of Association, Prospectus, shares and debentures, Board
of Directors and statutory and general meetings.
3.Business objectives, concept and rationale of social
responsibility, Business and its environments, interface with legal,
political, economic, social and cultural aspects.
Working systems of Stock Exchange
4.Dealers and brokers, transactions, economic significance,
conditions of membership, stock exchange.
Business Communication and Report writing
(5) Preparation of telegraphic message, public notices and
invitations, circulars, drafting of advertisements, filing of
complaints, letter writing.
Section 2: Economics (50 marks)
1.Definition, scope and subject matter of Economics-a few
fundamental concepts like utility, wealth, factors of production,
demand and supply, equilibrium, land and the laws of diminishing
returns.
2.Labour and population theories, definition of capital and growth
of capital, steps in capital formation.
3.Market Forms-Value under perfect competition, value under
imperfect competition.
4.National income-Gross National Product, Net National Product,
measurement of National Income, difficulties and significance of
National Income analysis, economic growth and fluctuations,
consumption savings and investments.
Distribution-Income determination and equilibrium relating to
rent, wages, interest and profit.
5.Money-Definition and functions of money. Quantity theory of
money, inflation, effects of inflation of production and distribution
of wealth, control of inflation, money supply, liquidity preference
and managerial efficiency, rate of interest and investment.
Banking-definition, functions and utility of banking, the principles
of commercial banking, multiple credit creation, essentials of a
sound banking system, Central Bank-Functions weapons of credit
control and the money market.
6.International Trade: Basic features of import export.
7.National and International Financial Institutions like Industrial
Finance Corporation of India (IFCI), Industrial Credit and
Investment Corporation of India (ICICI), Industrial Development
Bank of India (IDBI), Export Import Bank (EXIM), Asian
Development Bank, International Monetary Fund (IMF),
International Bank for Reconstruction and Development (World
Bank):
8.The theory of employment-Types of unemployment, concepts of
full employment and how it can be achieved.
9.Public Finance-Direct and Indirect Taxes, Canons of Taxation,
effects of Taxation on production and distribution. Taxable
capacity, deficit financing, Economic systems.
PAPER 2-MANAGEMENT AND ORGANISATION
(One Paper: 3 hours: 100 marks)
Aim : To provide working knowledge on various concepts and
functions of management and organisation to the extent
necessary to the work of a Cost and Management Accountant.
Level of Knowledge: Basic Knowledge.
Section 1: Management (50 marks)
1. Definition of management : Different schools of management
process and functions of management, principles of management.
Evolution of management thoughts, recent trends, management
as a profession.
2. The process of management covering planning, organising,
staffing, directing, motivating, communicating and controlling.
3. Pattern of management :Broad policies and functions,
structural pattern of the Board of Directors, delegation of power.
4. Public sector management, concept of public sector, social
objectives.
Section 2: Organisation (50 marks)
1. Nature of internal organisation of business enterprise, formal
and informal organisation, principles of organisation, (i) grouping
of activities (a) typical pattern of grouping by-product, services,
location, customers, processes, functions and time, (b) criteria for
grouping activities-specialisation, control, co-ordination, attention,
economy, creating a network of relationship to determining the
authority, delegation, chain of command, authority and
responsibility, decentralisation, span of control, (ii) level of
authority-staff, kind of staff, nature of staff work, advisory
services and control, line and staff relations, (iii) internal relations
committees and their roles.
2. Concepts and features: Schools of organisation theory –
classical behavioural and systems. Recent trends and approaches,
behaviour in organisation, nature, features, foundations and the
role of behavioural science. Behaviour process in organisation.
Paper 3: Basic Mathematics and Statistics (100 marks)
Aim: To ensure a basic understanding of quantitative tools and
their elementary application to business problems.
Level of knowledge: Basic knowledge
Arithmetic : Averages, mixtures, computation of interest,
discounting of bills, percentages, ratios and proportions.
Algebra:
(a) Number systems-real, imaginary, rational and irrational.
(b) Elementary knowledge of sets and the operations on them.
Simple applications and solution by the use of Venn diagram.
Truth table and its applications to statements.
(c) Indices and surds, variation, Logarithms, permutations and
combinations, compound interest.
(d) Solution of system of linear simultaneous equations (3
variables only). Quadratic equations, solution of linear inequalities
(by graphical method only).
Mensuration : Area and perimeter of triangles, circles,
parallelogram, regular polygon, volume and surface of cube,
prism, cylinder, pyramid, core, fustrums and spheres (including
zone and segments).
Plain Co-ordinate Geometry (Rectangular Cartesian co-ordinates
only). Length of a line segment, section ratio, gradiant of a line,
equations of straight line, circles, parabolism. Ellipse and
hyperbola (standard forms only).
Elementary statistics: Graphical presentation of statistical data,
frequency distribution, measures of central tendency (mean,
median, mode), measures of dispersion (range, mean, deviation,
standard variance), measures of skewness and kurtosis.
Paper 4: Commercial laws (100 marks)
Aim: To ensure a grasp of fundamental business laws required for
the functioning of a cost and management accountant.
Level of knowledge: Basic knowledge
1.The Contract Act, 1872 (9 of 1872)-nature of contract,
contractual terms, remedies for breach and elements of
contracts.
2.The Partnership Act, 1932 (9 of 1932)-General concepts.
3.The Sale of Goods Act, 1930 (3 of 1930)-General concepts.
4.The Negotiable Instruments Act, 1881 (26 of 1881)- General
concepts.
20C. Foundation Course Examination
(1) A candidate shall be declared to have passed in the
Foundation Course Examination if he obtains at one sitting a
minimum of 40 per cent of the total marks in each paper and an
aggregate of 50 per cent of the total marks of all papers in that
examination. The Council may however, vary the minimum pass
marks at is discretion for any or all the examinations.
(2) A list of successful candidates in an examination shall be
published in the Journal of the Institute in such manner as the
Council may direct. Each candidate shall be individually informed
of his result and also of the marks obtained by him in the paper or
papers of the examination in which he appeared. No certificate of
pass except mark sheet will be issued to a candidate passing the
Foundation Course Examination.
(3) Except as otherwise specifically provided in the foregoing
regulations, the provisions regarding conduct of examinations in
regulations 36 to 43 shall, so far as may be, apply to the
Foundation Course Examination.
(4) The first Foundation Course Examination shall be held in June
1994.
21. Registration Fee
Every person applying for registration shall pay the student
registration fee of Rs. 170.
22. Refund of fees
Every candidate whose application for registration is not accepted
by the Council shall be entitled to a refund of Student Registration
fee.
[Regulations 23 and 23A omitted by Notification No. CWR (1) / 88,
dated 31-1-1989]
24. Position of Registered Students
Student registration shall not confer any membership rights nor
entitle a person so registered to claim any form of membership of
the institute or of a Regional Council. He may, however, borrow
books from the library subject to such conditions as the Council
may from time to time specify and participate in the activities of
the Regional Council in accordance with the rules of the Regional
Council.
25. Time limit for Examinations and Cancellation of Registration
(1) A Registered Student will normally be required to complete
the Intermediate and Final Examinations of the Institute within a
period of seven years from the date of registration failing which
his registration shall be liable to cancellation.
(2) The registration of a student shall also be liable to cancellation
if he fails to appear at the Intermediate Examination within a
period of three years from the date of his registration:
PROVIDED that the sub-regulation (2) shall not apply to those who
became Registered students prior to April 1976.
25A 2[Registration de novo
A person whose registration has been cancelled under regulation
25 may apply in Form I along with the required fee to become a
Registered Student de novo and on his application being granted,
he shall be deemed for all purposes to have been admitted and
he shall be entitled to the exemption from individual
subjects/stages of the Intermediate or Final Examination, as the
case may be, previously secured by him under his former
registration.
26. Examination rules
Registered Students shall be required to comply with the rules
relating to the examinations which are in force at the time of
applying for admission to or appearing in the examinations.
27. Suspension and cancellation of Registration
In the event of any misconduct or breach of any Regulation by
any Registered Student, the Council may, if it is satisfied, after
such investigation as it may deem necessary and after giving him
an opportunity to make his objections, that the complaint is
proved, suspend or cancel the registration of the student.
28. Termination of Registration
The registration of a student shall terminate after he has passed
the qualifying examinations of the Institute.
28A. Coaching Administration and Training
(1) The Council may arrange for imparting training to Registered
Students and for this purpose established and operate a Coaching
Administration, makes rules, in connection therewith and charge
such fees as may be specified.
(2) The Coaching Administration shall at all times function subject
to the control, supervision and direction of the Training and
Educational Facilities Committee.
(3) All Registered Students shall be required to undergo such
training as may be prescribed before they are admitted to any of
the examinations referred to in Chapter V:
PROVIDED, however, that person registered as students prior to
lst January, 1965 shall be exempted from this requirement.
CHAPTER IVA : GRADUATES
28B. Grad. CWA
(1) A person who has passed the qualifying examinations of the
Institute may, before he is admitted as an Associate Member,
apply to the Council for being enrolled as a Graduate of the
Institute, and on such enrolment, he shall be entitled to use the
descriptive letters "Grad. CWA", subject to his payment of annual
subscription of Rs. 75, to indicate that he has qualified in the Final
Examination of the Institute.
(2) If a Grad. CWA has paid his annual subscription for a year, and
is admitted as an Associate during that year, he shall,
notwithstanding anything contained in sub-regulation (3) of
Regulation 7, pay Rs. 25 only as annual membership fee for that
year, irrespective of his date of admission as an Associate.
(3) Non-payment of annual subscription before 30th September of
every year will disentitle a person the use of the descriptive
letters "Grad, CWA".
CHAPTER V : QUALIFYING EXAMINATIONS
29. Who can become a member of the Institute
Except as otherwise provided for in the Act or these Regulations,
every person wishing to qualify himself for membership of the
Institute shall be required to pass the Intermediate and Final
Examinations of the Institute, and to complete the practical
training, as prescribed in this Chapter:
PROVIDED that those who have passed the Final Examination of
the dissolved company shall not be required to pass the
corresponding examination of the Institute.
INTERMEDIATE EXAMINATION
30. 3[Admission to and fees for Intermediate Examination
(1) No candidate shall be admitted to the Intermediate
Examination unless he is a Registered Student of the Institute and
has paid all his dues at least sixty days prior of the
commencement of the Examination:
PROVIDED that a candidate registered as a student shall not be
admitted to any stage or stages (Group or Groups under old
syllabus) of the Intermediate Examination as provided in
regulation 31, unless he has produced a certificate from the
Director of Studies or the Head of the Coaching Administration, by
whatever name designated, or from the head of the Institution
recognised by the Council in this behalf and duly approved by the
Director of Studies or the Head of the Coaching Administration, as
the case may be, to the effect that he has undergone
satisfactorily a course of postal or oral tuition for the said Stage or
Stages (Group or Groups under old syllabus) of the Intermediate
Examination as provided in regulation 31 :
PROVIDED FURTHER that the Examination Committee may on
receipt or being in possession, of any information against any
candidate regarding guilty of misconduct in using unfair means
during the examination or misbehaving in any manner in
examination hall decline to admit him to any examination after
giving him an opportunity to explain his conduct and after holding
such enquiry for the purpose as it may consider necessary.
(2) In the Intermediate Examination, a candidate can appear in
Stage I (Group I under old syllabus) or Stage II (Group II under old
syllabus) or both if he has completed coaching as mentioned in
sub-regulation (1).
(3) Every candidate for admission to the Intermediate
Examination shall pay an Examination fee at the rate of Rupees
One Hundred and Sixty only per stage or Group (old syllabus) and
Rupees Three Hundred and Twenty only for both the stages or
Groups (old syllabus) or such fees as may be fixed by the Council
from time to time.
4[31. Stages, Papers and Syllabus for the Intermediate
Examination under the revised syllabus
(1) The first Intermediate Examination under the revised syllabus
after the commencement of Cost and Works Accountants
(Amendment) Regulations, 1993 shall be held in December, 1994.
Students registered on or after lst July, 1994, shall, and students
registered prior to lst July, 1994, who may so opt, shall be
examined under the revised syllabus and all other students
registered prior to lst July, 1994 who are candidates for the
Intermediate Examination to be held from December, 1996, shall
also be examined under the revised syllabus. The Groups, papers
and syllabus for the Intermediate Examination under old syllabus
shall be the same as mentioned in this regulation before the date
of commencement of the Cost and Works Accountants
(Amendment) Regulations, 1993. The last Intermediate
Examination under the old syllabus shall be held in June, 1996.
(2) The stages, papers and syllabus for the Intermediate
Examination under the Revised syllabus shall be as follows:
INTERMEDIATE EXAMINATION-STAGES I & II
Stage I : Paper I : Financial Accounting
(One paper: 3 hours : 100 marks)
Aim : To examine candidate's ability for application of accounting
principles in different situations.
Level of knowledge: Adequate.
1. Basic concepts of book-keeping and accountancy. Definition of
accounting and its usefulness, book-keeping and accounting, its
principles and practices, classification of accounts.
2. (a)System of book-keeping : Double Entry System, books of
prime entry, subsidiary books, recording of cash and bank
transactions, preparation of ledger accounts, preparation of trial
balance, interpretation and usefulness;
(b) Book Reconciliation Statements-Need for reconciliation:
Procedure for reconciliation between cash book and bank pass
book and problems relating to the preparation of bank
reconciliation statements.
3. Bill of Exchange-Definition, promissory note and bill of
exchange, bills receivable, bills payable, drawing, accepting,
renewal and retirement of bills, accommodation bills.
4. Concept of Capital-Revenue and deferred revenue expenditure,
opening entries, closing entries, adjustment entries and
rectification entries. Trading, Manufacturing and Profit and Loss
Account and Balance Sheet. Bad Debts and reserve for bad debts-
its accounting treatment. Depreciation-its significance and
accounting treatment.
5. Concept of single entry of accounting vis-avis double entry
system of accounting, their inter-relationship and conversion from
single entry system to double entry system. Preparation of
receipts and payments accounts and income and expenditure
account. Significance of reserve and provisions. Preparation of
profit and loss account and balance sheet.
6. Joint Venture and consignment Accounts : Partnership
Accounts, admission, retirement and death of partner, dissolution
of partnership, piecemeal distribution of assets.
7. joint Stock Company Accounts-Issue, forfeiture and redemption
of shares and debentures, profits prior to incorporation and
company Profit and Loss Account and Balance Sheet as per
provisions of the Companies Act, 1956 (1 of 1956).
Stage I: Paper 2 : Cost Accounting
(One paper: 3 hours: 100 marks)
Aim: To provide in-depth knowledge of the various components of
cost and their ascertainment and treatment.
Level of knowledge: Thorough understanding
1. Introduction : Evolution of Cost Accounting and Management
Accounting, Cost concepts and cost object, Cost classification,
Cost organisation and its relationship with other departments.
2. Elements of cost and cost determination (i) Material cost-
purchase procedure, store keeping and stock control, pricing,
issue of material and accounting thereof, identification to slow ,
non-moving and fast moving item. ABC analysis, policies relating
to insurance spares, level of inventories and economic order
quality. Analysis, investigation and corrective steps for treatment
of stock discrepancies- control through other means.
(ii) Labour cost- remuneration methods, monetary and non-
monetary incentives schemes, payroll procedures, labour analysis
and idle time, measurement of labour efficiency and productivity,
analysis of non-productive time and their cost, labour turnover
and remedial measures, treatment of idle time and overtime.
(iii) Direct expenses-nature, collection and classification of Direct
Expenses and its treatment.
(iv) Overhead: nature, collection and classification.
(a) Production, overheads-distribution, appropriation, absorption
by-products, use of pre-determine recovery rates, treatment of
under and over-absorption, report for control of overhead cost.
(b) Administration, selling and distribution overheads-analysis,
accounting and control, treatment of miscellaneous items in cost
accounting.
3. Cost Accounting records : Cost ledgers, reconciliation of cost
and financial accounts and integrated accounts, basis of
computerisation of accounts.
4. Methods of Costing:
(i) Specific order costing-job, batch and contract, Determination of
cost accounting in job, batch and contract, valuation of work
progress in job costing, features of contract cost, certification of
work done, profit on incompleted contracts, cost plus contracts.
(ii) Operation costing-process and services.
Process costing-treatment of normal and abnormal losses and
gains, valuation of Work-in-Progress using First-in-First-out and
average methods (equivalent production); interprocess transfer
and pricing, concept, accounting for joint products, by-products,
waste, scrap, spoilage and detectives.
5. Service or operating costing: Unit costing and multiple costing,
application, identification of cost unit and cost determination and
control.
6. Techniques of costing
(a) Marginal costing: Basic concepts, marginal costing and
absorption costing, Cost-Volume- Profit analysis, breakeven
analysis, Limitations of Break Even (BE) analysis, differential cost
analysis and relevant cost analysis applications for management
decision making (simple types).
(b) Budgetary control : Basic concepts, functional budgets, master
budget, flexible budgets.
(c) Standard Costing: Concept and uses, setting of standard cost
accounting methods, computation of simple variances relating to
material, labour and overheads, relationship standard costing and
budgetary controls.
Stage I: Paper 3 : Corporate Laws and Secretarial Practice
(One Paper: 3 hours: 100 marks)
Aim: Undertaking of the basic concepts and legal principles
governing the business.
Level of knowledge: Thorough understanding.
Section I: Corporate Laws (50 marks)
The Companies Act, 1956 (1 of 1956)
Definition: Fundamental matters and general frame-work of
documents, meetings and proceedings, management of a
company operations, mis-management and arrangements,
concept of capital, classification of shares and debentures,
borrowing of a company, accounts and audit of a company,
classification and appointment of an auditor, the powers of
Central Government, direct special audit, cost accounting records
and cost audit, auditor's report and explanation, preparation and
presentation of accounts of government companies and statutory
corporations.
The Monopolies and Restrictive Trade Practices Act, 1969 (54 of
1969)-The Monopolies and Restrictive Trade Practices
Commission, unfair and restrictive trade practices.
The Industrial (Development and Regulations) Act, 1951 (65 of
1951)-Development Councils, licensing for new industrial
undertakings, taking over management or control by the Central
Government.
The Essential Commodities Act, 1955 (10 of 1955): Powers of
Central Government to control, effect seizure and confiscation.
The Foreign Exchange Regulation Act, 1973 (46 of 1973)-General
Concepts.
The Sick-Industrial Companies (Special Provisions) Act, 1985 (1 of
1986) and provisions relating to Board for Industrial and Financial
Reconstruction-General concepts.
The Apprentices Act, 1961 (52 of 1961), the Industrial
Employment (Standing Orders) Act, 1946 (20 of 1946), the
Workmen's Compensation Act, 1923 (8 of 1923), the Payment of
Gratuity Act, 1972 (39 of 1972), the Employees' State Insurance
Act, 1948 (34 of 1948)-The Employees' Provident Funds and
Miscellaneous Provisions Act, 1952 (10 of 1952), the Water
(Prevention and Control of Pollution) Act, 1974 (6 of 1974), the Air
(Prevention and Control of Pollution) Act, 1981 (14 of 1981), the
Consumer Protection Act, 1986 (68 of 1986)-General concepts.
Section II: Secretarial Practice (50 marks)
Definition of Secretary, his position and importance in the
organisation, Directors-their qualifications and disqualifications,
powers, duties and liabilities.
Meeting : Kinds of company meetings, meeting of shareholders,
statutory and annual general meetings, requisitions and other
general meetings.
Preparation of notices, agenda, quorum, proxy, voting, motion,
amendments, resolution, adjournment and postponement,
explanatory statements and minutes, matters relating to ordinary
resolution, special resolution special notice, preservation and
maintenance of registers and books, submission of returns to the
Registrars of Companies to all for information and inspection
procedures ascertaining profits and dividends and declaration of
the same to various types of shareholders including mode of
payment to residents and non-residents.
Stage I: Paper 4: Direct Taxation
(One Paper: 3 hours: 100 marks)
Aim: To provide in-depth knowledge of tax laws and their impact
on management decision and more particularly to emphasise the
role of the tax factors in the use of management of accounting
techniques.
Level of knowledge: Expert
(i) Direct Tax Laws-A Comprehensive study of Income Tax Act,
1961 (43 of 1961), the Gift Tax Act, 1958 (18 of 1958), the Wealth
Tax Act, 1957 (27 of 1957), case laws governing capital and
revenue expenditure, deemed income residence concept.
Special problems centring on the concept of assessee, registered
firm, Hindu undivided family, Association of persons and trust-
minors, Non-resident Indians and avoidance of double taxation.
Problems covering heads of income; Salaries, perquisites, gratuity
and retirement benefits, income from house property, capital
gains, income from other sources, income from business and
profession, problems arising from aggregation of income and
carry forward of losses.
(ii) Tax Audit.
(iii) Tax Administration: Appeals, revisions, review rectification
and application to Central Board of Direct Taxes.
(iv) Acquisition proceedings: Principles of valuation-movable and
immovable property.
(v) Direct Tax planning:Tax implication in planning ,the legal
status of business unit, firm, private limited company and public
limited company.
Tax implication in (a) receiving foreign collaboration (b) giving
collaboration abroad, subsidiaries, outright sale of know-how,
equity participation.
Tax aspects of mergers and amalgamations.
New industrial establishment and tax planning.
Tax consideration arising with regard to specific management
decisions such as (i) make or buy; (ii) own or lease; (iii) retain or
replace; (iv) repair or scrap or return; (v) export versus local sale;
(vi) shut down or continue; (vii) expand or contract; and (vii) new
capital investment.
Tax incentives and export promotions.
Capital gains and tax planning
Tax aspects of investments
Tax implications in developing capitalisation structure (a) short
term loans; (b) deposits from public; (c) term loans; (d) bonus
issues; and (e) dividend policy.
State II : Paper 5: Cost Management and Accounting
(One Paper: 3 hours: 100 marks)
Aim : Understanding on costing and management accounting
techniques that could be utilised for decision making and control.
Level of knowledge: Thorough understanding.
1. Introduction: Management process and accounting.
Management accounting as an extension of cost accounting to
serve managerial needs. Managerial Planning and control, scope
and role of management accounting, installation and operation of
cost.
2. Financial analysis and control :Uses of ratios for analysis of
financial results- limitations of conventional accounting statement
for analysis of the operating results of public enterprises in India,
Utility of value-added statement and contribution approach-funds
flow and cash flow analysis.
3. Capital structure:Types and sources of capital including internal
source-cost of capital-selecting a desired combination of different
components leverage of gearing consideration.
4. Management of liquidity and working capital : Liquidity and
profitability relationship, concepts of working capital, need for
working capital, management forecasting of working capital. The
concepts and use of operating cycle management of inventory,
debtors, cash and creditors.
5. Capital budgeting decisions :Objectives and problems,
replacement decision, new investments, criteria used, pay back
method, Discounted Cash Flow methods,effect of taxation, role of
cost of capital-capital rationing-decision under conditions of risks
and uncertainty.
6. Cost analysis for decision making- Determining cost behaviour
learning curve theory-relevant costs for decisions-irrelevance of
past cost. Decision on pricing, optimum product mix, make or
buy, lease or buy, shut down etc. Introduction to decision models
and uncertainty.
7. Management control tools: Budgeting and standard costing-
advanced cost and sales variances-profits variances-analysis,
investigation and disposition of variances-management by
exceptions-responsibility accounting-Performance budgeting and
zero-base budgeting-behavioural aspect in budgeting and
standard costing.
8. Uniform costing: Inter-firm comparison.
9. Cost reductions-concepts and techniques including value
analysis..
10. Performance appraisal of public enterprise.
Stage II : Paper 6: Auditing
(One paper: 3 hours: 100 marks)
Aim: To provide and in-depth study of the techniques and
methods of planning, audit assignments with special emphasis on
Internal Auditing.
Level of knowledge: Expert
Section I: Principles of Auditing (50 marks)
1. Evolution of auditing-Major influences of Auditing-Nature and
scope of Auditing-Basic concepts of Auditing-Role of Evidence in
Auditing.
2. Auditing Techniques and Practices- Generally accepted auditing
standards the concept of Materiality in Auditing.
3. Verification of Assets and Liabilities, Fixed Assets, Investments,
Inventories. Debtors, Loans and Advances, Cash and Bank
Balance, Debentures and Creditors, Provisions for taxation,
proposed Dividend and Gratuity-other items in the Balance Sheet,
Verification of items in the Profit and Loss Account-Contingent
Liabilities-Disclosure of accounting policies, practice. Expenditure
during the period of construction. Adjustments for previous year.
Provisions of the Companies Act, 1956 (1 of 1956) regarding
accounts.
4. Nature of Internal Control Evaluation and Audit of Internal
Control-Internal Control questionnaires-Flow Charts-Systems
Audit, Internal Control.
5. Auditing-in depth-statistical sampling in Auditing.
6. Use of ratios and percentages for comparisons and analysis of
trends-inter- firm and inter-firm comparison.
7. Appointment of statutory Auditors-remuneration, removal,
Rights of Statutory Auditors, Duties, of statutory Auditors, joint
Auditors, Branch Audits.
8. Audit Report-Report versus Certificate, contents of Reports-
Qualifications in the Report.
9. Divisible Profits-relevant provisions of the Companies Act, 1956
(1 of 1956) and the Income Tax Act, 1961 (43 of 1961).
10. Interface between Statutory Auditor and Internal Auditor.
Section II: Internal Auditing (50 marks)
1. Nature and scope of Internal Auditing-Financial versus
Operational Audit -Concepts of Efficiency Audit, Propriety Audit,
Voucher Audit, Compliance Audit, Pre and Post Audit.
2. Impact of the Manufacturing and other Companies (Auditors'
Report) Order, 1988 on the Internal Auditing functions.
3. Organisation of the Internal Auditing function-Selection and
Training of Staff-assignment of audit projects-Organisational
status of the Internal Auditing functions-Scope for Audit
Committees.
4. Planning the Internal Audit Project : Familiarisation-Preparing
check list, Internal Control Questionnaires, Audit Programmes.
5. Verification of Evidence-Detailed checking versus sampling
plans, statistical sampling as used in Internal Auditing.
6. Flow Chart Techniques.
7. Internal Control-Nature and Scope, Internal Auditor and Internal
Controls.
8. Field Work: Collecting Evidences-interviews-Memoranda.
9. Audit Notes and Working papers.
10. Audit Reports-Techniques of Effective Reporting. Follow up of
Audit Report.
11. Summary Reports to Top Managements.
12. Communications in Internal Auditing-improving auditor-
auditee relationship.
13. Auditing the operations of an enterprise-such as accounting
and finance, inventory control, procurement, production,
marketing, maintenance, personnel, branches and depots,
Research and Development.
14. Internal Auditor and the Investigation of frauds.
15. Auditing the Internal Auditing Function.
Stage II: Paper 7: Indirect Taxation
(One Paper :3 hours: 100 marks)
Aim : To provide in-depth knowledge of indirect tax laws and their
impact on management decision and more particularly to
emphasis the role of the tax factors in the use of management
accounting techniques.
Level of knowledge: Expert
Indirect Tax Laws and Relevant Procedures.
1. (i) The Central Excise including Modified Value Added Tax:
(ii) The Central Sales Tax Act, 1956 (74 of 1956):
(iii) The Customs Act, 1962 (52 of 1962), and
(iv) Excise Audit.
2. The Central Excises and Salt Act, 1944 (1 of 1944). The Central
Excise (Valuation) Rules, 1975. The Central Excise Rules, 1944
and Customs and Central Excise Duty Drawback Rules, 1971.
Familiarity with the Schedule of the Central Excise Tariff Act, 1985
(5 of 1986), licensing procedures, Statutory forms of Returns and
Registers (Central Excise Series) and case law relating to
determination of Manufacturing expenses.
3. Procedure for the levy and collection of Central Excise Duties
for different Industrial sections viz. (i) Physical control; (ii) Records
based control; (iii) Production based control; and (iv) Compounded
levy scheme.
4. Adjudication and appellate procedures, offences and penalties,
provisions relating to import and export of goods, certification
with reference to valuation, consumption, stock and MODVAT.
Procedure relating to transportation and warehousing.
5. Tax Planning in the area of Indirect Taxes.
Stage II: Paper 8: Quantitative Methods
(One Paper :3 hours: 100 marks)
Aim: To provide adequate knowledge for application of economic
and quantitative methods in business situations.
Level of knowledge: Adequate .
Section I: Mathematical Techniques (40 marks)
(i) Algebra of vectors and matrices and determinants: Addition,
subtraction, multiplication and inversion of vectors and matrices,
solution of systems of linear equation with the help of matrix
algebra.
(ii) Calculus: Variables, constances and functions-graphs of
functions-limits of algebraic function simple differentiation of
algebraic function-meaning of derivatives-evaluation of first and
second order derivatives-partial differentiation-solution of
problems involving maxima and minima of algebraic functions.
(iii) Integration (by substitution and by parts): Determining
indefinite integrals for simple functions-application of integration
to evaluate areas and volume of solids and revolution.
(iv) Optimisation of functions under constraints, Linear
programming and simplex method of solution.
Section II : Statistical Techniques (40 marks)
(i) Probabilities: Meaning and definition of probability mutually
exclusive and collectively exhausting events, repeated trials,
combinatorial analysis. Addition and multiplication rules, Bayes
theorem and its application.
(ii) Population and Samples : Sampling methods, uses of random
numbers, simulated sampling, concept of sampling distribution
and standard errors, confidence intervals for means and
percentages, testing hypothesis and uses of z, t, x 2 tests.
(iii) Decision making under risks and uncertainty, Decision Tree
Analysis.
(iv) Simple regression and correlation.
Section III: Economic Techniques (20 marks)
(i) Demand Analysis: The basis of demand, market demand
function, industry demand versus firms demand. The demand
curve. Relation between demand function and demand curve.
Change and shift in demand. Demand relation and managerial
decisions. Theory of consumer behaviour. Substitution and
income effects. Price, income and cross elasticities of demand,
other demand elasticities. Time impact on elasticity. Price
elasticity for derived products. Revenue concepts. Demand
estimation.
(ii) Forecasting : Forecasting methodologies. Time series analysis,
Trend projection, Barometric or leading indicator method. Index
number analysis-composite and diffusion indices. Econometric
models, curve fitting and least square methods. Correlation and
regression analysis, multiple and partial correlation-input-output
analysis, forecasting with input-output tables, criteria for
forecasting demand for existing and new products.
(iii) Empirical production function analysis, empirical cost analysis,
short and long run cost estimation, factor demand, joint product
and multiproduct firm, uncertainty in production functions, profit
planning under risk and uncertainty.
32. 2[Exemption from the subjects for appearing in Intermediate
Examination
(1) In the case of candidates registered as students on or after lst
July, 1994, the Council shall decide the individual subjects from
which exemption may be granted to students who have passed
such examination of any University or on reciprocal basis of such
professional Institutes/Bodies in India or abroad, as may be
recognised by the Council in this behalf.
(2) The Council shall also decide the individual subjects /stages of
the Intermediate Examination from which candidate who is
admitted as a fresh Registered Student under regulation 25A,
shall be exempted on the basis of exemption from individual
subjects/ stages previously secured by him under his former
registration.
(3) As a transitional measure the following exemptions will be
allowed:
Any candidate who is registered prior to lst July, 1994 and yet to
pass the Intermediate Examination but who has passed or
obtained exemption from any of the following papers of the
Intermediate Examination under the old syllabus shall be
exempted from the corresponding papers of the Intermediate
Examination under the revised syllabus as indicated below:
Papers of Intermediate
Examination under the Old
Syllabus
Corresponding equivalent
papers of Intermediate
Examination under the Revised
Syllabus
Grou
p
Pape
r No.
Name of Paper Stag
e
Pape
r No.
Name of Paper
I 2 Business
Mathematics and
Statistics
II 3 Quantitative
Method
I 3 Business and
Economic Law
I 3 Corporate Laws
and Secretarial
Practice
I 4 Book- Keeping and
Accountancy
I 1 Financial
Accounting
II 1 Cost Accountancy-
Prime Cost and
Overheads
I 2 Cost Accounting
II 2 Cost and
Management
Accountancy
Methods and
Techniques
II 5 Cost and
Management
Accounting
(4) A candidate who has passed in the Intermediate Examination
under the old Syllabus shall not be required to pass the
Intermediate Examination under the revised syllabus.
A candidate who has obtained exemption or obtained the benefit
of carry forward of marks in any of the above papers of
Intermediate Examination under the old syllabus shall be entitled
to exemption only in the corresponding equivalent papers of the
Intermediate Examination under the revised syllabus. However,
the benefit of carry forward of marks by "virtue of the result of
any examination under the old syllabus shall not be available in
any paper of the Intermediate Examination under the revised
syllabus.]
32A. Exemptions
(1) A candidate who is registered as a student before 1st July,
1984, and who has passed,
(a) the Intermediate Examination of the Institute of Chartered
Accountants of India, England and Wales, Scotland or Ireland or
the Intermediate Examination or Parts I and II of the Examination
of the Institute of Cost and Management Accountants London,
shall be exempted, from the subject Book-keeping and
Accountancy.
(b) a degree examination of any University or a diploma/degree
examination of the Indian Institute of Science, Bangalore, or any
of the Indian Institute of Technology or the Three-year Diploma in
Rural Services Examination conducted by the National Council for
Rural Higher Education with a paper of at least 200 maximum
marks or with at least two papers in Economics or Engineering,
shall be exempted from the paper 'Economics' or 'Factory
Organisation and Engineering, as the case may be, prescribed in
Regulation 32 provided that a minimum aggregate of 50% marks
in the concerned subjects of the exempting examination had been
obtained.
(c) the Final Examination of the Institute of Company Secretaries
of India shall be entitled to exemption from the subjects Business
Organisation, Economics, Industrial Law, Mercantile & Company
Law and Book-keeping and Accountancy of the Intermediate
Examination held under Regulation 32.
(2) In the case of candidates registered as students on or after lst
July, 1984, the Council have the power to decide, and shall
decide, from time to time, the individual subjects from which
exemption may be granted to students who have passed such
examination of any University or, on reciprocal basis, of such
professional institutes /bodies in India or abroad, as may be
recognised by the council in this behalf.
(3) The council shall also have the power to decide, and shall
decide, the individual subjects/groups of the Intermediate
Examination from which a candidate who is admitted as a fresh
Registered Student under Regulation 25A shall be exempted on
the basis of exemption from individual subjects /Groups
previously secured by him under his former registration.
(4) The council shall also have the power to decide, and shall
decide, the individual subjects/Groups from which exemption shall
be granted on transitional basis due to commencement of
syllabus prescribed in Regulation 31.
(5) The sub-regulations (1) and (4) of this Regulation shall cease
to operate from 31st October, 1986 and shall stand deleted from
that date and on such deletion the sub-regulations (2) and (3) of
this Regulation shall be re-numbered as sub-regulations (1) and
(2) respectively, when this sub-regulation shall also stand deleted
and the Regulation 32A shall be renumbered as Regulation 32.
2[33. Admission to and fees for Final Examination
(1) No candidate shall be admitted to the Final Examination
unless he is a Registered Student and has passed the
Intermediate Examination of the Institute or of the dissolved
company and unless he has paid all his dues at least sixty days
prior to the commencement of the examination:
PROVIDED that a candidate shall not be admitted to any Stage or
Stage (Group or Groups under the Old Syllabus) of the Final
Examination as provided in regulation 34, unless he has produced
a certificate from the Director of Studies or the Head of the
Coaching Administration or from the Head of the Institution
recognised by the Council in this behalf, duly approved by the
Director of Studies or the Head of the Coaching administration, as
the case may be, to the effect that subsequent to his passing the
Intermediate Examination, he has satisfactorily undergone a
course of postal or oral tuition for the said Stage or Stage (Group
or Groups under the old syllabus) of the Final Examination as
provided in regulation 34.
(2) In the Final Examination a candidate can appear in Stage III
(Group I under the old syllabus) or Stage IV (Group II under the
old syllabus) or both if he has completed coaching as mentioned
in sub-regulation (1).
(3) Every candidate for admission to the Final Examination shall
pay an Examination Fee at the rate of Rupees Two Hundred and
Forty only per Stage or Group (old syllabus) and Rupees Four
Hundred Eighty only for both the Stages or Group (old syllabus) or
such fees as may be fixed by the Council from time to time.]
2[34. Groups, Papers and Syllabus for the Financial Examination
under the Revised Syllabus
(1) The First Final Examination under the revised syllabus after
the commencement of the Cost and Works Accountants
(Amendment) Regulations, 1993 shall be held in December, 1994.
Students who may pass the Intermediate Examination to be held
in June, 1994 or later shall, and students who have passed the
Intermediate Examination prior to June, 1994, who may so opt,
shall and all other students appearing at the Final Examination to
be held from December, 1996 shall be examined under the
revised syllabus. The groups, papers and syllabus for the Final
Examination under old syllabus shall be the same as mentioned in
this regulation before the date of the commencement of the Cost
and Works Accountants (Amendment) Regulations, 1993. The.
last Final Examination under the old syllabus shall be held in June,
1996.
(2) The Stages, papers and syllabus for Final Examination under
the revised syllabus under this regulations shall be as follows:
FINAL EXAMINATION : STAGES III AND IV
Stage III: Paper 9: Advanced Financial Accounting
(One Paper: 3 hours: 100 marks)
Aim: To provide a detailed insight into accounting principles and
their application to complex business and non-business situations.
Level of knowledge: Expert
1. Accounting principles, concepts and conventions-measurement
of business income-accounting standards-national and
international.
2. Valuation of enterprise-valuation of inventories, goodwill and
shares.
3. Preparation of company accounts amalgamation, absorption,
reconstruction and capital reduction, holding companies, Merger
Accounts.
4. Branch and Departmental Accounts-Hire purchase and
Instalment Payments Royalty Accounts-Contract Accounts-
Investment Accounts.
5. Preparation of Accounts from incomplete records - Self-
Balancing Ledger.
6. Accounting in organisations : Farm accounting, hotel
accounting - Accounting or non-profit making organisations, e.g.,
accounting for hospital and educational organisations, accounting
for local self-government-Rural and urban.
7. Accounting for bank and insurance companies-accounting for
loss of stock, loss of profit and other compensations including
marine insurance claims-Electricity Company Accounts.
8. Government Accounting in India : General Principles-
comparison with commercial accounting-role of the Comptroller
and Auditor General of India and Public Accounts Committee-
review of accounts.
Stage III: Paper 10: Information Technology and Computer
Applications
(One paper: 3 hours: 100 marks)
Aim: To exercise control and communicate effectively for the
exposure of professional accountants to the growing field of
computerised information technology and their applications.
Level of knowledge: Basic concepts but not details of technology.
1. Basic concepts of a system : Definition of a system-open and
closed system, sub-system, system integration-horizontal and
vertical integration. Use of Computer in the process of integration.
Input-output and process feed back control, the design of controls
concept of boundary, preparation of checklist and analysis of the
prerequisite for a proposed system.
2. System design : input and output design layout make up and
forms for output, identification for source documents, file design
and codification procedures, verification, validation and manual
control over input-data, preparation and identification of the file
and its controls, the physical security and pass words, output
controls, data transmission control, physical security of data
within the office life cycle and stages of a system design
recording and communicating techniques including flow charts,
decision, table and other diagrams.
3. Information and its Processing : Data and information storage
and retrieval, characteristics and qualities of goods information,
value and source of information, classification of information as
strategic, tactical and operational organisation of file, security and
maintenance, internal storage in computer-RAM, ROM, PROM,
processing capabilities and size of internal storage in a computer,
output devices of computer in the form of micro film, graph
plotters, line printers, visual display, external storage, media and
its use of electronic mail, telex.
4. Distributed data processing: Local area network, time sharing
and multi-user system, linkage of main frame to micro computer
links, advantages and disadvantages of distributed data
processing, distributed processing and system design, future
prospects of Local Areas Network (LAN) and Wide Areas Network
(WAN).
5. Planning, designing and implementation of management
information systems : Hardware, Software and communication
technology. A computer system : data presentation for computers
micro-electronics (Memory chips), human machine productivity
trade off, integrated management information system covering
marketing, manufacturing financial and personnel,
implementation, evaluation and maintenance of Management
Information System (MIS).
Section II: Computer Applications (50 marks)
1. Computer Hardware: Computer and its basic components-input,
main store, external storage, processing output and control,
Central Processing Unit (CPU) and Arithmetic and Logic Unit (ALU)
and their elements and functions, Internal storage and
representation of date, Random Access Memory (RAM), Read only
memory (ROM) and Programmable ROM (PROM and EPROM).
Processing capabilities and internal storage, Binary Operations.
2. Computer generations : Mainframes, mini-computers and micro
computers. Characteristics of 8 bit., 16 bit and 32 bit computers
and their processing capabilities. Future trend of computer
developments.
3. Input and output devices : Different types of input devices and
their characteristics (magnetic tape, magnetic disk, Winchester
disk, cassette, floppy disk, magnetic ink recognition, optical
character recognition, voice data entry), Divert data entry, OCR
(Optical Character Recognition). Printers (Line, laser, dot matrix,
daisy wheel) VDU (Visual display unit), microfilm, graph plotter,
graphic terminal.
4. Preparation and maintenance of files : Concepts of files,
records files and characters, temporary and permanent file
organisation, file-transfer, updating, security maintenance, form
filling and formatted screen, menus, window, variable and fixed
length records and fields, methods of access-sequential, direct
and dynamic-their characteristics and uses. Magnetic type layout,
inter-record gaps, block and inter-block gaps, blocking factor.
5. Computer processing methods : Types of processing methods-
(i)batch input and batch processing of all data; (ii) batch input and
batch processing of transactions but on line file enquiries; (iii) on-
line input, batch processing and on-line enquiries; (iv) on-line
input updating and enquiries, real time system and response
time.
6. Computer software and programming : Principles of
programming stores instructions, application of computer
languages FORTRAN, COBOL, BASIC, PASCAL, C. Level of
software, software packages, utility softwares and operating
system (OS), Bootstrap programmes, Assembler compiler and
interpreters, spreadsheet packages, data base management
system (DBMS), word processing software package, graphic
software, simple programme writing of BASIC only for application
in pay roll, inventory and sales analysis.
7. Control and audit aspects of Management Information System:
Edit check, error listing, control of system security, audit trial,
control of operating efficiency. Auditing in a computerised
environment.
8. Computer aided technology: Computer aided design (CAD),
Computer aided manufacturing (CAM). Flexible Manufacturing
system.
Stage III: Paper 11 : Operations Management and Control
(One Paper: 3 hours: 100 marks)
Objective : To provide a basic understanding of the methods and
techniques of production-the economics of effective utilisation of
resources and the techniques employed to ensure optimum use of
resources.
Level of knowledge: Expert
1. Technology of production techniques : Meaning and implication
of technology, different concepts like relevant technology or
appropriate technology, high-tech versus low-tech, capital-
intensive versus labour-intensive, batch process. Technology
forecasting- shape of things to come in the 21st Century. Basic
ideas regarding manufacturing techniques including machine
tools process technology, productive facilities, productive utilities
and manufacturing policies, some broad ideas about the
technological aspects involved in the industries covered under the
cost audit.
2. Production planning, scheduling and monitoring system : The
concept of integrated production planning system, linkage
between production planning and sales forecasting, procurement
planning and finished goods inventory policy. Actual scheduling of
jobs-optimisation concept in terms of productive facilities
utilisation and cost minimisation through start-up, change over,
etc. Production monitoring system and Management Information
System for this purpose, regular review of production planning
and monitoring.
3. Production Economics : Analysis of problems involving location,
layout multi-shifts product mix, materials handling facilities,
utilisation of multi-purpose plants, utilisation of preventive
maintenance, utilisation capacity rectification of unbalanced
capacity, off-loading of products, stages of production, product
plant, process planning, scheduled production stages, controlling
quality level, controlling of output costs, products usages and its
obsolescence, technological usage and its obsolescence, control
of output costs on the basis of its cost of factors of production and
utilisation of capacities, scaling of capacities with the help of
rationalisation, modernisation, revamping and renovation.
4. Productivity : Meaning and significance of productivity,
productivity vis- a- vis absolute production, measurement of
productivity-both overall and separately for each factor like man,
machine, materials. Productivity and cot productivity
improvement techniques, time study, work sampling and other
techniques for productivity monitoring, productivity bargaining,
tools and techniques, productivity and work ethos as well as
quality of work life, job evaluation and merit rating and use of
these in productivity of human resources. Cost reduction and
value analysis in the context of productivity. Learning curve
concepts in the context of productivity.
5. Cost : Implications of multi-shift operations plant shutdown,
plant location and expansion, retracting of detectives, automation
in productive system utilities management, : placement of
machinery and financial impact of technology upgradation and
absorption.
Stage III-Paper 12
Project Management and Control (100 marks)
Objectives: To provide export knowledge on formulation,
appraisal, financing, administration and control of projects.
Level of knowledge: Expert
1. Project Identification and Formulation : Different types of needs
leading to different types of projects under BMRED (Balancing,
Modernisation, Replacement, Expansion and Diversification)
Consideration involved in decisions under each of these types.
Macro and Micro parameters in project selection, different
considerations for project under private, public and joint sectors.
Project formulation-preparation of project profile, project report
and detailed project report, Broad criteria for pre-investment
decisions.
2. Project Appraisal : Different types of appraisal-technical,
economic, organisation and managerial, commercial and
financial-financial techniques for project appraisal and feasibility,
Discounted Cash Flow and non-discounted cash flow methods,
social cost benefit analysis and economic rate of return. Non-
Financial justification of projects.
3. Project Financing : Pattern of financing, sources of finance,
impact of taxation, public loans, small savings, surplus of public
enterprises, deficit financing, foreign aid, Public sector project
financing, Role of Tax Planning in Project Financing.
4. Project Cost Systems : Projects cost accounting and monitoring,
contractor and its cost system, labour and equipment cost,
accounting, codification, development of cost data, labour time,
reporting, direct measurement of work quantities, labour cost
analysis, equipment accounting, activity based cost accounting,
production rates for estimates, control of cost computer
application to cost control.
5. Project Administration : Progress payments, expenditure
planning, project scheduling and net- work planning, use of
Critical Path Method (CPM) activities for pay requests, schedule of
payments and physical progress, time cost trade off, cash flow
preparing, cash forecast and monitoring of fund and other
resources, control of groups of projects under one administration
and associated problems in sharing resources.
6. Concepts and uses of Project Evaluation and Review
Techniques (PERT) cost and PERT-time: Cost as a function of
time : Project Evaluation and Review Techniques/Cost
mechanisms. Accountants' role in Project Evaluation and review
Techniques / Cost budgeting. Determination of least cost
duration.
7. Post project evaluation.
Stage IV: Paper 13: Advanced Management Accounting
Techniques and Applications
(One Paper :3 hours: 100 marks)
Aim: To provide adequate knowledge on cost accounting
techniques with quantitative bias to be applied for effective
planning and control of operation and for improvement of decision
making process.
Level of knowledge: Advanced knowledge for formulation of
problems and solution of the same.
1. Introduction : Evaluation of management accounting-Full cost
allocation, corporate objective, profitability and other objective,
product services and market mix, information and decision
process, quantitative and qualitative factors, reporting for
decision making, performance evaluation and its synchronisation
with various decision models.
2. Cost allocation: Cost accumulation and allocation, general
process of cost allocation and various criteria for decision making,
allocation of service department cost interactions amongst
service departments-reciprocal methods, allocating cost from one
department to other. Joint and by-products cost-joint product
problem, treatment of by-product costs, traditional joint cost
allocation methods, decision making with joint products, a non-
liner programming model for joint cost allocation, decision
significance of the joint cost allocation procedures, identifying by-
products with mathematical programming methods and
accounting methods and accounting for by-products.
3. Quantitative Technique: Business modelling using lined
programming, simplex method of solution and sensitivity analysis.
Formation of effective matrix and its application to allocation
problems (assignments, transportation and travelling salesman),
Games theory and its application to marketing problems.
Determination of Service level with the help of queueing theory,
business modelling using simulation techniques, Replacement
models including Discounted Cash Flow-Project planning using
network analysis.
4. Cost behaviour and regression analysis: Classification and
analysis of data for estimation and cost behaviours, standard
analysis of cost behaviour using regression analysis, goodness of
fit and economic possibility, significance of independent variables,
statistical interference in regression. Learning curve estimating
learning curve with cumulative effects of learning on productivity,
cumulative average time learning model and incremental unit
time on learning model, learning curve and non-linear cost
estimation.
5. Cost-Volume-Profit Analysis : Cost-Volume profit assumptions
and inter-relationship of cost, volume and profit.
(a) Deterministic models-models on Cost-Volume-Profit analysis,
determination of Break-even point including multi-product
situations. Cost-Volume-Profit analysis under multiple products,
multiple production constraints, Cost-Volume-Profit models and its
uses in decision process.
(b) Models under uncertainty : Building of uncertainty models-
probability distribution of sale, determination of breakeven,
parametric estimates for normal and non-normal distribution.
Multi-product Cost-Volume-Profit analysis under uncertainty in
prices and costs parameters, expected value of perfect
information and sample information.
6. Pricing and decision Process : Opportunity cost, relevance and
contribution approach, irrelevance of past cost profit maximising
pricing model, full cost pricing, incremental cost and return on
investment (ROI) pricing strategic pricing on new product. Full
cost pricing-advantages and disadvantages. Measuring the cost of
product quality-appraisal cost, prevention cost, internal failure
cost, external failure cost, optimal price out decision, expected
opportunity losses, policies related to optimum inventory model
and opportunity losses., Statistical quality control.
7. Variance for sales, profit and cost analysis : Sales and profit
analysis-production mix an yield variances-a de-composition
approach to variances-planning and control variances. Cost
variance investigation models-materiality insignificance-statistical
significance, non-normal probabilities-control charts-formal
models for multiple observation-decision models with costs and
benefits of investigation, difficulties in analysis of variances.
8. Decentralisation and transfer pricing : Choice of responsibility
centre and decentralisation including its merits and demerits,
general criteria for transfer pricing outlay cost and opportunity
cost under different market situations, multinational and global
tax minimisation, transfer pricing, different methods of evaluating
transfer pricing-absorption cost, marginal cost, cost plus profit
and standard cost including the limitations of these techniques in
choosing a profit index, return on investment, concept of
residential income and human problems with controls of divisional
performance.
9. Current issues in management accounting : Inflation and its
effect on managerial decision making-social dimensions of
business decisions. Human resources accounting-models and
their applications. Programme and performance budgeting, zero
base budgeting, social accounting and social reporting and
human resource planning and optimisation of employees costs.
Stage IV : Paper 14: Advanced Financial Management
(One Paper: 3 hours: 100 marks)
Aim : To provide a detailed insight into accounting process and
their applications in complex business management.
Level of knowledge: Expert
1. Planning Environment : Financial objectives, policies on
financing investments and dividends. Financial forecasting,
planning and uncertainties, interest rates, inflation, capital gains
and losses, exchange control regulation, government credit
policies and incentives, statistics on production, price indices,
labour, capital market based on published statistical data.
2. Sources of finance (national) : (a) Medium and long term :
Venture Capital, seed capital, equity preference, convertible and
cumulative preference shares, debentures, convertible
debentures, hire purchases, leasing, public deposits, and
Institutional finance-Life Insurance Corporation, Unit Trust of
India, Industrial Finance Corporation of India, Industrial Credit and
Investment Corporation of India, National Industrial Development
Corporation, Industrial Development Bank of India, Small Scale
Industrial Development Bank of India (SIDBI), State Finance
Corporation (SFC), Industrial Rehabilitation Bank of India (IRBI).
Internal sources, related earnings, provisions, etc. Issues in
raising finance, legal form of organisation, provisions of the
Companies Act, control of capital issues. (b) Short term sources;
Trade Credit, Factoring, Bill of Exchange, Bank Loan, Cash Credit,
Overdraft.
3. Sources of Finance (International) : Raising funds in foreign
markets and investment in foreign projects, exchange rate-risk
agencies involved and procedures followed in international
financial operation-concepts of balance of trade and balance of
payment.
4. Analysis of operating and financial leverages : Concept and
nature of leverages-operating risk and financial risk, operating
leverages, financial leverages and combined leverages concepts,
measures and their interpretations. Operating. leverages and Cost
Volume Profit analysis-Earning Before Interest and Tax (EBIT) and
Earning Per Share (EPS) analysis-indifference point.
5. Capital structure theories and planning : Concept of capital
structure and its perimeters, financial structure and capital
structure-simple and complex. Theories of capital structure-net
income approach, net operating income approach, traditional and
Miller and Modigliani approaches, and their criticism. Factors for
capital structure planning. Capital structure trend in private and
public sectors, trend in private and public sectors in India.
6. Cost of Capital : Its nature and meaning, relevance of cost of
capital in financial decisions, computation of specific cost,
selection of weights, overall cost and marginal cost of capital,
corporate tax and its impact on cost of capital.
7. Capital budgeting and impact of time lag in analysis of capital
utilisation and availability-pay back period, present value and
internal rate of return including sensitivity analysis, limitations on
capital budgeting. Determination of the cost of capital-risk of
uncertainty, risk and return in a portfolio context, capital and
pricing model (CAPM), inflation, leasing versus buying income
taxes, benefits of accelerated cost recovery system (higher rate
of depreciation), investment credits.
8. Working capital management: Operating cycle concept,
forecasting, working capital requirements, strategies of financing
current assets. Working capital and term loans recommendations
of the Tandon Study Group, Monitoring advance management of
different components. Working capital management under
inflation, new projects and working capital management.
9. Financial services-Leasing, Merchant Banking, Hire-purchase,
Cash Purchase, Factory.
10. Advance Financial Analysis and Planning : Financial
statements, financial ratio analysis, fund flow and cash flow
analysis, leverages, Cost-Volume-Profit analysis financial
forecasting, interfirm comparison, financial analysis and aspects
of inflation.
11. Dividend and retention policies: Formulating a dividend policy,
factors for consideration. Dividend theories-Walter's model,
Gordon's model, residual theory of dividend, Miller and Modigliani
hypothesis, Indian position in private and public sector in general.
12. Financial management in public sector: Management of
accounts receivable and inventories in public sector units, source
of fund of public sector units-cost of loans, cost of equity, cost of
retained earning and debt-equity ratio. Evaluation and control of
capital expenditure-determination of cash flows and cost benefit
analysis, Pricing policy of public enterprises, project formulation
and implementation, Social cost benefit analysis.
Stage IV: Paper 15: Advanced Management Accounting Strategic
Management
(One Paper: 3 hours: 100 marks)
Aim: To cover adequate knowledge of organisation and its
environment, formulation and importance of strategic planning in
achieving organisational objectives and role of Management
Accountant in the control of marketing and strategic planning.
Level of Knowledge: Expert
1. Strategic Planning:
(i) Planning Environment Economics-forecasts, trend and
changes-social, political, legal and technological impacts.
Distribution channels and competitive forces. Government
policies, economic growth and government expenditure. Public
and Private sector investment. International trade- prices and
Government policies for capacity expansion, new industries,
subsidiaries and substitutes. Government role in controlling
inflation.
(ii) Strategies : Meaning and implications of corporate planning,
long range planning, business policy planning, strategic planning
and strategic management. Processes of developing strategic
plan-definition of mission, corporate objectives-(Profit gap, sales
gap, risk gap and other strategies, SWOT (Strength, Weaknesses,
Opportunities and Threats) analysis, target selling, strategy
formulation and implementation, monitoring mechanism,
strategies for stagnation versus growth, strategies for growth
through expansion versus diversification, Acquisition and merger
strategy. Strategy of joint venture-both in India and abroad.
Marketing strategy as a part of corporate strategy, growth under
inflation and protection of shareholders, real capital. Financial
objectives, non-financial objectives, resources, analysis and
evaluation.
(iii) Model Building: Strategies in the development of models,
Delphi Model, econometric, mathematical programming,
budgetary and Heuristic Model. Sensitivity analysis and the
characteristics of this Model. Limitations in model building vis-a-
vis simulation techniques.
2. Marketing:Concept-production orientation vs.market
orientation marketing objectives, framework and management of
marketing-mix. (ii) Linkage between strategic planning and
marketing strategy-both forward and backward, (iii) research and
intelligence-sources for and techniques for acquiring information
necessary for marketing decision-making, (iv) control or
application of management accounting in marketing-analysis of
marketing costs and profitability, pricing policies and strategies,
budgetary control in marketing evaluation and control of sales
activities.
Evaluation of sales promotion and advertisement Distribution cost
analysis and control. Evaluation of marketing research and
marketing planning.
Contribution analysis and product-line profitability analysis.
Product rationalisation including product revamping, product
range extension, product elimination and also new product
introduction, Evaluation of research information-perfect,
imperfect and Bayes' Theorem.
Stage IV : Paper 16: Cost Audit
One Paper: 3 Hours: 100 marks
Aim : To provide an in-depth study of the body of knowledge
comprising the techniques and methods of planning and
executing as a Cost and Management Audit assignment.
Level of knowledge: Expert
Section I : Cost and Management Audit (50 marks)
1. Nature, objects and scope of cost audit-The concept of
efficiency audit, propriety audit, management audit, social audit.
2. Appointment of Cost Auditor-His rights, responsibilities, status.
relationship and liabilities-professional and legal under the
Companies Act, 1956 (1 of 1956), the Cost and Works
Accountants Act, 1959 (23 of 1959).
3. Planning the Audit-Familiarisation with the Industry, the
organisation, the production process systems and procedures, list
of records and reports, preparation of the audit programme.
4. Verification of records and reports-Utilisation of statistical
sampling methods-verification performance and statements
maintained under the Cost Accounting (Records) Rules.
5. Evaluation of Internal Control System: Budgetary Control,
capacity utilisation, inventory control, management information
system.
6. Assessment of the adequacy of the internal audit function.
7. Audit notes and working papers-audit reports to management.
8. The Cost Audit Reports-Contents of the Report, distinction
between "Notes and Qualifications" to the Report. Cost Auditor's
observations and conclusions.
9. Professional Ethics and Code of conduct.
10. Relationship between the Statutory Financial Auditor, the
Internal Auditor and the Statutory Cost Auditor.
11. Cost Accounting (Records) Rules under clause (d) of sub-
section (l) of section 209 (issued one year before the
examination) and Cost Audit (Reports) Rules issued under section
233B of the Companies Act, 1956 (1 of 1956). Critical study of the
rules including the prescribed Annexure and Performa applicable
to the industries covered.
12. Review of Cost Audit Report by the Government : Objectives,
methods, follow-up actions and disposal of Cost Audit Reports by
the Government company and other endusers of the cost audit
reports.
13. Comparative Studies between cost audit and financial audit
with special reference to disclosure of information to members of
Parliament and the general public.
14. Special Penal Provisions for Cost Auditors.
Section II : Cost Audit Leading to other Services (50 Marks)
A. Management Audit
1. Meaning, nature and scope of organisational needs for
Management Audit and its coverage over and above other audit
procedures.
2. Audit of the Management Processes and functions such as
Planning, Organisation, Staffing, Co-ordination, Communication,
Direction and Control.
3. Evaluation of Management Information and Control Systems
with special emphasis in Corporate Image and Behavioural
Problems.
4. Corporate service audit (Customer services) : Product
(Research and Development) and import substitution, customers
channel (export).
5. Corporate Development and Management Audit, including
operational and propriety aspects.
6. Social Cost and Benefit of business enterprises with particular
reference to developing countries.
7. Audit of Social responsibility of management.
(B) Other services:
8. (a) Other service to the Management Certification for various
purposes-the records to be verified and the safeguard to be
taken-the form and content of the certificates.
(b) Cost Audit as an aid to management, Government,
shareholders, other external agencies and the public voluntary
Cost Audit.
(c) Productivity Audit-Labour, Material and Capital.
(d) Audit of Energy Conservation and Environmental Protection.
(e) Efficiency Audit-audit of sub-systems of an enterprise.
(f) Assessment and quantification of losses under marine, fire and
accident policies.
(g) Inventory Audits for Banks and other agencies.]
2[35. Exemption from the subjects for appearing in Final
Examination
(1) In the case of candidates registered as students on or after lst
July, 1994, the Council shall decide from time to time, the
individual subjects from which exemption may be granted to
students who have passed such examinations of any University or
on reciprocal basis of such Professional Institutes/ Bodies in India
or abroad, as may be recognised by the Council in this behalf.
(2) The Council shall also have the power to decide and shall
decide the individual subjects/ stages of the final examination
from which a candidate who is admitted as afresh Registered
Student under regulation 25A shall be exempted on the basis of
exemption from individual subjects/stages previously secured by
him under his former registration.
(3) Any candidate who has passed or obtained exemption from
any of the following papers of Final Examination under the old
syllabus shall be exempted from the corresponding papers of
Final Examination under the revised syllabus as indicated below:
Papers of Final Examination
under the old Syllabus
Corresponding equivalent paper
of Final Examination under the
Revised Syllabus
Grou
p
Pap
er
No.
Name of Paper Stag
e
Pap
er
No.
Name of Paper
I 1 Financial
Management and
Corporate Planing
and Policy
IV 14 Advanced
Financial
Management
I 3 Advanced
Accountancy
III 9 Advanced
Financial
Accounting
II 2 Cost Audit and
Management Audit
IV 16 Cost Audit
II 4 Advanced Cost and
management
Accountancy-
Methods,
Techniques and
Applications
IV 13 Advanced
Management
Accounting-
Techniques and
Applications.
A candidate who has obtained exemption or obtained the benefit
of carry forward of marks in any of the above paper of the Final
Examination under the old syllabus shall be entitled to exemption
only in the corresponding equivalent papers of Final Examination
under the revised syllabus. However, the benefit of carry forward
of marks by virtue of the result of any examination under the old
syllabus shall not be available in any paper of Final Examination
under the revised syllabus.]
5[35A. Exemptions
(1) A candidate who is registered as a student prior to lst
July,1984, and who has passed,
(a) the Intermediate Examination of the Institute of Chartered
Accountants of India, England and Wales, Scotland or Ireland or
the Final Examination or Parts Ill and IV of the Examination of the
Institute of Cost and Management Accountants London, shall be
exempted, from the papers Advanced Accountancy and Taxation
prescribed in Regulation 35.
(c) the Final Examination of the Institute of Company Secretaries
of India shall be entitled to exemption from the subjects
Advanced Accountancy Taxation, Financial Management, and
Principles and Practice of Management of the Final Examination
held under Regulation 35.
(2) In the case of candidates registered as students on or after lst
July, 1984, the Council shall have the power to decide, and shall
decide, from time to time, the individual subjects from which
exemption may be granted, strictly on reciprocal basis to students
who have passed such examinations of such professional
institutes /bodies in India or abroad, as may be recognised by the
council in this behalf.
(3) The council shall also have the power to decide, and shall
decide, the individual subjects/groups of the Final Examination
from which a candidate who is admitted as a fresh Registered
Student under Regulation 25A shall be exempted on the basis of
exemption from individual subjects/Groups previously secured by
him under his former registration.
(4) The council shall also have the power to decide, and shall
decide, the individual subjects/Groups from which exemption shall
be granted on transitional basis due to commencement of
syllabus prescribed in Regulation 34.
(5) The sub-regulations (1) and (4) of this Regulation shall cease
to operate from 31st October, 1986 and shall stand deleted from
that date and on such deletion the sub-regulations (2) and (3) of
this Regulation shall be re-numbered as sub-regulations (1) and
(2) respectively, when this sub-regulation shall also stand deleted
and the Regulation 35A shall be renumbered as Regulation 35.
36. Conduct of Examinations
(1) The examinations shall be conducted in such manner and at
such times and places as the Council may direct:
PROVIDED that the qualifying examinations shall be held at least
once in each year.
(2) The dates and places of the examinations and other
particulars shall be notified in the Journal of the Institute.
37. Application for admission of Examination
Application for admission to an examination shall be made in the
prescribed form, copy of which may be obtained from the
secretary. Every such application together with the prescribed fee
shall be sent so as to reach the Secretary in accordance with
direction given by the Council.
38. Refund of fees
(1) The fee paid by, a candidate who has been admitted to an
examination, shall not, except as otherwise provided in sub-
regulation (2), be refunded.
(2) Where a candidate applies to the Council for transfer of fee to
the next examination on the ground that he was prevented from
attending an examination by circumstances beyond his control,
the Council may permit the fee paid by such candidate to be
adjusted towards the fee payable for the next examination only:
PROVIDED that no such application received after the expiry of
fifteen days from the last date of the examination shall be
considered.
39. Candidates to be supplied with Admission Cards
An Admission Card stating the place, dates at which the candidate
will be required to present himself for examination shall be sent
to each candidate at the address given by him in his application
so as to reach him not less than fourteen days before the
commencement of the examination.
40. Examination certificate
Every candidate passing the Intermediate and Final Examination
shall be furnished with a certificate to that effect in 'Form J'.
2[41. Examination results
(1) A candidates shall be declared to have passed in an
Examination if he has passed in all the Stages or Groups (under
the old syllabus) comprised in that examination from which he
has not been exempted. A candidate shall be declared to have
passed in a Stage or Group (under the old syllabus) of an
examination if he gets at one sitting the minimum per cent of the
total marks in each paper from which he has not obtained
exemption as specified in column II below and an aggregate of 50
per cent of the total marks of all such papers in that Stage or
Group (under the old syllabus):
Column I Column II
Group I or Group II of the Intermediate
Examination under the old syllabus held under
regulation 31 or Group I or Group II of the Final
Examination under the old syllabus held under
regulation 34.
35 percent
Stage I or Stage II of the Intermediate
Examination under revised syllabus held under
regulation 31 or Stage III or Stage IV of the
Final examination under the revised syllabus
held under regulation 34.
40 percent
(2) A candidate who is not declared successful in a Stage or Group
under the old syllabus of any examination but-
(i) obtains 60 per cent or more of the total marks in any paper or
papers shall be exempted in subsequent examinations from that
or those papers in which he secured 60 per cent or more marks;
or
(ii) obtains 60 per cent or more of the total marks in any paper
and a minimum of 40 per cent of the total marks (under the
revised syllabus) or 35 per cent of the total marks (under the old
syllabus) in each of the remaining papers of that Stage or Group
(under the old syllabus), shall be allowed the benefit of carry
forward of the actual marks so obtained by him in the papers in
which he had obtained 60 per cent, or more marks for the
purpose of computing his result in the subsequent examinations:
PROVIDED that if the benefit of exemption or carry forward
mentioned in clauses (i) and (ii) above is voluntarily withdrawn by
a candidate, he shall not be entitled to such benefit in his future
attempts.
(3) A list of successful candidates in an examination shall be
published in the Journal of the Institute in such manner as the
Council may direct. The names of candidates obtaining distinction
in the examination shall be indicated in the list. Each candidate
shall be individually informed of his results and also of the marks
obtained by him in the paper or papers of the examination in
which he appeared:
PROVIDED that in any case where it is found that the result of an
examination has been affected by error or fraud or using unfair
means during the examination, the Examination Committee shall
have the power to amend the result suitably.
(4) A candidate who passes the examination obtaining 70 per
cent of the total marks of all the papers of the examination at one
sitting shall be deemed to have passed the examination with
distinction.
(5) Information as to whether a candidate's answers in any
particular paper of any examination have been examined and
valued will be supplied to the candidate on his application within
a period of thirty days from the declaration of the result
accompanied by a fee of rupees fifty only per paper or such fees
as may be fixed by the Council from time to time. The fee is only
for verifying whether a candidate answers in any particular paper
have been examined and valued and not for the revaluation of
answers. The marks obtained by the candidates in individual
question or in sections of a paper cannot, in any circumstances,
be supplied. If, as a result of such verification, it is found that
there has been either an omission to examine or value any
answer or there has been mistake in the totalling of the marks,
the fee for verification shall be refunded in full to the applicant.
(6) After a period of six months from the date of declaration of the
result of an examination if a candidate requires a duplicate copy
of his marks sheet in respect of that examination, he shall be
supplied with a duplicate copy of marks sheet on receipt of an
application from him in that behalf on payment of a fee of rupees
twenty-five only or such fee as may be fixed by the council from
time to time.
42. Disciplinary action against candidates resorting to unfair
means
If a candidate is found to have resorted to or attempts to resort to
unfair means pertaining to any examination, the Council may on
receipt of a report to that effect, and after such investigation as it
may deem necessary, take such disciplinary action against the
candidate concerned as it think fit.
43. Examiners
The Examination Committee shall maintain a list of approved
examiners, from which the examiners will be appointed for a
particular examination to set up question papers and value
answer papers.
44. Practical Training
(1) A person who has passed the examinations prescribed in this
Chapter or the examinations recognised as equivalent thereto
shall not be eligible for membership of the Institute unless he has
undergone such practical training as the Council may from time to
time decide.
(2) For purposes of sub-regulation (1) above, an applicant for
membership of the Institute shall be required to produce evidence
to the satisfaction of the Council that he has acquired for a period
of not less than three years practical experience covering
different branches of Costing or Industrial Accounting, viz., Stores,
Materials, Labour, Overhead etc., in a responsible position in any
one or more Industrial or Commercial or Government units or
department:
PROVIDED that in the case of a person who has been admitted to
Associate or Fellow Membership of the Institute of Company
Secretaries of India, practical training in Cost or Industrial
Accounting functions as set out in sub-regulation (2) above for a
minimum period of two and a half years may be considered
adequate.
CHAPTER VI : POST GRADUATE TRAINING
45. Training for Members
The Council may impart or arrange to impart practical and/or
theoretical training through lectures, seminars, summer camps
and factory visits and the like, in such subjects as it considers
useful for members of the Institute and other persons:
PROVIDED that where such training is followed by examinations
and the award of certificates or diplomas in respect thereof, the
training shall be conducted and the examinations held in
accordance with the provisions of this Chapter.
MANAGEMENT ACCOUNTANCY EXAMINATION
46. Scheme of Management Accountancy Examination
(1) The Management Accountancy Examination shall comprise
two Parts, viz., Part I and Part II and a candidate shall be deemed
to have passed the Management Accountancy Examination when
he has qualified in both Parts I and II. Part I of the Management
Accountancy Examination shall consist of two Groups, viz., Group
I of 200 marks and Group II of 300 marks. A candidate shall
ordinarily be declared to have passed in a Group of Part I, if he
obtains at one sitting a minimum of 50 per cent of the total marks
in each paper and in aggregate 55 per cent of the total marks of
all the papers in that Group. The Council may however vary the
minimum pass marks at its discretion for all the examinations.
(2) No candidate shall be admitted to Part II of the Management
Accountancy Examination unless he has passed Part I of the said
examination. Part II of the examination shall comprise submission
of a Thesis of 200 marks and a Viva-Voce Test of 100 marks. A
candidate shall be declared to have passed in Part II of the
examination if he obtains a minimum of 50 per cent of the total
marks in the Thesis and a minimum of 50 per cent marks in the
Viva-Voce Test. Failure to obtain the minimum pass marks either
in the Thesis or in the Viva-Voce Test will necessitate re-
submission of the Thesis with modifications and improvements
made therein or of another Thesis followed in either case by a
Viva-Voce Test as prescribed in this Chapter.
(3) A candidate who has passed in Group I or in Group II of the
Management Accountancy Examination prior to April 1974 after
being examined under the syllabus then in force shall not be
required to pass in Group I or in Group II, as the case may be, of
Part I of the Management Accountancy Examination to be held
after April 1974.
47. Admission to Part I of Management Accountancy Examination
and Admission fee
(1) No candidate shall be admitted to Part I of the Management
Accountancy Examination unless a minimum period of one year
has elapsed between the date of his enrolment as a member of
the Institute and the first day of the month of the examination.
(2) A candidate shall be admitted to any or both Group of Part I at
any one sitting.
(3) A candidate for admission to Part I of the examination shall
pay a fee of Rs.80 for both Groups; or Rs. 45 for any one Group.
(4) Regulations 36 to 39,42 and 43 shall, so far as may be, apply
to the examination held under this chapter.
48. Papers and Syllabus for Part I of Management Accountancy
Examination
Candidates for Part I of the Management Accountancy
Examination shall be examined in the following groups and
subjects.
GROUP 1
Paper 1 : Management Accountancy
(One Paper: 3 hours: 100 Marks)
Higher treatment of the topics covered in 'Financial Management'
paper of the Final Examination syllabus, in addition, the following
topics:
Capital: Problems of capitalisation, requirement, sources, period
and application, capital Reserves, Reserves for specific and
general contingencies. Return on capital Depreciation policies,
Insurance for safety to guard against a loss of property or income,
and to comply with statutory obligations. Problems of the change
of purchasing power of money on business finance.
Forecasting: Forecasting and its relation to regulation of capital
for short, medium and long term periods. Relationship between
sales, production and other functional budgets, Cash forecasts.
Control: Comparisons of current and short-period costs with
standard costs, and Examination of deviations. Periodical or ad
hoc statements to examine progress or compliance with laid down
plans. Relating figures to responsibilities. Measurement of
productivity and efficiency. Relating business policy to national
policy indicating social obligations of the individual undertaking.
Reporting : Presentation of annual accounts :.Company Laws
requirements- meaningful display of financial data. Financial and
Cost Accounting analysis reporting for managerial control.
Paper 2: Advanced Management Techniques
(One Paper: 3 hours : 100 Marks)
What Management is ? Objectives and Functions of Management.
Process and Organisation for Management.
Production, Planning and Control: Objectives, Planning, routing,
scheduling dispatching. Progress Control; Inspection and Quality
Control. Economic Batch Quantity. Tools, Jigs, Fixtures and Tool-
room; Maintenance; Material Management and Inventory Control;
Standardisation, Simplification and Specialisation;
Interchangeability. Shipping: Job Estimating (For quotations):
internal Transportation; Research, Development and Design.
Operational Research; Value Analysis and Value Engineering;
Organisation and Methods. Latest techniques of taking
managerial decision. Product- pricing. Intra-Company Transfers.
Inter-firm Comparison. Cost Reduction.
Group II
Paper 3: Industrial Relations and Personnel Management
(One Paper: 3 hours: 100 Marks)
Public Relations : Industrial laws and rules. Government
Departments. Local Authorities. Chambers of Commerce. Trade
Associations. Technical and professional bodies. Trade Unions.
Public Relations Department: Interpretation of labour policies and
programmes to employees and to the outside public; Maintenance
of good relations with public organisations, like newspapers,
radio, Government agencies and consumer organisations.
Industrial Psychology: Principles and methods of Industrial
Psychology. Individual differences in regard to general
intelligence and smartness, intellectual and manual attainments
and special aptitudes. Improvements effected by improved
working conditions. Character, personality and temperament.
Psychology and technique of interview. Guidance in and selection
of vocations. Psychological aspects of industrial education and
training, work incentives and work study. Industrial accidents and
accident proneness. Environment-physical, mechanical and
organisational. Fatigue, monotony and boredom; decreasing
fatigue and occupational hazards. Psychology of the working
group. The morale of the workman. Factors constituting the
morale: pay: security; personal interest in work; status in the
Industry; treatment as a human being; importance attached to
employee-opinion. Beneficial leadership of persons in authority.
Employment of Personnel: Sources of labour supply (from within
the organisation as well as from outside sources). Procedure for
employment; interview; recommendations; personnel
investigation; tests and physical examination. Job specifications,
terms of employment, wage scales.
Labour Relations: Transfer, promotion, demotion, discharge, lay
off and quit of staff. Labour-Management conflict, its evil effects
and remedies. Wage Boards, Joint Councils, etc. Employer-
Employee co-operation in (i) scrap reduction; (ii) quality
maintenance of products. Labour turnover. Collective Bargaining.
Management and Labour Union; Security of the Union, the Worker
and the Employer. Labour absenteeism. Effects of labour
legislations. Case law developing through Industrial Appellate
Tribunal Awards, Emphasis on Standing Order and Departmental
Procedure. Employee Training-Apprenticeship training; ordinary
training for jobs; tests for accident-proneness; Foreman's Manual;
Training for clerical staff.
Employee Counselling: Offering advice to an employee about his
personal problems and difficulties, even apart from those relating
to his employment. Safety-causes and costs of accidents.
Occupational diseases. Accident frequency rate. Safety
programmes.
Health and Recreation: Sanitary measures; hygienic (baths,
lavatories, etc.) and medical series (first aid, hospitalisation,
surgical benefits and other free medical services); recreation
clubs and other games and sports arrangements. Health
insurance schemes.
Employee Services: Government life insurance; Canteen or
Cafeteria; Company's or Employees' Co-operative Stores;
Retirement and Pension plans; Holidays with pay; Provident Funds
and Gratuities; Housing Loans; Co-operative Credit Societies;
Employee publications; Creches for children of women
employees; Suggestive Systems; etc.
Method Study : Definition and objectives. Analysis of operations.
Operation process chart recording steps of work. Analysis of Flow
Process Chart. Improvements in factory layout and organisation.
Steps in motion analysis. Motion economy. Layout of work-place.
Man and Machine Chart analysis. Factory tools and equipments.
Elimination of waste. Studies in fatigue. Working Conditions.
Human problems relating to workmen and management.
Time Study: Definitions and objectives. Organisation and
personnel. Equipment. The technique of making a study. Skill,
effort and working conditions. Securing Standard times.
Computing standard allowances, Preparations, idle-time, fatigue
and working conditions. Standard data and their uses.
Wage Principles: Underlying principles of wage payments. Job
evaluation; Merit Rating. Time and piece work payments. Bonus
Schemes. Utility of and principles governing incentive schemes.
Individual and group incentive schemes. Miscellaneous financial
and non-financial incentive to improve output and efficiency.
Paper 4: Marketing Organisation and Methods.
(One Paper: 3 hours: 100 marks)
Marketing Functions : Sales, Sales promotion including publicity
and advertisement; Market Research; Sales Planning, Forecasting,
Market Analysis and Method of Distribution; Price Policy.
Sales Budget : Formulation of sales policy and marketing
activities, Sales promotion including advertising. Wholesale and
retail sales and sales direct to consumers, sales planning and
channel of distribution. Determination of selling price. Types of
retail stores; Single unit, Multiple Shops, Departmental Stores,
Consumers' Co-operative, House-to-house selling and mail order
business. Sale of raw materials through produce exchanges.
Village Fairs, Market Research.
Sales Organisation : United control under the Sales Manager
filtering through operational and functional managers. Breakdown
into areas and branches. Sales programmes and campaigns.
Travelling salesmen and representatives. After-sale services.
Training of Salesmen and Servicemen. Selling remuneration:
Salary, commission, brokerage, bonus and other contributions,
besides actual travelling and other more direct selling expenses.
Public contracts.
Control of Sales : Maintenance of records of customers, travellers
and territorial results. Statistics, correspondence and instructions
to despatch department and factory. Co-ordination with other
divisions of the enterprise: Purchase, Store-keeping Design,
Production and Transportation. Comparison of achievements
against targets. Export Promotion-Government Incentives. Export
-Import policy-trade agreements.
Paper 5 : Economic Planning and Development
(One paper: 3 hours: 100 marks)
Definition of Economic Planning: Objectives, limitations and
essentials of planning; Communistic vs. Democratic Planning;
Imperative and indicative planning; planning in backward areas.
Different aspects of economic development: Economic
consideration; Financial aspects; sources of finance.
Economic Planning and Development in India: Mixed Economy.
Five-year Plans and industrial developments. Specific areas of
economic and industrial development: Small-scale and large-scale
industries; Nationalisation. Appraisal of achievements; Deficit
financing; Inflation; Taxation and public debt; Financial
Institutions; Problems of population explosion and economic
growth; Food problem and food policy; Agricultural developments;
Tariff policy; Foreign Exchange Control; Foreign private
investments; Climate and policy of Foreign investment; Foreign
Trade Policy.
49. Declaration of Results
(1) A list of successful candidates in Part I of the Management
Accountancy Examination shall be published in the Journal of the
Institute in such manner as the Council may direct and each
candidate shall also be individually informed of the marks
obtained by him in each paper of Part I:
PROVIDED that in any case where it is found that the result of an
examination has been affected by error, malpractice, fraud,
improper conduct or in any other way, the Examination
Committee shall have the power suitably to amend such result
and to make such declaration as the Committee Considers
necessary.
(2) Information as to whether a candidate’s answers in any
particular paper or papers of Part I of any examination have been
examined and valued will be supplied to the candidate on his
forwarding within a month of the declaration of the result of Part I,
an application accompanied by a fee of Rs. 10 for any or all
papers. The fee is only for verifying whether a candidate's
answers in any particular paper or papers have been examined
and valued, and not for the revaluation of answers. The marks
obtained by the candidates in individual questions or in sections
of a paper cannot, in any circumstances, be supplied. If as a result
of such verification, it is discovered that there has been either an
omission to examine or value any answer or answers or there has
been a mistake in the totalling of the marks, the fee for
verification shall be refunded in full to the candidate.
50. Thesis and Viva-Voce
(1) Candidate who has passed Part I of the Management
Accountancy Examination shall submit a Thesis on a subject to be
approved by the Examination Committee. He shall submit in
English five typewritten or printed copies of the Thesis in such
manner as the Examination Committee may direct.
(2) The Examination Committee may make special rules in
connection with submission of Thesis and a copy thereof shall be
forwarded to the writer of the Thesis for their adherence.
(3) Every candidates submitting a Thesis shall do so with a fee of
Rs. 100 which shall not be refundable.
(4) The Examination Committee shall have the Thesis duly
examined either by it or by reference to a Board appointed by it
and the result of the examination shall be communicated to the
candidate. The decision of the Committee in this behalf shall be
final.
(5) The copy-right to the Thesis submitted by a candidate shall
vest with the Council who may make such use of it as may be
necessary.
(6) A candidate who has attained the required standard in the
Thesis shall be required to appear at a Viva-Voce Test before an
Interview Board to be appointed by the Examination Committee.
(7) If a candidate sails to obtain the minimum pass marks either
in the Thesis or in the Viva-Voce Test, he may at his option
resubmit either the same Thesis with modifications and
improvements made therein or submit another Thesis and on his
attaining the required standard therein, he shall be required to
appear at another Viva-Voce Test as provided in the Regulations.
(8) The marks obtained by a candidate in Part II of the
examination shall not be intimated to him unless he is declared
successful in both the Thesis and the Viva-Voce Test.
51. Examination Certificate and qualifying letters
Every candidate passing the examination under this Chapter shall
be awarded a Certificate to the effect in Form J and shall be
entitled to use the letters "DIP.MA" after his name to indicate that
he has passed the Management Accountancy Examination of the
Institute.
CHAPTER VII :- ELECTIONS
52. Dates of election
The following dates relating to the election of members to the
Council, namely, the last date for the receipt of nominations, the
last date for the withdrawal of nominations, the dates or dates of
polling, the last date for receipt of voting papers by post, the date
or dates of counting of votes, and the date of declaration of
results, shall be fixed by the Council and notified by it in the
Journal of the Institute at least three months before the date on
which the counting of votes commences.
53. Members eligible to vote
(1) Every member of the Institute shall be entitled to vote in any
election to the Council by the constituency to which according to
his professional address he belonged on a date immediately five
months prior to the date on which the list of members eligible to
vote in any election is published, provided that his name has been
borne on the Register of Members continuously for a period of not
less than five months immediately prior to the date of publication
of the list of members eligible to vote in that election and
provided further that on lst October of the year previous to that in
which the election is held, his entrance fee, annual membership
fee and other dues for and in respect of the year previous to that
in which the election is held, are not in arrears.
(2) A member whose name stands removed from the Register of
Members on the date on which he has to cast his vote shall not be
entitled to vote at the election notwithstanding that his name has
been published in the list of voters.
54. Qualifications of members to stand for election
6[(1)] Only Fellows whose names are contained in the list of voters
published under Regulation 56 and who are eligible to vote at the
election, shall be eligible to stand for election to the Council from
the Constituencies in which their names are included.
7[(2) Notwithstanding anything contained in sub-regulation (1), a
fellow shall not be eligible to stand for election as, or for being a
member to the Council if,-
(a) he has held office as a member of the Council during three
consecutive terms, whether full or part; or
(b) he is employed by or under the Institute.
Explanation 1 : For the purpose of this rule, one term of office of
an elected member to the Council shall be the duration of any
Council constituted under section 14 of the Act.
Explanation 2: A fellow who has ceased to hold office as a
member of the Council as aforesaid continuously for two
consecutive terms shall again be eligible to stand for election to
the Council under sub-regulation (1) from the constituency in
which his name is included.]
8[55. Number of members to be elected
(1) The number of members to be elected from each regional
constituency shall be one member for such number of members
in the constituency as may be determined by dividing the total
number of members as determined in accordance with sub-
regulation (4) by twelve (hereinafter referred to as the maximum
number of members) to be elected to the Council in pursuance of
sub-section (2) of section 9 of the Act:
PROVIDED that each constituency shall have at least one person
elected therefrom to the Council.
(2) In case the resultant number of members for each
constituency, after having added up in terms of absolute number
without considering the fraction, is less than the maximum
number of members, the fraction in respect of a region with the
highest fraction shall be counted as one. In case the total is still
less than the maximum number of members, the fraction in
respect of the region with the next highest fraction shall be
counted as one. This procedure shall be continued until the total
number of members becomes equal to the maximum number of
members.
(3) In case the resultant number of members for each
constituency, after having added up is less than the maximum
number of members and where there are more than one regional
constituency with exactly the same fraction, the constituency with
a higher number of members shall have precedence in the matter
of conversion of the fraction into one.
(4) The total number of members referred to in sub-regulation (1)
shall be determined with reference to the number of members
whose names are borne on the Register of Members of the
Institute on a date immediately five months before the date on
which the list of members eligible to vote in any election, is
published.
Explanation: For the purposes of this regulation where the proviso
to sub-regulation (1) becomes applicable, the procedure
contained in sub-regulations (1) and (2) shall be gone through
after-
(i) deducting the number of members in such constituency from
the number of members referred to in sub-regulation (4); and
(ii) deducting the number of one person, to be elected in
pursuance of the said proviso, from the maximum number of
members to be elected to the Council.]
56. List of Voters
(1) At least three months before the date fixed for
commencement of counting of votes in an election, the Secretary
shall prepare-
(a) a list of members of Institute in each constituency eligible to
vote showing inter alia distinctly and separately-
(i) whether any particular member is an Associate or a Fellow;
(ii) the polling area or polling booth to which the voters is
attached and in which he should exercise his franchise, if the
Secretary decides that his voting shall be in polling booth, and not
by post, under the powers vested in him under Regulation 63B.
(iii) the location of the polling booth and polling area for which
each such booth has been selected; and
(iv) whether any particular member is entitled to vote by post
under regulation 63N; and
(b) (1) Issue a notice mentioning the number of members to be
elected and calling for nominations for candidates for election
before a specified date which shall not be less than fourteen days
from the date of publication of the notice.
(2) The Secretary shall send a copy of the List of Voters and a
copy of the notice referred to in clause (b) of sub-regulation (1) to
each member of the Institute irrespective of whether he is a voter
or not.
(3) The address published in the list of members eligible to vote
will be final for determining the manner in which member will be
entitled to cast his vote or the constituency or the polling booth to
which he will belong for purposes of casting his vote:
PROVIDED that if a member attached to a particular polling booth
in a city where more than one polling booth have to be set up,
finds that it would be difficult for him to vote at the polling booth
to which he is attached, he may, at the discretion of the
Secretary, be permitted to vote at another polling booth in the
same city. Application in this behalf stating the reasons for the
request must reach the Secretary at least 45 days before the date
of polling.
57. Nomination of candidates
(1) Every nomination of a candidate shall be in Form K duly
signed by the Candidate and by the proposer and seconder, both
of whom shall be persons entitled to vote in the election and shall
be forwarded by registered post only, addressed to the Secretary
by name so as to reach him on or before the specified date.
(2) Every candidate for election shall pay a fee of Rs. 300 which
shall not be refundable in any circumstances except as
hereinafter provided:
PROVIDED that not more than one such payment need be made
by any one candidate in respect of his candidate for any one
election:
PROVIDED FURTHER that in the event of his nomination not being
accepted as valid as hereinafter provided, the fee of Rs. 300 paid
by him shall be refunded to him in full.
58. Withdrawal of candidature
Any candidate may withdraw his candidature by notice in writing
addressed to the Secretary by name and by registered post so as
to reach him before 3 O'clock on the fifteenth day succeeding the
date fixed for the receipt of nomination papers. No person who
has thus withdrawn his candidature shall be allowed to cancel his
withdrawal. The withdrawal of candidature shall be intimated by
the Secretary to the other candidates standing for election in the
constituency. Any candidate who withdraws his candidature in
accordance with this Regulation will be entitled, on an application
made by him in this behalf, to the refund of half the amount of fee
deposited by him under Regulation 57.
59. Security of nominations
(1) The Secretary shall scrutinise the nomination papers of all
candidates other than those whose candidature has been
withdrawn under Regulation 58 and shall endorse on each
nomination paper his decision accepting or rejecting it and if
rejects it, he shall record in writing a brief statement of his
reasons for so rejecting it and shall communicate the same by
registered post to the candidate concerned.
(2) The Secretary may refuse or reject any nomination if he is
satisfied:
(a) that the candidate was ineligible to stand for election;
(b) that the proposer or seconder was not qualified to subscribe to
the nomination of the candidate in Form K;
(c) that there has been a failure to comply with any of the
provisions of Regulation 57;
(d) that the signature of any candidate or of the proposer or
seconder is not genuine or has been obtained by force or fraud;
(e) that the candidate or the proposer or seconder has not paid
any of the fees due and payable to the Council for and in respect
of the year preceding the year in which the election is held; or
(f) that on the date of security of the nomination the name of the
candidate or the proper or seconder stands removed from the
Register of Members:
PROVIDED that nothing contained in clause (b), (c), (d), (e) or (f)
shall be deemed to authorise the refusal or rejection of the
nomination of any candidate on the ground of any irregularity in
respect of a nomination of the candidate if he has been duly and
validly nominated by means of the another nomination in respect
of which no irregularity has been committed.
60. Appeal
(1) A candidate whose nomination has been refused or rejected
by the Secretary, or a candidate who is of the opinion, and holds
evidence to establish, that a nomination of another candidate in
his constituency has been wrongfully accepted by the Secretary
as valid, may, within fifteen days from the date on which such
rejection, refusal or acceptance of nominations is communicated
to the candidates concerned, prefer an appeal to the President
against such refusal or rejection or acceptance. The appeal shall
be heard by a Committee appointed by the Council of this
purpose which shall be known as Appeal Committee. The Appeal
Committee shall comprise of three person from out of a panel of
names, no exceeding eight, chosen in order of preference to be
approved for the purpose by the Council. The persons to be
appointed on the Appeal Committee need necessarily be
members of the Institute. No persons shall, however, be
appointed on the Appeal Committee if he is a candidate standing
for election or any of his near relatives has filed nomination for
election.
Explanation: The expression "near relative" shall mean and
include father, mother, husband, wife, son, daughter, first brother,
or first sister.
(2) The Appeal Committee so appointed shall have powers to
inspect any document, examine any witness, record any
evidence, receive affidavits and grant adjournments and shall
exercise much other powers as may be necessary for efficient and
faithful performance of the duties. The decision of the Appeal
Committee shall be final.
(3) If, on an appeal, the decision of the Secretary in rejecting or
refusing a nomination is reversed by the Appeal Committee, the
award of the Appeal Committee shall be extended to such other
nominations, as may be specified by the Appeal Committee,
which had previously been rejected or refused by the Secretary
on the same or similar grounds, even though no appeal had been
preferred in respect of those other nominations. If, however, the
decision of the Secretary in accepting a nomination as valid is
reversed on appeal, the award of the Appeal Committee shall not
be extended to similar other cases of acceptances unless appeal
against those acceptances had been preferred.
61. List of valid nominations
(1) On completion of the scrutiny of nominations as provided
under Regulation 59, the Secretary shall forthwith prepare a list of
valid nominations for the constituency and cause such list to be
sent by registered post to each candidate in that constituency
whose nomination has been accepted as valid. The list shall
contain the full names in alphabetical order and the addresses of
the validly nominated candidates in the constituency.
(2) If a candidate dies or otherwise ceases to be a member before
the date or dates of polling fixed for the election but after the
date fixed for the withdrawal of candidature under regulation 58
and his nomination is or has been accepted as valid, the election
in his constituency shall be conducted among the remaining
candidates and no fresh proceedings with reference to the
election of members in the constituency in which such member
was a candidate shall be commenced.
62. Candidates deemed to be elected if their number is equal to
or less than the number of persons to be elected
If the number of candidates validly nominated in any constituency
is equal, or becomes, by reason of the death or cessation of
membership of one or more candidates before the counting of
votes for the election, equal to or less than the number of persons
to be elected for such constituency, then such candidates shall be
deemed to be elected and the Secretary shall declare all such
candidates duly elected; and where the number of such
candidates in that constituency is less than the number of
persons to be elected for that constituency, the Secretary shall
commence fresh proceedings for the election of the remaining
number of members to be elected from that constituency.
63. Admissible number of votes to each voter
Each voter shall have one vote only. A voter in giving his vote-
(a) must place on his ballot paper the figure l in the square
opposite the number of the candidate for whom he votes, and
(b) may in addition, place on his ballot paper the figure 2 or the
figure 2 and 3 or 2,3, and 4 and so on, in the squares opposite the
names of other candidates in the order of his preference.
63A. Mode of elections
Except as otherwise provided, the elections shall be conducted by
poll and every vote in any election, shall cast his vote personally
in the booth provided for the purposes, unless a voter is allowed
in respect of any election to cast his vote by post as hereinafter
provided.
63B. Polling booths
The Secretary shall set up such number of polling booths at such
places as he deems necessary, provided that, within an area
covered by a radius of eight kilometers from each booth, there
are not less than fifteen members according to their professional
address as given in the list of members eligible to vote.
63C. Polling officer
The Secretary shall appoint a polling officer for each polling booth
and may also appoint such other persons as he may deem
necessary to assist the polling officer. The polling officer shall, in
addition to performing any other duties imposed upon him by
these Regulations be in general charge of all arrangements at the
polling booth and may issue orders as to the manner in which
persons shall be admitted to the polling booth and generally for
the preservation of peace and order at or in the vicinity of the
polling booth.
63D. Secret chamber and ballot paper
(1) There shall be a secret chamber or chambers in each polling
booth and such chamber shall be so arranged that where a voter
records his votes on the ballot paper, no other person can see
how he has voted.
(2) The ballot paper shall contain a list of candidates standing for
election in an constituency and shall bear the seal of the Council.
63E.Presence of candidates at polling booths
Any candidate for election in a constituency shall be entitled to be
present at the pooling booths in that constituency and to appoint
not more than two members for each polling booth as his
authorised representatives to be present on his behalf at the
polling booths in that constituency:
PROVIDED that the candidate shall send to the Secretary by name
so as to reach him at least thirty days before the date fixed for
the poll at that constituency an intimation by registered post of
his intention to appoint such authorised representatives for the
purpose, clearly indicating the full name, membership number
and address of each of the authorised representatives and the
number of the polling booth at which each of them will be
present:
PROVIDED FURTHER that not more than one authorised
representative shall be present at a time at each polling booth.
63F. Voting to be in person and not by proxy
Voting shall be by ballot and every person entitled to record his
vote by ballot and wishing to record his vote, shall do so in person
and not by proxy.
63G. Identification of voters
(1) The polling officer may employ at the polling booth such
persons as he thinks fit to assist him in identifying the voters or
for any other purpose.
(2) At any time before a ballot paper is delivered to a voter, the
polling officer may of his own accord, if he has reason to doubt
the identity of the voter or his right to vote at the polling booth,
and shall, if so required by a candidate or his authorised
representatives, put to the voter such questions as he may
deemed necessary with a view to establishing the identity of that
voter.
(3) Every voter shall be required to sign the marked copy of a
signature form provided by the Secretary.
(4) If the polling officer is not satisfied as to the identity of the
person claiming to be a voter, he may refuse to allow such person
to vote in the election.
63H. Record to be kept by polling officer
(1) The polling officer shall at the time of delivery of the ballot
paper place against the name of the voter in the list of members
eligible to vote a mark to denote that the voter has received a
ballot paper. he shall also keep a record of the ballot papers
supplied to the voters in such manner as the Secretary may
direct.
(2) In deciding the right of a person to obtain a ballot paper under
this Regulation, the polling officer at any polling booth may
interpret any entry in the list of members eligible to vote so as to
overlook merely clerical or printing error, provided that he is
satisfied that such person is identical with the voter to whom such
entry relates.
63-I. Manner of recording of votes after receipt of ballot paper
On receiving the ballot paper the voter shall forthwith proceed
into the Secret chamber set apart for the purpose and shall record
his votes on the ballot paper in the manner specified in
Regulation 63. He shall thereafter fold the ballot paper, leave the
secret chamber and insert the ballot paper in the ballot box
provided for the purpose in presence of the polling officer. The
ballot box should be so constructed that a ballot paper can be
inserted thereinto during the poll but cannot be withdrawn
therefrom without the box being unlocked or the seals being
broken.
63J. Return of ballot paper by a voter
(1) If a voter after obtaining a ballot paper for the purpose of
recording his votes decides not to use the same, he shall return
the ballot paper to the polling officer and the ballot paper so
returned shall then be marked as 'cancelled-returned' and kept in
a separate envelope set apart for the purpose and a record shall
be kept by the polling officer of all such ballot papers.
(2) If any ballot paper which has been issued to a voter for the
purpose of recording his votes, is found left by the voter at the
secret chamber at the end of the day when the polling officer
inspects the secret chamber, whether votes have been recorded
in it or not, it shall be dealt with in accordance with the provisions
of sub-regulation (1) as if it had been returned to the polling
officer.
63K. Hours of polling
(1) Every polling booth shall be kept open on the day or days
appointed for recording of votes from 8.30 hours to 18.30 hours.
(2) If the polling at any polling booth cannot take place on the day
or days appointed for recording of votes, or is interrupted or
obstructed for any sufficient cause, or the ballot box used at a
booth is tampered with or is accidentally or deliberately
destroyed, lost or damaged, the polling officer or the Secretary,
as the case may be, may adjourn the polling to a subsequent
date, or the Secretary may declare the polling at the booth void
and decide to have a fresh polling, respectively.
(3) If a polling is adjourned or declared void under sub-regulation
(2), the Secretary shall, as soon as may be possible, appoint the
place where the polling shall be subsequently conducted and the
time, date or dates, as the case may be, for the said polling
booth. Also he shall not proceed with counting of votes relating to
the election in a constituency, until the polling at all the polling
booths in that constituency has been completed.
(4) The place, date or dates and the time of polling appointed
under sub-regulation (3) shall be notified individually to the
candidates and to the voters concerned.
(5) The polling officer shall close the polling booth at the end of
the day, or if the polling is for more than one day, at the end of
each day, at the hour appointed under sub-regulation (1) and no
voter shall be admitted thereto after that hour:
PROVIDED that all voters present within polling booth before it is
closed, shall be entitled to have their votes recorded:
PROVIDED FURTHER that where the number of voters within a
radius of eight kilometers at any polling booth exceeds 300, the
polling booth shall be kept open for two consecutive days during
the same timings as mentioned in sub-regulation (1).
(6) The polling officer shall, as soon as practicable after the close
of the poll or after its close on each day if the polling is for more
than one day, in the presence of any candidates or their
authorised representatives who may be present, seal the ballot
box within his own seal and the sales of such candidates or
authorised representatives as may desire to affix their seals
thereon. He shall also make separate packets of:
(i) the unused ballot papers;
(ii) the returned ballot papers;
(iii) the marked copy of the list of members eligible to vote; and
(iv) any other paper directed by the Secretary to be kept in a
sealed cover;
and seal each such packet with his own seal and the seals of such
candidates or authorised representatives as may desire to affix
their seals thereon. He shall arrange for the safe custody of the
ballot box and such packets.
(7) Before commencement of polling on the second day, wherever
the polling is to take place for more than one day, the polling
officer shall, after the seals on the ballot box and packets referred
to in sub-regulation (6) are examined by him and by the
candidates or their authorised representatives who may be
present, remove in their presence the seals on the ballot box and
packets for use during the course of that day.
(8) The ballot box and packets referred to in sub-regulation (6)
shall be accompanied by an account of ballot papers showing the
total number of ballot papers received, issued, unissued and
returned, as also the number of ballot papers which should be
found in the ballot box. This account shall be forwarded to the
Secretary by the polling officer.
63L.Transport of ballot papers and their custody
The Secretary and the polling officers shall make adequate
arrangements for safe custody of the ballot papers and for safe
transport to the headquarters of the Institute of all packets or
boxes and other papers referred to in Regulation 63k. The
Secretary shall also be responsible for their safe custody until the
commencement of counting of votes.
63M. Voting by members employed on duty at polling booth
The polling officer, the persons appointed by the Secretary to
assist the polling officer, or the authorised representatives
referred to in Regulation 63E, who are voters for any constituency
and who by reason of their being on duty at a polling booth, are
unable to be present and to vote at the polling booth where they
are entitled to vote, may send to the Secretary by name so as to
reach him at least thirty days before the date fixed for the poll at
the constituency, application for permission to vote at the polling
booth where they will be on duty. If the Secretary is satisfied that
the claim is just, he may, notwithstanding anything contained in
this Chapter, allow the application and permit the voter to vote at
the polling booth where he will be on duty to act as polling officer
or to assist the polling officer or as authorised representative of a
candidate:
PROVIDED that such permission shall not be granted to more than
one authorised representative of a candidate in respect of each
polling booth, such authorised representative being specifically
nominated for the purpose by the candidate himself.
63N. Eligibility to vote by post
Every member whose name is included in the list of members
eligible to vote published under the provisions of sub-regulation
(1) of Regulation 56 and whose name is not attached to any
polling booth and every member who is residing outside India,
shall, notwithstanding anything contained in this Chapter, be
entitled to vote by post:
PROVIDED that a member who is entitled to vote by poll may be
allowed at the discretion of the Secretary to vote by post if by
reason of there being a permanent change in his address from
the address published in the list of members eligible to vote to
another village, town or city beyond a radius of eight kilometers,
he is unable to exercise his vote by poll at the polling booth
allotted to him. Application in this behalf, with proper verification
of the contents of the application by the member concerned,
should be sent to the Secretary by name so as to reach him at
least 30 days before the date of polling. Any misuse of this
concession, or any misstatement of false verification in this behalf
will render the member concerned liable for disciplinary action
under Regulation 70:
PROVIDED FURTHER that a member who is actually residing
beyond a radius of eight kilometers from the polling booth
allotted to him on the basis of his professional address may at the
discretion of the Secretary also be given the concession provided
in the foregoing proviso on the same terms and conditions.
64. Eligibility to vote by poll by a voter entitled to vote by post
A voter entitled to vote by post under Regulation 63N may
however be allowed by the Secretary to vote by poll at any
particular polling booth to be specified by him within his regional
constituency, provided he makes an application to that effect in
writing duly addressed and forwarded to the Secretary by name
by registered post so at to reach him at least 45 days before the
date of polling.
65. Ballot papers to be sent by post
At least 21 days before the date for starting of counting of votes,
the Secretary shall send by registered post to the address of voter
entitled to vote by post under Regulation 63N, the ballot paper
together with a letter explaining the manner in which it shall be
filled up, and specifying the date and hour by which it must reach
the Secretary.
65A. Ballot papers to be returned after recording votes thereon
Every voter on receiving his ballot papers sent under Regulation
65 shall, if he desires to vote at the election, record his votes
thereon in the manner specified in Regulation 63 and then send it
to the Secretary by name and by registered post so as to reach
him before 3.00 p.m. on the date fixed in this behalf. A voting
paper not addressed to the Secretary by name and not delivered
by registered post shall be disregarded.
Explanation: For the purpose of this Regulation if voting papers
relating to two or more members are posted in one and the same
envelope, all such voting papers shall be disregarded.
65B. Issue of undelivered and fresh ballot papers
When a ballot paper and other connected papers sent by post
under Regulation 65 are lost or damaged in transit or for any
reason returned undelivered, the Secretary may reissue them by
registered post or deliver them or cause them to be delivered to
the voter on his applying for the same, if the Secretary is satisfied
with the reasons for such loss, damage or return of the ballot
paper and other connected papers.
65C. Grounds for declaring ballot papers invalid
A ballot paper shall be invalid if-
(a) a voter signs his name or writes any word or figures or makes
any marks on it by which the ballot paper becomes recognisable,
or by which the voter can be identified; or
(b) it does not bear the seal of the Council; or
(c) the figure 1 is not marked in the square opposite the name of
any of the candidates; or
(d) the figures 1 is set opposite the names of more than one
candidate; or
(e) the figure 1 and some other figure are set opposite the name
of the same candidate; or
(f) it is unmarked or void for uncertainty.
66. Definitions
In this Chapter, unless there is anything repugnant in the subject
or context-
(a) 'continuing candidate' means any candidate not elected and
not excluded from the poll at any given time;
(b) 'first preference' means the figure 1; 'second preference'
means the figure 2, and 'third preference' means the figure 3, set
opposite the name of any candidate, and so on;
(c) 'unexhausted paper' means a ballot paper on which a further
preference is recorded for a continuing candidate;
(d) 'exhausted paper' means a ballot paper on which no further
preference is recorded for a continuing candidate, provided that a
ballot paper shall also be deemed to be exhausted in any case in
which-
(i) the names of two or more candidates, whether continuing or
not, are marked with the same figure and are next in order of
preference; or
(ii) the name of the candidate next in order of preference,
whether continuing or not, is marked by a figure not following
consecutively after some other figures on the ballot paper or by
two or more figures;
(e) 'original vote' in regard to any candidate means a vote derived
from a ballot paper on which a first preference is recorded for
such candidate;
(f) 'transferred vote' in regard to any candidate means a vote, the
value or part of the value of which is credited to such candidate
and which is derived from a ballot paper on which a second or
subsequent preference is recorded for such candidate;
(g) 'surplus' means the number by which the value of the votes of
any candidate, original or transferred, exceeds the quota.
66A. Appointment of time for counting of votes
The Secretary shall appoint the time for counting of votes on each
date at the headquarters of the Institute and shall give notice of
such time in writing to all candidates.
67. Counting of votes
(1) On the date at the time and place appointed under Regulation
66A, the Secretary shall for purposes of counting of votes in
respect of a constituency-
(a) open the covers containing the postal ballot papers received
by him under Regulation 65A, and shall take out the ballot papers
from each such cover, record the number thereof in a statement
and make a separate packet of such ballot papers;
(b) allow the candidates or their authorised representatives
present at the counting an opportunity to inspect the ballot boxes
and packets received from the polling officers and their seals for
satisfying themselves that they are in order; and
(c) proceed as follows:
If he is satisfied that the ballot boxes and packets which have
been received are in order, he shall take up the counting of the
ballot papers contained in the ballot boxes. If he finds that any of
the ballot boxes has been tampered with, he shall not count the
ballot papers contained in such box for purposes of election. He
shall, however, keep a record of such ballot papers for purposes
of election petitions, if any.
He shall open the ballot boxes found to be in order, take out the
ballot papers therefrom, count them and keep a record of their
number in a statement. To these he shall add the postal ballot
papers. He shall then examine the ballot papers and reject those
which are invalid. He shall thereafter divide the valid ballot papers
into parcels according to the first preference recorded for each
candidate and count the number of papers in each parcel.
(2) In carrying out the Regulations hereinafter contained, the
Secretary shall-
(a) disregard all fractions, and
(b) ignore all preferences recorded for candidates already elected
or excluded from the poll.
(3) For the purpose of facilitating the processes prescribed by the
Regulations hereinafter contained, each valid paper shall be
deemed to be the value of one hundred.
(4) The Secretary shall add together the values of the papers in
all the parcels and divide the total by a number exceeding by one
the number of vacancies to be filled and the result increased by
one shall be the number sufficient to secure the return of a
candidate (hereinafter called the quota).
(5) If at any time a number of candidates equal to the number of
persons to be elected has obtained the quota, such candidates
shall be declared elected, and no further steps shall be taken.
(6) Any candidate, the value of whose parcel, on the first
preference being counted, is equal to or greater than the quota,
shall be declared elected. If the value of the papers in any such
parcel-
(a) is equal to the quota the papers shall be set aside as finally
dealt with;
(b) is greater than the quota the surplus shall be transferred to
the continuing candidates indicated on the voting papers as next
in the order of the voters' preference in the manner prescribed in
the following sub-regulations.
(7) If and whenever as the result of any operation prescribed by
these Regulations a candidate has a surplus, that surplus shall be
transferred in accordance with the provisions of this sub-
regulation:
(a) If more than one candidate has a surplus, the largest surplus
shall be dealt with first and the others in order of magnitude:
PROVIDED that every surplus arising on the first counting of votes
shall be dealt with before those arising on the second counting
and so on.
(b) Where two or more surpluses are equal, the Secretary shall
decide, as hereinafter provided, which shall first be dealt with.
(c) If the surplus of any candidate to be transferred arises from
original votes only, the Secretary shall examine all the papers in
the parcel belonging to the candidate whose surplus is to be
transferred, and divide the unexhausted papers into sub-parcels
according to the next preferences recorded thereon. He shall also
make a separate sub-parcel of the exhausted papers. He shall
then ascertain the value of the papers in each sub-parcel and of
all the unexhausted papers. If the value of the unexhausted
papers-
(i) is equal to or less than the surplus, he shall transfer all the
unexhausted papers at the value at which they were received by
the candidate whose surplus is being transferred.
(ii) is greater than the surplus, he shall transfer the sub-parcel of
unexhausted papers, and the value at which each paper shall be
transferred shall be ascertained by dividing the surplus by the
total number of unexhausted papers.
(d) If the surplus of any candidate to be transferred arises from
transferred as well as original votes, the Secretary shall re-
examine all the papers in the parcel last transferred to the
candidate, and divide the unexhausted papers into sub-parcels
according to the next preferences recorded thereon. He shall
thereupon deal with the sub-parcels in the same manner as is
provided in the case of the sub-parcels referred to in clause (c).
(e) The papers transferred to each candidate shall be added in
the form of a sub-parcel to the papers already belonging to such
candidate.
(f) All papers in the parcel or sub-parcel of an elected candidate
not transferred under this sub-regulation shall be set aside as
finally dealt with.
(8) If after all surpluses have been transferred, as hereinbefore
provided, less than the number of candidates required had been
elected, the Secretary shall exclude from the poll the candidate
lowest on the poll and shall proceed as follows:
(a) He shall distribute the unexhausted papers of the excluded
candidate among the continuing candidates according to the next
preferences recorded thereon. Any exhausted papers shall be set
aside as finally dealt with.
(b) The papers containing original votes of an excluded candidate
shall first be transferred, the transfer value of each being one
hundred.
(c) The papers containing transferred votes of an excluded
candidate shall then be transferred in the order of the transfers in
which and at the value of which he obtained them.
(d) Each of such transfers shall be deemed to be a separate
transfer.
(e) The process prescribed by this sub-regulation shall be
repeated on the successive exclusions one after another of the
candidates lowest on the poll until the last vacancy is filled either
by the election of a candidate with the quota or as hereinafter
provided.
(9) If as the result of a transfer under these Regulations the value
of the votes obtained by a candidate is equal to or greater than
the quota, the transfer then proceeding shall be completed, but
no further papers shall be transferred to him.
(10) If after the completion of any transfer under these
Regulations the value of the votes of any candidate shall be equal
to or greater than the quota he shall be declared elected. If the
value of the votes of any such candidate-
(a) shall be equal to the quota, the whole of the papers on which
such votes are recorded shall be set aside as finally dealt with;
(b) shall be greater than the quota, his surplus shall thereupon be
distributed in the manner hereinbefore provided, before the
exclusion of any other candidate.
(11) When the number of continuing candidates is reduced to the
number of vacancies remaining unfilled, the continuing
candidates shall be declared elected. When only one vacancy
remains unfilled and-
(a) if the value of votes of some one continuing candidate
exceeds the total value of all the votes of the other continuing
candidates together with any surplus not transferred, that
candidate shall be declared elected;
(b) if there are only two continuing candidates, and those two
candidates have each the same value of votes and no surplus
remains capable of transfer, one candidate shall be declared
excluded under the next succeeding sub-regulation and the other
declared elected.
(12) If, when there is more than one surplus to distribute, two or
more surpluses are equal, or if at any time it becomes necessary
to exclude a candidate and two or more candidates have the
same values of votes and are lowest on the poll, regard shall be
had to the original votes of each candidate and the candidates for
whom fewest original votes are recorded shall have his surplus
first distributed, or shall be first excluded, as the case may be. If
the values of their original votes are equal the Secretary shall
decide by lot which candidate shall have his surplus distributed or
be excluded.
68. Appointment of scrutinizers
The Secretary shall appoint not more than four persons who are
neither members of the Council nor candidates for election to act
as scrutinizers of the voting papers and to assist the Secretary
generally in counting the vote.
68A. Presence for candidate at the time of counting votes
Any candidate for election shall be entitled to be present in
person or to appoint a member of the Institute as a
representative to be present on his behalf at the time of counting
of votes.
69. Notification of the declaration of results
The names of all candidates declared elected shall be notified by
the Council in the Journal of the Institute.
69A. Saving
(1) The decision of the Secretary shall be final in all matters not
only in regard to the application of any of the provisions of he
Regulations contained in this Chapter but also in respect of all
other matters not specifically covered by these provisions
(2) No election shall be deemed to be invalid merely because of
the accidental omission to send, or delay in sending, a ballot
paper to a voter, or the accidental non receipt of, or delay in
receiving, a ballot paper by a voter or any other accidental
irregularity or informality in the conduct of the election.
70. Disciplinary action against member in connection with
conduct of elections
A member of the Institute shall be liable for disciplinary action by
the Council if he adopts one or more of the following practices
with regard to the election to the Council, namely:
(1) Bribery, that is to say, any gift, offer or promise by a candidate
or by any other person with the connivance of a candidate, of any
gratification to a person whomsoever, with the object, directly or
indirectly, of inducing-
(a) a member to stand or not to and as; or to withdraw from
being, a candidate at an election; or
(b) a voter to vote or refrain from voting at an election, or as a
reward to-
(i) a member for having so stood or not stood, or for having
withdrawn his candidature; or
(ii) a voter for having voted or refrained from voting.
Explanation: For the purposes of this clause the term
"gratification" is not restricted to pecuniary gratifications or
gratifications estimable in money, but includes all forms of
entertainment and all forms of employment for reward; but it
does not include the payment of any expenses bona fide incurred
at, or for the purpose of, any election.
(2) Undue influence, that is to say, any direct or indirect
interference or attempt to interfere on the part of a candidate or
of any other person with the connivance of the candidate with
free exercise of any electoral right:
PROVIDED that a declaration of policy or a promise of a particular
action or the mere exercise of a legal right without intent to
interfere with an electoral right shall not be deemed to be
interference within the meaning of this clause.
(3) The publication by a candidate or by any other person with the
connivance of the candidate of any statement of fact which is
false, and which he either believes to be false or does not believe
to be true, in relation to the personal character or conduct of any
candidate, or in relation to the candidature or withdrawal of any
candidate, being a statement reasonably calculated to prejudice
the prospects of that candidate's elections.
(4) The obtaining or procuring or abetting or attempting to obtain
or procure by a candidate or by any other person with the
connivance of a candidate, any assistance for the furtherance of
the prospects of the candidate's election from any person serving
under the Government of India or the government of any State
other than the giving of vote by such person, if he is a member of
the Institute entitled to vote.
(5) The hiring or procuring, whether on payment or otherwise, of a
vehicle by a candidate or by any other person with the
connivance of a candidate, for the conveyance of voters.
(6) The canvassing for votes, or soliciting the vote of any other, or
persuading any voter not to vote for any particular candidate, or
persuading any voter not to vote at the election, or exhibiting any
notice or sign board (other than an official notice) relating to the
election, by a candidate or by any other person with the
connivance of a candidate within a distance of 200 meters from a
polling booth.
(7) Any act specified in clauses (1) to (6), when done by a
member of the Institute who is not a candidate or a member
acting with the connivance of a candidate
(8) The receipt of, or agreement to receive, any gratification
whether as a motive or a reward-
(a) by a member for standing or not standing as, or withdrawing
from being, a candidate; or
(b) by any member whomsoever for himself or any other person
for voting or refraining from voting, or for inducing or attempting
to induce any voter to vote or refrain from voting, or any
candidate to withdraw his candidature.
(9) Contravention or misuse of any of the provisions of this
Chapter or making any false statement knowing it to be false or
without knowing it to be true while complying with any of the
provisions of this Chapter.
70A. Dispute regarding election
(1) On receipt of an application under sub-section (2) of section
10 of the Act, the President shall refer the matter to the Tribunal
within thirty days of the receipt of the application.
(2) At the time of giving its decision, the Tribunal shall also pass
an order in regard to the costs. If the Tribunal satisfied that an
application made under sub-section (2) of section 10 of the Act
was not founded on a valid ground, the Tribunal may award the
costs to the Institute.
CHAPTER VIII : MEETINGS AND PROCEEDINGS OF THE
COUNCIL
71. Meetings of the Council
The Council shall meet at least once in every six months at such
time and place as the President may determine.
72. Notice of Council meeting
Notice of the time and place of an intended meeting shall be sent
to the registered address of every member of the Council not less
than twenty-one days before such meeting and such notice shall
so far as practicable contain a statement of the business to be
transacted at such meeting, provided that in the case of a special
meeting, the President may inform the members of the subject-
matter for discussion at the meeting.
(2) Notwithstanding any thing contained in sub-regulation (l), the
President may call an extraordinary meeting of the Council in any
emergency, giving such shorter notice as circumstance may
permit.
73. Special meetings of Council
A special meeting of the Council may, at any time, be called by
the President or in his absence by the Vice-President, or at the
request in writing addressed to the Secretary by at least 26 per
cent of the members of the Council for the time being.
73A. Postponement of meetings
Any meeting of the Council, which is called to be held on a
particular date or dates, may be postponed by the President to a
subsequent date or dates, if in his opinion, such postponement is
warranted, which may also include change of time and place of
the meeting. Notice of the postponed meeting shall be sent to the
registered address of every member of the Council not less than
seven days before such postponed meeting. The business to be
transacted at the postponed meeting shall be same as was
intended for the original meeting, unless any other business is
admitted by the Chairman of the postponed meeting.
74. Chairman of Council
At all meetings of the Council, the President, or in his absence the
Vice-President, shall be the Chairman, or, in the absence of both,
the Chairman shall be elected from among those present:
PROVIDED that, at the first meeting of any Council, the President
of the outgoing Council, or in his absence its Vice-President, shall
act as the Chairman until such time as a President is elected
under the provisions of sub-section (1) of section 12.
75. Quorum at meeting
(1) One-third of the total number of members of the Council shall
constitute the quorum for a meeting.
(2) If, at the time appointed for a meeting, a quorum is not
present, and if a quorum is not present on the expiration half an
hour from the time appointed for the meeting, the meeting shall
stand adjourned to such future date as the President may
appoint:
PROVIDED that, where a meeting has been adjourned for want of
quorum, any business which was intended to be transacted at the
original meeting may be transacted at such adjourned meeting
notwithstanding that there is no quorum.
76. Passing of resolution at meeting
At all meetings of the Council, in the event of a difference of
opinion, the vote of the majority shall prevail unless otherwise
required by the Act or these Regulations, and in case of equality
of votes, the Chairman shall have a casting vote in addition to his
original.
77. Adjournment of meeting of Council
Subject to the Provisions of these Regulations, the Chairman of
any meeting of the Council may, with the consent of the
meetings, adjourn the meeting from time to time and from place
to place but no business shall be transacted at any adjourned
meeting other than the business left unfinished at the meeting
from which the adjournment took place. No notice needs be given
of an adjourned meeting unless it be so directed in the resolution
for adjournment.
78. Record of minutes
Minutes shall be kept of all resolutions and proceedings of the
meetings of the Council, which shall be approved by the members
and signed by the Chairman of the meeting.
79. Passing of resolution by circulation
(1) The President may, in emergent cases, circulate papers
among the members of the Council for decision of any question:
PROVIDED that, where four members of the Council require that
any question should be decided at a meeting, the President shall
withdraw the papers from circulation and have the question
decided at a meeting of the Council.
(2) Where the papers relating to any question are circulated
among the members, a period of ordinarily not less than ten days,
commencing from the date of circulation of the papers shall
elapse before any decision is arrived at on the question.
(3) Every resolution passed by circulation of papers shall be
communicated to all the members of the Council.
CHAPTER IX : STANDING AND OTHER COMMITTEES
80. Time and place of meeting
(1) The Chairman of a Committee may at any time and shall, on
written requisition of any two members of the Committee, call a
meeting of the Committee.
(2) The meeting of a Committee shall be held at such place and at
such time as its Chairman may direct.
(3) A notice of not less than seven days of every such meeting
shall ordinarily be given to every member of the Committee.
(4) Any meeting of a Committee which is called to be held on a
particular date or dates may be postponed by the Chairman or
the Committee to a subsequent date or dates, if, in his opinion,
such postponement is warranted, which may also include changes
of time and place of the meeting. Notice of the postponed
meeting shall be sent to the registered address or every member
of the Committee not less than seven days before such postponed
meeting. The business to be transacted at the postponed meeting
shall be same as was intended for the original meeting, unless
any other business is admitted by the Chairman of the postponed
meeting.
81. Quorum
(1) No business shall be transacted at a meeting of a Committee
unless there are present at least three members in the case of
the Executive Committee, and two members in other cases,
including the Chairman, provided that in the case of Committees
formed under sub-section (2) of section 17 the Council shall
determine the quorum for the Committee.
(2) In the event of there being no quorum within half an hour of
the time fixed for the meeting, the meeting shall stand adjourned
to a date, time and place specified by the Chairman of the
Committee:
PROVIDED that, where a meeting of a Committee has been
adjourned for want of a quorum, any business which was intended
to be transacted at the original meeting may be transacted at
such adjourned meeting, notwithstanding that these is no
quorum.
82. Procedure for transaction of business
(1) The business of a Committee shall ordinarily be transacted at
meeting of the Committee, provided that the Chairman may in
emergent cases circulate papers among the members of the
Committee for the decision of any question:
PROVIDED FURTHER that, where any two members of the
Committee require that any question should be decided at a
meeting, the Chairman shall withdraw the papers from circulation
and have the question determined at a meeting of the
Committee.
(2) When the papers relating to any question are circulated
among the members, a period of not less than ten days,
commencing from the date of circulation of the papers shall
elapse before any decision is arrived at on the question.
(3) Every resolution passed by circulation of papers shall be
communicated to all the members.
83. Casting vote
All questions before a Committee shall be decided by a majority
of votes. In the event of equality of votes, the Chairman shall
have a casting vote.
84. Minutes
(1) The Secretary of the Council shall be the Secretary for each
Committee, unless the Council otherwise directs.
(2) The Secretary shall maintain a record of all the business
transacted by the Committee either the circulation of papers or at
a meeting of the Committee.
85. Executive Committee
The Executive Committee shall perform the following functions,
namely:-
(a) maintenance of the office of the Council and for this purpose
the Executive Committee may employ, suspend, discharge or re-
employ the necessary staff on such terms and conditions as it
may deem fit;
(b) maintenance of proper accounts of all receipts and payments
on behalf of the Council and the matters in respect of which
receipts and payments take place and of all the property,
securities, debts, funds and liabilities of the Institute;
(c) maintenance of the Register of Members of the Institute, and
all other statutory Registers which are prescribed by the Act or
these Regulations from time to time;
(d) control and custody of the property, assets and funds of the
Institute;
(e) investment of the surplus funds of the Institute in Government
securities approved by the Council or other securities approved
by the Central Government, and to vary such investments from
time to time;
(f) disbursements from the funds of the Institute for expenditure
both revenue and capital within the estimates previously
sanctioned by the Council:
PROVIDED that, in emergent cases, expenditure in excess of the
estimates previously sanctioned by the council may be incurred
by the committee but such excess expenditure should be brought
to the notice of the council at its next meeting; and
(g) enrollment of associates, admission of fellows, removal and
restoration of names of members, cancellation of Certificate of
Practice, issue of Certificates of Membership, prosecution of
members on the findings of the Council, granting permissions for
Cost Accountants in practice or firms of such Costs Accountants to
have a branch office in India without being in separate charge of a
member of the Institute until the Council decides the matter and
publication of list of members.
86. Examination Committee
(1) The Examination Committee shall exercise all the functions of
the Council in regard to holdings of the examinations, admissions
thereto, appointment and selection of examiners, and declaration
of results and other connected matters. It shall also have full
powers to fix the remunerations of the examiners, assistant
examiners, superintendent of examinations and others, and deal
with other matters arising out of the holding of examinations.
(2) The Examination Committee shall be responsible for the
maintenance of proper standard of conduct at the examinations.
87. Training and Educational Facilities Committee
The Training and Educational Facilities Committee shall perform
the following functions, namely:-
(a) Registration of students.
(b) Maintenance of the Register of students, and such other
registers as may be prescribed.
(c) Provision of proper facilities to Registered Students to obtain
coaching in the subjects in which they are to be examined by the
Council.
(d) Arrangements for the training of candidates sent by any
Department of the Central or any State Government, Chamber of
Commerce or any other public or private organisation and to do
all things in connection therewith.
(e) Purchase of books, magazines, equipments and the like for the
Library and arranging for its proper running and maintenance.
(f) Suggesting to the Council from time to time modifications to
the existing syllabi for the qualifying examinations of the Institute
and recommending suitable books for the guidance of candidates.
87A. Professional Development Committee
The Professional Development Committee shall perform the
following functions, namely:
(1) Maintaining contacts with the various departments of the
Central and State Governments and other public and privates
bodies with a view to enlisting their support in the furtherances of
the interest of the members of the Institute;
(2) Making representations to the Central and State Governments
in connection with matters of professional and business interest
with a view to raising the standard and status of the profession;
(3) Arranging for intercourse among the members of the Institute
by regular meetings, conferences, seminars, talks and lectures for
the acquisition and dissemination of useful information in
connection with the profession of accountancy;
(4) Propagating amongst the members of the Institute the
advisability and the necessity of observing the rules of
professional etiquette and the provisions of the Act and the
Regulations;
(5) Publication, issue and circulation of books, pamphlets and
other literatures on matters of professional interest except Journal
and research publications;
(6) Offering suggestions to the Council for amendment of various
Acts, both Central and State, for betterment of the profession;
(7) Doing such things as may be considered necessary for general
upliftment of the status of the Institute and the profession of cost
accountancy and all other things which are incidentals or
conducive to the attainment of the above objectives.
87B. Research and Publications Committee
The Research and Publications Committee shall perform the
following functions, namely:-
(1) Carrying out research work on costing and allied subjects and
giving guidance in and encouragement of research by members
in various topics of interest to the profession;
(2) Publication of research pamphlets and other literature on
behalf of the Institute subject to approval of the Council;
(3) Making recommendations to the Council on any or all matters
relating to research and publications;
(4) Engagement of research personnel and in case of
remunerated posts, subject to the sanction of the Council;
(5) Incurring expenses within the limits previously sanctioned by
the Council for the performance of the above functions;
(6) Carrying out such other functions as may be entrusted from
time to time by the Council.
87C. Journal Committee
The Journal Committee shall be responsible for the publication of
the Journal which shall be the official organ the Institute and for
the maintenance of its proper standard and shall perform all the
functions in connection therewith.
88. Council's power of review not affected
Nothing in this Chapter shall affect the power of the Council to
review any decision of any Standing or other Committee.
CHAPTER X : MISCELLANEOUS
89. Location of the office of the Council
The headquarters of the Council shall be located at Calcutta.
90. Administration of the Institute
The Council shall be in charge of the administration of the
Institute and the Regional Councils.
91. Custody of Common Seal
The Common Seal of the Institute shall be in the custody of the
Secretary.
92. Affixing of Common Seal
All instruments on which the Common Seal is required to be
affixed by or under any law shall be so affixed and countersigned
by the Secretary.
93. Maintenance of accounts
It shall be the duty of the Secretary to maintain or cause to be
maintained proper accounts of the receipts and expenditure of
the Institute.
94. Audit of accounts
The Council, not less than two months before the date of each
Annual Meeting, shall deliver to the auditors the accounts of the
last year and the auditors shall examine such account and report
thereon, not less than one month before the date of the meeting.
The auditors shall be entitled to ask for any information or
explanation regarding the accounts from the Secretary and such
information or explanation shall be supplied to them in so far as
may be available at the time.
95. Appointment of auditors
The. auditors shall be elected at the Annual Meeting of the
Council from among candidates who have been duly nominated
by two members of the council; each such information shall be
signed by the members nominating and by the candidate, and
shall be deposited at the office of the Council at least three days
before the meeting. The auditors who are in office shall be
deemed to be nominated at each Annual Meeting unless they
have intimated to the Secretary their desire not to be re-elected.
96. Auditors
The Council shall determine the remuneration, if any to be paid to
the auditors elected at the Annual Meeting. In the event of any
vacancy occurring in the office of auditor between two Annual
Meetings or in the event of a vacancy not being filled up at any
Annual Meeting the said vacancy may be filled up by the
Executive Committee and a person so becoming an auditor shall
hold office until the next Annual Meeting, but shall be eligible for
election:
PROVIDED that during the period of such vacancy the continuing
auditor, if any, may act alone.
97. Retirement of auditors
The auditors shall retire at the Annual Meeting of the Council next
after the meeting at which they were elected, but shall be eligible
for re-election.
98. Powers and duties of the President and Vice-President
The President shall exercise such powers and perform such duties
as are conferred or imposed on him by the Act or these
regulations, or as may be delegated to him by the Council from
time to time.
The President may direct any business to be brought before the
Council or any Committee for consideration.
If the office of the President is vacant or if the President for any
reason is unable to exercise the powers or perform the duties of
his office, the Vice-President shall act in his plea and shall
exercise the powers and perform the duties of the President.
99. Powers and duties of the Secretary
Subject to the general supervision of the President and the
Committee concerned, the Secretary shall exercise and perform,
in addition to the powers and duties specially assignee to him in
the Act or these Regulations, the following powers and duties,
namely:
(a) Being in charge of the Office of the Institute as its Executive
Head, managing it and attending to all correspondence.
(b) Removal from the membership owing to death and restoration
to membership and issuing notification therefor.
(c) Sanctioning and renewing of Certificates of Practice for
associates and fellows and cancelling Certificates of Practice at
the request of members.
(d) Granting of permission to members to be engaged in other
occupations besides the practice of the profession of accountancy
within the categories permitted by the Council under regulation
111.
(e) Maintenance of registers, documents and forms as required by
the Act and these Regulations.
(f) Being in charge of all the property of the Institute.
(g) Making necessary arrangements for receiving moneys due to
the Council and also issuing receipts therefor.
(h) Incurring of all revenue expenditure within the limits
sanctioned by the Council or the Committees and incurring capital
expenditure or purpose of purchasing books for the library of the
Institute within the limit sanctioned by the Council or the
Committees.
(i) Causing proper accounts to be maintained and delivering of
account books, or furnishing information to the auditors appointed
by the Council for the purpose of audit of the accounts of the
institute.
(j) Making all other payments as sanctioned by the Council,
Committees or the President.
(k) Payment of salary and allowances to the members of the staff,
granting of leave to them; and sanctioning their increments within
the prescribed scales subject to the approval of the President.
(l) Exercise of disciplinary control over the staff except dismissal
which should have the sanction of the President.
(m) Admitting candidates to the examinations held under hence
Regulations and making all necessary arrangements for the
conduct of the examinations.
(n) Refunding or transferring of fees received in accordance with
these Regulations for the examinations, enrolment, issue of
Certificates of Practice and allied matters.
(o) Registering and noting of suspension, cancellation or
termination of registration of students.
(p) Permitting Registered Students to engage in other occupation
as approved by the Council or the Committees.
(q) Signing and issuing of: (i) all notifications as provided in
clauses (b) above; (ii) all other notifications on behalf of the
Council, subject to the approval of the President.
(r) Signing Vakalat Namas on behalf of the Council, appointing
Solicitor of Advocates on behalf of the Council, and filling papers
in Courts on behalf of the Council, subject to the approval of the
President.
(s) Calling of such information and particulars as he may consider
necessary in furtherance of the above duties.
(t) Performing such other duties and functions as are incidental
and ancillary to and may be required for the performance of the
above duties and exercising such other powers as may be
delegated by the Council, a Committee or the President from time
to time.
100. Indemnity from losses and expenses
The members of the Council, the auditors, the Secretary and
other Officers of the Council shall be indemnified by the Institute
against all losses and expenses incurred by them in the bona fide
discharge of their respective duties.
101. Method of payment of fees
All fees prescribed under these Regulations shall be made
payable to the Secretary in such manner as the Council may
direct:
PROVIDED that, until other direction is given by the Council,
payments made to the Institute by Demand Drafts, cheques,
Money Orders or Postal Orders, duly crossed and drawn in favour
of the Secretary, payable in Calcutta, and payments made to him
in cash at Calcutta shall be deemed to be payments made to the
Council.
102. Issue of Duplicate Certificates
(1) In the event of the loss by the holder of a Certificate in any of
the Forms 'C', 'E', 'F' and 'J', the Council may, on application made
in this behalf, duly supported by an affidavit of the applicant to
the effect that he was in possession of such a Certificate and had
lost it, issue a copy thereof to him on payment of a fee of Rs. 10
for a duplicate copy of a Certificate in Form 'C', 'E' or 'F' and of Rs.
5 for a duplicate copy of a Certificate in Form 'J'.
(2) Where any such Certificate is damaged or mutilated, the
Council may, on application made in this behalf, issue duplicate
copy thereof on receipt of the fee prescribed is sub-regulation (1)
and on return of the damaged Certificate.
103. Proof of service of notice
All notices required by the Act or these Regulations to be given to
members shall be forwarded by post to such address as may last
have been registered with the Institute, and in proving that such
notice has been given, it shall be sufficient to prove that such
notice was properly addressed and put in the post.
104. Publication of list of members
In publishing the list of members under sub-section (3) of section
19, the Council may indicate in such manner as it thinks fit the
associates and fellows who are in practice and those who are not
in practice. A copy of the list shall be sent free of charge to all
members who make a request for it to the Secretary, all
Registrars of Companies, all Regional Directors under the
Department of Company Law Administration, the Ministry of
Commerce and Industry, and such other bodies as the Council
may specify. Copies of the list shall also be made available to all
other persons at such reasonable price as the Council may fix.
105. Members to supply information
For the purpose of publication of the list referred to in Regulation
104, the Council may require the members to supply any
information regarding present address, place of business,
partners, whether practising or not, and the like. If the members
fails supply the information in time, the list may be drawn upon
such information as the Council may possess.
106. Branch office
Every Cost Accountant in practice or a firm of such Cost
Accountants maintaining more than one office at the
commencement of the Act shall send within three months
thereafter to the Council a list of offices and the persons in charge
thereof. Any change in regard to any branch office or offices shall
also be intimated to the Council forthwith.
107. Offices not in charge of members
Where a Cost Accountant in practice or a firm of such Cost
Accountants has any office in India at the commencement of the
Act which is not in separate charge of a member of the Institute,
he or it shall take steps within six months from such
commencement to regularise the position by obtaining exemption
from the Council or otherwise.
2[108. Prior approval of the Council to use own name or trade
name or firm name
(1) Every Cost Accountant in practice in his own name or trade
name and every firm of such Cost Accountants shall, before
commencement of practice or formation of the firm, as the case
may be, whichever is earlier, submit to the council in Form 'L'
appended with these regulations the particulars of his office or
the firm for approval to use own name or a trade name or a firm
name.
(2) A trade name or firm name shall be restricted to the names of
the proprietor or partners or a name which is already in use and
may include, and confirm to, the names of the members as may
appear in the Register of Members.
(3) A trade name or firm name may be used in the following
manners, namely:-
(a) Full surname of the members or full name indicating their
surname; or
(b) Full first name of the members or initials of full name or first
name; or
(c) Combination of first name, middle name, initials and surname
of the members or expansion thereof; or
(d) Distinguishing part of the name as is commonly known; or
(e) Combination of names or surnames of the partners; or
(f) Part of the name of the proprietor or partners; or
(g) Suffix & Co. or & Associates or their equivalents; or
(h) Any other name or surname by which a member is also known
subject to the production of an affidavit or other evidence to the
satisfaction of the Council.
(4) A trade name or firm name shall not be allowed to be used
where-
(a) A member seeks to use a part of his surname; or
(b) Suffixes are used like '& Partners', '& Fellows' & 'Others' and
'& Sons'; or
(c) It bears the name of God, Goddess or deity which has no
relationship with the names or surnames of members; or
(d) It is a descriptive trade name or firm name; or
(e) It indicates or aims at publicity;
(f) Similar or nearly similar name is already being used and is
entered in the Register of Offices and firms; or
(g) It is not desirable, in the opinion of the Council, to allow the
use of such name.
(5) The Council may approve a trade name or firm name and shall
maintain a Register of offices and firms for entering therein the
trade name or firm name so approved and the particulars finished
in Form 'L' appended with these regulations.
(6) Any subsequent change in the particulars submitted in Form L
(appended with these regulations) shall be informed to the
Council by the Cost Accountant or the firm of Cost Accountants so
as to reach the Council within thirty days from the date on which
the change is effected.
(7) Where the same trade name or firm name has been registered
by the Council in the case of two or more members or firms, the
Council may allow the use of such name by that firm alone who or
which was registered first in the Register of offices and firms and
may direct all other to alter the name in such a manner as the
Council may consider proper and to inform the Council about the
attention within one hundred and eighty days from the date of
issue of directions.
(8) No member shall practise under a trade name or firm name-
(a) unless such name is approved by the Council under sub-
regulation (5); or
(b) in respect of which a direction is issued by the Council under
sub-regulation (7), after the expiry of one hundred and eighty
days from the date of issue of the direction.]
109. Particulars of Nationality
Every member of the Institute shall submit to the Council
particulars regarding his nationality and shall also intimate to the
Council any subsequent change in such particulars not later than
thirty days from the date of such change.
110. Place of business in India
It shall be obligatory on a member of the Institute to have a place
of business in India in his own charge or in charge of another
member of the Institute. Particulars of such place of business shall
be supplied by the member to the Council initially and whenever
there is a change of such place of business:
PROVIDED, however, that the Council may in the case of a
persona not covered by the proviso to section 4(1)(iv), allow a
member to specify a place of business in India whether he has
business in India or not which is neither in his own charge nor in
charge of another member of the Institute, and in that event,
such place shall be deemed to be the place of business for the
purposes of section 21 and his professional address for purposes
of sub-regulation (6) of Regulation 7 and Regulation 53.
Particulars of any change of such place of business shall be
furnished to the Council whenever there is a change:
PROVIDED FURTHER that in the case of a member who is a
salaried employee of a Cost Accountant in practice or a firm of
such Cost Accountants in practice, the place of business of his
employer(s) shall be deemed to be his place of business for the
purposes of section 21.
111. Cost Accountants in practice not to engage in any other
business or occupation
A Cost Accountant in practice shall not engage in any business or
occupation other than the profession of accountancy unless it is
permitted by a general or specific resolution of the Council:
PROVIDED that a Cost Accountant in practice who at the
commencement of the Act was engaged in any business or
occupation other than the profession of accountancy may
continue to engage himself in such business or occupation up to
the 30th June, 1964.
111A. Other functions of a Cost Accountant in practice
Without prejudice to the discretion vested in the Council in this
behalf a Cost Accountant in practice may act as a Trustee,
Executor, Administrator, Arbitrator, Receiver, Appraiser, Valuer
Adviser, Secretary or as a Secretarial Consultant, as a
representative for financial matters including taxation and may
take up an appointment that may be made by the Central or State
Governments, Courts of Law, Labour Tribunals or any other legal
authority.
112. 9[***]
113. Constitution or reconstitution of firms to require 10[***]
approval
(1) After the commencement of the Act, no firm of Cost
Accountants shall be constituted or reconstituted except with the
previous approval of the 11[Council].
(2) The 11[Council] shall not refuse to accord approval to the
constitution or reconstitution of a firm under sub-regulation (1),
unless it is of the opinion that the terms of the partnership
agreement permit, directly or indirectly, the doing of anything by
the firm or any partner thereof which amounts to professional
misconduct in relation to a Cost Accountant in practice, or that
the terms and conditions of the proposed partnership are not fair
and reasonable or that, having regard to the circumstances of the
case, the constitution or the reconstitution of the proposed
partnership would not be in the interests of the general public.
CHAPTER XI : REGIONAL COUNCILS
114. Constitution of Regional Councils
(1) The Central Council may by notification in the Journal of the
Institute, constitute a Regional Council for any region, which shall
be known by such name as may be specified in such notification.
(2) A regional Council shall consist of-
(a) the elected members of the Central Council representing the
region;
(b) the nominated members of the Central Council belonging to
the region;
(c) not less than five members who shall be elected by the
members of the Institute representing the region from amongst
themselves at the rate which shall bear the same proportion to
twenty-five as the number of members in the region bears to the
number of members in all the regions, fractions exceeding half
being counted as one and fractions equivalent to or less than half
being omitted:
PROVIDED that if the number of members elected to Regional
Council is less than the number of persons to be elected to that
Regional Council, the remaining vacancies may be filled up by co-
option by the Central Council from amongst the members to be
nominated in this behalf by the Regional Council concerned. A
member so co-opted shall hold office till the expiry of the duration
of the said Regional Council.
Explanation: The professional address of a member of the
Institute as entered in the Register of Members or, in the case of a
member of the Central Council, his professional address as
furnished at the time of his election or nomination to the Central
Council, shall determine the region which such member
represents.
115. Regional Register of Members
(1) Every Regional Council shall maintain a Regional Register of
Members in which shall be entered the names and other
particulars of all the members of the Institute representing the
region.
(2) The name of any such member whose name has been
removed from the Register of Members of the Institute shall
forthwith be removed also from the concerned Regional Register
of Members.
116. Functions of the Regional Councils
(1) The Regional Councils shall advise and assist the Central
Council in carrying out provisions of the Act.
(2) In particular, the Regional Councils may:
(i) provide facilities for intercourse among members of the
Institute in the region by regular meetings, arrangement of talks
and lectures and for the acquisition and dissemination of useful
information in connection with the profession of accountancy;
(ii) advise the Central Council on all matters referred to them by
the said Council and offer such other help as may be required.
(iii) make representations to the Central Council in connection
with matters of professional and business interest in the region
and offer suggestions for raising the standard and status of the
profession;
(iv) maintain a Regional Register of Members, and the Register of
Students in the region;
(v) supply routine information to members or to the prospective
candidates for examinations;
(vi) propagate among the members the advisability and necessity
of observing the rules of professional etiquette and the provisions
of the Act and these Regulations;
(vii) collect news from the members of the profession for
publication in the Journal of the Institute;
(viii) recommend on their own motion, or on a reference by the
Central Council, names for inclusion in the panel of examiners;
(ix) consider and recommend to the Central Council books which
may be considered useful for candidates intending to appear for
the Intermediate and Final examinations of the Institute;
(x) arrange, if desired by the Central Council, for coaching
candidates for the aforesaid examinations in the various centers
of the region;
(xi) maintain contacts with the various departments of
Governments of the States within the region with a view to
enlisting their support in the furtherance of the interest of the
members of the Institute;
(xii) run study-circles and refresher course camps for the benefit
of the Registered Students and members of the Institute;
(xiii) constitute a permanent research sub-committee for carrying
out research work and for giving guidance in and encouragement
of research by members in various topics of interest to the
profession;
(xiv) maintain a library and reading-room for the use of the
members;
(xv) maintain an Employment Exchange for securing suitable
employment for qualified cost accountants and finding suitable
qualified cost accountants for employers;
(xvi) organise a student section for the benefit of the Registered
Students preparing for the Institute's examinations;
(xvii) carry out such other functions as may be entrusted from
time to time by the Central Council.
117. Election of the Regional Council
(1) Every member of a Regional Constituency shall be entitled to
vote in, and stand for, any election to the Regional Council of the
Region to which according to his professional address he
belonged on a date immediately five months prior to the date on
which the list of members eligible to vote in and stand for that
election is published, provided his name has been borne on the
Regional Register of Members continuously for a period of not less
than five months immediately prior to the date of publication of
the list of members eligible to vote in and stand for that election
and provided further that on lst October of the year previous to
that in which the election is held, his entrance fee, annual
membership fee and other dues for and in respect of the year
previous to that in which the election is held are not in arrears:
PROVIDED that a member of the Institute in the region whose
name stands removed from the Register of Members maintained
by the Central Council on the date of election shall not be eligible
either to vote in on stand for the election notwithstanding the fact
that his name has been published in the list of voters, if any.
(2) Every person standing for the election to the respective
Regional Council shall pay a fee of Rs. 150 to the Central Council.
(3) Notwithstanding anything contained in sub-regulation (1), a
member of a regional Council shall not be eligible to stand for
election as, or for being a member to any Regional Council if,-
(a) he has held office as a member of the Council or any Regional
Council during three consecutive terms, whether full or part; or
(b) he is employed by or under the Institute.
Explanation 1: For the purposes of this rule, one term of office of
an elected member to the Council shall be the duration of any
Council constituted under section 14 of the Act and one term of
office of an elected member to the Regional Council shall be the
duration of the Regional Council constituted under regulation 121
of the said Regulations.
Explanation 2: A member, who has ceased to hold office as a
member of the Council or Regional Council as aforesaid
continuously for two consecutive terms shall be eligible to stand
for election to Regional Council under sub-regulation (1).
118. Conduct of elections
The elections to the Regional Councils shall be held by the Central
Council and the Regulations in Chapter VII relating to elections to
the Central Council shall, so far as may be, apply to elections to
the Regional Councils, except that in the case of a candidate who
is validly nominated for election to the Central Council as well as
to a Regional Council and who is deemed and declared elected to
the Central Council under the provisions contained in Regulation
62, he shall not be deemed to be a candidate for purposes of
election to that Regional Council and accordingly his name shall
not be included in the voting paper relating to the elections to the
said Regional Council and that the fee paid by him under
Regulation 117 shall not be refunded.
119. Disputes regarding election
Where any dispute arises regarding any election to any of the
Regional Councils, the matter shall be referred within thirty days
from the date of election to the President of the Central Council
and his decision shall be final.
120. Vacancies
(1) A member of a Regional Council may at any time resign his
membership by writing under his hand addressed to the Chairman
of the Regional Council and the seat of such member shall
become vacant when such resignation is notified in the Journal of
the Institute.
(2) If an elected member of a Regional Council is elected to the
Central Council such member shall cease to be a member of the
Regional Council and the vacancy so caused may be filled up by
co-option by the Central Council from amongst the members
nominated in this behalf by the Regional Council concerned. A
member so co-opted shall hold office till the expiry of the duration
of the said Regional Council.
(3) Any casual vacancy in the first Regional Council constituted by
the Central Council under the provisions of sub-regulation (3) of
Regulation 114 may be filled up by co-option by the Central
Council and any casual vacancy in the subsequent Regional
Council may be filled up by the Regional Council concerned. A
member so co-opted shall hold office till the expiry of the duration
of the said Regional Council.
(4) If an elected or a co-opted member of a Regional Council
changes his professional address from the regional constituency
from which he was elected or to which he was elected or to which
he belonged at the time of co-option, as the case may be to any
other constituency, such member shall cease to be a member of
the Regional Council and the vacancy so caused may be filled up
by co-option of another member by the Regional Council
concerned. A member so co-opted shall hold office till the expiry
of the duration of the said Regional Council.
(5) Notwithstanding anything contained in these Regulations, an
elected or co-opted member of a Regional Council shall be
deemed to have vacated his seat if he is declared by the Regional
Council to have been absent without sufficient excuse from three
consecutive meetings of the Regional Council or if his name is, for
any reason, removed from the Regional Register of Members
under the provisions of these Regulations and the vacancy so
caused may be filled by co-option of another member by the
Regional Council concerned. A members so co-opted shall hold
office till the expiry of the duration of the said Regional Council.
121. Duration of Regional Council
(1) The duration of a Regional Council shall be three years from
the date of constitution of the Regional Council which shall be
specified by the Central Council by a notification in this behalf in
the Journal of the Institute:
PROVIDED that the Central Council may, if in its opinion
circumstances so warrant, extend or shorten the life of a Regional
Council by a like notification.
(2) On the expiry of the duration of a Regional Council, a new
Regional Council shall be constituted in the manner provided in
these Regulations.
122. Officers of the Regional Council
(1) Every Regional Council at its first meeting after its first
constitution and in subsequent years at the first meeting of the
Regional Council after the Annual General Meeting of the Regional
Constituency, shall elect from amongst its members a Chairman,
a Vice-Chairman, a Secretary and a Treasurer thereof, and so
often as any of these offices become vacant, the Regional Council
shall choose another person from among its members to hold that
office. The said office bearers shall hold office until the first
meeting of the Regional Council after the Annual General meeting
of the Regional Constituency:
PROVIDED that the retiring office-bearers shall be eligible for re-
election to any of the offices of the Regional Council if they
continue to be members of the Regional Council.
(2) The first meeting of the Regional Council referred to in sub-
regulation (l) shall be called and held within one month from the
date of its constitution or from the date of the Annual General
Meeting of the Regional Constituency, as the case may be.
If within half an hour from the time appointed for the said first
meeting of the Regional Council referred to hereinbefore, a
quorum as mentioned in Regulation 75 is not present, the said
first meeting shall, notwithstanding anything contained in that
Regulation, stand adjourned to the same day in the next week at
the same time and place and at such adjourned meeting of the
Regional Council, the members present, whatever their number,
shall form the quorum and shall have power to transact all the
business, which could properly have been transacted by the
original meeting had the necessary quorum been present.
123. Chief Executive authority
The Chairman of a Regional Council shall be the Chief Executive
Authority of the Regional Council.
124. Functions of Secretary of the Regional Council
The Secretary of the Regional Council shall be responsible for the
performance of general duties of the office of the Regional
Council under the guidance of the Chairman or, in his absence,
the Vice- Chairman. The Secretary of the Regional Council may if
there is no Treasurer act as Treasurer also. The Treasurer shall
cause proper accounts to be maintained of the moneys received
and expended, and of the assets and liabilities of the Regional
Council.
125. Continuance in office
On the expiration of the duration of a Regional Council, the
Chairman, Secretary and Treasurer for the time being, shall
discharge the duties and functions of the Chairman, Secretary
and Treasurer respectively as provided in this Chapter until such
time as the next Regional Council is constituted and its Chairman,
Secretary and Treasurer elected under the provisions of this
Chapter take over charge of their respective duties.
126. Other staff
For the purpose of carrying out its functions, a Regional Council
may appoint such staff and servants for its office as it may from
time to time consider necessary.
127. Committees of the Regional Council
(1) The Regional Council at a meeting shall constitute a Students’
Facilities Committee and such other Committees as the Central
Council may direct and may constitute any other Committee as it
deems necessary for the purpose of carrying out the provisions of
these Regulations.
(2) Constitution of Committees - Each of the Committees shall
consist of the Chairman or the Vice-Chairman of the Regional
Council, ex-officio, as the Regional Council may decide and not
less than two other members of the Regional Council elected by
that Council:
PROVIDED that, in the case of any Committee constituted at the
direction of the Central Council, out of the members to be elected,
one shall be nominated by the Central Council from amongst the
members of the Central Council representing the region:
PROVIDED, however, that notwithstanding anything contained in
these Regulations, any Committee formed under this Regulation
may with the sanction of the Regional Council co-opt one member
of the Institute belonging to the region as a member of the
Committee and any member so co-opted shall entitled to exercise
all the rights of a member of the Committee:
PROVIDED FURTHER that the Regional Council may sanction such
co-option for not more than two of its Committees:
PROVIDED FURTHER that the Students' Facilities Committee shall
consist of not less than three members of the Regional Council
and shall have the power to co-opt not more than two persons
who shall be either Registered Student or "Grad. CWA". Any
person so co-opted shall be entitled to exercise all the rights of a
member of the Committee.
128. Chairman of Committee
A Regional Council shall elect a member of the Committee to be
the Chairman of the Committee:
PROVIDED that in the case of any Committee constituted at the
direction of the Central Council, unless otherwise nominated by
the Central Council, the Chairman or the Vice-Chairman of the
Regional Council, as the case may be, shall be the Chairman.
129. Term of Office
Every member of a Committee shall hold office until the first
meeting of the Regional Council after the Annual General Meeting
of the Regional Constituency, but subject to his being a member
of the Regional Council, he shall be eligible for re-election.
130. Meetings
The provisions regarding meetings of the Committees of the
Central Council in Regulations 80 to 84 shall, so far as may be,
apply to the meetings of the Committees of the Regional Councils.
131. Finances and Accounts of the regional council
(1) No regional council shall borrow money without the prior
approval of the Central Council.
(2) In addition to any grants-in-aid that the Central Council may
make to it, a Regional Council may raise on a voluntary basis such
additional subscriptions in respect of particular activities from the
participating members as it may consider justified.
132. Expenditure from fund
The funds of a Regional Council shall be employed for such
purposes as may from time to time be sanctioned by the Regional
Council:
PROVIDED that no funds thereof shall be applied, either directly or
indirectly, for payment to the members of the Regional Council
except for reimbursing them for any expenses incurred by them
in connection with the business of the Regional Council in the
region concerned.
133. Audit
The accounts of a Regional Council shall be audited every year by
a Chartered Accountant in practice or a firm of such Chartered
Accountants appointed by the Regional Constituency at its Annual
General Meeting and the accounts together with the audit report
and the report of the Regional Council shall be sent to the
members in the respective regions at least 14 days before the
date of the Annual General Meeting of the Regional Constituency
and shall be placed for adoption before the Annual General
Meeting of the Constituency:
PROVIDED that the auditors for the first year shall be appointed
by the Regional Council. The year will be from lst April to 31st
March of the next year.
134. Audit report
A copy of the audited accounts and the report of the Regional
Council as adopted by the Annual General Meeting shall be sent
to the Central Council not later than one month after the date of
the Annual General Meeting.
135. Meetings of the Regional Councils
The provisions of Chapter VIII shall apply to the meetings of the
Regional Councils, mutatis mutandis, except that a notice of not
less than ten days shall be given for meetings of the Regional
Councils.
136. Annual General Meetings of the members of Regional
Constituencies
(1) A Regional Council shall convene on or before 31st July of
every year an Annual General Meeting of the Regional
Constituency.
(2) The business at an Annual General Meeting shall be to receive
the report of the Regional Council, to adopt the accounts, to
appoint auditors and to transact such other business as may be
brought before the meeting with the permission of the Chairman.
137. Extraordinary General meetings
(1) A Regional Council may, as often as it considers necessary,
and shall on requisition made in writing by at least 20 per cent of
the total number of members on the Regional Register convene
an Extraordinary General Meeting. Any such requisition shall
specify the object for which the meeting is called, shall be signed
by the members making the same and shall be delivered at the
office of the Regional Council.
(2) When a requisition is made under sub-regulation (1), the
Regional Council shall convene an Extraordinary General Meeting
within six weeks after the receipt of such requisition.
138. Notice of meeting
At least 14 days' notice of every general meeting specifying the
date, place and hour of such meeting and in case of special
business, the general nature of such business shall be given.
139. Notice of proposals
Every member of the Institute on the Regional Register shall be
entitled to table any proposals or resolutions for the consideration
of a General Meeting of the members:
PROVIDED that such proposals and resolutions are received by
the Secretary of the Regional Council at least 10 days before the
date of the meeting. Any such proposals received, after the
prescribed time will be treated as proposals for the next following
meeting of the members unless admitted by the Chairman of the
earlier meeting.
140. Chairman
The Chairman or in his absence the Vice-Chairman of the Regional
Council shall be the Chairman of the General Meetings of the
Regional Constituency. In the absence of both, the members may
elect any one of the members present as Chairman of the
meeting.
141. Quorum
Ten members shall form the quorum for a meeting. No business
shall be transacted at any General Meeting unless the requisite
quorum be present at the commencement of the business.
142. Adjournment
If within half an hour from the time appointed for the meeting, a
quorum is not present, the meeting, if convened upon a
requisition from members, shall be dissolved, and in any other
case shall stand adjourned to the same day in the next week at
the same time and place; and at every such adjourned meeting,
all businesses which could properly have been transacted at the
original meeting may be transacted, whether there is the quorum
or not.
143. Decisions to be by majority
All decisions at all meetings shall be taken by a majority of votes
of the members present and voting. In case of equality of votes,
the Chairman shall have a casting vote in addition to his original.
144. Who can vote
No person shall be entitled to vote at the meeting of the members
of the Regional Constituency unless his name is on the respective
Regional Register and he is not in default towards payment of his
annual subscription.
145. Dissolution of the regional council
(1) Notwithstanding anything contained in these Regulations, the
Central Council-
(a) may, if it considers necessary so to do, dissolve a Regional
Council after giving an opportunity to it to state its case; and
(b) shall dissolve a Regional Council if not less than three-fourths
of the members on, the Regional Register have passed a
resolution to that effect at a General Meeting.
(2) Upon the dissolution of a Regional Council and until a new
Regional Council is constituted, the functions of the Regional
Council shall be discharged by the Central Council.
CHAPTER XII : CHAPTERS OF COST ACCOUNTANTS
12[146. Chapters of cost accountants
(1) The Council may, by Notification in the Journal of the Institute,
constitute Chapters of Cost Accountants and for that purpose
make Bye-laws in connection there with.
(2) In particular and without prejudice to the generality of the
foregoing powers, such Bye-laws may provide for conditions for
constitution of Chapters.
(3) A Chapter so constituted, shall, at all times, function subject to
the control, supervision and direction of the Regional Council
operating in the area and shall carry out such directions as may
from time to time be issued by the Regional Council.
(4) The Council may, at any time, if it considers necessary to do
so, dissolve a Chapter after giving it an opportunity to state its
case.
SCHEDULE
FORM A : REGISTER OF MEMBERS OF THE INSTITUTE OF
COST AND WORKS ACCOUNTANTS OF INDIA
(See Regulation 3)
Enro
ll-
men
t
No.
Nam
e in
full
Dat
e of
birth
Do
mi-
cile
Resi
-
dent
ial
add-
ress
Prof-
essi-
onal
add-
ress
Dat
e of
entr
y in
the
Regi
-
ster
Qua
-
lifica
-
tion
s
Whe-
ther
hold-
ing a
certi-
ficat
e of
prac-
tice
Date
of
admi
-
ssion
as
fello
w
Whe-
ther
prac-
tisin
g
inde
p-
ende
-
Whe-
ther
hold-
ing a
sal-
arie-
d
emp
loym
Cha-
nge
of
add-
ress
if
any
Re
ma-
rks
(in-
clu
d-
ing
Enr
o-
ntly,
in
part-
ners
hip
or
emp-
loye
d in
a
firm
of
Cost
Acco
-
unta-
nts
- ent,
if not
in
prac-
ice
lme
nt
No.
in
dis-
solv
ed
co
mp
any
or
cla
use
of
sec
t-
ion
4
und
er
whi
ch
enr
olle
d)
1 2 3 4 5 6 7 8 9 10 11 12 13 14
FORM B : APPLICATION FOR ADMISSION AS ASSOCIATE
/FELLOW OF THE INSTITUTE OF COST AND WORKS
ACCOUNTANTS OF INDIA
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
[See Regulation 6]
To
The Secretary to the Council of
The Institute of Cost and Works Accountants of India,
12, Sudder Street, Calcutta-16.
Sir,
I beg to apply for admission as an Associate/Fellow of the Institute
of Cost and Works Accountants of India. I hereby declare that I am
not subject to any of the disabilities stated in section 8 of the Cost
and Works Accountants Act, 1959. The required particulars are
furnished below:
1. Name in full ...............................
(Block letters)
2. Name in short with surname at the end ...................
3. Father's name ..............................
4. Date of birth 13 ..................
5. Nationality ......................
6. 14Details of Qualifications 15
(a) Educational ................
(b) Professional ..............
7. Period of residence in India .......................
8. If not an Indian citizen, please state whether Certificate of
Indian domicile has been obtained ..... ............................
9. Permanent residential address ...............................
10. Present residential address ...................................
11. Occupational/Professional address .............................
12. Number and date of admission as Associate (if
applicable) ..................
13. (a) The year and month in which the applicant passed the
Final Examination held under the Cost and Works Accountants
Regulations, 1959, and ............
(b) Roll No. at that Examination .......................
(c) Student Registration Number ..................... OR
(a) The year and month in which the applicant passed the Final
Examination held by the Institute of Cost and Works Accountants,
Calcutta, (the dissolved company) and ................
(b) Roll No. at that examination .......................
(c) Student Registration Number ...................... OR
(a) The year and month in which the applicant passed such
Examination as is recognised as equivalent to the Final
Examination held under the Cost and Works Accountants
Regulations, 1959, along with the particulars of the Examination
and ...................
(b) Roll No., if any, at that Examination ......................
14. Details of practical training, if any, taken by the applicant.
15. Nature and place or places of business in India. (See
Regulation 110)..................
16. Whether the applicant is in charge of the place mentioned at
15? If not, the name(s) and membership number(s) of the
member(s) of the Institute who is (are) in charge of that (those)
place(s) and his (their) address(es).
...............................................
(Applicants not in practice within the meaning of section 2(2) of
the Cost and Works Accountants Act, 1959 need not give these
particulars.)
17. Period for which the applicant has been continuously is
practice as a Cost Accountant.
18. If the applicant is a paid assistant to a Cost Accountant in
practice or in a firm of such Cost Accountants, name of the Cost
Accountant or the firm and from which date.
19. If the applicant holds a salaried employment other than that
covered by 18 above, full particulars thereof:
(i) Name and address of present
employers ..................................................................
(ii) Paid-up and working
capital ...................................................................................
(iii) Particulars of factories and their
address .................................................................
.........................................................................................................
..........................
.........................................................................................................
...........................
(v) Nature of business ...................................
(v) Sales turnover .........................................
(vii) Total number of employees ....................................
(vii) Number of employees engaged .............................
(a) in factory ............................
(b) in costing work ...................
(viii) Period of service with dates ......................................
(ix) Official designation of present
employment ..................................
(x) Date appointed to present Post ` .......................
(xi) Whether in complete charge and authority of the whole
costing work ..........................
...................................................
(xii) Relative position to that of the Chief Superior
Officer .................................................
(xii) Whether in head office or in factory. (Please give
details) ...........................................
20. Details of positions held with present employers and brief particulars of duties in respect of each
position. (This statement should be attested officially by the applicant's employers/superiors initialled by
one other person, preferably a member of the Institute, by way of verification. If the applicant so
desires, this statement may be given on a separate sheet of paper.)
Dates
(Earliest
First)
From To
Name
of
depart
ment
and
numb
er of
emplo
yees
in it
Applica
nt’s
position
No. of
emplo
yees
respon
sible
to
applica
nt
Title
of
officer
to
whom
applic
ant
respo
nsible
Brief
partic
ulars
of
dutie
s
while
holdi
ng
the
positi
on
21. (a) Particulars of items, if any, of Cost and Management
Accounting work done outside the costing department, e.g. pay-
roll accounting, stock verification, etc. and the applicant's role in
connection therewith
.........................................................................................................
..............
(b) Functional responsibility of cost department in regard to (a)
above.
.........................................................................................................
...............
22. Particulars of applicant's previous employers (insofar as
relevant to applicant's claim to have had at least three years' (in
case of Fellowship-five years') practical experience of Cost and
Management Accountancy). (Particulars in respect of each
organisation in which the applicant served should be furnished
duly attested by the employers concerned under their official seal
and initialled by one other person, preferably a member of the
Institute. If the candidate so desires, this statement may be given
on separate sheets of papers.)
(i) Name and address of the
organisation ..................................................................
(ii) Paid up and working capital .............................
(iii)Particulars of factories and their
address .................................................................
(iv) Nature of
business ..........................................................................................
.............
.........................................................................................................
.................................
(v) Sales turnover ...........................
(vi) Total number of employees .........................................
(vii) Number of employees engaged ..................................
(a) in factory .............................
(b) in costing work ...................
(viii) Period of service with dates ................................................
(ix) Whether in head office or in factory. (Please give details)
.........................................................................................................
..............
23. Details of positions held with past employers and brief particulars of duties in respect of each
position. (This statement should be attested officially by the applicant's employers/superiors and
initialled by one other person, preferably a member of the Institute, by way of verification. If the
applicant so desires, this statement may be given on separate sheets of papers)
Dates
(Earlies
t First)
From
To
Name
of
depart
ment
and
numbe
r of
employ
ees in
Applic
ant’s
positi
on
No. of
employe
es
responsi
ble to
applican
t
Title of
officer
to
whom
applic
ant
respon
sible
Brief
parti
cular
s of
dutie
s
while
holdi
ng
the
posit
ion
24. An applicant for advancement to Fellowship is required to give
the following further details, in respect of each portion held by
him during the last five years, duly attested by his present/past
employers concerned under their official seal:
(a) Brief note on Cost/Management Accounting system in vogue.
(b) Whether the post is the highest in Costing and if not, the
relative position to the highest
post ..................................................
(c) An Organisation Chart, showing the relative position of the
applicant in management hierarchy (both administratively and
functionally), with special reference to the Cost and Management
Accounts Department, in respect of each position held during the
last five years
25. Whether the applicant intends to practise as a Cost
Accountant under the cost and Works Accountants Act,
1959? ...............
26 Whether the applicant intends to continue the engagement at
18 or 19 above in addition to practice? ..............
27. Whether the applicant is engaged in any other business or
occupation not covered by 18 or 19 above? If so, full particulars
thereof .............................(Applicants not in practice within the
meaning of section 2(2) of the Cost and Works Accountants Act,
1959 need not give these particulars.)
28. Whether the applicant was at any time debarred from
practising as an accountant? If so, the reason and period of
suspension.
II. I give below the names and addresses of three persons to
whom reference may be made. (Two of the referees should be
persons having personal knowledge of the applicant's training and
experience and one should preferably be a member of the
Institute).
Name Address Grade in Institute or
Business Designation
1. .....................................................................................................
...........................................
2. .....................................................................................................
..........................................
3. .....................................................................................................
..........................................
III. I hereby undertake that if admitted as an Associate/Fellow of
the Institute I will be bound by the provisions of the Cost and
Works Accountants Act, 1959, and the Regulations framed
thereunder or that may hereafter from time to time be made
pursuant to the said Act.
IV (i) I also send herewith a sum of Rs. ................. being my
entrance fee of Rs................. and annual membership fee of
Rs. ................ for the year .................
16[(ii) A sum of Rs. 100 is also forwarded for the annual Certificate
of Practice for the period ending 30th June ..............
Place : Yours faithfully.
Date: Signature
FORM C : CERTIFICATE OF MEMBERSHIP
[See Regulation 9]
No ........
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
(Emblem)
This is to certify that ........................ of ......................... was
admitted as an Associate/Fellow of the Institute of Cost and Works
Accountants of India on the..................... day of.................... one
thousand nine hundred and .................
Given by the Council under the Common Seal of the Institute of
Cost and Works Accountants of India.
This the ................. day of ......................19.......
Seal President
Secretary
FORM D : APPLICATION FOR THE ISSUE OR RENEWAL OF A
CERTIFICATE OF PRACTICE
[See Regulation 10]
To
The Secretary to the Council of
The Institute of Cost and Works Accountants of India,
12, Sudder Street, Calcutta-16.
Sir,
I have already sent*/ am enclosing a cheque/draft No. ...............
dated ................... 17 for Rs. 100 towards the fee for the Certificate
of Practice for the period / year ending 30th June .................
which may be issued to me / renewed at an early date.
172. I declare that I am not engaged in any other business or
occupation besides the profession of Accountancy. If and when I
intend to be so engaged, I shall obtain the prior permission of the
Council.
173. I am engaged in other occupation as ............... and propose to
continue to be so engaged in addition to the practice of
Accountancy for which the permission has already been obtained/
applied for, vide your / my letter No. ......... dated ..............
4. I undertake that as and when I cease to be in practice I shall
duly inform the Council as required by the Cost and Works
Accountants Regulations, 1959.
175. I hold Certificate of Practice for the period ending 30th
June ..............
Yours faithfully,
Place: Signature
Date: Membership Number
FORM E : CERTIFICATE OF PRACTICE
[See Regulation 10] No. .........
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
(Emblem)
This is to certify that ...............of ............... an Associate / a Fellow
Member of the Institute, is entitled to practise as a Cost
Accountant in India. The certificate is valid from
the........................ day of ............. 19........ to the 30th June
19......... inclusive and thereafter subject to the renewal in the
prescribed form.
Given under the Common Seal of the Institute of Cost and Works
Accountants of India, this .......... day of ........... 19........
Seal President
Secretary
FORM F : RENEWAL OF CERTIFICATE OF PRACTICE
[See Regulation 10]
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
(Emblem)
This is to certify that the validity of the Certificate of Practice
No. .................. dated ................... issued in favour of .............
of ................. an Associate/ a Fellow of the Institute has been
extended upto and inclusive of 30th June 19............
Place: By the Authority of the Council
Date: Secretary
FORM G : COMPLAINT
[See Regulation 12]
BEFORE THE COUNCIL OF THE INSTITUTE OF COST AND
WORKS ACCOUNTANTS OF INDIA
Section 21
Between Petitioner
And Respondent
Petitioner's address:
Respondent's address:
Particulars of complaint in paragraphs consecutively numbers:
Particulars of evidence, oral and documentary, if any, to
substantiate the complaint:
Signature
Verification
I, .................. the petitioner, do hereby declare that what is stated
above is true to the best of my information and belief.
Verified today the ........ day of ........... 19........ at
Signature
FORM 'H' : APPLICATION FOR RESTORATION TO
MEMBERSHIP OF THE INSTITUTE OF COST AND WORKS
ACCOUNTANTS OF INDIA
[See Regulation 17]
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
To
The Secretary to the Council of
The Institute of Cost and Works Accountants of India,
12, Sudder Street, Calcutta-16.
Sir,
I beg to apply for restoration of my name to the membership of
the Institute of Cost and Works Accountants of India. A also
hereby declare that I am not subject to any of the disabilities
stated in section 8 of the Cost and Works Accountants Act 1959.
The required particulars are furnished below:
1. Name in full (in Block Letters).
2. Father's name.
3. Date of birth.13
4. Nationality.
5. General Educational Qualifications.14
6. Period of residence in India.
7. If not an Indian citizen, please state whether Certificate of
Indian Domicile has been obtained.
8. Permanent residential address.
9. Present residential address.
10. Professional address.
11. Membership Number prior to removal.
12. Reasons for and date of removal18
13. Nature and place or places of business in India.
14. Whether the applicant is in charge of the place or places
mentioned at 13. If not, the name(s) and membership number(s)
of the members of the Institute who is (are) in charge of that
(those) place(s) and his (their) address(es).
15. If the applicant is a paid assistant under a Cost Accountant in
practice or in a firm of such Cost Accountants, name of the Cost
Accountant of the firm and from which date.
16. If the applicant holds a salaried employment other than that
covered by 15 above, full particulars thereof.
17. Whether the applicant intends to practise as a Cost
Accountant under the Cost and Works Accountants Act, 1959.
18. Whether the applicant intends to continue the engagement at
15 or 16 above in addition to practice.
19. Whether the applicant is engaged in any other business or
occupation not covered by 15 or 16 above; if so, full particulars
thereof.
20. Whether the applicant was at any time debarred from
practising as an accountant and if so, the reasons and period of
suspension.
II. I hereby undertake that if my name is restored to the
Membership and if admitted as a member of the Institute I will be
bound by the provisions of the Cost and Works Accountants Act,
1959, and the Regulations framed thereunder or that may
hereafter from time to time be made pursuant to the said Act.
III (i) I also send herewith a sum of Rs.... being (a) the balance of
entrance fee of Rs....... (b) the arrears on account of the annual
fee of Rs......... (c) the restoration fee of Rs. 25 and (d) the annual
membership fee of Rs....... for the year........
(ii) A sum of Rs............. is also forwarded for the annual
Certificate of Practice.
Place: Yours faithfully,
Date: Signature
FORM I : APPLICATION FOR REGISTRATION AS A STUDENT
[See Regulation 20]
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
To
The Secretary to the Council of
The Institute of Cost and Works Accountants of India,
12, Sudder Street, Calcutta-16.
Sir,
I beg to apply for Registration as a Student of the Institute of Cost
and Works Accountants of India. The required particulars are
furnished below:
1. Name in full (in Block Letters)
2. Address
3. Age and date of birth13
4. Occupation in full.
5. Educational Qualifications14
6. Father's Name.
7. In case the applicant was previously admitted as a Registered
Student of the Institute or of the dissolved company, and if at any
time such Registration was cancelled, discontinued or otherwise
terminated:-
(a) The date of previous Registration.
(b) The former Registration Number.
(c) The reasons for cancellation, discontinuance, etc.
II I hereby declare that the particulars furnished above are true to
the best of my knowledge and belief and should it at any time be
proved that the said particulars were untrue, I agree to my
Registration being cancelled without any obligation on the part of
the Institute to refund any fee or subscription paid by me to the
Institute. I also hereby undertake that, if enrolled as a Registered
Student of the Institute, I will be bound by the provisions of the
Cost and Works Accountants Act, 1959, and the Regulations
framed thereunder or that may hereafter from time to time be
made pursuant to the said Act.
III I also send herewith a sum of 19[Rs. ............ ] being the Student
Registration Fee.
Place: Yours faithfully,
Date: Signature
FORM J : EXAMINATION CERTIFICATE
[See Regulation 40 & 51]
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
This is to certify that .......... of .......... has passed (............. )
the .............. Examination held by the Institute of Cost and Works
Accountants of India in the month of .............. 19.
Given under the Common Seal of the Institute of Cost and Works
Accountants of India, this ......... day of ......... 19.......
SEAL Secretary
FORM K : NOMINATION OF A CANDIDATE FOR ELECTION TO
THE COUNCIL OF THE INSTITUTE OF COST AND WORKS
ACCOUNTANTS OF INDIA
[See regulation 57]
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
We, the undersigned Members of the Institute of Cost and Works
Accountants of India, being qualified to vote in the election of
members to the Council of the Institute by the ..........constituency
, do hereby nominate ........... who is a Fellow Member of the
Institute belonging to that constituency, as a candidate for the
election to be held on the ........... 19.
(1) Signature of proposer
Enrolment No.
Address
(2) Signature of seconder
Enrolment No.
Address
I, ............... being a Fellow Member of the Institute belonging to
the constituency, agree to stand for the election by the
constituency to be held on the ............ 19.
I send herewith the fee of Rs. 300 to the Council by Cash/Demand
Draft on ...............
Signature of candidate
Address
Dated this ........... day of ..............
FORM L : PARTICULARS OF OFFICES AND FIRMS
[See Regulation 108]
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF
INDIA
1. Name of Firm / Cost Accountant's trade name.
2. Name(s) of the Proprietor / Partners of the firm with his / their
Membership Number (s).
3. Date from which the partnership was entered into.
4. Address of the Head Office of the Firm / Cost Accountant.
5. Addresses of the Branch Offices of the Firm / Cost Accountant,
if any.
6. Name of the member with the Membership Number who is in
charge of each of the offices.
7. Names of the members of the Institute (with their Membership
Numbers) who are working as paid assistants in the Firm/ under
the Cost Accountant.
Place: Signature of the Cost Accountant/Firm of Cost Accountants.
Date: