CA Bill passed in Rajya Sabha: Autonomy of audit bodies will not be diluted, says Nirmala Sitharaman

The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022, which was passed by the Rajya Sabha on Tuesday, will not dilute the autonomy of the audit and accountancy bodies, Finance Minister Nirmala Sitharaman said Tuesday, stressing that it will strengthen corporate governance.

Rajya Sabha passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022 by a voice vote after negating all amendments moved by the Opposition.

While the debate on the Bill including the reply of the Ms Sitharaman took about 2 hours and 20 minutes, the process of voting on the 106 clauses and clause-wise amendments took over 30 minutes, accounting for about 18% of the total time taken for passing the Bill.

Lok Sabha had cleared the bill on March 30.

Procedurally, each clause, if amendments are moved, is required to be put to vote for two times based on the number of Members moving amendments to each clause.

Rajya Sabha MP John Brittas gave 163 notices for amendments to various clauses of the Bill and moved almost all of them during the clause-wise consideration of the Bill. MP Binoy Viswam also moved a few other amendments. As All the amendments are required to be put to the vote of the House, voice vote was taken over 200 times before the Bill was passed.

According to officials of Rajya Sabha secretariat, it was after a long time that a Bill with so many clauses and so many amendments was passed with voting taking substantial time.

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