Lok Sabha on Wednesday approved a bill to revamp the functioning of the institutes of chartered accountants, cost accountants and company secretaries, with Union minister Nirmala Sitharaman asserting that the changes will not impact the autonomy of these bodies.
The Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill seeks to appoint non-Chartered Accountant (CA), non-cost accountant and non-company secretary as the presiding officer of the disciplinary committees of the respective institutes.
The three institutes are the Institute of Chartered Accountants of India (ICAI), Institute of Cost Accountants of India (formerly known as ICWAI), and Institute of Company Secretaries of India (ICSI).
Piloting the bill, Finance and Corporate Affairs Minister Nirmala Sitharaman said the amendments will not infringe upon the autonomy of the three institutes.
Instead, it will enhance the quality of audit and improve the country’s investment climate, she added.
The amendments, she said, “will make the institutes more responsible and accountable” and encourage them to adopt global best practices.