Cost and Works Accountants… Bare Act

The source publishes this enactment as a single document rather than provision by provision, so the whole text is below and there are no per-section pages for it. Nothing has been shortened.

Type	Regulations
Year	1959
Jurisdiction	Central
Ministry	Ministry of Corporate Affairs
Status	In force as published by the source
Text	Published as one document, as the source published it
Subjects	corporate

THE COST AND WORKS ACCOUNTANTS REGULATIONS, 1959 (as amended upto 12-11-2014) REGULATIONS 1959

CHAPTER I PRELIMINARY Regulation No. Page No.

1. Short Title 173

2. Definitions 173

CHAPTER II MEMBERS OF THE INSTITUTE

3. Register 174

4. Qualifications for Members 174

5. Qualifications for Fellowship 174

6. Application for Membership 174

7. Fees 174

8. Refund of Fees 175

9. Certificate of Membership 175

10. Certificate of Practice 176

11. Cancellation of Certificate of Practice 176

CHAPTER III COMPLAINTS AND ENQUIRIES

12. Complaints and enquiries relating to misconduct of members 177

13. Information relating to misconduct of members 179

14. Procedure in any enquiry before the Disciplinary Committee 179

15. Report of the Disciplinary Committee 180

15A. Procedure in hearing before the Council 180

15B. Fees & Procedure 180

16. Notification of Removal 181

17. Restoration to Membership 181

17A. Restoration of certificate of preactice 182

18. Notification of Restoration 182 [168] Regulation No. Page No.

CHAPTER IV REGISTERED STUDENTS

19. Eligibility to take Examinations 182

20. Conditions for Registration 182

20A. Admission to Foundation Course Examination 183

20B. Eligibility and Contents of the course of the foundation 184 course Examination

20C. Foundation Course Examination Results 184

21. Registration Fee 184

22. Refund of Fees 185

23. & 23A. Deleted

24. Position of Registered Students 185

25. Time limit for Examinations and Cancellation of Registration 185

25A. Registration De Novo 185

26. Examination Rules 185

27. Suspension and cancellation of Registration 185

28. Termination of Registration 186

28A. Coaching Administration and Training 186

CHAPTER IV-A GRADUATES

28B. Grad. CWA 186

CHAPTER V QUALIFYING EXAMINATIONS

29. Who can become a member of the Institute 187 29A Conduct of Examinations 187 29B Application for admission to an Examination 187 29C Right to refuse admission to Examination 187

30. Admission to and fees for Intermediate Examination 188

31. Contents of the course 189

32. Exemption (Intermediate Examination) 189

33. Enrollment and fees for Final Examination 190

34. Deleted

35. Exemption (Final Examination) 190

36. Deleted

37. Deleted

38. Refund of Fees 191

39. Candidates to be supplied with Admission Cards 192

40. Examination Certificate 192

41. Examination Results 192 [169]

42. Disciplinary action against candidates resorting to unfair means 194

43. Examiners 194

44. Practical Training 194

CHAPTER VI POST GRADUATE TRAINING

45. Training for Members 195 MANAGEMENT ACCOUNTANCY EXAMINATION

46. Scheme of Management Accountancy Examination 195

47. Admission of Part I to Management Accountancy Exam. 196 and Admission fee

48. Papers and syllabus for Part I of Management Accountancy 196 Examination

49. Declaration of Results. 197

50. Thesis and Viva-Voce 197

51. Examination Certificate and Qualifying Letters 198 52 to 70 Deleted

CHAPTER VIII MEETINGS AND PROCEEDINGS OF THE COUNCIL

71. Meetings of Council 198

72. Notice of Council meeting 199

73. Special meetings of Council 199

73A. Postponement of meetings 200

74. Chairman of Council 200

75. Quorum at meeting 200

76. Passing of resolution at meeting 201

77. Adjournment of meeting of Council 201

78. Record of minutes 201

79. Passing of resolution by circulation 201

CHAPTER IX STANDING AND OTHER COMMITTEES

80. Constitution of Committees 202

80A. Time and place of meeting 202

81. Quorum 203

82. Procedure for transaction of business 203 Regulation No. Page No.

[170]

83. Casting Vote 203

84. Minutes.— 203

85. Executive Committee 204

85A. Finance Committee 205

86. Examination Committee 206

87. Training and Educational Facilities Committee 206

87A. Professional Development Committee 207

87B. Research and Publications Committee 207

87C. Journal Committee 208

88. Council’s power of review not affected 208

CHAPTER X MISCELLANEOUS

89. Location of the Office of the Council 208

90. Administration of the Institute 208

91. Custody of Common Seal 208

92. Affixing of Common Seal 208

93. Maintenance of accounts 208

94. Audit of accounts 209

95. Appointment of Auditors 209

96. Auditors 209

97. Retirement of Auditors 209

97A. Budget Estimate 210

97B. Approval, Circulation and Publication of Audited 210 Accounts and Council Report

98. Powers and duties of President and Vice-President 210

99. Powers and duties of Secretary 211

100. Indemnity from losses and expenses 212

101. Method of payment of fees 212

102. Issue of Duplicate Certificates 213

103. Proof of service of notice 213

104. Publication of list of members 213

105. Members to supply information 214

106. Branch Office 214

107. Offices not in charge of members 214

108. Prior Approval of Council 214

109. Particulars of Nationality 216

110. Place of business in India 216

111. Cost Accountants in practice not to engage in any 217 Regulation No. Page No.

[171] other business or occupation

111A. Other functions of Cost Accountant in Practice 217

111B. Other Professional Bodies 217 111C Membership of professional bodies for partnership 218

112. Deleted

113. Constitution or reconstitution of firms to require 219 Government approval

CHAPTER XI REGIONAL COUNCILS

114. Constitution of Regional Councils 220

115. Regional Register of Members 221

116. Functions of the Regional Councils 221

118. Conduct of elections 222

117. Deleted

119. Disputes regarding election 223

120. Vacancies 223

121. Duration of Regional Council 224

122. Officers of the Regional Council 224

123. Powers and Duties of Chairman of a Regional Council 225

124. Functions of Secretary of the Regional Council 225

125. Continuance in Office 225

126. Other Staff 225

127. Committees of the Regional Council 226

128. Chairman of Committee 226

129. Term of Office 226

130. Meetings 227

131. Finances and Accounts of the Regional Council 227

132. Expenditure from fund 227

133. Audit 227

134. Audit Report 228

135. Meetings of the Regional Councils 228

136. Annual General Meetings of the Members of Regional 228 Constituencies

137. Extraordinary General Meetings 228

138. Notice of meeting 228 Regulation No. Page No.

[172]

139. Notice of Proposals 229

140. Chairman 229

141. Quorum 229

142. Adjournment 229

143. Decisions to be by majority 229

144. Who can vote 229

145. Dissolution of the Regional Council 230

145A. Directions of Council

CHAPTER XII CHAPTERS OF COST ACCOUNTANTS

146. CHAPTERS OF COST ACCOUNTANTS 230

146A. Directions of Council APPENDICES

1. Government of India Notification under Regulation 2(h) 231 containing the list of recognised Universities

2. Resolution passed by the Council under Section 21 and 232 Regulations 12, 13, 14, and 15 fixing scale of fees for obtaining copies of papers, etc.

3. List of Examinations recognised under Regulation 20(b) by 233 the Central Government as equivalent to the Intermediate Examination of any University

4. Resolution passed by the Council under Regulation 44(2) 236

5. Direction of Council under Regulation 101 regarding mode 237 of payments to the Institute

6. General and Specific Resolutions passed by the Council under 238 Regulation 111

7. Chapter Bye-laws framed by the Council under 243 Regulation 146 Regulation No. Page No.

[173] THE COST AND WORKS ACCOUNTANTS REGULATIONS, 19591

CHAPTER I PRELIMINARY

1. Short title—(1) The Regulations may be called the Cost and Works Accountants Regulations, 1959.

(2)They shall come into force on the date of their publication in the Official Gazette

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 1st June in each year;

(ba) “appropriate form” means a Form as may be specified by the Council from time to time including electronic Form which is set out in the Schedule to these Regulations.”2,

(c) ‘Certificate of Practice’ means a Certificate granted under these Regulations entitling the holder to practise as a Cost Accountant;

(ca) ‘‘firm’’ means a firm as defined in the Act 5 .

(d) Omitted;3

(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 Government4

1. These Regulations framed by the Central Government in exercise of the powers conferred by Section 39(4) of theCost and Works Accountants Act. 1959, were first notified by Notification No. 10(13). lnsl./59 dated 25lh May 1959 publishedin Part II Section 3 Sub-section (i) of the Gazette of India Extraordinary dated 25lh May 1959 (G.S.R. 611).

2. 2(ba) added vide Notification No. CWR(1) 2010 dated 4th February, 2011.

3. 2(d) Omitted vide Notification No. CWR(1) 2010 dated 4th February, 2011.

4.For the Government of India Notification, please See Appendix No I at Page 63

5. Regulation 2(ca) inserted vide Notification No. CWR(1) 2013 dated 29 November 2013.

[174]

CHAPTER II MEMBERS OF THE INSTITUTE

3. Register—The Register of Members of the Institute shall be in appropriate Form1.

4. Qualifications for Members.—Subject to the provisions of Sections 4 and 5, 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 asequivalent to the tests and practical training referred to in (a) above; or

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 years2 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 “appropriate Form”3.

(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 other than a person referred to in subsection (2) of Section 4, applying for Associate membership of the Institute, shall pay an entrance fee as may be determined by the Council under sub-section (3) of Section 4 of the Act.

(2) An Associate applying for admission as a Fellow [other than a person referred to in sub-section (2) of Section 4] shall pay an entrance

1. Regulation 3 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

2. Regulation 5 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

3. Regulation 6 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

Reg-3—Reg-7 [175] fee as may be determined by the Council under sub-section (4) of Section 5 of the Act.

(3) The annual membership fee shall become due on the first day of April in each year.

(4) Every member shall pay such annual membership fee as may be determined by the Council under sub-section (4) of Section 19 of the Act :

Provided that in respect of any year in which an Associate applies for admission as a Fellow, he shall pay to the institute the difference between the annual membership fee, if any, paid by him as an Associate for that year and the fee payable by him as a Fellow :

Provided further that a member who is of the age of sixty years or above and is not in any gainful employment or not in practice shall pay one fourth of the annual membership fee.

(5) (a) The annual fee for certificate of practice shall become due on the first day of April in each year.

(b) Every member in practice shall pay such annual certificate of practice fee, as may be determined by the Council, under sub-section (2) of Section 6.

(6) For non-payment of annual membership fee within six months from the date on which it becomes due, the name of the defaulting member shall be removed from the Register of Members with a prior notice to the defaulting member clearly stipulating therein that his name will be removed from the Register of Member if he does not pay the fee within forty-five days of the receipt of that notice.

(7) On removal of the name of a member under clause (6), he shall not be entitled to use the descriptive letters ‘ACMA’ or ‘FCMA’, as the case may be.2

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 subject to a deduction of 10% of the amount towards establishment cost, processing expenditure and postage expenses.

9. Certificate of Membership—(I) If the application is accepted by the Council the applicant’s name shall be entered in the Register and a Certificate of Membership in “Appropriate Form”1 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.

1. Regulation (9) amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

2. Regulation 7(7) amended vide Notification No. CWR(1) 2013 dated 29th November 2013.

Reg-7—Reg-9 [176]

10. Certificate of Practice— 1

(1) A member may apply to the Council for a Certificate entitling him to practice as a Cost Accountant. An application for the grant of Certificate of Practice shall be accompanied by prescribed Certificate of Practice fee and shall be in the appropriate Form. The Certificate shall be issued in the appropriate Form and shall be valid till the 31st day of March every year until it is cancelled under the provisions of the Act and these Regulations. The Certificate of Practice issued shall automatically be renewed subject to payment of renewal fees as determined by the Council from time to time.;

Provided that no certificate of practice and renewal thereof shall be issued unless a member has undergone minimum number of hours of such training to be undergone every year or such block of years or such other alternative conditions as may be determined by the Council by notification from time to time."

(2) A member who ceases to be in practice shall, not later than one month from the date he ceases to practise, 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. (1) A Certificate of Practice issued under subsection (1) of Section 6 shall be liable for cancellation, if—

(a) the name of the holder of the certificate is removed from the Register under sub-sections (1) and (2) of Section 20; or

(b) the Council is satisfied, after giving an opportunity of being heard to the person concerned, that such certificate was issued on the basis of incorrect, misleading or false information provided by the applicant, or by mistake or inadvertence on the part of the Council; or

(d) a member has not paid annual fee for certificate of practice till 230th day of June of the relevant year.

Provided that the Council shall give reasonable notice to the member and shall afford to the member an opportunity of being heard before cancelling his certificate.

1. Regulation 10 sub-regulation 1 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

2. Regulation 11 clause (d) of sub-regulation amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

3. Regulation 11 added with a proviso vide Notification No. CWR(1) 2012 dated 25th May, 2012.

Reg-10—Reg-11 [177]

(2) The cancellation of a Certificate shall be effective—

(a) in a case falling under clause (a) of sub-regulation (1) on 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;

(b) in a case falling under clause (d) of sub-regulation (1) from the 15th day following the date of issue of notice by the Secretary on or after the 1 1st day of July; and

(3) When a Certificate is cancelled, the date from which and the period for which the Certificate shall stand cancelled, shall be communicated in writing by registered post or Speed post or Courier to the member concerned at the address entered in the Register and shall be published in its Journal.

(4) Where a certificate of practice is cancelled, the holder of such certificate shall surrender the certificate to the Secretary within fifteen days from the date of receipt of notice of such cancellation or from the date of the notification thereof published in the Journal, whichever is later, under sub-regulation (3).

CHAPTER III COMPLAINTS AND ENQUIRIES

12. Complaints and enquiries relating to misconduct of members—(Applicable to a complaint or information pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High Court prior to 17-11-2006).

(1) Subject to the provisions of this Regulation, all complaints against members of the Institute under 2Section 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 3“Appropriate Form”.

(3) Every such complaint shall contain the following particulars, namely :—

1. Regulation 11(2)(b) amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

2. For the Resolution of the Council for supply of papers under section 2, please see Appendix No. 2 at page 64.

3. Regulation 12(2) amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

Reg-11—Reg-12 C W R - 1 2 [178]

(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 malafide intention.

(4) The Secretary shall return a complaint which is not in the proper form or which docs not contain the aforesaid particulars to the complainant for re-presentation 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 furthertime 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 members concerned and other relevant documents and papers, the Council is of the opinion thatthere 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 Reg-12 [179] 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. (Applicable to a complaint or information pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High Court prior to 17-11-2006).

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—(Applicable to a complaint or information pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High Court prior to 17-11-2006).

(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 examinewitnesses 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.

Reg-13—Reg-14 [180]

15. Report of the Disciplinary Committee—(Applicable to a complaint or information pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High Court prior to 17-11-2006).

(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—(Applicable to a complaint or information pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High Court prior to 17-11-2006).

(1) If the Council, on recording a finding, as required under subsection (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.

15B. Fee and procedure for investigation of a complaint or Reg-15—Reg-15B [181] information to be followed by the Director (Discipline), Disciplinary Directorate and procedure for inquiry by the Disciplinary Committee— [Applicable to a complaint or information received on or after 17-11-2006]

(1) Every complaint other than a compliant filed by or on behalf of the Central or any State Government, or any Statutory authority shall be accompanied by a fee of two thousand five hundred rupees.

(2) Each such complaint or information shall be dealt with in accordance with the procedure specified in the Cost and Works Accountants (Procedure of investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007.

16. Notification of removal—The removal of the name of any person from the membership of the Institute shall be communicated in writing to the person concerned and shall be published in the Journal of the Institute.

17. Restoration to Membership—

(1) The Council may on application in the “Appropriate Form” 1 including electronic form as may be prescribed by the Council, from a member, whose name stood removed from the Register of members of the dissolved company or under clause (c) of sub section

(1) of Section 20, for non-payment of fees, restore his name, if he is otherwise eligible to such membership, on his paying the arrears of annual membership fee, entrance fee and additional fee as may be determined by the Council under the Act.

(2) The restoration under sub-regulation (1) shall be with effect from the date on which the application along with the fee is received :

Provided that where such an application for restoration, complete in all respects, is received within the same year, in which the name was removed, the Council may restore the name on his paying the annual membership fee due for that year, entrance fee and the additional fee for restoration, with effect from the date on which it was removed from the Register :

Provided further that the restoration of a member’s name which was removed under the orders of the Board of Discipline or the Disciplinary Reg-15B—Reg-17

1. Regulation 17(1) amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

[182] Committee or the appellate authority or the High Court shall be effected only in accordance with such orders;

17A. Restoration of certificate of practice.—

(1) The Council may, on an application and on payment such fee, as may be determined by the Council under sub-section (3) of Section 20, restore the certificate of practice with effect from the date on which it was cancelled, to a member whose certificate has been cancelled due to non-payment of the annual fee for the certificate of practice and whose application, complete in all respects, together with the fee, is received by the Secretary before the expiry of the relevant year;

(2) On acceptance of the application for restoration, the restoration of certificate of practice shall be communicated in writing to the person concerned and shall be published in the Journal.

18. Notification of restoration—The restoration of a member’s name to the register shall be communicated in writing to him and shall be published in the Journal of Institute.

CHAPTER IV REGISTERED STUDENTS

19. Eligibility to take Examinations—Enrolment for the examination’s course 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 stipulate and pay such fees for the same as may be fixed by the Council from time to time.

20. Conditions for Registration: Every Person applying for registration as a Registered student shall be required :—

(i) to make an application in “Appropriate Form”1;

(ii) to produce evidence to the satisfaction of the Council that he possesses one of the following qualifications:-

(a) passed the Foundation Course Examination prescribed under this regulations; or

(b) passed or appeared in a Degree Examination under any University or equivalent as recognized by the Council 2 :

Provided that the registration for the candidates who have appeared in a degree examination shall be provisional and be regularized after

1. Regulation 20 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

Reg-17A—Reg-20 [183] submission of pass mark sheet or pass Certificate, within eighteen months from the date of registration;2

Provided further that if such candidate fails to produce such proof within a period of eighteen months his provisional registration shall be cancelled and all the fees paid by him shall not be refunded and no credit shall be given for the theoretical education undergone and eligibility test passed by him.

20A. Admission to the Foundation Course Examination :

Every person applying for admission in the Foundation Course shall be required to apply in the form prescribed by the Council for the purpose with such fee as may be determined by the Council from time to time and produce evidence to the satisfaction of the Council that he has — 3

(a) 1 Passed class 10 or equivalent from a recognized board or Institution, or

(b) Passed or appeared in 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 for 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;

Provided that admission of a student who was admitted to the Foundation Course after passing class 10 or equivalent examination shall be provisional and be regularised after submission of pass mark sheet or pass certificate of the Senior Secondary Examination under 10+2 Scheme or any other examination equivalent thereto before submission of application for Foundation Course Examination, and within thirty six months of admission.

Provided further that admission of a student who has appeared in the Senior Secondary Examination under 10+2 scheme or any of the Examination equivalent thereto as stipulated shall be provisional and be regularized after submission of pass mark sheet or pass Certificate within thirty six months, of admission to the Foundation Course:

Provided also that if such candidate fails to produce such proof within a period of thirty six months of his admission his provisional admission shall be cancelled and the fees paid by him shall not be refunded and no credit shall be given for the theoretical education undergone by him.

Reg-20—Reg-20A

1. Regulation 20A(a) amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

2. Regulation 20 amended vide Notification No. CWR(2)/2014 dated 12th November 2014.

3. Regulation 20(A)(a) & b amended vide Notification No CWR(1) 2014 dated 12 November 2014.

[184]

20B. Eligibility and Contents of the Course of the Foundation Course Examination :—

(a) Eligibility:- A candidate shall not be eligible for the Foundation Course Examination unless:-

(i) he has been admitted to the Foundation Course under regulation 20A and has been enrolled for undergoing postal or oral or e-learning tuition for at least four months prior to the commencement of such examination;3

(ii) 1 [omitted]

(iii) He makes an application in the form approved by the Council, at least sixty days prior to the commencement of the examination.

Provided that the Council may extend the said period for not more than ten days with such late fee as it thinks fit.4

(iv) He furnishes fee for the examination as may be fixed by the Council from time to time.

(b) Contents of the Course:- The Council shall decide the contents of the course for Foundation Course Examination from time to time.

20C. Foundation Course Examination Results :

1. A candidate shall be declared to have passed in the Foundation Course Examination if he/she 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 its discretion for any or all the examinations.

2. Each candidate shall be individually informed of his/her result and also of the marks obtained by him/her in the Paper or Papers of the examination in which he/she appeared. No certificate of pass except marksheet will be issued to a candidate passing the Foundation Course Examination.

3. Except as otherwise specifically provided in the foregoing sub-regulations, the provisions regarding conduct of examinations in regulation 36 to 43 shall, so far as may be, apply to the Foundation Course Examination.

21. Registration Fee—Every person applying for registration shall pay the student registration fee2 as provided in sub-section (3) of section 4 of the Act shall be substituted.

Reg-20B—Reg-21

1. Regulation 20B(a), item (ii) omitted vide Notification No. CWR(1) 2012 dated 25th May, 2012.

2. Regulation 21 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

3. Regulation 20B(1) amended vide Notifications No. CWR(2) 2013 dated 29th November 2013 and further amended vide Notification No. CWR(1) 2014 dated 12 November 2014.

4. Regulation 20B (iii) amended vide Notification No. CWR(2) 2013 dated 29 November 2013.

[185]

22. Refund of fees—Every candidate whose application for registration is not accepted by the Council shall be entitled to a refund of the Student subject to a deduction of 10 percent of the amount towards processing expenditure.1

23. & 23A.2

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 participatein 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) [omitted]5

25A. Registration denovo — A person whose registration has been cancelled under regulation 25 may apply in 3 appropriate form along with the required fee to become a Registered Student denovo 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, 4 subject to the provision of regulation 41.

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.

Reg-22—Reg-27

1. Regulation 22 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

2. Omitted vide Notification No. CWR (l)/88 dated 31st January. 1989

3. Regulation 25 amended vide Notification No. CWR(1) 2012 dated 25th May, 2012

4. Regulation 25 amended vide Notification No. CWR(1) 2012 dated 25th May, 2012

5. Regulation 25(2) omitted vide Notification No. CWR(1) 2014 dated 12th November 2014 [186]

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—(l)The Council may arrange for imparting training to Registered Students and for this purpose establish and operate a Coaching Administration, make rules 1in 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 persons registered as students prior to 1st January l965 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, 200/- 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. 100/- only as annual membership fee for that year, irrespective of his date of admission as an Associate.

(3) Non-payment of annual subscription by persons who are existing Grad CWA before 30 th September of every year will disentitle a person the use of the descriptive letters ‘‘Grad CWA’’.

1 The Coaching Administration Rules trained by the Council have been printed in a separate Brochure.

2 Regulation 28B(3) amended vide Notification No. CWR(1) 2012, dated 25th May, 2012.

Reg-28—Reg-28B [187]

Provided that there shall be no further admission as a Graduate of the Institute from the date of publication of these regulations.

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/herself 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 these who have passed the Final Examination of the dissolved company shall not be required to pass the corresponding examination of the Institute.

129A. Conduct of Examinations-(1) The examinations shall be conducted in such manner and at such time and places as the Council may direct.

(2) The dates and places of the examinations and other particulars shall be notified in the journal and on the website of the Institute.

29B. Application for Admission to an Examination- An application for admission to an examination shall be made in the appropriate Form, a copy of which may be obtained from the Secretary, and, together with the fee fixed for the examination , shall be sent so as to reach the Secretary in accordance with the direction given by the Council.

29C. Right to refuse admission to examination-(1) The Examination Committee or a person authorized by it in this behalf may, for any sufficient reason to be recorded , refuse to admit a candidate to an examination or admit him to an examination subject to such conditions as it or he may consider to be reasonable in the circumstances of the case or may for any sufficient reason to be recorded, refuse a candidate's admission to an examination hall or expel him from an examination hall, after he has been admitted to it in the usual course.

(2)Any order passed by the Examination Committee or the person authorized by it, may be reviewed by the Examination Committee.

Reg-29—Reg-29C

1. Regulations 29 A ,29 B, 29C inserted vide Notification No. CWR(1) 2010 dated 4th February, 2011.

[188] INTERMEDIATE COURSE Syllabus

30. Admission to and fees for Intermediate Examination :

1. Levels of Intermediate Examination:- (a) The Intermediate Examination shall include-

(i) the programme of Study for Accounting Technicians, Group-I and Group-II levels; or

(ii) The programme of Study for Group-I and Group-II levels

Provided further that a candidate may appear simultaneously for all the three levels or for any of the levels at one time.

2. Conditions for appearance in the Examination: A registered student may appear in any of the levels or all the levels—

(a) 1 [omitted]

(b) after completion of such training including Computer Training, as may be decided by the Council from time to time for each level or levels combined together;

(c) after completion of such practical training as may be decided by the Council from time to time for such level or levels combined together; and

(d) makes an application in the Form approved by the Council, at least sixty days prior to the commencement of examination along with such fees as may be decided by the Council from time to time:

Provided that the Council may extend the said period for not more than ten days with such late fees as it thinks fit.

3. Holding of Examination:- The Council shall hold examinations of each level at least twice in a year on the dates decided by the Council :

Provided that the examination committee may on receipt or being in possession, of any information against any candidate regarding guilty of misconduct or using unfair means during the examination or misbehaving in any manner in the 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.

Reg-30

1. Regulations 30(2) (a) omitted vide Notification No. CWR(1) 2012 dated 25th May, 2012.

[189]

31. Contents of the Courses:The contents of the courses for 1 Foundation, Intermediate, Final Examinations, Certificate in Accounting Technicians course, Management Accountancy or any other certificate diploma course as may be proposed for implementation and for each of the levels shall be decided by the Council from time to time.

32. Exemption from the papers for appearing in Intermediate Examination :

(1) In the case of candidates registered as students 2on or after any revised syllabus becomes effective, the Council may decide the individual papers from which exemption may be granted to students who have passed such examination of any University or Professional Institutes or Professional Bodies or on reciprocal basis of such University or professional institute or professional 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 a candidate who is admitted as a fresh Registered Student under Regulation 25 A, shall be exempted on the basis of exemption from individual Subjects / Stages previously secured by him/her under his/her former registration.

(3) The Council may decide giving exemptions to candidates for any examination conducted by it for any of the levels or papers already passed by a candidate for which examinations were conducted by the 3Council, on the basis of such guidelines as may be decided by the Council.

(4) A candidate who has passed 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 4any of the Papers of Intermediate examination under Old Syllabus, shall be entitled to exemption only in the corresponding equivalent Paper(s) of Intermediate Examination under the Revised Syllabus. But, the benefit of Carry Forward of marks by virtue of the result of any examination under Old Syllabus shall not be available in any Paper of Intermediate examination under the Revised Syllabus.

5Provided that this regulation is subject to the provisions of regulation 41.

Reg-31—Reg-32

1. Regulation 31 amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

2. Regulation 32(1) amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

3. Regulation 32(3) amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

4. Regulation 32(4) amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

5. Regulation 32(4) amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

[190]

33. Enrollment and fees for Final Examination—

(1) The Final Examination shall have two levels namely, Group III and Group IV;

Provided that a candidate may appear simultaneously for both the levels or any of the levels at one time;

(2) A candidate can appear in any of the Group-III and Group-IV or both if he is a registered student and has passed the Intermediate Examination of the Institute,-

(a) 1[omitted]

(b) After completion of such training including Practical and Computer Training, as may be decided by the Council from time to time for each levels or levels combined together; and

(c) Makes an application in the Form approved by the Council, at least sixty days prior to the commencement of examination along with such fees as may be decided by the Council from time to time :

Provided that the Council may extend the said period for not more than ten days with such late fees as it thinks fit.

(3) Holding of examination : The Council shall hold examinations of each level at least twice a year on the dates decided by the Council :

“Provided that the examination committee may on receipt or being in possession, of any information against any candidate regarding guilty of misconduct or using unfair means during the examination or misbehaving in any manner in examination hall decline to adult 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.” *34.

35. Exemption from the papers for appearing in Final Examination :

(1) The Council may decide the individual paper from which exemption may be granted to students who have passed such examination of any University or professional institutes or professional bodies or on reciprocal basis of such University or professional institutes or professional bodies in India or abroad us may be recognized by it in this behalf.

(2) The Council shall also have the power to decide and shall decide Reg-33—Reg-35

1. Regulation 33(2)(a) omitted vide Notification No. CWR(1) 2012 dated 25th May, 2012.

* omitted vide Notification No. CWR(1) 2008 dated 17th November, 2008.

[191] the individual Subjects/Stages of the Final examination from which a candidate, who is admitted as a Fresh Registered Student under Regulation 25(a) shall be exempted on the basis of exemption from individual Subjects/ Stages previously secured by him/her under his/her former registration.

(3) The Council may decide giving exemptions to candidates for any examination conducted by it for any of the levels or papers already passed by a candidate for which examinations were conducted by the 1Council , on the basis of such guideline as may be decided by the Council.

(4) A Candidate who has obtained exemption or obtained the benefit of carry forward of marks in any of the paper of the Final examination under old syllabus shall be emitted to exemption only in the corresponding equivalent papers of Final examination under the revised syllabus :

Provided that the benefit of carry forward of marks by virtue of the result of any examination under old syllabus shall not be available in any paper of Final examination under revised syllabus.

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 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 old syllabus shall not be available in any paper of Final Examination under revised syllabus.

2Provided further that this regulation is subject to the provisions of regulation 41.

*36. & 37.

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.

Reg-35—Reg-38

1. Regulation 35(3) amended vide Notification No. CWR(1) 2012, dated 25th May 2012.

2. Regulation 35(4) amended vide Notification No. CWR(1) 2012, dated 25th May 2012.

*Omitted vide Notification No. CWR(1) 2008 dated 17th November 2008.

[192]

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 seven days before the date commencement of the examination and the same may also be hosted on the website of the Institute not less than seven days before the date of commencement of the examination.

40. Examination Certificate.—Every candidate passing any of the levels of Intermediate or Final Examination shall be furnished with a Certificate to that effect in “Appropriate Form”1.

41. Examination results—(1) A candidate shall be declared to have passed in an examination if he has passed in all the Stages or Groups (under 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 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 Stages or Groups (under old syllabus) :

Column—I Column—II Group I or Group II of the Intermediate Examination 35 per cent under old syllabus held under regulation 31 or Group I or Group II of the Final Examination under regulation 34.

Stage I or Stage II of the Intermediate Examination under 40 per cent revised syllabus held under regulation 31 or Stage III or Stage IV of the Final Examination under revised syllabus held under regulation 34.

2(1A) A Candidate, who appears for both the stages on groups of Intermediate or Final examination shall be declared to have passed in the Intermediate or Final examination, as the case may be, 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 of clause (1) and an aggregate of fifty per cent, of the total marks of all such papers including the papers in which he has obtained exemption, taking both the Stages or Groups (under old syllabus) together.

Reg-39–41

1. Regulation 40 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

2. Regulation 41 amended by Inserting a new clause (1A) vide Notification No. CWR(1) 2012, dated 25th May 2012.

[193]

(2) A candidate who is not declared successful in a Stage or Group (under old syllabus) of any examination but 1who has appeared in all the papers of that stage or Group.

(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 revised syllabus) or 35 per cent of the total marks (under old syllabus) in each of the remaining papers of that Stage or Group (under 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.

2Provided that he shall not be entitled to the benefit of exemption or carry forward mentioned in clause (i) and (ii) above if he has appeared for the papers in which he has the benefit of exemption or carry forward in a subsequent examination or voluntarily withdraws such benefit.

Provided further that the candidate shall not be entitled to the benefit of exemption or carry forward on and from the examination in which he appears for the same papers or as the case may be the examination in which he appears after withdrawal of exemption or carry forward :

Provided also that any benefit of exemption or carry forward shall be available to a student for three consecutive terms immediately succeeding the term in which such exemption or carry forward has accrued.

(3) Every eligible candidate in the examination 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 :

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.

3(3A)The Examination Committee may, at its discretion, conduct the exam and maintain the standard of results in such a manner as may be considered necessary.’’ Reg-41

1.Regulation 41(2) amended vide Notification No. CWR(1) 2012, dated 25th May, 2012

2.Regulation 41(2) amended by adding proviso vide Notification No. CWR(1) 2012, dated 25th May, 2012

3. Sub regulation(3) and (3A) Regulation 41amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

C W R - 1 3 [194]

(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 fee as may be fixed by the Council from time to time. The fee is only for verifying whether a candidate’s 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 questions 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 marksheet in respect of that examination, he shall be supplied with a duplicate copy of marksheet on receipt of an application from him in that behalf on payment of a fee of Rupees fifty 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 thinks 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.1 Reg-41—Reg-44

1. For the resolution of the Council, please see Appendix No. 4 at Pages 67 & 68 [195]

(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. 1or any other area as the Council may decide in a responsible position in any one or more Industrial or Commercial or Government units or departments.

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 Examinations—

(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 Reg-44—Reg-46

1. Regulations 44(2) amended vide Notification No. CWR(1) 2012, dated 25th May, 2012.

[196] 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 resubmission of the Thesis with modifications and improvements made therein or of another Thesis followed in cither 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.

(4) Regulations 36 to 39, 42 and 43 shall, so far as may be, apply to the examinations held under this Chapter.

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 enrolement 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 Groups 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.

148. Papers and Syllabus for Part I of Management Accountancy Examination:— Candidates for Part I of the Management Accountancy Examination shall be examined in the groups and subjects as may be decided and approved by the Council :

Reg-46—Reg-48

1. Regulation 48 amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

[197]

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 his adherence.

(3) Every candidate 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 Reg-49—Reg-50 [198] 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-rights of the Thesis submitted by a candidate shall vest with the Council which 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 fails 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 these 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 that effect in 1appropriate Form and shall be entitled to use the letters “DIP.MA” after his name to indicate that he haspassed the Management Accountancy Examination of the Institute.

CHAPTER VII ELECTIONS *52 to 70A. Deleted.

CHAPTER VIII MEETING AND PROCEEDINGS OF THE COUNCIL

71. Meetings of 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—

(1) Notice of the time and place of an intended meeting shall be sent Reg-51—Reg-72

1. Regulation 51 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

*Omitted vide Notification No. CWR(3) 2008 dated 6th April 2009.

[199] 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 anything contained in sub-regulation (1), the President may call an extraordinary meeting of the Council in any emergency, giving such shorter notice as circumstances may permit.

73.Special meetings of Council—1(1).At least 1/3rd of the members of the Council for the time being may, at any time, request the Secretary in writing, jointly or severally to convene a Special Meeting of the Council and the requisition shall contain the business to be transacted at the Special Meeting.

(2) The Secretary on receipt of a requisition from the members shall issue notice of a special meeting according to Regulation 72.

(3) A Special Meeting of the Council under clause(1) of Regulation 73 cannot be requested to be held by the members within 3 months of a meeting already held under clause(1) of Regulation 73 or in case a meeting of the Council is scheduled to be held within the next 30 days from the date on which the written request is received by the Secretary.

(4) In case condition specified under clause(3) above is fulfilled, the Secretary shall intimate, the members requesting for the meeting, in writing of the same and the members shall withdraw the request made under clause(1) above:

Provided however, that the President or in his absence the Vice President shall not refuse holding of the meeting under clause(1) of Regulation 73 where no meeting of the Council has been held for a period of at least 90 days from the date of the last meeting of the Council.

Provided further that the President may include any business to be transacted at the Special Meeting but cannot modify or exclude businesses given under clause(1) above.

Explanation- The validity of any decision of the Council of any item considered by a validly convened meeting of the Council shall not be Reg-72—Reg-73

1. Regulations 73 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

[200] called in question merely because notice of the said item had not been given to the members who did attend the said meeting.

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, by a notice if in his opinion, such postponement is warranted, which may also include change of time and place of the meeting. 1Notice of the postponement and the date and place of the postponed meeting along with explanation and reason for the postponement shall be sent including by electronic means to the registered address or email -id 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 President.

Explanation-In case at a meeting of the Council held under clause(1) of Regulating 73, the President or the Vice President is not the Chairman of the meeting, no additional items of business can be admitted by a Chairman elected for the meeting as per Regulation 74 other than the items of business already specified in the requisition as per clause (1) of Regulation 73.

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 of half an hour from the time appointed for the meeting, the meeting shall stand adjourned to such future date as the President may appoint:

Reg-73A—Reg-75

1. Regulation 73A amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

[201]

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 meeting, 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 need 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, at least 11/3rd 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.

Reg-76—Reg-79

1. Regulation 79 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

[202]

CHAPTER IX STANDING AND OTHER COMMITTEES

80. Constitution of Committees.—In pursuance of the provisions, contained in sub-section (1) of Section 17, the Council shall constitute three Standing Committees, namely :—

(a) Executive Committee

(b) Finance Committee

(2) The Council may constitute other Committees including a Training and Educational Facilities Committee, Professional Development Committee, Research and Publications Committees from amongst its members as it deems necessary for the purpose of carrying out the provisions of Act in accordance with the provisions of sub-section

(2) and sub-section (6) of Section 17 of the Act.

80A. Time and place of meeting—

(1) The Chairman of a Committee may at any time and shall, on a 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 lines 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 data or dates may be postponed by the Chairman of the Committee 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.

(5) Notice of the postponed meeting shall be sent to the registered address of every member of the Committee not less than seven days before such postponed meeting. The business to be transacted at the postponed Reg-80—Reg-80A [203] 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 thequorum 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 there is no quorum.

82. Procedure for transaction of business.—(1) The business of a Committee shall ordinarily be transacted at a 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.

Reg-81—Reg-84 [204]

(2) The Secretary shall maintain a record of all the business transacted by the Committee either by circulation of papers or at a meeting of the Committee.

85. Executive Committee.—(1) The Executive Committee shall perform the following functions, namely :—

(a) enrolment of members with or without certificate of practice, admission of fellows, removal and restoration of names of members, issue and cancellation of certificate of practice, issue of certificates of membership, prosecution of members on the findings of the Council, granting exemption to cost accountants in practice or firms of cost accountants from the operation of subsection (1) of section 37 and publication of the list of members;

(b) grant of permission to a cost accountant in practice to engage in any business or occupation other than the profession of cost accountancy in accordance with, and subject to, the restrictions specified in this behalf by the Council;

(d) maintenance of the Register of members and all other statutory registers which are prescribed by the Act or these regulations;

(e) control and custody of the property, assets and funds of the Institute;

(f) maintenance of the office of the Council and for this purpose the Executive Committee may employ, suspend, discharge or reemploy the necessary staff on such terms and conditions as it may deem fit;

(g) according approval, on recommendation of Finance Committee, to the likely expenditure up to twenty percent in excess of the estimates previously sanctioned by the Council in the respective heads of the annual budget :

Provided that where the executive Committee does not agree with the recommendation of the Finance Committee, the matter shall be decided by the Council;

(h) any other functions which may be entrusted to it by the Council from time to time.

Reg-85 [205]

(2) The Council shall have the power to review any decision taken by the Executive Committee in the performance of the functions assigned to it.

85A. Finance Committee—(1) The Finance Committee shall control, implement and supervise the activities related with, and incidental to, the following areas, namely :—

(a) maintenance of true and correct accounts of all the receipts and payments on behalf of the Council and the matters in respect of which such receipts and payments take place and of all the property, securities, debts, funds and liabilities of the Institute;

(b) formulation of annual budget of the Institute and presenting it to the Council for approval after obtaining the recommendation of the Executive Committee.

(d) Investment of the funds of the Institute in securities and to vary such investments from time to time subject to the guidelines approved by the Council;

(e) Disbursements from the funds of the Institute for expenditure, both revenue and capital, based on the estimates previously sanctioned by the Council :

Provided that expenditure in excess of the estimates previously sanctioned by the Council may be incurred with the recommendation of the Executive Committee, wherever considered expendient, but such excess expenditure shall be brought to the notice of the Council at its next meeting;

(f) Making of recommendation to the Executive Committee for sanction of likely expenditure upto twenty percent in excess of the estimates previously sanctioned by the Council for the respective heads of the annual budget;

(g) Overseeing the Institute’s financial reporting process and the disclosure of its financial information;

(h) Reviewing with the Secretariat, Statutory and Internal Auditors, the adequacy of internal control systems;

(i) Reviewing the adequacy of internal audit function, including the structure of the internal audit;

Reg-85A [206]

(j) Reviewing the internal reports and any discussion with the internal auditor and significant findings and follow up there on;

(k) Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Council;

(l) Discussing with Statutory Auditors of the nature and scope of audit and hold post-audit discussions to ascertain any area of concern.

(2) The Council shall have the power to review any decision taken by the Finance Committee in the performance of the function assigned to it.

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 remuneration of the examiners, assistant examiners, superintendents 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.

Reg-86—Reg-87 [207]

(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 private bodies with a view to enlisting their support in the furtherance 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 incidental 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;

Reg-87A—Reg-87B [208]

(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 of 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 Kolkata.

90. Administration of the Institute.—The Council shall be in charge of the administration 1and finances of the Institute, the Regional Councils, Chapters and /or Branches established under the Regional Councils in accordance with the provisions of the Act."

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.—(1) It shall be the duty of the Finance Committee to maintain or cause to be maintained proper books of accounts with respect to—

(a) all sums of money received and expended by the Institute and the matters in respect of which the receipt and expenditure takes place;

Reg-87C—Reg-93

1. Regulation 90 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

[209]

(b) all sales and purchases of goods;

(d) any other items specified in this regard by the Council.

(2) The annual accounts of the Council shall be prepared for every year. Such annual accounts shall comprise of the Balance Sheet of the Institute, Income and Expenditure Account of the Institute comprising the surplus or deficit of the Institute for that year, and cash flow statement for that year.

(3) While preparing the annual accounts, the Finance Committee shall take into consideration the annual accounts of the respective Regional Councils and Chapters and consolidate the same with the annual accounts 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 accounts 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 appointed by the Council at the annual meeting of the Council on the recommendation of the Executive Committee as provided in sub-section (5) of section 18 of the Act.

96. Auditors—The Council shall determine the remuneration, if any, to be paid to the 1auditors appointed 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 2eligible for re-appointment.

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 3re-appointment.

Reg-94—Reg-97

1. Regulation 96 amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

2. Regulation 96 amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

3. Regulation 97 amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

C W R - 1 4 [210]

97A. Budget estimates.—

(1) The Council shall approve the budget prior to the commencement of each financial year indicating expenditure proposed to be incurred and anticipated revenues for the forthcoming year. Such a budget apart from the other things shall separately distinguish capital items and the revenue items.

(2) The budget for the capital items shall provide proposed expenditure apart from the other items on land building, capital equipments, books and library.

(3) The budget for revenue items should provide anticipated income and proposed expenditure for the forthcoming year in relation to apart from the other items, in respect of distance education, examination, services to members and salary and establishment.

(4) The budget so approved may be revised during the year to incorporate the expected changes.

(5) The auditors of the Council shall also compare the actual income and expenditure with the budget estimates approved by the Council and submit a report to the Council on the material departures.

97B. Approval, circulation and publication of audited accounts and Council report—(1) The Council shall, as soon as may be, at the end of the each year circulate the audited accounts to its members at least 15 days in advance and consider and approve these accounts in a special meeting convened for the purpose in pursuance of sub-section (5A) of section 18 of the Act.

(2) The Council shall cause to be published in the Gazette of India—

(a) a copy of the audited accounts including accounts of Regional Council and its Chapters; and

(b) the report of the Council for that year duly approved by the Council and shall forward a copy of the said accounts and report to the Central Government and to all members of the Institute on or before 30th day of September of the year next following in pursuance of sub-section 5(B) of Section 18 of the Act.

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.

Reg-97A—Reg-98 [211] 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 place 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 assigned 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 for 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 accounts 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.

Reg-99 [212]

(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.

(1) 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 these 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 ether occupation as approved by the Council or the Committees,

(q) Signing and issuing of : (i) all notifications as provided in clause (b) above; (ii) all other notifications on behalf of the Council, subject to the approval of the President.

(r) Signing Vakalatnama on behalf of the Council, appointing Solicitors or Advocates on behalf of the Council, and filing 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 to him 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 bonafide discharge of their respective duties.

101. Method of payment of fees.—All fees prescribed under these Reg-100—Reg-101 [213] 1 For the direction of the council, Please sec Appendix No. 5 as page 84 2 Regulation 102 amended vide Notification No. CWR(1) 2010 dated 4th February, 2011.

3 Regulation 102 further amended vide Notification No. CWR(1) 2012 dated 25th May, 2012.

Regulations shall be made payable to the Secretary in such manner as the Council may direct:1

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 Kolkata, and payments made to him in cash at Kolkata shall be deemed to be payments made to the Council.

102. Issue of Duplicate Certificates.— 2(1) where a holder of a 3certificate granted by the council has lost it, the Council may, on an 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 duplicate copy thereof to him on receipt of such fee not exceeding five hundred rupees as may be determined by the council.

(2) Where such certificate granted by the Council is damaged or mutilated or not received, the council may, on an application made in this behalf, issue a duplicate copy thereof to him, on receipt of such fee not exceeding five hundred rupees as may be determined by the Council and on return of mutilated or damaged certificate as the case may be.

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.—The list of members of the Institute as on the 1st day of April each year published in print or electronic form, under sub-section (3) of section 19, shall be sent to any member, on his request and on his making payment of such amount as may be determined by the Council which shall not exceed rupees three thousand.

In publishing the list of members, the Council may distinguish, in such manner as it may think fit, between the Associates and Fellows in practice and between the Associates and Fellows not in practice and provide such other information pertaining to each member in the list of members as it considers necessary and useful.

Provided that a copy of the list of members in print or the CD or in Reg-102—Reg-104 [214] any other electronic form, as the case may be sent free of charge to Registrars of Companies, Regional Directors under the Ministry of Corporate Affairs and such other bodies as the Council may specific from time to time.

Provided further that copies of the list in print or CD or in other electronic form, as the case may be, shall also be made available to others on payment of the amount as determined by the Council under subregulation (1) along with postal char

Cost and Works Accountants Regulations 1959 (as amended in 2016)

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