Amendments underway to Chartered Accountants Act, Cost and Works Accountants Act and Company Secretaries Act; provisions yet to gain effect

Ministry of Law and Justice (“Ministry”) issues the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2022 amending the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980 to prescribe timelines for all Disciplinary proceedings.

Through the amendments the Ministry has proposed to increase the fine imposed on Companies that engage in Accountancy and Company Secretaryship. The fines under these Sections have been increased exponentially from Rs. 1,000 for the first offence to up to Rs. 10,00,000.

The amended provisions will gain effect through notifications in the Official Gazette and different dates may be appointed for different provisions of this Act.

Source : Ministry of Law and Justice